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
Extracted filing text, with the paragraph anchors used by the comparison.
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Part I - Financial Information Item 1. Financial Statements (Unaudited)Condensed Consolidated Balance Sheets
Part I—Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
(in thousands, except par value)
| March 31, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $215,623 | $252,215 |
| Restricted cash and cash equivalents | 103,747 | 115,279 |
| Customer custodial funds | 483,774 | 527,354 |
| Crypto assets held | 271,956 | 439,622 |
| Accounts receivable, net(1) | 32,474 | 30,887 |
| Credit card receivables pledged, net | 183,965 | 188,754 |
| Prepaid expenses and other current assets | 42,957 | 52,140 |
| Total current assets | 1,334,496 | 1,606,251 |
| Software, property and equipment, net | 14,947 | 15,083 |
| Intangible assets, net | 134,231 | 139,805 |
| Other non-current assets, net | 38,142 | 40,708 |
| Total assets | $1,521,816 | $1,801,847 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Custodial funds due to customers | $483,656 | $527,307 |
| Accounts payable | 1,958 | 2,647 |
| Accrued expenses | 73,683 | 55,466 |
| Third party loans | 75,349 | 75,151 |
| Related party loans | 252,574 | 403,931 |
| Funding debt | 140,457 | 154,374 |
| Other current liabilities | 19,237 | 21,528 |
| Total current liabilities | 1,046,914 | 1,240,404 |
| Non-current liabilities: | ||
| Lease liabilities | 18,764 | 20,570 |
| Total non-current liabilities | 18,764 | 20,570 |
| Total liabilities | 1,065,678 | 1,260,974 |
| Commitments and contingencies (Note 22) | ||
| Stockholders' equity: | ||
| Class A common stock, par value $0.001 per share; 1,000,000 shares authorized; 44,007 and 42,329 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 45 | 43 |
| Class B common stock, par value $0.001 per share; 100,000 shares authorized; 75,127 shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 75 | 75 |
| Preferred stock, par value $0.001 per share; 20,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025 | — | — |
| Treasury stock at cost; 1,132 and 284 shares as of March 31, 2026 and December 31, 2025, respectively | (569) | (568) |
| Additional paid-in capital | 2,607,625 | 2,583,689 |
| Accumulated other comprehensive income | 1,193 | 887 |
| Accumulated deficit | (2,152,231) | (2,043,253) |
| Total stockholders’ equity | 456,138 | 540,873 |
| Total liabilities and stockholders’ equity | $1,521,816 | $1,801,847 |
Condensed Consolidated Balance Sheets
(in thousands, except par value)
__________________
(1) Includes related party amounts of $0.2 million and $0.1 million in Accounts receivable, net as of March 31, 2026 and December 31, 2025, respectively, as outlined in Note 21. Related Party Transactions.
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