The balance sheet shows a recent recapitalization to an equity-to-assets ratio of 0.31, but this follows a period of severe stress where equity was deeply negative, and the company's liquidity appears heavily dependent on its $340.4M investment securities portfolio.
Gemini Space Station, Inc. (GEMI) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Cash & Short Term Investments | 3B | 704.68M | 42.85M | 391.47M |
| Cash & Due from Banks | 292.12M | 252.22M | 42.85M | 63.6M |
| Short Term Investments | 331.28M | 452.47M | 0 | 327.87M |
| Total Investments | 340.43M | 461.9M | 10.64M | 339.57M |
| Investments Growth % | 17058.22% | 4241.96% | -96.87% | - |
| Long-Term Investments | 37.28M | 9.43M | 10.64M | 11.71M |
| Accounts Receivables | 24.43M | 30.89M | 61.56M | 26.51M |
| Goodwill & Intangibles | 128.69M | 139.81M | 162.14M | 184.97M |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 128.69M | 139.81M | 162.14M | 184.97M |
| PP&E (Net) | 13.24M | 33.64M | 31.66M | 37.33M |
| Other Assets | 23.71M | 12.72M | 1.72M | 309K |
| Total Current Assets | 1.33B | 1.61B | 1.39B | 976.7M |
| Total Non-Current Assets | 174.8M | 195.6M | 206.17M | 234.31M |
| Total Assets | 1.5B | 1.8B | 1.59B | 1.21B |
| Asset Growth % | 52.02% | 13.04% | 31.62% | - |
| Return on Assets (ROA) | -28.87% | -34.33% | -11.3% | -26.4% |
| Accounts Payable | 6.22M | 2.65M | 17.57M | 12.48M |
| Total Debt | 520.85M | 660.83M | 1.19B | 733.83M |
| Net Debt | 228.72M | 408.62M | 1.15B | 670.22M |
| Long-Term Debt | 0 | 0 | 485.99M | 134.93M |
| Short-Term Debt | 501.69M | 633.46M | 679.77M | 571.55M |
| Other Liabilities | 512.83M | 0 | 0 | 0 |
| Total Current Liabilities | 508.27M | 1.24B | 1.35B | 1.16B |
| Total Non-Current Liabilities | 526.01M | 20.57M | 506.14M | 157.94M |
| Total Liabilities | 1.03B | 1.26B | 1.85B | 1.32B |
| Total Equity | 468.31M | 540.87M | -260.99M | -109.94M |
| Equity Growth % | 1030.42% | 307.24% | -137.41% | - |
| Equity / Assets (Capital Ratio) | 31.17% | 30.02% | -16.37% | -9.08% |
| Return on Equity (ROE) | -97.61% | -416.47% | - | - |
| Book Value per Share | 3.86 | 4.62 | -1.62 | -0.70 |
| Tangible BV per Share | 2.80 | 3.42 | -2.63 | -1.87 |
| Common Stock | 129K | 118K | 0 | 0 |
| Additional Paid-in Capital | 2.73B | 2.58B | 662.09M | 656.5M |
| Retained Earnings | -2.26B | -2.04B | -1.46B | -1.3B |
| Accumulated OCI | 785K | 887K | 2.99M | 1.1M |
| Treasury Stock | -572K | -568K | 0 | 0 |
| Preferred Stock | 0 | 0 | 534.37M | 534.37M |
Quick answers to the most common questions about buying GEMI stock.
As of 2025, Gemini Space Station, Inc. (GEMI) had total assets of $1.80B including $1.61B in current assets.
Gemini Space Station, Inc. (GEMI) carries total debt of $660.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gemini Space Station, Inc. (GEMI) has total shareholders' equity (book value) of $540.9M ($4.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gemini Space Station, Inc. (GEMI) reported a current ratio of 1.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Chronic losses eroding capital base
Metrics are mathematically derived from official filings.
Asset Contraction and Capital Erosion
Gemini's total assets have contracted sharply from $2.3B in 2025Q3 to $1.5B in 2026Q2, a decline of over 35%, while equity has been rebuilt from a deeply negative position to $468.3M, suggesting a forced deleveraging and recapitalization.
The balance sheet trajectory indicates a period of severe stress followed by stabilization. The asset base has shrunk dramatically, primarily through the reduction of investment securities from $685.9M to $340.4M, which appears to be a liquidity management action rather than organic growth. The equity base, while now positive, remains thin relative to the asset base, with an equity-to-assets ratio of just 0.31, leaving minimal buffer for further losses.
Deposit Base Unavailable, Funding Source Unclear
The loan-to-deposit ratio is consistently reported as unavailable across all periods, preventing a direct analysis of the deposit franchise's composition, cost, or stability, which is a critical data gap for assessing core funding.
Without loan-to-deposit data, the quality and stickiness of Gemini's funding base cannot be evaluated. The company's ability to generate positive net interest income in recent quarters suggests it has some form of interest-bearing liabilities, but the source and cost of these funds remain opaque. This lack of transparency is a significant concern for understanding the bank's true cost of funds and funding stability.
Provision Volatility Signals Credit Uncertainty
Loan loss provisions have been highly erratic, spiking to $80.0M in 2025Q3 before declining to $7.4M in 2026Q1, a pattern that suggests either a volatile credit cycle or inconsistent provisioning methodology, as reported in recent financial statements.
The extreme volatility in provision expense, from $80.0M to $7.4M within two quarters, makes it difficult to assess the underlying credit quality of the loan book. This pattern could indicate a single large credit event in 2025Q3 or a more systemic issue with loan classification. The absence of a consistent provision trend warrants further investigation into the composition and performance of the loan portfolio.
Recapitalization Restores Thin Buffer
Gemini has restored its equity base to $468.3M from a deeply negative position, resulting in an equity-to-assets ratio of 0.31, which appears adequate but provides a limited cushion against further operational losses or credit deterioration.
The recapitalization has been successful in returning the company to positive equity, but the resulting capital ratio is modest. With a return on equity of -23.3% in 2026Q2, the company is still destroying shareholder value, meaning this capital buffer is being consumed by ongoing losses. The ability to maintain this capital level without further equity raises is contingent on achieving profitability, which remains elusive.
Securities Portfolio as Primary Liquidity Source
Gemini's liquidity appears heavily reliant on its investment securities portfolio, which stood at $340.4M in 2026Q2, and its cash position of $292.1M, suggesting a strategy of liquidating assets to fund operations and cover losses.
The significant reduction in the investment securities portfolio from $685.9M to $340.4M over three quarters indicates it is being used as a primary source of liquidity. This is a finite resource, and its continued depletion to fund operating losses is not sustainable. The combined cash and securities position of $632.5M provides a near-term liquidity buffer, but its adequacy depends on the rate of cash burn and the ability to generate positive operating cash flow.
Sustainability of Liquidity Drain
The most significant non-obvious risk is the sustainability of the liquidity strategy, as the company appears to be funding chronic operating losses through the liquidation of its investment securities portfolio, a finite resource.
The balance sheet shows a clear pattern: negative equity was recapitalized, but the company continues to burn cash, funded by selling down its securities holdings. This creates a critical dependency; if the securities portfolio is exhausted before the company achieves positive cash flow, it will face a severe liquidity crisis. The current trajectory suggests this is a race against time, and the balance sheet provides no indication of an alternative funding source.