Gemini Space Station, Inc. Class A (GEMI) AI Stock Analysis

• Market Cap: $1.13B
• Dividend Yield: N/A
• Average Volume (3M): 1.39M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• Revenue Growth: 25.53%
• EPS Growth: -74.53%
• Country: US
• Employees: 700
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): N/A
• Shares Outstanding: 42,526,936
• 10 Day Avg. Volume: 1,176,571
• 30 Day Avg. Volume: 1,393,455
• PEG Ratio: 0.63
• Price to Book (P/B): -19.72
• Price to Sales (P/S): 36.19
• P/FCF Ratio: -44.77
• Enterprise Value/Market Cap: 3.26
• Enterprise Value/Revenue: 24.13
• Enterprise Value/Gross Profit: -70.66
• Enterprise Value/Ebitda: -14.20
• 1Y Price Target: $18.33
• Price Target Upside: 88.58% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -3.01
• Revenue Forecast (FY): $297.01M

• Rating: 51 Neutral
• Price Target: $10.00 ▲(2.88% Upside)

Gemini Space Station, Inc. shows promising growth and expansion, particularly in trading volumes and credit card performance. However, significant financial challenges, including high leverage and negative profitability, weigh heavily on the stock's overall score. The technical indicators suggest caution, while the valuation metrics highlight the company's current financial struggles.

Positive Factors

Rapid revenue growth

Sustained 100% YoY revenue growth signals meaningful market traction and expanding customer adoption, which supports investing in scale, distribution, and product development. Over 2–6 months this trend can deepen network effects and improve negotiating power with partners and suppliers.

Diversified services mix

A growing services revenue mix (cards, custody, staking) creates recurring, higher-margin revenue streams that reduce reliance on volatile trading fees. Structurally, this diversification can stabilize top-line cyclicality and enable cross-sell, improving long-term revenue visibility and customer lifetime value.

Regulatory and geographic expansion

Obtaining MiCA licensing and entering Australia are structural enablers for product expansion (staking, derivatives, tokenized stocks) and access to new customer bases. Regulatory approvals materially expand addressable markets and reduce execution risk for longer-term international growth.

Negative Factors

Negative equity and high leverage

Negative shareholders' equity and very high leverage are durable solvency concerns that constrain financing options and raise refinancing and covenant risks. Over months this can force dilutive equity raises or expensive debt, limiting strategic flexibility and capital allocation for growth.

Deeply negative profitability margins

Severely negative margins indicate the company is not yet producing positive unit economics. Without structural cost reduction or pricing improvements, revenue growth may not translate into sustainable cash generation, risking continued capital consumption and undermining long-term viability.

Negative operating cash flow

Negative operating cash flow shows core operations are cash-consuming; the apparent FCF metric is driven by accounting/base effects. Persistently negative OCF necessitates ongoing external financing or asset-backed facilities, raising execution risk and interest/covenant pressure over the medium term.

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-counter trading desk, institutional-grade custody, stablecoin, a U.S. credit card, and a Web3 studio for NFTs (non-fungible tokens). It serves individual retail users; and institutional investors, including asset managers, hedge funds, proprietary trading firms, and corporations. The company was founded in 2014 and is based in New York, New York.

How the Company Makes Money

Gemini Space Station, Inc. generates revenue through multiple key streams. Primarily, the company earns income by leasing space aboard its modular space stations to private companies and research institutions for conducting experiments and technology demonstrations. Additionally, GEMI offers transportation services for cargo and crew to and from its stations, collaborating with various aerospace entities. Revenue is also derived from partnerships with governmental space agencies for research grants and contracts. Furthermore, GEMI is exploring the burgeoning space tourism market, where it plans to sell tickets for private individuals to experience stays aboard its space stations. The combination of these revenue streams, along with strategic partnerships with industry leaders, positions GEMI for sustainable growth in the aerospace sector.

Gemini Space Station, Inc. Class A Financial Statement Overview

Summary

Gemini Space Station, Inc. is experiencing rapid revenue growth, but significant profitability and liquidity challenges overshadow this. The company faces high leverage and negative equity, posing substantial risks, while cash flow generation remains weak.

Income Statement

Gemini Space Station, Inc. has shown significant revenue growth of 100% year-over-year, which is a positive indicator. However, the company is struggling with profitability, as evidenced by negative margins across the board. The net profit margin is notably low at -111.52%, and both EBIT and EBITDA margins are deeply negative, indicating operational inefficiencies and high costs relative to revenue.

Balance Sheet

The balance sheet reveals a concerning financial structure with a negative stockholders' equity, leading to an alarming debt-to-equity ratio of -4.56. This suggests high leverage and potential solvency issues. The return on equity is positive, but this is due to the negative equity, which is not a sustainable position.

Cash Flow

Cash flow analysis shows a positive free cash flow to net income ratio of 1.05, indicating that the company is generating cash relative to its net losses. However, the operating cash flow is negative, and the free cash flow growth rate is high due to a low base effect, which may not be sustainable.

Breakdown	TTM	Dec 2024	Dec 2023
Income Statement
Total Revenue	153.15M	142.16M	98.14M
Gross Profit	-52.29M	11.68M	-42.62M
EBITDA	-260.25M	-132.49M	-257.97M
Net Income	-500.58M	-158.55M	-319.68M
Balance Sheet
Total Assets	2.34B	1.59B	1.21B
Cash, Cash Equivalents and Short-Term Investments	1.16B	42.85M	391.47M
Total Debt	1.04B	1.19B	733.83M
Total Liabilities	1.68B	1.85B	1.32B
Stockholders Equity	653.56M	-260.99M	-109.94M
Cash Flow
Free Cash Flow	-81.19M	-114.94M	-214.23M
Operating Cash Flow	-75.54M	-108.96M	-207.29M
Investing Cash Flow	-37.83M	83.61M	33.22M
Financing Cash Flow	754.10M	225.38M	-521.44M

Gemini Space Station, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ETOR	75 Outperform	$2.62B	12.49	―	―	―	―
MRX	73 Outperform	$2.81B	13.25	―	1.47%	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
TIGR	68 Neutral	$1.58B	10.66	22.84%	―	65.74%	345.40%
DFIN	64 Neutral	$1.44B	51.83	7.49%	―	-6.40%	-66.39%
PWP	53 Neutral	$2.00B	33.83	―	1.62%	-12.44%	―
GEMI	51 Neutral	$1.13B	-2.41	―	―	25.53%	-74.53%

Gemini Space Station, Inc. Class A Corporate Events

Gemini Space Station Reports Strong Q3 2025 Growth

On November 18, 2025, Gemini Space Station, Inc. participated in Citi’s 14th Annual FinTech Conference in New York, presenting its investor presentation. The company reported significant growth in Q3 2025, with total revenue reaching $50.6 million, a 106% year-over-year increase. Key highlights include a 45% increase in trading volume to $16.4 billion and a 275% rise in card sign-ups. The company is focused on expanding its global footprint, enhancing crypto adoption, and diversifying its revenue mix, which could strengthen its market position and stakeholder value.

The most recent analyst rating on (GEMI) stock is a Hold with a $12.50 price target. To see the full list of analyst forecasts on Gemini Space Station, Inc. Class A stock, see the GEMI Stock Forecast page.