• 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.J. and MIAMI – November 5, 2025 – Miami International Holdings, Inc. (MIH) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced results for the third quarter ended September 30, 2025.

“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 56% over the same period in the prior year.”

“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, compared to $69.6 million in the prior-year period primarily driven by strong options business performance, including increased industry volumes and the launch of the MIAX Sapphire® electronic options exchange in August 2024.
• 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.
• Operating loss of $0.3 million, compared to an operating loss of $1.2 million in the prior-year period.
• 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.
• Adjusted earnings increased nearly five times to $39.9 million, compared to adjusted earnings of $8.3 million in the prior-year period.
• Adjusted EBITDA more than doubled to $48.0 million, compared to $18.7 million in the prior-year period driven primarily by strong growth in net revenues.
• Adjusted EBITDA margin expanded to 44% from 27% 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.

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

* Reconciliation of non-GAAP results is included in the tables below. See “Non-GAAP Financial Information” below.

Segment Results
($000) 

Options 

• Net revenue grew 55% to $94.5 million, compared to $60.9 million in the prior-year period. The growth was primarily driven by higher net transaction fees that benefitted from increased industry volume, higher market share, and higher revenue per contract (RPC). Higher non-transaction fees were primarily driven by the launch of the MIAX Sapphire electronic options exchange in August 2024 which also contributed to increased revenues.
• Operating income increased 56% to $51.4 million, compared to $32.9 million in the prior-year period. The growth was primarily due to higher net revenues, partially offset by higher expenses driven by share-based compensation costs.
• Adjusted EBITDA grew 70% to $69.1 million, compared to $40.7 million in the prior-year period.

Equities

• Net revenue nearly doubled to $4.4 million, compared to $2.2 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved but still negative pricing as liquidity payments exceeded transaction revenues.
• Operating loss of $4.9 million, compared to an operating loss of $5.0 million in the prior-year period.
• Adjusted EBITDA of $(0.9) million, compared to $(2.5) million in the prior-year period. 

Futures 

• Net revenue was $4.8 million, compared to $5.3 million in the prior-year period. The decrease was due to participant migrations to the MIAX Futures Onyx trading platform and lower commodity market volatility, partially offset by the elimination of expenses related to CME Globex.
• Operating loss was $18.5 million, compared to an operating loss of $12.8 million in the prior-year period. The change was primarily due to lower revenue and higher operating expenses driven by share-based compensation costs.
• Adjusted EBITDA of $(9.6) million, compared to $(8.0) million in the prior-year period. 

International 

• Net revenue was $5.5 million, compared to $0.8 million in the prior-year period.  The increase was primarily due to the acquisition of The International Stock Exchange Group Limited (TISE) in June 2025.
• Operating income was $0.8 million, compared to an operating loss of $2.6 million in the prior-year period. The change was primarily due to the impact of the TISE acquisition.
• Adjusted EBITDA of $1.7 million, compared to $(1.7) million in the prior-year period. 

Capital and Liquidity

• On August 13, 2025, MIH raised $396.8 million in gross proceeds from its IPO of 17,250,000 shares of common stock, including the full exercise of the underwriters' option to purchase additional shares.
• On August 18, 2025, MIH repaid its outstanding senior secured loan agreement maturing in 2029. The amount repaid by MIH included $178.4 million of outstanding indebtedness, accrued and unpaid interest, the related premium, and fees.
• As of September 30, 2025, MIH had cash and cash equivalents of $401.5 million and total debt of $6.5 million.

Full results for Q3 2025 are available in the linked PDF

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 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 attached. 

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.

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