# Gemini Space Station, Inc. (GEMI)

> Source: Nexqual · https://nexqual.com/GEMI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Gemini Space Station, Inc. (GEMI), nexqual.com/GEMI" · informational, not investment advice.

**Price:** USD 3.17 (+0.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 3.17 · day 3.03–3.21 · 52w 3.01–20.93 · market cap $411M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $207M, net income -$517M (-250.1% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold GEMI (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $129K; 2 not under a Rule 10b5-1 plan ($97K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -83.8% vs S&P 500 +14.9%; 5Y -90.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD -0.56, revenue estimate $42.9M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $98.1M | $142M | $180M | $207M |
| Operating income | -$312M | -$166M | -$346M | -$403M |
| Net income | -$320M | -$159M | -$583M | -$517M |
| EPS (diluted) | -$66.25 | -$32.24 | -$15.52 | — |
| Free cash flow | -$208M | -$110M | -$220M | -$307M |
| Operating margin | -317.5% | -116.6% | -192.5% | -195.1% |
| Net margin | -325.7% | -111.5% | -324.6% | -250.1% |
| Revenue growth | — | +44.9% | +26.3% | — |
| Cash + short-term investments | $32.8M | $42.8M | $252M | — |
| Total debt | — | $249M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.0x · P/B 0.9x · FCF yield -74.75% · Earnings yield -125.80%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold GEMI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Chase Coleman | Tiger Global Management | <0.01% | $298K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-20 | Stojanovic Danijela | Interim CFO | 7,940 | $32K | 4.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-02 | Stojanovic Danijela | Interim CFO | 8,438 | $37K | 4.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Stojanovic Danijela | Interim CFO | 11,700 | $59K | 6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Citigroup | Upgrade | Sell → Neutral | $3.2 → $4.75 |
| 2026-09-09 | Goldman Sachs | Target raised | Sell | $3.5 → $4 |
| 2026-08-24 | Needham | Target raised | Buy | $6 → $6.5 |
| 2026-08-20 | Citigroup | Target lowered | Sell | $4 → $3.2 |
| 2026-08-17 | Goldman Sachs | Target lowered | Sell | $4 → $3.5 |
| 2026-08-17 | Rosenblatt | Target lowered | Buy | $9 → $6 |
| 2026-08-17 | Cantor Fitzgerald | Target lowered | Neutral | $7 → $5 |
| 2026-08-17 | Needham | Target lowered | Buy | $8 → $6 |
| 2026-07-24 | Truist Securities | Target lowered | Hold | $5 → $4.5 |
| 2026-07-10 | Morgan Stanley | Target lowered | Equal-Weight | $6 → $5.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-09-08) |
|---|---|---|
| Total return | -83.8% | -90.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -83.9% | -87.3% |
| Volatility (annualized) | 102.2% | 94.9% |
| Max drawdown | -84.6% (Oct 2025→Oct 2026) | -90.1% (Sep 2025→Oct 2026) |

## Peers (Capital Markets)
MIAX (Miami International Holdings, I) USD 34.99 +4.20% · LAZ (Lazard, Inc.) USD 37.3 -0.19% · MC (Moelis & Company) USD 55.06 +3.77% · PIPR (Piper Sandler Companies) USD 65.54 +1.77% · RIOT (Riot Platforms, Inc.) USD 12.89 -8.06% · VIRT (Virtu Financial, Inc.) USD 56.25 -1.52%

## More
Full page: https://nexqual.com/GEMI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net revenue | $43.7M | 96.1% | +33.3% |
| — Service (part of Net revenue) | $23.5M | 51.7% | +149.0% |
| — Credit Card (part of Net revenue) | $16.2M | 35.6% | +231.4% |
| — Service Staking Revenue (part of Net revenue) | $4.0M | 8.9% | +49.7% |
| Transaction & Service Revenue | $41.3M | 90.8% | +36.3% |
| Transaction Revenue | $17.8M | 39.0% | -14.8% |
| — Transaction Revenue Exchange (part of Transaction Revenue) | $12.5M | 27.5% | -38.2% |
| — Transaction Revenue Over The Counter (part of Transaction Revenue) | $4.7M | 10.4% | +670.7% |
| — Transaction Revenue Prediction Market Revenue (part of Transaction Revenue) | $524,000 | 1.2% | — |
| Service Advisory Fee | $2.7M | 6.0% | — |
| Other revenue | $1.8M | 3.9% | +260.0% |
| Service Custodial Fee Revenue | $618,000 | 1.4% | -67.1% |
| Other Revenue | $51,000 | 0.1% | -51.4% |
| Transaction Revenue Other | $21,000 | 0.0% | +950.0% |
| Total revenue | $45.5M | 100% | — |
The lines above cover 237.3% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $43.1M | 94.8% | +69.2% |
| International | $2.4M | 5.2% | -69.9% |
| Total revenue | $45.5M | 100% | — |

## Company outlook (8-K filed 2026-08-13)

- "Further information on risks that could cause actual results to differ materially from anticipated results is included, or will be included, in our filings we make with the Securities and Exchange Commission from time to time, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.56 | $-0.60 | -7.4% | $42.9M | 4 |
| Next quarter (ends 2026-12-31) | $-0.64 | $-0.57 | +11.3% | $46.8M | 4 |
| Current fiscal year (ends 2026-12-31) | $-2.76 | $-2.86 | -3.4% | $185.6M | 3 |
| Next fiscal year (ends 2027-12-31) | $-2.00 | $-1.77 | +13.0% | $227.1M | 4 |