#USA #Miami #Miami International Holdings #MIAX #financial markets

Miami International Holdings Reports Third Quarter 2025 Results

Miami International Holdings, Inc. (MIH), known for its innovative approach in the financial markets, has recently shared its third-quarter results for 2025, highlighting both promising revenue growth and challenging net losses. In a period that saw substantial activity, MIH achieved net revenues of $109.5 million, reflecting a robust 57% increase compared to the previous year’s $69.6 million. The positive results stemmed from strong performance in their options business, bolstered by a record launch of the MIAX Sapphire® electronic options exchange in August 2024.

Revenue and Loss Analysis

Despite the significant revenue boost, MIH reported a net loss of $102.1 million for the quarter, a sharp contrast to the previous year's net loss of $3.2 million. This dramatic downturn is attributed to a one-time loss incurred during the extinguishment of debt and various IPO-related expenses. For investors, the diluted earnings per share (EPS) stood at $(1.46), compared to $(0.05) from the prior year.

To balance this, adjusted earnings showed remarkable growth, multiplying nearly five times from $8.3 million last year to $39.9 million this year. Adjusted EBITDA also saw an impressive surge, more than doubling to $48 million, indicating strong operational performance despite the net loss. The adjusted EBITDA margin increased to a notable 44%, compared to 27% in the third quarter of 2024, showcasing a healthy operational efficiency amidst challenges.

Business Insights

MIH's CEO, Thomas P. Gallagher, expressed optimism regarding the company's direction despite these financial challenges. He stated, “The third quarter was marked by considerable progress, particularly from our initial public offering. Our advanced technology offerings and solid risk management strategies have attracted heightened trading volumes.”

With average daily volumes reaching 9.6 million contracts in the options segment—a 56% increase over last year—MIH is seizing the moment in a volatile market environment. This performance has undoubtedly contributed to an expanding market share, reaching 17.2% in the options sector.

Strategic Initiatives

Looking ahead, MIH plans to build on its solid foundation by investing further in technology and nurturing industry relationships. The company is poised to enhance its offerings in equities, futures, and international markets. Notably, MIH announced support for trading financial futures on the MIAX Futures™ Onyx platform, expected to debut in early 2026, alongside a new futures contract based on the Bloomberg 500 Index.

Additionally, MIH’s launch of the Sapphire trading floor in Miami signifies their commitment to becoming a pivotal player in the global financial landscape. Gallagher emphasized the importance of leveraging these investments as MIH seeks to expand its market presence and generate sustainable long-term shareholder value.

Conclusion

The third-quarter results indicate that while Miami International Holdings faces significant challenges, particularly with its net loss, their strong revenue growth and ongoing investments position them well for future opportunities. With a focus on technology and customer satisfaction, MIH is clearly on a path aimed at both recovery and expansion in the competitive landscape of global finance.

For those interested, MIAX will hold a conference call at 5:00 PM ET today to discuss these results further. The financial community will be keen to follow how MIH navigates its strategies and market conditions moving forward.