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Midas Edge

Gemini Space Station, Inc.

For the period ended Jun 30, 2026. Filed Aug 13, 2026.

View on SEC.gov

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.

Jun 30, 2026 · Filed Aug 13, 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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Contents

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share data)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue:
Net revenue(1)$43,704$32,797$92,282$67,914
Other revenue1,7714923,465697
Total revenue45,47533,28995,74768,611
Operating expenses:
Salaries and compensation48,22336,829113,65171,101
Technology(2)18,75817,79940,84834,473
General and administrative(3)20,58519,24842,26533,247
Transaction losses20,1473,55331,2377,683
Sales and marketing8,81816,12227,88925,158
Transaction processing5,8855,17310,98610,411
Total operating expenses122,41698,724266,876182,073
Operating loss(76,941)(65,435)(171,129)(113,462)
Other income (expense):
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged(60,720)166,784(161,697)37,855
Realized and unrealized gain (loss) on related party crypto loans35,671(161,049)125,753(62,048)
Change in fair value on related party convertible notes—(9,424)—(17,611)
Change in fair value on related party loans—(38,773)—(94,320)
Interest expense on related party loans(2,714)(16,346)(6,025)(30,243)
Interest expense on third party loans(1,809)(3,265)(3,601)(6,493)
Interest expense on funding debt(2,553)—(5,048)—
Other income (expense), net1,364(5,628)5,088(1,090)
Total other income (expense), net(30,761)(67,701)(45,530)(173,950)
Net loss before income taxes(107,702)(133,136)(216,659)(287,412)
Income tax benefit (provision)(22)(76)(43)4,936
Net loss$(107,724)$(133,212)$(216,702)$(282,476)
Net loss per share attributable to common stockholders:
Basic$(0.89)$(27.08)$(1.82)$(57.41)
Diluted$(0.89)$(27.08)$(1.82)$(57.41)
Weighted average shares outstanding - basic and diluted121,2724,920118,9404,920
Net loss$(107,724)$(133,212)$(216,702)$(282,476)
Other comprehensive income (loss):
Foreign currency translation, net of tax(408)1,434(102)1,909
Change in fair value attributable to instrument-specific credit risk—(1,056)—3,271
Total other comprehensive income (loss)(408)378(102)5,180
Comprehensive loss$(108,132)$(132,834)$(216,804)$(277,296)
__________________
(1) Net revenue includes related party amounts of $0.4 million and $0.7 million for the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.2 million for the three and six months ended June 30, 2025, respectively, as outlined in Note 21. Related Party Transactions.
(2) Technology expenses include related party amounts of $0 for the three and six months ended June 30, 2026, and $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively, as outlined in Note 21. Related Party Transactions.
(3) General and administrative expenses include related party amounts of $0 and $0.4 million for the three and six months ended June 30, 2026, respectively, and $0.1 million for the three and six months ended June 30, 2025, as outlined in Note 21. Related Party Transactions.
ContentsView on SEC.gov

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