Free cash flow remains deeply negative, evidenced by a $140.3 million outflow in 2025Q4 and a 2026Q1 OCF/NI ratio of 0.50, indicating a persistent inability to convert accounting results into sustainable liquidity.
| Cash from Operations | -254.1M | -218.19M | -108.96M | -207.29M |
| Operating CF Growth % | -3478.85% | -100.25% | 47.44% | - |
| Net Income | -550.55M | -582.81M | -158.55M | -319.68M |
| Depreciation & Amortization | 22.82M | 0 | 32.96M | 32.22M |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 318.71M | 340.81M | 91.87M | 36.66M |
| Working Capital Changes | -77.28M | 23.8M | -80.84M | 27.66M |
| Cash from Investing | -71.36M | -47.93M | 83.61M | 33.22M |
| Purchase of Investments | -59K | 0 | -350K | -101K |
| Sale/Maturity of Investments | 0 | 0 | 0 | 400K |
| Net Investment Activity | -59K | 0 | -350K | 299K |
| Acquisitions | 46.1M | 122.56M | 0 | 0 |
| Other Investing | -111.64M | -162.84M | 89.94M | 39.85M |
| Cash from Financing | 537.97M | 521.37M | 225.38M | -521.44M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Stock Issued | 441.17M | 441.17M | 0 | 0 |
| Net Stock Activity | 441.17M | 441.17M | 0 | 0 |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -189.54M | -46.76M | 190.81M | -698.37M |
| Net Change in Cash | 302.97M | 296.26M | 200.03M | -695.51M |
| Exchange Rate Effect | 90.46M | 41.02M | 0 | 0 |
| Cash at Beginning | 383.89M | 71.23M | 446.83M | 1.14B |
| Cash at End | 319.37M | 367.49M | 646.86M | 446.83M |
| Interest Paid | 21.84M | 0 | 21.68M | 29.76M |
| Income Taxes Paid | 121K | 0 | 492K | 1.14M |
| Free Cash Flow | -259.87M | -225.86M | -114.94M | -214.23M |
| FCF Growth % | -1367.01% | -96.5% | 46.35% | - |
Persistent negative operating cash
As reported in financial statements, Gemini's operating cash flow consistently trails net income, with the 2026Q1 OCF/NI ratio of 0.50 highlighting a significant inability to convert accounting losses into cash-neutral outcomes, suggesting that accruals and non-cash charges are masking the true severity of the firm's cash burn.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not merely paper-based but are accompanied by tangible cash outflows. Investors should monitor whether this divergence reflects ongoing legal settlements or the high cash cost of maintaining regulatory compliance.
Based on Gemini's reported figures, the company's free cash flow trajectory remains severely negative, reaching a low of -$140.3 million in 2025Q4, which underscores a structural inability to generate self-sustaining liquidity despite the company's focus on high-margin institutional custody and trading services.
The FCF margins consistently deep in negative territory suggest that the business model is currently incapable of funding its own operations. This trajectory implies that the company remains entirely dependent on external capital or existing reserves to bridge the gap between its high fixed-cost base and volatile revenue.
According to recent SEC filings, Gemini experienced a massive working capital outflow of $94.8 million in 2025Q4, a sharp reversal from previous periods that indicates significant instability in the company's ability to manage its short-term liabilities and operational cash requirements effectively.
The erratic nature of working capital changes suggests that the company's cash position is highly sensitive to timing differences in client settlements and regulatory obligations. Such volatility warrants further investigation into whether these fluctuations are driven by operational inefficiencies or the resolution of specific legal liabilities.
Data from the cash flow statement reveals that stock-based compensation, such as the $24.2 million recorded in 2026Q1, serves as a significant non-cash add-back that artificially inflates operating cash flow figures, potentially obscuring the true extent of the company's ongoing cash-based operational deficits.
By relying on stock-based compensation to manage its cash burn, the company may be diluting shareholders to cover costs that would otherwise be paid in cash. This practice suggests that the underlying cash-generating capacity of the business is even weaker than the headline operating cash flow figures might imply.
Quick answers to the most common questions about buying GEMI stock.
Gemini Space Station, Inc. Class A Common Stock (GEMI) generated $-218.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gemini Space Station, Inc. Class A Common Stock (GEMI) reported negative free cash flow of $225.9M in 2025, indicating capital requirements exceeded cash from operations.
Gemini Space Station, Inc. Class A Common Stock (GEMI) spent $7.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.