Gemini Space Station, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 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.
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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Item 1. Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net loss | $(216,702) | $(282,476) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation and amortization | 14,780 | 15,517 |
| Impairment | 1,327 | — |
| Change in fair value on related party convertible notes | — | 17,611 |
| Change in fair value on related party loans | — | 94,320 |
| Realized and unrealized loss (gain) on crypto assets and receivable, crypto assets pledged | 161,697 | (37,855) |
| Realized and unrealized loss (gain) on related party crypto loans | (125,753) | 62,048 |
| Provision for transaction losses | 31,237 | 7,683 |
| Stock-based compensation | 44,482 | 3,208 |
| Crypto assets received as revenue | (4,695) | (12,169) |
| Crypto asset payments for expenses | 19,926 | 12,987 |
| Warrants received as revenue | (5,419) | — |
| Non-cash lease expense | 3,199 | 2,436 |
| Realized and unrealized loss (gain) on derivatives | (3,786) | 920 |
| Other operating activities, net | 2,559 | 4,156 |
| Changes in operating assets and liabilities: | ||
| Purchase of crypto assets | (37,694) | (73,626) |
| Disposal of crypto assets | 27,190 | 150,065 |
| Accounts receivable | (31,505) | (2,804) |
| Other assets | 4,950 | 61,228 |
| Accounts payable and accrued expenses | (13,626) | (12,779) |
| Payables due to related parties | (1,402) | 29,557 |
| Payables due to third parties | (533) | 5,381 |
| Payables due for funding debt | 198 | — |
| Lease liabilities | (4,229) | 274 |
| Other liabilities | 27,922 | (64,210) |
| Net cash used in operating activities | (105,877) | (18,528) |
| Cash flows from investing activities | ||
| Proceeds from disposal of crypto assets | 25,084 | 76,460 |
| Purchases of credit card receivables | (981,121) | (298,083) |
| Proceeds from repayments of credit card receivables | 996,231 | 269,266 |
| Capitalization of internally developed software costs | (1,619) | (1,598) |
| Purchase of software, property and equipment | (219) | (422) |
| Other investing activities, net | 142 | — |
| Net cash provided by investing activities | 38,498 | 45,623 |
| Cash flows from financing activities | ||
| Custodial funds due to customers, net of redemptions | (73,194) | (91,162) |
| Proceeds from related party loans | — | 15,100 |
| Proceeds from third party loan, net of discount | 75,000 | — |
| Proceeds from funding debt | 844,970 | — |
| Repayment of funding debt | (852,160) | — |
| Repayment of third party loans | (75,000) | — |
| Payment of withholding taxes on settlement of restricted stock units | (240) | — |
Condensed Consolidated Statements of Cash Flows
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Payment for tax withholdings related to net share settlements of equity awards | (4) | — |
| Net cash used in financing activities | (80,628) | (76,062) |
| Net decrease in cash, cash equivalents, restricted cash and cash equivalents | (148,007) | (48,967) |
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of period | 894,848 | 646,858 |
| Cash, cash equivalents, restricted cash and cash equivalents, end of period | $746,841 | $597,891 |
| Cash, cash equivalents, restricted cash and cash equivalents consisted of the following: | ||
| Cash and cash equivalents | $188,618 | $51,053 |
| Restricted cash and cash equivalents | 103,506 | 63,641 |
| Customer custodial funds | 454,717 | 483,197 |
| Total cash, cash equivalents, restricted cash and cash equivalents | $746,841 | $597,891 |
| Supplemental disclosure of cash flow information | ||
| Cash paid during the period for interest | $11,164 | $1,798 |
| Cash paid during the period for income taxes, net of refunds | 530 | 410 |
| Supplemental schedule of non-cash investing and financing activities | ||
| Related party loans received in crypto assets | 223,980 | 189,336 |
| Repayments of related party loans denominated in crypto assets | 241,991 | 56,159 |
| Issuance of common stock in exchange for crypto assets | 100,000 | — |
| Credit card receivables returned as collateral for funding debt, net | (6,760) | — |
| Crypto assets returned as collateral for third party loans, net | — | (211) |
| Crypto asset collateral received for derivatives, net | (424) | 14,273 |
| Repayment of third party loan interest denominated in crypto | — | 5,417 |
| Change in fair value attributable to instrument-specific credit risk | — | 3,271 |
| Drawdown of related party loans (crypto in-transit) | — | 10,085 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.