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:
$5.00
▲(3.95% Upside)
Action:Reiterated
Date:06/16/26
The score is held down primarily by weak financial performance (large ongoing losses and cash burn). Offsetting factors include a moderately constructive earnings-call backdrop (strong YoY revenue growth, revenue mix diversification, regulatory milestones, and added liquidity) and a neutral technical setup, while valuation remains challenging due to negative earnings and no dividend yield support.
Positive Factors
Regulatory Licenses (DCM/DCO)
Holding DCM and DCO licenses creates a durable structural advantage: it enables an end‑to‑end, in‑house derivatives marketplace, supports new product lines (perpetuals, futures, event contracts), reduces reliance on third parties and potential regulatory friction, and strengthens long‑term revenue optionality.
Negative Factors
Negative Operating Cash Flow
Consistent negative operating cash flow indicates the business cannot self‑fund growth or cover expenses, creating structural cash burn. Continued OCF deficits force reliance on financings or equity, constraining strategic flexibility and increasing dilution or liquidity risk until underlying profitability is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory Licenses (DCM/DCO)
Holding DCM and DCO licenses creates a durable structural advantage: it enables an end‑to‑end, in‑house derivatives marketplace, supports new product lines (perpetuals, futures, event contracts), reduces reliance on third parties and potential regulatory friction, and strengthens long‑term revenue optionality.
Read all positive factors
Gemini Space Station, Inc. Class A (GEMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$611.96M
Dividend YieldN/A
Average Volume (3M)2.45M
Price to Earnings (P/E)―
Beta (1Y)1.74
Revenue Growth32.67%
EPS Growth-84.10%
CountryUS
Employees700
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-4.16
Shares Outstanding44,163,150
10 Day Avg. Volume1,680,572
30 Day Avg. Volume2,445,871
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 Cap1.24
Enterprise Value/Revenue5.00
Enterprise Value/Gross Profit-463.78
Enterprise Value/Ebitda-1.88
Forecast
1Y Price Target
$6.53Price Target Upside35.78% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-3.04
Revenue Forecast (FY)$203.35M
Gemini Space Station, Inc. Class A Business Overview & Revenue Model
Company Description
Gemini Space Station, Inc. operates a comprehensive digital asset platform that enables users to acquire, divest, and securely store various cryptocurrencies, most notably Bitcoin and Ether. The company's expansive array of services includes a ded...
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 | 84.72M | 11.68M | -42.62M |
| EBITDA | -402.97M | -487.74M | -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 | 494.09M | 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 | -260.63M | -225.86M | -114.94M | -214.23M |
| Operating Cash Flow | -254.21M | -218.19M | -108.96M | -207.29M |
| Investing Cash Flow | -56.02M | -47.93M | 83.61M | 33.22M |
| Financing Cash Flow | 543.33M | 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 | $4.50B | 14.23 | 25.95% | 1.47% | ― | ― | |
79 Outperform | $3.16B | 13.79 | 17.42% | ― | 12.56% | 20.38% | |
68 Neutral | $888.71M | 7.27 | 13.81% | ― | 48.35% | 37.83% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $995.30M | 29.62 | 8.66% | ― | -1.05% | -56.42% | |
56 Neutral | $1.49B | 59.15 | -8.69% | 1.62% | -30.35% | ― | |
48 Neutral | $611.96M | -1.00 | -197.42% | ― | 32.67% | -84.10% |
* Financial Sector Average
GEMI
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Gemini Space Station, Inc. Class A Corporate Events
Executive/Board ChangesShareholder Meetings
Gemini Space Station Shareholders Endorse Board and Auditor
Positive
Jun 15, 2026
At its annual meeting on June 15, 2026, Gemini Space Station, Inc. stockholders approved all items on the agenda, including the election of six directors—Tyler Winklevoss, Cameron Winklevoss, Jonathan Durham, James Anthony Esposito, Maria Fi...
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.