Gemini Space Station, Inc. (GEMI) AI Stock Analysis
GEMI AI stock analysis summary
AI ResearchGemini Space Station, Inc. operates a global cryptocurrency and digital asset platform offering trading, custody, derivatives, and prediction contracts. Over the trailing twelve months, revenue reached $206.7M, supported by a 36.6% year-over-year revenue increase in the quarter ended June 30, 2026. However, profitability remains deeply negative, marked by a trailing operating margin of -169.2% and a FY2025 net loss of -$582.8M.
- Market cap
- $462.9M
- Revenue (TTM)
- $206.7M
- P/E
- 0.2x
- 1Y return
- -82.6% S&P 500 16.8%
- Avg. target
- $5.33 49.2% vs last close
Bull case
- Quarterly revenue growth accelerated to 36.6% year-over-year in the period ended June 30, 2026.
- Gross margin improved significantly from -43.4% in FY2023 to 58.0% in FY2025.
- The balance sheet maintained a positive net cash balance of $102.6M as of June 30, 2026.
Bear case
- The company reported a severe net loss of -$582.8M and negative free cash flow of -$225.9M in FY2025.
- Operating margin was deeply negative at -169.2% over the trailing twelve months, well below the peer median of 37.7%.
- Shares have dropped 82.6% over the past 12 months, and short interest sits at 22.1% of the float.
What Gemini Space Station does
Gemini Space Station, Inc. operates a cryptocurrency platform serving clients in the United States and internationally. It provides the core Gemini platform for trading, custody, and earning across digital assets, alongside Gemini ActiveTrader for advanced charting and execution across multiple order types. The company also offers Gemini Derivatives for perpetual contract trading with cross-collateralization, Gemini Prediction for event contracts, custody solutions, and the Gemini Credit Card with crypto rewards. Its client base includes retail users as well as institutional investors such as asset managers, hedge funds, proprietary trading firms, and corporations.
Growth and profitability
Annual revenue grew from $98.1M in FY2023 to $142.2M in FY2024 and $146.2M in FY2025, reflecting a 2-year compound annual growth rate of 22.0%. While gross margin expanded from -43.4% in FY2023 to 58.0% in FY2025, operating losses expanded, with operating margin deteriorating to -358.6% in FY2025. Net income worsened to -$582.8M in FY2025 compared to -$158.5M in FY2024. For the latest quarter ended June 30, 2026, quarterly revenue grew 36.6% year-over-year, contributing to trailing twelve month revenue of $206.7M alongside an operating margin of -169.2% and a profit margin of -250.1%.
Balance sheet and cash flow
As of June 30, 2026, Gemini Space Station held $623.4M in cash and short-term investments against total debt of $520.8M, resulting in net cash of $102.6M. Total assets stood at $1.50B, with shareholders' equity at $468.3M and a current ratio of 2.61. The company has a debt-to-equity ratio of 1.11. Operating cash flow in FY2025 was -$218.2M, and free cash flow was -$225.9M after accounting for capital expenditures of $7.7M.
Valuation and performance
GEMI trades at an enterprise value of $750.5M and a market cap of $462.9M, with a price-to-sales ratio of 2.2x and an enterprise value to revenue multiple of 3.6x. Its price-to-sales of 2.2x is below the 3.2x median of its US-listed Financial Services peers. The stock closed at $3.57 on October 16, 2026, having declined 82.6% over the past year and trading 36.3% below its 200-day moving average, while the S&P 500 (SPY) gained 16.8% over the same 1-year period.
What analysts expect
Wall Street coverage includes 2 Strong Buy, 1 Buy, 5 Hold, 0 Sell, and 2 Strong Sell ratings. The mean price target is $5.33, which is 49.2% above the last close of $3.57. For the fiscal year ending December 31, 2026, consensus estimates project an EPS of -$2.76 and revenue of $185.3M. For the next fiscal year, 4 analysts estimate revenue of $226.9M and an EPS of -$2.00. The company beat EPS estimates in 1 of the last 4 quarters, with its next earnings date scheduled for November 9, 2026.
Key risks and what to watch
- Ongoing cash burn is evident from the -$218.2M in operating cash flow recorded in FY2025.
- Total debt of $520.8M sits against $623.4M in cash and short-term investments, resulting in a debt-to-equity ratio of 1.11.
- The stock is trading down 36.3% relative to its 200-day moving average and near its 52-week low of $3.38.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this GEMI AI stock analysis
This page is an AI-written research summary of Gemini Space Station, Inc. (GEMI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: GEMI income statement, GEMI balance sheet, GEMI key metrics, GEMI analyst forecast, GEMI chart. See the GEMI stock overview for the latest quote and news.
GEMI AI stock analysis FAQ
Does Gemini Space Station pay a dividend?
No, Gemini Space Station does not pay a dividend.
What is the consensus analyst price target for GEMI?
The mean analyst price target is $5.33, representing a 49.2% premium over the last close price of $3.57.
How much debt does Gemini Space Station have?
As of June 30, 2026, the company reported $520.8M in total debt and $623.4M in cash and short-term investments, leaving a net cash position of $102.6M.
When does Gemini Space Station report its next earnings?
The company's next earnings report is scheduled for November 9, 2026.