Gemini Space Station, Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $207m.
Our model value for Gemini Space Station is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Gemini Space Station, Inc.'s trailing-twelve-month revenue grew 51.5% year on year, with a free-cash-flow margin of -148.6%.
Current signal Net margin expanding: TTM net margin reached -250.1%, up 42.8pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Gemini Space Station, Inc. at the moment. Current status: limited reported history: available models are shown without a Buy/Hold/Sell rating. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Gemini Space Station, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.2 ~$3.1–$16 | Left out: out of range vs price (0.08x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Gemini Space Station, Inc. with asset managers, brokers and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 12, 2026, after the close. Analysts expect revenue of $43m and EPS of −$0.57 (range −$0.89 to −$0.19) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.77 | +76% | $186m | +3% |
| Next | −$2.02 | +27% | $226m | +22% |
The consensus EPS forecast for the current fiscal year is +3.4% on 90 days ago. In the last 30 days, 1 analyst raised Gemini Space Station, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$2.68 | −$1.80 |
| 60 days ago | −$2.25 | −$1.97 |
| 30 days ago | −$2.82 | −$2.01 |
| 7 days ago | −$2.76 | −$2.00 |
| Now | −$2.77 | −$2.02 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.66 | −$0.90 | −35.2% |
| Mar 2026 | −$1.19 | −$0.85 | +28.7% |
| Dec 2025 | −$0.96 | −$1.27 | −32.5% |
| Sept 2025 | −$2.37 | −$5.96 | −151.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| GEMI | −73% |
| Industry peers (median) | +9% |
| S&P 500 | +11% |
| Months that ended higher | |
| GEMI | 36% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| GEMI | −78% |
| S&P 500 | −9% |
Worst fall since September 12, 2025: 92% from September 15, 2025 to November 2, 2026. Getting back needed a 1125% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | −6.0% | +0.5% | −0.7% | +15.3% |
| May 14, 2026 | +13.4% | −0.4% | +7.5% | +4.3% |
| March 19, 2026 | +0.2% | −1.7% | −23.0% | −21.6% |
| February 17, 2026 | −15.7% | +0.7% | −21.0% | −21.2% |
| November 10, 2025 | −13.0% | +1.8% | −28.5% | −29.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q2 | $136.5M |
| FY25 Q3 | $162.5M |
| FY25 Q4 | $179.6M |
| FY26 Q1 | $194.5M |
| FY26 Q2 | $206.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q2 | -142.5% |
| FY25 Q3 | -161.8% |
| FY25 Q4 | -192.5% |
| FY26 Q1 | -201.4% |
| FY26 Q2 | -195.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q3 | -53.6% |
| FY25 Q4 | -122.6% |
| FY26 Q1 | -131.6% |
| FY26 Q2 | -148.6% |
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 98 | 142 | 180 | 207 |
| EBITDA | −279 | −133 | −315 | −388 |
| Operating income | −312 | −166 | −346 | −403 |
| Net income | −320 | −159 | −583 | −517 |
| Diluted EPS | −$8.28 | −$4.03 | −$15.52 | — |
| Growth (year on year) | ||||
| Revenue | — | +44.9% | +26.3% | +51.5% |
| Margins | ||||
| EBITDA margin | −284.7% | −93.5% | −175.4% | −187.5% |
| Operating margin | −317.5% | −116.6% | −192.5% | −195.1% |
| Net margin | −325.7% | −111.5% | −324.6% | −250.1% |
| Free-cash-flow margin | −212.0% | −77.5% | −122.6% | −148.6% |
| Cash flow | ||||
| Cash from operations | −207 | −109 | −218 | −305 |
| Capital spending | 1 | 1 | 2 | 2 |
| Free cash flow | −208 | −110 | −220 | −307 |
| Stock-based pay | 16 | 6 | 85 | 126 |
| Free cash flow after stock pay | −224 | −116 | −305 | −433 |
| Balance sheet | ||||
| Cash | 33 | 43 | 252 | 189 |
| Total debt | 0 | 249 | 0 | 0 |
| Net debt (negative = net cash) | −33 | 206 | −252 | −189 |
| Diluted shares | 39m | 39m | 38m | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 25 | 43 | 35 | 33 | 51 | 60 | 50 | 45 |
| EBITDA | −52 | −20 | −40 | −65 | −120 | −104 | −87 | −77 |
| Operating income | −52 | −29 | −48 | −65 | −121 | −111 | −94 | −77 |
| Net income | −90 | −27 | −149 | −133 | −160 | −141 | −109 | −108 |
| Diluted EPS | −$3.67 | −$1.10 | −$6.07 | −$5.42 | −$6.67 | $23.50 | −$0.93 | −$0.89 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | +106.3% | +39.4% | +42.3% | +36.6% |
| Margins | ||||||||
| EBITDA margin | −211.4% | −47.2% | −113.7% | −195.4% | −237.8% | −172.1% | −172.5% | −168.3% |
| Operating margin | −213.0% | −66.4% | −136.0% | −196.6% | −238.6% | −184.6% | −187.4% | −169.2% |
| Net margin | −367.5% | −62.3% | −422.6% | −400.2% | −315.1% | −233.4% | −216.8% | −236.9% |
| Free-cash-flow margin | — | −12.4% | −52.7% | −1.0% | −124.0% | −229.3% | −108.5% | −113.3% |
| Cash flow | ||||||||
| Cash from operations | — | −5 | −18 | −0 | −62 | −138 | −54 | −51 |
| Capital spending | — | 1 | 0 | 0 | 1 | 0 | 0 | 0 |
| Free cash flow | — | −5 | −19 | −0 | −63 | −138 | −55 | −52 |
| Stock-based pay | 1 | 1 | 1 | 2 | 46 | 36 | 24 | 20 |
| Free cash flow after stock pay | — | −7 | −20 | −2 | −108 | −174 | −79 | −72 |
| Last 12 months unless stated | GEMI | RPAY | RSKD | EXOD | PAYS | USIO | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $207m | $338m | $345m | $109m | $101m | $93m | $1.4bn |
| Revenue growth, last 12 months | 51.5% | 8.8% | 5.2% | −14.2% | 46.8% | 10.4% | 9.7% |
| Revenue growth, 3-year average | — | 5.2% | — | — | 33.4% | 5.9% | 7.9% |
| Revenue growth, latest quarter | 36.6% | 33.2% | — | 1.6% | 48.1% | 18.6% | 14.2% |
| Gross margin | — | 73.5% | 51.7% | — | 61.0% | 22.3% | 45.0% |
| Operating margin | −195.1% | −44.2% | −9.9% | — | 17.0% | −1.2% | 9.6% |
| Operating margin, 3-year average | — | −36.4% | — | — | 8.8% | −1.6% | 11.1% |
| Net margin | −250.1% | −49.6% | −8.0% | −79.9% | 15.7% | −1.6% | 5.6% |
| Cash from operations / revenue | −147.8% | 33.3% | 9.8% | −60.9% | 74.4% | 0.7% | 16.2% |
| Free-cash-flow margin | −148.6% | 32.6% | 9.6% | −61.1% | 73.0% | −0.3% | 15.5% |
| Free-cash-flow margin, 3-year average | — | 37.6% | — | −27.5% | 54.9% | −8.6% | 16.3% |
| Stock pay / revenue | 61.0% | 5.8% | 15.0% | 14.8% | 5.1% | 1.8% | 2.3% |
| Change in share count | — | −99.9% | −7.9% | — | 10.6% | 2.4% | −2.7% |
| Line of business | Revenue | YoY |
|---|---|---|
| Transaction and Service Revenue and Interest Income | $174M | ▲ 23.6% |
| Transaction and Service Revenue | $163M | ▲ 25.9% |
| Transaction Revenue | $98M | ▼ 1.1% |
| Transaction Revenue Exchange | $93.4M | ▼ 2.5% |
| Services | $64.6M | ▲ 114.6% |
| Credit Card | $33.1M | ▲ 184.7% |
| Service Staking Revenue | $16.8M | ▲ 46.1% |
| Service Custodial Fee Revenue | $8.7M | ▲ 24.8% |
| Other Revenue and Corporate Interest | $5.5M | ▲ 321.1% |
| Service Advisory Fee | $4.8M | — |
| Transaction Revenue Over The Counter | $4M | ▲ 69.3% |
| Other services | $1.2M | — |
| Transaction Revenue Other | $581,000 | ▼ 33.9% |
| Other Revenue | $375,000 | ▲ 28.0% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $156M | 86.7% | ▲ 29.9% |
| Outside the US | $23.9M | 13.3% | ▲ 7.2% |
From Gemini Space Station, Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Parafi Capital LP | $14.6M | 3.4M | 16.8% | ▲ 430.7% |
| Geode Capital Management, LLC | $12.4M | 1.2M | 14.3% | ▲ 154.1% |
| Blackrock, Inc. | $12.1M | 2.8M | 13.9% | ▲ 481.3% |
| Marshall Wace, LLP | $6.1M | 1.4M | 7.0% | ▲ 272.3% |
| Morgan Stanley | $5.4M | 1.3M | 6.3% | ▲ 8.3% |
| Vanguard Capital Management LLC | $5.4M | 1.3M | 6.2% | ▲ 97.8% |
| Commonwealth Bank Of Australia | $3M | 714K | 3.5% | 0.0% |
| State Street Corp | $2.8M | 662K | 3.2% | ▲ 843.2% |
| UBS Group AG | $2.4M | 565K | 2.8% | ▲ 30.0% |
| Morgan Creek Capital Management, LLC | $2.4M | 562K | 2.8% | ▼ 78.8% |
| Citadel Advisors LLC | $1.6M | 376K | 1.8% | ▲ 266.3% |
| Northern Trust Corp | $1.5M | 351K | 1.7% | ▲ 887.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Gemini Space Station, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Stojanovic Danijela Interim CFO | August 20, 2026 | Sell pre-set plan | 7,940 | $4.05 | $32,157 |
| Stojanovic Danijela Interim CFO | July 2, 2026 | Sell | 8,438 | $4.44 | $37,465 |
| Stojanovic Danijela Interim CFO | May 20, 2026 | Sell | 11,700 | $5.05 | $59,085 |
| Jaitly Sachin Chand Director | March 11, 2026 | Sell | 35,713 | $8.81 | $314,632 |
| Jaitly Sachin Chand Director | March 11, 2026 | Sell | 3,995 | $9.92 | $39,630 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around October 26, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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