Miami International Holdings, Inc. (MIAX) SEC Filings & Earnings Calls

Equities market share decline

“MIH market share 0.9 % 1.1 % (0.2) pts (18.2) %” · word for word

Futures segment losses

“Operating income / (loss) 64,934 (2,336) (12,690) 1,094 (23,205) 27,797” · word for word

Litigation settlement

“Litigation settlement 22,500 — — — 7,500 30,000” · word for word

Customer concentration

“Customer 1 15 % 14 % 16 % 14 %” · word for word

Litigation settlement charge of $22.5M in Options segment

“a $22.5 million litigation settlement charge” · word for word

Futures segment remains unprofitable with adjusted EBITDA loss of $(9.5)M

“Futures adjusted EBITDA of ($9.5) million”

Litigation risk removed

“All claims and counterclaims resolved with prejudice”

Dilution risk from warrant overhang and potential future exercises.

“surrender of 2,362,279 warrants exercisable for shares of Common Stock in connection with an Exchange Agreement”

Equities market share decline

“Our U.S. Equities market share for the three months ended March 31, 2026 compared to the prior period decreased to 0.9% from 1.1%.” · word for word

Futures segment weakness

“Futures agricultural products ADV for the three months ended March 31, 2026 compared to the prior period decreased 39.9% due to lower volatility and participant migration timing to MIAX Futures Onyx.” · word for word

Customer concentration

“Customer 1 17 % 13 % Customer 2 16 % 18 % Customer 3 12 % 12 %” · word for word

Pyth token valuation volatility

“Unrealized loss on derivative assets of $2.5 million for the three months ended March 31, 2026 reflects the unrealized loss on the 250 million Pyth tokens that remain locked by the Pyth Network.”

Futures segment revenue decline of 21% YoY due to lower volumes and reduced commodity volatility.

“Futures net revenue was $4.6 million, compared to $5.9 million in the prior-year period. The decline was primarily due to a decline in transaction fees and lower volumes caused by timing of participant migrations to MIAX Futures Onyx, reduced commodity market volatility, and lower RPC.” · word for word

Key man risk / CEO succession

“Our Board has delegated primary oversight responsibility for succession planning for our key leadership positions, including our Chief Executive Officer, to the Nominating and Corporate Governance Committee.” · word for word

Concentrated customer revenue risk

“Total revenues from certain 5% holders (Citadel, Susquehanna, Wolverine) were $525,043 thousand, representing 39.5% of total revenues.”

Key Person Risk

“On April 7, 2026, Murray Stahl who served as Chairman, Chief Executive Officer, and Chief Investment Officer of HKAM, and Director of the Issuer passed away unexpectedly.” · word for word

Key Person Risk

“On April 7, 2026, Murray Stahl who served as Chairman, Chief Executive Officer, and Chief Investment Officer of HKAM, and Director of the Issuer passed away unexpectedly.” · word for word

Loss of board member may affect governance and strategic oversight.

“Passing of Murray Stahl, a valued board member.”

Intense competition

“The market for execution services is intensely competitive in the asset classes in which we operate. We face intense competition and compete with a broad range of market participants.” · word for word

Regulatory changes

“The SEC has broad enforcement powers to censure, fine, issue cease-and-desist orders, prohibit us from engaging in some of our businesses, suspend or revoke any of the MIAX Exchanges’ designation as a registered securities exchange” · word for word

Dependence on new product launches

“The timing of the launch of new products, including the Bloomberg Products, is subject to market conditions, evaluation of market size, customer interest and other factors, including Company resources.” · word for word

Potential dilution from unregistered equity sale; terms and impact unclear.

“Unregistered sale of equity securities since Feb 18, 2026.”

Futures segment revenue decline and operating loss due to lower volumes and commodity market volatility.

“Futures net revenue -14% YoY, operating loss $14.2M, adjusted EBITDA ($10.0M).”

Increased operating expenses from headcount, technology investments, and depreciation may pressure margins if revenue growth slows.

“Total operating expenses $81.8M vs $74.5M prior year, driven by planned investments.”

Potential dilution risk from unregistered equity sale, but no details on size or terms.

“Unregistered Sales of Equity Securities.” · word for word

Potential overhang from secondary offering; no company proceeds.

“Company did not sell any shares ... will not receive any proceeds.”

Transaction subject to CFTC filings and customary closing conditions; may not close

“subject to customary closing conditions and certain filings with the Commodity Futures Trading Commission” · word for word

Customer concentration risk

“Three customers accounted for 45% of total revenue (18%, 16%, 11%)”

Equities segment structural unprofitability

“Equities segment operating loss $(4.9)M; negative capture $(0.015) per 100 shares”

Futures segment operating losses

“Futures segment operating loss $(18.5)M”

Litigation risk

“Nasdaq litigation ongoing; Court denied summary judgment motions in September 2025”

Regulatory risk - CAT funding model

“11th Circuit vacated CAT funding model; MIAX Exchanges may not be reimbursed for CAT costs”

GAAP net loss includes one-time items; adjusted metrics show strong underlying performance.

“GAAP net loss of $102.1 million, impacted by one-time loss on extinguishment of debt and IPO-related expenses.” · word for word

Futures segment revenue declining; operating loss widening.

“Futures net revenue -9%; operating loss $18.5M vs $12.8M.”