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of Contents](#i336b3a0721ec4faa9944103b1396754e_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________\n\nFORM 10-Q\n\n___________________________________\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission file number 001-42805\n\n___________________________________\n\nMiami International Holdings, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n___________________________________\n\nDelaware26-1482385\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n7 Roszel Road, Suite 1A\n\nPrinceton, New Jersey\n\n08540\n\n(Address of Principal Executive Offices)(Zip Code)\n\n(609) 897-7300\n\nRegistrant’s telephone number, including area code\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon stock, par value $0.001 per share\n\nMIAX\n\nThe New York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filer\nx\nSmaller reporting companyo\n\nEmerging growth companyo\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\no\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes o No x\n\nClass\n\nApril 30, 2026\n\nCommon stock, par value $0.001 per share\n94,907,086\n\n[Table of Contents](#i336b3a0721ec4faa9944103b1396754e_7)\n\nTable of Contents\n\nPage\n\n[Part I - Financial Information](#i336b3a0721ec4faa9944103b1396754e_10)\n\n[4](#i336b3a0721ec4faa9944103b1396754e_10)\n\n[Item 1. Financial Statements (unaudited)](#i336b3a0721ec4faa9944103b1396754e_13)\n\n[4](#i336b3a0721ec4faa9944103b1396754e_13)\n\n[Condensed Consolidated Balance Sheets - As of March 31, 2026 and December 31, 2025](#i336b3a0721ec4faa9944103b1396754e_16)\n\n[4](#i336b3a0721ec4faa9944103b1396754e_16)\n\n[Condensed Consolidated Statements of Operations - Three Months Ended March 31, 2026 and 2025](#i336b3a0721ec4faa9944103b1396754e_19)\n\n[5](#i336b3a0721ec4faa9944103b1396754e_19)\n\n[Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2026 and 2025](#i336b3a0721ec4faa9944103b1396754e_22)\n\n[6](#i336b3a0721ec4faa9944103b1396754e_22)\n\n[Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three](#i336b3a0721ec4faa9944103b1396754e_25)[Months](#i336b3a0721ec4faa9944103b1396754e_25)[Ended](#i336b3a0721ec4faa9944103b1396754e_25)[March 31, 202](#i336b3a0721ec4faa9944103b1396754e_25)[6 and](#i336b3a0721ec4faa9944103b1396754e_25)[2025](#i336b3a0721ec4faa9944103b1396754e_25)\n\n[7](#i336b3a0721ec4faa9944103b1396754e_25)\n\n[Condensed Consolidated Statements of Cash Flows -](#i336b3a0721ec4faa9944103b1396754e_28)[Three](#i336b3a0721ec4faa9944103b1396754e_28)[Months Ended](#i336b3a0721ec4faa9944103b1396754e_28)[M](#i336b3a0721ec4faa9944103b1396754e_28)[a](#i336b3a0721ec4faa9944103b1396754e_28)[rch 31,](#i336b3a0721ec4faa9944103b1396754e_28)[2026 and 2025](#i336b3a0721ec4faa9944103b1396754e_28)\n\n[8](#i336b3a0721ec4faa9944103b1396754e_28)\n\n[Notes to Condensed Consolidated Financial Statements](#i336b3a0721ec4faa9944103b1396754e_31)\n\n[10](#i336b3a0721ec4faa9944103b1396754e_31)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i336b3a0721ec4faa9944103b1396754e_109)\n\n[38](#i336b3a0721ec4faa9944103b1396754e_109)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i336b3a0721ec4faa9944103b1396754e_163)\n\n[67](#i336b3a0721ec4faa9944103b1396754e_163)\n\n[Item 4. Controls and Procedures](#i336b3a0721ec4faa9944103b1396754e_166)\n\n[70](#i336b3a0721ec4faa9944103b1396754e_166)\n\n[Part II - Other Information](#i336b3a0721ec4faa9944103b1396754e_169)\n\n[71](#i336b3a0721ec4faa9944103b1396754e_169)\n\n[Item 1. Legal Proceedings](#i336b3a0721ec4faa9944103b1396754e_1242)\n\n[71](#i336b3a0721ec4faa9944103b1396754e_1242)\n\n[Item 1A. Risk Factors](#i336b3a0721ec4faa9944103b1396754e_175)\n\n[71](#i336b3a0721ec4faa9944103b1396754e_175)\n\n[Item 2. Recent Sales of Unregistered Securities and Use of Proceeds](#i336b3a0721ec4faa9944103b1396754e_178)\n\n[71](#i336b3a0721ec4faa9944103b1396754e_178)\n\n[Item 3. Defaults Upon Senior Securities](#i336b3a0721ec4faa9944103b1396754e_181)\n\n[72](#i336b3a0721ec4faa9944103b1396754e_181)\n\n[Item 4. Mine Safety Disclosures](#i336b3a0721ec4faa9944103b1396754e_184)\n\n[72](#i336b3a0721ec4faa9944103b1396754e_184)\n\n[Item 5. Other Information](#i336b3a0721ec4faa9944103b1396754e_187)\n\n[73](#i336b3a0721ec4faa9944103b1396754e_187)\n\n[Item 6. Exhibits](#i336b3a0721ec4faa9944103b1396754e_190)\n\n[74](#i336b3a0721ec4faa9944103b1396754e_190)\n\n[Signatures](#i336b3a0721ec4faa9944103b1396754e_193)\n\n[75](#i336b3a0721ec4faa9944103b1396754e_193)\n\n2\n\n[Table of Contents](#i336b3a0721ec4faa9944103b1396754e_7)\n\nTRADEMARK AND OTHER INFORMATION\n\nThe terms “MIAX,” the “Company,” “we,” “us” and “our” refer to Miami International Holdings, Inc. (“MIH”), together with our wholly-owned subsidiaries. The term “MIAX Exchanges” refers to our SEC regulated exchanges, each a “MIAX Exchange”: Miami International Securities Exchange, LLC (“MIAX Options”), MIAX Pearl, LLC (“MIAX Pearl”), the equities trading facility of MIAX Pearl (“MIAX Pearl Equities”), MIAX Emerald, LLC (“MIAX Emerald”) and MIAX Sapphire, LLC (“MIAX Sapphire”).\n\nWe own MIAX®, MIAX Options®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire® as trademarks or service marks in the United States and certain other jurisdictions. MIAX Futures™ and TINI™ are currently pending.\n\nThis Quarterly Report on Form 10-Q (this “Quarterly Report”) contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Quarterly Report, including logos, artwork, and other visual displays, may appear without the ® or ™ symbols, but in the case of our trademarks and trade names or those of our licensors, such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities’ trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.\n\nThis Quarterly Report contains estimates and information concerning our industry, including market position, market size and growth rates of the markets in which we participate, that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Although we are responsible for all of the disclosure contained in this Quarterly Report and we believe the information from the industry publications and other third-party sources included in this Quarterly Report is reliable, we have not independently verified the accuracy or completeness of the data contained in such sources. Similarly, while we believe our management estimates to be reasonable, they have not been verified by any independent sources. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled “Risk Factors” in Part II, Item 1A of this Quarterly Report and our other filings with the Securities and Exchange Commission (“SEC”). These and other factors could cause results to differ materially from those expressed in these publications and reports.\n\n3\n\n[Table of Contents](#i336b3a0721ec4faa9944103b1396754e_7)\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These forward-looking statements, which are subject to known and unknown risks, uncertainties, and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the risks and uncertainties described under “Risk Factors” in this Quarterly Report and other filings with the SEC.\n\nWhile we believe we have identified material risks, these risks and uncertainties are not exhaustive. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.\n\nSome factors that could cause actual results to differ include:\n\n•our expectations regarding our operating and financial results and performance, competitive position, including pricing within our industry and our ability to maintain profitability and generate profitable growth over time;\n\n•the sufficiency of our existing capital resources to fund our future operating expenses;\n\n•the timing and success of our new products and product offerings;\n\n•changes to the regulatory environment and compliance with law and regulations;\n\n•our ability to attract trading volume to our exchanges;\n\n•our ability to maintain order flow from our order flow providers;\n\n•revenues from our market data fees and access and capacity fees;\n\n•our dependence on third parties;\n\n•changes in user preferences;\n\n•our ability to attract and retain skilled management and other personnel;\n\n•our ability to minimize the risks, including credit and default risks, associated with operating a clearing house;\n\n•the growth of our business through offering new services and product offerings and acquisitions or strategic alliances;\n\n•our ability to invest in technology and keep up with rapid technological changes affecting our industry;\n\n•the impairment of our goodwill, other intangible assets or investments;\n\n•the efficacy of our risk management methods;\n\n•litigation risks and other liabilities;\n\n•our ability to protect our intellectual property rights and avoid violating the intellectual property rights of others; and\n\n•the impact on our business of global economic, political and financial market events or conditions, including regional conflicts and war.\n\n2\n\n[Table of Contents](#i336b3a0721ec4faa9944103b1396754e_7)\n\nFor a detailed discussion of these and other factors that might affect our performance, see Part II, Item 1A of this Quarterly Report. We do not undertake, and expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this filing.\n\n3\n\n[Table of Contents](#i336b3a0721ec4faa9944103b1396754e_7)\n\nPart I - FINANCIAL INFORMATION"}