Gemini Space Station, Inc.
For the period ended Mar 31, 2026. Filed May 15, 2026.
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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.
Mar 31, 2026 · Filed May 15, 2026
GEMI$2.65-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share data)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Revenue: | ||
| Net revenue(1) | $48,578 | $35,117 |
| Other revenue | 1,694 | 205 |
| Total revenue | 50,272 | 35,322 |
| Operating expenses: | ||
| Salaries and compensation | 65,428 | 34,272 |
| Technology(2) | 22,090 | 16,674 |
| General and administrative(3) | 21,680 | 13,999 |
| Transaction losses | 11,090 | 4,130 |
| Sales and marketing | 19,071 | 9,036 |
| Transaction processing | 5,101 | 5,238 |
| Total operating expenses | 144,460 | 83,349 |
| Operating loss | (94,188) | (48,027) |
| Other income (expense): | ||
| Realized and unrealized loss on crypto assets and receivable, crypto assets pledged | (100,977) | (128,929) |
| Realized and unrealized gain on related party crypto loans | 90,082 | 99,001 |
| Change in fair value on related party convertible notes | — | (8,187) |
| Change in fair value on related party loans | — | (55,547) |
| Interest expense on related party loans | (3,311) | (13,897) |
| Interest expense on third party loans | (1,792) | (3,228) |
| Interest expense on funding debt | (2,495) | — |
| Other income (expense), net | 3,724 | 4,538 |
| Total other income (expense), net | (14,769) | (106,249) |
| Net loss before income taxes | (108,957) | (154,276) |
| Income tax benefit (provision) | (21) | 5,012 |
| Net loss | $(108,978) | $(149,264) |
| Net loss per share attributable to common stockholders: | ||
| Basic | $(0.93) | $(30.34) |
| Diluted | $(0.93) | $(30.34) |
| Weighted average shares outstanding - basic and diluted | 116,582 | 4,920 |
| Net loss | $(108,978) | $(149,264) |
| Other comprehensive income: | ||
| Foreign currency translation, net of tax | 306 | 475 |
| Change in fair value attributable to instrument-specific credit risk | — | 4,327 |
| Total other comprehensive income | 306 | 4,802 |
| Comprehensive loss | $(108,672) | $(144,462) |
| __________________ | ||
| (1) Net revenue includes related party amounts of $0.3 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively, as outlined in Note 21. Related Party Transactions. | ||
| (2) Technology expenses include related party amounts of $0 and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, as outlined in Note 21. Related Party Transactions. | ||
| (3) General and administrative expenses include related party amounts of $0.4 million and $0 for the three months ended March 31, 2026 and 2025, respectively, as outlined in Note 21. Related Party Transactions. | ||
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