Evercore ISI Revises Gemini (GEMI) Earnings Forecast, Adjusting Financial Model Forward to FY27

Core Viewpoint - Gemini Space Station Inc. (NASDAQ:GEMI) is projected to double in value by 2026, despite recent price target reductions from major financial institutions [1][2]. Financial Performance - In Q3 2025, Gemini reported revenue of $49.8 million, marking a 52% sequential increase, driven by a 45% rise in trading volume and over 100% growth in credit card transaction volume [3]. - Transaction revenue reached $26.3 million, up 26% sequentially, supported by spot trading volumes of $16.4 billion, which increased by 45% quarter-over-quarter [3]. Product Development - Gemini launched the Gemini Wallet, a self-custody smart wallet, and expanded multi-network support, including a Solana edition of the Gemini Credit Card and Solana Staking from Custody for institutions [4]. - Management reaffirmed a medium-term target for Monthly Transacting Users to grow at a CAGR of 20% to 25% [4]. Financial Projections - For the full year 2025, Gemini expects services revenue and interest income to reach between $60 million and $70 million, with sales and marketing expenses projected to total between $45 million and $60 million [4].