Slides
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Q4 2025 Earnings Presentation February 25, 2026
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Forward-Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements about Miami International Holdings, Inc.’s (referred to herein as “our”, “we”, the “Company” or “MIAX”) and the industry in which MIAX operates, including statements regarding our expectations with respect to the continued growth of our market share, our guidance on our financialperformance for the full year of 2026, our development of proprietary products, our expansion into international markets and new asset classes, our ability to monetize and enhance our data and analytics capabilities, our future operating expenses andour financial performance, which are subject to known and unknown uncertainties and contingencies outside of MIAX’s control and which are largely based on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financing needs. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. These statements are only predictions based on our current expectations and projections about future events. MIAX’s actual results, events, or circumstances may differ materially from these statements. Information in this presentation and the accompanying oral presentation also includes statements relating to past performance, which, together with forward-looking statements, should not be regarded as a reliable indicator of future performance. Further information on these and other factors are detailed in MIAX’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K for the year ended December 31, 2025, which is available on MIAX’s investor relations website at http://ir.miaxglobal.com and the SEC’s website at www.sec.gov. These forward-looking statements are based on assumptions and expectations that may not be correct, may have changed since the date the forward-looking statements were made, and relate only to events as of the date on which the statements are made. 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. Any forward-looking statement speaks only as of the date on which the statement is made and we undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as requiredby law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments. Website Disclosure MIAX intends to use its website, ir.miaxglobal.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD in addition to other disclosure obligations. Industry and Market Data This presentation includes market share, financials and industry data that we obtained from industry publications and surveys, reports of governmental agencies, third-parties and internal company surveys. Industry publications and surveys generally state that the information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information is accurate or complete. We have not independently verified any of the data and financials from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available market data. While we are not aware of any misstatements regarding industry data and financials presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. Trademarks We own MIAX®, MIAX Options®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire® as registered trademarks or service marks in the United States and certain other jurisdictions. MIAX Futures and TINI are currently pending. All other trademarks and service marks are the property of their respective owners. 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 MIAX by, any other entity. Non-GAAP Measures This presentation includes certain non-GAAP measures as defined under SEC rules, including, among others, adjusted net revenue, adjusted operating expenses, adjusted effective tax rate, adjusted earnings, adjusted EBITDA, adjusted EBITDA margin and Adjusted EPS. These non-GAAP measures assist management in comparing our performance on a consistent basis for purposes of business decision making by removing the impact of certain items management believes do not reflect our underlying operations These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures used by MIAX may differ from the non-GAAP financial measures used by other companies. You should review the reconciliations of these non-GAAP measures to the most directly comparable GAAP measure included as an Appendix to this presentation and not rely on any single financial measure to evaluate our business. Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without “unreasonable efforts.” The Company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the Company’s ongoing operations. The Company does not believe that this information is likely to be significant to an assessment of the Company’s ongoing operations. Key Performance Indicators Managements focuses on a variety of key indicators to plan, measure and evaluate our business and financial performance. Please refer to Item 7. Management's Discussion and Analysis of Financial Condition in our Form 10-K for the year ended December 31, 2025, for additional information on operational and financial metrics and measures. Disclaimer 2
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Business Updates 3 ⚫ Closed secondary public offering of 7.8 million shares of common stock at a price of $41.00 per share in the fourth quarter of 2025. The offering consisted entirely of secondary shares. ⚫ MIAX options exchanges reached a record average daily volume of 11.1 million contracts in the fourth quarter of 2025, a 46.5% increase year-over-year. ⚫ MIAX options exchanges reached a market share record of 18.2% in the fourth quarter of 2025, a 14.5% increase year-over-year. ⚫ Completed the sale of 90% of the issued and outstanding equity in MIAXdx in January 2026 to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group. MIAX retained 10% of the issued and outstanding equity of MIAXdx, now known as Rothera Exchange and Clearing LLC. ⚫ Listed new Monday and Wednesday short-term option expirations.
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BUSINESS REVIEW
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Q4’25 and FY’25 Highlights FINANCIAL PERFORMANCE ⚫ 52% increase YoY in adjusted net revenue(1) to record $125mm ⚫ 112% increase YoY in adjusted EBITDA(2) to record $62mm ⚫ Adjusted diluted earnings per share(3) of $0.52 ⚫ 55% increase YoY in adjusted net revenue(1) to record $431mm ⚫ 143% increase YoY in adjusted EBITDA(2) to record $199mm ⚫ Adjusted diluted earnings per share(3) of $1.82 OPERATIONAL PERFORMANCE ⚫ 14% YoY increase in options market share to 18.2%(4) ⚫ Options ADV of 11.1mm, a 46% increase YoY ⚫ Equities total ADV decreased to 173mm, while capture(5) increased $0.034 ⚫ Futures ADV declined 33% to 8.2k, open interest decreased 29% ⚫ 13% YoY increase in options market share to 17.1%(4) ⚫ Options ADV of 9.5mm, a 42% increase YoY ⚫ Equities total ADV declined to 183mm, while capture(5) increased $0.028 ⚫ Futures ADV increased 3% to 13.0k CAPITAL MANAGEMENT ⚫ $397mm in cash raised during initial public offering on August 14, 2025 ⚫ Fully repaid and retired 2029 senior secured term loan on August 18, 2025 ⚫ Total cash and cash equivalents of $434mm as of December 31, 2025 ⚫ Total outstanding debt of $1.5mm as of December 31, 2025 5 Notes: 1. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix 2. Defined as EBITDA before share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. Adjusted EBITDA is a non-GAAP measure; for reconciliation to the nearest GAAP measure, see Appendix 3. Adjusted earnings is defined as net income (loss) adjusted for share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments. Adjusted diluted earnings per share represents adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis). Adjusted earnings is a non-GAAP measure; for reconciliation to the nearest GAAP measure, see Appendix 4. U.S. multi-listed options 5. Equities capture per one hundred shares refers to transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees, and Section 31 fees (Net Transaction Fees), divided by one-hundredth of total shares. Q4 2025 Full Year 2025
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MIAX at-a-Glance • Leading exchange group across multiple asset classes and geographies • Advanced, in-house built proprietary technology, differentiated by speed, performance, risk protections and scalability • Fully automated exchanges built to meet high-performance quoting demands of the U.S. options industry • Strong relationships with leading trading firms, innovative culture and award-winning customer service • Growth opportunities supported by broad portfolio of exchange and clearing licenses U.S. Options International Listing and trading of investment funds, debt issues, structured products and UK REITs(4) 18.2% Q4’25 Market Share (1) U.S. Equities 0.9% Q4’25 Market Share(2) U.S. Futures Vertically Integrated Futures Exchange and Clearing House Minneapolis Hard Red Spring Wheat Full-Service FCM Listing and trading of equities, debt issues, derivative warrants and insurance linked securities MIAX Options MIAX Emerald MIAX Pearl MIAX Sapphire 6,027 Total Securities Listed(3) MIAX Futures MIAX Pearl Equities Dorman Trading BSX 6 Notes: 1. MIAX Group 4Q’25 U.S. multi-listed options market share per Options Clearing Corporation (OCC); Includes equity and ETF options 2. MIAX Group 4Q’25 U.S. cash equities market share 3. As of December 31, 2025, includes The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE) listings 4. Real Estate Investment Trust TISE
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End Markets Continue to Benefit From Secular Tailwinds 13%CAGR Industry Tailwinds Heightened Market Volatility Growing Retail Base of Market ParticipantsTechnological Advances Proliferation of New Financial Products and Asset Classes $ Increased Sophistication of Trading Strategies Exchange-Traded Options Industry Volume ADV (mm) U.S. Options Market 11% ADV CAGR 56 15 Equity Markets Industry Volume ADV (mm) U.S. Equities Market(2) 8% ADV CAGR ~6,400 ~17,600 Exchange-Traded Futures Industry Volume ADV (mm) U.S. Futures Market 8% ADV CAGR 13 32 (1) 7 Source: The Options Clearing Corporation, The Futures Industry Association, The Consolidated Tape Association Notes: 1. Multi-listed U.S. options market includes equity and ETF options 2. Includes both on-exchange and off-exchange volume
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($ in 000s, unless noted) Q4’25 Q4’24 YoY change (%) Industry ADV(1) (k) 61,053 47,536 28.4% MIAX ADV (k) 11,095 7,574 46.5% Market Share(1) 18.2% 15.9% 14.5% RPC ($) $0.106 $0.100 6.0% Adjusted Net Revenue(2) $106,903 $73,147 46.1% Adjusted EBITDA(3) $82,506 $49,705 66.0% Q4’25 Update: Options 8 Notes: 1. U.S. multi-listed options 2. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix 3. Defined as EBITDA before share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. Adjusted EBITDA is a non-GAAP measure; for reconciliation to the nearest GAAP measure, see Appendix ⚫ Continued profitable growth and market share gains ⚫ +224bps YoY market share(1) increase ⚫ 6% YoY RPC growth ⚫ 29% YoY increase in non-transaction revenue Key Drivers ($ in 000s, unless noted) FY’25 FY’24 YoY change (%) Industry ADV(1) (k) 55,798 44,360 25.8% MIAX ADV (k) 9,538 6,707 42.2% Market Share(1) 17.1% 15.1% 13.2% RPC ($) $0.108 $0.091 18.7% Adjusted Net Revenue(2) $375,391 $247,567 51.6% Adjusted EBITDA(3) $276,859 $167,252 65.5%
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($ in 000s, unless noted) Q4’25 Q4’24 YoY change (%) ADV 8,188 12,142 (32.6%) Open Interest(1) 68,547 96,634 (29.1%) RPC ($) $2.281 $2.530 (9.8%) Adjusted Net Revenue(2) $4,805 $5,565 (13.7%) Adjusted EBITDA(3) ($9,970) ($6,878) NM Q4’25 Update: Futures Notes: 1. Open interest at period end 2. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix 3. Defined as EBITDA before share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. Adjusted EBITDA is a non-GAAP measure; for reconciliation to the nearest GAAP measure, see Appendix ⚫ Decreased transaction fees due to lower volumes caused by timing of participant migrations to MIAX Futures Onyx and lower commodity market volatility, partially offset by the elimination of expenses related to CME Globex ⚫ Lower listings fees Key Drivers 9 ($ in 000s, unless noted) FY’25 FY’24 YoY change (%) ADV 12,989 12,654 2.6% Open Interest(1) 68,547 96,634 (29.1%) RPC ($) $2.241 $2.522 (11.1%) Adjusted Net Revenue(2) $20,470 $21,241 (11.7%) Adjusted EBITDA(3) ($35,724) ($31,498) NM
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Q4’25 Update: Equities Notes: 1. U.S. cash equities market share 2. Per 100 shares 3. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix 4. Defined as EBITDA before share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. Adjusted EBITDA is a non-GAAP measure; for reconciliation to the nearest GAAP measure, see Appendix ($ in 000s, unless noted) Q4’25 Q4’24 YoY change (%) ADV (mm) 173 187 (7.5%) Market Share(1) 0.9% 1.4% (35.7%) Capture ($)(2) $0.000 ($0.034) NM Adjusted Net Revenue(3) $6,376 $1,846 245.4% Adjusted EBITDA(4) $1,609 ($3,821) NM ⚫ Capture reached breakeven for Q4’25 ⚫ Adjusted EBITDA achieved profitability in Q4’25 Key Drivers 10 ($ in 000s, unless noted) FY’25 FY’24 YoY change (%) ADV (mm) 183 198 (7.6%) Market Share(1) 1.0% 1.6% (37.5%) Capture ($)(2) ($0.012) ($0.040) NM Adjusted Net Revenue(3) $18,750 $4,337 332.3% Adjusted EBITDA(4) ($1,915) ($15,252) NM
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($ in 000s, unless noted) Q4’25 Q4’24 YoY change (%) Securities Listed(1) 6,027 1,245 384% Adjusted Net Revenue(2) $6,039 $851 610% Adjusted EBITDA(3) $1,823 ($2,045) NM Q4’25 Update: International Notes: 1. FY’25 and Q4’25 includes BSX and TISE listings. FY;’24 and Q4’24 is only BSX 2. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix 3. Defined as EBITDA before share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. Adjusted EBITDA is a non-GAAP measure; for reconciliation to the nearest GAAP measure, see Appendix ⚫ 6,027 securities listed(1) ⚫ 4,818 securities listed on TISE as of December 31, 2025 representing an increase of 7% YoY Key Drivers 11 ($ in 000s, unless noted) FY’25 FY’24 YoY change (%) Securities Listed(1) 6,027 1,245 384% Adjusted Net Revenue(2) $14,689 $3,311 344% Adjusted EBITDA(3) $1,954 ($7,619) NM
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Drivers of Long-Term Growth Continuing to Grow Our Options Exchanges Increasing Our International Presence Further Monetizing and Enhancing Our Data and Analytics Capabilities Growing Our Cash Equities Exchange Expanding Our Futures Markets Creating New Product Offerings 12
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Solid Foundation in Place to Enable Growth as a Global, Tech-Driven, Multi-Asset Class Market Leader 13
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FINANCIAL RESULTS
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76k Open Interest(4) Strong Momentum in KPIs Notes: 1. Multi-listed U.S. options market includes equity and ETF options 2. Revenue per contract 3. Per 100 shares 4. Open interest at period end 6,930 6,163 6,164 7,574 8,582 8,767 9,624 11,095 $0.078 $0.088 $0.095 $0.100 $0.106 $0.117 $0.103 $0.106 $0.000 $0.020 $0.040 $0.060 $0.080 $0.100 $0.120 $0.140 $0.160 $0.180 $0.200 0 2000 4000 6000 8000 10000 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 RPC (ADV of Multi-Listed Options Contracts(1), k) MIAX Options Exchanges 16.0% Market share (2) 11,824 14,385 12,252 12,142 18,002 18,142 8,022 8,188 $2.525 $2.524 $2.508 $2.530 $2.426 $1.982 $2.369 $2.281 $0.000 $1.000 $2.000 $3.000 $4.000 $5.000 $6.000 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 RPC (ADV of Futures Contracts) MIAX Futures (2) (ADV of Equity Shares, mm) MIAX Pearl Equities 216 202 188 187 176 195 188 173 ($0.044) ($0.040) ($0.040) ($0.034) ($0.020) ($0.014) ($0.015) $0.000 ($0.100) ($0.080) ($0.060) ($0.040) ($0.020) $0.000 $0.020 0 50 100 150 200 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Equity Capture 1.8% Market share (3) 15 14.7% 13.9% 15.9% 16.0% 16.7% 17.2% 18.2% 1.7% 1.6% 1.4% 0.9%1.1%1.1%1.1% 80k 80k 80k 95k 64k 77k 69k
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$20mm $57mm Q4'24 Q4'25 $29mm $62mm Q4'24 Q4'25 $82mm $125mm Q4'24 Q4'25 Q4’25 Financial Summary 16 +52% MIAX’s Adj. Net Revenue(1) Growth MIAX’s Adj. EBITDA(2) Expansion MIAX’s Adj. Earnings(3) Growth 36% Margin: 50% +192% +112% Notes: 1. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix 2. Defined as EBITDA before share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. Adjusted EBITDA is a non-GAAP measure; for reconciliation to the nearest GAAP measure, see Appendix 3. Adjusted earnings is defined as net income (loss) adjusted for share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments.
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$45mm $165mm FY'24 FY'25 $82mm $199mm FY'24 FY'25 $278mm $431mm FY'24 FY'25 FY’25 Financial Summary 17 +55% MIAX’s Adj. Net Revenue(1) Growth MIAX’s Adj. EBITDA(2) Expansion MIAX’s Adj. Earnings(3) Growth 30% Margin: 46% +267% +143% Notes: 1. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix 2. Defined as EBITDA before share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. Adjusted EBITDA is a non-GAAP measure; for reconciliation to the nearest GAAP measure, see Appendix 3. Adjusted earnings is defined as net income (loss) adjusted for share-based compensation, investment gain/loss, litigation costs, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments.
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$29.0 $33.0 $7.7 $9.7 $2.4 $3.0 $9.6 $10.3 $0.9 $0.7 $4.0 $5.8 $53.5 $62.5 0%20%40%60%80%100%120%140%160%180%200%220%240%260%280%300%320%340%360%380%400%420%440%460%480%500%520%540%560%580%600%620%640%660%680%700%720%740%760%780%800%820%840%860%880%900%920%940%960%980%1000%1020%1040%1060%1080%1100%1120%1140%1160%1180%1200%1220%1240%1260%1280%1300%1320%1340%1360%1380%1400%1420%1440%1460%1480%1500%1520%1540%1560%1580%1600%1620%1640%1660%1680%1700%1720%1740%1760%1780%1800%1820%1840%1860%1880%1900%1920%1940%1960%1980%2000%2020%2040%2060%2080%2100%2120%2140%2160%2180%2200%2220%2240%2260%2280%2300%2320%2340%2360%2380%2400%2420%2440%2460%2480%2500%2520%2540%2560%2580%2600%2620%2640%2660%2680%2700%2720%2740%2760%2780%2800%2820%2840%2860%2880%2900%2920%2940%2960%2980%3000%3020%3040%3060%3080%3100%3120%3140%3160%3180%3200%3220%3240%3260%3280%3300%3320%3340%3360%3380%3400%3420%3440%3460%3480%3500%3520%3540%3560%3580%3600%3620%3640%3660%3680%3700%3720%3740%3760%3780%3800%3820%3840%3860%3880%3900%3920%3940%3960%3980%4000%4020%4040%4060%4080%4100%4120%4140%4160%4180%4200%4220%4240%4260%4280%4300%4320%4340%4360%4380%4400%4420%4440%4460%4480%4500%4520%4540%4560%4580%4600%4620%4640%4660%4680%4700%4720%4740%4760%4780%4800%4820%4840%4860%4880%4900%4920%4940%4960%4980%5000%5020%5040%5060%5080%5100%5120%5140%5160%5180%5200%5220%5240%5260%5280%5300%5320%5340%5360%5380%5400%5420%5440%5460%5480%5500%5520%5540%5560%5580%5600%5620%5640%5660%5680%5700%5720%5740%5760%5780%5800%5820%5840%5860%5880%5900%5920%5940%5960%5980%6000%6020%6040%6060%6080%6100%6120%6140%6160%6180%6200%6220%6240%6260%6280%6300%6320%6340%6360%6380%6400%6420%6440%6460%6480%6500% Q4'24 Q4'25 General, Administrative and Other Marketing and Business Development Professional Fees and Outside Services Occupancy Costs Information Technology and Communication Costs Compensation and Benefits GAAP Expenses $74.5mm $81.8mm Headcount(2) 375 439 Q4’25 Adjusted Operating Expenses Detail Adjusted Operating Expenses(1) ($mm) ⚫ 4Q25 adjusted operating expenses(1) of $62.5mm, up 17% YoY ⚫ Compensation and benefits increased $4.0mm driven by increased headcount, including the acquisition of TISE ⚫ Information technology and communication costs increased $2.0mm primarily driven by buildout of the MIAX Sapphire exchange and the new MIAX Futures and BSX trading platforms ⚫ Share-based compensation and depreciation and amortization drove adjustment from GAAP expenses to adjusted operating expenses(1) Q4’25 PERFORMANCE 18 Notes: Totals may not foot due to rounding 1. Defined as total operating expenses excluding share-based compensation, litigation, depreciation and amortization, one time IPO payments, impairment charges, settlement fee, and acquisition related costs. Adjusted operating expenses is a non-GAAP measure 2. Headcount at period end
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$108.2 $128.2 $29.2 $35.4 $9.4 $12.0 $35.9 $35.6 $3.1 $2.8 $13.9 $19.6 $199.6 $233.5 0%48%96%144%192%240%288%336%384%432%480%528%576%624%672%720%768%816%864%912%960%1008%1056%1104%1152%1200%1248%1296%1344%1392%1440%1488%1536%1584%1632%1680%1728%1776%1824%1872%1920%1968%2016%2064%2112%2160%2208%2256%2304%2352%2400%2448%2496%2544%2592%2640%2688%2736%2784%2832%2880%2928%2976%3024%3072%3120%3168%3216%3264%3312%3360%3408%3456%3504%3552%3600%3648%3696%3744%3792%3840%3888%3936%3984%4032%4080%4128%4176%4224%4272%4320%4368%4416%4464%4512%4560%4608%4656%4704%4752%4800%4848%4896%4944%4992%5040%5088%5136%5184%5232%5280%5328%5376%5424%5472%5520%5568%5616%5664%5712%5760%5808%5856%5904%5952%6000%6048%6096%6144%6192%6240%6288%6336%6384%6432%6480%6528%6576%6624%6672%6720%6768%6816%6864%6912%6960%7008%7056%7104%7152%7200%7248%7296%7344%7392%7440%7488%7536%7584%7632%7680%7728%7776%7824%7872%7920%7968%8016%8064%8112%8160%8208%8256%8304%8352%8400%8448%8496%8544%8592%8640%8688%8736%8784%8832%8880%8928%8976%9024%9072%9120%9168%9216%9264%9312%9360%9408%9456%9504%9552%9600%9648%9696%9744%9792%9840%9888%9936%9984%10032%10080%10128%10176%10224%10272%10320%10368%10416%10464%10512%10560%10608%10656%10704%10752%10800%10848%10896%10944%10992%11040%11088%11136%11184%11232%11280%11328%11376%11424%11472%11520%11568%11616%11664%11712%11760%11808%11856%11904%11952%12000%12048%12096%12144%12192%12240%12288%12336%12384%12432%12480%12528%12576%12624%12672%12720%12768%12816%12864%12912%12960%13008%13056%13104%13152%13200%13248%13296%13344%13392%13440%13488%13536%13584%13632%13680%13728%13776%13824%13872%13920%13968%14016%14064%14112%14160%14208%14256%14304%14352%14400%14448%14496%14544%14592%14640%14688%14736%14784%14832%14880%14928%14976%15024%15072%15120%15168%15216%15264%15312%15360%15408%15456%15504%15552%15600%15648%15696%15744%15792%15840%15888%15936%15984%16032%16080%16128%16176%16224%16272%16320%16368%16416%16464%16512%16560%16608%16656%16704%16752%16800%16848%16896%16944%16992%17040%17088%17136%17184%17232%17280%17328%17376%17424%17472%17520%17568%17616%17664%17712%17760%17808%17856%17904%17952%18000%18048%18096%18144%18192%18240%18288%18336%18384%18432%18480%18528%18576%18624%18672%18720%18768%18816%18864%18912%18960%19008%19056%19104%19152%19200%19248%19296%19344%19392%19440%19488%19536%19584%19632%19680%19728%19776%19824%19872%19920%19968%20016%20064%20112%20160%20208%20256%20304%20352%20400%20448%20496%20544%20592%20640%20688%20736%20784%20832%20880%20928%20976%21024%21072%21120%21168%21216%21264%21312%21360%21408%21456%21504%21552%21600%21648%21696%21744%21792%21840%21888%21936%21984%22032%22080%22128%22176%22224%22272%22320%22368%22416%22464%22512%22560%22608%22656%22704%22752%22800%22848%22896%22944%22992%23040%23088%23136%23184%23232%23280%23328%23376%23424%23472%23520%23568%23616%23664%23712%23760%23808%23856%23904%23952%24000% FY'24 FY'25 General, Administrative and Other Marketing and Business Development Professional Fees and Outside Services Occupancy Costs Information Technology and Communication Costs Compensation and Benefits GAAP Expenses $278.5mm $338.6mm Headcount(2) 375 439 FY’25 Adjusted Operating Expenses Detail Adjusted Operating Expenses(1) ($mm) ⚫ FY25 adjusted operating expenses(1) of $233.5mm, up 17% YoY ⚫ Compensation and benefits increased $20.0mm driven by increased headcount, including the acquisition of TISE, as well as increased cash bonus due to higher profitability ⚫ Information technology and communication costs increased $6.2mm primarily driven by buildout of the MIAX Sapphire exchange and the new MIAX Futures and BSX trading platforms ⚫ Share-based compensation, IPO related costs, and depreciation and amortization drove adjustment from GAAP expenses to adjusted operating expenses(1) FY’25 PERFORMANCE 19 Notes: Totals may not foot due to rounding 1. Defined as total operating expenses excluding share-based compensation, litigation, depreciation and amortization, one time IPO payments, impairment charges, settlement fee, and acquisition related costs. Adjusted operating expenses is a non-GAAP measure 2. Headcount at period end
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$0.3 $0.4 $0.9 $6.0 $5.6 $4.8 $1.8 $6.4 $73.1 $106.9 $81.7 $124.5 Q4'24 Q4'25 Q4’25 YoY Adjusted Net Revenue by Segment and Key Drivers Segment Adj. Net Rev. Growth Key Drivers Options +$33.8mm +46% YoY Growth ⚫ Higher net transaction fees due to: ⚫ Record multi-listed options market share of 18.2% ⚫ Record multi-listed options industry ADV of 61.1 million contracts ⚫ Record MIAX ADV of 11.1 million contracts ⚫ Higher RPC Equities +$4.5mm ⚫ Higher net transaction fees due to improved capture rate Futures ($0.8)mm ⚫ $0.9mm decrease in non-transaction fees International +$5.2mm ⚫ Increase due to the acquisition of TISE Adjusted Net Revenue(1) ($mm) +52% 20 Notes: Totals may not foot due to rounding 1. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix Other Other Intl.
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$1.2 $1.2 $3.3 $14.7 $21.2 $20.5 $4.3 $18.8 $247.6 $375.4 $277.6 $430.5 0%88%176%264%352%440%528%616%704%792%880%968%1056%1144%1232%1320%1408%1496%1584%1672%1760%1848%1936%2024%2112%2200%2288%2376%2464%2552%2640%2728%2816%2904%2992%3080%3168%3256%3344%3432%3520%3608%3696%3784%3872%3960%4048%4136%4224%4312%4400%4488%4576%4664%4752%4840%4928%5016%5104%5192%5280%5368%5456%5544%5632%5720%5808%5896%5984%6072%6160%6248%6336%6424%6512%6600%6688%6776%6864%6952%7040%7128%7216%7304%7392%7480%7568%7656%7744%7832%7920%8008%8096%8184%8272%8360%8448%8536%8624%8712%8800%8888%8976%9064%9152%9240%9328%9416%9504%9592%9680%9768%9856%9944%10032%10120%10208%10296%10384%10472%10560%10648%10736%10824%10912%11000%11088%11176%11264%11352%11440%11528%11616%11704%11792%11880%11968%12056%12144%12232%12320%12408%12496%12584%12672%12760%12848%12936%13024%13112%13200%13288%13376%13464%13552%13640%13728%13816%13904%13992%14080%14168%14256%14344%14432%14520%14608%14696%14784%14872%14960%15048%15136%15224%15312%15400%15488%15576%15664%15752%15840%15928%16016%16104%16192%16280%16368%16456%16544%16632%16720%16808%16896%16984%17072%17160%17248%17336%17424%17512%17600%17688%17776%17864%17952%18040%18128%18216%18304%18392%18480%18568%18656%18744%18832%18920%19008%19096%19184%19272%19360%19448%19536%19624%19712%19800%19888%19976%20064%20152%20240%20328%20416%20504%20592%20680%20768%20856%20944%21032%21120%21208%21296%21384%21472%21560%21648%21736%21824%21912%22000%22088%22176%22264%22352%22440%22528%22616%22704%22792%22880%22968%23056%23144%23232%23320%23408%23496%23584%23672%23760%23848%23936%24024%24112%24200%24288%24376%24464%24552%24640%24728%24816%24904%24992%25080%25168%25256%25344%25432%25520%25608%25696%25784%25872%25960%26048%26136%26224%26312%26400%26488%26576%26664%26752%26840%26928%27016%27104%27192%27280%27368%27456%27544%27632%27720%27808%27896%27984%28072%28160%28248%28336%28424%28512%28600%28688%28776%28864%28952%29040%29128%29216%29304%29392%29480%29568%29656%29744%29832%29920%30008%30096%30184%30272%30360%30448%30536%30624%30712%30800%30888%30976%31064%31152%31240%31328%31416%31504%31592%31680%31768%31856%31944%32032%32120%32208%32296%32384%32472%32560%32648%32736%32824%32912%33000%33088%33176%33264%33352%33440%33528%33616%33704%33792%33880%33968%34056%34144%34232%34320%34408%34496%34584%34672%34760%34848%34936%35024%35112%35200%35288%35376%35464%35552%35640%35728%35816%35904%35992%36080%36168%36256%36344%36432%36520%36608%36696%36784%36872%36960%37048%37136%37224%37312%37400%37488%37576%37664%37752%37840%37928%38016%38104%38192%38280%38368%38456%38544%38632%38720%38808%38896%38984%39072%39160%39248%39336%39424%39512%39600%39688%39776%39864%39952%40040%40128%40216%40304%40392%40480%40568%40656%40744%40832%40920%41008%41096%41184%41272%41360%41448%41536%41624%41712%41800%41888%41976%42064%42152%42240%42328%42416%42504%42592%42680%42768%42856%42944%43032%43120%43208%43296%43384%43472%43560%43648%43736%43824%43912%44000% FY'24 FY'25 FY’25 YoY Adjusted Net Revenue by Segment and Key Drivers Segment Adj. Net Rev. Growth Key Drivers Options +$127.8mm +52% YoY Growth ⚫ Higher net transaction fees due to: ⚫ Record multi-listed options market share of 17.1% ⚫ Record multi-listed options industry ADV of 55.8 million contracts ⚫ Record MIAX ADV of 9.5 million contracts ⚫ Higher RPC Equities +$14.4mm ⚫ Higher net transaction fees due to improved capture rate Futures ($0.8)mm ⚫ $1.7mm decrease in non-transaction fees, $0.9M increase in transaction fees International +$11.4mm ⚫ Increase due to the acquisition of TISE Adjusted Net Revenue(1) ($mm) +55% 21 Notes: Totals may not foot due to rounding 1. Defined as total revenues less cost of revenues excluding non-cash expenses related to the equity rights programs. Adjusted net revenue is a non-GAAP measure; for a reconciliation to the nearest GAAP measure, see Appendix Other Other Intl.
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Strengthened Balance Sheet Throughout 2025 12/31/25 12/31/24 Assets Cash and cash equivalents 433,648 150,341 Cash and securities segregated under federal and other regulations 27,618 30,809 Restricted cash 6,005 6,270 Assets held for sale (MIAXdx) 40,976 — Other current assets 346,967 385,396 Total current assets 855,214 572,816 Goodwill and other intangible assets 232,985 161,042 Other assets 171,226 239,793 Total assets 1,259,425 973,651 Liabilities and equity Current portion of long-term debt 1,508 4,767 Long-term debt — 32,268 Puttable common stock, net of current portion — 78,424 Puttable warrants issued with debt — 64,188 Liabilities held for sale (MIAXdx) 2,758 — Other liabilities 374,142 426,387 Total liabilities 378,408 606,034 Total equity 881,017 367,617 Total liabilities and equity 1,259,425 973,651 22 ($ in 000s)
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2026 GUIDANCE
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2026 Full Year Guidance 24 1) Guidance as of February 25, 2026 2) Subject to continued improvements in U.S. operating results, the Company anticipates that within the next 12 months, suffi cient positive evidence should become available to reach a conclusion that a significant portion of the deferred tax valuation allowance (VA) would no longer be required. The A djusted ETR is based on non-GAAP adjusted earnings and excludes the discrete tax benefit of the anticipated VA release 3) See appendix for non-GAAP reconciliation ($ in millions) 2026 Full-Year Guidance(1) 2025 Actuals Adjusted operating expenses $265 to $275 $234(3) Implied growth rate vs FY'25 13% to 18% 17% Implied growth rate vs Q4'25 annualized 6% to 10% Share based compensation expense $27 to $30 $58 Capital expenditures and capitalization of internally developed software $40 to $45 $35 Depreciation and amortization $33 to $38 $29 Adjusted effective tax rate post VA allowance release(2) 27% to 29% 1%
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APPENDIX
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Reconciliation of Non-GAAP Financials 26 ($ in 000s) Q4’25 Q4’24 FY’25 FY’24 Transaction and clearing fees 321,172 287,905 1,189,429 1,000,114 Access fees 28,763 22,780 106,048 89,567 Market data fees 10,973 8,838 41,598 33,646 Other revenue 8,526 4,373 26,998 16,745 Total revenues 369,434 323,896 1,364,073 1,140,072 Liquidity payments 230,913 201,778 837,896 727,177 Brokerage, clearing, and exchange fees 12,717 17,328 55,264 68,462 Section 31 fees - 22,032 35,225 62,140 Equity rights program - - - 1,975 Other cost of revenues 1,303 1,053 5,158 4,674 Total cost of revenues 244,933 242,191 933,543 864,428 Revenues less cost of revenues 124,501 81,705 430,530 275,644 Equity rights program - - - 1,975 Adjusted revenues less cost of revenues 124,501 81,705 430,530 277,619 Reconciliation of revenues less costs of revenues to adjusted revenues less cost of revenues
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Reconciliation of Non-GAAP Financials (Cont’d) 27 1) Represents unrealized gain or loss from the TISE investment or acquisition, and unrealized gain or loss on marketable equity securities. 2) Represents expenses associated with stock options, restricted stock awards and warrants that have been granted to employees, directors and service providers as well as the expense associated with the ERP. 3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. 4) Relates to the TISE Acquisition. 5) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025. 6) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company’s ERPs I and II that have an associated put right which requires the Company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. 7) 2025 impairment charges related to owned land and building impairments. 2024 impairment charges related to owned land and building impairments and investment impairment. 8) 2025 represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025. 2024 represents the realized gain on the first tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2024 by the Pyth Network and sold by BSX during the second quarter of 2024. 9) Represents the unrealized gain or loss on Pyth tokens that remain locked by the Pyth Network and unrealized gain or loss resulting from the mark-to-market valuation of the Pyth tokens upon unlocking prior to their sale. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. 10) One time IPO bonuses paid to certain employees and termination payments to former directors. 11) Represents expense recognized upon the extension of expiration date of certain warrants. 12) Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan. 13) The Company recognized expense of $3.0 million related to a settlement fee for the repayment of its Prior Loan Agreement. 14) Represents the fair value of common stock issued to convertible loan holders in excess of the consideration issuable under the original term loan agreements, offered as an inducement to convert prior to maturity. ($ in 000s) Q4’25 Q4’24 FY’25 FY’24 Net income (loss) allocated to common shareholders 29,944 2,891 (70,029) 102,123 Interest expense and amortization of debt issuance costs 176 4,419 12,886 13,951 Interest income (4,043) (1,326) (9,414) (3,302) Income tax provision 922 374 1,450 3,095 Depreciation and amortization 8,042 6,265 29,379 23,372 EBITDA 35,041 12,623 (35,728) 139,239 Investment (gain) loss (1) (54) (510) (10,374) 1,085 Share based compensation (2) 9,559 10,039 57,566 43,631 Litigation costs (3) 1,741 2,781 4,428 8,861 Acquisition-related costs (4) - - 2,901 - Change in fair value of puttable warrants issued with debt (5) - 3,027 1,172 4,662 Change in fair value of puttable common stock (6) - 2,445 2,229 10,594 Impairments charges (7) - 6,089 2,717 6,089 (Gain) loss on intangible asset (8) - - 2,054 (52,604) Unrealized (gain) loss on derivative assets (9) 15,876 (7,156) 54,915 (83,840) One time IPO payments (10) - - 8,048 - Warrant modifications (11) - - 1,516 - Loss on extinguishment of debt (12) - - 107,656 - Settlement fee (13) - - - 3,000 Settlement of induced conversion expense in common stock (14) - - - 1,365 Adjusted EBITDA 62,163 29,338 199,100 82,082 Reconciliation of net income (loss) allocated to common shareholders to adjusted EBITDA
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Reconciliation of Non-GAAP Financials (Cont’d) 28 1) Represents unrealized gain or loss from the TISE investment or acquisition, and unrealized gain or loss on marketable equity securities. 2) Represents expenses associated with stock options, restricted stock awards and warrants that have been granted to employees, directors and service providers as well as the expense associated with the ERP. 3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. 4) 2025 represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025. 2024 represents the realized gain on the first tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2024 by the Pyth Network and sold by BSX during the second quarter of 2024. 5) Represents the unrealized gain or loss on Pyth tokens that remain locked by the Pyth Network and unrealized gain or loss resulting from the mark-to-market valuation of the Pyth tokens upon unlocking prior to their sale. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. 6) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company’s ERPs I and II that have an associated put right which requires the Company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. 7) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025. 8) Relates to the TISE Acquisition 9) 2025 impairment charges related to owned land and building impairments. 2024 impairment charges related to owned land and building impairments and investment impairment. 10) One time IPO bonuses paid to certain employees and termination payments to former directors. 11) Represents expense recognized upon the extension of expiration date of certain warrants. 12) Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan. 13) The Company recognized expense of $3.0 million related to a settlement fee for the repayment of its Prior Loan Agreement. 14) Represents the fair value of common stock issued to convertible loan holders in excess of the consideration issuable under the original term loan agreements, offered as an inducement to convert prior to maturity. ($ in 000s) Q4’25 Q4’24 FY’25 FY’24 Net Income (loss) allocated to common shareholders 29,944 2,891 (70,029) 102,123 Investment (gain) loss (1) (54) (510) (10,374) 1,085 Share based compensation (2) 9,559 10,039 57,566 43,631 Litigation costs (3) 1,741 2,781 4,428 8,861 (Gain) loss on intangible asset (4) - - 2,054 (52,604) Unrealized (gain) loss on derivative assets (5) 15,876 (7,156) 54,915 (83,840) Change in fair value of puttable common stock (6) - 2,445 2,229 10,594 Change in fair value of puttable warrants issued with debt (7) - 3,027 1,172 4,662 Acquisition-related costs (8) - - 2,901 - Impairments charges (9) - 6,089 2,717 6,089 One time IPO payments (10) - - 8,048 - Warrant modifications (11) - - 1,516 - Loss on extinguishment of debt (12) - - 107,656 - Settlement fee (13) - - - 3,000 Settlement of induced conversion expense in common stock (14) - - - 1,365 Tax effect of adjustments - (41) - (59) Adjusted earnings 57,066 19,565 164,799 44,907 Reconciliation of net income (loss) allocated to common shareholders to adjusted earnings
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Reconciliation of Non-GAAP Financials (Cont’d) 29 1) Q4’25 includes $3.9 million restricted stock awards, and $4.6 million options. Q4’24 includes $6.5 million restricted stock awards, and $2.5 million options. FY'25 includes $40.7 million restricted stock awards, and $12.6 million options. FY'24 includes $26.9 million restricted stock awards, and $10.1 million options. 2) Q4’25 includes $0.2 million restricted stock awards, $0.2 million options, and $0.2 million warrants. Q4’24 includes $0.1 million restricted stock awards, $0.1 million options, and $0.4 million warrants. FY'25 includes $0.8 million restricted stock awards, $0.7 million options, and $1.2 million warrants. FY'24 includes $0.4 million restricted stock awards, $0.5 million options, and $2.0 million warrants. 3) Q4’25 includes $0.1 million restricted stock awards, and $0.3 million options. Q4’24 includes $0.3 million restricted stock awards, and $0.1 million options. FY’25 includes $0.5 million restricted stock awards, and $1.0 million options. FY’24 includes $0.8 million restricted stock awards, and $1.0 million options. 4) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. 5) One time IPO bonuses paid to certain employees and termination payments to former directors. 6) Impairment charges related to owned land and building impairments. 7) Relates to the TISE Acquisition. 8) The Company recognized expense of $3.0 million related to a settlement fee for the repayment of its Prior Loan Agreement. Footnotes may not equal subtotals due to rounding ($ in 000s) Q4’25 Q4’24 FY’25 FY’24 Total operating expenses 81,812 74,547 338,562 278,469 (+) Share based compensation - Compensation and benefits (1) (8,540) (8,987) (53,277) (37,000) (+) Share based compensation - Professional fees and outside services (2) (613) (659) (2,767) (2,927) (+) Share based compensation - General, administrative, and other (3) (406) (393) (1,522) (1,729) (=) Total share based compensation (9,559) (10,039) (57,566) (41,656) Litigation - Professional fees and outside services (4) (1,741) (2,781) (4,428) (8,861) Depreciation and amortization (8,042) (6,265) (29,379) (23,372) (+) One time IPO payments - Compensation and benefits - - (6,848) - (+) One time IPO payments - General, administrative, and other - - (1,200) - (=) Total One time IPO payments (5) - - (8,048) - Impairment of long-lived assets - General, administrative, and other (6) - (1,981) (2,717) (1,981) Acquisition-related costs (7) - - (2,901) - Settlement fee - General, administrative, and other (8) - - - (3,000) Total adjusted operating expenses 62,470 53,481 233,523 199,599 Reconciliation of operating expenses to adjusted operating expenses
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Share Count Sensitivity 30 The pro forma adjusted fully diluted weighted average shares outstanding and assumed share prices provided in the table above are being provided for illustrative purposes only and do not purport to represent what fully diluted weighted averages shares outstanding or our share price may be for any future period. The trading price of our common stock could be volatile, and there can be no guarantee that actual trading prices will be at or above the assumed prices provided in the table above. Pro forma adjusted fully diluted weighted average shares outstanding is computed by adjusting the weighted average shares of common stock outstanding to give effect to potentially dilutive securities, including certain shares of common stock underlying outstanding options, restricted share awards, warrants, and convertible debt using the treasury stock method. This adjustment is made for purposes of calculating pro forma adjusted fully diluted weighted average shares outstanding only and does not necessarily reflect the amount of exchanges that may occur in the future. Fully Diluted Weighted Average Shares Assumed Average Share Price Quarter Ending March 31, 2026 $30.00 105,880,447 $35.00 108,100,708 $40.00 109,765,904 $45.00 111,061,120 $50.00 112,098,335
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