Miami International Swings to $102M Loss

A major acquisition and costly debt extinguishment shaped a transformative quarter for the exchange operator.

November 10, 2025

Miami International’s Growth Push Overshadowed by Heavy Losses

Miami International Holdings closed a pivotal third quarter with a net loss of $102.1 million—even as revenue jumped and its IPO brought in fresh capital. The company is growing quickly, but that growth came with high costs in the latest quarter.

Revenue climbs on new trading activity and platform expansion

Total revenue reached $339.8 million for the quarter ending September 30, 2025—up 23% year-over-year. That increase was driven by strong options trading volume, continued demand for proprietary market data, and activity from the company’s newer platforms.

Transaction and clearing fees alone brought in $292.8 million, while MIAX Sapphire and MIAX Futures added new flow. Market data and access fee revenue also rose as more participants tapped into MIH’s growing exchange network.

IPO proceeds drive balance sheet reset

The company’s August IPO brought in $369 million in net proceeds, which it used to fully pay down a $140 million term loan. That payment triggered the reclassification of puttable equity and helped MIH simplify its capital structure.

As a result, cash on hand rose to $401.5 million and stockholders’ equity more than doubled to $831.9 million. The company closed the quarter with a stronger, more flexible balance sheet—and fewer financing constraints heading into year-end.

One-time charges weigh on bottom line

MIH’s quarterly loss wasn’t operational—it was largely driven by one-off charges. The company recognized a $107.7 million loss related to the early payoff of its 2029 term loan. It also recorded a $39 million mark-to-market adjustment on its holdings of Pyth tokens, which declined in value over the period.

Operating expenses came in 55% higher than a year ago, reaching $109.8 million. That increase was mostly tied to stock-based compensation and costs associated with new business lines and acquisitions.

TISE acquisition expands MIH’s international footprint

The acquisition of The International Stock Exchange Group (TISE), completed during the quarter, added $4.7 million in revenue and extended MIH’s reach into European markets. It also contributed $18 million in goodwill and helped support MIH’s longer-term push into cross-border listings and clearing.

The deal closed through a wholly owned subsidiary, adding another lever for international growth.

What’s ahead: More platforms, broader reach, stronger footing

MIH is in the middle of a growth phase. Its exchange ecosystem is larger, its international footprint has expanded, and its balance sheet is in a stronger position. While the quarter’s loss was notable, much of it stemmed from non-recurring items.

The company is now set up to move faster, with less debt and more optionality. As new exchanges come online and recently acquired businesses scale, MIH is focused on broadening access, supporting more asset classes, and building for long-term expansion—while continuing to manage regulatory complexity and customer concentration along the way.