Gemini Space Station, Inc. (GEMI) Balance Sheet

NASDAQ: GEMIAssets, liabilities, debt and equity over 3 years.

GEMI balance sheet, 2025

December 31, 2025 · U.S. dollars

$1.80B assets = $1.26B liabilities + $540.9M equity

What it owns$1.80BCash & ST investments: $704.7M (39.1%)Cash & ST investments$704.7M · 39%Receivables: $30.9M (1.7%)Other current: $870.7M (48.3%)Other current$870.7M · 48%PP&E: $33.6M (1.9%)Goodwill & intangibles: $139.8M (7.8%)$139.8MLT investments: $9.4M (0.5%)Other non-current: $12.7M (0.7%)=How it is financed$1.80BCurrent liabilities: $1.24B (68.8%)Current liabilities$1.24B · 69%Other LT liabilities: $20.6M (1.1%)Shareholders’ equity: $540.9M (30.0%)Shareholders’ equity$540.9M · 30%

Both columns are drawn to the same scale: what GEMI owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GEMI financial health

Current ratio1.29
Adequate · current assets cover current liabilities 1.29×
Debt / equity1.22
Moderate leverage · $1.22 of debt for each $1 of equity
Equity / assets30.0%
Balanced · of assets funded by shareholders
Cash / debt106.6%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles7.8%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

GEMI balance sheet trends, 2023–2025

MetricTrendThenLatestChange
Total assets$1.21B2023$1.80B2025+22.0%/yr
Total liabilities$1.32B2023$1.26B2025−2.3%/yr
Shareholders’ equity−$109.9M2023$540.9M2025—
Cash & short-term investments$391.5M2023$704.7M2025+34.2%/yr
Total debt$733.8M2023$660.8M2025−5.1%/yr
Net cash (debt)−$342.4M2023$43.9M2025+$386.2M
Working capital−$186.3M2023$365.8M2025+$552.2M
Book value per share−$0.702023$4.622025—
Current ratio0.8420231.292025+0.46
Shares outstanding157.8M2023117.2M2025−13.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GEMI assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GEMI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GEMI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GEMI balance sheet

202520242023
Assets
Cash & short-term investments$704.7M$42.8M$391.5M
Cash & equivalents$252.2M$42.8M$63.6M
Short-term investments$452.5M$470.1M$327.9M
Receivables$30.9M$61.6M$185.9M
Inventory$0$0$0
Other current assets$870.7M$1.28B$399.3M
Total current assets$1.61B$1.39B$976.7M
Property, plant & equipment (net)$33.6M$31.7M$37.3M
Goodwill & intangible assets$139.8M$162.1M$185.0M
Long-term investments$9.4M$10.6M$11.7M
Other non-current assets$12.7M$1.7M$309,000
Total assets$1.80B$1.59B$1.21B
Liabilities
Accounts payable$2.6M$17.6M$12.5M
Short-term debt$640.3M$684.5M$575.9M
Deferred revenue$6.0M——
Total current liabilities$1.24B$1.35B$1.16B
Long-term debt$0$486.0M$134.9M
Lease obligations$27.4M$24.9M$27.3M
Other long-term liabilities$20.6M$20.2M$23.0M
Total liabilities$1.26B$1.85B$1.32B
Shareholders' equity
Common stock & paid-in capital$118,000——
Retained earnings (deficit)−$2.04B−$1.46B−$1.30B
Accumulated other comprehensive income$887,000$3.0M$1.1M
Total shareholders' equity$540.9M−$261.0M−$109.9M
Key figures
Total debt$660.8M$1.19B$733.8M
Net cash (debt)$43.9M−$1.15B−$342.4M
Working capital$365.8M$39.0M−$186.3M
Tangible book value$401.1M−$423.1M−$294.9M
Book value per share$4.62−$1.62−$0.70
Shares outstanding117.2M160.8M157.8M
Current ratio1.291.030.84
Quick ratio0.590.080.50
Debt / equity1.22——
Equity / assets30.0%−16.4%−9.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.

GEMI financial position

At the end of fiscal 2025 (December 31, 2025), Gemini Space Station had total assets of $1.8 billion (up 13.0% from a year earlier), total liabilities of $1.3 billion and shareholders' equity of $540.9 million. It held $704.7 million in cash and short-term investments against $660.8 million of debt, a net cash position of $43.9 million. Its current ratio was 1.29. In the latest quarter (ended June 30, 2026) total assets were $1.5 billion and equity $468.3 million.

Related: GEMI income statement, GEMI cash flow statement, GEMI key metrics. See the GEMI stock overview for the latest quote and news.

GEMI balance sheet FAQ

What are Gemini Space Station's total assets?

Gemini Space Station reported total assets of $1.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.6 billion a year earlier.

How much debt does Gemini Space Station have?

Gemini Space Station had $660.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.22.

How much cash does Gemini Space Station have?

Gemini Space Station held $704.7 million in cash and short-term investments at the end of fiscal 2025; with $660.8 million of debt that is net cash of $43.9 million.

What is Gemini Space Station's book value?

Gemini Space Station's shareholders' equity (book value) was $540.9 million at the end of fiscal 2025, or $4.62 per share.

What is Gemini Space Station's current ratio?

Gemini Space Station had current assets of $1.6 billion and current liabilities of $1.2 billion, a current ratio of 1.29 (it can cover its short-term obligations).

How much goodwill does Gemini Space Station have?

Gemini Space Station carried $139.8 million of goodwill and intangible assets, 7.8% of total assets, at the end of fiscal 2025.

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