Miami International Holdings Reports Results for Third Quarter 2025
Miami International Holdings (NYSE:MIAX) reported third quarter 2025 results with net revenue of $109.5M, up 57% YoY, driven by options volume and the MIAX Sapphire exchange. The company reported a GAAP net loss of $102.1M and GAAP diluted EPS of $(1.46), which management attributed to a one-time loss on extinguishment of debt and IPO-related expenses.
Adjusted EBITDA was $48.0M (margin 44%), up 157% YoY, and adjusted earnings rose to $39.9M. Average daily options volume reached 9.6M contracts (+56% YoY) and MIAX options market share hit 17.2%. The company raised $396.8M gross in its August 2025 IPO, repaid ~$178.4M of secured debt, and held $401.5M cash with total debt of $6.5M as of September 30, 2025.
Miami International Holdings (NYSE:MIAX) ha riportato i risultati del terzo trimestre 2025 con i ricavi netti di 109.5 MUSD, in aumento del 57% YoY, trainati dal volume di opzioni e dallo scambio MIAX Sapphire. L'azienda ha registrato una perdita netta GAAP di 102.1 MUSD e un utile per azione diluito GAAP di $(1.46), che la direzione attribuisce a una perdita una tantum sull'estinzione del debito e a costi legati all'IPO.
Adjusted EBITDA è stato di 48.0 MUSD (margine 44%), in aumento del 157% YoY, e gli utili rettificati sono saliti a 39.9 MUSD. Il volume medio giornaliero di opzioni ha raggiunto 9.6 milioni di contratti (+56% YoY) e la quota di mercato delle opzioni MIAX ha toccato 17.2%. L'azienda ha raccolto 396.8 MUSD lordi con l'IPO di agosto 2025, ha rimborsato circa 178.4 MUSD di debito garantito e possedeva 401.5 MUSD di cassa con un debito totale di 6.5 MUSD al 30 settembre 2025.
Miami International Holdings (NYSE:MIAX) informó los resultados del tercer trimestre de 2025 con ingresos netos de 109,5 MUSD, un crecimiento del 57% interanual, impulsado por el volumen de opciones y el intercambio MIAX Sapphire. La empresa reportó una pérdida neta GAAP de 102,1 MUSD y un EPS diluido GAAP de $(1,46), que la dirección atribuye a una pérdida única por extinción de deuda y a gastos relacionados con la OPI.
Adjusted EBITDA fue de 48,0 MUSD (margen del 44%), un aumento del 157% interanual, y los beneficios ajustados subieron a 39,9 MUSD. El volumen medio diario de opciones alcanzó 9,6 millones de contratos (+56% interanual) y la cuota de mercado de opciones de MIAX alcanzó el 17,2%. La compañía recaudó 396,8 MUSD brutos en su OPI de agosto de 2025, pagó ~178,4 MUSD de deuda asegurada y disponía de 401,5 MUSD en efectivo con una deuda total de 6,5 MUSD al 30 de septiembre de 2025.
Miami International Holdings (NYSE:MIAX)는 2025년 3분기 실적을 발표했습니다. 순매출은 109.5MUSD로 전년 대비 57% 증가했으며, 이는 옵션 거래량과 MIAX Sapphire 거래소의 덕분입니다. 회사는 GAAP 순손실 102.1MUSD와 GAAP 희석 EPS $(1.46)를 보고했으며, 이는 차입금 상환의 일회성 손실 및 IPO 관련 비용 때문이라고 경영진은 밝혔습니다.
조정 EBITDA는 48.0MUSD로(마진 44%), 전년 대비 157% 증가, 조정 이익은 39.9MUSD로 올랐습니다. 평균 일일 옵션 거래량은 9.6백만 계약에 도달했고(+전년 대비 56%), MIAX 옵션 시장 점유율은 17.2%를 기록했습니다. 회사는 2025년 8월 IPO에서 총 396.8MUSD의 총 수익을 모금했고, 약 178.4MUSD의 담보 부채를 상환했으며, 2025년 9월 30일 기준 현금은 401.5MUSD, 총 부채는 6.5MUSD였습니다.
Miami International Holdings (NYSE:MIAX) a publié les résultats du troisième trimestre 2025 avec un chiffre d'affaires net de 109,5 MUSD, en hausse de 57% en glissement annuel, porté par le volume d'options et l'échange MIAX Sapphire. L'entreprise a enregistré une perte nette GAAP de 102,1 MUSD et un EPS dilué GAAP de $(1,46), que la direction attribue à une perte unique sur l'extinction de la dette et à des frais liés à l'IPO.
Adjusted EBITDA s'élevait à 48,0 MUSD (marge 44%), en hausse de 157% YoY, et les résultats ajustés ont augmenté pour atteindre 39,9 MUSD. Le volume moyen quotidien d'options a atteint 9,6 millions de contrats (+56% YoY) et la part de marché des options MIAX est montée à 17,2%. L'entreprise a levé 396,8 MUSD brut lors de son IPO d’août 2025, a remboursé environ 178,4 MUSD de dette sécurisée et détenait 401,5 MUSD en liquidités avec une dette totale de 6,5 MUSD au 30 septembre 2025.
Miami International Holdings (NYSE:MIAX) meldete die Ergebnisse für das dritte Quartal 2025 mit Nettoeinnahmen von 109,5 Mio. USD, was einem Anstieg von 57% im Jahresvergleich entspricht, getrieben vom Optionsvolumen und der MIAX Sapphire-Börse. Das Unternehmen meldete einen GAAP-Nettoverlust von 102,1 Mio. USD und ein GAAP-diluted EPS von $(1,46), was das Management auf Einmalverluste aus der Entschuldung und IPO-bezogene Kosten zurückführt.
Adjusted EBITDA betrug 48,0 Mio. USD (Marge 44%), ein Anstieg von 157% YoY, und bereinigte Ergebnisse stiegen auf 39,9 Mio. USD. Das durchschnittliche Tagesvolumen bei Optionen lag bei 9,6 Mio. Kontrakten (+56% YoY) und der MIAX-Optionsmarktanteil betrug 17,2%. Das Unternehmen sammelte 396,8 Mio. USD brutto bei der August 2025 IPO, zahlte rund 178,4 Mio. USD an gesicherten Schulden zurück und hielt 401,5 Mio. USD an Bargeld mit einer Gesamtverschuldung von 6,5 Mio. USD zum 30. September 2025.
Miami International Holdings (NYSE:MIAX) أعلنت عن نتائج الربع الثالث 2025 بإيرادات صافية قدرها 109.5 مليون دولار، بارتفاع 57% سنوياً، مدفوعاً بحجم خيارات وتبادل MIAX Sapphire. ذكرت الشركة خسارة صافية وفقاً لمبادئ GAAP قدرها 102.1 مليون دولار وم Equity للسهم المخفف GAAP قدره $(1.46)، وأرجعت الإدارة ذلك إلى خسارة مرة لإطفاء الدين وتكاليف مرتبطة بـ IPO.
Adjusted EBITDA كان 48.0 مليون دولار (هامش 44%)، بزيادة قدرها 157% عاماً على عام، وربح/خسائر معدلة ارتفعت إلى 39.9 مليون دولار. بلغ متوسط حجم التداول اليومي بالخيارات 9.6 مليون عقد (+56% عاماً على عام) وبلغت حصة سوق خيارات MIAX 17.2%. جمعت الشركة 396.8 مليون دولار إجمالاً من اكتتاب أغسطس 2025، وادَّفَت نحو 178.4 مليون دولار من الدين المضمون، وبقي لديها 401.5 مليون دولار من النقد مع إجمالي دين قدره 6.5 مليون دولار حتى 30 سبتمبر 2025.
- Net revenue +57% to $109.5M
- Adjusted EBITDA +157% to $48.0M (44% margin)
- Adjusted earnings +383% to $39.9M
- Average daily options volume 9.6M contracts (+56% YoY)
- IPO gross proceeds $396.8M; cash $401.5M and total debt $6.5M
- GAAP net loss $102.1M due to loss on extinguishment of debt and IPO expenses
- Total operating expenses $109.8M, up from $70.7M prior year
- Futures operating loss increased to $18.5M; futures adjusted EBITDA $(9.6M)
Insights
Strong trading volume and successful IPO materially improve operating leverage while GAAP noise masks cash strength.
Options average daily volume hit a record 9.6 million contracts and options net revenue rose to
Risks and dependencies include execution and retention of order flow and integration of new venues. Futures and equities segments remain loss-making or marginal; futures suffered lower revenue and wider operating loss while international benefited from the TISE acquisition. Watch the announced product rollouts for futures on the Bloomberg indices in
Adjusted profitability and liquidity improved sharply; one-time IPO and debt extinguishment items created a large GAAP loss.
Adjusted EBITDA more than doubled to
These facts point to materially improved cash and capital structure despite a GAAP net loss of
-
Net revenue grew
57% year-over-year to$109.5 million -
GAAP net loss of
$102.1 million -
GAAP diluted EPS of
$(1.46) -
Adjusted EBITDA more than doubled year-over-year to
$48.0 million -
Adjusted earnings increased nearly five times year-over-year to
$39.9 million -
Adjusted diluted EPS of
$0.42
"MIH produced strong results in the third quarter while also executing on a successful initial public offering, driven by our team's focus on providing customers with best-in-class technology, reliability and risk protections across our markets," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. "Elevated volatility supported record volumes, contributing to strong performance in our options business. Notably, we achieved record average daily volume of 9.6 million contracts across our options exchanges for the third quarter, increasing
"Looking ahead, we remain committed to leveraging our ongoing investments in technology, relationships and industry expertise as we seek to further expand market share in our options business and grow our equities, futures, and international segments. With a strong foundation to build on, we are well-positioned to execute on our growth strategy and create long-term shareholder value."
Third Quarter 2025 Highlights
All figures are compared to the third quarter of 2024 unless otherwise stated.
- Net revenue, defined as revenues less cost of revenues, grew
57% to$109.5 million $69.6 million - Total operating expenses were
$109.8 million $70.7 million - Operating loss of
$0.3 million $1.2 million - GAAP net loss of
$102.1 million $3.2 million - Adjusted earnings increased nearly five times to
$39.9 million $8.3 million - Adjusted EBITDA more than doubled to
$48.0 million $18.7 million - Adjusted EBITDA margin expanded to
44% from27% in the prior-year period.
Business Updates
- Launched the MIAX Sapphire options trading floor in
Miami in September 2025. - MIAX® options exchanges reached a market share record of
17.2% in the third quarter of 2025. - Announced support for the trading of financial futures on the MIAX Futures™ Onyx trading platform in the first quarter of 2026.
- MIAX Futures to list futures on the Bloomberg 500 Index in collaboration with Bloomberg during the first quarter of 2026, with futures on the Bloomberg 100 Index to follow.
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Summary of Selected Unaudited Condensed Consolidated Financial Results
(
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Consolidated Third Quarter Results |
3Q25 September 30, 2025 |
3Q24 September 30, 2024 |
Change |
|
Total revenues less cost of revenues |
$ 109,483 |
$ 69,558 |
57 % |
|
Operating loss |
$ (305) |
$ (1,159) |
NA |
|
Net loss attributable to MIH stockholders |
$ (102,080) |
$ (3,204) |
NA |
|
$ (1.46) |
$ (0.05) |
NA |
|
|
Adjusted earnings* |
$ 39,947 |
$ 8,273 |
383 % |
|
Adjusted diluted EPS* |
$ 0.42 |
$ 0.11 |
282 % |
|
EBITDA |
$ (93,941) |
$ 5,768 |
NA |
|
Adjusted EBITDA* |
$ 48,019 |
$ 18,690 |
157 % |
|
Adjusted EBITDA margin %* |
44 % |
27 % |
63 % |
|
|
|
* Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below. |
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Segment Results
(
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Total Revenues Less Cost of Revenues |
3Q25 September 30, 2025 |
3Q24 September 30, 2024 |
Change |
|
Options |
$ 94,499 |
$ 60,925 |
55 % |
|
Equities |
4,352 |
2,234 |
95 % |
|
Futures |
4,786 |
5,288 |
(9) % |
|
International |
5,533 |
806 |
586 % |
|
Corporate/Other |
313 |
305 |
3 % |
|
Total |
$ 109,483 |
$ 69,558 |
57 % |
Options
- Net revenue grew
55% to$94.5 million $60.9 million - Operating income increased
56% to$51.4 million $32.9 million - Adjusted EBITDA grew
70% to$69.1 million $40.7 million
Equities
- Net revenue nearly doubled to
$4.4 million $2.2 million - Operating loss of
$4.9 million $5.0 million - Adjusted EBITDA of
$(0.9) million $(2.5) million
Futures
- Net revenue was
$4.8 million $5.3 million - Operating loss was
$18.5 million $12.8 million - Adjusted EBITDA of
$(9.6) million $(8.0) million
International
- Net revenue was
$5.5 million $0.8 million - Operating income was
$0.8 million $2.6 million - Adjusted EBITDA of
$1.7 million $(1.7) million
Capital and Liquidity
- On August 13, 2025, MIH raised
$396.8 million - On August 18, 2025, MIH repaid its outstanding senior secured loan agreement maturing in 2029. The amount repaid by MIH included
$178.4 million - As of September 30, 2025, MIH had cash and cash equivalents of
$401.5 million $6.5 million
Webcast and Conference Call
MIAX will host a webcast and conference call to review its third quarter financial results today, November 5, 2025 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 using conference ID "10203428" (international dial-in 412-317-6060). The webcast can be accessed on the Investor Relations section of MIAX's website at https://ir.miaxglobal.com/. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event.
Non-GAAP Financial Information
Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments. A reconciliation of net income attributable to MIH to adjusted earnings, appears below.
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income taxes and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. A reconciliation of net income attributable to MIH to adjusted EBITDA, appears below.
Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by adjusted revenues less cost of revenues.
Adjusted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis).
For a reconciliation of our non-GAAP results to our GAAP results, see the tables below.
About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates nine exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures™, MIAXdx™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX please visit www.miaxglobal.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.
All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Contact:
Investors
investor.relations@miaxglobal.com
Media
media@miaxglobal.com
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Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
( |
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues: |
|
|
|
|
|
|
|
|
Transaction and clearing fees |
$ 292,814 |
|
$ 240,623 |
|
$ 868,257 |
|
$ 712,209 |
|
Access fees |
27,096 |
|
22,490 |
|
77,285 |
|
66,787 |
|
Market data fees |
10,730 |
|
9,143 |
|
30,625 |
|
24,808 |
|
Other revenue |
9,138 |
|
4,400 |
|
18,472 |
|
12,372 |
|
Total revenues |
339,778 |
|
276,656 |
|
994,639 |
|
816,176 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
Liquidity payments |
217,286 |
|
167,797 |
|
606,983 |
|
525,399 |
|
Brokerage, clearing, and exchange fees |
11,612 |
|
17,731 |
|
42,547 |
|
51,134 |
|
Section 31 fees |
— |
|
20,241 |
|
35,225 |
|
40,108 |
|
Equity rights program |
— |
|
— |
|
— |
|
1,975 |
|
Other cost of revenues |
1,397 |
|
1,329 |
|
3,855 |
|
3,621 |
|
Total cost of revenues |
230,295 |
|
207,098 |
|
688,610 |
|
622,237 |
|
Revenues less cost of revenues |
109,483 |
|
69,558 |
|
306,029 |
|
193,939 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Compensation and benefits |
68,753 |
|
37,850 |
|
146,734 |
|
107,227 |
|
Information technology and communication costs |
9,290 |
|
7,250 |
|
25,689 |
|
21,442 |
|
Depreciation and amortization |
8,229 |
|
6,045 |
|
21,337 |
|
17,107 |
|
Occupancy costs |
3,568 |
|
2,335 |
|
9,018 |
|
7,032 |
|
Professional fees and outside services |
10,807 |
|
12,658 |
|
30,159 |
|
34,663 |
|
Marketing and business development |
759 |
|
663 |
|
2,077 |
|
2,198 |
|
Acquisition-related costs |
— |
|
— |
|
2,901 |
|
— |
|
General, administrative, and other |
8,382 |
|
3,916 |
|
18,835 |
|
14,253 |
|
Total operating expenses |
109,788 |
|
70,717 |
|
256,750 |
|
203,922 |
|
Operating income (loss) |
(305) |
|
(1,159) |
|
49,279 |
|
(9,983) |
|
Non-operating (expense) income: |
|
|
|
|
|
|
|
|
Change in fair value of puttable common stock |
(338) |
|
(6,791) |
|
(2,229) |
|
(8,149) |
|
Change in fair value of puttable warrants issued with debt |
(255) |
|
(1,635) |
|
(1,172) |
|
(1,635) |
|
Interest income |
2,658 |
|
840 |
|
5,371 |
|
1,976 |
|
Interest expense and amortization of debt issuance costs |
(3,378) |
|
(2,208) |
|
(12,710) |
|
(9,532) |
|
Gain (loss) on sale of intangible asset |
— |
|
— |
|
(2,054) |
|
52,604 |
|
Unrealized gain (loss) on derivative assets |
7,979 |
|
10,010 |
|
(39,039) |
|
76,684 |
|
Loss on debt extinguishment |
(107,656) |
|
— |
|
(107,656) |
|
— |
|
Other, net |
(1,595) |
|
(703) |
|
10,765 |
|
(149) |
|
Income (loss) before income tax provision |
(102,890) |
|
(1,646) |
|
(99,445) |
|
101,816 |
|
Income tax (expense) benefit |
810 |
|
(1,559) |
|
(528) |
|
(2,721) |
|
Net income (loss) |
(102,080) |
|
(3,205) |
|
(99,973) |
|
99,095 |
|
Net loss attributable to non-controlling interest |
— |
|
(1) |
|
— |
|
(137) |
|
Net income (loss) attributable to Miami International Holdings, |
$ (102,080) |
|
$ (3,204) |
|
$ (99,973) |
|
$ 99,232 |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding |
|
|
|
|
|
|
|
|
Basic |
70,128,197 |
|
63,246,820 |
|
66,168,315 |
|
60,477,992 |
|
Diluted |
70,128,197 |
|
63,246,820 |
|
66,168,315 |
|
75,212,560 |
|
Net income (loss) per share attributable to common stock |
|
|
|
|
|
|
|
|
Basic |
$ (1.46) |
|
$ (0.05) |
|
$ (1.51) |
|
$ 1.64 |
|
Diluted |
$ (1.46) |
|
$ (0.05) |
|
$ (1.51) |
|
$ 1.35 |
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Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, 2025 and December 31, 2024
( |
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|
September 30, |
|
December 31, |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 401,482 |
|
$ 150,341 |
|
Cash and securities segregated under federal and other regulations |
29,509 |
|
30,809 |
|
Accounts receivable, net |
99,864 |
|
92,415 |
|
Restricted cash |
6,005 |
|
6,270 |
|
Clearing house performance bonds and guarantee funds |
86,204 |
|
87,744 |
|
Participant margin deposits |
1,151 |
|
1,234 |
|
Receivables from broker-dealers, futures commission merchants, and clearing organizations |
123,302 |
|
147,164 |
|
Current portion of derivative assets |
14,052 |
|
33,536 |
|
Other current assets |
30,452 |
|
23,303 |
|
Total current assets |
792,021 |
|
572,816 |
|
|
|
|
|
|
Investments |
14,180 |
|
31,022 |
|
Fixed assets, net |
47,861 |
|
44,478 |
|
Internally developed software, net |
35,987 |
|
32,262 |
|
Goodwill |
64,739 |
|
46,818 |
|
Other intangible assets, net |
189,125 |
|
114,224 |
|
Derivative assets, net of current portion |
12,955 |
|
50,304 |
|
Other assets, net |
68,402 |
|
81,727 |
|
Total assets |
$ 1,225,270 |
|
$ 973,651 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and other liabilities |
$ 81,803 |
|
$ 120,361 |
|
Accrued compensation payable |
31,910 |
|
33,523 |
|
Current portion of long-term debt |
4,957 |
|
4,767 |
|
Deferred transaction revenues |
9,166 |
|
2,710 |
|
Clearing house performance bonds and guarantee funds |
85,704 |
|
87,244 |
|
Participant margin deposits |
1,151 |
|
1,234 |
|
Payables to customers |
133,853 |
|
152,637 |
|
Payables to clearing organizations |
745 |
|
2,746 |
|
Total current liabilities |
349,289 |
|
405,222 |
|
Long-term debt |
1,506 |
|
32,268 |
|
Deferred income taxes |
21,999 |
|
10,766 |
|
Puttable common stock, net of current portion |
— |
|
78,424 |
|
Puttable warrants issued with debt |
— |
|
64,188 |
|
Other non-current liabilities |
20,567 |
|
15,166 |
|
Total liabilities |
393,361 |
|
606,034 |
|
Commitments and contingencies |
— |
|
— |
|
Stockholders' equity: |
|
|
|
|
Convertible preferred stock - par value |
— |
|
1 |
|
Common stock - voting and nonvoting, par value |
82 |
|
63 |
|
Common stock in treasury, at cost, 353,799 shares at September 30, 2025 and 38,469 shares |
(8,232) |
|
(775) |
|
Additional paid-in capital |
1,502,973 |
|
930,638 |
|
Accumulated deficit |
(662,283) |
|
(562,310) |
|
Accumulated other comprehensive loss, net |
(631) |
|
— |
|
Total stockholders' equity |
831,909 |
|
367,617 |
|
Total liabilities and stockholders' equity |
$ 1,225,270 |
|
$ 973,651 |
|
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA |
|||||||||||
|
|
|||||||||||
|
The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and Adjusted EBITDA by segment ( |
|||||||||||
|
|
|||||||||||
|
|
Three Months Ended September 30, 2025 |
||||||||||
|
|
Options |
|
Equities |
|
Futures |
|
International |
|
Corporate / |
|
Total |
|
Net income (loss) allocated to common |
$ 51,846 |
|
$ (4,858) |
|
$ (18,426) |
|
$ 8,477 |
|
$ (139,119) |
|
$ (102,080) |
|
Interest expense and amortization of |
— |
|
— |
|
36 |
|
— |
|
3,342 |
|
3,378 |
|
Interest income |
(482) |
|
— |
|
(207) |
|
(111) |
|
(1,858) |
|
(2,658) |
|
Income tax expense (benefit) |
— |
|
— |
|
— |
|
396 |
|
(1,206) |
|
(810) |
|
Depreciation and amortization |
3,826 |
|
1,570 |
|
1,692 |
|
435 |
|
706 |
|
8,229 |
|
EBITDA |
55,190 |
|
(3,288) |
|
(16,905) |
|
9,197 |
|
(138,135) |
|
(93,941) |
|
Share-based compensation(1) |
13,322 |
|
2,399 |
|
7,103 |
|
511 |
|
5,763 |
|
29,098 |
|
Investment loss(2) |
— |
|
— |
|
239 |
|
— |
|
— |
|
239 |
|
Litigation costs(3) |
608 |
|
— |
|
— |
|
— |
|
203 |
|
811 |
|
Impairment charges(4) |
— |
|
— |
|
— |
|
— |
|
1,978 |
|
1,978 |
|
Change in fair value of puttable warrants |
— |
|
— |
|
— |
|
— |
|
255 |
|
255 |
|
Change in fair value of puttable common |
— |
|
— |
|
— |
|
— |
|
338 |
|
338 |
|
Unrealized gain on derivative assets(7) |
— |
|
— |
|
— |
|
(7,979) |
|
— |
|
(7,979) |
|
One time IPO payments(8) |
— |
|
— |
|
— |
|
— |
|
8,048 |
|
8,048 |
|
Warrant modifications(9) |
— |
|
— |
|
— |
|
— |
|
1,516 |
|
1,516 |
|
Loss on extinguishment of debt(10) |
— |
|
— |
|
— |
|
— |
|
107,656 |
|
107,656 |
|
Adjusted EBITDA |
$ 69,120 |
|
$ (889) |
|
$ (9,563) |
|
$ 1,729 |
|
$ (12,378) |
|
$ 48,019 |
|
|
|
|
(1) |
Share-based compensation represents expenses associated with stock options of |
|
(2) |
Investment loss of |
|
(3) |
Litigation costs are associated with ongoing litigation related to the Nasdaq matter. |
|
(4) |
Impairment charges of |
|
(5) |
The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. The right to put warrants terminated upon completion of the IPO in August 2025. |
|
(6) |
The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. |
|
(7) |
Represents the unrealized gain on 250 million Pyth tokens that remain locked by the Pyth Network. |
|
(8) |
One time IPO bonuses paid to certain employees and termination payments to former directors. |
|
(9) |
Represents expense recognized upon the extension of expiration date of certain warrants. |
|
(10) |
Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 senior secured term loan. |
|
|
Three Months Ended September 30, 2024 |
||||||||||
|
|
Options |
|
Equities |
|
Futures |
|
International |
|
Corporate / |
|
Total |
|
Net income (loss) allocated to common |
$ 33,192 |
|
$ (4,999) |
|
$ (11,448) |
|
$ 7,364 |
|
$ (27,313) |
|
$ (3,204) |
|
Interest expense and amortization of |
— |
|
— |
|
91 |
|
— |
|
2,117 |
|
2,208 |
|
Interest income |
(265) |
|
— |
|
(224) |
|
— |
|
(351) |
|
(840) |
|
Income tax expense |
— |
|
— |
|
— |
|
— |
|
1,559 |
|
1,559 |
|
Depreciation and amortization |
2,835 |
|
1,581 |
|
927 |
|
146 |
|
556 |
|
6,045 |
|
EBITDA |
35,762 |
|
(3,418) |
|
(10,654) |
|
7,510 |
|
(23,432) |
|
5,768 |
|
Share-based compensation(1) |
3,929 |
|
924 |
|
3,685 |
|
818 |
|
2,532 |
|
11,888 |
|
Investment (gain) loss(2) |
— |
|
— |
|
(1,058) |
|
— |
|
2,037 |
|
979 |
|
Litigation costs(3) |
1,042 |
|
— |
|
— |
|
— |
|
347 |
|
1,389 |
|
Change in fair value of puttable warrants |
— |
|
— |
|
— |
|
— |
|
1,635 |
|
1,635 |
|
Change in fair value of puttable common |
— |
|
— |
|
— |
|
— |
|
6,791 |
|
6,791 |
|
Settlement fee(6) |
— |
|
— |
|
— |
|
— |
|
250 |
|
250 |
|
Unrealized gain on derivative assets(7) |
— |
|
— |
|
— |
|
(10,010) |
|
— |
|
(10,010) |
|
Adjusted EBITDA |
$ 40,733 |
|
$ (2,494) |
|
$ (8,027) |
|
$ (1,682) |
|
$ (9,840) |
|
$ 18,690 |
|
|
|
|
(1) |
Share-based compensation represents expenses associated with stock options of |
|
(2) |
Investment loss of |
|
(3) |
Litigation costs are associated with ongoing litigation related to the Nasdaq matter. |
|
(4) |
The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. |
|
(5) |
The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. |
|
(6) |
MIAX recognized expense of |
|
(7) |
Represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2024. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. |
|
Segment Operating Results |
||||||||||||
|
|
||||||||||||
|
The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin |
||||||||||||
|
|
||||||||||||
|
|
|
Options |
|
Equities |
||||||||
|
|
|
Three Months Ended |
|
|
|
Three Months Ended |
|
|
||||
|
|
|
September 30, |
|
Percent |
|
September 30, |
|
Percent |
||||
|
|
|
2025 |
|
2024 |
|
Change |
|
2025 |
|
2024 |
|
Change |
|
|
Revenues less cost of revenues |
$ 94,499 |
|
$ 60,925 |
|
55.1 % |
|
$ 4,352 |
|
$ 2,234 |
|
94.8 % |
|
|
Operating expenses |
43,135 |
|
27,998 |
|
54.1 % |
|
9,210 |
|
7,233 |
|
27.3 % |
|
|
Operating income (loss) |
$ 51,364 |
|
$ 32,927 |
|
56.0 % |
|
$ (4,858) |
|
$ (4,999) |
|
* |
|
|
Adjusted EBITDA(1) |
$ 69,120 |
|
$ 40,733 |
|
69.7 % |
|
$ (889) |
|
$ (2,494) |
|
* |
|
|
Adjusted EBITDA margin(2) |
73.1 % |
|
66.9 % |
|
|
|
* |
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures |
|
International |
||||||||
|
|
|
Three Months Ended |
|
|
|
Three Months Ended |
|
|
||||
|
|
|
September 30, |
|
Percent |
|
September 30, |
|
Percent |
||||
|
|
|
2025 |
|
2024 |
|
Change |
|
2025 |
|
2024 |
|
Change |
|
|
Revenues less cost of revenues |
$ 4,786 |
|
$ 5,288 |
|
(9.5) % |
|
$ 5,533 |
|
$ 806 |
|
586.5 % |
|
|
Operating expenses |
23,322 |
|
18,108 |
|
28.8 % |
|
4,750 |
|
3,452 |
|
37.6 % |
|
|
Operating income (loss) |
$ (18,536) |
|
$ (12,820) |
|
* |
|
$ 783 |
|
$ (2,646) |
|
* |
|
|
Adjusted EBITDA(1) |
$ (9,563) |
|
$ (8,027) |
|
* |
|
$ 1,729 |
|
$ (1,682) |
|
* |
|
|
Adjusted EBITDA margin(2) |
* |
|
* |
|
|
|
31.2 % |
|
* |
|
|
|
|
|
|
* Not meaningful |
|
|
(1) |
See Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA above. |
|
(2) |
Adjusted EBITDA margin represents adjusted EBITDA divided by adjusted revenues less cost of revenues. |
|
Reconciliations of GAAP Net Loss to Adjusted Earnings |
||||
|
|
||||
|
The following table is a reconciliation of net loss allocated to common stockholders to Adjusted Earnings ( |
||||
|
|
|
|||
|
|
|
Three Months Ended
|
||
|
|
|
2025 |
|
2024 |
|
|
Net loss allocated to common shareholders |
$ (102,080) |
|
$ (3,204) |
|
|
Share-based compensation(1) |
29,098 |
|
11,888 |
|
|
Investment loss(2) |
239 |
|
979 |
|
|
Litigation costs(3) |
811 |
|
1,389 |
|
|
Impairment charge(4) |
1,978 |
|
— |
|
|
Change in fair value of puttable warrants issued with debt(5) |
255 |
|
1,635 |
|
|
Change in fair value of puttable common stock(6) |
338 |
|
6,791 |
|
|
Unrealized gain on derivative assets(7) |
(7,979) |
|
(10,010) |
|
|
Settlement fee(8) |
— |
|
250 |
|
|
Loss on extinguishment of debt(9) |
107,656 |
|
— |
|
|
Warrant modifications(10) |
1,516 |
|
— |
|
|
One time IPO payments(11) |
8,048 |
|
— |
|
|
Tax effect of adjustments |
67 |
|
(1,445) |
|
|
Adjusted earnings |
$ 39,947 |
|
$ 8,273 |
|
|
|
|
(1) |
Share-based compensation represents expenses associated with stock options, restricted stock awards and warrants that have been granted to employees, directors and service providers. |
|
(2) |
2025 investment loss of |
|
(3) |
Litigation costs are associated with ongoing litigation related to the Nasdaq matter. |
|
(4) |
Impairment charges related to owned land and building impairments. |
|
(5) |
The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. The right to put warrants terminated upon completion of the IPO in August 2025. |
|
(6) |
The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. |
|
(7) |
2025 represents the unrealized gain on 250 million Pyth tokens that remain locked by the Pyth Network. 2024 represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2024. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. |
|
(8) |
MIAX recognized expense of |
|
(9) |
Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 senior secured term loan. |
|
(10) |
Represents expense recognized upon the extension of expiration date of certain warrants. |
|
(11) |
One time IPO bonuses paid to certain employees and termination payments to former directors. |
|
Earnings Per Share |
|||
|
|
|||
|
The following table sets forth the computation of diluted loss and adjusted earnings per share ( |
|||
|
|
|||
|
|
Three Months Ended |
||
|
|
September 30, |
||
|
|
2025 |
|
2024 |
|
Net loss attributable to MIH |
$ (102,080) |
|
$ (3,204) |
|
Weighted-average common shares outstanding |
70,128,197 |
|
63,246,820 |
|
Diluted net loss per share |
$ (1.46) |
|
$ (0.05) |
|
|
|
|
|
|
Adjusted earnings |
$ 39,947 |
|
$ 8,273 |
|
Diluted weighted average shares outstanding used for |
96,100,563 |
|
75,669,313 |
|
Adjusted diluted earnings per share |
$ 0.42 |
|
$ 0.11 |
|
Key Business Metrics |
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended
|
|
Increase/ |
|
Percent Change |
|
Nine Months Ended
|
|
Increase/ |
|
Percent Change |
||||
|
|
2025 |
|
2024 |
|
|
|
2025 |
|
2024 |
|
|
||||
|
Options: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of trading days |
64 |
|
64 |
|
— |
|
— % |
|
186 |
|
188 |
|
(2) |
|
(1.1) % |
|
Total contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market contracts – Equity |
3,573,731 |
|
2,844,836 |
|
728,895 |
|
25.6 % |
|
10,042,003 |
|
8,136,518 |
|
1,905,485 |
|
23.4 % |
|
MIH contracts – Equity and |
615,910 |
|
394,511 |
|
221,399 |
|
56.1 % |
|
1,674,370 |
|
1,205,502 |
|
468,868 |
|
38.9 % |
|
Average daily volume |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market ADV – Equity and |
55,840 |
|
44,451 |
|
11,389 |
|
25.6 % |
|
53,989 |
|
43,279 |
|
10,710 |
|
24.7 % |
|
MIHADV – Equity and |
9,624 |
|
6,164 |
|
3,460 |
|
56.1 % |
|
9,002 |
|
6,412 |
|
2,590 |
|
40.4 % |
|
MIH market share |
17.2 % |
|
13.9 % |
|
3.3 pts |
|
23.7 % |
|
16.7 % |
|
14.8 % |
|
1.9 pts |
|
12.8 % |
|
Total Options revenue per contract |
|
|
|
|
|
|
8.4 % |
|
|
|
|
|
|
|
24.1 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of trading days |
64 |
|
64 |
|
— |
|
— % |
|
186 |
|
188 |
|
(2) |
|
(1.1) % |
|
Total shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market shares (in millions) |
1,116,705 |
|
736,209 |
|
380,496 |
|
51.7 % |
|
3,198,279 |
|
2,194,890 |
|
1,003,389 |
|
45.7 % |
|
MIH shares (in millions) |
12,058 |
|
12,027 |
|
31 |
|
0.3 % |
|
34,708 |
|
37,874 |
|
(3,166) |
|
(8.4) % |
|
ADV(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market ADV (in millions)(1) |
17,449 |
|
11,503 |
|
5,946 |
|
51.7 % |
|
17,195 |
|
11,675 |
|
5,520 |
|
47.3 % |
|
MIH ADV (in millions)(1) |
188 |
|
188 |
|
— |
|
— % |
|
187 |
|
201 |
|
(14) |
|
(7.0) % |
|
MIH market share |
1.1 % |
|
1.6 % |
|
(0.5) pts |
|
(31.3) % |
|
1.1 % |
|
1.7 % |
|
(0.6) pts |
|
(35.3) % |
|
Equities capture (per 100 shares) |
|
|
|
|
|
|
* |
|
|
|
|
|
|
|
* |
|
Futures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of trading days |
64 |
|
64 |
|
— |
|
— % |
|
187 |
|
188 |
|
(1) |
|
(0.5) % |
|
Agricultural products total contracts |
513,406 |
|
784,097 |
|
(270,691) |
|
(34.5) % |
|
2,736,313 |
|
2,411,625 |
|
324,688 |
|
13.5 % |
|
Agricultural products ADV(1) |
8,022 |
|
12,252 |
|
(4,230) |
|
(34.5) % |
|
14,633 |
|
12,828 |
|
1,805 |
|
14.1 % |
|
Agricultural products RPC(2) |
|
|
|
|
|
|
(5.5) % |
|
|
|
|
|
|
|
(11.4) % |
|
|
|
|
* Percentage calculation is not meaningful. Represents a change in inverted fees. |
|
|
(1) |
ADV is calculated as total contracts or shares for the period divided by total trading days for the period. |
|
(2) |
RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts traded during the period. |
|
(3) |
Equities capture per one hundred shares refers to transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees, and Section 31 fees (Net Transaction Fees), divided by one-hundredth of total shares. |
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SOURCE MIAX
FAQ
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