-- Net revenue grew 57% year-over-year to $109.5 million
-- GAAP net loss of $102.1 million, impacted by one-time loss on
extinguishment of debt and IPO-related expenses
-- GAAP diluted EPS of $(1.46)
-- Adjusted EBITDA more than doubled year-over-year to $48.0 million
-- Adjusted earnings increased nearly five times year-over-year to $39.9
million
-- Adjusted diluted EPS of $0.42
PRINCETON, N.J. and MIAMI, Nov. 5, 2025 /PRNewswire/ -- Miami International Holdings, Inc. (MIH) $(MIAX)$, a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced results for the third quarter ended September 30, 2025.
"MIH produced strong results in the third quarter while also executing on a successful initial public offering, driven by our team's focus on providing customers with best-in-class technology, reliability and risk protections across our markets," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. "Elevated volatility supported record volumes, contributing to strong performance in our options business. Notably, we achieved record average daily volume of 9.6 million contracts across our options exchanges for the third quarter, increasing 56% over the same period in the prior year."
"Looking ahead, we remain committed to leveraging our ongoing investments in technology, relationships and industry expertise as we seek to further expand market share in our options business and grow our equities, futures, and international segments. With a strong foundation to build on, we are well-positioned to execute on our growth strategy and create long-term shareholder value."
Third Quarter 2025 Highlights
All figures are compared to the third quarter of 2024 unless otherwise stated.
-- Net revenue, defined as revenues less cost of revenues, grew 57% to
$109.5 million, compared to $69.6 million in the prior-year period
primarily driven by strong options business performance, including
increased industry volumes and the launch of the MIAX Sapphire$(R)$
electronic options exchange in August 2024.
-- Total operating expenses were $109.8 million, compared to $70.7 million
in the prior-year period primarily due to initial public offering (IPO)
related expenses and planned increases in headcount to support our growth
initiatives.
-- Operating loss of $0.3 million, compared to an operating loss of $1.2
million in the prior-year period.
-- GAAP net loss of $102.1 million, compared to GAAP net loss of $3.2
million in the prior-year period primarily due to one-time loss on
extinguishment of debt and IPO-related expenses.
-- Adjusted earnings increased nearly five times to $39.9 million, compared
to adjusted earnings of $8.3 million in the prior-year period.
-- Adjusted EBITDA more than doubled to $48.0 million, compared to $18.7
million in the prior-year period driven primarily by strong growth in net
revenues.
-- Adjusted EBITDA margin expanded to 44% from 27% in the prior-year period.
Business Updates
-- Launched the MIAX Sapphire options trading floor in Miami in September
2025.
-- MIAX(R) options exchanges reached a market share record of 17.2% in the
third quarter of 2025.
-- Announced support for the trading of financial futures on the MIAX
Futures$(TM)$ Onyx trading platform in the first quarter of 2026.
-- MIAX Futures to list futures on the Bloomberg 500 Index in collaboration
with Bloomberg during the first quarter of 2026, with futures on the
Bloomberg 100 Index to follow.
Summary of Selected Unaudited Condensed Consolidated Financial Results
($000, except per share amounts and percentages)
Consolidated
Third Quarter 3Q25 3Q24
Results September 30, 2025 September 30, 2024 Change
------------- ---------------------------- ---------------------------- ------
Total
revenues
less cost of
revenues $ 109,483 $ 69,558 57 %
Operating
loss $ (305) $ (1,159) NA
Net loss
attributable
to MIH
stockholders $ (102,080) $ (3,204) NA
Diluted EPS $ (1.46) $ (0.05) NA
Adjusted
earnings* $ 39,947 $ 8,273 383 %
Adjusted
diluted
EPS* $ 0.42 $ 0.11 282 %
EBITDA $ (93,941) $ 5,768 NA
Adjusted
EBITDA* $ 48,019 $ 18,690 157 %
Adjusted
EBITDA
margin %* 44 % 27 % 63 %
* Reconciliation of non-GAAP results is included in the tables below. See
"Non-GAAP Financial Information" below.
Segment Results
($000)
Total Revenues
Less Cost of
Revenues (Net
Revenue) by
Business 3Q25 3Q24
Segment September 30, 2025 September 30, 2024 Change
---------------- -------------------------- -------------------------- ------
Options $ 94,499 $ 60,925 55 %
Equities 4,352 2,234 95 %
Futures 4,786 5,288 (9) %
International 5,533 806 586 %
Corporate/Other 313 305 3 %
Total $ 109,483 $ 69,558 57 %
Options
-- Net revenue grew 55% to $94.5 million, compared to $60.9 million in the
prior-year period. The growth was primarily driven by higher net
transaction fees that benefitted from increased industry volume, higher
market share, and higher revenue per contract (RPC). Higher
non-transaction fees were primarily driven by the launch of the MIAX
Sapphire electronic options exchange in August 2024 which also
contributed to increased revenues.
-- Operating income increased 56% to $51.4 million, compared to $32.9
million in the prior-year period. The growth was primarily due to higher
net revenues, partially offset by higher expenses driven by share-based
compensation costs.
-- Adjusted EBITDA grew 70% to $69.1 million, compared to $40.7 million in
the prior-year period.
Equities
-- Net revenue nearly doubled to $4.4 million, compared to $2.2 million in
the prior-year period. The increase was primarily due to higher net
transaction fees from improved but still negative pricing as liquidity
payments exceeded transaction revenues.
-- Operating loss of $4.9 million, compared to an operating loss of $5.0
million in the prior-year period.
-- Adjusted EBITDA of $(0.9) million, compared to $(2.5) million in the
prior-year period.
Futures
-- Net revenue was $4.8 million, compared to $5.3 million in the prior-year
period. The decrease was due to participant migrations to the MIAX
Futures Onyx trading platform and lower commodity market volatility,
partially offset by the elimination of expenses related to CME Globex.
-- Operating loss was $18.5 million, compared to an operating loss of $12.8
million in the prior-year period. The change was primarily due to lower
revenue and higher operating expenses driven by share-based compensation
costs.
-- Adjusted EBITDA of $(9.6) million, compared to $(8.0) million in the
prior-year period.
International
-- Net revenue was $5.5 million, compared to $0.8 million in the prior-year
period. The increase was primarily due to the acquisition of The
International Stock Exchange Group Limited (TISE) in June 2025.
-- Operating income was $0.8 million, compared to an operating loss of $2.6
million in the prior-year period. The change was primarily due to the
impact of the TISE acquisition.
-- Adjusted EBITDA of $1.7 million, compared to $(1.7) million in the
prior-year period.
Capital and Liquidity
-- On August 13, 2025, MIH raised $396.8 million in gross proceeds from its
IPO of 17,250,000 shares of common stock, including the full exercise of
the underwriters' option to purchase additional shares.
-- On August 18, 2025, MIH repaid its outstanding senior secured loan
agreement maturing in 2029. The amount repaid by MIH included $178.4
million of outstanding indebtedness, accrued and unpaid interest, the
related premium, and fees.
-- As of September 30, 2025, MIH had cash and cash equivalents of $401.5
million and total debt of $6.5 million.
Webcast and Conference Call
MIAX will host a webcast and conference call to review its third quarter financial results today, November 5, 2025 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 using conference ID "10203428" (international dial-in 412-317-6060). The webcast can be accessed on the Investor Relations section of MIAX's website at https://ir.miaxglobal.com/. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event.
Non-GAAP Financial Information
Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation 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, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments. A reconciliation of net income attributable to MIH to adjusted earnings, appears below.
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income taxes and depreciation and amortization, share-based compensation, investment gain/loss, litigation 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. A reconciliation of net income attributable to MIH to adjusted EBITDA, appears below.
Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by adjusted revenues less cost of revenues.
Adjusted EPS, a non-GAAP financial measure, is defined as 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).
For a reconciliation of our non-GAAP results to our GAAP results, see the tables below.
About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX(R) operates nine exchanges across options, futures, equities and international markets including MIAX(R) Options, MIAX Pearl(R) , MIAX Emerald(R) , MIAX Sapphire(R) , MIAX Pearl Equities(TM), MIAX Futures(TM), MIAXdx(TM), The Bermuda Stock Exchange $(BSX)$ and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX please visit www.miaxglobal.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.
All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Contact:
Investors
investor.relations@miaxglobal.com
Media
media@miaxglobal.com
Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three and Nine Months Ended September 30, 2025 and 2024
($000, except share and per share amounts)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------------------------- --------------------------------------------------
2025 2024 2025 2024
------------------------ ------------------------ ------------------------ ------------------------
Revenues:
Transaction and
clearing fees $ 292,814 $ 240,623 $ 868,257 $ 712,209
Access fees 27,096 22,490 77,285 66,787
Market data fees 10,730 9,143 30,625 24,808
Other revenue 9,138 4,400 18,472 12,372
------------------------ ------------------------ ------------------------ ------------------------
Total revenues 339,778 276,656 994,639 816,176
Cost of revenues:
Liquidity payments 217,286 167,797 606,983 525,399
Brokerage, clearing,
and exchange fees 11,612 17,731 42,547 51,134
Section 31 fees -- 20,241 35,225 40,108
Equity rights
program -- -- -- 1,975
Other cost of
revenues 1,397 1,329 3,855 3,621
------------------------ ------------------------ ------------------------ ------------------------
Total cost of
revenues 230,295 207,098 688,610 622,237
------------------------ ------------------------ ------------------------ ------------------------
Revenues less cost
of revenues 109,483 69,558 306,029 193,939
Operating expenses:
Compensation and
benefits 68,753 37,850 146,734 107,227
Information
technology and
communication
costs 9,290 7,250 25,689 21,442
Depreciation and
amortization 8,229 6,045 21,337 17,107
Occupancy costs 3,568 2,335 9,018 7,032
Professional fees
and outside
services 10,807 12,658 30,159 34,663
Marketing and
business
development 759 663 2,077 2,198
Acquisition-related
costs -- -- 2,901 --
General,
administrative, and
other 8,382 3,916 18,835 14,253
------------------------ ------------------------ ------------------------ ------------------------
Total operating
expenses 109,788 70,717 256,750 203,922
------------------------ ------------------------ ------------------------ ------------------------
Operating income (loss) (305) (1,159) 49,279 (9,983)
------------------------ ------------------------ ------------------------ ------------------------
Non-operating (expense)
income:
Change in fair value
of puttable common
stock (338) (6,791) (2,229) (8,149)
Change in fair value
of puttable
warrants issued
with debt (255) (1,635) (1,172) (1,635)
Interest income 2,658 840 5,371 1,976
Interest expense and
amortization of
debt issuance
costs (3,378) (2,208) (12,710) (9,532)
Gain (loss) on sale
of intangible
asset -- -- (2,054) 52,604
Unrealized gain
(loss) on
derivative assets 7,979 10,010 (39,039) 76,684
Loss on debt
extinguishment (107,656) -- (107,656) --
Other, net (1,595) (703) 10,765 (149)
------------------------ ------------------------ ------------------------ ------------------------
Income (loss) before
income tax provision (102,890) (1,646) (99,445) 101,816
Income tax (expense)
benefit 810 (1,559) (528) (2,721)
------------------------ ------------------------ ------------------------ ------------------------
Net income (loss) (102,080) (3,205) (99,973) 99,095
------------------------ ------------------------ ------------------------ ------------------------
Net loss
attributable to
non-controlling
interest -- (1) -- (137)
------------------------ ------------------------ ------------------------ ------------------------
Net income (loss)
attributable to Miami
International Holdings,
Inc $ (102,080) $ (3,204) $ (99,973) $ 99,232
======================== ======================== ======================== ========================
Weighted-average shares
of common stock
outstanding
Basic 70,128,197 63,246,820 66,168,315 60,477,992
======================== ======================== ======================== ========================
Diluted 70,128,197 63,246,820 66,168,315 75,212,560
======================== ======================== ======================== ========================
Net income (loss) per
share attributable to
common stock
Basic $ (1.46) $ (0.05) $ (1.51) $ 1.64
======================== ======================== ======================== ========================
Diluted $ (1.46) $ (0.05) $ (1.51) $ 1.35
======================== ======================== ======================== ========================
Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30, 2025 and December 31, 2024
($000, except share and per share amounts)
September 30, December 31,
2025 2024
------------------- -------------------
Assets
Current assets:
Cash and cash equivalents $ 401,482 $ 150,341
Cash and securities segregated
under federal and other
regulations 29,509 30,809
Accounts receivable, net 99,864 92,415
Restricted cash 6,005 6,270
Clearing house performance bonds
and guarantee funds 86,204 87,744
Participant margin deposits 1,151 1,234
Receivables from broker-dealers,
futures commission merchants,
and clearing organizations 123,302 147,164
Current portion of derivative
assets 14,052 33,536
Other current assets 30,452 23,303
------------------- -------------------
Total current assets 792,021 572,816
Investments 14,180 31,022
Fixed assets, net 47,861 44,478
Internally developed software,
net 35,987 32,262
Goodwill 64,739 46,818
Other intangible assets, net 189,125 114,224
Derivative assets, net of current
portion 12,955 50,304
Other assets, net 68,402 81,727
------------------- -------------------
Total assets $ 1,225,270 $ 973,651
=================== ===================
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable and other
liabilities $ 81,803 $ 120,361
Accrued compensation payable 31,910 33,523
Current portion of long-term debt 4,957 4,767
Deferred transaction revenues 9,166 2,710
Clearing house performance bonds
and guarantee funds 85,704 87,244
Participant margin deposits 1,151 1,234
Payables to customers 133,853 152,637
Payables to clearing
organizations 745 2,746
------------------- -------------------
Total current liabilities 349,289 405,222
Long-term debt 1,506 32,268
Deferred income taxes 21,999 10,766
Puttable common stock, net of
current portion -- 78,424
Puttable warrants issued with
debt -- 64,188
Other non-current liabilities 20,567 15,166
------------------- -------------------
Total liabilities 393,361 606,034
Commitments and contingencies -- --
Stockholders' equity:
Convertible preferred stock - par
value $0.001 (25,000,000
authorized, and 0 issued and
outstanding at September 30,
2025 and 781,859 issued and
outstanding at December 31,
2024) -- 1
Common stock - voting and
nonvoting, par value $0.001
(600,000,000 authorized
(400,000,000 voting, 200,000,000
nonvoting); 81,767,756 issued
and 81,413,957 outstanding
common stock at September 30,
2025 (81,413,957 voting, 0
nonvoting) and 63,219,480 issued
and 63,181,011 outstanding
non-puttable common stock at
December 31, 2024 (59,683,661
voting, 3,497,350 nonvoting)) 82 63
Common stock in treasury, at
cost, 353,799 shares at
September 30, 2025 and 38,469
shares at December 31, 2024 (8,232) (775)
Additional paid-in capital 1,502,973 930,638
Accumulated deficit (662,283) (562,310)
Accumulated other comprehensive
loss, net (631) --
------------------- -------------------
Total stockholders' equity 831,909 367,617
------------------- -------------------
Total liabilities and
stockholders' equity $ 1,225,270 $ 973,651
=================== ===================
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and Adjusted EBITDA
by segment ($000):
Three Months Ended September 30, 2025
Corporate /
Options Equities Futures International Other Total
--------------- ----------------- ---------------- ---------------- --------------- ---------------
Net income (loss)
allocated to
common
shareholders $ 51,846 $ (4,858) $ (18,426) $ 8,477 $ (139,119) $ (102,080)
Interest expense
and amortization
of debt
issuance costs -- -- 36 -- 3,342 3,378
Interest income (482) -- (207) (111) (1,858) (2,658)
Income tax
expense
(benefit) -- -- -- 396 (1,206) (810)
Depreciation and
amortization 3,826 1,570 1,692 435 706 8,229
--------------- ----------------- ---------------- ---------------- --------------- ---------------
EBITDA 55,190 (3,288) (16,905) 9,197 (138,135) (93,941)
Share-based
compensation(1) 13,322 2,399 7,103 511 5,763 29,098
Investment
loss(2) -- -- 239 -- -- 239
Litigation
costs(3) 608 -- -- -- 203 811
Impairment
charges(4) -- -- -- -- 1,978 1,978
Change in fair
value of
puttable
warrants
issued with
debt(5) -- -- -- -- 255 255
Change in fair
value of
puttable common
stock(6) -- -- -- -- 338 338
Unrealized gain
on derivative
assets(7) -- -- -- (7,979) -- (7,979)
One time IPO
payments(8) -- -- -- -- 8,048 8,048
Warrant
modifications(9) -- -- -- -- 1,516 1,516
Loss on
extinguishment
of debt(10) -- -- -- -- 107,656 107,656
--------------- ----------------- ---------------- ---------------- --------------- ---------------
Adjusted EBITDA $ 69,120 $ (889) $ (9,563) $ 1,729 $ (12,378) $ 48,019
=============== ================= ================ ================ =============== ===============
(1) Share-based compensation represents expenses associated with stock
options of $3.7 million, restricted stock awards of $25.1 million, and
warrants of $0.3 million that have been granted to employees, directors
and service providers. The 2025 expense of $29.1 million is made up of
$27.8 million to employees within compensation and benefits, $0.9
million to service providers within professional fees and outside
services, and $0.4 million to directors within general, administrative,
and other.
(2) Investment loss of $0.2 million represents an unrealized loss on
available for sale marketable securities.
(3) Litigation costs are associated with ongoing litigation related to the
Nasdaq matter.
(4) Impairment charges of $2.0 million related to owned land and building
impairments.
(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 MIAX's ERPs I and II that have an associated put right which
requires MIAX 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) Represents the unrealized gain on 250 million Pyth tokens that remain
locked by the Pyth Network.
(8) One time IPO bonuses paid to certain employees and termination payments
to former directors.
(9) Represents expense recognized upon the extension of expiration date of
certain warrants.
(10) 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.
Three Months Ended September 30, 2024
Corporate /
Options Equities Futures International Other Total
--------------- ---------------- ---------------- ---------------- ---------------- ----------------
Net income
(loss)
allocated to
common
shareholders $ 33,192 $ (4,999) $ (11,448) $ 7,364 $ (27,313) $ (3,204)
Interest expense
and
amortization of
debt
issuance costs -- -- 91 -- 2,117 2,208
Interest income (265) -- (224) -- (351) (840)
Income tax
expense -- -- -- -- 1,559 1,559
Depreciation and
amortization 2,835 1,581 927 146 556 6,045
--------------- ---------------- ---------------- ---------------- ---------------- ----------------
EBITDA 35,762 (3,418) (10,654) 7,510 (23,432) 5,768
Share-based
compensation(1) 3,929 924 3,685 818 2,532 11,888
Investment
(gain) loss(2) -- -- (1,058) -- 2,037 979
Litigation
costs(3) 1,042 -- -- -- 347 1,389
Change in fair
value of
puttable
warrants
issued with
debt(4) -- -- -- -- 1,635 1,635
Change in fair
value of
puttable common
stock(5) -- -- -- -- 6,791 6,791
Settlement
fee(6) -- -- -- -- 250 250
Unrealized gain
on derivative
assets(7) -- -- -- (10,010) -- (10,010)
--------------- ---------------- ---------------- ---------------- ---------------- ----------------
Adjusted EBITDA $ 40,733 $ (2,494) $ (8,027) $ (1,682) $ (9,840) $ 18,690
=============== ================ ================ ================ ================ ================
(1) Share-based compensation represents expenses associated with stock
options of $3.4 million, restricted stock awards of $7.5 million and
warrants of $1.0 million that have been granted to employees, directors
and service providers. The 2024 expense of $11.9 million is made up of
$10.2 million to employees within compensation and benefits, $1.2 million
to service providers within professional fees and outside services, $0.5
million to directors within general, administrative, and other.
(2) Investment loss of $1.0 million represents an unrealized loss for an
observable price change in the value of an investment, net of unrealized
gain on available for sale marketable securities.
(3) Litigation costs are associated with ongoing litigation related to the
Nasdaq matter.
(4) 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.
(5) The change in fair value of puttable common stock represents the change
in fair value of outstanding puttable common stock issued in connection
with MIAX's ERPs I and II that have an associated put right which
requires MIAX to repurchase a certain percentage of the fair market value
of the award upon exercise.
(6) MIAX recognized expense of $0.3 million related to an estimated
settlement fee for the repayment of its Prior Loan Agreement.
(7) Represents the unrealized gain on 375 million Pyth tokens that remain
locked by the Pyth Network as of September 30, 2024. These tokens were
recorded at fair market value during the second quarter of 2024 when an
active market emerged for the tokens.
Segment Operating Results
The following summarizes revenues less cost of revenues, operating expenses, operating income
(loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except
percentages):
Options Equities
--------------------------------------- -----------------------------------------
Three Months Ended Three Months Ended
September 30, Percent September 30, Percent
------------------------------ --------------------------------
2025 2024 Change 2025 2024 Change
-------------- -------------- ------- --------------- --------------- -------
Revenues
less cost
of
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