Sales up 26.3%, free cash flow down to -$220.1M
The latest figures
All key numbers (31) From EDGAR
| EPS (ttm) | -68.57 | Sales (ttm) | 206.7M | Net income (ttm) | -517.0M | Sales growth | +26.3% | EPS growth | - | Sales Q/Q | +36.6% |
| Free cash flow | -307.2M | Gross margin | - | Oper. margin | -195.1% | Net margin | -250.1% | FCF margin | -148.6% | ROE | -110.4% |
| ROA | -34.4% | R&D / sales | - | Dividend | - | Debt/Eq | - | Curr. ratio | 1.30 | Cash | 188.6M |
| Op. cash flow (ttm) | -305.5M | EBITDA | -314.9M | EBITDA margin | -175.4% | Quick ratio | 1.30 | Interest cover | -9.80 | Stock pay / sales | 47.3% |
| Shares out. | 121.3M | Shares Y/Y | -4.6% | Book / share | 3.86 | Cash / share | 1.56 | Sales / share | 1.70 | Asset turnover | 0.14 |
| Days sales out. | 63 |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth slowed to +26.3%+44.9% → +26.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
-
Operating margin narrowed to -192.5%-116.6% → -192.5% · Operating income / revenue · 10-K ↗
GEMI against Crypto peers
Ten years, side by side → · All 32 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| GEMI Gemini Space Station | $206.7M | +26.3% | - | -250.1% | -110.4% | -148.6% | - |
| ABTC American Bitcoin | $270.8M | +159% | 49.1% | -26.7% | -9.1% | -42.7% | - |
| WULF TeraWulf | $190.8M | +20.3% | 25.7% | -410.9% | -90.1% | - | 3.56 |
| CIFR Cipher Digital | $146.1M | +48.0% | 50.5% | -742.3% | -180.7% | - | 9.26 |
| BTBT Bit Digital | $122.8M | +5.1% | - | -237.2% | -73.7% | -619.3% | 0.26 |
| EXOD Exodus Movement | $110.9M | +4.5% | - | -101.2% | -56.6% | -79.3% | - |
Profitability
0 of 3- !Net margin below the peer median-250.1% vs -169.8%
- !Return on equity below 15%-110.4%
- !A profit in 0 of 3 years
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2023 to FY2025
Revenue 179.6M Net income -582.8MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $179.6M of revenue came from
by region, year to Dec 31, 2025- U.S. $155.7M · 87%
- International $23.9M · 13%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
Income statement, balance sheet and cash flow
GEMI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Net revenue | 174.1M | 96.9% | +23.6% |
| Transaction And Service Revenue | 162.7M | 90.6% | +25.9% |
| Transaction revenue | 98.0M | 54.6% | -1.1% |
| Exchange | 93.4M | 52.0% | -2.5% |
| Credit card revenue | 33.1M | 18.4% | +185% |
| Staking revenue | 16.8M | 9.3% | +46.1% |
| Custodial fee revenue | 8.7M | 4.9% | +24.8% |
| Other revenue | 5.5M | 3.1% | +321% |
| Advisory fee revenue | 4.8M | 2.7% | - |
| OTC | 4.0M | 2.2% | +69.3% |
| Other transaction revenue | 581K | 0.3% | -33.9% |
| Other revenue | 375K | 0.2% | +28.0% |
10-K 0002055592-26-000026, segment and revenue notes (XBRL).
Revenue by region
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| U.S. | 155.7M | 86.7% | +29.9% |
| International | 23.9M | 13.3% | +7.2% |
10-K 0002055592-26-000026, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2023 | FY2024 | FY2025 | |
|---|---|---|---|
| Revenue | 98.1M | 142.2M | 179.6M |
| SG&A | 155.5M | 51.3M | 77.5M |
| Operating income | -311.6M | -165.8M | -345.7M |
| Interest expense | 29.8M | 21.7M | 35.3M |
| Pretax income | -323.7M | -150.9M | -588.8M |
| Income tax | -4.1M | 7.6M | -6.0M |
| Net income | -319.7M | -158.5M | -582.8M |
| EPS (diluted) | -66.25 | -32.24 | -15.52 |
| Diluted shares | 4.8M | 4.9M | 37.6M |
| Depreciation & amortization | 32.2M | 33.0M | 30.7M |
| EBITDA | -279.4M | -132.9M | -314.9M |
| Operating margin | -317.5% | -116.6% | -192.5% |
| Net margin | -325.7% | -111.5% | -324.6% |
| Revenue growth | - | +44.9% | +26.3% |
Balance sheet
From EDGARCash flow
From EDGARStock-based pay and leases
From EDGARFrom SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.