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Miami International (MIAX) investor relations material
Miami International Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Company overview and business model
Operates regulated financial marketplaces across options, equities, futures, and international listings, powered by proprietary technology.
Holds a broad portfolio of U.S. exchange and clearing licenses, including SEC and CFTC-regulated venues.
Expanded internationally through acquisitions of BSX (Bermuda) and TISE (Guernsey), providing access to global capital markets.
Revenue streams include transaction fees, access fees, and market data fees from exchange activity.
Launched new products and platforms, including MIAX Sapphire and MIAX Futures Onyx, and secured exclusive rights to list Bloomberg index-based derivatives.
Financial performance and metrics
For the nine months ended September 30, 2025: revenues less cost of revenues were $306.0M; net loss was $100.0M; adjusted EBITDA was $136.9M (44.7% margin).
FY 2024: revenues less cost of revenues $275.6M; net income $102.0M; adjusted EBITDA $82.1M (29.6% margin).
Options segment: 1.69B contracts traded in 2024 (6.5% YoY growth); 1.7B contracts in first nine months of 2025 (38.9% YoY growth).
Equities segment: 49.9B shares traded in 2024 (6.2% YoY growth); 34.7B shares in first nine months of 2025 (down 8.4% YoY).
Significant customer concentration: top three customers accounted for 19%, 15%, and 11% of revenue in the first nine months of 2025.
Use of proceeds and capital allocation
The company will not receive proceeds from this secondary offering; all proceeds go to selling stockholders.
Proceeds from the August 2025 IPO ($396.8M) were used to fully repay outstanding borrowings under the 2029 Senior Secured Term Loan.
Ongoing investments in technology, product development, and international expansion.
- TimeTickerHeadlineOpen
- 7 FebPGIL
Strong 9MFY26 growth with 13.2% higher revenue, margin gains, and upgraded credit ratings. - 7 Feb504614
Strong revenue and profit growth in Q3 FY26, led by power and steel segments. - 7 FebCHEMPLASTS
Net losses widened and revenue fell year-over-year amid regulatory and market headwinds. - 7 FebSBIN
Q3 FY26 net profit reached ₹21,028.15 crore, driven by robust income and strategic divestments. - 6 FebHTOO
Resale registration for 71,429 shares via warrant, with proceeds only on exercise; financial risks persist. - 6 FebVSAT
Q3 revenue up 3% to $1.16B, net income $25M, strong cash flow, Ligado boost, satellite focus. - 6 FebWEC
Targets 7–8% EPS growth, $37.5B capex, and coal exit by 2032 amid surging data center demand. - 6 FebBR
Q2 FY26 recurring revenue grew 8% and adjusted EPS guidance was raised to 9-12%. - 6 FebFFWM
Merger vote includes new non-voting stock class with limited conversion and no voting rights. - 6 FebKKR
Charter amendments seek to modernize governance and establish one share, one vote by 2026.
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