Gemini Space Station, Inc.
GEMI Nasdaq Finance Services Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$180M
26.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−192.5%
75.8 pts
Net income
Profit after all expenses, interest and tax.
−$583M
Free cash flow
Cash from operations minus capital spending.
−$220M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $40.08 EPS (TTM)
What Gemini Space Station, Inc. does
No business description yet.
- Legal name
- Gemini Space Station, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 31, 2026
- Accession · CIK
- 0002055592-26-000026
0002055592
Revenue and margins
Gemini Space Station, Inc. had $180M of revenue in fiscal 2025, up 26.3% on the year before.
FY23
Revenue $98.1M
FY24
Revenue $142M
FY25
Revenue $180M
Q3 '24
Revenue $24.5M
Q4 '24
Revenue $43.3M
Q1 '25
Revenue $35.3M
Q2 '25
Revenue $33.3M
Q3 '25
Revenue $50.6M
Q4 '25
Revenue $60.3M
Q1 '26
Revenue $50.3M
Q2 '26
Revenue $45.5M
FY23
Gross —
Operating −317.5%
Net −325.7%
FCF −212.0%
FY24
Gross —
Operating −116.6%
Net −111.5%
FCF −77.5%
FY25
Gross —
Operating −192.5%
Net −324.6%
FCF −122.6%
Gross
Operating
Net
FCF
Q3 '24
Gross —
Operating −213.0%
Net −367.5%
FCF —
Q4 '24
Gross —
Operating −66.4%
Net −62.3%
FCF −12.4%
Q1 '25
Gross —
Operating −136.0%
Net −422.6%
FCF −52.7%
Q2 '25
Gross —
Operating −196.6%
Net −400.2%
FCF −1.0%
Q3 '25
Gross —
Operating −238.6%
Net −315.1%
FCF −124.0%
Q4 '25
Gross —
Operating −184.6%
Net −233.4%
FCF −229.3%
Q1 '26
Gross —
Operating −187.4%
Net −216.8%
FCF −108.5%
Q2 '26
Gross —
Operating −169.2%
Net −236.9%
FCF −113.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$320M
FY24
Net income −$159M
FY25
Net income −$583M
Q3 '24
Net income −$90.2M
Q4 '24
Net income −$27.0M
Q1 '25
Net income −$149M
Q2 '25
Net income −$133M
Q3 '25
Net income −$160M
Q4 '25
Net income −$141M
Q1 '26
Net income −$109M
Q2 '26
Net income −$108M
FY23
Diluted EPS −$66.25
FY24
Diluted EPS −$32.24
FY25
Diluted EPS −$15.52
Q3 '24
Diluted EPS −$18.33
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$30.34
Q2 '25
Diluted EPS −$27.08
Q3 '25
Diluted EPS −$6.67
Q4 '25
Diluted EPS $48.57
Q1 '26
Diluted EPS −$0.93
Q2 '26
Diluted EPS −$0.89
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity —
Return on assets −9.9%
FY25
Return on capital —
Return on equity —
Return on assets −34.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$220M in fiscal 2025, −122.6% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$208M
FY24
Free cash flow −$110M
FY25
Free cash flow −$220M
Q3 '24
Free cash flow —
Q4 '24
Free cash flow −$5.4M
Q1 '25
Free cash flow −$18.6M
Q2 '25
Free cash flow −$0.3M
Q3 '25
Free cash flow −$62.8M
Q4 '25
Free cash flow −$138M
Q1 '26
Free cash flow −$54.6M
Q2 '26
Free cash flow −$51.5M
FY23
Cash from operations −$207M
Capital spending $0.7M
FY24
Cash from operations −$109M
Capital spending $1.2M
FY25
Cash from operations −$218M
Capital spending $2.0M
Cash from operations
Capital spending
Q3 '24
Cash from operations —
Capital spending —
Q4 '24
Cash from operations −$4.6M
Capital spending $0.8M
Q1 '25
Cash from operations −$18.4M
Capital spending $0.2M
Q2 '25
Cash from operations −$0.1M
Capital spending $0.2M
Q3 '25
Cash from operations −$61.7M
Capital spending $1.1M
Q4 '25
Cash from operations −$138M
Capital spending $0.5M
Q1 '26
Cash from operations −$54.4M
Capital spending $0.1M
Q2 '26
Cash from operations −$51.4M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Gemini Space Station, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 663.6%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Gemini Space Station, Inc. can carry it.
FY23
Cash $32.8M
Debt —
FY24
Cash $42.8M
Debt —
FY25
Cash $252M
Debt —
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $32.8M | $42.8M | $252M |
| Current ratio | — | 1.0x | 1.3x |
| Quick ratio | — | 1.0x | 1.3x |
| Total assets | — | $1.6B | $1.8B |
| Total liabilities | — | $1.9B | $1.3B |
| Shareholders' equity | −$644M | −$795M | $541M |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 3 | — / 4 | 3 / 7 |
| Accruals ratio | — | −3.1% | −21.5% |
| Altman Z'' | — | −3.98 | −3.20 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $98.1M | $142M | $180M |
| Operating income | −$312M | −$166M | −$346M |
| Pretax income | −$324M | −$151M | −$589M |
| Income tax | −$4.1M | $7.6M | −$6.0M |
| Net income | −$320M | −$159M | −$583M |
| Diluted EPS | −$66.25 | −$32.24 | −$15.52 |
| Diluted shares | 0.00B | 0.00B | 0.04B |
| Cash flow | |||
| Cash from operations | −$207M | −$109M | −$218M |
| Capital expenditure | $0.7M | $1.2M | $2.0M |
| Free cash flow | −$208M | −$110M | −$220M |
| Depreciation and amortization | $32.2M | $33.0M | $30.7M |
| Stock-based compensation | $15.8M | $5.6M | $85.0M |
| Balance sheet | |||
| Cash and short-term investments | $32.8M | $42.8M | $252M |
| Current assets | — | $1.4B | $1.6B |
| Current liabilities | — | $1.3B | $1.2B |
| Property and equipment, net | — | $17.2M | $15.1M |
| Intangible assets | — | $162M | $140M |
| Total assets | — | $1.6B | $1.8B |
| Total liabilities | — | $1.9B | $1.3B |
| Preferred stock | — | $0.0M | $0.0M |
| Shareholders' equity | −$644M | −$795M | $541M |
| Margins | |||
| Operating margin | −317.5% | −116.6% | −192.5% |
| EBITDA margin | −284.7% | −93.5% | −175.4% |
| Net margin | −325.7% | −111.5% | −324.6% |
| FCF margin | −212.0% | −77.5% | −122.6% |
| Returns | |||
| Return on capital employed | — | −67.6% | −61.6% |
| Return on assets | — | −9.9% | −34.3% |
| Return on tangible equity | — | — | −145.3% |
| Growth | |||
| Revenue growth | — | 44.9% | 26.3% |
| Share count change | — | 1.9% | 663.6% |
| Financial health | |||
| Current ratio | — | 1.0x | 1.3x |
| Quick ratio | — | 1.0x | 1.3x |
| Capital allocation | |||
| Capex / revenue | 0.7% | 0.9% | 1.1% |
| Stock comp / revenue | 16.1% | 3.9% | 47.3% |
| Quality scores | |||
| Piotroski F-score | — | — | 3.0 |
| Altman Z'' | — | −4.0 | −3.2 |
| Accruals ratio | — | −3.1% | −21.5% |
Source: SEC EDGAR XBRL filings (CIK 0002055592). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.