For the quarter ending 2026-03-31, GEMI had -$91,704K decrease in cash & cash equivalents over the period. -$54,559K in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
| Net loss | -108,978 | -140,823 | -441,990 |
| Depreciation and amortization | 7,482 | 7,534 | 23,189 |
| Impairment | 1,327 | 650 | - |
| Gain on conversion of convertible notes and term loans | - | 5,841 | - |
| Change in fair value on related party convertible notes | 0 | 0 | -25,789 |
| Change in fair value on related party loans | 0 | 0 | -119,309 |
| Realized and unrealized loss on crypto assets and receivable, crypto assets pledged | -100,977 | -145,927 | 144,664 |
| Realized and unrealized gain on related party crypto loans | 90,082 | 113,002 | -145,144 |
| Provision for transaction losses | 11,090 | 5,965 | 15,376 |
| Stock-based compensation | 24,178 | 35,997 | 48,959 |
| Crypto assets received as revenue | 3,532 | 7,133 | 23,680 |
| Crypto asset payments for expenses | -11,761 | -18,963 | -33,629 |
| Warrants received as revenue | 2,710 | 2,709 | 2,098 |
| Non-cash lease expense | 2,549 | 1,322 | 3,105 |
| Realized and unrealized gain on derivatives | 3,323 | -4,114 | - |
| Other operating activities, net | -2,650 | -7,276 | 1,171 |
| Purchase of crypto assets | 65,588 | 97,031 | 143,037 |
| Disposal of crypto assets | 54,200 | 110,992 | 212,360 |
| Accounts receivable | 28,112 | -4,724 | 11,603 |
| Other assets | -13,096 | 107,148 | -137,210 |
| Accounts payable and accrued expenses | 18,363 | -9,667 | 12,498 |
| Payables due to related parties | -638 | -1,175 | 29,540 |
| Payables due to third parties | 0 | -1,059 | 5,913 |
| Payables due for funding debt | 173 | -60 | 314 |
| Lease liabilities | -2,062 | -1,628 | -4,359 |
| Other liabilities | 2,747 | 5,903 | -119,932 |
| Net cash used in operating activities | -54,432 | -137,909 | -80,199 |
| Proceeds from disposal of crypto assets | 2,853 | 28,756 | 93,809 |
| Purchases of credit card receivables | 489,314 | 589,931 | 646,827 |
| Proceeds from repayments of credit card receivables | 510,644 | 512,174 | 561,829 |
| Capitalization of internally developed software costs | 1,991 | 2,181 | 3,501 |
| Purchase of software, property and equipment | 127 | 473 | 1,507 |
| Purchase of equity investments | - | - | 59 |
| Other investing activities, net | -130 | 81 | - |
| Net cash provided by investing activities | 22,195 | -51,677 | 3,744 |
| Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs | - | -6,141 | 397,306 |
| Proceeds from issuance of common stock in connection with concurrent private placement with nasdaq | - | 0 | 50,000 |
| Custodial funds due to customers, net of redemptions | 45,136 | 4,777 | 40,455 |
| Proceeds from related party convertible notes | - | 0 | 0 |
| Proceeds from related party loans | - | 0 | 15,100 |
| Proceeds from third party loan, net of discount | - | 0 | 74,250 |
| Proceeds from funding debt | 435,200 | 293,560 | 99,040 |
| Repayment of funding debt | 449,290 | 188,330 | 50,150 |
| Repayment of third party loans | - | 116,500 | - |
| Payment of withholding taxes-Restricted Stock Units RSU | 240 | 1,375 | 6,929 |
| Payment of withholding taxes-Stock Compensation Plan | 1 | 0 | 568 |
| Net cash used in financing activities | -59,467 | -23,563 | 537,594 |
| Net decrease in cash, cash equivalents, restricted cash and cash equivalents | -91,704 | -213,149 | 461,139 |
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of period | 894,848 | 1,107,997 | 646,858 |
| Cash, cash equivalents, restricted cash and cash equivalents, end of period | 803,144 | 894,848 | 1,107,997 |
Gemini Space Station, Inc. (GEMI)
Gemini Space Station, Inc. (GEMI)