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Ionic Digital vs Gemini Space Station: IOND and GEMI compared
Ionic Digital is the larger company: $48.6M of revenue in its latest quarter (Q2 FY26) against $45.5M for Gemini Space Station (Q2 2026). Gemini Space Station is growing faster (+37% against +31% a year earlier). Ionic Digital is more profitable, with an operating margin of -16.9% against -169.2%.
Where the money goes: IOND and GEMI
Ionic Digital (IOND) · Q2 FY26
Ionic Digital, Q2 FY26: revenue $48.6M (+31% year over year), operating margin -16.9%, net loss $35.3M. The chart follows the revenue to costs, profit and cash.
Gemini Space Station (GEMI) · Q2 2026
Gemini Space Station, Q2 2026: revenue $45.5M (+37% year over year), operating margin -169.2%, net loss $108M, operating cash flow −$51.4M. The chart follows the revenue to costs, profit and cash.
| Ionic Digital (IOND) | Gemini Space Station (GEMI) | |
|---|---|---|
| Latest quarter | Q2 FY26 | Q2 2026 |
| Revenue | $48.6M | $45.5M |
| Revenue growth, Y/Y | +31% | +37% |
| Operating margin | -16.9% | -169.2% |
| Net earnings | −$35.3M | −$108M |
| Net margin | -72.6% | -236.9% |
| Operating cash flow | — | −$51.4M |
Where the revenue comes from
Ionic Digital
- Digital infrastructure leasing: $43.8M (90%)
- Cryptocurrency mining: $4.8M (10%)
Gemini Space Station
- Net revenue: $43.8M (96%)
- Other revenue: $1.8M (4%)
- Other transaction revenue: $21K (0%)
Questions
Which is bigger, Ionic Digital or Gemini Space Station?
Ionic Digital is the larger company: $48.6M of revenue in its latest quarter (Q2 FY26) against $45.5M for Gemini Space Station (Q2 2026).
Is Ionic Digital or Gemini Space Station growing faster?
Gemini Space Station is growing faster (+37% against +31% a year earlier).
Which is more profitable, Ionic Digital or Gemini Space Station?
Ionic Digital is more profitable, with an operating margin of -16.9% against -169.2%.
More: Ionic Digital earnings · how Ionic Digital makes money · Gemini Space Station earnings · how Gemini Space Station makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 1, 2026; 10-Q filed Aug 13, 2026). Fiscal quarters can end on different dates. Not investment advice.