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

• Market Cap: $702.39M
• Dividend Yield: N/A
• Average Volume (3M): 1.46M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.37
• 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: 1,573,522
• 30 Day Avg. Volume: 1,460,760
• 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: 3.66
• Enterprise Value/Revenue: 16.79
• Enterprise Value/Gross Profit: -49.18
• Enterprise Value/Ebitda: -9.88
• 1Y Price Target: $11.78
• Price Target Upside: 90.31% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: $7.50 ▲(21.16% Upside)
• Action: Reiterated Date: 01/28/26
• Date: Action: Reiterated 01/28/26

The score is held back primarily by weak profitability, negative equity/high leverage, and bearish technicals. These are partially offset by strong growth and constructive guidance from the latest earnings call, while valuation signals are limited due to the negative P/E and no stated dividend yield.

Positive Factors

Revenue Growth

A 100% year-over-year revenue increase indicates strong market demand for Gemini’s core offerings (station leases, transport, payload services). Sustained top-line growth over the medium term helps build scale economies, supports reinvestment in product development, and increases the likelihood of long-term margin improvement if operating costs are disciplined.

Revenue Mix Diversification

A rising share of services revenue (credit card, custody, staking) to ~40% indicates a shift toward more recurring, higher-margin streams. This diversification lowers dependence on cyclical station leasing and enhances customer lifetime value through platform monetization, strengthening durable revenue stability and cross-sell opportunities over multiple quarters.

Financing and Liquidity Options

Access to a $150M credit facility and a warehouse financing program for card receivables materially improves near-term liquidity and runway. Structurally, committed financing reduces short-term solvency risk, supports continued investment in growth initiatives and product rollouts, and gives management flexibility to execute strategic plans while working toward profitability.

Negative Factors

Profitability Weakness

Severely negative operating and net margins show the business is not yet generating sustainable profits from core operations. Persistent losses require ongoing external capital or debt to fund growth; if margins do not improve within several quarters, cash burn will pressure liquidity and constrain strategic options, raising long-term execution risk.

Balance Sheet Leverage

Negative shareholders' equity and very high leverage signal solvency concern and limited balance-sheet flexibility. This structural weakness makes raising unsecured capital harder, increases refinancing risk, and can force more costly funding terms or asset sales, constraining the company's ability to invest in long-term growth or absorb shocks.

Retracting International Footprint

A decision to wind down operations in Europe and Australia and cut ~25% of the workforce is a material strategic retrenchment. While it reduces near-term costs, it also eliminates previously announced market expansions and licensing benefits, shrinking addressable markets and long-term growth optionality, and signals operational strain that may persist.

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

Despite ~100% YoY revenue growth, profitability is very weak (net margin -111.52% with deeply negative EBIT/EBITDA margins). The balance sheet is a major risk due to negative shareholders’ equity and high leverage, while cash flow is mixed (negative operating cash flow, but free cash flow compares favorably to net losses).

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
MRX	73 Outperform	$2.88B	13.69	―	1.47%	―	―
ETOR	72 Outperform	$2.57B	12.64	19.37%	―	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
TIGR	68 Neutral	$1.39B	9.73	22.84%	―	65.74%	345.40%
DFIN	64 Neutral	$1.26B	46.43	7.49%	―	-6.40%	-66.39%
PWP	53 Neutral	$1.74B	34.90	―	1.62%	-12.44%	―
GEMI	51 Neutral	$702.39M	-1.55	―	―	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.