Gemini Space Station, Inc.

GEMIdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Gemini Space Station, Inc. earns about -108% on equity, but has diluted owners by 678% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	$98.1M¹	$142.2M¹	$179.6M¹
Net income	−$319.7M²	−$158.5M²	−$582.8M²
Operating cash flow	−$207.3M³	−$109M³	−$218.1M³
Capital expenditure	$729,000⁴	$1.23M⁴	$1.98M⁴
Free cash flow (derived)	−$208M³	−$110.2M³	−$220.1M³
Total debt	—	—	—
Cash & equivalents	$32.8M⁵	$42.8M⁵	$252.2M⁵
Diluted shares	4.8M	4.9M	37.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$144.03

your share of equity

Profit it earned you last year

−$155.2

Free cash flow it threw off

−$58.61

Debt you’d be carrying

—

10 shares is a claim on $144.03 of net worth that earned you −$155.2 and generated −$58.61 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-108% avg · 3y

FY23 —FY24 —FY25 -108%

It earned an average -108% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+678% shares · 3y

Share count is up 678% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0002055592-26-000026 (Revenues)
10-K · period ending 2023-12-31 · accession 0002055592-26-000026 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0002055592-26-000026 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0002055592-26-000026 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0002055592-26-000026 (CashAndCashEquivalentsAtCarryingValue)