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GEMIGemini Space Station

Crypto · Financial Services · Nasdaq

Our mission is to build the bridge to the future of money and markets. 10-K, Item 1

GEMI quote by TradingView
Headquarters
New York, NY
Next results
around Feb 16, 2027
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GEMI and 9 peers, year by year

The 9 Crypto companies closest to GEMI in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

5 years10 years Download CSV
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Crypto companies (up to 9):

Each company's latest fiscal year
CompanyYearRevenueSales growthGross marginOperating marginNet marginFCF marginReturn on equityDebt / equity
GEMI Gemini Space Station FY2025 $179.6M+26.3%-−192.5%−324.6%−122.6%−107.8%-
WULF TeraWulf FY2025 $168.5M+20.3%39.2%−110.5%−392.6%−702.5%n/mn/m
CIFR Cipher Digital FY2025 $223.9M+48.0%-−188.2%−367.2%−310.7%−102.1%3.41
ABTC American Bitcoin FY2025 $185.2M+159%-−123.1%−82.7%-−23.0%-
BTBT Bit Digital FY2025 $113.6M+5.1%-−80.9%−70.7%−506.2%−11.1%-
EXOD Exodus Movement FY2025 $121.6M+4.5%--−9.3%−21.2%−4.6%-
HUT Hut 8 FY2025 $235.1M+44.8%-−136.9%−96.2%-−15.9%-
BMNR Bitmine Immersion Technologies FY2025 $6.1M+84.1%-n/mn/m−85.5%4.0%-
FWDI Forward Industries FY2025 $18.2M−9.0%28.5%−46.1%−918.1%−24.9%−11.4%-
SBET Sharplink FY2025 $28.1M+666%-n/mn/m−62.6%−30.4%-
Revenuepeer median $121.6M
Sales growthpeer median +44.8%
Gross margin
Operating marginpeer median −116.8%
Net marginpeer median −96.2%
FCF marginpeer median −85.5%
Return on equitypeer median −13.6%

Revenue, FY2023 to FY2025

Revenue as reported in the 10-K.
CompanyFY2023FY2024FY2025
GEMI Dec $98.1M$142.2M$179.6M
WULF Dec $69.2M$140.1M$168.5M
CIFR Dec $126.8M$151.3M$223.9M
ABTC Dec $65.0M$71.5M$185.2M
BTBT Dec $44.9M$108.1M$113.6M
EXOD Dec $56.2M$116.3M$121.6M
HUT Dec $96.0M$162.4M$235.1M
BMNR Aug $645K$3.3M$6.1M
FWDI Sep $36.7M$20.0M$18.2M
SBET Dec $5.0M$3.7M$28.1M
Peer median$56.2M$108.1M$121.6M

Sales growth, FY2023 to FY2025

Revenue against the fiscal year before.
CompanyFY2023FY2024FY2025
GEMI Dec -+44.9%+26.3%
WULF Dec +361%+102%+20.3%
CIFR Dec n/m+19.3%+48.0%
ABTC Dec −34.6%+10.1%+159%
BTBT Dec +39.1%+141%+5.1%
EXOD Dec -+107%+4.5%
HUT Dec -+69.1%+44.8%
BMNR Aug +50.9%+413%+84.1%
FWDI Sep −4.0%−17.7%−9.0%
SBET Dec +41.9%−26.1%+666%
Peer median+40.5%+69.1%+44.8%

Gross margin, FY2023 to FY2025

Gross profit / revenue.
CompanyFY2023FY2024FY2025
GEMI Dec ---
WULF Dec 53.5%49.8%39.2%
CIFR Dec ---
ABTC Dec 5.3%--
BTBT Dec ---
EXOD Dec ---
HUT Dec ---
BMNR Aug 34.5%23.0%-
FWDI Sep 22.8%25.9%28.5%
SBET Dec 30.9%24.7%-
Peer median30.9%25.3%-

Operating margin, FY2023 to FY2025

Operating income / revenue.
CompanyFY2023FY2024FY2025
GEMI Dec −317.5%−116.6%−192.5%
WULF Dec −42.5%−54.4%−110.5%
CIFR Dec −15.9%−28.9%−188.2%
ABTC Dec 9.6%676.7%−123.1%
BTBT Dec −37.0%25.5%−80.9%
EXOD Dec ---
HUT Dec 9.8%283.6%−136.9%
BMNR Aug −374.0%−73.9%n/m
FWDI Sep 0.4%−10.8%−46.1%
SBET Dec −179.6%−130.1%n/m
Peer median−26.4%−19.8%−116.8%

Net margin, FY2023 to FY2025

Net income / revenue.
CompanyFY2023FY2024FY2025
GEMI Dec −325.7%−111.5%−324.6%
WULF Dec −106.1%−51.7%−392.6%
CIFR Dec −20.3%−29.5%−367.2%
ABTC Dec 61.0%599.6%−82.7%
BTBT Dec −30.9%26.2%−70.7%
EXOD Dec 22.8%97.1%−9.3%
HUT Dec 22.7%204.4%−96.2%
BMNR Aug −382.0%−99.5%n/m
FWDI Sep −10.2%−9.8%−918.1%
SBET Dec −287.6%275.8%n/m
Peer median−20.3%26.2%−96.2%

Free cash flow, FY2023 to FY2025

Cash from operations minus capital spending.
CompanyFY2023FY2024FY2025
GEMI Dec −$208.0M−$110.2M−$220.1M
WULF Dec −$70.9M−$292.4M−$1.2B
CIFR Dec −$114.7M−$227.0M−$695.9M
ABTC Dec −$57.9M−$60.6M-
BTBT Dec −$65.6M−$107.0M−$574.9M
EXOD Dec $625K−$12.3M−$25.8M
HUT Dec ---
BMNR Aug −$1.4M−$106K−$5.2M
FWDI Sep $905K$455K−$4.5M
SBET Dec $571K−$22.8M−$17.6M
Peer median−$29.6M−$41.7M−$25.8M

FCF margin, FY2023 to FY2025

Free cash flow / revenue.
CompanyFY2023FY2024FY2025
GEMI Dec −212.0%−77.5%−122.6%
WULF Dec −102.4%−208.8%−702.5%
CIFR Dec −90.4%−150.1%−310.7%
ABTC Dec −89.0%−84.8%-
BTBT Dec −145.9%−99.0%−506.2%
EXOD Dec 1.1%−10.6%−21.2%
HUT Dec ---
BMNR Aug −220.4%−3.2%−85.5%
FWDI Sep 2.5%2.3%−24.9%
SBET Dec 11.5%−623.0%−62.6%
Peer median−89.7%−91.9%−85.5%

Return on equity, FY2023 to FY2025

Net income / shareholders' equity at the year end.
CompanyFY2023FY2024FY2025
GEMI Dec n/mn/m−107.8%
WULF Dec −33.0%−29.6%n/m
CIFR Dec −5.2%−6.5%−102.1%
ABTC Dec 8.4%42.3%−23.0%
BTBT Dec −9.1%6.1%−11.1%
EXOD Dec 12.3%43.9%−4.6%
HUT Dec 4.5%34.0%−15.9%
BMNR Aug −39.4%−80.6%4.0%
FWDI Sep −142.8%−65.7%−11.4%
SBET Dec n/mn/m−30.4%
Peer median−7.2%−0.2%−13.6%

Debt / equity, FY2023 to FY2025

Total debt / shareholders' equity at the year end.
CompanyFY2023FY2024FY2025
GEMI Dec ---
WULF Dec 0.560.00n/m
CIFR Dec 0.000.053.41
ABTC Dec 0.010.01-
BTBT Dec ---
EXOD Dec ---
HUT Dec 0.380.31-
BMNR Aug ---
FWDI Sep 0.420.20-
SBET Dec n/m0.00-
Peer median0.380.03-

EPS (diluted), FY2023 to FY2025

Diluted earnings per share, on today's share count after splits.
CompanyFY2023FY2024FY2025
GEMI Dec −$66.25−$32.24−$15.52
WULF Dec −$0.35−$0.21−$1.66
CIFR Dec −$0.10−$0.14−$2.15
ABTC Dec $0.04$0.49−$0.17
BTBT Dec −$0.16$0.19−$0.31
EXOD Dec ---
HUT Dec $0.44$3.40−$2.14
BMNR Aug −$1.00−$1.32$13.39
FWDI Sep −$3.39−$1.77−$24.59
SBET Dec −$5.17$27.62−$7.37
Peer median−$0.26$0.02−$1.90

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out GEMI and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on GEMI in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/GEMI/export.csv") into a cell.