---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-049650"
form_type: "8-K"
ticker: "MIAX"
cik: "0001438472"
company_name: "MIAMI INTERNATIONAL HOLDINGS, INC."
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:14:25.858301+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-049650
- form_type: 8-K
- ticker: MIAX
- cik: 0001438472
- company_name: MIAMI INTERNATIONAL HOLDINGS, INC.
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1438472/000162828025049650/0001628280-25-049650-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1438472/000162828025049650/miax-20251105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-049650
- JSON: https://secwatch.observer/filing/0001628280-25-049650.json
- Plain text: https://secwatch.observer/filing/0001628280-25-049650.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.