Inferra AI / Company / MIAX

Miami International Holdings, Inc.

MIAX · Financials

Last earnings Oct 29, 2026

Key results

Net revenuequarter

57%

Net revenue grew 57% year-over-year to $109.5 million GAAP net loss of $102.1 million, impacted by one-time loss on extinguishment of debt and IPO- related expenses

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

GAAP EPSquarter

$48.0 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

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Adjusted EPSquarter

$0.42

Adjusted diluted EPS of $0.42 PRINCETON, N.J. and

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Revenuequarter

$ 109,483

Summary of Selected Unaudited Condensed Consolidated Financial Results ($000, except per share amounts and percentages) 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 Diluted EPS $ (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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

NA EPSquarter

$ 39,947

Summary of Selected Unaudited Condensed Consolidated Financial Results ($000, except per share amounts and percentages) 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 Diluted EPS $ (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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Options Net revenuequarter

55%

Options Net revenue grew 55% to $94.5 million, compared to $60.9 million in the prior-year period.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Operating incomequarter

56%

Operating income increased 56% to $51.4 million, compared to $32.9 million in the prior-year period.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Equities Net revenuequarter

$4.4 million

2 Equities Net revenue nearly doubled to $4.4 million, compared to $2.2 million in the prior-year period.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Futures Net revenuequarter

$4.8 million

Futures Net revenue was $4.8 million, compared to $5.3 million in the prior-year period.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

AI analysis

Q3 2025 · reported Nov 5, 2025

Based on: Earnings release + parent 8-K — transcript not held

Adjusted EPS · Q3 2025
$0.42
EX-99 · Nov 5, 2025
GAAP EPS · Q3 2025
$48.0M
EX-99 · Nov 5, 2025
Revenue · Q3 2025
$ 109,483
EX-99 · Nov 5, 2025
NA EPS · Q3 2025
$ 39,947
EX-99 · Nov 5, 2025

The quarter in charts

Segment mix

Business-unit revenue, as stated

0246$4.8MFutures Net$4.4MEquities Net

Segment revenue figures as stated in the event record.

Headline figures

MetricQ3 2025Prior qtrYear ago
Net revenue57%——
GAAP EPS$48.0 million——
Adjusted EPS$0.42——
Revenue$ 109,483——
NA EPS$ 39,947——
Options Net revenue55%——
Operating income56%——
Equities Net revenue$4.4 million—$2.2 million

EX-99 · Nov 5, 2025

Guidance · company-stated

No guidance located in the held release

Stated figure26%

“effective tax rate post valuation allowance release in a range between 26% and 28%”

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Net revenue57%
GAAP EPS$48.0M
Adjusted EPS$0.42

htm EX-99.1 miax3q25earningsrelease Miami International Holdings Reports Results for Third Quarter 2025 Net revenue grew 57% year-over-year to $109.5 million GAAP net loss of $102.1 million, impacted by one-time loss on extinguishment of debt and IPO- related expenses 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 PRINCETON, N.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Miami International Holdings, Inc. — Earnings release (2025-11-05)

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

htm EX-99.1 miax3q25earningsrelease Miami International Holdings Reports Results for Third Quarter 2025 Net revenue grew 57% year-over-year to $109.5 million GAAP net loss of $102.1 million, impacted by one-time loss on extinguishment of debt and IPO- related expenses 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 PRINCETON, N.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

GAAP net loss of $102.1 million, compared to GAAP net loss of $3.2 million in the prior-year period primarily due to one-time loss on extinguishment of debt and IPO-related expenses.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

As of September 30, 2025, MIH had cash and cash equivalents of $401.5 million and total debt of $6.5 million.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

3 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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

(338) (6,791) (2,229) (8,149) Change in fair value of puttable warrants issued with debt .........................................................................

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Strategy & priorities

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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

With a strong foundation to build on, we are well-positioned to execute on our growth strategy and create long-term shareholder value.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Total operating expenses were $109.8 million, compared to $70.7 million in the prior-year period primarily due to initial public offering (IPO) related expenses and planned increases in headcount to support our growth initiatives.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Risks & headwinds

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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

3 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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

" 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.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

239 239 Litigation costs(3) ...........................................

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

(3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter.

SEC original ↗Miami International Holdings, Inc. — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Documents

Filings

25 documents

Earnings releases

7 documents

Presentations

0 documents

No presentations for Miami International Holdings, Inc. are held in this edition of the library.

Transcripts

0 documents

No transcripts for Miami International Holdings, Inc. are held in this edition of the library.

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