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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.
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