Gemini Space Station, Inc.

For the period ended Sep 30, 2025. Filed Nov 10, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 10, 2025

GEMI$2.65-2.6%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share data)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Revenue:
Net revenue(1)	$49,775	$24,356	$117,689	$97,880
Other revenue	843	186	1,540	985
Total revenue	50,618	24,542	119,229	98,865
Operating expenses:
Salaries and compensation	82,523	34,175	153,624	101,657
Technology(2)	20,317	15,579	54,790	47,460
General and administrative(3)	19,335	13,822	52,582	44,782
Transaction losses	7,693	4,727	15,376	16,604
Sales and marketing	32,926	4,259	58,084	11,259
Transaction processing	8,617	4,262	19,028	14,188
Total operating expenses	171,411	76,824	353,484	235,950
Operating loss	(120,793)	(52,282)	(234,255)	(137,085)
Other income (expense):
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged	106,809	(19,844)	144,664	233,950
Realized and unrealized gain (loss) on related party crypto loans	(83,096)	4,989	(145,144)	(216,747)
Change in fair value on related party convertible notes	(8,178)	(9,775)	(25,789)	(23,296)
Change in fair value on related party loans	(24,989)	—	(119,309)	—
Interest expense on related party loans	(17,847)	(11,235)	(48,090)	(29,662)
Interest expense on third party loans	(4,655)	(2,994)	(11,148)	(9,001)
Interest expense on funding debt	(314)	—	(314)	—
Other income (expense), net	(7,637)	(58)	(8,727)	53,221
Total other income (expense), net	(39,907)	(38,917)	(213,857)	8,465
Net loss before income taxes	(160,700)	(91,199)	(448,112)	(128,620)
Income tax benefit (provision)	1,186	1,019	6,122	(2,932)
Net loss	$(159,514)	$(90,180)	$(441,990)	$(131,552)
Net loss per share attributable to common stockholders
Basic	$(6.67)	$(18.33)	$(39.02)	$(26.75)
Diluted	$(6.67)	$(18.33)	$(39.02)	$(26.75)
Weighted average shares outstanding - basic and diluted:	23,931	4,920	11,327	4,918
Net loss	$(159,514)	$(90,180)	$(441,990)	$(131,552)
Other comprehensive income (loss):
Foreign currency translation, net of tax	(792)	3,895	1,117	1,163
Change in fair value attributable to instrument-specific credit risk	—	(1,067)	3,271	2,261
Total other comprehensive income (loss)	(792)	2,828	4,388	3,424
Comprehensive loss	$(160,306)	$(87,352)	$(437,602)	$(128,128)
__________________
(1) Net revenue includes related party amounts of $0.7 million and $1.9 million for the three and nine months ended September 30, 2025, respectively and $0.4 million and $1.6 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.
(2) Technology expenses includes related party amounts of $0.5 million and $0.7 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.7 million for the three and nine months ended September 30, 2024, respectively, as outlined in Note 21. Related Party Transactions.
(3) General and administrative expenses includes related party amounts of $0.6 million and $0.8 million for the three and nine months ended September 30, 2025, respectively, and $0 for the three and nine months ended September 30, 2024, as outlined in Note 21. Related Party Transactions.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.