Cash flow generation is deteriorating, with negative operating cash flow in every reported quarter and a 2026Q2 OCF/NI ratio of 0.48, indicating that net losses are consuming capital reserves rather than generating cash.
Gemini Space Station, Inc. (GEMI) cash flow statement — 3-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Cash from Operations | -305.77M | -218.19M | -108.96M | -207.29M |
| Operating CF Growth % | -48706.59% | -100.25% | 47.44% | - |
| Net Income | -517.04M | -582.81M | -158.55M | -319.68M |
| Depreciation & Amortization | 29.99M | 30.72M | 32.96M | 32.22M |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 178.93M | 226.44M | 91.87M | 36.66M |
| Working Capital Changes | -78.13M | 22.5M | -80.84M | 27.66M |
| Cash from Investing | -55.06M | -47.93M | 83.61M | 33.22M |
| Purchase of Investments | 489.23M | 0 | -350K | -101K |
| Sale/Maturity of Investments | -510.64M | 0 | 0 | 400K |
| Net Investment Activity | -21.41M | 0 | -350K | 299K |
| Acquisitions | 17.35M | 122.56M | 0 | 0 |
| Other Investing | -45.38M | -162.84M | 89.94M | 39.85M |
| Cash from Financing | 509.78M | 521.37M | 225.38M | -521.44M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | -244K | 0 | 0 | 0 |
| Stock Issued | 441.17M | 441.17M | 0 | 0 |
| Net Stock Activity | 440.92M | 441.17M | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K |
| Other Financing | -86.46M | -46.76M | 190.81M | -698.37M |
| Net Change in Cash | 126.52M | 296.26M | 200.03M | -695.51M |
| Exchange Rate Effect | -22.43M | 41.02M | 0 | 0 |
| Cash at Beginning | 803.14M | 71.23M | 446.83M | 1.14B |
| Cash at End | 746.84M | 367.49M | 646.86M | 446.83M |
| Interest Paid | 16.29M | 0 | 21.68M | 29.76M |
| Income Taxes Paid | -2K | 0 | 492K | 1.14M |
| Free Cash Flow | -311.39M | -225.86M | -114.94M | -214.23M |
| FCF Growth % | -713.83% | -96.5% | 46.35% | - |
Quick answers to the most common questions about buying GEMI stock.
Gemini Space Station, Inc. (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. (GEMI) reported negative free cash flow of $225.9M in 2025, indicating capital requirements exceeded cash from operations.
Gemini Space Station, Inc. (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.
Key Metrics
Top Statement Risk
Persistent negative cash generation
Metrics are mathematically derived from official filings.
Chronic Cash Burn Erodes Capital Base
Gemini has generated negative operating cash flow in every reported quarter, with the OCF/NI ratio consistently below 1.0, indicating that net losses are not being fully converted to cash and are instead consuming capital reserves.
The persistent negative operating cash flow, reaching -$51.4M in 2026Q2, suggests the company is not generating the internal capital necessary to fund operations or absorb losses. This pattern, combined with the negative net income trend, implies a continuous drain on the balance sheet's equity and retained earnings, raising questions about the sustainability of the current capital structure without external support.
Securities Portfolio Activity Signals Liquidity Management
In 2026Q2, Gemini reported $489.3M in purchases of investment securities against $510.6M in sales, a significant net reduction that appears to be a source of liquidity to offset operating losses.
The large-scale net sale of $21.3M in securities during 2026Q2, following quarters of minimal activity, suggests a strategic shift toward liquidating portfolio assets to generate cash. This activity may indicate a need to bolster liquidity buffers or cover operational shortfalls, rather than a routine rebalancing, and warrants monitoring for potential realized losses or changes in the bank's risk profile.
Loan Loss Provisions Volatile and Material
Loan loss provisions have been highly erratic, spiking to $80.0M in 2025Q3 before declining to $7.4M in 2026Q1, indicating significant uncertainty in the credit quality of the loan book.
The extreme volatility in loan loss provisions, which represent a direct cash outflow, suggests inconsistent credit conditions or provisioning practices. The $80.0M charge in 2025Q3 was a major cash drain, and while provisions have since moderated, the pattern implies the loan portfolio remains a source of unpredictable cash flow risk that could re-emerge.
Provision Volatility Dominates Cash Flow Profile
Loan loss provisions have been the single largest and most volatile component of cash outflows, ranging from $0 to $80.0M per quarter, dwarfing other operating activities and creating significant cash flow instability.
The erratic nature of provisions, as reported in financial statements, suggests that credit-related cash outflows are the primary driver of the company's negative operating cash flow. This volatility makes forecasting cash needs difficult and indicates that the core lending activity is generating unpredictable cash demands, which may be masking the true operational cash burn.
Cash Flow Statement Obscures Core Operational Weakness
The cash flow statement is heavily distorted by large, non-recurring investment securities transactions and volatile loan provisions, which may hide the true scale of the underlying operational cash burn.
The $489.3M purchase and $510.6M sale of investments in 2026Q2 are massive relative to the company's net loss, suggesting these are balance sheet management activities rather than core operations. Investors should note that without these securities transactions, the operating cash deficit would likely be more severe, and the statement provides limited insight into the sustainability of the fee-based revenue model identified in the income statement analysis.