MIAX
Miami International Holdings, Inc.43.36
+0.78+1.83%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Early short-dated options outperformance
Q&A reinforced prepared optimism on volatility-fueled options growth but added early traction in new Monday/Wednesday short-dated options, where MIAX captured over 20% share in nine stocks versus 17.6% overall recently. Management detailed a retail-centric Q2 Bloomberg futures launch with tiny contracts and low execution costs to rival S&P dominance and grow the pie. Crypto and event products sidelined post-MIAXdx sale; no share shift from market makers' secondary sales. Sapphire fee waivers end March 1. Short-dated options already outperforming. Tone stayed bullish; watch futures adoption.
Key Stats
Market Cap
3.70BP/E (TTM)
-Basic EPS (TTM)
-1.86Dividend Yield
0%Recent Filings
10-K
FY2025 results
Miami International Holdings surged in FY2025 with U.S. options contracts hitting 2.4B, up 41.1% y/y, grabbing 17.1% market share via Sapphire's August '24 launch; average daily volume accelerated to 9.5M contracts, +42.2% y/y. Equities dipped to 45.8B shares (-8.2% y/y, 1.0% share) amid pricing tweaks, while futures ticked up 2.2% to 3.3M contracts. TISE acquisition boosted international listings; Q4 momentum shone in options growth, though Pyth token volatility hit non-ops. Debt cleared post-IPO; $557M liquidity strong. Regulatory shifts risk CAT cost burdens.
8-K
Issued 1M shares cashless
8-K
Q4 revenue up 52% YoY
Miami International Holdings crushed Q4 2025 with net revenue jumping 52% YoY to $124.5 million, fueled by options surging 46% to $106.9 million on record 18.2% market share and 11.1 million ADV. Adjusted EBITDA more than doubled to $62.2 million at 50% margin, while full-year hit $199.1 million despite GAAP loss. Guidance sets 2026 adjusted opex at $265-275 million. Options dominated growth.
8-K
Warrant cashless exercise
8-K
Issued 3.97M shares on exercises
Miami International Holdings issued 3,973,663 common shares from December 15, 2025, through February 9, 2026, via promissory note interest conversion worth $61,242 and warrant exercises yielding $462,976 cash while surrendering 72,135 shares cashlessly. Massive 3.8M-share tranche hit on February 9. This dilutes equity yet clears debt obligations swiftly.
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