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
The quarter in charts
Segment mix
Business-unit revenue, as stated
Segment revenue figures as stated in the event record.
Headline figures
| Metric | Q3 2025 | Prior qtr | Year ago |
|---|---|---|---|
| Net revenue | 57% | — | — |
| GAAP EPS | $48.0 million | — | — |
| Adjusted EPS | $0.42 | — | — |
| Revenue | $ 109,483 | — | — |
| NA EPS | $ 39,947 | — | — |
| Options Net revenue | 55% | — | — |
| Operating income | 56% | — | — |
| Equities Net revenue | $4.4 million | — | $2.2 million |
Guidance · company-stated
No guidance located in the held release
“effective tax rate post valuation allowance release in a range between 26% and 28%”
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.
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
Filings
25 documentsEarnings releases
7 documentsPresentations
0 documentsNo presentations for Miami International Holdings, Inc. are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Miami International Holdings, Inc. are held in this edition of the library.
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