Gemini Space Station Inc. Class A Common Stock (GEMI)

FairStock Score: 45/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for a business that earns consistent profits, carries modest debt, and sells at a discount to intrinsic value. Gemini is not that today. It operates a crypto platform, a field I find competitive and cyclical. Revenue is moving in the right direction: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $45.5M, up from $33.3M in fiscal Q2 2025, the quarter ended 2025-06-30. Full-year fiscal 2025 revenue was $179.6M versus $142.2M in fiscal 2024. But revenue growth without profit is not enough. In fiscal Q2 2026 net income was -$107.7M; in fiscal Q1 2026 it was -$109.0M; in fiscal Q3 2025 it was -$159.5M. FY2025 net loss was $582.8M, worse than FY2024's $158.5M and FY2023's $319.7M. FairStock's calculated P/B is 1.11 at the 2026-10-13 close of $4.10, and P/E is -0.27 because there are no earnings. ROE is -556.03%, ROCE -16.05%, D/E 1.07, and Piotroski 3/9. That is a weak financial profile. There is no meaningful margin of safety; I cannot value a loss-making, leveraged crypto intermediary on assets I can't underwrite. CET1, NIM and combined ratio are not in the data, so bank-style capital and credit measures cannot be checked. A moat may exist in trust and network effects, but it is not visible in these numbers. I would wait for consistent profits and a stronger balance sheet before calling this a value opportunity.

In plain English: Gemini Space Station runs a cryptocurrency platform where people can trade, store and earn with digital assets. It is growing its sales but still loses large amounts of money every year, including a big loss in the latest quarter. At $4.10 a share, the price does not look clearly cheap based on the company's numbers; it depends on whether the company can become profitable.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer