Gemini Space Station

GEMI

Software - Application · Technology

Price

$4.19

-0.36 (-7.91%)

Market Cap

$511.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−25.7% over 2y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 157.8M (2023) → 117.2M (2025)

Gemini Space Station, Inc. develops a crypto platform to buy, sell, and store crypto assets. The company's platform offers crypto assets, including bitcoin and ether; and services, such as derivatives exchange, staking services, an over-the-counter trading desk, institutional-grade custody, stablecoin, a U.S. credit card, and a Web3 studio for NFTs (non-fungible tokens). It serves individual retail users; and institutional investors, including asset managers, hedge funds, proprietary trading fir

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-5.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

25.1%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~2 years

$513M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$513M cash & investments at current burn rate

Growth context

Gemini Space Station is growing revenue at 15% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

62.0%

Premium pricing power — 62.0% gross margin

Operating Margin

-266.9%

Losing money on operations — -266.9%

ROCE

-11.4%

Weak — -11.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+8.9%

Steady sales growth (8.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-171.9%

Burning cash (-171.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.03

Elevated debt (1.03)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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