Miami International Holdings Reports Results for Third Quarter 2025

Core Insights - Miami International Holdings, Inc. (MIH) reported strong third-quarter results for 2025, driven by elevated market volatility and record volumes in its options business, achieving a record average daily volume of 9.6 million contracts, a 56% increase year-over-year [2][4]. Financial Performance - Total revenues less cost of revenues increased by 57% to $109.5 million compared to $69.6 million in the same quarter of 2024 [4][8]. - The operating loss narrowed to $0.3 million from a loss of $1.2 million in the prior year [4][8]. - GAAP net loss attributable to MIH stockholders was $102.1 million, significantly impacted by one-time losses related to debt extinguishment and IPO expenses [7][8]. - Adjusted earnings surged nearly fivefold to $39.9 million, with adjusted diluted EPS reaching $0.42, up 282% from the previous year [7][8]. Segment Performance - Options segment net revenue grew by 55% to $94.5 million, primarily due to increased transaction fees and the launch of the MIAX Sapphire electronic options exchange [6][8]. - Equities segment revenue nearly doubled to $4.4 million, reflecting a 95% increase year-over-year [5][8]. - International segment revenue skyrocketed by 586% to $5.5 million, attributed to the acquisition of The International Stock Exchange Group Limited [5][8]. Operational Highlights - MIH's options exchanges achieved a market share record of 17.2% in Q3 2025 [8]. - The company plans to support trading of financial futures on the MIAX Futures Onyx platform starting in Q1 2026, with futures on the Bloomberg 500 Index to be listed in collaboration with Bloomberg [8][9]. - MIH raised $396.8 million in gross proceeds from its IPO in August 2025, which included the full exercise of underwriters' options [16][8]. Capital and Liquidity - As of September 30, 2025, MIH had cash and cash equivalents of $401.5 million and total debt of $6.5 million [16][8].