Gemini Space Station, Inc. Class A (GEMI)
NASDAQ:GEMI
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Gemini Space Station, Inc. Class A
(NASDAQ:GEMI)
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Rating:48Neutral
Price Target:
$5.50
▲(14.35% Upside)
Action:Reiterated
Date:05/19/26
GEMI’s score is held back primarily by weak financial performance—large ongoing losses and cash burn—despite some balance-sheet improvement. The earnings call adds moderate support via strong revenue growth, diversification, and regulatory/product milestones, but elevated expenses and continued unprofitability remain key risks. Technicals are mildly supportive near-term, while valuation offers limited support due to negative earnings and no dividend.
Positive Factors
Regulatory licensing (DCO/DCM)
Holding both DCM and DCO licenses creates a durable structural advantage: it lets Gemini operate an end-to-end regulated derivatives marketplace, retain clearing and fees internally, and reduce third-party dependencies—strengthening long-term product scope and competitive positioning.
Negative Factors
Persistent negative cash flow
Operating cash flow has been consistently negative, including roughly -$218M in 2025, and free cash flow is also negative. Persistent cash burn implies ongoing dependence on external financing or asset sales and creates sustained execution risk until cash generation reverses.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory licensing (DCO/DCM)
Holding both DCM and DCO licenses creates a durable structural advantage: it lets Gemini operate an end-to-end regulated derivatives marketplace, retain clearing and fees internally, and reduce third-party dependencies—strengthening long-term product scope and competitive positioning.
Read all positive factors
Gemini Space Station, Inc. Class A (GEMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$615.54M
Dividend YieldN/A
Average Volume (3M)2.29M
Price to Earnings (P/E)―
Beta (1Y)1.34
Revenue Growth32.67%
EPS Growth-84.10%
CountryUS
Employees700
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-9.68
Shares Outstanding44,163,150
10 Day Avg. Volume3,635,452
30 Day Avg. Volume2,294,780
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)2.15
Price to Sales (P/S)7.95
P/FCF Ratio-5.15
Enterprise Value/Market Cap0.55
Enterprise Value/Revenue2.24
Enterprise Value/Gross Profit-207.69
Enterprise Value/Ebitda-0.84
Forecast
1Y Price Target
$6.75Price Target Upside40.33% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-2.95
Revenue Forecast (FY)$215.45M
Gemini Space Station, Inc. Class A Business Overview & Revenue Model
Company Description
Gemini Space Station, Inc. develops a crypto platform to buy, sell, and store crypto assets. The company's platform offers crypto assets, including bitcoin and ether; and services, such as derivatives exchange, staking services, an over-the-counte...
Gemini Space Station, Inc. Class A Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call reflects a strategically positive trajectory: strong top-line growth (42% YoY), meaningful diversification of revenue (services/interest now 49% of revenue), regulatory and product milestones (DCM/DCO licenses, agentic trading, predictions marketplace), and a $100M founder investment that bolsters liquidity. However, the company faces significant near-term challenges including a large net loss ($109M), steep operating expense growth (+73% YoY), a 53% drop in spot trading volume driving a 27% decline in exchange revenue, decreased staking revenue (-31%), and a discrete fraud-related provision. Overall, the strategic progress and revenue diversification are notable positives, but high expenses and continued unprofitability are important risks.Positive Updates
Revenue Growth
Total revenue grew 42% year-over-year to $50.3 million in Q1 2026, driven by credit card, OTC business, and the first full quarter contribution from prediction markets.
Negative Updates
Rising Operating Expenses
Total operating expenses were $144.5 million, up 73% year-over-year, including $24.2 million of stock-based compensation and $6.5 million in severance related to a 30% workforce reduction.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total revenue grew 42% year-over-year to $50.3 million in Q1 2026, driven by credit card, OTC business, and the first full quarter contribution from prediction markets.
Read all positive updates
Company Guidance
The call’s guidance emphasized building an end-to-end markets platform while highlighting current operating metrics: Q1 revenue grew 42% year-over-year to $50.3M (services and interest now 49% of total, up from 31% in Q1 2025), exchange revenue was $17.2M (down 27%) as spot volume fell 53% to $6.3B, OTC was $6.3M and prediction markets contributed $0.4M in their first full quarter; monthly transacting users rose 17% to 589k. Management reiterated strategic wins—DCM and DCO licenses (each noted as worth north of $100M in the market) enabling in‑house perpetuals/futures and a new agentic trading API—and product traction in predictions (3.4% of users have traded, volume +78% month‑over‑month in April, ~$30M notional last month and >$20M month‑to‑date, ~50% crypto contracts). They also stressed balance‑sheet and cost actions: $144.5M operating expenses (up 73%), $24.2M stock‑based comp, $6.5M severance from a 30% headcount reduction, net loss of $109M (improved 27%), adjusted EBITDA loss $59.9M, liquidity $215.6M plus a $100M founder investment at $14/share funded in BTC. Other metrics cited include a 3.8% card delinquency rate, an $8.6M provision for credit losses (including a $4.1M discrete fraud charge), pre‑provision net revenue of $3.8M (up 150% YoY), staking revenue down 31% but redemption times cut from 50 to 8 days—together forming the operational and product roadmap the company said positions it for growth (including future stocks products) as regulatory clarity evolves.Gemini Space Station, Inc. Class A Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
33
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 151.72M | 146.17M | 142.16M | 98.14M |
| Gross Profit | -1.64M | 146.17M | 11.68M | -42.62M |
| EBITDA | -402.97M | -518.47M | -132.49M | -257.97M |
| Net Income | -550.55M | -582.81M | -158.55M | -319.68M |
Balance Sheet | ||||
| Total Assets | 1.52B | 1.81B | 1.59B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 319.37M | 807.12M | 42.85M | 391.47M |
| Total Debt | 18.76M | 654.03M | 1.19B | 733.83M |
| Total Liabilities | 1.07B | 1.27B | 1.85B | 1.32B |
| Stockholders Equity | 456.14M | 540.87M | -260.99M | -109.94M |
Cash Flow | ||||
| Free Cash Flow | -259.87M | -225.86M | -114.94M | -214.23M |
| Operating Cash Flow | -254.10M | -218.19M | -108.96M | -207.29M |
| Investing Cash Flow | -71.36M | -47.93M | 83.61M | 33.22M |
| Financing Cash Flow | 537.97M | 521.37M | 225.38M | -521.44M |
Gemini Space Station, Inc. Class A Risk Analysis
Gemini Space Station, Inc. Class A disclosed 103 risk factors in its most recent earnings report. Gemini Space Station, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Gemini Space Station, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $3.83B | 8.88 | 25.95% | 1.47% | ― | ― | |
79 Outperform | $3.25B | 7.67 | 17.42% | ― | 12.56% | 20.38% | |
70 Outperform | $775.32M | 9.34 | 21.89% | ― | 56.68% | 159.90% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $974.31M | 9.04 | 8.66% | ― | -1.05% | -56.42% | |
56 Neutral | $1.74B | 214.94 | -8.69% | 1.62% | -30.35% | ― | |
48 Neutral | $615.54M | -1.18 | -197.42% | ― | 32.67% | -84.10% |
* Financial Sector Average
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Gemini Space Station, Inc. Class A Corporate Events
Financial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Gemini Space Station Announces Major Private Placement Financing
Positive
May 14, 2026
On May 14, 2026, Gemini Space Station, Inc. completed a $100 million private placement of 7,142,857 Class A common shares to its largest shareholder, Winklevoss Capital Fund, at $14.00 per share, paid in-kind with approximately 1,258 Bitcoin, rein...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.