Gemini Space Station, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout 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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(441,990) | $(131,552) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation and amortization | 23,189 | 24,656 |
| Change in fair value on related party convertible notes | 25,789 | 23,296 |
| Change in fair value on related party loans | 119,309 | — |
| Realized and unrealized gain on crypto assets and receivable, crypto assets pledged | (144,664) | (233,950) |
| Realized and unrealized loss on related party crypto loans | 145,144 | 216,747 |
| Provision for transaction losses | 15,376 | 16,604 |
| Stock-based compensation | 48,959 | 4,483 |
| Crypto assets received as revenue | (23,680) | (14,473) |
| Crypto asset payments for expenses | 33,629 | 94,447 |
| Warrants received as revenue | (2,098) | — |
| Non-cash lease expense | 3,105 | 3,214 |
| Other operating activities, net | (1,171) | 5,914 |
| Changes in operating assets and liabilities: | ||
| Purchase of crypto assets | (143,037) | (41,698) |
| Disposal of crypto assets | 212,360 | 60,577 |
| Accounts receivable | (11,603) | (15,882) |
| Other assets | 137,210 | 67,766 |
| Accounts payable and accrued expenses | 12,498 | (145,112) |
| Payables due to related parties | 29,540 | 27,024 |
| Payables due to third parties | 5,913 | 7,970 |
| Payables due for funding debt | 314 | — |
| Lease liabilities | (4,359) | (3,999) |
| Other liabilities | (119,932) | (70,385) |
| Net cash used in operating activities | (80,199) | (104,353) |
| Cash flows from investing activities | ||
| Proceeds from disposal of crypto assets | 93,809 | 131,662 |
| Purchases of credit card receivables | (646,827) | (321,946) |
| Proceeds from repayments of credit card receivables | 561,829 | 273,727 |
| Capitalization of internally developed software costs | (3,501) | (3,089) |
| Purchase of software, property and equipment | (1,507) | (445) |
| Purchase of equity investments | (59) | (350) |
| Net cash provided by investing activities | 3,744 | 79,559 |
| Cash flows from financing activities | ||
| Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs | 397,306 | — |
| Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq | 50,000 | — |
| Custodial funds due to customers, net of redemptions | (40,455) | 60,365 |
| Proceeds from related party convertible notes | — | 24,568 |
| Proceeds from related party loans | 15,100 | — |
| Proceeds from third party loan, net of discount | 74,250 | — |
| Proceeds from funding debt | 99,040 | — |
| Repayment of funding debt | (50,150) | — |
| Payment of withholding taxes on settlement of restricted stock units | (6,929) | — |
| Payment for tax withholdings related to net share settlements of equity awards | (568) | — |
| Net cash provided by financing activities | 537,594 | 84,933 |
| Net increase in cash, cash equivalents, restricted cash and cash equivalents | 461,139 | 60,139 |
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of period | 646,858 | 446,830 |
| Cash, cash equivalents, restricted cash and cash equivalents, end of period | $1,107,997 | $506,969 |
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash, cash equivalents, restricted cash and cash equivalents consisted of the following: | ||
| Cash and cash equivalents | $487,462 | $38,613 |
| Restricted cash and cash equivalents | 87,731 | 21,320 |
| Customer custodial funds | 532,804 | 447,036 |
| Total cash, cash equivalents, restricted cash and cash equivalents | $1,107,997 | $506,969 |
| Supplemental disclosure of cash flow information | ||
| Cash paid during the period for interest | $23,635 | $4,378 |
| Cash paid during the period for income taxes | 531 | 361 |
| Supplemental schedule of non-cash investing and financing activities | ||
| Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering | $804,297 | $— |
| Conversion of convertible preferred units to common stock in connection with initial public offering | 534,368 | — |
| Related party loans received in crypto assets | 418,458 | 157,988 |
| Conversion of related party loans into related party convertible notes | 246,245 | — |
| Repayments of related party loans denominated in crypto assets | 151,378 | 185,985 |
| Credit card receivables posted as collateral for funding debt | 67,918 | — |
| Crypto assets posted (returned) as collateral for third party loans, net | 46,096 | 58,035 |
| Crypto assets received as collateral for derivatives | 6,007 | 4,916 |
| Repayment of third party loan interest denominated in crypto | 5,417 | 8,024 |
| Deferred offering costs not yet paid | 6,141 | — |
| Change in fair value attributable to instrument-specific credit risk | 3,271 | 2,261 |
| Related party convertible notes received in crypto assets | — | 45,329 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.