MIH Q3 net revenue +57% to $109.5M; GAAP net loss $102.1M due to IPO/debt extinguishment costs

MIAMI INTERNATIONAL HOLDINGS, INC.

2025-Q3 EPS reported -$1.51 revenue$994,639,000

Net revenue $109.5M (+57% YoY); options segment net revenue $94.5M (+55%).
GAAP net loss $102.1M ($1.46 diluted EPS loss); adjusted diluted EPS $0.42 (up 282% YoY).
Adjusted EBITDA $48.0M, more than doubling YoY; margin expanded to 44% from 27%.
IPO raised $396.8M in August 2025; repaid $178.4M senior secured debt in September.
Options exchanges achieved record 9.6M ADV contracts, 17.2% market share; TISE acquisition contributed $5.5M intl. net revenue.

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