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Side-by-side financial comparison of MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
MIAMI INTERNATIONAL HOLDINGS, INC. is the larger business by last-quarter revenue ($339.8M vs $252.6M, roughly 1.3× PicoCELA Inc.). MIAMI INTERNATIONAL HOLDINGS, INC. runs the higher net margin — -30.0% vs -125.2%, a 95.2% gap on every dollar of revenue. MIAMI INTERNATIONAL HOLDINGS, INC. produced more free cash flow last quarter ($102.2M vs $-256.6M).
Miami Air International was an American charter airline based in Miami-Dade County, Florida, United States. It operated worldwide passenger charter flights for diverse groups including cruise operators, professional sports teams and the United States military. It was based at Miami International Airport. Miami Air's customers included incentive groups, sports teams, Fortune 500 companies, major cruise lines, entertainers, political candidates and the United States government. Under the Civil ...
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
MIAX vs PCLA — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $339.8M | $252.6M |
| Net Profit | $-102.1M | $-316.2M |
| Gross Margin | 32.2% | — |
| Operating Margin | -0.1% | -114.8% |
| Net Margin | -30.0% | -125.2% |
| Revenue YoY | 22.8% | — |
| Net Profit YoY | -3086.0% | — |
| EPS (diluted) | $-1.46 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | $339.8M | — | ||
| Q1 25 | — | $252.6M | ||
| Q3 24 | $276.7M | — |
| Q3 25 | $-102.1M | — | ||
| Q1 25 | — | $-316.2M | ||
| Q3 24 | $-3.2M | — |
| Q3 25 | 32.2% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 25.1% | — |
| Q3 25 | -0.1% | — | ||
| Q1 25 | — | -114.8% | ||
| Q3 24 | -0.4% | — |
| Q3 25 | -30.0% | — | ||
| Q1 25 | — | -125.2% | ||
| Q3 24 | -1.2% | — |
| Q3 25 | $-1.46 | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $-0.05 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $401.5M | $456.8M |
| Total DebtLower is stronger | $6.5M | — |
| Stockholders' EquityBook value | $831.9M | $354.8M |
| Total Assets | $1.2B | $1.2B |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $401.5M | — | ||
| Q1 25 | — | $456.8M | ||
| Q3 24 | $125.1M | — |
| Q3 25 | $6.5M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q3 25 | $831.9M | — | ||
| Q1 25 | — | $354.8M | ||
| Q3 24 | $351.4M | — |
| Q3 25 | $1.2B | — | ||
| Q1 25 | — | $1.2B | ||
| Q3 24 | — | — |
| Q3 25 | 0.01× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $120.8M | $-245.6M |
| Free Cash FlowOCF − Capex | $102.2M | $-256.6M |
| FCF MarginFCF / Revenue | 30.1% | -101.6% |
| Capex IntensityCapex / Revenue | 5.5% | 4.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $120.8M | — | ||
| Q1 25 | — | $-245.6M | ||
| Q3 24 | — | — |
| Q3 25 | $102.2M | — | ||
| Q1 25 | — | $-256.6M | ||
| Q3 24 | — | — |
| Q3 25 | 30.1% | — | ||
| Q1 25 | — | -101.6% | ||
| Q3 24 | — | — |
| Q3 25 | 5.5% | — | ||
| Q1 25 | — | 4.3% | ||
| Q3 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MIAX
| Transferred At Point In Time | $246.7M | 73% |
| Transferred Over Time | $29.9M | 9% |
| Access Fees | $27.1M | 8% |
| Futures Segment | $19.4M | 6% |
| Other | $9.1M | 3% |
| TISEG | $4.7M | 1% |
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
