$GEMI

Gemini Space Station, Inc.

CIK:0002055592|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenue:

Total revenue

$ 45,475

$ 33,289

$ 95,747

$ 68,611

Operating expenses:

Salaries and compensation

48,223

36,829

113,651

71,101

Technology

^[1]

18,758

17,799

40,848

34,473

General and administrative

^[2]

20,585

19,248

42,265

33,247

Transaction losses

20,147

3,553

31,237

7,683

Sales and marketing

8,818

16,122

27,889

25,158

Transaction processing

5,885

5,173

10,986

10,411

Total operating expenses

122,416

98,724

266,876

182,073

Operating loss

(76,941)

(65,435)

(171,129)

(113,462)

Other income (expense):

Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged

(60,720)

166,784

(161,697)

37,855

Realized and unrealized gain (loss) on related party crypto loans

35,671

(161,049)

125,753

(62,048)

Change in fair value on related party convertible notes

(9,424)

(17,611)

Change in fair value on related party loans

(38,773)

(94,320)

Interest expense on related party loans

(2,714)

(16,346)

(6,025)

(30,243)

Interest expense on third party loans

(1,809)

(3,265)

(3,601)

(6,493)

Interest expense on funding debt

(2,553)

(5,048)

Other income (expense), net

1,364

(5,628)

5,088

(1,090)

Total other income (expense), net

(30,761)

(67,701)

(45,530)

(173,950)

Net loss before income taxes

(107,702)

(133,136)

(216,659)

(287,412)

Income tax benefit (provision)

(22)

(76)

(43)

4,936

Net loss

$ (107,724)

$ (133,212)

$ (216,702)

$ (282,476)

Net loss per share attributable to common stockholders:

Basic (in dollars per share)

$ (0.89)

$ (27.08)

$ (1.82)

$ (57.41)

Diluted (in dollars per share)

$ (0.89)

$ (27.08)

$ (1.82)

$ (57.41)

Weighted average shares outstanding - basic (in shares)

121,272

4,920

118,940

4,920

Weighted average shares outstanding - diluted (in shares)

121,272

4,920

118,940

4,920

Net loss

$ (107,724)

$ (133,212)

$ (216,702)

$ (282,476)

Other comprehensive income (loss):

Foreign currency translation, net of tax

(408)

1,434

(102)

1,909

Change in fair value attributable to instrument-specific credit risk

(1,056)

3,271

Total other comprehensive income (loss)

(408)

378

(102)

5,180

Comprehensive loss

(108,132)

(132,834)

(216,804)

(277,296)

Net revenue

Revenue:

Total revenue

^[3]

43,704

32,797

92,282

67,914

Other revenue

Revenue:

Total revenue

$ 1,771

$ 492

$ 3,465

$ 697

[1]	(2) Technology expenses include related party amounts of $0 for the three and six months ended June 30, 2026, and $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively, as outlined in Note 21. Related Party Transactions.
[2]	(3) General and administrative expenses include related party amounts of $0 and $0.4 million for the three and six months ended June 30, 2026, respectively, and $0.1 million for the three and six months ended June 30, 2025, as outlined in Note 21. Related Party Transactions.
[3]	(1) Net revenue includes related party amounts of $0.4 million and $0.7 million for the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.2 million for the three and six months ended June 30, 2025, respectively, as outlined in Note 21. Related Party Transactions.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (107,724)	$ (133,212)	$ (216,702)	$ (282,476)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization			14,780	15,517
Impairment			1,327	0
Change in fair value on related party convertible notes	0	9,424	0	17,611
Change in fair value on related party loans	0	38,773	0	94,320
Realized and unrealized loss (gain) on crypto assets and receivable, crypto assets pledged			161,697	(37,855)
Realized and unrealized loss (gain) on related party crypto loans	(35,671)	161,049	(125,753)	62,048
Provision for transaction losses	20,147	3,553	31,237	7,683
Stock-based compensation			44,482	3,208
Crypto assets received as revenue			(4,695)	(12,169)
Crypto asset payments for expenses			19,926	12,987
Warrants received as revenue			(5,419)	0
Non-cash lease expense			3,199	2,436
Realized and unrealized loss (gain) on derivatives			(3,786)	920
Other operating activities, net			2,559	4,156
Changes in operating assets and liabilities:
Purchase of crypto assets			(37,694)	(73,626)
Disposal of crypto assets			27,190	150,065
Accounts receivable			(31,505)	(2,804)
Other assets			4,950	61,228
Accounts payable and accrued expenses			(13,626)	(12,779)
Payables due to related parties			(1,402)	29,557
Payables due to third parties			(533)	5,381
Payables due for funding debt			198	0
Lease liabilities			(4,229)	274
Other liabilities			27,922	(64,210)
Net cash used in operating activities			(105,877)	(18,528)
Cash flows from investing activities
Proceeds from disposal of crypto assets			25,084	76,460
Purchases of credit card receivables			(981,121)	(298,083)
Proceeds from repayments of credit card receivables			996,231	269,266
Capitalization of internally developed software costs			(1,619)	(1,598)
Purchase of software, property and equipment			(219)	(422)
Other investing activities, net			142	0
Net cash provided by investing activities			38,498	45,623
Cash flows from financing activities
Custodial funds due to customers, net of redemptions			(73,194)	(91,162)
Proceeds from related party loans			0	15,100
Proceeds from third party loan, net of discount			75,000	0
Proceeds from funding debt			844,970	0
Repayment of funding debt			(852,160)	0
Repayment of third party loans			(75,000)	0
Net cash used in financing activities			(80,628)	(76,062)
Net decrease in cash, cash equivalents, restricted cash and cash equivalents			(148,007)	(48,967)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period			894,848	646,858	$ 646,858
Cash, cash equivalents, restricted cash and cash equivalents, end of period	746,841	597,891	746,841	597,891	894,848
Cash, cash equivalents, restricted cash and cash equivalents consisted of the following:
Cash and cash equivalents	188,618	51,053	188,618	51,053	252,215
Restricted cash and cash equivalents	103,506	63,641	103,506	63,641
Customer custodial funds	454,717	483,197	454,717	483,197	527,354
Total cash, cash equivalents, restricted cash and cash equivalents	$ 746,841	$ 597,891	746,841	597,891	$ 894,848
Supplemental disclosure of cash flow information
Cash paid during the period for interest			11,164	1,798
Cash paid during the period for income taxes, net of refunds			530	410
Supplemental schedule of non-cash investing and financing activities
Related party loans received in crypto assets			223,980	189,336
Repayments of related party loans denominated in crypto assets			241,991	56,159
Issuance of common stock in exchange for crypto assets			100,000	0
Credit card receivables returned as collateral for funding debt, net			(6,760)	0
Crypto assets returned as collateral for third party loans, net			0	(211)
Crypto asset collateral received for derivatives, net			(424)	14,273
Repayment of third party loan interest denominated in crypto			0	5,417
Change in fair value attributable to instrument-specific credit risk			0	3,271
Drawdown of related party loans (crypto in-transit)			0	10,085
RSUs
Cash flows from financing activities
Payment of withholding taxes			(240)	0
Equity awards
Cash flows from financing activities
Payment of withholding taxes			$ (4)	$ 0

Condensed Consolidated Balance Sheets - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 188,618,000

$ 252,215,000

Restricted cash and cash equivalents

103,506,000

115,279,000

Customer custodial funds

454,717,000

527,354,000

Crypto assets held

331,048,000

439,622,000

Accounts receivable, net

^[1]

24,425,000

30,887,000

Credit card receivables pledged, net

181,994,000

188,754,000

Prepaid expenses and other current assets

43,490,000

52,140,000

Total current assets

1,327,798,000

1,606,251,000

Software, property and equipment, net

13,242,000

15,083,000

Intangible assets, net

128,687,000

139,805,000

Other non-current assets, net

32,868,000

40,708,000

Total assets

1,502,595,000

1,801,847,000

Current liabilities:

Custodial funds due to customers

454,588,000

527,307,000

Accounts payable

6,221,000

2,647,000

Accrued expenses

37,081,000

42,679,000

Third party loans

75,016,000

75,151,000

Related party loans

258,765,000

403,931,000

Funding debt

147,382,000

154,374,000

Other current liabilities

42,664,000

34,315,000

Total current liabilities

1,021,717,000

1,240,404,000

Non-current liabilities:

Lease liabilities

12,571,000

20,570,000

Total non-current liabilities

12,571,000

20,570,000

Total liabilities

1,034,288,000

1,260,974,000

Commitments and contingencies

Stockholders' equity:

Preferred stock, par value $0.001 per share; 20,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025

Treasury stock at cost; 1,303 and 284 shares as of June 30, 2026 and December 31, 2025, respectively

(572,000)

(568,000)

Additional paid-in capital

2,727,920,000

2,583,689,000

Accumulated other comprehensive income

785,000

887,000

Accumulated deficit

(2,259,955,000)

(2,043,253,000)

Total stockholders’ equity

468,307,000

540,873,000

Total liabilities and stockholders’ equity

1,502,595,000

1,801,847,000

Related Party

Current assets:

Accounts receivable, net

100,000

Current liabilities:

Accrued expenses

Common Class A

Stockholders' equity:

Common stock

54,000

43,000

Common Class B

Stockholders' equity:

Common stock

$ 75,000

[1]	(1) Includes related party amounts of $0.1 million in Accounts receivable, net as of both June 30, 2026 and December 31, 2025, as outlined in Note 21. Related Party Transactions.