secwatch.observer — SEC 8-K summary
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Issuer:     MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX)
CIK:        0001438472
Form:       8-K
Filed at:   2025-11-05T23:59:59+00:00
Accession:  0001628280-25-049650
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1438472/000162828025049650/0001628280-25-049650-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1438472/000162828025049650/miax-20251105.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-049650

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer