Open the filing on EDGARMiami International Holdings Reports Fourth Quarter and Full Year 2025 Financial Results
- Q4 Net revenue of $124.5 million (+52% YoY), GAAP diluted EPS of $0.27
- Q4 Adjusted EBITDA of $62.2 million (+112% YoY), Adjusted diluted EPS of $0.52
- FY 2025 Net revenue of $430.5 million (+56% YoY), GAAP diluted EPS of ($1.00)
- FY 2025 Adjusted EBITDA of $199.1 million (+143% YoY), Adjusted diluted EPS of $1.82
- Establishes 2026 adjusted operating expense guidance PRINCETON, N.J. and MIAMI - February 25, 2026 - Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced results for the fourth quarter and full year 2025. “We ended a milestone year with another exceptional quarter of progress,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. “Beyond our strong financial results and record volumes, 2025 was marked by a number of transformative strategic achievements including our successful IPO and secondary offering, the announcement of our strategic sale of 90% of MIAXdx, the launch of the MIAX Sapphire options trading floor in Miami, the launch of the MIAX Futures Onyx trading platform, and the completion of our acquisition of TISE.” “We have built a strong foundation for capturing emerging secular growth opportunities. Looking ahead, we’ll leverage our technology advantage, broad range of regulatory licenses across multiple jurisdictions, diverse and expanding product range, and most importantly, our deep relationships with our customers to drive continued growth.” Fourth Quarter 2025 Highlights All figures are compared to the fourth quarter of 2024 unless otherwise stated.
- Net revenue, defined as revenues less cost of revenues, grew 52% to $124.5 million, compared to $81.7 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and the full-year impact of the MIAX Sapphire® electronic options exchange.
- Total operating expenses were $81.8 million, compared to $74.5 million in the prior-year period. The increase was primarily due to planned investments in headcount and technology to support our growth initiatives; increased depreciation and amortization expenses related to the launch of the MIAX Sapphire electronic and floor exchange; and the launch of the MIAX Futures Onyx trading platform.
- Operating income of $42.7 million, compared to $7.2 million in the prior-year period.
- GAAP net income of $29.9 million, compared to $2.9 million in the prior-year period.
- Adjusted earnings increased nearly three times to $57.1 million, compared to $19.6 million in the prior- year period.
- Adjusted EBITDA more than doubled to $62.2 million, compared to $29.3 million in the prior-year period, driven primarily by strong growth in net revenues.
- Adjusted EBITDA margin expanded to 50% from 36% in the prior-year period. Business Updates
- Closed secondary public offering of 7.8 million shares of common stock at $41.00 per share in the fourth quarter of 2025. The offering consisted entirely of secondary shares. FOR IMMEDIATE RELEASE February 25, 2026
- MIAX options exchanges reached a record average daily volume of 11.1 million contracts in the fourth quarter of 2025, a 46.5% increase year-over-year.
- MIAX options exchanges reached a market share record of 18.2% in the fourth quarter of 2025, a 14.5% increase year-over-year.
- Completed the sale of 90% of the issued and outstanding equity in MIAXdx in January 2026 to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group. MIAX retained 10% of the issued and outstanding equity of MIAXdx, now known as Rothera Exchange and Clearing LLC.
- Listed new Monday and Wednesday short term option expirations for qualifying stocks in the Short term Options Series Program. Summary of Selected Unaudited Condensed Consolidated Financial Results ($000, except per share amounts and percentages) Consolidated Fourth Quarter Results 4Q25 December 31, 2025 4Q24 December 31, 2024 Change Total revenues less cost of revenues $ 124,501 $ 81,705 52 % Operating income $ 42,689 $ 7,158 496 % Net income attributable to MIH stockholders $ 29,944 $ 2,891 936 % Diluted EPS $ 0.27 $ 0.04 Adjusted earnings* $ 57,066 $ 19,565 192 % Adjusted diluted EPS* $ 0.52 $ 0.26 EBITDA $ 35,041 $ 12,623 178 % Adjusted EBITDA* $ 62,163 $ 29,338 112 % Adjusted EBITDA margin %* 50 % 36 % 39 % * Reconciliation of non-GAAP results is included in the tables below. See “Non-GAAP Financial Information” below. Segment Results ($000) Total Revenues Less Cost of Revenues (Net Revenue) by Business Segment 4Q25 December 31, 2025 4Q24 December 31, 2024 Change Options $ 106,903 $ 73,147 46 % Equities 6,376 1,846 245 % Futures 4,805 5,565 (14) % International 6,039 851 610 % Corporate/Other 378 296 28 % Total $ 124,501 $ 81,705 52 % Options
- Net revenue grew 46% to $106.9 million, compared to $73.1 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 full-year impact of the launch of the MIAX Sapphire electronic options exchange.
- Operating income increased 80% to $73.0 million, compared to $40.6 million in the prior-year period. The growth was primarily due to higher net revenues.
- Adjusted EBITDA grew 66% to $82.5 million, compared to $49.7 million in the prior-year period.
Equities
- Net revenue grew 245% to $6.4 million, compared to $1.8 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved pricing. Equities capture was net neutral for the quarter as compared to historically inverted.
- Approached operating breakeven in the fourth quarter, compared to an operating loss of $6.3 million in the prior-year period.
- Adjusted EBITDA of $1.6 million, compared to ($3.8) million in the prior-year period. Futures
- Net revenue was $4.8 million, compared to $5.6 million in the prior-year period. The decline was primarily due to lower listings fees, and decreased transaction fees due to lower volumes caused by timing of participant migrations to MIAX Futures Onyx and lower commodity market volatility, partially offset by the elimination of expenses related to CME Globex.
- Operating loss was $14.2 million, compared to an operating loss of $11.0 million in the prior-year period. The change was primarily due to lower revenue and higher operating expenses driven by increased compensation costs.
- Adjusted EBITDA of ($10.0) million, compared to ($6.9) million in the prior-year period. International
- Net revenue was $6.0 million, compared to $0.9 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 $0.9 million, compared to an operating loss of $2.8 million in the prior-year period. The change was primarily due to the impact of the TISE acquisition.
- Adjusted EBITDA of $1.8 million, compared to ($2.0) million in the prior-year period. Capital and Liquidity
- As of December 31, 2025, MIAX had cash and cash equivalents of $433.6 million and total debt of $1.5 million. FY 2026 Guidance For full year 2026, we expect:
- Adjusted operating expenses, which exclude share based compensation, depreciation and amortization, and litigation expenses, in a range between $265 million and $275 million;
- Share based compensation expense in a range between $27 million and $30 million;
- Capital expenditures, including capitalization of internally developed software, in a range between $40 million and $45 million;
- Depreciation and amortization expense in a range between $33 million and $38 million;
- Adjusted effective tax rate post valuation allowance release in a range between 27% and 29%. Subject to continued improvements in U.S. operating results, the Company anticipates that within the next 12 months, sufficient positive evidence should become available to reach a conclusion that a significant portion of the deferred tax valuation allowance (VA) would no longer be required. The Adjusted ETR is based on non-GAAP adjusted earnings and excludes the discrete tax benefit of the anticipated VA release. Webcast and Conference Call MIAX will host a webcast and conference call to review its fourth quarter and full-year financial results today, February 25, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (international dial-in 412-317-6060) or access the webcast 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. 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.
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). Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis.
Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The Company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the Company’s ongoing operations. The Company does not believe that this information is likely to be significant to an assessment of the Company’s ongoing operations.
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 eight exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl EquitiesTM, MIAX FuturesTM, 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 contains 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," "expect," "anticipates," "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
Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues: Transaction and clearing fees ..................................... $ 321,172 $ 287,905 $ 1,189,429 $ 1,000,114 Access fees .................................................................... 28,763 22,780 106,048 89,567 Market data fees ........................................................... 10,973 8,838 41,598 33,646 Other revenue ................................................................ 8,526 4,373 26,998 16,745 Total revenues ........................................................ 369,434 323,896 1,364,073 1,140,072 Cost of revenues: Liquidity payments ........................................................ 230,913 201,778 837,896 727,177 Brokerage, clearing, and exchange fees ................... 12,717 17,328 55,264 68,462 Section 31 fees .............................................................. - 22,032 35,225 62,140 Equity rights program ................................................... - - - 1,975 Other cost of revenues ................................................. 1,303 1,053 5,158 4,674 Total cost of revenues ............................................ 244,933 242,191 933,543 864,428 Revenues less cost of revenues .......................... 124,501 81,705 430,530 275,644 Operating expenses: Compensation and benefits ......................................... 41,579 37,998 188,313 145,225 Information technology and communication costs ... 9,678 7,725 35,367 29,167 Depreciation and amortization .................................... 8,042 6,265 29,379 23,372 Occupancy costs ........................................................... 2,966 2,373 11,984 9,405 Professional fees and outside services ..................... 12,633 12,993 42,792 47,656 Marketing and business development ....................... 679 865 2,756 3,063 Acquisition-related costs .............................................. - - 2,901 - General, administrative, and other ............................. 6,235 6,328 25,070 20,581 Total operating expenses ...................................... 81,812 74,547 338,562 278,469 Operating income (loss) 42,689 7,158 91,968 (2,825) Non-operating (expense) income: Change in fair value of puttable common stock ....... - (2,445) (2,229) (10,594) Change in fair value of puttable warrants issued with debt ......................................................................... - (3,027) (1,172) (4,662) Interest income .............................................................. 4,043 1,326 9,414 3,302 Interest expense and amortization of debt issuance costs ............................................................... (176) (4,419) (12,886) (13,951) Gain (loss) on sale of intangible asset ....................... - - (2,054) 52,604 Unrealized gain (loss) on derivative assets .............. (15,876) 7,156 (54,915) 83,840 Impairment of investments .......................................... - (4,108) - (4,108) Loss on debt extinguishment ...................................... - - (107,656) - Other, net ........................................................................ 186 1,624 10,951 1,475 Income (loss) before income tax provision 30,866 3,265 (68,579) 105,081 Income tax expense ..................................................... (922) (374) (1,450) (3,095) Net income (loss) 29,944 2,891 (70,029) 101,986 Net loss attributable to non-controlling interest ........ - - - (137) Net income (loss) attributable to Miami International Holdings, Inc. $ 29,944 $ 2,891 $ (70,029) $ 102,123 Weighted-average shares of common stock outstanding Basic ............................................................................... 87,513,159 63,484,489 69,836,032 60,698,967 Diluted ............................................................................. 109,603,947 76,386,956 69,836,032 74,625,858 Net income (loss) per share attributable to common stock Basic ............................................................................... $ 0.34 $ 0.05 $ (1.00) $ 1.68 Diluted ............................................................................. $ 0.27 $ 0.04 $ (1.00) $ 1.39 Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) Three and Twelve Months Ended December 31, 2025 and 2024 ($000, except share and per share amounts)
December 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents ....................................................................................................................... $ 433,648 $ 150,341 Cash and securities segregated under federal and other regulations ............................................... 27,618 30,809 Accounts receivable, net ........................................................................................................................... 98,107 92,415 Restricted cash ........................................................................................................................................... 6,005 6,270 Clearing house performance bonds and guarantee funds .................................................................. 70,078 87,744 Participant margin deposits ...................................................................................................................... - 1,234 Receivables from broker-dealers, futures commission merchants, and clearing organizations ... 133,533 147,164 Current portion of derivative assets ......................................................................................................... 6,017 33,536 Other current assets .................................................................................................................................. 39,232 23,303 Assets held for sale .................................................................................................................................... 40,976 - Total current assets ............................................................................................................................. 855,214 572,816 Investments ................................................................................................................................................. 19,180 31,022 Fixed assets, net ........................................................................................................................................ 46,854 44,478 Internally developed software, net ........................................................................................................... 36,333 32,262 Goodwill ....................................................................................................................................................... 62,211 46,818 Other intangible assets, net ...................................................................................................................... 170,774 114,224 Derivative assets, net of current portion ................................................................................................. 5,114 50,304 Other assets, net ........................................................................................................................................ 63,745 81,727 Total assets .......................................................................................................................................... $ 1,259,425 $ 973,651 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and other liabilities ..................................................................................................... $ 69,780 $ 120,361 Accrued compensation payable ............................................................................................................... 39,412 33,523 Current portion of long-term debt ............................................................................................................. 1,508 4,767 Deferred transaction revenues ................................................................................................................. 9,572 2,710 Clearing house performance bonds and guarantee funds .................................................................. 69,578 87,244 Participant margin deposits ...................................................................................................................... - 1,234 Payables to customers .............................................................................................................................. 144,641 152,637 Payables to clearing organizations .......................................................................................................... 11 2,746 Liabilities held for sale ............................................................................................................................... 2,758 - Total current liabilities ......................................................................................................................... 337,260 405,222 Long-term debt ............................................................................................................................................ - 32,268 Deferred income taxes .............................................................................................................................. 22,386 10,766 Puttable common stock, net of current portion ...................................................................................... - 78,424 Puttable warrants issued with debt .......................................................................................................... - 64,188 Other non-current liabilities ....................................................................................................................... 18,762 15,166 Total liabilities ....................................................................................................................................... 378,408 606,034 Commitments and contingencies ............................................................................................................. - - Stockholders’ equity: Convertible preferred stock - par value $0.001 (25,000,000 authorized, and 0 issued and outstanding at December 31, 2025 and 781,859 issued and outstanding at December 31, 2024) ........................................................................................................................................................ - 1 Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized (400,000,000 voting, 200,000,000 nonvoting); 85,890,086 issued and 85,536,287 outstanding common stock at December 31, 2025 (85,536,287 voting, 0 nonvoting) and 63,219,480 issued and 63,181,011 outstanding non-puttable common stock at December 31, 2024 (59,683,661 voting, 3,497,350 nonvoting)) ................................................................................................................... 86 63 Common stock in treasury, at cost, 353,799 shares at December 31, 2025 and 38,469 shares at December 31, 2024 .......................................................................................................................... (8,232) (775) Additional paid-in capital ........................................................................................................................... 1,522,143 930,638 Accumulated deficit .................................................................................................................................... (632,339) (562,310) Accumulated other comprehensive loss, net ......................................................................................... (641) - Total stockholders’ equity ................................................................................................................... 881,017 367,617 Total liabilities and stockholders’ equity ........................................................................................... $ 1,259,425 $ 973,651 Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) December 31, 2025 and December 31, 2024 ($000, except share and per share amounts)
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 ($000): Three Months Ended December 31, 2025 Options Equities Futures International Corporate / Other Total Net income (loss) allocated to common shareholders ............................................. $ 73,308 $ (48) $ (13,776) $ (15,326) $ (14,214) $ 29,944 Interest expense and amortization of debt issuance costs ................................. - - 5 - 171 176 Interest income ............................................. (344) - (186) (174) (3,339) (4,043) Income tax expense ..................................... - - - 489 433 922 Depreciation and amortization .................... 4,327 1,029 1,514 462 710 8,042 EBITDA .......................................................... 77,291 981 (12,443) (14,549) (16,239) 35,041 Share based compensation(1) ..................... 3,909 628 2,600 496 1,926 9,559 Investment (gain) loss(2) .............................. - - (127) - 73 (54) Litigation costs(3) ........................................... 1,306 - - - 435 1,741 Unrealized loss on derivative assets(4) ...... - - - 15,876 - 15,876 Adjusted EBITDA .......................................... $ 82,506 $ 1,609 - $ (9,970) - $ 1,823 $ - $ (13,805) - $ 62,163 (1) Share-based compensation represents expenses associated with stock options of $5.1 million, restricted stock awards of $4.2 million, and warrants of $0.2 million that have been granted to employees, directors and service providers. The 2025 expense of $9.6 million is made up of $8.5 million to employees within compensation and benefits, $0.6 million to service providers within professional fees and outside services, and $0.4 million to directors within general, administrative, and other. (2) Investment (gain) loss of $0.1 million represents an unrealized gain or loss on marketable equity securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) Represents the unrealized loss on 250 million Pyth tokens that remain locked by the Pyth Network as of December 31, 2025. Three Months Ended December 31, 2024 Options Equities Futures International Corporate / Other Total Net income (loss) allocated to common shareholders ............................................. $ 41,041 $ (6,293) $ (9,893) $ 4,381 $ (26,345) $ 2,891 Interest expense and amortization of debt issuance costs ................................. - - 36 - 4,383 4,419 Interest income ............................................. (459) - (212) - (655) (1,326) Income tax expense ..................................... - - 1 - 373 374 Depreciation and amortization .................... 3,100 1,423 1,045 157 540 6,265 EBITDA .......................................................... 43,682 (4,870) (9,023) 4,538 (21,704) 12,623 Share based compensation(1) ..................... 3,937 1,049 2,655 573 1,825 10,039 Investment gain(2) ......................................... - - (510) - - (510) Litigation costs(3) ........................................... 2,086 - - - 695 2,781 Change in fair value of puttable warrants issued with debt(4) .................................... - - - - 3,027 3,027 Change in fair value of puttable common stock(5) ........................................................ - - - - 2,445 2,445 Impairment charges(6) .................................. - - - - 6,089 6,089 Unrealized gain on derivative assets(7) ..... - - - (7,156) - (7,156) Adjusted EBITDA .......................................... $ 49,705 $ - $ (3,821) $ - $ (6,878) $ - $ (2,045) $ (7,623) $ - $ 29,338 (1) Share-based compensation represents expenses associated with stock options of $2.9 million, restricted stock awards of $6.7 million and warrants of $0.4 million that have been granted to employees, directors and service providers.
The 2024 expense of $10.0 million is made up of $9.0 million to employees within compensation and benefits, $0.7 million to service providers within professional fees and outside services, $0.4 million to directors within general, administrative, and other. (2) Investment gain of $0.5 million represents an unrealized gain on marketable equity securities. (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 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. The right to put shares terminated upon completion of the IPO in August 2025. (6) Impairment charges include $4.1 million for an other-than-temporary impairment of minority equity investments held in three private companies, and $2.0 million related to owned land and building impairments. (7) Represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of December 31, 2024. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens.
Year Ended December 31, 2025 Options Equities Futures International Corporate / Other Total Net income (loss) allocated to common shareholders ............................................. $ 235,695 $ (12,014) $ (53,710) $ (58,645) $ (181,355) $ (70,029) Interest expense and amortization of debt issuance costs ................................. - - 111 - 12,775 12,886 Interest income ............................................. (1,592) - (785) (305) (6,732) (9,414) Income tax expense ..................................... - - - 962 488 1,450 Depreciation and amortization .................... 14,620 5,639 5,169 1,500 2,451 29,379 EBITDA .......................................................... 248,723 (6,375) (49,215) (56,488) (172,373) (35,728) Share based compensation(1) ..................... 24,815 4,460 15,288 1,473 11,530 57,566 Investment gain(2) ......................................... - - (1,797) - (8,577) (10,374) Litigation costs(3) ........................................... 3,321 - - - 1,107 4,428 Impairment charges(4) .................................. - - - - 2,717 2,717 Acquisition-related costs(5) .......................... - - - - 2,901 2,901 Change in fair value of puttable warrants issued with debt(6) .................................... - - - - 1,172 1,172 Change in fair value of puttable common stock(7) ........................................................ - - - - 2,229 2,229 Loss on intangible asset(8) ........................... - - - 2,054 - 2,054 Unrealized loss on derivative assets(9) ...... - - - 54,915 - 54,915 One time IPO payments(10) ......................... - - - - 8,048 8,048 Warrant modifications(11) .............................. - - - - 1,516 1,516 Loss on extinguishment of debt(12) ............. - - - - 107,656 107,656 Adjusted EBITDA .......................................... $ 276,859 $ (1,915) - $ (35,724) - $ 1,954 $ - $ (42,074) - $ 199,100 (1) Share-based compensation represents expenses associated with stock options of $14.4 million, restricted stock awards of $42.0 million, and warrants of $1.2 million that have been granted to employees, directors and service providers. The 2025 expense of $57.6 million is made up of $53.3 million to employees within compensation and benefits, $2.8 million to service providers within professional fees and outside services, and $1.5 million to directors within general, administrative, and other. (2) Investment gain of $10.4 million represents unrealized gain of $8.6 million from the TISE acquisition, and $1.8 million of unrealized gain on marketable equity securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) Impairment charges of $2.7 million related to owned land and building impairments. (5) Related to the TISE acquisition. (6) 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 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025. (7) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company’s ERPs I and II that have an associated put right which requires the Company 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. (8) Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025. (9) Reflects the unrealized loss resulting from the mark-to-market valuation of the 125 million Pyth tokens upon unlocking prior to their sale during the second quarter of 2025, and of the 250 million Pyth tokens that remain locked by the Pyth Network as of December 31, 2025. (10) One time IPO bonuses paid to certain employees and termination payments to former directors. (11) Represents expense recognized upon the extension of expiration date of certain warrants. (12) 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.
Year Ended December 31, 2024 Options Equities Futures International Corporate / Other Total Net income (loss) allocated to common shareholders ......................................................... $ 134,831 $ (27,148) $ (42,420) $ 125,650 $ (88,790) $ 102,123 Interest expense and amortization of debt issuance costs ...................................................... - - 173 - 13,778 13,951 Interest income ......................................................... (1,264) - (899) - (1,139) (3,302) Income tax expense (benefit) ................................. - - (2,188) - 5,283 3,095 Depreciation and amortization ............................... 11,216 5,919 3,446 584 2,207 23,372 EBITDA ...................................................................... 144,783 (21,229) (41,888) 126,234 (68,661) 139,239 Share based compensation(1) ................................ 15,823 5,977 11,342 2,591 7,898 43,631 Investment (gain) loss(2) .......................................... - - (952) - 2,037 1,085 Litigation costs(3) ....................................................... 6,646 - - - 2,215 8,861 Change in fair value of puttable warrants issued with debt(4) ............................................................. - - - - 4,662 4,662 Change in fair value of puttable common stock(5) ................................................................... - - - - 10,594 10,594 Settlement fee(6) ....................................................... - - - - 3,000 3,000 Settlement of induced conversion expense in common stock(7) ................................................... - - - - 1,365 1,365 Gain on intangible asset(8) ...................................... - - - (52,604) - (52,604) Impairment charges(9) .............................................. - - - - 6,089 6,089 Unrealized gain on derivative assets(10) ............... - - - (83,840) - (83,840) Adjusted EBITDA ..................................................... $ 167,252 - $ (15,252) - $ (31,498) - $ (7,619) $ (30,801) - $ 82,082 (1) Share-based compensation represents expenses associated with stock options of $11.6 million, restricted stock awards of $28.0 million and warrants of $2.0 million that have been granted to employees, directors and service providers as well as the expense associated with the ERP of $2.0 million. The 2024 expense of $43.6 million is made up of $37.0 million to employees within compensation and benefits, $2.9 million to service providers within professional fees and outside services, $1.7 million to directors within general, administrative, and other, and $2.0 million in the ERP cost of revenues. (2) Investment (gain) loss of $1.1 million represents an unrealized loss for an observable price change in the value of an investment, net of unrealized gain on marketable equity securities. (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 2029 Senior Secured Term Loan. (5) The change in fair value of puttable common stock of $10.6 million represents the increase in fair value of outstanding puttable common stock issued in connection with the Company’s ERPs I and II that have an associated put right which requires the Company 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. (6) The Company recognized expense of $3.0 million related to a settlement fee to its Prior Loan Agreement lender. (7) Represents the fair value of common stock issued to convertible loan holders in excess of the consideration issuable under the original term loan agreements, offered as an inducement to convert prior to maturity. (8) Represents the realized gain on 125 million Pyth tokens that were unlocked by the Pyth Network and sold by BSX during the second quarter of 2024. BSX sold these tokens for $52.6 million, net of expenses incurred. (9) Impairment charges include $4.1 million for an other-than-temporary impairment of minority equity investments held in three private companies, and $2.0 million related to owned land and building impairments. (10) Represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of December 31, 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 sets forth our results of operations by segment ($000): Three Months Ended December 31, 2025 Options Equities Futures International Corporate / Other Total Revenues: Transaction and clearing fees ..................................... $ 275,800 $ 28,517 $ 16,799 $ 56 $ - $ 321,172 Access fees .................................................................... 24,718 3,823 239 40 (57) 28,763 Market data fees ........................................................... 7,135 2,513 1,253 79 (7) 10,973 Other revenue ................................................................ (27) 27 2,300 5,864 362 8,526 Total revenues ........................................................ 307,626 34,880 20,591 6,039 298 369,434 Cost of revenues: Liquidity payments ........................................................ 199,528 28,308 3,077 - - 230,913 Brokerage, clearing, and exchange fees ................... 1,195 196 11,326 - - 12,717 Other cost of revenues(1) .............................................. - - 1,383 - (80) 1,303 Total cost of revenues ............................................ 200,723 28,504 15,786 - (80) 244,933 Revenues less cost of revenues .......................... 106,903 6,376 4,805 6,039 378 124,501 Operating expenses: Compensation and benefits ......................................... 18,503 2,843 12,139 3,020 5,074 41,579 Information technology and communication costs ... 4,120 1,824 2,747 705 282 9,678 Depreciation and amortization .................................... 4,327 1,029 1,514 462 710 8,042 Occupancy costs ........................................................... 1,548 173 598 226 421 2,966 Professional fees and outside services ..................... 3,295 174 651 440 8,073 12,633 Marketing and business development ....................... 114 30 297 116 122 679 General, administrative, and other ............................. 2,031 351 1,089 205 2,559 6,235 Total operating expenses ...................................... 33,938 6,424 19,035 5,174 17,241 81,812 Operating income / (loss) 72,965 (48) (14,230) 865 (16,863) 42,689 Non-operating (expense) income: Interest income .............................................................. 344 - 186 174 3,339 4,043 Interest expense and amortization of debt issuance costs ............................................................... - - (5) - (171) (176) Unrealized loss on derivative assets ......................... - - - (15,876) - (15,876) Other, net ........................................................................ (1) - 273 - (86) 186 Income (loss) before income tax provision 73,308 (48) (13,776) (14,837) (13,781) 30,866 Income tax expense ..................................................... - - - (489) (433) (922) Net income (loss) attributable to Miami International Holdings, Inc. $ 73,308 $ (48) $ (13,776) $ (15,326) $ (14,214) $ 29,944 (1) Futures other cost of revenues includes $0.3 million related to access fees, $0.3 million related to market data fees, and $0.7 million related to other revenue.
Three Months Ended December 31, 2024 Options Equities Futures International Corporate / Other Total Revenues: Transaction and clearing fees ..................................... $ 228,005 $ 39,834 $ 20,018 $ 48 $ - $ 287,905 Access fees .................................................................... 19,107 3,512 182 36 (57) 22,780 Market data fees ........................................................... 5,414 2,429 923 79 (7) 8,838 Other revenue ................................................................ 57 - 3,268 688 360 4,373 Total revenues ........................................................ 252,583 45,775 24,391 851 296 323,896 Cost of revenues: Liquidity payments ........................................................ 165,164 34,451 2,163 - - 201,778 Brokerage, clearing, and exchange fees ................... 1,449 269 15,610 - - 17,328 Section 31 fees .............................................................. 12,823 9,209 - - - 22,032 Other cost of revenues(1) .............................................. - - 1,053 - - 1,053 Total cost of revenues ............................................ 179,436 43,929 18,826 - - 242,191 Revenues less cost of revenues .......................... 73,147 1,846 5,565 851 296 81,705 Operating expenses: Compensation and benefits ......................................... 16,703 4,011 10,069 1,983 5,232 37,998 Information technology and communication costs ... 3,085 1,432 2,464 641 103 7,725 Depreciation and amortization .................................... 3,100 1,423 1,045 157 540 6,265 Occupancy costs ........................................................... 1,053 178 477 146 519 2,373 Professional fees and outside services ..................... 7,000 782 1,118 206 3,887 12,993 Marketing and business development ....................... 230 12 146 65 412 865 General, administrative, and other ............................. 1,394 301 1,238 428 2,967 6,328 Total operating expenses ...................................... 32,565 8,139 16,557 3,626 13,660 74,547 Operating income / (loss) 40,582 (6,293) (10,992) (2,775) (13,364) 7,158 Non-operating (expense) income: Change in fair value of puttable warrants issued with debt ......................................................................... - - - - (3,027) (3,027) Change in fair value of puttable common stock ....... - - - - (2,445) (2,445) Interest income .............................................................. 459 - 212 - 655 1,326 Interest expense and amortization of debt issuance costs ............................................................... - - (36) - (4,383) (4,419) Impairment of investments .......................................... - - - - (4,108) (4,108) Unrealized gain on derivative assets ......................... - - - 7,156 - 7,156 Other, net ........................................................................ - - 924 - 700 1,624 Income (loss) before income tax provision 41,041 (6,293) (9,892) 4,381 (25,972) 3,265 Income tax expense ..................................................... - - (1) - (373) (374) Net income (loss) attributable to Miami International Holdings, Inc. $ 41,041 $ (6,293) $ (9,893) $ 4,381 $ (26,345) $ 2,891 (1) Futures other cost of revenues includes $0.2 million related to access fees, $0.2 million related to market data fees, and $0.6 million related to other revenue. The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except percentages): Options Equities Three Months Ended Three Months Ended December 31, Percent December 31, Percent 2025 2024 Change 2025 2024 Change Revenues less cost of revenues ............... $ 106,903 $ 73,147 46.1 % $ 6,376 $ 1,846 245.4 % Operating expenses .................................... 33,938 32,565 4.2 % 6,424 8,139 (21.1) % Operating income (loss) ............................. $ 72,965 $ 40,582 79.8 % $ (48) $ (6,293) * Adjusted EBITDA(1) ...................................... $ 82,506 $ 49,705 66.0 % $ 1,609 $ (3,821) * Adjusted EBITDA margin(2) ......................... 77.2 % 68.0 % - *
Futures International Three Months Ended Three Months Ended December 31, Percent December 31, Percent 2025 2024 Change 2025 2024 Change Revenues less cost of revenues ............... $ 4,805 $ 5,565 (13.7) % $ 6,039 $ 851 609.6 % Operating expenses .................................... 19,035 16,557 15.0 % 5,174 3,626 42.7 % Operating income (loss) ............................. $ (14,230) $ (10,992) * $ 865 $ (2,775) * Adjusted EBITDA(1) ...................................... $ (9,970) $ (6,878) * $ 1,823 $ (2,045) * Adjusted EBITDA margin(2) ......................... * * 30.2 % * * 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 Income (Loss) to Adjusted Earnings The following table is a reconciliation of net income (loss) allocated to common stockholders to adjusted earnings ($000): Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net income (loss) allocated to common shareholders ....................... $ 29,944 $ 2,891 $ (70,029) $ 102,123 Share based compensation(1) ................................................................. 9,559 10,039 57,566 43,631 Investment (gain) loss(2) .......................................................................... (54) (510) (10,374) 1,085 Litigation costs(3) ....................................................................................... 1,741 2,781 4,428 8,861 Impairment charges(4) .............................................................................. - 6,089 2,717 6,089 Acquisition-related costs(5) ...................................................................... - - 2,901 - Change in fair value of puttable warrants issued with debt(6) ............ - 3,027 1,172 4,662 Change in fair value of puttable common stock(7) ............................... - 2,445 2,229 10,594 (Gain) loss on intangible asset(8) ............................................................ - - 2,054 (52,604) Settlement of induced conversion expense in common stock(9) ....... - - - 1,365 Settlement fee(10) ...................................................................................... - - - 3,000 Unrealized (gain) loss on derivative assets(11) ..................................... 15,876 (7,156) 54,915 (83,840) Loss on extinguishment of debt(12) ......................................................... - - 107,656 - Warrant modifications(13) ......................................................................... - - 1,516 - One time IPO payments(14) ..................................................................... - - 8,048 - Tax effect of adjustments ........................................................................ - (41) - (59) Adjusted earnings ..................................................................................... $ 57,066 $ 19,565 $ 164,799 $ 44,907 (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) Represents unrealized gain or loss from the TISE investment or acquisition and unrealized gain or loss on marketable equity securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) 2025 impairment charges related to owned land and building impairments. 2024 impairment charges include $4.1 million for an other-than- temporary impairment of minority equity investments held in three private companies, and $2.0 million related to owned land and building impairments. (5) Related to the TISE acquisition. (6) 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. (7) 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. (8) 2025 represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025. 2024 represents the realized gain on the first tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2024 by the Pyth Network and sold by BSX during the second quarter of 2024. (9) Represents the fair value of common stock issued to convertible loan holders in excess of the consideration issuable under the original term loan agreements, offered as an inducement to convert prior to maturity. (10) The Company recognized expense of $3.0 million related to a settlement fee paid to its Prior Loan Agreement lender.
(11) Represents the unrealized gain or loss on Pyth tokens that remain locked by the Pyth Network and unrealized gain or loss resulting from the mark- to-market valuation of the Pyth tokens upon unlocking prior to their sale. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. (12) 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. (13) Represents expense recognized upon the extension of expiration date of certain warrants. (14) 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 income (loss) and adjusted earnings per share ($000, except share and per share data): Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net income (loss) attributable to MIH ....................................... $ 29,944 $ 2,891 $ (70,029) $ 102,123 Weighted-average common shares outstanding .................... 109,603,947 76,386,956 69,836,032 74,625,858 Diluted net income (loss) per share .......................................... $ 0.27 $ 0.04 $ (1.00) 1.39(1) Adjusted earnings ........................................................................ $ 57,066 $ 19,565 $ 164,799 $ 44,907 Diluted weighted average shares outstanding used for adjusted diluted earnings per share ......................................... 109,603,947 76,386,956 90,582,541 74,625,858 Adjusted diluted earnings per share ......................................... $ 0.52 $ 0.26 $ 1.82 0.62(1) (1) Inclusive of the adjustment to net income/adjusted earnings related to interest expense on convertible debt for the year ended December 31, 2024.
Key Business Metrics Three and Twelve Months Ended December 31, 2025 and 2024 Three Months Ended December 31, Increase/ (Decrease) Percent Change Years Ended December 31, Increase/ (Decrease) Percent Change2025 2024 2025 2024 Options: Number of trading days ....................................... 64 64 - - % 250 252 (2) (0.8) % Total contracts: Market contracts - Equity and ETF (in thousands) ................................................... 3,907,421 3,042,309 865,112 28.4 % 13,949,424 11,178,827 2,770,597 24.8 % MIH contracts - Equity and ETF (in thousands) .................................................. 710,111 484,721 225,390 46.5 % 2,384,481 1,690,223 694,258 41.1 % Average daily volume (“ADV”)(defined below)(1) ............................................................... Market ADV - Equity and ETF (in thousands)(1) ................................................ 61,053 47,536 13,517 28.4 % 55,798 44,360 11,438 25.8 % MI HA DV - Equity and ETF (in thousands)(1) ................................................ 11,095 7,574 3,521 46.5 % 9,538 6,707 2,831 42.2 % MIH market share ................................................. 18.2 % 15.9 % 2.3 pts 14.5 % 17.1 % 15.1 % 2.0 pts 13.2 % Total Options revenue per contract (“RPC”)(2) ... $0.106 $0.100 $0.006 6.0 % $0.108 $0.091 $0.017 18.7 % U.S. Equities: Number of trading days ....................................... 64 64 - - % 250 252 (2) (0.8) % Total shares: Market shares (in millions) ....................... 1,189,337 869,190 320,147 36.8 % 4,387,616 3,064,080 1,323,536 43.2 % MIH shares (in millions) ............................. 11,089 11,991 (902) (7.5) % 45,798 49,865 (4,067) (8.2) % ADV(1): Market ADV (in millions)(1) ......................... 18,583 13,581 5,002 36.8 % 17,550 12,159 5,391 44.3 % MI HA DV (in millions)(1) .............................. 173 187 (14) (7.5) % 183 198 (15) (7.6) % MIH market share .................................................. 0.9 % 1.4 % (0.5) pts (35.7) % 1.0 % 1.6 % (0.6) pts (37.5) % Equities capture (per 100 shares) (defined below)(3) ............................................................... $0.000 $(0.034) $0.034 * $(0.012) $(0.040) $0.028 * Futures: Number of trading days ........................................ 64 64 - - % 251 252 (1) (0.4) % Agricultural products total contracts .................... 524,040 777,110 (253,070) (32.6) % 3,260,353 3,188,735 71,618 2.2 % Agricultural products ADV(1) ................................. 8,188 12,142 (3,954) (32.6) % 12,989 12,654 335 2.6 % Agricultural products RPC(2) ................................. $2.281 $2.530 $(0.249) (9.8) % $2.241 $2.522 $(0.281) (11.1) % * 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.