MIAMI INTERNATIONAL HOLDINGS, INC.

Listed Company

MIAXCIK 0001438472NYSENon-AcceleratedSecurity Brokers, Dealers & Flotation CompaniesDelaware

Period

FY 2025

Revenue

$1.36B

Net Income

$-70.03M

Total Assets

$1.26B

Equity

$881.02M

Shares Out

91.65M

Op. Cash Flow

$167.83M

Business

MIAMI INTERNATIONAL HOLDINGS, INC. is a publicly listed company in Security Brokers, Dealers & Flotation Companies, incorporated in Delaware. Common stock trades on NYSE under the ticker MIAX.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Total revenues	1,364	1,140	1,041
Liquidity payments	838	727	718
Brokerage, clearing, and exchange fees	55	68	55
Section 31 fees	35	62	28
Equity rights program	0	2	5
Other cost of revenues	5	5	3
Total cost of revenues	934	864	809
Revenues less cost of revenues	431	276	232
Compensation and benefits	188	145	111
Information technology and communication costs	35	29	23
Depreciation and amortization	29	23	21
Occupancy costs	12	9	8
Professional fees and outside services	43	48	45
Marketing and business development	3	3	6
Acquisition-related costs	3	0	3
General, administrative, and other	25	21	21
Total operating expenses	339	278	235
Operating income (loss)	92	−3	−3
Change in fair value of warrants on puttable shares & puttable common stock	−2	−11	−26,000
Loss on extinguishment of puttable common stock liability	0	0	−5
Change in fair value of puttable warrants issued with debt	−1	−5	0
Interest income	9	3	3
Interest expense and amortization of debt issuance costs	−13	−14	−19
Impairment of investment	0	−4	−2
Gain (loss) on intangible asset	−2	53	0
Unrealized gain (loss) on derivative assets	−55	84	0
Loss on debt extinguishment	−108	0	0
Other, net	11	1	5
Income (loss) before income tax provision	−69	105	−22
Income tax benefit (expense)	−1	−3	697,000
Net income (loss)	−70	102	−21
Net loss attributable to non-controlling interest	0	−137,000	−482,000
Net income (loss) attributable to Miami International Holdings, Inc.	−70	102	−21
Basic (in shares)	70	61	56
Diluted (in shares)	70	75	56
Basic (in dollars per share)	−1	1.68	−0.37
Diluted (in dollars per share)	−1	1.39	−0.37

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	434	150	59	—
Cash and securities segregated under federal and other regulations	28	31	15	—
Accounts receivable, net	98	92	—	—
Restricted cash	6	6	7	—
Clearing house performance bonds and guarantee funds	70	88	68	—
Participant margin deposits	0	1	26	—
Receivables from broker-dealers, futures commission merchants, and clearing organizations	134	147	—	—
Current portion of derivative assets	6	34	—	—
Other current assets	39	23	—	—
Assets held for sale	41	0	—	—
Total current assets	855	573	—	—
Investments	19	31	—	—
Fixed assets, net	47	44	—	—
Internally developed software, net	36	32	—	—
Goodwill	62	47	47	—
Other intangible assets, net	171	114	115	—
Derivative assets, net of current portion	5	50	—	—
Other assets, net	64	82	—	—
Total assets	1,259	974	—	—
Accounts payable and other liabilities	70	120	—	—
Accrued compensation payable	39	34	—	—
Current portion of long-term debt	2	5	—	—
Deferred transaction revenues	10	3	—	—
Clearing house performance bonds and guarantee funds	70	87	—	—
Participant margin deposits	0	1	—	—
Payables to customers	145	153	—	—
Payables to clearing organizations	11,000	3	—	—
Liabilities held for sale	3	0	—	—
Total current liabilities	337	405	—	—
Long-term debt	0	32	—	—
Deferred income taxes	22	11	—	—
Puttable common stock, net of current portion	0	78	—	—
Puttable warrants issued with debt	0	64	—	—
Other non-current liabilities	19	15	—	—
Total liabilities	378	606	—	—
Commitments and contingencies (Note 16)	0	0	—	—
Convertible preferred stock - par value $0.001 (25,000,000 authorized, and 0 issued and outstanding at December 31, 2025 and 781,859 issued and outstanding at December 31, 2024)	0	1,000	—	—
Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized (400,000,000 voting, 200,000,000 nonvoting); 85,890,287 issued and 85,536,287 outstanding common stock at December 31, 2025 (85,536,287 voting, 0 nonvoting) and 63,219,480 issued and 63,181,011 outstanding non-puttable common stock at December 31, 2024 (59,683,661 voting, 3,497,350 nonnvoting))	86,000	63,000	—	—
Common stock in treasury, at cost, 353799 shares at December 31, 2025 and 38,469 shares at December 31, 2024	−8	−775,000	—	—
Additional paid-in capital	1,522	931	—	—
Accumulated deficit	−632	−562	—	—
Accumulated other comprehensive loss, net	−641,000	0	—	—
Total stockholders equity	881	368	164	−107,000
Total liabilities and stockholders' equity	1,259	974	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Amortization of debt discount and issue cost	3	3	2
Amortization of beneficial conversion	0	0	75,000
Settlement of interest payable in common stock	204,000	2	264,000
Share based compensation expense	58	44	30
Provision for accounts receivable credit losses	47,000	37,000	6,000
Provision for deferred income taxes	474,000	3	−864,000
Provision for notes receivable credit losses	0	3	7
Impairment of long-lived assets	3	2	8
Issuance of common stock in connection with extinguishment of puttable common stock liability	0	0	3
Settlement of induced conversion expense in common stock	0	1	0
Unrealized (gain) loss on equity securities owned	−10	1	−3
Realized loss on sale of intangible assets	2	0	0
Proceeds from sale of intangible assets	16	0	0
Warrant modifications	2	0	0
Other	−860,000	0	0
Accounts receivable	−5	−34	2
Clearing house performance bonds and guarantee funds	−18	20	−85
Participant margin deposits	277,000	−25	26
Receivables from broker-dealers, futures commission merchants, and clearing organizations	14	−19	−31
Other current assets	−4	1	−4
Other assets	18	−6	−18
Accounts payable and other liabilities	−30	27	−13
Accrued compensation payable	6	6	6
Other liabilities	−3	−2	−4
Deferred transaction revenue	1	−183,000	−718,000
Payables to customers	−8	22	25
Payables to clearing organizations	−3	2	−120,000
Net cash provided by (used in) operating activities	168	111	−49
Capital expenditures	−23	−27	−16
Capitalization of internally developed software	−12	−12	−10
Purchases of investments	−10	−2	−18
Cash paid for acquisitions, net of cash acquired	−56	0	−20
Net cash used in investing activities	−101	−41	−64
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs	369	0	0
Payment of IPO costs	−3	0	0
Proceeds from debt issuance, net of debt discount	37	35	1
Puttable warrants issued with debt	0	60	0
Payment of debt issuance costs	−2	−6	0
Repayments of debt	−140	−57	−32
Prepayment premium and other expenses paid related to debt repayment	−36	—	—
Repayments of capital lease obligations	−163,000	−145,000	−136,000
Repurchases of common stock from employee stock incentive plans	−22	−12	−3
Proceeds from warrant extension	0	0	535,000
Proceeds from issuance of warrants with common stock	0	119,000	370,000
Proceeds from issuance of common stock and convertible preferred stock	12	10	16
Net cash provided by (used in) financing activities	215	29	−17
Effect of exchange rate changes on cash and cash equivalents	−89,000	0	0
Increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash	281	100	−130
Cash paid for income taxes	2	457,000	602,000
Income taxes refunds	−425,000	−2	0
Cash paid for interest	10	13	17
Right-of-use assets obtained in exchange for new operating lease liabilities	6	4	9
Assets acquired under capital leases	144,000	287,000	357,000
Non-cash amounts related to capitalized internally developed software	1	722,000	528,000
Total non-cash investing activities	7	5	9
Deferred offering costs not yet paid	300,000	0	0
Deferred IPO cost recognized as additional paid-in capital	6	0	0
Conversion of puttable common stock into non-puttable common stock	103	0	137
Conversion of puttable warrants into non-puttable warrants	65	0	0
Issuance of warrants with debt or debt amendments	0	520,000	445,000
Settlement of convertible loans in common stock	5	56	0
Total non-cash financing activities	181	57	138

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