MIAX

MIAX is a technology-driven, multi-asset exchange operator (options via MIAX Options/Pearl/Emerald/Sapphire, U.S. equities via Pearl Equities, futures via MIAX Futures, plus international listings through BSX and TISE) that just transitioned to public-market life with an August 2025 IPO raising $396.8M in gross proceeds. The top line backs the growth story — revenue compounded from $1.04B (FY2023) to $1.36B (FY2025), a 19.6% YoY step-up — and operating income inflected from essentially nothing to $92.0M (6.7% operating margin) as scale benefits flowed through. Gross profit jumped 56.2% to $431M, meaningfully outpacing revenue, which suggests genuine operating leverage in the core marketplace business.

The headline GAAP loss of -$70.0M and -$1.00 diluted EPS is misleading on its own. The 10-K discloses a 2029 Senior Secured Term Loan at a punitive 12.90% coupon issued in August 2024 with attached puttable warrants (2,277,338 at $7.15 + 1,518,226 at $8.55) that were carried at fair value and remeasured through non-operating income — with the stock now at $36.49, that mark-to-market is structurally negative until the put right was extinguished by the IPO. Combined with debt-discount amortization on a $59.5M initial warrant value, this explains why operating income turned positive while net income went deeper negative. Post-IPO, the balance sheet is genuinely strong: $434M cash (+188.4%), $0 long-term debt, equity up 139.7% to $881M, and L/E of just 0.43x. Operating cash flow of $168M (+50.6%) on $22.8M of capex is real cash generation.