Despite a successful reduction in total debt to $18.8 million as of 2026Q1, the firm's equity base remains fragile, having previously dipped to negative $535.1 million in 2025Q2.
| Total Current Assets | 1.33B | 1.03B | 1.39B | 976.7M |
| Cash & Short-Term Investments | - | - | - | - |
| Cash Only | - | - | - | - |
| Short-Term Investments | - | - | - | - |
| Accounts Receivable | - | - | - | - |
| Days Sales Outstanding | - | - | - | - |
| Inventory | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 982.65M | 0 | 1.28B | 399.3M |
| Total Non-Current Assets | 187.32M | 782.14M | 206.17M | 234.31M |
| Property, Plant & Equipment | 14.95M | 15.08M | 31.66M | 37.33M |
| Fixed Asset Turnover | 6.66x | 9.69x | 4.49x | 2.63x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 134.23M | 139.81M | 162.14M | 184.97M |
| Long-Term Investments | 19.14M | 0 | 10.64M | 11.71M |
| Other Non-Current Assets | - | - | - | - |
| Total Assets | 1.52B | 1.81B | 1.59B | 1.21B |
| Asset Turnover | 0.08x | 0.08x | 0.09x | 0.08x |
| Asset Growth % | 56.93% | 13.49% | 31.62% | - |
| Total Current Liabilities | 1.05B | 633.46M | 1.35B | 1.16B |
| Accounts Payable | 1.96M | 0 | 17.57M | 12.48M |
| Days Payables Outstanding | - | - | - | - |
| Short-Term Debt | 0 | 633.46M | 679.77M | 571.55M |
| Deferred Revenue (Current) | 0 | - | - | - |
| Other Current Liabilities | 1.04B | 0 | 611.98M | 189.86M |
| Current Ratio | 1.27x | 1.62x | 1.03x | 0.84x |
| Quick Ratio | 1.27x | 1.62x | 1.03x | 0.84x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 18.76M | 634.57M | 506.14M | 157.94M |
| Long-Term Debt | 18.76M | 0 | 485.99M | 134.93M |
| Capital Lease Obligations | 0 | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - |
| Other Non-Current Liabilities | - | - | - | - |
| Total Liabilities | 1.07B | 1.27B | 1.85B | 1.32B |
| Total Debt | 18.76M | 654.03M | 1.19B | 733.83M |
| Net Debt | -300.61M | 286.53M | 1.15B | 670.22M |
| Debt / Equity | 0.04x | 1.21x | - | - |
| Debt / EBITDA | -0.05x | - | - | - |
| Net Debt / EBITDA | 0.77x | - | - | - |
| Interest Coverage | -10.34x | -7.37x | - | - |
| Total Equity | 456.14M | 540.87M | -260.99M | -109.94M |
| Equity Growth % | 842.89% | 307.24% | -137.41% | - |
| Book Value per Share | 3.91 | 4.62 | -1.62 | -0.70 |
| Total Shareholders' Equity | 456.14M | 540.87M | -260.99M | -109.94M |
| Common Stock | 120K | 118K | 0 | 0 |
| Retained Earnings | -2.15B | -2.04B | -1.46B | -1.3B |
| Treasury Stock | 0 | -568K | 0 | 0 |
| Accumulated OCI | 1.19M | 887K | 2.99M | 1.1M |
| Minority Interest | 0 | 0 | 0 | 0 |
Structural insolvency and liquidity
As reported in financial statements, Gemini's equity position has experienced extreme volatility, swinging from negative $535.1 million in 2025Q2 to a positive $456.1 million by 2026Q1, a shift that appears driven more by capital restructuring than by organic growth or sustainable operational performance.
The rapid fluctuation in equity suggests that the company's capital base is highly sensitive to external financing events and legal settlements rather than internal value creation. Investors should monitor whether this recent stabilization in equity is a durable trend or merely a temporary reprieve from the persistent negative retained earnings that have plagued the firm.
Based on Gemini's reported figures, total debt has been aggressively managed down from a peak of $1.5 billion in 2025Q2 to $18.8 million in 2026Q1, indicating a desperate effort to deleverage the balance sheet amidst significant operational losses and regulatory pressure.
While the reduction in debt improves the debt-to-equity ratio, the necessity of such a drastic deleveraging event implies that the company's previous capital structure was unsustainable. The current low debt level may provide a temporary buffer, but it also highlights the firm's limited access to traditional credit markets for ongoing operational funding.
According to recent SEC filings, Gemini's cash position has contracted significantly from $1.2 billion in 2025Q3 to $319.4 million in 2026Q1, raising concerns about the company's ability to maintain its regulatory compliance and operational infrastructure without further dilutive capital raises.
The current ratio of 1.27 suggests a thin margin of safety for meeting short-term obligations, especially given the high fixed-cost nature of the business. If the company cannot achieve positive cash flow, this liquidity buffer may be exhausted rapidly, forcing management to prioritize survival over strategic growth initiatives.
Data from the balance sheet reveals that goodwill remains a persistent $134.2 million as of 2026Q1, which warrants further investigation given the company's history of operational losses and the potential for future impairment charges that could further erode the firm's fragile equity base.
The presence of significant goodwill on the balance sheet, despite the company's inability to generate consistent profits, suggests that the carrying value of past acquisitions may be overstated. Investors should be wary that a future write-down of these intangible assets could trigger a technical breach of capital requirements or further damage investor confidence.
Quick answers to the most common questions about buying GEMI stock.
As of 2025, Gemini Space Station, Inc. Class A Common Stock (GEMI) had total assets of $1.81B including $1.03B in current assets.
Gemini Space Station, Inc. Class A Common Stock (GEMI) carries total debt of $654.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gemini Space Station, Inc. Class A Common Stock (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. Class A Common Stock (GEMI) reported a current ratio of 1.62x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.