0002055592-25-000009
SEC filingPost-IPO, Gemini Space Station's equity turned positive at $653.6M, with cash of $487.5M and total debt of $1.02B; debt reduced via conversions.
As of September 30, 2025, the company's cash and cash equivalents stood at $487.5 million, a significant increase from $42.8 million at year-end 2024, largely due to net IPO proceeds of $406.3 million. Total cash, including restricted and customer custodial funds, was $1.108 billion. However, $532.8 million of this is held for customers, limiting free cash. Total debt decreased to $1.019 billion from $1.166 billion, reflecting the conversion of $285 million in convertible notes and $584.6 million in related party term loans to equity during the IPO. Shareholders' equity swung from a deficit of $795.4 million to a positive $653.6 million, driven by the IPO equity issuance and conversion of preferred units and debt.
The company has operating lease commitments totaling $29.2 million (undiscounted), with maturities extending to 2030. Additionally, there are no material purchase commitments for inventory or capacity beyond the normal course of business. The only notable contractual obligation is the NYDIG repurchase agreement ($75 million) and the Ripple warehouse credit facility ($75 million), both classified as debt rather than purchase commitments.
The company did not announce a buyback program or dividend. Capital expenditures were minimal at $5 million (4.2% of revenue), primarily for software development and property and equipment. Net debt increased by $138.2 million on a cash basis from new borrowings ($188.4 million issued, $50.2 million repaid), but the overall debt balance decreased due to non-cash conversions to equity.
The company's revenue disaggregation shows transaction revenue (exchange, OTC) of $71.3 million and services revenue (credit card, staking, advisory) of $38.1 million for the nine months ended September 30, 2025. Geographically, 84% of revenue came from the U.S. and 16% from international markets. No operating segments are reported; the company operates as a single segment.
Operating cash flow (CFO) was -$80.2M, an improvement from -$104.4M in the prior year, driven by a $133.4M increase in net loss to $442.0M, offset by large non-cash adjustments: $145.1M realized/unrealized loss on related party crypto loans, $144.7M gain on crypto assets, $48.9M stock-based compensation, and $119.3M change in fair value on related party loans. Working capital provided $33.9M (2024: -$125.8M), notably from disposal of crypto assets ($212.4M) and other assets ($137.2M). Capex of $5.0M remained modest relative to losses. Financing activities surged to $537.6M, primarily from IPO proceeds ($397.3M) and private placement ($50.0M), along with $99.0M from funding debt. No free cash flow or capital returns were reported. The company ended with $1.11B cash and equivalents, up from $646.9M. The significant reliance on financing and non-cash adjustments indicates ongoing operational cash burn, though working capital management improved.