Category: Americas

MIL-OSI: TC Energy reports strong second quarter 2025 operating and financial results

Source: GlobeNewswire (MIL-OSI)

Solid execution and asset performance support higher 2025 financial outlook

Market fundamentals drive customer demand for incremental capacity projects

CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its second quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our commitment to safety and operational excellence continues to drive strong reliability, availability and financial performance, and we now expect our 2025 comparable EBITDA¹ outlook to be higher, in the range of $10.8 to $11.0 billion.” Poirier continued, “Compelling fundamentals are unlocking further growth opportunities across our North American portfolio. To meet this unprecedented demand, we have announced $4.5 billion of new growth projects over the past nine months, including requests for incremental capacity on projects already announced — a trend we’re seeing on several projects currently in development. Our focus on project execution is also delivering tangible results and we expect to place approximately $8.5 billion of capital projects into service this year, on time and are tracking approximately 15 per cent below budget. We remain highly confident in our disciplined strategy and our ability to capture high-value, low-risk opportunities across North America that drive long-term shareholder value.”

Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

Second quarter 2025 financial results from continuing operations²:
- Comparable earnings¹ of $0.8 billion or $0.82 per common share compared to $0.8 billion or $0.79 per common share in second quarter 2024
- Net income attributable to common shares of $0.9 billion or $0.83 per common share compared to $0.8 billion or $0.78 per common share in second quarter 2024
- Comparable EBITDA of $2.6 billion, compared to $2.3 billion in second quarter 2024
- Segmented earnings of $2.0 billion compared to $1.7 billion in second quarter 2024
2025 outlook:
- Comparable EBITDA is now expected to be higher, in the range of $10.8 to $11.0 billion³, compared to previous outlook of $10.7 to $10.9 billion
- Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
- Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures⁴
Declared a quarterly dividend of $0.85 per common share for the quarter ending September 30, 2025.

Operational Highlights

Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, up five per cent compared to second quarter 2024
- Total NGTL System receipts set a new record of 15.5 Bcf on April 13, 2025
- Canadian Mainline – Western receipts averaged 4.4 Bcf/d, up seven per cent compared to second quarter 2024
U.S. Natural Gas Pipelines daily average flows were 25.7 Bcf/d, in line with second quarter 2024
- Deliveries to LNG facilities averaged 3.5 Bcf/d, up six per cent compared to second quarter 2024
Mexico Natural Gas Pipelines flows averaged 3.6 Bcf/d, three per cent higher than second quarter 2024
- Set a daily flow record of 4.4 Bcf on April 22, 2025
Bruce Power achieved 98 per cent availability in second quarter 2025
Cogeneration power plant fleet achieved 93.4 per cent availability in second quarter 2025.

Project Highlights

The Southeast Gateway pipeline is in service and we commenced the collection of tolls from the Comisión Federal de Electricidad (CFE) beginning May 2025. In July 2025, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE
The East Lateral XPress (ELXP) project, an expansion project on the Columbia Gulf system that connects supply to U.S. Gulf Coast LNG export markets, was placed in service in May 2025, with total project costs of approximately US$0.3 billion
On July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, anticipated in fourth quarter 2025
Upsized capacity on the previously announced Maysville and Pulaski projects — mainline extension projects off Columbia Gulf — to support incremental load growth in the region, including data centre development
Reached positive FID on $0.4 billion of expansion projects as part of the Multi-Year Growth Plan (MYGP). With in-service dates expected in 2027, the projects are designed to serve system demand growth and new supply on the NGTL System.


	three months ended June 30						six months ended June 30
(millions of $, except per share amounts)		2025			2024¹			2025			2024¹

Income
Net income (loss) attributable to common shares from continuing operations		862			804			1,840			1,792
per common share – basic	$	0.83		$	0.78		$	1.77		$	1.73

Segmented earnings (losses)
Canadian Natural Gas Pipelines		551			514			1,067			1,015
U.S. Natural Gas Pipelines		907			762			2,016			1,805
Mexico Natural Gas Pipelines		191			266			402			478
Power and Energy Solutions		312			220			447			472
Corporate		(7	)		(26	)		(12	)		(87	)
Total segmented earnings (losses)		1,954			1,736			3,920			3,683

Comparable EBITDA from continuing operations
Canadian Natural Gas Pipelines		923			846			1,813			1,692
U.S. Natural Gas Pipelines		1,089			1,003			2,456			2,309
Mexico Natural Gas Pipelines		319			286			552			500
Power and Energy Solutions		301			227			525			547
Corporate		(7	)		(14	)		(12	)		(30	)
Comparable EBITDA from continuing operations		2,625			2,348			5,334			5,018
Depreciation and amortization		(671	)		(633	)		(1,349	)		(1,268	)
Interest expense		(847	)		(783	)		(1,687	)		(1,563	)
Allowance for funds used during construction		114			184			362			341
Foreign exchange gains (losses), net included in comparable earnings		55			(51	)		45			(8	)
Interest income and other		49			68			100			143
Income tax (expense) recovery included in comparable earnings		(294	)		(143	)		(586	)		(424	)
Net (income) loss attributable to non-controlling interests included in comparable earnings		(155	)		(141	)		(332	)		(312	)
Preferred share dividends		(28	)		(27	)		(56	)		(50	)
Comparable earnings from continuing operations		848			822			1,831			1,877
Comparable earnings per common share from continuing operations	$	0.82		$	0.79		$	1.76		$	1.81

1 Results reflect continuing operations.


	three months ended June 30					six months ended June 30
(millions of $, except per share amounts)		2025			2024		2025			2024

Cash flows¹
Net cash provided by operations²		2,173			1,655		3,532			3,697
Comparable funds generated from operations^2,3		1,964			1,874		3,913			4,310
Capital spending⁴		1,379			1,591		3,188			3,488
Disposition of equity interest, net of transaction costs⁵		—			464		—			426
Dividends declared
per common share	$	0.85	⁶	$	0.96	$	1.70	⁶	$	1.92
Basic common shares outstanding(millions)
– weighted average for the period		1,040			1,037		1,040			1,037
– issued and outstanding at end of period		1,040			1,037		1,040			1,037

Includes continuing and discontinued operations.
Includes Liquids Pipelines earnings for the three and six months ended June 30, 2024 compared to Liquids Pipelines earnings of nil for the same periods in 2025. Refer to the 2024 Annual Report for additional information.
Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information, of our Condensed consolidated financial statements for additional information.
Included in the Financing activities section of the Condensed consolidated statement of cash flows.
Reflects dividends declared following the Spinoff Transaction.

CEO Message
Through the first half of 2025, TC Energy safely and reliably delivered energy across North America, maximizing asset value through safety and operational excellence. Despite the volatility in commodity markets and a complex macroeconomic backdrop, our business continues to demonstrate resiliency, achieving 12 per cent growth in comparable EBITDA and 13 per cent growth in segmented earnings compared to second quarter 2024. Driven by strong performance and focused execution, we now expect our 2025 comparable EBITDA outlook to be higher, in the range of $10.8 to $11.0 billion, compared to the original outlook of $10.7 to $10.9 billion. We continue to advance our strategic priorities – executing a selective portfolio of growth projects, maintaining financial strength and agility, while maximizing the value of our assets through safety and operational excellence. Our performance continues to underscore the strength of our business model and our ability to consistently deliver solid growth, low risk and repeatable performance. TC Energy’s Board of Directors approved a quarterly common share dividend of $0.85 per common share for the quarter ending September 30, 2025, equivalent to $3.40 per common share on an annualized basis.

Following the completion of the Southeast Gateway pipeline on schedule and under budget in the second quarter, we commenced the collection of tolls from the CFE beginning May 2025. This event represents a significant operational and financial milestone, and an important step for Mexico’s energy landscape and economic development. The Southeast Gateway pipeline is a transformative infrastructure project – serving as a critical artery for delivering natural gas to underserved regions in Southeast Mexico, driving economic growth and energy security while supporting the country’s transition to lower-emitting, more reliable sources of energy. In July, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE.

As part of our ongoing efforts to maximize the value of our assets, on July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, which we anticipate in fourth quarter 2025. This outcome on our second-largest pipeline asset demonstrates our ongoing commitment to enhance system integrity and service reliability while ensuring timely capital recovery to maximize our long-term cash flow profile.

We continue to execute our growth projects on-time and are tracking 15 per cent below budget on approximately $8.5 billion of assets expected to be placed into service this year. Year to date, we have placed into service approximately $5.8 billion of natural gas pipeline capacity projects, including the Southeast Gateway pipeline. In May, we successfully placed the East Lateral XPress (ELXP) project into service. As a strategic expansion of the Columbia Gulf Transmission system, ELXP delivers approximately 0.7 Bcf/d of firm natural gas capacity directly to Venture Global’s Plaquemines LNG terminal in Louisiana, reinforcing our role in enabling reliable, long-term energy supply to global markets.

Fundamentals continue to drive significant growth opportunities for the incremental build-out of natural gas infrastructure across LNG export, coal-to-gas conversions, data centre demand and LDC reliability. Reflecting this momentum, we reached a positive FID on $0.4 billion of expansion facilities as part of MYGP; a program comprised of multiple distinct projects with targeted in-service dates between 2027 and 2030, subject to final company and regulatory approvals. Once complete, MYGP is expected to enable approximately 1.0 Bcf/d of incremental system throughput – further enhancing our ability to connect natural gas supply from competitive, low-cost basins to critical demand markets across North America. Additionally, we have upsized capacity on our previously announced Maysville and Pulaski projects. In aggregate, over the past nine months we have announced $4.5 billion of new capital projects, each underpinned by long-term take or pay contracts with strong counterparties and delivering a weighted average build multiple⁵ in the 5-7 times range. Our origination pipeline remains robust, with both the volume and scale of opportunities continuing to grow. We are seeing increased demand across multiple end-use sectors, with customers seeking additional capacity to upsize their projects. We believe this trend reflects strong underlying market fundamentals and reinforces our confidence in the long-term need for safe, reliable and affordable natural gas infrastructure.

Looking ahead, we have clear visibility into a steady cadence of project announcements in the second half of 2025 and into 2026. Maintaining commitment to our annual net capital expenditure range of $6.0 to $7.0 billion, the majority of incremental capital is expected to be allocated toward the latter part of the decade. Our strategy remains centred on advancing low-risk, brownfield projects, underpinned by long-term contracts with strong counterparties, delivering attractive build multiples. This disciplined approach supports organic comparable EBITDA growth, underpins our three to five per cent annual dividend growth target, and enables ongoing deleveraging as we manage to our long-term target of 4.75 times debt-to-EBITDA⁶ ratio. These efforts collectively reinforce our commitment to sustainable, long-term value creation for shareholders.

Finally, we released our 2025 Report on Sustainability. The report reaffirms TC Energy’s role in a collective effort to advance a lower-emissions energy system and demonstrates how we’re aiming to strike a balance between meeting growing energy demand and addressing rising global emissions, while collaborating closely with Indigenous rights holders, customers, neighbors and governments across Canada, the U.S. and Mexico. Key highlights include:

Reduced absolute methane emissions by 12 per cent between 2019 and 2024 while increasing natural gas throughput by 15 per cent and comparable EBITDA in our natural gas business by 40 per cent
A continued focus on methane intensity reduction, targeting cost-effective abatement across jurisdictions
Achieved a five-year low in our High Energy Serious Injury and Fatality rate, demonstrating tangible progress in safeguarding our people and operations
Signed over 40 relationship agreements with Indigenous communities across NGTL and Foothills pipeline systems since 2020.

Teleconference and Webcast
We will hold a teleconference and webcast on Thursday, July 31, 2025 at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss our second quarter 2025 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/1394 3. The webcast will be available for replay following the meeting.

A replay of the teleconference will be available two hours after the conclusion of the call until midnight ET on August 7, 2025. Please call 1-855-669-9658 (Canada/U.S. toll free) or 1-412-317-0088 (International toll) and enter passcode 6101975.

The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

About TC Energy
We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to home and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

Forward-Looking Information
This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to expected comparable EBITDA, comparable earnings in total and per common share and the sources thereof and anticipated capital expenditures, expectations with respect to the targeted debt-to-EBITDA leverage metric, expectations with respect to MYGP, including associated capital expenditures, timelines, and outcomes, expectations with respect to completed projects and expected impacts thereof, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to identified FERC rate cases, including timelines, processes and outcomes, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability which is available on our website at www.TCEnergy.com.

Non-GAAP and Supplementary Financial Measure
This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA,a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

Reconciliation
The following is a reconciliation of adjusted debt and adjusted comparable EBITDAⁱ.

	year ended December 31
(millions of Canadian $)	2024		2023		2022

Reported total debt	59,366		63,201		58,300
Management adjustments:
Debt treatment of preferred sharesⁱⁱ	1,250		1,250		1,250
Equity treatment of junior subordinated notesⁱⁱⁱ	(5,524	)	(5,144	)	(5,248	)
Cash and cash equivalents	(801	)	(3,678	)	(620	)
Operating lease liabilities	511		457		430
Adjusted debt	54,802		56,086		54,112

Comparable EBITDA from continuing operations^iv	10,049		9,472		8,483
Comparable EBITDA from discontinued operations^iv	1,145		1,516		1,418
Operating lease costs	117		105		95
Distributions received in excess of (income) loss from equity investments	67		(123	)	(29	)
Adjusted Comparable EBITDA	11,378		10,970		9,967

Adjusted Debt/Adjusted Comparable EBITDAⁱ	4.8		5.1		5.4

i	Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
ii	50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
iii	50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
iv	Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

Media Inquiries:
Media Relations
media@tcenergy.com
403.920.7859 or 800.608.7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403.920.7911 or 800.361.6522

Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q2-quarterly-report.pdf

¹ Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.

² Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.

³ Based on USD/CAD foreign exchange rate of 1.35 for the second half of 2025.

⁴ Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

⁵ Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

⁶ Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP and Supplementary financial measure section of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

The MIL Network –

August 5, 2025

MIL-OSI Banking: ASEAN Foreign Ministers’ Statement on the Outcome of the Special Meeting Hosted by Malaysia to Address the Current Situation Between Cambodia and Thailand

Source: ASEAN

We welcome the outcome of the Special Meeting chaired, hosted and witnessed by Prime Minister Dato’ Seri Anwar Ibrahim of Malaysia as the Chair of ASEAN, to address the situation between Cambodia and Thailand on 28 July 2025 in Putrajaya.

We commend Malaysia’s role in facilitating bilateral dialogue toward ceasefire between Cambodia and Thailand. We are also appreciative of the role of the United States of America in co-organising the Special Meeting and the active participation of the People’s Republic of China, to promote a peaceful resolution to the ongoing situation.

We encourage Cambodia and Thailand to resolve the issue amicably in accordance with international law, and consistent with the principles enshrined in the United Nations (UN) Charter, ASEAN Charter, Treaty of Amity and Cooperation in Southeast Asia, and in the spirit of ASEAN family, unity and good neighbourliness. We hope that the ceasefire agreed by both sides will be fully implemented in good faith.

We are confident that the goodwill demonstrated by both Cambodia and Thailand will result in the full and effective implementation of the ceasefire and all decisions of the Special Meeting. We also express support for Malaysia’s readiness to coordinate an observer team comprising ASEAN Member States to impartially verify and ensure the implementation of the ceasefire.

Download the full statement here.
The post ASEAN Foreign Ministers’ Statement on the Outcome of the Special Meeting Hosted by Malaysia to Address the Current Situation Between Cambodia and Thailand appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

August 5, 2025

MIL-OSI: Real Matters Reports Third Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

(all amounts are expressed in millions of U.S. dollars, excluding per share amounts and unless otherwise stated)

TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the third quarter ended June 30, 2025.

“Consolidated revenues increased 22% sequentially in the third quarter to $45.4 million, in line with a seasonal uptick in U.S. Appraisal purchase mortgage market volumes and double-digit revenue growth in all three segments. We posted positive consolidated Adjusted EBITDA^(A) of $0.3 million, up from a loss of $1.9 million in the second quarter of 2025,” said Real Matters Chief Executive Officer Brian Lang.

“We continued to launch new clients in the third quarter across all three of our segments and performed at the top of lender scorecards. Subsequent to quarter end, we also went live with our second Tier 1 lender in U.S. Title and added a new top-15 lender in U.S. Appraisal,” added Lang. “Overall, we remain on track with the execution of our strategy which is focused on growing market share and readying the business to scale up when mortgage market volumes normalize.”

“The number of mortgages being originated at higher interest rates continues to rise, steadily expanding the pool of potential refinance candidates,” concluded Lang. “Currently, nearly 12 million mortgages have rates above 6%, and approximately 8 million of those mortgages have rates above 6.5%. This presents a significant opportunity for us once the rate environment begins to shift – and we are strategically positioned to capitalize on it.”

Q3 2025 Summary

Consolidated revenue of $45.4 million, down 8% year-over-year as increased revenue in our U.S. Title segment was offset by lower year-over-year U.S. Appraisal revenue
Consolidated Adjusted EBITDA^(A) of $0.3 million compared with $1.7 million in Q3’24
Net loss of $4.9 million, down from net income of $1.7 million in Q3’24 primarily due to an increase of $5.6 in net foreign exchange loss
Launched four new clients
Real Matters’ U.S. Appraisal mortgage origination volumes were down 16% year-over-year mainly due to lower purchase origination volumes
Real Matters’ U.S. Title mortgage origination volumes up 52% year-over-year due to net market share gains with clients and higher refinance origination market volumes
Cash and cash equivalents of $43.8 million and no outstanding debt as at June 30, 2025

Financial and Operational Summary

		Quarter ended																Nine months ended							%
	2025				2025			2025			2024			2024		% Change¹			2025				2024		Change¹
		Q3			Q2			Q1			Q4			Q3		Quarter over Quarter	Year over Year		June 30			June 30			Year over Year
Consolidated
Revenue	$	45.4		$	37.3		$	41.0		$	45.6		$	49.5		22%	-8%		$	123.7		$	127.1		-3%
Net Revenue^(A)	$	11.9		$	10.1		$	10.9		$	12.0		$	13.1		18%	-10%		$	32.8		$	34.3		-5%
Adjusted EBITDA^(A)	$	0.3		$	(1.9	)	$	(1.7	)	$	0.6		$	1.7		116%	-82%		$	(3.2	)	$	1.3		-351%
Net (loss) income	$	(4.9	)	$	(2.2	)	$	2.3		$	(0.2	)	$	1.7		-119%	-386%		$	(4.8	)	$	0.2		-2855%
Net (loss) income per diluted share	$	(0.07	)	$	(0.03	)	$	0.03		$	0.00		$	0.02		-133%	-450%		$	(0.06	)	$	0.00		0%
Adjusted Net (loss) income^(A)	$	(0.5	)	$	(1.2	)	$	(0.3	)	$	0.9		$	1.7		58%	-129%		$	(2.0	)	$	1.8		-211%
Adjusted Net (loss) income^(A) per diluted share	$	(0.01	)	$	(0.02	)	$	0.00		$	0.01		$	0.02		50%	-150%		$	(0.03	)	$	0.02		-250%

U.S. Appraisal segment
Revenue	$	32.6		$	26.7		$	29.4		$	33.8		$	37.5		22%	-13%		$	88.6		$	96.9		-8%
Net Revenue^(A)	$	8.5		$	7.3		$	7.8		$	9.0		$	10.3		17%	-17%		$	23.6		$	27.0		-13%
Net Revenue^(A) margin		26.2%			27.3%			26.5%			26.7%			27.6%						26.6%			27.9%
Adjusted EBITDA^(A)	$	4.0		$	2.6		$	2.4		$	4.1		$	5.5		58%	-26%		$	9.1		$	12.6		-28%
Adjusted EBITDA^(A) margin		47.7%			35.4%			30.9%			45.2%			53.2%						38.4%			46.6%

U.S. Title segment
Revenue	$	2.8		$	2.3		$	2.5		$	2.4		$	2.1		23%	30%		$	7.6		$	6.2		22%
Net Revenue^(A)	$	1.5		$	1.2		$	1.4		$	1.2		$	0.9		24%	57%		$	4.0		$	2.8		43%
Net Revenue^(A) margin		52.6%			52.1%			53.4%			49.8%			43.6%						52.7%			45.0%
Adjusted EBITDA^(A)	$	(1.7	)	$	(2.1	)	$	(1.8	)	$	(1.6	)	$	(1.9	)	19%	12%		$	(5.6	)	$	(5.2	)	-8%
Adjusted EBITDA^(A) margin		-117.7%			-179.6%			-132.3%			-131.4%			-209.8%						-140.9%			-187.3%


Canadian segment
Revenue	$	10.0		$	8.3		$	9.1		$	9.4		$	9.9		19%	1%		$	27.5		$	24.0		14%
Net Revenue^(A)	$	1.9		$	1.6		$	1.7		$	1.8		$	1.9		18%	0%		$	5.2		$	4.5		14%
Net Revenue^(A) margin		18.7%			19.0%			18.9%			18.9%			19.0%						18.9%			18.9%
Adjusted EBITDA^(A)	$	1.3		$	1.0		$	1.1		$	1.2		$	1.3		21%	-3%		$	3.4		$	2.9		19%
Adjusted EBITDA^(A) margin		67.6%			65.7%			66.1%			67.7%			69.3%						66.5%			63.7%

Corporate segment
Adjusted EBITDA^(A)	$	(3.3	)	$	(3.4	)	$	(3.4	)	$	(3.1	)	$	(3.2	)	2%	-4%		$	(10.1	)	$	(9.0	)	-13%

Note 1 – Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

Conference Call and Webcast
A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, July 31, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

To access the call:

Participants can dial-in to the conference call; however, pre-registration is required. To register, visit: https://register-conf.media-server.com/register/BI798e8af4ea274111bfa0efe3766760a2.
Once registered, you will receive an email including dial-in details and a unique access code required to join the live call.
Please ensure you have registered at least 10 minutes prior to the conference call start time.

To listen to the live webcast of the call:

The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

(A) Non-GAAP Measures
The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three and nine months ended June 30, 2025 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

Real Matters financial results for the three and nine months ended June 30, 2025 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

								Quarter ended								Nine months ended
		Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024		June 30, 2025			June 30, 2024

Net (loss) income	$	(4.9	)	$	(2.2	)	$	2.3		$	(0.2	)	$	1.7		$	(4.8	)	$	0.2
Operating expenses		11.9			12.1			12.7			12.6			11.8			36.5			34.6
Amortization		0.7			0.7			0.7			0.8			0.8			2.1			2.4
Restructuring expenses		0.1			–			0.4			–			–			0.5			–
Interest expense		0.1			0.1			0.1			0.1			0.1			0.3			0.3
Interest income		(0.4	)		(0.5	)		(0.5	)		(0.5	)		(0.5	)		(1.3	)		(1.3	)
Net foreign exchange loss (gain)		4.7			0.2			(6.1	)		1.3			(0.9	)		(1.2	)		(1.1	)
Loss (gain) on fair value of derivatives		0.3			0.6			1.7			(1.9	)		(0.1	)		2.6			(0.2	)
Income tax (recovery) expense		(0.6	)		(0.9	)		(0.4	)		(0.2	)		0.2			(1.9	)		(0.6	)
Net Revenue	$	11.9		$	10.1		$	10.9		$	12.0		$	13.1		$	32.8		$	34.3

Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

								Quarter ended								Nine months ended
		Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024		June 30, 2025			June 30, 2024

Net (loss) income	$	(4.9	)	$	(2.2	)	$	2.3		$	(0.2	)	$	1.7		$	(4.8	)	$	0.2
Stock-based compensation expense		0.3			0.1			0.1			1.2			0.4			0.5			1.6
Amortization		0.7			0.7			0.7			0.8			0.8			2.1			2.4
Restructuring expenses		0.1			–			0.4			–			–			0.5			–
Interest expense		0.1			0.1			0.1			0.1			0.1			0.3			0.3
Interest income		(0.4	)		(0.5	)		(0.5	)		(0.5	)		(0.5	)		(1.3	)		(1.3	)
Net foreign exchange loss (gain)		4.7			0.2			(6.1	)		1.3			(0.9	)		(1.2	)		(1.1	)
Loss (gain) on fair value of derivatives		0.3			0.6			1.7			(1.9	)		(0.1	)		2.6			(0.2	)
Income tax (recovery) expense		(0.6	)		(0.9	)		(0.4	)		(0.2	)		0.2			(1.9	)		(0.6	)
Adjusted EBITDA	$	0.3		$	(1.9	)	$	(1.7	)	$	0.6		$	1.7		$	(3.2	)	$	1.3

The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

								Quarter ended								Nine months ended
		Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024		June 30, 2025			June 30, 2024

Net (loss) income	$	(4.9	)	$	(2.2	)	$	2.3		$	(0.2	)	$	1.7		$	(4.8	)	$	0.2
Stock-based compensation expense		0.3			0.1			0.1			1.2			0.4			0.5			1.6
Amortization of intangibles		0.4			0.4			0.4			0.5			0.4			1.2			1.2
Restructuring expenses		0.1			–			0.4			–			–			0.5			–
Net foreign exchange loss (gain)		4.7			0.2			(6.1	)		1.3			(0.9	)		(1.2	)		(1.1	)
Loss (gain) on fair value of derivatives		0.3			0.6			1.7			(1.9	)		(0.1	)		2.6			(0.2	)
Related tax effects		(1.4	)		(0.3	)		0.9			–			0.2			(0.8	)		0.1
Adjusted Net (Loss) Income	$	(0.5	)	$	(1.2	)	$	(0.3	)	$	0.9		$	1.7		$	(2.0	)	$	1.8

Forward-Looking Information
This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

About Real Matters
Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

For more information:
Lyne Beauregard
Vice President, Investor Relations and Corporate Communications
Real Matters
lbeauregard@realmatters.com
416.994.5930

The MIL Network –

August 5, 2025

MIL-OSI: Brazil’s Grupo Petrópolis Uses Descartes Routing Solution to Optimize Nationwide Beverage Distribution

Source: GlobeNewswire (MIL-OSI)

SÃO PAULO and ATLANTA, July 31, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Brazil’s Grupo Petrópolis is using Descartes’ routing and fleet management solution to enhance its nationwide beverage distribution operations using approximately 2,900 vehicles. The Descartes solution helped Grupo Petrópolis achieve an on-time delivery rate of 98%, reduce overtime hours by 9% and decrease fuel consumption by 5%. These improvements reflect more efficient and sustainable fleet operations.

“To better meet customer needs, we wanted a fleet management platform to enhance on-time performance, improve service in case of returns or customer concerns and advance sustainability goals by reducing carbon emissions,” said Luís Moura, Manager at Grupo Petrópolis. “The Descartes solution gives us a new level of control and visibility into our large distribution network. Across 160 locations, routes are now more intelligent and efficient, and we track all routes in real-time. If a driver goes off a planned route, the system immediately signals the detour so our team can respond quickly, which is critical to providing reliable service. And, because we can act with much more delivery precision and agility, we have lowered fuel and maintenance costs, gained visibility into idle vehicles and overcome challenges with product and delivery traceability.”

Part of Descartes’ routing, mobile and telematics solution suite, the Descartes routing and fleet management solution helps retail food and beverage distribution companies, like Grupo Petrópolis, manage routes for optimal efficiency and minimize the impact of unforeseen events on customer service levels, mileage and costs. By continually re-optimizing route plans based on real-time traffic data and other variables, the solution enhances customer service by improving on-time delivery performance, lowers mileage by guiding drivers through shorter route paths, and decreases total route time and costs by helping drivers navigate through heavy traffic with alternate routes and stop sequences. The solution also monitors planned vs. actual deliveries, product traceability, journey control (including lunch breaks, overnights and overtime), route deviations, unplanned stops and departure or arrival delays.

“Our collaboration with Grupo Petrópolis highlights how advanced routing solutions can help transform complex distribution environments into highly efficient, sustainable, and customer-focused logistics operations,” said Douglas Alves, Sales Executive at Descartes. “As food and beverage distributors look for opportunities to enhance last mile performance, our solution suite can help rebalance distribution networks; improve route productivity, execution and sustainability; respond more dynamically to demand; and accelerate cash flow with electronic proof-of-delivery.”

Learn more about Descartes’ route execution and fleet performance management solutions and its Routing, Mobile and Telematics solution suite.

About Grupo Petrópolis

Grupo Petrópolis is the only major company in the beer sector with 100% Brazilian capital. It produces the beer brands Itaipava, Crystal, Petra, Black Princess, Cacildis, Cabaré, Lokal, and Weltenburger; the vodkas Blue Spirit Ice and Nordka; Cabaré Ice; the energy drinks TNT Energy Drink and Magneto; the liquid dietary supplement TNT Sports Drink; Petra mineral water; Petra tonic; and the soft drink It!. Through environmental projects, it promotes the planting and maintenance of thousands of trees, as well as sustainability initiatives and environmental education projects for public schools. Learn more at www.grupopetropolis.com.br and on LinkedIn.

About Descartes

Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

Global Media Contact
Cara Strohack
Tel: 226-750-8050
cstrohack@descartes.com

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ routing, mobile and telematics solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

The MIL Network –

August 5, 2025
MIL-OSI USA: ICYMI: The Countdown is on for Huge Health Insurance Price Increases Following Republican Passage of Trump’s “One Big Beautiful Bill”

Source: United States House of Representatives – Congresswoman Kim Schrier, M.D. (WA-08)

IN CASE YOU MISSED IT: Donald Trump and Republicans’ “One Big Beautiful Bill” contains the most significant and devastating cuts to healthcare in American history, ripping away coverage from 15 million Americans, slashing Medicaid, and allowing for the expiration of critical tax credits that have helped stabilize premiums for millions who rely on Affordable Care Act policies.

As a result, millions of Americans and hundreds of thousands of Washingtonians will see the cost of their healthcare skyrocket or will potentially lose their coverage altogether once these premium hikes take effect at the end of this year.

Congresswoman Schrier addresses her constituents about forthcoming health insurance price hikes.

In response to this price hike, Congresswoman Schrier stated: “It is unacceptable and morally bankrupt that Donald Trump and Congressional Republicans are giving tax breaks to billionaires at the expense of working families across my district. Their Big Ugly Bill will enact devastating price hikes on essential healthcare for hundreds of thousands of Washingtonians at a time when so many are already struggling to make ends meet. I will continue to fight to reverse these actions and ensure all Americans can access affordable and comprehensive healthcare.”

In the coming months, Congresswoman Schrier will continue to focus on hearing from her constituents about how these skyrocketing costs will impact their lives, taking those stories to the other Washington, and seeking comprehensive solutions to keep health insurance costs down and keep people insured ahead of the December 31, 2025, expiration of these credits.

You can follow Congresswoman Schrier’s social media and this webpage for updates and a countdown to track when premiums will soar pending action from Republicans in Congress. As open enrollment gets underway, she has asked constituents to report changes in their premiums, co-pays, and deductibles.

MIL OSI USA News –

August 5, 2025
MIL-OSI: Toobit Simplifies Crypto Purchases with Credit/Debit Card Payment Feature
Source: GlobeNewswire (MIL-OSI)

GEORGE TOWN, Cayman Islands, July 31, 2025 (GLOBE NEWSWIRE) — Toobit, the award-winning global cryptocurrency exchange, today announces its new credit/debit card payment feature, making it easier and faster for users to buy digital currencies using fiat.

The new feature allows users to seamlessly purchase popular cryptocurrencies like USDT, BTC, ETH, ADA, and USDC directly with Visa and Mastercard credit/debit cards. Supporting a wide array of fiat currencies, including USD, EUR, GBP, JPY, and more, Toobit is making crypto more accessible to a broad international audience.

To ensure robust security and reliability for these transactions, Toobit has partnered with industry leaders Simplex (a Nuvei company) and AdvCash. These collaborations leverage advanced fraud prevention technologies, offering users peace of mind for their crypto purchases.

“The future of finance is digital, but the path to entry must be simple and secure for everyone,” said Mike Williams, Chief Communication Officer at Toobit. “Our new credit/debit card payment feature is a bridge designed to empower the next wave of crypto adopters. By eliminating complexity and maximizing trust, we are confident this will accelerate mainstream engagement with the digital economy.”

How to purchase crypto via credit/debit card on Toobit
1. Log in to your Toobit account or register if you are a new user.
2. Navigate to the “Buy crypto” section.
3. Choose your preferred fiat currency and the cryptocurrency you wish to receive.
4. Enter the purchase amount and link your bank card by providing the required details.
5. Confirm the transaction and wait for your crypto to be credited to your account.
This development comes amid a period of explosive growth in the cryptocurrency sector. The worldwide market is on a clear growth trajectory, with projected revenues expected to hit US$85.7 billion in 2025. Looking ahead, the market is forecast to expand at a compound annual growth rate (CAGR) of 11.01%, pushing its total value to an estimated US$95.1 billion by 2026.

Furthermore, the global market for fiat-to-crypto on-ramp solutions, which facilitates purchases like those offered by Toobit, is projected to reach USD 23.4 billion by 2033. This underscores the increasing demand for accessible pathways into the digital economy.

About Toobit

Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

Contact: Davin C.

Email: market@toobit.com

Website: www.toobit.com

Disclaimer: This content is provided by Toobit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e1edc9cd-17c3-4125-82e3-317fd94da86b

The MIL Network –
August 5, 2025
MIL-OSI: CMG Announces the Acquisition of SeisWare International Inc.

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG) today announced the acquisition of SeisWare International Inc. (“SeisWare”), a software company specializing in geoscience solutions.

Based in Calgary, Alberta, SeisWare develops geoscience interpretation and field development software to support subsurface exploration and development projects. SeisWare’s intuitive platform offers powerful tools for seismic interpretation, attribute analysis, geological mapping and 3D well design.

“SeisWare reflects our disciplined approach in expanding our capabilities by acquiring high-quality software solutions,” stated Pramod Jain, CEO of CMG. “The company has earned a strong reputation and loyal customer base in Canada by delivering powerful, integrated geoscience tools alongside responsive and highly technical customer support. SeisWare is a platform acquisition for CMG which further builds out our seismic interpretation solutions and underscores our commitment to investing in businesses with the potential to deliver strong returns and long-term value.”

In the twelve months ended March 31, 2025, SeisWare had unaudited revenue of approximately US$3.4 million consisting of all recurring software revenue.

Total purchase price is estimated to be US$6.6 million and is subject to customary closing adjustments.

The company is also pleased to announce that Herman Nieuwoudt, who joined the company as President of Bluware in November 2024, has been promoted to Executive Vice President and President, Seismic Solutions. In his new role, he will oversee all of the company’s seismic technologies and he will formally join the executive leadership team. SeisWare’s team of over 40 employees, located in Calgary and Houston, will join this seismic solutions group. Murray Brack, CEO of SeisWare, will join CMG as General Manager, SeisWare, reporting to Mr. Nieuwoudt.

Commenting on the transaction, Murray Brack, CEO of SeisWare stated “Joining CMG is a natural next step for us, grounded in our shared Canadian roots and a mutual dedication to exceptional customer support. What makes it truly exciting is how well our values and vision align around our commitment to developing specialized, technical software that meets the evolving needs of the energy industry.”

For more information on SeisWare, visit the website.

About CMG

CMG (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. CMG is headquartered in Calgary, AB, with offices in Houston, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, Kuala Lumpur, Oslo, Stavanger, and Kaiserslautern. For more information, please visit www.cmgl.ca.

This press release contains “forward-looking statements”. Forward-looking statements can be identified by words such as: “aims”, “intend”, “can”, “goal”, “seek”, “believe”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will”, and similar references to future periods.

Forward-looking statements are neither historical facts nor assurances of future performance. They are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies’ public filings.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

The MIL Network –

August 5, 2025
MIL-OSI: Audacity Capital Brings Tailored Features to Prop Contests and Trading with DXtrade

Source: GlobeNewswire (MIL-OSI)

London, UK, July 31, 2025 (GLOBE NEWSWIRE) — Leading prop trading firm, Audacity Capital, has announced its licensing of DXtrade, the flagship trading platform from global software developer for the capital markets, Devexperts.

Audacity Capital, which partners with disciplined, high-performance traders to unlock global market opportunities, will now offer its traders the option to trade using DXtrade, giving them access to a range of tailored features designed to enhance the trading experience.

With over 300,000 traders funded since 2012 and offering funded accounts up to $2m, Audacity Capital focuses on developing fast scaling programs and payout structures with a view to being a long term partner in trader success. The firm places an emphasis on transparency, personalization, and bespoke support.

With DXtrade, which is available off-the-shelf in partly or fully customizable form, Audacity Capital will be able to deliver on these aims by providing its traders with a comprehensive suite of tools and features to enhance their prop trading experience, including an easy-to-navigate and intuitive interface with trading layout customization optionality; a performance dashboard to analyze performance, risk / reward ratios, win rates, and winning / losing trade holding times; an embedded trading journal, economic calendar, and multi-view watchlists; advanced charting library with responsive charting functionality; and all necessary order risk management settings.

Traders can also benefit from Stop Loss and Take Profit settings, as well as order types and execution methods for all trading styles.

Through its licensing of DXtrade, Audacity Capital will also be able to benefit from a variety of risk management capabilities to help manage traders and day-to-day activities. These include maximum drawdown and profit target, as well as real-time performance and rule adherence monitoring; support for group management; and integrated trading contest software, with fully adjustable settings along with leaderboards and shareable results.

DXtrade also offers turnkey integration with any payment provider; custom prop plan, rules and metrics functionality; and full CRM connectivity.

Karim Yousfi, CEO of Audacity Capital, says: “We’re excited to partner with DXtrade to bring our traders a powerful, flexible platform tailored to the demands of modern trading. This collaboration enhances our ability to support ambitious traders with the best tools available.”

Jon Light, Head of OTC Platform at Devexperts, says: “Audacity Capital has built a strong reputation for finding and partnering with talented traders for the long term. We similarly look to build long-term relationships with our clients and know that offering an excellent service is a vital factor in doing so. We are therefore very pleased that Audacity has opted to license DXtrade and its comprehensive range of features designed to optimize the prop trading experience for firm and trader alike. As Audacity continues to grow, we look forward to our ongoing work together to deliver an intuitive and seamless experience. ”

About Audacity Capital

Founded in 2012, Audacity Capital is one of the longest standing and most trusted proprietary trading firms in the industry. With a mission to empower skilled traders globally, we offer fully funded accounts, no risk trading models, and tailored support to help traders reach their full potential. Having funded over 300,000 traders across 100+ countries, we’ve built a reputation for transparency, performance, and long term trader success.

About Devexperts

Devexperts has been developing software for the capital markets since 2002. The company’s flagship solution is DXtrade, a multi-asset platform for banks, brokerages, and wealth managers, serving customers across stocks, options, futures, ETFs, mutual bonds, FX, CFDs, and margin and spot crypto. With headquarters in Ireland, Devexperts’ development team consists of 800+ engineers located in offices in the USA, Germany, Bulgaria, Singapore, Portugal, Turkey, and Georgia. Learn more at: https://devexperts.com.

The MIL Network –

August 5, 2025

MIL-OSI: Commerce Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Commerce.com, Inc. (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced financial results for its second quarter ended June 30, 2025. Earlier this morning, BigCommerce announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, the Company will change its ticker to the symbol “CMRC” on the Nasdaq Global Market effective on or about August 1, 2025.

“The second quarter was a defining period for our company, and today we mark an important milestone as we reintroduce ourselves as Commerce,” said Travis Hess, CEO of Commerce. “The strategy, product and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth.”

Second Quarter Financial Highlights:

Total revenue was $84.4 million, up 3% compared to the second quarter of 2024.

Total annual revenue run-rate (“ARR”) as of June 30, 2025 was $354.6 million, up 3% compared to June 30, 2024.

Subscription solutions revenue was $63.7 million, up 3% compared to the second quarter of 2024.

ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $269.3 million as of June 30, 2025, up 6% from June 30, 2024.

ARR from Enterprise Accounts as a percent of total ARR was 76% as of June 30, 2025, compared to 73% as of June 30, 2024.

GAAP gross margin was 79%, compared to 76% in the second quarter of 2024. Non-GAAP gross margin was 80%, compared to 77% in the second quarter of 2024.

Other Key Business Metrics

Number of enterprise accounts was 5,803, down 3% compared to the second quarter of 2024.

Average revenue per account (“ARPA”) of enterprise accounts was $46,403, up 9% compared to the second quarter of 2024.

Revenue in the United States grew by 3% compared to the second quarter of 2024.

Revenue in EMEA grew by 7% and revenue in APAC declined by 4% compared to the second quarter of 2024.

Loss from Operations and Non-GAAP Operating Income (Loss)

GAAP loss from operations was ($6.8) million, compared to ($13.5) million in the second quarter of 2024.

Included in GAAP loss from operations was a restructuring charge of $1.6 million.

Non-GAAP operating income was $4.8 million, compared to $1.9 million in the second quarter of 2024.

Net Income (Loss) and Earnings Per Share

GAAP net loss was ($8.4) million, compared to ($11.3) million in the second quarter of 2024.

Non-GAAP net income was $3.2 million or 4% of revenue, compared to $4.1 million or 5% of revenue in the second quarter of 2024.

GAAP basic net loss per share was ($0.10) based on 80.1 million shares of common stock, compared to ($0.15) based on 77.5 million shares of common stock in the second quarter of 2024.

Non-GAAP basic net income per share was $0.04 based on 80.1 million shares of common stock, compared to $0.05 based on 77.5 million shares of common stock in the second quarter of 2024.

Adjusted EBITDA

Adjusted EBITDA was $5.7 million, compared to $3.0 million in the second quarter of 2024.

Cash

Cash, cash equivalents, restricted cash, and marketable securities totaled $135.6 million as of June 30, 2025.

For the three months ended June 30, 2025, net cash provided by operating activities was $13.6 million, compared to $11.7 million provided by operating activities for the same period in 2024. We reported free cash flow of $11.9 million in the three months ended June 30, 2025.

Business Highlights:

Corporate Highlights

Former Adobe Fellow and Vice President of Technology Anil Kamath joined the Company’s Board of Directors.
In July, BigCommerce scored 24 out of 24 total medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions) for the third consecutive year. The Company advanced its rankings in five categories in both Editions and achieved more Gold medals in Midmarket than other platforms.
In July, BigCommerce also announced the launch of the B2B Quick Start Accelerator, a partner-led implementation program built to help mid-market B2B sellers launch faster, reduce risk and realize ROI sooner.
TrustRadius recognized Commerce with a 2025 Top Rated Award for ecommerce, based on the Company’s strong customer reviews.

Customer Highlights

Minerva Beauty, a large salon and spa equipment showroom in the United States, launched a new storefront in partnership with Commerce agency partner Forix, featuring a custom shipping app that improves service and transparency for clients.
Great Star Tools, a leading manufacturer of innovative hand and power tools, used Commerce’s Multi-Storefront functionality to build B2B and B2C sites for its companies Primeline Parts and Arrow Tool Group.
Belami e-Commerce, a fast-growing online retailer and ecommerce services provider launched three storefronts on Catalyst and Makeswift using Commerce’s Multi-Storefront functionality and leveraging Commerce’s integration with PayPal Fastlane.
NanoTemper Technologies, a manufacturer of high-quality biophysical instruments and solutions that deliver reliable, precise results to customers, primarily laboratories, across Europe and the United States, launched a new storefront using Commerce’s B2B Edition.
Bright SG, a software company that provides cloud-based solutions for accounting, payroll, and HR to businesses across the UK and Ireland, worked with Commerce partner Brave Bison to implement a custom recurring payment solution using Stripe and Bright’s ERP system, Maxio, along with a custom WordPress integration.

Partner Highlights

In June, Commerce announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results. Commerce now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.
In July, Commerce announced a deepened partnership with Google Cloud to accelerate merchant performance using Google Cloud’s next-generation AI tools.
In July, Commerce announced the launch of a powerful ecommerce accelerator purpose-built for the UK building materials industry. Developed in collaboration with leading digital agency Brave Bison, Product Information Management technology provider Pimberly, and construction industry consultant The Journey, the “Branch of the Future” accelerator provides building merchants with a comprehensive toolkit to digitize operations, meet the expectations of next-generation buyers and future-proof their businesses.

Q3 and 2025 Financial Outlook:

For the third quarter of 2025, we currently expect:

Total revenue between $85 million to $87 million.

Non-GAAP operating income is expected to be between $2.3 million to $3.3 million.

For the full year 2025, we currently expect:

Total revenue between $339.6 million and $346.6 million.

Non-GAAP operating income between $19 million and $25 million.

Our third quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from Commerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About Commerce

Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q3 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual Revenue Run-Rate

We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

Enterprise Account Metrics

To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

Average Revenue Per Account

We calculate average revenue per account (“ARPA”) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of gross merchandise volume (“GMV”) processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

Depreciation includes depreciation expenses related to the Company’s fixed assets.

The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Income (Loss)

We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Income (Loss)

We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

Non-GAAP Basic and Dilutive Net Income (Loss) per Share

We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

Free Cash Flow

We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

Media Relations Contact	Investor Relations Contact
Brad Hem	Tyler Duncan
PR@Commerce.com	InvestorRelations@Commerce.com


Commerce.com, Inc. Condensed Consolidated Balance Sheets (in thousands)

	June 30,			December 31,
	2025			2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	46,265		$	88,877
Restricted cash		1,164			1,479
Marketable securities		88,190			89,283
Accounts receivable, net		51,767			48,117
Prepaid expenses and other assets, net		14,722			14,641
Deferred commissions		7,556			8,822
Total current assets		209,664			251,219
Property and equipment, net		8,983			9,128
Operating lease, right-of-use-assets		7,114			1,993
Prepaid expenses and other assets, net of current portion		5,797			3,146
Deferred commissions, net of current portion		4,143			5,559
Intangible assets, net		14,906			17,317
Goodwill		51,927			51,927
Total assets	$	302,534		$	340,289
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	8,775		$	7,018
Accrued liabilities		3,464			3,194
Deferred revenue		55,738			46,590
Operating lease liabilities		1,766			2,438
Other liabilities		28,538			28,766
Total current liabilities		98,281			88,006
Convertible notes		157,545			216,466
Operating lease liabilities, net of current portion		6,709			1,680
Other liabilities, net of current portion		1,233			768
Total liabilities		263,768			306,920
Stockholders’ equity
Common stock		7			7
Additional paid-in capital		669,068			654,905
Accumulated other comprehensive income		114			145
Accumulated deficit		(630,423	)		(621,688	)
Total stockholders’ equity		38,766			33,369
Total liabilities and stockholders’ equity	$	302,534		$	340,289


Commerce.com, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Revenue	$	84,433		$	81,829		$	166,803		$	162,189
Cost of revenue ⁽¹⁾		17,739			19,811			34,723			38,250
Gross profit		66,694			62,018			132,080			123,939
Operating expenses:
Sales and marketing⁽¹⁾		35,071			34,425			65,437			66,857
Research and development⁽¹⁾		18,310			20,287			37,516			40,275
General and administrative⁽¹⁾		15,855			15,436			29,499			30,365
Amortization of intangible assets		2,520			2,452			4,855			4,919
Acquisition related costs		111			334			444			667
Restructuring charges		1,614			2,572			3,526			2,572
Total operating expenses		73,481			75,506			141,277			145,655
Loss from operations		(6,787	)		(13,488	)		(9,197	)		(21,716	)
Gain on convertible note extinguishment		0			0			3,931			0
Interest income		1,171			3,196			2,471			6,374
Interest expense		(2,522	)		(720	)		(5,065	)		(1,440	)
Other expense		(23	)		(111	)		(130	)		(443	)
Loss before provision for income taxes		(8,161	)		(11,123	)		(7,990	)		(17,225	)
Provision for income taxes		(221	)		(132	)		(745	)		(422	)
Net loss	$	(8,382	)	$	(11,255	)	$	(8,735	)	$	(17,647	)
Basic net loss per share	$	(0.10	)	$	(0.15	)	$	(0.11	)	$	(0.23	)
Shares used to compute basic net loss per share		80,122			77,456			79,482			77,041

⁽¹⁾ Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	720	$	1,028	$	1,466	$	1,684
Sales and marketing		1,820		3,138		3,595		5,005
Research and development		2,740		3,273		5,782		6,749
General and administrative		2,045		2,582		1,901		5,174


Commerce.com, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024

Cash flows from operating activities
Net loss	$	(8,382	)	$	(11,255	)	$	(8,735	)	$	(17,647	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense		3,845			3,512			8,126			6,998
Amortization of discount on convertible notes		165			497			352			994
Amortization of premium on convertible notes		(408	)		0			(810	)		0
Stock-based compensation expense		7,236			10,009			12,445			18,397
Provision for expected credit losses		1,598			850			2,528			1,713
Gain on convertible notes extinguishment		0			0			(3,931	)		0
Other		0			(37	)		0			(37	)
Changes in operating assets and liabilities:
Accounts receivable		(9,005	)		(6,790	)		(5,985	)		(9,378	)
Prepaid expenses and other assets		2,159			3,935			(2,925	)		(1,025	)
Deferred commissions		747			(402	)		2,682			(191	)
Accounts payable		444			(356	)		1,122			(1,245	)
Accrued and other liabilities		8,078			4,168			(59	)		(433	)
Deferred revenue		7,080			7,607			9,148			10,175
Net cash provided by operating activities		13,557			11,738			13,958			8,321
Cash flows from investing activities:
Cash paid for website domain name		0			0			(2,444	)		0
Cash paid for acquisition		0			(100	)		0			(100	)
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)		(1,064	)		(2,476	)		(1,870	)
Maturity of marketable securities		13,000			62,525			41,579			91,965
Purchase of marketable securities		(32,572	)		(1,037	)		(40,517	)		(36,602	)
Net cash provided by (used in) investing activities		(21,223	)		60,324			(3,858	)		53,393
Cash flows from financing activities:
Proceeds from exercise of stock options		1,973			271			3,069			1,245
Taxes paid related to net share settlement of stock options		(126	)		0			(1,351	)		(1,325	)
Payment of convertible note issuance costs		0		0				(217	)	0
Repayment of convertible notes and financing obligation		0			(137	)		(54,528	)		(271	)
Net cash provided by (used in) financing activities		1,847			134			(53,027	)		(351	)
Net change in cash and cash equivalents and restricted cash		(5,819	)		72,196			(42,927	)		61,363
Cash and cash equivalents and restricted cash, beginning of period		53,248			62,012			90,356			72,845
Cash and cash equivalents and restricted cash, end of period	$	47,429		$	134,208		$	47,429		$	134,208
Supplemental cash flow information:
Cash paid for interest	$	0		$	6		$	5,685		$	445
Cash paid for taxes	$	259		$	42		$	479		$	182
Right-of-use asset obtained in exchange for new operating lease liability	$	0		$	0		$	5,516		$	0
Noncash investing and financing activities:
Capital additions, accrued but not paid	$	735		$	117		$	735		$	117
Fair value of shares issued as consideration for acquisition	$	0		$	248		$	0		$	248


Commerce.com, Inc. Disaggregation of Revenue

Disaggregated Revenue:

	Three months ended June 30,				Six months ended June 30,
*(in thousands)*	2025		2024		2025		2024
Subscription solutions	$	63,656	$	61,796	$	125,769	$	122,755
Partner and services		20,777		20,033		41,034		39,434
Revenue	$	84,433	$	81,829	$	166,803	$	162,189

Revenue by Geography:

	Three months ended June 30,				Six months ended June 30,
*(in thousands)*	2025		2024		2025		2024
Revenue:
United States	$	64,405	$	62,428	$	127,026	$	123,567
EMEA		9,889		9,281		19,854		18,473
APAC		6,118		6,343		12,043		12,597
Rest of World		4,021		3,777		7,880		7,552
Revenue	$	84,433	$	81,829	$	166,803	$	162,189


Commerce.com, Inc Reconciliation of GAAP to Non-GAAP Results (in thousands, except per share amounts) (unaudited)

Reconciliation of loss from operations to Non-GAAP operating income:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Loss from operations	$	(6,787	)		$	(13,488	)		$	(9,197	)		$	(21,716	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Non-GAAP operating income	$	4,783			$	1,891			$	12,372			$	5,054
Non-GAAP operating income as a percentage of revenue		5.7		%		2.3		%		7.4		%		3.1		%


Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Non-GAAP net income	$	3,188			$	4,124			$	8,903			$	9,123
Basic net loss per share	$	(0.10	)		$	(0.15	)		$	(0.11	)		$	(0.23	)
Non-GAAP basic net income per share	$	0.04			$	0.05			$	0.11			$	0.12
Non-GAAP diluted net income per share	$	0.04			$	0.05			$	0.11			$	0.12
Shares used to compute basic net loss per share and basic Non-GAAP net income per share		80,122				77,456				79,482				77,041
Shares used to compute diluted Non-GAAP net income per share		80,988				79,291				80,660				79,085
Non-GAAP net income as a percentage of revenue		3.8		%		5.0		%		5.3		%		5.6		%


Reconciliation of net loss to adjusted EBITDA:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Depreciation		946				1,060				2,190				2,079
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Interest income		(1,171	)			(3,196	)			(2,471	)			(6,374	)
Interest expense		2,522				720				5,065				1,440
Other expenses		23				111				130				443
Provision for income taxes		221				132				745				422
Adjusted EBITDA	$	5,729			$	2,951			$	14,562			$	7,133
Adjusted EBITDA as a percentage of revenue		6.8		%		3.6		%		8.7		%		4.4		%


Reconciliation of Cost of revenue to Non-GAAP cost of revenue:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Cost of revenue	$	17,739		$	19,811		$	34,723		$	38,250
Less:
Stock-based compensation expense and associated payroll tax costs		720			1,028			1,466			1,684
Non-GAAP cost of revenue	$	17,019		$	18,783		$	33,257		$	36,566
As a percentage of revenue		20.2	%		23.0	%		19.9	%		22.5	%


Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Sales and marketing	$	35,071		$	34,425		$	65,437		$	66,857
Less:
Stock-based compensation expense and associated payroll tax costs		1,820			3,138			3,595			5,005
Non-GAAP sales and marketing	$	33,251		$	31,287		$	61,842		$	61,852
As a percentage of revenue		39.4	%		38.2	%		37.1	%		38.1	%


Reconciliation of Research and development expense to Non-GAAP research and development expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Research and development	$	18,310		$	20,287		$	37,516		$	40,275
Less:
Stock-based compensation expense and associated payroll tax costs		2,740			3,273			5,782			6,749
Non-GAAP research and development	$	15,570		$	17,014		$	31,734		$	33,526
As a percentage of revenue		18.4	%		20.8	%		19.0	%		20.7	%


Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

General & administrative	$	15,855		$	15,436		$	29,499		$	30,365
Less:
Stock-based compensation expense and associated payroll tax costs		2,045			2,582			1,901			5,174
Non-GAAP general & administrative	$	13,810		$	12,854		$	27,598		$	25,191
As a percentage of revenue		16.4	%		15.7	%		16.5	%		15.5	%


Reconciliation of net cash provided by operating activities to free cash flow:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Net cash provided by operating activities	$	13,557		$	11,738		$	13,958		$	8,321
Cash paid for website domain name		0			0			(2,444	)		0
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)		(1,064	)		(2,476	)		(1,870	)
Free cash flow	$	11,906		$	10,674		$	9,038		$	6,451

The MIL Network –

August 5, 2025

MIL-OSI: Codere Online Reports Financial Results for the Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Total revenue was €51.4 mm in Q2 2025, while net gaming revenue¹ was €54.8 mm in the period, 1% above Q2 2024 (12% in constant currency terms).
Mexico revenue was €26.3 mm in Q2 2025, while net gaming revenue was €29.0 mm in the period, 3% above Q2 2024 (23% in constant currency terms).
Net loss was €3.1 mm in H1 2025 versus a net loss of €0.2 mm in H1 2024 primarily due to the impact from exchange rates (€3.0 mm loss in H1 2025 versus €4.8 mm gain in H1 2024).
Total cash position of €45.2 mm as of June 30, 2025.
Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA² outlook of €10-15 million.
Repurchased $0.7 million of the Company’s shares under the Company’s $5.0 million share buyback plan through July 30, 2025.

Madrid, Spain and Tel Aviv, Israel, July 31, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited³ financial results for the quarter ended June 30, 2025.

Below are the main financial and operating metrics of the period.

	Quarter ended June 30			Six months ended June 30
	2024	2025	Chg. %	2024	2025	Chg. %

Net Gaming Revenue (EUR mm)¹
Spain	21.8	22.1	1%	44.1	44.0	(0%)
Mexico	28.2	29.0	3%	54.8	59.5	9%
Other	4.4	3.7	(16%)	8.5	8.2	(4%)
Total	54.4	54.8	1%	107.4	111.8	4%

Avg. Monthly Active Players (000s)⁴
Spain	51.5	49.7	(3%)	50.8	50.9	0%
Mexico	62.3	84.6	36%	62.4	83.3	33%
Other	31.8	20.8	(35%)	31.2	24.0	(23%)
Total	145.6	155.1	7%	144.4	158.2	10%

Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

Oscar Iglesias, CFO of Codere Online, commented, “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

Recent Events

Compliance with Nasdaq Listing Requirements

On June 2^nd the Company filed its 2024 annual report and on June 6^th, Nasdaq informed the Company that it had regained compliance with applicable listing requirements.
As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.

Repurchases under the Share Buyback Plan

The Company has repurchased $0.7 million of the Company’s shares at an average price of $6.89 per share under its $5.0 million authorized share buyback plan through July 30, 2025.
The plan (as approved by shareholders) authorizes the Company to repurchase up to 1 million of its ordinary shares and expires on March 3, 2026.

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 31, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg. %	2024	2025	Chg. %

Total

Revenue	51.7	51.4	(1%)	102.1	105.7	4%
(+) Accounting Adjustments⁵	2.7	3.5	30%	5.3	6.1	15%
Net Gaming Revenue	54.4	54.8	1%	107.4	111.8	4%

Spain

Revenue	21.8	22.1	1%	44.1	44.0	(0%)
(+) Accounting Adjustments⁵	–	–	n.m.	–	–	n.m.
Net Gaming Revenue	21.8	22.1	1%	44.1	44.0	(0%)

Mexico

Revenue	25.3	26.3	4%	49.2	53.9	10%
(+) Accounting Adjustments⁵	2.9	2.7	(7%)	5.6	5.6	–
Net Gaming Revenue	28.2	29.0	3%	54.8	59.5	9%

Other

Revenue	4.5	3.0	(33%)	8.8	7.8	(11%)
(+) Accounting Adjustments⁵	(0.1)	0.7	n.m.	(0.3)	0.4	n.m.
Net Gaming Revenue	4.4	3.7	(16%)	8.5	8.2	(4%)

Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)⁵

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg.	2024	2025	Chg.

Net Income (Loss)	(3.7)	(2.4)	1.2	(0.2)	(3.1)	(2.8)
(+/-) Provision for Corporate Income Tax	0.4	1.1	0.6	0.9	1.3	0.3
(+/-) Interest Expense / (Income)	(0.0)	1.9	2.0	(4.8)	3.0	7.8
(+/-) Var. in Fair Value of Public Warrants	3.9	1.3	(2.5)	5.8	1.9	(3.9)
(+) D&A	0.1	0.2	0.1	0.1	0.3	0.2
EBITDA	0.7	2.1	1.4	1.7	3.4	1.7
(+) Employee LTIP Expense	0.6	(0.9)	(1.4)	1.1	(0.4)	(1.5)
(+/-) Other Accounting Adjustments	0.0	0.0	(0.0)	0.2	0.1	(0.1)
Adj. EBITDA (Pre Non-Recurring Items)	1.3	1.3	(0.0)	3.0	3.1	0.0
(+) Non-Recurring Items	0.0	1.1	1.1	0.0	1.1	1.1
Adj. EBITDA	1.3	2.3	1.1	3.0	4.1	1.1

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

About Codere Group
Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

Forward-Looking Statements
Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Financial Information and Non-GAAP Financial Measures
Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

Use of Projections
This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

Preliminary Information
This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

No Offer or Solicitation
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Trademarks
This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

Industry and Market Data
In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

Contacts:

Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152

1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.
3 See “Preliminary Information” below.

4 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

5 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
5 Please refer to page 26 of our Q2 2025 Earnings Presentation for further details regarding this reconciliation.

The MIL Network –

August 5, 2025

MIL-OSI: DT Midstream Reports Strong Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

DETROIT, July 31, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2025 reported net income of $107 million, or $1.04 per diluted share. For the second quarter of 2025, Operating Earnings were also $107 million, or $1.04 per diluted share. Adjusted EBITDA for the quarter was $277 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.82 per share dividend on its common stock payable October 15, 2025 to stockholders of record at the close of business September 15, 2025.

“We had another strong quarter, and the business is performing on track with our full-year plan,” said David Slater, President and CEO. “We continue to make great progress advancing organic projects from our backlog, with $0.6 billion of projects reaching final investment decisions during the second quarter.”

Slater noted the following significant business updates:

Reached a final investment decision on Guardian Pipeline “G3” expansion of approximately 210 MMcf/d
Finalized our investment plan for the initial phase of modernization across our new interstate pipelines
Achieved an investment-grade credit rating with all three rating agencies
Established a record high quarterly gathering volume for our Haynesville system

“Our second quarter results put us in a strong position to meet our financial goals for 2025 and we are reaffirming our 2025 Adjusted EBITDA guidance of $1.095 to $1.155 billion and our 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion,” said Jeff Jewell, Executive Vice President and CFO.

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits by Clean Fuels Gathering; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)

	Three Months Ended
	June 30,								March 31,
		2025								2025
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
	*(millions)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	107	$	—	$	—	$	107	$	108	$	—	$	—	$	108

	Six Months Ended
	June 30,								June 30,
		2025								2024
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
	*(millions)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	215	$	—	$	—	$	215	$	193	$	—	$	—	$	193

(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share⁽¹⁾(non-GAAP, unaudited)

	Three Months Ended
	June 30,								March 31,
		2025								2025
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings
	*(per share)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	1.04	$	—	$	—	$	1.04	$	1.06	$	—	$	—	$	1.06

	Six Months Ended
	June 30,								June 30,
		2025								2024
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings
	*(per share)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	2.10	$	—	$	—	$	2.10	$	1.97	$	—	$	—	$	1.97

(1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
(2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Consolidated	*(millions)*
Net Income Attributable to DT Midstream	$	107		$	108		$	215		$	193
Plus: Interest expense		40			40			80			79
Plus: Income tax expense		34			35			69			64
Plus: Depreciation and amortization		63			63			126			103
Plus: EBITDA from equity method investees⁽¹⁾		64			73			137			142
Less: Interest income		—			(1	)		(1	)		(1	)
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Adjusted EBITDA	$	277		$	280		$	557		$	493

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
	*(millions)*
Earnings from equity method investees	$	30		$	37		$	67		$	85
Plus: Depreciation and amortization attributable to equity method investees		19			22			41			41
Plus: Interest expense attributable to equity method investees		15			14			29			16
EBITDA from equity method investees	$	64		$	73		$	137		$	142

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Pipeline	*(millions)*
Net Income Attributable to DT Midstream	$	93		$	92		$	185			145
Plus: Interest expense		11			13			24			25
Plus: Income tax expense		29			30			59			48
Plus: Depreciation and amortization		28			28			56			37
Plus: EBITDA from equity method investees⁽¹⁾		64			73			137			142
Less: Interest income		—			(1	)		(1	)		(1	)
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Adjusted EBITDA	$	194		$	197		$	391		$	309

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
	*(millions)*
Earnings from equity method investees	$	30		$	37		$	67		$	85
Plus: Depreciation and amortization attributable to equity method investees		19			22			41			41
Plus: Interest expense attributable to equity method investees		15			14			29			16
EBITDA from equity method investees	$	64		$	73		$	137		$	142

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)

	Three Months Ended				Six Months Ended
	June 30,		March 31,		June 30,		June 30,
		2025		2025		2025		2024
Gathering	*(millions)*
Net Income Attributable to DT Midstream	$	14	$	16	$	30	$	48
Plus: Interest expense		29		27		56		54
Plus: Income tax expense		5		5		10		16
Plus: Depreciation and amortization		35		35		70		66
Less: Interest income		—		—		—		—
Adjusted EBITDA	$	83	$	83	$	166	$	184

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Consolidated	*(millions)*
Net Income Attributable to DT Midstream	$	107		$	108		$	215		$	193
Plus: Interest expense		40			40			80			79
Plus: Income tax expense		34			35			69			64
Plus: Depreciation and amortization		63			63			126			103
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Plus: Dividends and distributions from equity method investees		30			48			78			125
Less: Cash interest expense		(76	)		—			(76	)		(74	)
Less: Cash taxes		(4	)		2			(2	)		(3	)
Less: Maintenance capital investment⁽¹⁾		(6	)		(8	)		(14	)		(13	)
Distributable Cash Flow	$	157		$	250		$	407		$	387

(1) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

The MIL Network –

August 5, 2025

MIL-OSI: Flow Capital Announces a C$15.0M Investment in Common Wealth

Source: GlobeNewswire (MIL-OSI)

TORONTO, ON, July 31, 2025 (GLOBE NEWSWIRE) — Flow Capital Corp. (TSXV: FW) (“Flow Capital” or the “Company”) is pleased to announce a C$15.0 million senior secured note in Common Wealth Pension Services Inc. (dba “Common Wealth”), a SaaS company serving the Canadian group retirement market, with a first tranche advance of C$4.0 million.

Common Wealth offers a modern full-stack platform for group retirement plan administration. With a user-friendly interface and expert support, the platform empowers members to build long-term financial security, enables employers of all sizes to offer competitive retirement benefits, and equips advisors with tools to better serve clients and accelerate the growth of their group retirement practices.

Flow Capital’s investment will support Common Wealth in accelerating product innovation, expanding its customer base, and scaling operations, advancing the company’s mission to make retirement security accessible to everyone in Canada.

Growing technology companies seeking flexible, covenant-light, founder-friendly growth capital are encouraged to apply directly at www.flowcap.com/get-funding.

About Common Wealth

Common Wealth is driven by its mission to make retirement security accessible to everyone, currently serving over 1,100 employers across Canada, with especially rapid adoption among SMBs and the advisors who serve them. Common Wealth’s vision is to provide its members with a “retirement plan for life” that extends beyond the workplace, and to offer its advisor partners the best platform to power the growth of their businesses. Common Wealth’s retirement technology platform has been awarded Pensions & Investments’ global Innovation Award for Best Technology.

For more information, please visit www.commonwealthretirement.com.

About Flow Capital

Flow Capital Corp. is a publicly listed provider of flexible growth capital and alternative debt solutions dedicated to supporting high-growth companies. Since its inception in 2018, the company has provided financing to businesses in the US, the UK, and Canada, helping them achieve accelerated growth without the dilutive impact of equity financing or the complexities of traditional bank loans. Flow Capital focuses on revenue-generating, VC-backed, and founder-owned companies seeking growth capital to drive their continued expansion.

Learn more at www.flowcap.com.

For further information, please contact:

Flow Capital Corp.

Alex Baluta
Chief Executive Officer
alex@flowcap.com

47 Colborne Street, Suite 303,
Toronto, Ontario M5E 1P8

Forward-Looking Information and Statements

Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Flow or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

The MIL Network –

August 5, 2025
MIL-OSI: Yellow Network Launches $YELLOW Token Sale on Republic to Power Universal Web3 Infrastructure
Source: GlobeNewswire (MIL-OSI)

San Francisco, USA, July 31, 2025 (GLOBE NEWSWIRE) — – Yellow Network, the universal infrastructure layer for real-time, cross-chain settlement and high-performance Web3 applications, has announced the launch of its token sale on Republic’s OpenDeal Broker LLC, dba THE CAPITAL R*Member FINRA & SiPC. This milestone marks a major step in Yellow’s mission to redefine how digital assets are traded, cleared, and settled across blockchains.

The $YELLOW token powers the network and unlocks access to its core features, including:
- Real-time settlement and asset routing across chains
- Staking incentives and ecosystem rewards for developers, validators, and contributors.
- Governance rights for protocol upgrades and roadmap priorities
- Security and dispute resolution via the Reserve Vault framework
“Launching the $YELLOW token on Republic marks a significant step in making foundational Web3 infrastructure accessible to a wider audience,” said Alexis Sirkia, Chairman of Yellow Network. “This sale helps us grow a global community of developers, builders, and users who believe in faster, more scalable blockchain experiences.”

Yellow Network’s infrastructure stack uses advanced state channel technology to deliver lightning-fast, cross-chain settlement without the need for bridges or centralized intermediaries. Backed by Ripple co-founder Chris Larsen, who led Yellow’s $10 million seed round, the project is becoming the go-to foundation for scalable, secure blockchain applications across finance, gaming, and beyond.

Yellow is setting a new standard for compliant, transparent access to blockchain innovation. This collaboration with Republic enables accredited investors in the United States via Reg D to participate in Yellow’s foundational infrastructure layer, supporting the adoption of scalable, chain-agnostic solutions that power decentralized applications.

About Yellow Network
[https://www.youtube.com/watch?v=GoMkn5l4rVE]
Yellow Network is the universal infrastructure layer powering real-time, cross-chain settlement and high-performance Web3 applications. Built on advanced state channel technology, Yellow enables developers to integrate scalable, low-latency blockchain functionality into any application without sacrificing speed, security, or user experience.

With a modular SDK, universal API, and support for the ERC-7824 standard, Yellow empowers builders across DeFi, gaming, enterprise, and beyond to deliver Web2-quality experiences with Web3-native infrastructure. By eliminating the friction of traditional blockchain development, Yellow is accelerating the adoption of decentralized technologies and laying the foundation to onboard the next billion users. To learn more, visit yellow.org.

About Republic
Republic is a leading on-chain investment ecosystem, leveraging its cutting-edge financial infrastructure to redefine global accessibility and optimize capital efficiency.

Form CRS: Client Relationship Summary
This offering is in tokens issued by Yellow Network and not equity in the company.

This offering is facilitated by OpenDeal Broker LLC, dba THE CAPITAL R, Member FINRA & SiPC (BrokerCheck).

Affiliates of the parent company to OpenDeal Broker LLC (OpenDeal Inc.) have financial interests in this offering, or in the offering’s sponsors, and may have invested at more favorable terms including the price and lock-up terms.

Recipients of this message are not obligated to invest.

*Please note, only US Accredited Investors will be able to participate in this offering.

This is a speculative, risky investment and may be illiquid or pricing may substantially fluctuate in value. You may lose money. Carefully seek the advice of professionals to understand the risks associated. Not FDIC or SiPC insured.

This is not an offer to buy or sell securities. Read the detailed disclaimer: https://republic.com/yellow-disclosure

The MIL Network –
August 5, 2025
MIL-OSI: SHARC Energy Ships SHARC WET Systems to US Government-Affiliated Project

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, July 31, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”), a world leader in wastewater energy transfer (“WET”), is proud to announce the shipment of two SHARC 880 WET Systems to a U.S. government-affiliated project. Further information about the project will be released at a later stage.

SHARC Energy’s Wastewater Energy Transfer technology continues to gain momentum in the United States and beyond. Most recently, SHARC Energy’s innovative systems were featured in a Wall Street Journal article spotlighting the emerging role of WET in sustainable infrastructure.

This milestone shipment underscores the Company’s expanding influence and highlights the increasing adoption of WET solutions as cities and governments seek scalable, low-carbon alternatives for heating, cooling and potable hot water.

For more information regarding SHARC Energy and its projects, please visit www.sharcenergy.com.

About SHARC Energy

SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

ON BEHALF OF THE BOARD

Fred Andriano
Chairman

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.

The MIL Network –

August 5, 2025
MIL-OSI: Crane Patents Reaches 25% Adoption Among Chambers USA Top IP Litigation Firms

Source: GlobeNewswire (MIL-OSI)

San Francisco, CA, July 31, 2025 (GLOBE NEWSWIRE) — Crane Patents, the AI-assisted platform for accelerating invalidity analysis in patent litigation, announced today that it has been adopted by 25% of the nationally ranked IP litigation practices in Chambers USA 2025 — less than a year after signing its first customer in August 2024.

Of the 32 firms ranked nationally by Chambers USA for IP litigation, eight have become enterprise customers, marking a significant vote of confidence in the platform’s ability to streamline one of the most tedious parts of patent litigation: analyzing prior art and drafting claim charts.

Founded in 2024, Crane Patents was also recognized earlier this year as Law.com’s New Law Company of the Year for 2025, reflecting growing industry momentum behind the platform.

“Crane Patents has turned prior art analysis into an engaging part of our workflow. Our team uses it nearly every day — including weekends.”
— Richard Hung, Global Co-Chair of Litigation, Morrison & Foerster

“Crane Patents keeps the attorney fully in control — it doesn’t do the thinking for us; it just helps us get to the insights faster. We work smarter and faster, without giving up judgment.”
— Doug Kubehl, Co-Chair of Intellectual Property Litigation, Baker Botts

“Crane Patents fits the way our attorneys think — anticipating what they need to see and analyze. It’s transformed our prior art workflow, cutting hours from claim charting and accelerating results for clients.”
— Kelly Hunsaker, Managing Partner, Silicon Valley, Winston & Strawn

Crane Patents was created by former Fortune 500 IP executives and AmLaw 100 attorneys to deliver precision, speed, and control in claim charting and invalidity analysis — all while keeping attorneys firmly in the driver’s seat.

“We built Crane Patents for attorneys who want to engage strategically — not just accept automated answers,” said Dan Lin, co-founder of Crane Patents. “We’re grateful that some of the best IP litigation teams in the country have embraced our approach.”

For more information, visit www.cranepatents.com or email info@cranepatents.com.

The MIL Network –

August 5, 2025
MIL-OSI: Banco Santander-Chile Announces Second Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, July 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results¹ for the six-month period ended June 30, 2025, and second quarter 2025 (2Q25).

Solid financial performance with a ROAE²of 24.5% in 2Q25³, the fifth consecutive quarter with a ROAE above 20%.

As of June 30, 2025, the Bank’s net income attributable to shareholders totaled $550 billion ($2.92 per share and $1.25 per ADR), representing an increase of 62.8% YoY⁴ and with an ROAE of 25.1% in 6M25⁵ compared to an ROAE of 15.8% in 6M24⁶. The increase in results is explained by an increase in the Bank’s main revenue lines. Operating income increased 22.0% YoY and 12.6% compared to the second quarter of 2024 (2Q24), driven by a better net interest and readjustment income and higher fees and results from financial transactions.

Compared to the previous quarter (1Q25), net income attributable to shareholders decreased slightly by 0.5%. The UF variation in 2Q25 was lower than in 1Q25, which reduced QoQ⁷ adjustment gains. The quarter also saw lower results from financial transactions and higher loan loss provisions. This was offset by higher interest income and cost controls. This marked the ROAE of 24.5% in 2Q25, the fifth consecutive quarter with ROAEs above 20%.

Strong recovery of NIM⁸, reaching 4.1% in 2Q25

Accumulated net interest and readjustment income (NII) as of June 30, 2025, increased 26.0% compared to the same period in 2024. This increase in NII was due to higher net interest income due to the effect of a lower monetary policy rate on our funding cost, which fell from 5.0% to 3.9% in 6M25. The increase is also explained by higher readjustment income, resulting from a greater variation in the UF during the period.

Compared to 1Q25, net interest and readjustment income increased 1.2% QoQ due to a 2.0% increase in average interest earning assets, offset by lower readjustment income due to lower inflation in 2Q25 compared to the previous quarter.

Given the above, the NIM increased from 3.1% in 2Q24 to 4.1% in 1Q25 and remained at 4.1% in 2Q25.

The customer base continues to expand, with total customers increasing by 11.5% YoY and digital customers increasing by 7.9% YoY.

Our strategy of strengthening digital products has led to continued growth in our customer base, reaching approximately 4.5 million customers, of which nearly 2.3 million are digital customers (87% of our active customers).

The Bank’s market share in checking accounts remains strong at 22.4% through April 2025, driven by increased customer demand for US dollar checking accounts, as customers can open these types of accounts digitally through our platform in a few easy steps. This also demonstrates the success of Getnet’s strategy to encourage cross-selling of other products, such as checking accounts, to SMEs.

Net commissions increased by 13.2% in 6M25, reaching recurrence levels⁹of 61.9%.

Net commissions increased 13.2% in the six months ended June 30, 2025, compared to the same period in 2024, driven by increased customer numbers and greater product usage. As a result, the recurrence ratio (total net commissions divided by core support expenses) increased from 58.3% as of June 2024 to 61.9% as of June 2025, demonstrating that more than half of the Bank’s expenses are funded by commissions generated by our customers.

Best in Class efficiency¹⁰of 35.3% in 6M25.

The Bank’s efficiency ratio reached 35.3% as of June 30, 2025, better than the 42.1% recorded in the same period last year. Total operating expenses (which include other expenses) increased 2.3% in 6M25 compared to 6M24, driven by administrative expenses primarily related to higher technology expenses in the first quarter, as well as other expenses related to the restructuring of our branch network and the transformation to Work/Café.

In the first quarter of 2025, the Bank celebrated the major milestone of the Gravity project, the migration from the Mainframe to the Cloud. In January, we transitioned processing to our new Cloud, which resulted in higher transitional technology expenses related to the change and write-downs and impairments related to legacy systems.

Solid CET1 ratio¹¹of 10.9%.

Our CET1 ratio rose to 10.9% by the end of June 2025, and the overall Basel III ratio¹² will reach 17.0%. The Bank’s capital includes a provision for 60% of 2025 earnings to date.

Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard & Poor’s, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report.

As of June 30, 2025, the bank had total assets of Ch$66,188,442 million (US$69,371 million), total gross loans (including those owed by banks) at amortized cost of Ch$40,942,542 million (US$42,911 million), total deposits of Ch$29,614,613 million (US$31,039 million), and shareholders’ equity was $4,514,322 million (US$4,731 million). The BIS capital ratio was 17.0%, with a core capital ratio of 10.9%. As of June 30, 2025, Santander Chile employed 8,660 people and had 231 branches throughout Chile.

CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl Website: www.santander.cl

^{__________________________________________
1} The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC).
² Annualized net income attributable to owners of the Bank divided by the average equity attributable to equity holders.
³ The second quarter of 2025.
⁴ Year over year.
⁵ The six months ending June 30, 2025.
⁶ The six months ending June 30, 2024.
⁷ Quarter over quarter.
⁸ NIM: Net interest margin. Annualized net interest and readjustment income divided by average interest-earning assets.
⁹ Recurrence: net commissions divided by core support costs.
¹⁰ Operating expenses including impairment and other operating expenses/margin+fees+financial trx and other net operating income.
¹¹ Common Equity Tier 1 divided by risk-weighted assets under Chilean regulation.
¹² Effective equity divided by risk-weighted assets under Chilean regulation.

The MIL Network –

August 5, 2025
MIL-OSI: QuestionPro Launches Partnerships Ecosystem to Transform Research Industry

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — QuestionPro announces the launch of the QuestionPro Partnerships Ecosystem, a comprehensive ecosystem designed to push the traditional boundaries of speed, intelligence, and depth of research norms. This ecosystem positions itself as the definitive platform for next-generation research capabilities.

The future of research will be powered by three forces. Faster research turnaround, smarter research processes, and deeper insights.The goal of the QuestionPro Partnerships Ecosystem is to foster a new culture of collaboration to enable our clients to successfully embrace the future of research. Where the future of insights isn’t siloed but collaborative.

“The question isn’t whether organizations need faster, smarter, deeper research capabilities – it’s whether any single organization can solve all these emerging challenges alone,” said Vivek Bhaskaran, CEO of QuestionPro. “The answer is no. That is at the core of why we built this curated ecosystem.”

“The future of insights will be powered by ecosystems,” said Sumair Sayani, Global Lead AI Programs & Strategic Partnerships. “The QuestionPro Partner Ecosystem democratizes advanced research capabilities, allowing businesses of all sizes to access enterprise-grade tools without complexity.”

The QuestionPro Partnerships Ecosystem is now available worldwide. Special offers are available for early adopters, with broader availability throughout Q3 2025. Offering ready-to-launch solutions for every research need, with AI and automation capabilities that reduce time organizing data while increasing time acting on insights.

About QuestionPro
Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the partnerships. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at https://www.questionpro.com/us/

The MIL Network –

August 5, 2025
MIL-OSI USA: Building Connecticut’s Shellfish Workforce and Industry Resilience

Source: US State of Connecticut

In the coastal waters of Long Island Sound, Connecticut’s shellfish industry is quietly thriving and evolving. A statewide effort led by Connecticut Sea Grant and UConn Extension professionals is helping prospective farmers, agriscience teachers, and environmental professionals dive into the world of aquaculture with the Foundations of Shellfish Farming course.

Now entering its fourth year, the course has become a vital entry point for people launching or expanding their careers in the shellfish industry, and the results are rippling across the state.

A Deep Dive into Aquaculture

“In this business, you need to get up early and go to work even when it’s not always fun. But we try to prepare people for that reality, and for the opportunities that come with it,” says Mike Gilman, an assistant extension educator and co-instructor of the course.

A former high school science teacher, Gilman co-owns an oyster business and has experienced firsthand the long, uncertain path from lease applications to harvesting a market-ready crop.

Tessa Getchis, senior extension educator and aquaculture specialist, co-teaches the course with Gilman.

“We’ve created a program that combines science, policy, and lived experience. Students walk away with a binder full of resources, a support network, and a deeper understanding of the industry,” Getchis says.

The course was launched through a National Oceanic and Atmospheric Administration grant. Foundations of Shellfish Farming offers 12 weeks of intensive, in-person instruction each winter. Classes are held at UConn Avery Point, and the curriculum includes biology lessons, business planning, regulatory guidance, and mental and emotional preparedness for the unpredictable world of shellfish farming.

The course enrolls around 15 participants annually, with a cap of 20 to ensure knowledge sharing and individualized attention. Students range from new farmers to conservation professionals, and entrepreneurs.

From Classroom to Coast

The course’s hands-on emphasis extends beyond the classroom. Each year, students have an opportunity for real-world experience through the Sharing Hands-On Understanding and Cultivating Knowledge on Shellfish (SHUCKS) internship program, a partnership with Sixpenny Oyster Farm in Noank.

Last year’s interns were funded by the Small Business Development Fund, with preference given to Foundations students. One of the interns, Sam Tucker of Clinton, was already a seasoned shellfish worker. A music teacher by trade, Tucker recently planted his first crop of oysters after navigating a complex, years-long permitting process.

This season, two new interns are back on the water with funding from Connecticut Sea Grant. Sixpenny co-owners Will Ceddia and Jason Hamilton oversee the interviews and day-to-day management of interns. Gilman and Getchis facilitate the program, provide orientation, and collect feedback.

Opening the Industry Door

The Foundations course addresses a significant barrier in the shellfish industry: access.

“Shellfishing has traditionally been a hard industry to enter,” Gilman says. “One of our goals is to make the path clearer and more inclusive.”

The start-up requirements and expenses involved can also be a disincentive. In some cases, the Foundations course has helped students decide a large investment in shellfish farming isn’t the right choice for them.

“If this class helps a student realize that aquaculture isn’t for them, before they spend years in the permitting process and potentially thousands of dollars in equipment, that’s actually a win for the industry,” says Gilman.

But for many, the course is the launchpad they need to start or expand their businesses.

Four new farms have launched directly from the program with multiple others currently in the process of becoming established operations. Also, some former students now hire interns or share equipment.

Participants report increased confidence with permitting, inspections, and gear management. A six-month follow-up survey shows that more than 60% of graduates are actively engaged in industry work, environmental stewardship, or continued aquaculture training.

The course is a requirement for new licensees through the Connecticut Department of Agriculture’s Bureau of Aquaculture. Gilman and Getchis also consult regularly with the Bureau and other subject matter experts to adapt content to emerging issues, such as pests, predators, diseases, impaired water quality and climate (for example, the growing threat of rainfall-related closures).

Sustaining the Future

The Foundations course goes beyond shellfish biology and gear types. It includes sessions on physical and mental health, business planning, and managing risks. “Farming shellfish is isolating and physically demanding,” says Gilman. “We don’t shy away from that. We talk about how to stay safe, how to deal with closures, and how to make it through when things get tough.”

Another recent innovation honors the legacy of former Guilford Shellfish Commissioner, Peter Charland, who passed away in 2024. In partnership with the Guilford Shellfish Commission, the team created aquaculture worker starter packs with boots, sun gear, and other essentials which were distributed during a ceremony this spring. A larger grant seeks to continue this initiative and help reduce startup costs for new entrants.

Extreme weather and regulatory hurdles challenge the industry, making sustainable shellfish aquaculture more important than ever. Connecticut remains one of the top six shellfish-producing states, with over 50 businesses supported by its oyster and clam operations.

The next steps for Gilman and Getchis include facilitating more pathways from coursework to water-based experience.

“You don’t need an advanced degree to grow oysters,” says Gilman. “We need plumbers, electricians, and mechanics, people with complementary skills who can fix a pump or a boat engine and aren’t afraid to get dirty.”

For now, the Foundations course is cultivating more than oysters; it’s growing a community.

“Our students stay in touch. They ask questions, they call us for help, and they show up at industry meetings,” Getchis says. “It’s been incredible to watch this bubble of new energy form around Connecticut aquaculture. That’s the kind of impact you hope for in Extension.”

The Connecticut Sea Grant College Program (CTSG) is part of the National Sea Grant College Program network, administered by the National Oceanic and Atmospheric Administration (NOAA). CTSG is based at UConn Avery Point in Groton. Several staff members have academic appointments in the College of Agriculture, Health and Natural Resources, including UConn Extension. For more than 30 years, CTSG has worked to foster the wise use and conservation of coastal and marine resources of Long Island Sound and beyond through research, outreach and education. It is science serving the coast!

MIL OSI USA News –

August 5, 2025

MIL-OSI USA: Personal Income and Outlays, June 2025

Source: United States Bureau of Economic Analysis

Personal income increased $71.4 billion (0.3 percent at a monthly rate) in June, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $61.0 billion (0.3 percent) and personal consumption expenditures (PCE) increased $69.9 billion (0.3 percent).

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $69.5 billion in June. Personal saving was $1.01 trillion in June and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.5 percent.

The increase in current-dollar personal income in June primarily reflected increases in government social benefits to persons and in compensation.

The $69.9 billion increase in current-dollar PCE reflected increases of $40.1 billion in spending on services and $29.9 billion in spending on goods.

From the preceding month, the PCE price index for June increased 0.3 percent. Excluding food and energy, the PCE price index also increased 0.3 percent.

From the same month one year ago, the PCE price index for June increased 2.6 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.

Personal Income and Related Measures [Percent change from May to June]
Current-dollar personal income	0.3
Current-dollar disposable personal income	0.3
Real disposable personal income	0.0
Current-dollar personal consumption expenditures (PCE)	0.3
Real PCE	0.1
PCE price index	0.3
PCE price index, excluding food and energy	0.3

For definitions, statistical conventions, updates to PIO, and more, visit “Additional Information.”

Next release: August 29, 2025, at 8:30 a.m. EDT
Personal Income and Outlays, July 2025

Technical Notes

Changes in Personal Income and Outlays for June

The increase in personal income in June primarily reflected increases in government social benefits to persons and in compensation.

The increase in government social benefits to persons was led by Social Security payments, based on data from the Social Security Administration and the Monthly Treasury Statement.
The increase in compensation reflected increases of $10.9 billion in government wages and salaries, $10.8 billion in supplements (mainly employer contributions for employee pension and insurance funds), and $6.3 billion in private wages and salaries, based on data from the Bureau of Labor Statistics (BLS) Current Employment Statistics (CES). Wages and salaries in goods-producing industries increased $4.5 billion. Wages and salaries in services‑producing industries increased $1.9 billion.

Revisions to Personal Income

Estimates have been updated for April and May. Revisions to compensation reflect updated BLS CES data. Within personal income receipts on assets, personal dividend income was revised up, reflecting an updated sample of dividends paid by publicly traded companies. Within government social benefits, Medicaid was revised up, reflecting Monthly Treasury Statement data.

MIL OSI USA News –

August 5, 2025

MIL-OSI USA: Bankruptcy Filings Rise 11.5 Percent Over Previous Year

Source: United States Courts

Personal and business bankruptcy filings rose 11.5 percent in the twelve-month period ending June 30, 2025, compared with the previous year.

According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 542,529 in the year ending June 2025, compared with 486,613 cases in the previous year.

Business filings rose 4.5 percent, from 22,060 to 23,043 in the year ending June 30, 2025. Non-business bankruptcy filings rose 11.8 percent to 519,486, compared with 464,553 in the previous year.

Bankruptcy totals for the previous 12 months are reported four times annually.

For more than a decade, total filings fell steadily, from a high of nearly 1.6 million in September 2010 to a low of 380,634 in June 2022. Total filings have increased each quarter since then, but they remain far lower than historical highs.

**Business and Non-Business Filings, Years Ending June 30, 2021-2025**
Year	Business	Non-Business	Total
2025	23,043	519,486	542,529
2024	22,060	464,553	486,613
2023	15,724	403,000	418,724
2022	12,748	367,886	380,634
2021	18,511	443,798	462,309

**Total Bankruptcy Filings By Chapter, Years Ending June 30, 2021-2025**
Year	Chapter
	7	11	12	13
2025	333,321	8,408	282	200,290
2024	284,975	8,717	181	192,421
2023	239,125	5,986	147	173,362
2022	239,750	4,429	201	136,169
2021	335,886	6,871	438	118,864

Additional statistics released today include:

Business and non-business bankruptcy filings for the 12-month period ending June 30, 2025 (Table F-2, 12-month),
A comparison of 12-month data ending June 2024 and June 2025 (Table F),
Filings for the most recent three months, (Table F-2, 3-month); and filings by month (Table F-2, April, May, and June),
Bankruptcy filings by county (Report F-5A).

For more on bankruptcy and its chapters, view the following resources:

MIL OSI USA News –

August 5, 2025

MIL-OSI Submissions: The quiet war: What’s fueling Israel’s surge of settler violence – and the lack of state response

Source: The Conversation – USA (3) – By Arie Perliger, Director of Security Studies and Professor of Criminology and Justice Studies, UMass Lowell

An Israeli soldier prays in the Evyatar outpost in the Israeli-occupied West Bank on July 7, 2024. AP Photo/Ohad Zwigenberg

Since Oct. 7, 2023, as Israel’s war against Hamas drags on in the Gaza Strip, a quieter but escalating war has unfolded in the West Bank between Israelis and Palestinians.

While precise figures are elusive, United Nations estimates indicate that Jewish settlers have carried out around 2,000 attacks against Palestinians since the war in Gaza began. That number represents a dramatic surge compared with any previous period during the nearly six decades Israel has controlled the West Bank.

Attacks include harassment of Palestinian villagers trying to access their crops or work outside their villages, as well as more extreme and organized violence, such as raiding villages to vandalize property. While many of the attacks are unprovoked, some are what settlers call “price tag” actions: retaliation for Palestinian violence against Israelis, such as car-rammings, rock-throwing and stabbings.

Settlers’ attacks displaced more than 1,500 Palestinians in the first year of the war in Gaza, and gun violence is increasingly common. Since October 2023, more than 1,000 Palestinians in the West Bank have been killed. While most of these fatalities resulted from military operations, some were killed by settlers.

Mourners attend the funeral of three Palestinians who were killed when Jewish settlers stormed the West Bank village of Kafr Malik, on June 26, 2025.
AP Photo/Leo Correa

As a scholar who has studied Jewish religious extremism for over two decades, I contend this campaign is not merely a result of rising tension between the settlers and their Palestinian neighbors amid the Gaza conflict. Rather, it is fueled by a confluence of ideological fervor, opportunism and far-right Israelis’ political vision for the region.

Religious redemption

Israel has occupied the West Bank since 1967’s Six-Day War against Egypt, Jordan and Syria, transforming this small region of around 2,000 square miles (5,200 square kilometers) to an amalgam of Jewish and Palestinian enclaves. Most countries other than Israel consider Jewish settlements illegal, but they have rapidly expanded in recent decades, becoming a major challenge for any settlement of the Israeli-Palestinian conflict.

The ideological roots of violence lie within religious Zionism: a worldview embraced by about 20% of Israel’s Jewish population, including most West Bank settlers.

The great majority of the leaders of the early Zionist movement held strong secular views. They pushed for the creation of a Jewish state over the objections of Orthodox figures, who argued that it should be a divine creation rather than a human-made polity.

Religious Zionists, on the other hand, view the creation of modern-day Israel and its military victories as steps in a divine redemption, which will culminate in a Jewish kingdom led by a heaven-sent Messiah. Adherents believe contemporary events, particularly those asserting Jewish control over the entire historical land of Israel, can accelerate this process.

In recent decades, influential religious Zionist leaders have argued that final redemption requires Israel’s total military triumph and the annihilation of its enemies, particularly the Palestinian national movement. From this perspective, the devastation of Oct. 7 and the subsequent war are a divine test – one the nation can only pass by achieving a complete victory.

This belief system fuels most religious Zionists’ opposition to ending the war, as well as their advocacy for scorched-earth policies in Gaza. Some hope to rebuild the Jewish settlements in the strip that Israel evacuated in 2005.

Some religious Zionists hope to reestablish Jewish settlements in Gaza.‘
Sally Hayden/SOPA Images/LightRocket via Getty Images

The violence in the West Bank reflects an extension of the same beliefs. Extreme groups within the settler population aim to solidify Jewish control by making Palestinian communities’ lives in the region unsustainable.

Opportunistic violence

Hamas’ Oct. 7 massacre, which killed over 1,200 Israelis, traumatized the nation. It also hardened many Jewish Israelis’ conviction that a Palestinian state would be an existential threat, and thus Palestinians cannot be partners for peace.

This shift in sentiment created a permissive environment for violence. While settler attacks previously drew criticism from across the political spectrum, extremist violence faces less public condemnation today – as does the government’s lack of effort to curb it.

This increase in violence is also enabled by a climate of impunity. Israeli security forces have been stretched thin by operations in Gaza, Syria, Iran and beyond. In the West Bank, the military increasingly relies on settler militias known as “Emergency Squads,” which are armed by the Israeli military for self-defense, and army units composed primarily of religious Zionist settlers, such as the Netzah Yehuda Battalion. Such groups have little incentive to stop attacks on Palestinians, and at times, they have participated.

This dynamic has dangerously blurred the line between the state military and militant settlers. The Israeli police, meanwhile, under the command of far-right National Security Minister Itamar Ben-Gvir, appear focused on protecting settlers. Police leadership has been accused of ignoring intelligence about planned attacks and failing to arrest violent settlers or enforce restraining orders. Yesh Din, an Israeli human rights group, asserts that just 3% of attacks have resulted in a conviction.

In June 2025, military attempts to curb settler militancy triggered a violent backlash, as extremist settlers attacked military commanders and tried to set fire to military facilities. Settlers view efforts to restrict their actions as illegitimate and a betrayal of Jewish interests in the West Bank.

Political vision

Violence by extremist settlers is not random; it is one arm of a coordinated pincer strategy to entrench Jewish control over the West Bank.

Emergency volunteers put out a fire during an attack by Israeli right-wing settlers on the West Bank village of Turmusaya on June 26, 2025.
Ilia Yefimovich/picture alliance via Getty Images

While militant settlers create a climate of fear, Israeli authorities have undermined legal efforts to stop the violence – ending administrative detention for settler suspects, for example. Meanwhile, the government has intensified policies that undermine Palestinians’ economic development, freedom of movement and land use. In May, finance minister and far-right leader Bezalel Smotrich approved 22 new settlements, calling it a “historic decision” that signaled a return to “construction, Zionism, and vision.”

Together, violence from below and policy from above advance a clear strategic goal: the coerced depopulation of Palestinians from rural areas to solidify Israeli sovereignty over the entire West Bank.

Levers for change

The militant elements of the settler movement constitute a fractional segment of Israeli society. When it comes to improving the situation in the West Bank, broad punitive measures against the entire country, such as economic boycotting and divestment, or blocking access to scientific, economic and cultural programs and organizations, have historically proved ineffective.

Instead, such policies seem to entrench many Israelis’ perception of international bias and double standards: the sense that critics are antisemitic, or that few outsiders understand the country’s challenges – particularly in light of threats from entitles like Iran, Hamas and Hezbollah, which openly seek Israel’s elimination.

More targeted policies aim specifically at the Israeli far right, including sanctions – economic, political or cultural – directed at settler communities and their infrastructure. Canada, Australia, New Zealand, Norway and the U.K. have imposed travel bans on Ben-Gvir and Smotrich, and frozen their assets in those countries. Similarly, I believe decisions to ban goods produced in the West Bank settlements, as Ireland has recently debated, would be more effective than banning all Israeli products.

This targeted approach, I would argue, would allow the international community to cultivate stronger alliances with the many Israelis concerned about the settlements and Palestinians’ rights in the West Bank.

Arie Perliger does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. The quiet war: What’s fueling Israel’s surge of settler violence – and the lack of state response – https://theconversation.com/the-quiet-war-whats-fueling-israels-surge-of-settler-violence-and-the-lack-of-state-response-261990

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Roman Empire and the fall of Nero offer possible lessons for Trump about the cost of self-isolation

Source: The Conversation – USA (3) – By Kirk Freudenburg, Brooks and Suzanne Ragen Professor of Classics, Yale University

A marble statue of Nero on loan from the Louvre in Paris is seen at the Landesmuseum in Germany in 2016. Harald Tittel/Picture Alliance via Getty Images

President Donald Trump’s first term saw a record-high rate of turnover among his Cabinet members and chief advisers. Trump’s second term has, to date, seen far fewer Cabinet departures.

But some political commentators have observed that the president this time around has primarily appointed loyal advisers who will not challenge him.

As Thomas Friedman pointed out in The New York Times on June 3, 2025, “In Trump I, the president surrounded himself with some people of weight who could act as buffers. In Trump II, he has surrounded himself only with sycophants who act like amplifiers.”

As a scholar of Greco-Roman antiquity, I have spent many years studying the demise of truth-telling in periods of political upheaval. Spanning the period from 27 B.C.E. to 476 C.E., the Roman Empire still offers insights into what happens to political leaders when they interpret possibly helpful advice as dissent.

Particularly telling is the case of Nero, Rome’s emperor from 54 to 68 C.E., who responded to a disastrous fire in 64 with extreme cruelty and self-worship that did nothing to help desperate citizens.

Suppressing honest advice under Nero

Rome’s first emperor, Augustus, established a handpicked circle of advisers – called the consilium principis in Latin, meaning emperor’s council – to give a republican look to his autocratic regime. Augustus became the emperor of Rome in 27 B.C.E. and ruled over the empire, which stretched from Europe and North Africa to the Middle East at its peak, until his death in 14 C.E.

Augustus wanted to hear what others thought about the empire’s needs and his policies. At least some of Augustus’ advisers were bold enough to assert themselves and risk incurring his displeasure. Some, such as Cornelius Gallus, paid for their boldness with their lives, Gallus apparently took his own life, so that might not be the best example – unless it was a forced suicide while others, such as Cilnius Maecenas, managed to push their political agendas in softer ways that allowed them to maintain their influence.

But the Roman emperors who came after Augustus were either less skilled at maintaining a republican facade, or less interested in doing so.

Nero was the last of the emperors from the noble Julio-Claudian dynasty in ancient Rome at its peak of power. Historians who describe Nero’s rise and fall from power describe the first five years of his reign, or the quinquennium neronis in Latin, as a period of relative calm and prosperity for the empire.

Because Nero was just 16 years old when he acceded to power, he was assigned advisers to guide his policies. Their opinions carried significant weight.

But five years into his reign, chafing at their continued oversight, Nero began to purge these advisers from his life, via execution, forced suicide and exile.

Nero instead collected a small cadre of self-interested enablers who derived power for themselves by encouraging their leader’s delusions, such as his desire to project himself as the incarnation of the sun god, Apollo.

The single most unspeakably corrupt and nefarious of these preferred advisers was Ofonius Tigellinus. Tigellinus had caught Nero’s eye early in 62 by urging the senate to convict a Roman magistrate of treason for having composed poems that he deemed insulting to the emperor. Later that year, Tigellinus was appointed the head of the emperor’s personal army.

As praetorian prefect, Tigellinus was charged not only with protecting Nero from physical harm, but also with crafting and guarding the leader’s public image. Tigellinus urged Nero to stage an ongoing series of public spectacles – like theatrical performances and athletic competitions – that featured him as a divine ruler and a god on Earth.

The Roman Emperor Nero surveys the city of Rome after the disastrous fire in 64 C.E.
Hulton Archive/Getty Images

Up in flames

It was likely at Tigellinus’ urging that, in the aftermath of the great fire of 64 that raged for six days in Rome, Nero staged an exorbitant garden party where Christians were soaked in flammable oils and lit as human torches to illuminate a decadent late-night feast.

But, try as he might, Nero couldn’t outrun the fire and its aftermath by indulging in clever cruelties. Huge swathes of the city had been razed by the fire. Thousands of citizens lacked clothing. They were hungry, displaced and homeless.

For answers, the fire’s countless victims looked to Nero, their earthly Apollo, for help. But they did not encounter a sympathetic leader sweeping in to address their needs. Instead, they found a man desperate to place blame on others – in this case, foreigners from the east.

In order to squelch rumors that Nero had lit the fire, Tigellinus’ army unit rounded up Christians, falsely blamed them for starting the fire and executed them.

But this move just showcased Nero’s failure to focus on the dire needs of the poor, the very people who worshipped him. Instead, he sought to rise above the ashes by doubling down on his divine pretensions.

Once the rubble left by the fire was cleared away, Nero built a magnificent new home for himself. This palace, called the domus aurea in Latin, meaning house of gold, covered more than 120 acres in the heart of Rome. It featured spectacular water fountains, elaborate works of art and, standing tall in the entryway, a 120-foot bronze statue of Nero as the sun god, Apollo.

No truth-teller was there to tell Nero that maybe he shouldn’t rub his people’s noses in their suffering. (can we say ‘Maybe he shouldn’t exploit his people’s suffering in this way’?) this suggestion needs either accepted or rejected

Nero’s delusional response to the fire did not put an end to his career, but it did much to hasten its end.

Less than four years later, with armies bearing down on the city, Nero committed suicide. Rome tumbled into civil war.

President Donald Trump appears at an Independence Day event at the Mount Rushmore national monument near Keystone, S.D., in 2020.
Saul Loeb/AFP via Getty Images

Self-worship in the Trump era

Trump has long expressed a desire to have his face carved on Mount Rushmore, a national memorial in South Dakota that features the likenesses of legendary American presidents George Washington, Abraham Lincoln, Thomas Jefferson and Theodore Roosevelt.

This dream became a bit closer to reality when Tennessee Representative Andy Ogles in July 2025 urged the Department of the Interior to explore adding Trump’s image to Mount Rushmore – even though such an addition might not be possible because of geological issues.
Trump’s critics have long noted the president’s propensity to focus on himself and his own greatness and power, rather than the needs of citizens.

As far away as the Roman Empire might seem, Nero’s rise and fall offers a lesson in what can happen when honest criticism of a political leader is sidelined in favor of idolatry.

Instead of honest solutions to real problems, what Romans got was a colossal statue that portrayed their leader as a god on Earth.

Kirk Freudenburg does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Roman Empire and the fall of Nero offer possible lessons for Trump about the cost of self-isolation – https://theconversation.com/roman-empire-and-the-fall-of-nero-offer-possible-lessons-for-trump-about-the-cost-of-self-isolation-257871

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Are you really allergic to penicillin? A pharmacist explains why there’s a good chance you’re not − and how you can find out for sure

Source: The Conversation – USA (3) – By Elizabeth W. Covington, Associate Clinical Professor of Pharmacy, Auburn University

Penicillin is a substance produced by penicillium mold. About 80% of people with a penicillin allergy will lose the allergy after about 10 years. Clouds Hill Imaging Ltd./Corbis Documentary via Getty Images

Imagine this: You’re at your doctor’s office with a sore throat. The nurse asks, “Any allergies?” And without hesitation you reply, “Penicillin.” It’s something you’ve said for years – maybe since childhood, maybe because a parent told you so. The nurse nods, makes a note and moves on.

But here’s the kicker: There’s a good chance you’re not actually allergic to penicillin. About 10% to 20% of Americans report that they have a penicillin allergy, yet fewer than 1% actually do.

I’m a clinical associate professor of pharmacy specializing in infectious disease. I study antibiotics and drug allergies, including ways to determine whether people have penicillin allergies.

I know from my research that incorrectly being labeled as allergic to penicillin can prevent you from getting the most appropriate, safest treatment for an infection. It can also put you at an increased risk of antimicrobial resistance, which is when an antibiotic no longer works against bacteria.

The good news? It’s gotten a lot easier in recent years to pin down the truth of the matter. More and more clinicians now recognize that many penicillin allergy labels are incorrect – and there are safe, simple ways to find out your actual allergy status.

A steadfast lifesaver

Penicillin, the first antibiotic drug, was discovered in 1928 when a physician named Alexander Fleming extracted it from a type of mold called penicillium. It became widely used to treat infections in the 1940s. Penicillin and closely related antibiotics such as amoxicillin and amoxicillin/clavulanate, which goes by the brand name Augmentin, are frequently prescribed to treat common infections such as ear infections, strep throat, urinary tract infections, pneumonia and dental infections.

Penicillin antibiotics are a class of narrow-spectrum antibiotics, which means they target specific types of bacteria. People who report having a penicillin allergy are more likely to receive broad-spectrum antibiotics. Broad-spectrum antibiotics kill many types of bacteria, including helpful ones, making it easier for resistant bacteria to survive and spread. This overuse speeds up the development of antibiotic resistance. Broad-spectrum antibiotics can also be less effective and are often costlier.

Figuring out whether you’re really allergic to penicillin is easier than it used to be.

Why the mismatch?

People often get labeled as allergic to antibiotics as children when they have a reaction such as a rash after taking one. But skin rashes frequently occur alongside infections in childhood, with many viruses and infections actually causing rashes. If a child is taking an antibiotic at the time, they may be labeled as allergic even though the rash may have been caused by the illness itself.

Some side effects such as nausea, diarrhea or headaches can happen with antibiotics, but they don’t always mean you are allergic. These common reactions usually go away on their own or can be managed. A doctor or pharmacist can talk to you about ways to reduce these side effects.

People also often assume penicillin allergies run in families, but having a relative with an allergy doesn’t mean you’re allergic – it’s not hereditary.

Finally, about 80% of patients with a true penicillin allergy will lose the allergy after about 10 years. That means even if you used to be allergic to this antibiotic, you might not be anymore, depending on the timing of your reaction.

Why does it matter if I have a penicillin allergy?

Believing you’re allergic to penicillin when you’re not can negatively affect your health. For one thing, you are more likely to receive stronger, broad-spectrum antibiotics that aren’t always the best fit and can have more side effects. You may also be more likely to get an infection after surgery and to spend longer in the hospital when hospitalized for an infection. What’s more, your medical bills could end up higher due to using more expensive drugs.

Penicillin and its close cousins are often the best tools doctors have to treat many infections. If you’re not truly allergic, figuring that out can open the door to safer, more effective and more affordable treatment options.

A penicillin skin test can safely determine whether you have a penicillin allergy, but a health care professional may also be able to tell by asking you some specific questions.
BSIP/Collection Mix: Subjects via Getty Images

How can I tell if I am really allergic to penicillin?

Start by talking to a health care professional such as a doctor or pharmacist. Allergy symptoms can range from a mild, self-limiting rash to severe facial swelling and trouble breathing. A health care professional may ask you several questions about your allergies, such as what happened, how soon after starting the antibiotic did the reaction occur, whether treatment was needed, and whether you’ve taken similar medications since then.

These questions can help distinguish between a true allergy and a nonallergic reaction. In many cases, this interview is enough to determine you aren’t allergic. But sometimes, further testing may be recommended.

One way to find out whether you’re really allergic to penicillin is through penicillin skin testing, which includes tiny skin pricks and small injections under the skin. These tests use components related to penicillin to safely check for a true allergy. If skin testing doesn’t cause a reaction, the next step is usually to take a small dose of amoxicillin while being monitored at your doctor’s office, just to be sure it’s safe.

A study published in 2023 showed that in many cases, skipping the skin test and going straight to the small test dose can also be a safe way to check for a true allergy. In this method, patients take a low dose of amoxicillin and are observed for about 30 minutes to see whether any reaction occurs.

With the right questions, testing and expertise, many people can safely reclaim penicillin as an option for treating common infections.

Elizabeth W. Covington does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Are you really allergic to penicillin? A pharmacist explains why there’s a good chance you’re not − and how you can find out for sure – https://theconversation.com/are-you-really-allergic-to-penicillin-a-pharmacist-explains-why-theres-a-good-chance-youre-not-and-how-you-can-find-out-for-sure-253839

MIL OSI –

August 5, 2025
MIL-OSI Submissions: How FDA panelists casting doubt on antidepressant use during pregnancy could lead to devastating outcomes for mothers

Source: The Conversation – USA (3) – By Nicole Amoyal Pensak, Researcher of Caregiver Stress Management and Clinical Psychologist, University of Colorado Anschutz Medical Campus

Research shows that the risks of untreated depression in pregnancy is much larger than the risks posed by SSRIs. RyanKing999/iStock via Getty Images Plus

At a meeting held by the Food and Drug Administration on July 21, 2025, a panel convened by the agency cast doubt on the safety of antidepressant medications called selective serotonin reuptake inhibitors, or SSRIs, in pregnancy.

Panel members discussed adding a so-called black box warning to the drugs – which the agency uses to indicate severe or life-threatening side effects – about the risk they pose to developing fetuses. Some of the panelists who attended had a history of expressing deep skepticism on antidepressants.

SSRIs include drugs like Prozac and Zoloft and are the most commonly used medicines for treating clinical depression. They are considered the first-line medications for treating depression in pregnancy, with approximately 5% to 6% of North American women taking an SSRI during pregnancy.

We are a psychologist certified in perinatal mental health and a reproductive psychiatrist and neuroscientist who studies female hormones and drug treatments for depression. We are concerned that many claims made at the meeting about the dangers of those drugs contradict decades of research evidence showing that antidepressant use during pregnancy is low risk when compared with the dangers of mental illness.

As clinicians, we have front-row seats to the maternal mental health crisis in the U.S. Mental illness, including suicide and overdose, is the leading cause of maternal deaths. Like all drugs, SSRIs carry both risks and benefits. But research shows that the benefits to pregnant patients outweigh the risks of the SSRIs, as well as the risks of untreated depression.

The panel did not address the safety of SSRIs following delivery, but numerous studies show that taking SSRI antidepressants while breastfeeding is low risk, usually producing low to undetectable drug levels in infants.

The biology of maternal brain health

Pregnancy and the months following childbirth are characterized by so many emotional, psychological and physical changes that the transition to motherhood has a specific name: matrescence. During matrescence, the brain changes rapidly as it prepares to efficiently take care of a baby.

The capacity for change within the brain is known as “plasticity.” Enhanced plasticity during pregnancy and the postpartum period is what allows the maternal brain to become better at attuning to and carrying out the tasks of motherhood. For example, research indicates that during this period, the brain is primed to respond to baby-related stimuli and improve a mother’s ability to regulate her emotions. These brain shifts also act as a mental buffer against aging and stress in the long term.

On the flip side, these rapid brain changes, fueled by hormonal shifts, can make people especially vulnerable to the risk of mental illness during and after pregnancy. For women who have a prior history of depression, the risk is even greater.

Clinical depression interferes with brain plasticity, such that the brain becomes “stuck” in patterns of negative thoughts, emotions and behaviors.

This leads to impairment in brain functions that are essential to motherhood. New mothers with depression have decreased brain activity in regions responsible for motivation, regulation of emotion and problem-solving. They are often withdrawn or overprotective of their infants, and they struggle with the relentless effort needed for tasks that arise with child-rearing like soothing, feeding, stimulating, planning and anticipating the child’s needs.

Research shows that SSRIs work by promoting brain plasticity. This in turn allows individuals to perceive the world more positively, increases the experience of gratification as a mother and facilitates cognitive flexibility for problem-solving.

SSRI antidepressants are thought to work by restoring healthy communication between brain cells.
wildpixel/iStock via Getty Images Plus

Assessing the risks of SSRIs in pregnancy

Prescription drugs like SSRIs are just one aspect of treating pregnant women struggling with mental illness. Evidence-based psychotherapy, such as cognitive behavioral therapy, can also induce adaptive brain changes. But women with severe symptoms often require medication before they can reap the benefits of psychotherapy, and finding properly trained, accessible and affordable psychotherapists can be challenging. So sometimes, SSRIs may be the most appropriate treatment option available.

Multiple studies have examined the effects of SSRIs on the developing fetus. Some data does show a link between these drugs and preterm birth, as well as low birth weight. However, depression during pregnancy is also linked to these effects, making it difficult to disentangle what’s due to the drug and what’s due to the illness.

SSRIs are linked to a condition called neonatal adaption syndrome, in which infants are born jittery, irritable and with abnormal muscle tone. About one-third of infants born to mothers taking SSRIs experience it. However, research shows that it usually resolves within two weeks and does not have long-term health implications.

The FDA-convened panel heavily focused on potential risks of SSRI usage, with several individuals incorrectly asserting that these drugs cause autism in exposed youth, as well as birth defects. At least one panelist discussed clinical depression as a “normal” part of the “emotional” experience during pregnancy and following birth. This perpetuates a long history of of women being dismissed, ignored and not believed in medical care. It also discounts the rigorous assessment and criteria that medical professionals use to diagnose reproductive mental health disorders.

A summary of the pivotal studies on SSRIs in pregnancy by the Massachusetts General Hospital Center for Women’s Health discusses how research has shown SSRIs to not be associated with miscarriage, birth defects or developmental conditions in children, including autism spectrum disorder.

Antidepressants such as SSRIs are thought to work by promoting brain plasticity.
Cappi Thompson/Moment via Getty Images

The risks of untreated mental illness

Untreated clinical depression in pregnancy has several known risks. As noted above, babies born to mothers with clinical depression have a higher risk of preterm birth and low birth weight.

They are also more likely to require neonatal intensive care and are at greater risk of behavioral problems and impaired cognition in childhood.

Women who are clinically depressed have an increased risk of developing preeclampsia – a condition involving high blood pressure that, if not identified and treated quickly, can be fatal to both mother and fetus. Just as concerning is the heightened risk of suicide in depression. Suicide accounts for about 8% of deaths in pregnancy and shortly after birth.

Compared with these very serious risks, the risks of using SSRIs in pregnancy turn out to be minimal. While women used to be encouraged to stop taking SSRIs during pregnancy to avoid some of these risks, this is no longer recommended, as it exposes women to a high chance of depression relapse. The American College of Obstetricians and Gynecologists recommends that all perinatal mental health treatments, including SSRIs, continue to be available.

Many women are already reluctant to take antidepressants during pregnancy, and given the choice, they tend to avoid it. From a psychological standpoint, exposing their fetus to the side effects of antidepressant medications is one of many common reasons for women in the U.S. to feel maternal guilt or shame. However, the available data suggests such guilt is not warranted.

Taken together, the best thing one can do for pregnant women and their babies is not to avoid prescribing these drugs when needed, but to take every measure possible to promote health: optimal prenatal care, and the combination of medications with psychotherapy, as well as other evidence-based treatments such as bright light therapy, exercise and adequate nutrition.

The panel failed to address the latest neuroscience behind depression, how antidepressants work in the brain and the biological rationale for why doctors use them in the first place. Patients deserve education on what’s happening in their brain, and how a drug like an SSRI might work to help.

Depression during pregnancy and in the months following birth is a serious barrier to brain health for mothers. SSRIs are one way of promoting healthy brain changes so that mothers can thrive both short- and long-term.

Should the FDA, as a result of this recent panel, decide to place a black-box warning on antidepressants in pregnancy, researchers like us already know from history what will happen. In 2004, the FDA placed a warning on antidepressants describing potential suicidal ideation and behavior in young people.

In the following years, antidepressant-prescribing decreased, while the consequences of mental illness increased. And it’s easy to imagine a similar pattern in pregnant women.

I receive royalties for the sales of my book RATTLED, How to Calm New Mom Anxiety with the Power of the Postpartum Brain.

Dr Novick has a career development award from the National Institute of Child Health and Development (K23HD110435) to study the neurobiology of hormonal contraception. This funding was not used to support the preparation or publication of this article. The views expressed here are those of the author and do not represent those of the National Institutes of Health or the University of Colorado School of Medicine.

– ref. How FDA panelists casting doubt on antidepressant use during pregnancy could lead to devastating outcomes for mothers – https://theconversation.com/how-fda-panelists-casting-doubt-on-antidepressant-use-during-pregnancy-could-lead-to-devastating-outcomes-for-mothers-261825

MIL OSI –

August 5, 2025
MIL-OSI Submissions: What is personalized pricing, and how do I avoid it?

Source: The Conversation – USA (2) – By Jay L. Zagorsky, Associate Professor Questrom School of Business, Boston University

Recently, Delta Air Lines announced it would expand its use of artificial intelligence to provide individualized prices to customers. This move sparked concern among flyers and politicians. But Delta isn’t the only business interested in using AI this way. Personalized pricing has already spread across a range of industries, from finance to online gaming.

Customized pricing – where each customer receives a different price for the same product – is a holy grail for businesses because it boosts profits. With customized pricing, free-spending people pay more while the price-sensitive pay less. Just as clothes can be tailored to each person, custom pricing fits each person’s ability and desire to pay.

I am a professor who teaches business school students how to set prices. My latest book, “The Power of Cash: Why Using Paper Money is Good for You and Society,” highlights problems with custom pricing. Specifically, I’m worried that AI pricing models lack transparency and could unfairly take advantage of financially unsophisticated people.

The history of custom pricing

For much of history, customized pricing was the normal way things happened. In the past, business owners sized up each customer and then bargained face-to-face. The price paid depended on the buyer’s and seller’s bargaining skills – and desperation.

An old joke illustrates this process. Once, a very rich man was riding in his carriage at breakfast time. Hungry, he told his driver to stop at the next restaurant. He went inside, ordered some eggs and asked for the bill. When the owner handed him the check, the rich man was shocked at the price. “Are eggs rare in this neighborhood?” he asked. “No,” the owner said. “Eggs are plentiful, but very rich men are quite rare.”

Custom pricing through bargaining still exists in some industries. For example, car dealerships often negotiate a different price for each vehicle they sell. Economists refer to this as “first-degree” or “perfect” price discrimination, which is “perfect” from the seller’s perspective because it allows them to charge each customer the maximum amount they’re willing to pay.

Wanamaker’s department store in Philadelphia was a pricing pioneer.
Hulton Archive/Getty Images

Currently, most American shoppers don’t bargain but instead see set prices. Many scholars trace the rise of set prices to John Wanamaker’s Philadelphia department store, which opened in 1876. In his store, each item had a nonnegotiable price tag. These set prices made it simpler for customers to shop and became very popular.

Why uniform pricing caught on

Set prices have several advantages for businesses. For one thing, they allow stores to hire low-paid retail workers instead of employees who are experts in negotiation.

Historically, they also made it easier for stores to decide how much to charge. Before the advent of AI pricing, many companies determined prices using a “cost-plus” rule. Cost-plus means a business adds a fixed percentage or markup to an item’s cost. The markup is the percentage added to a product’s cost that covers a company’s profits and overhead.

The big-box retailer Costco still uses this rule. It determines prices by adding a roughly 15% maximum markup to each item on the warehouse floor. If something costs Costco $100, they sell it for about $115.

The problem with cost-plus is that it treats all items the same. For example, Costco sells wine in many stores. People buying expensive Champagne typically are willing to pay a much higher markup than customers purchasing inexpensive boxed wine. Using AI gets around this problem by letting a computer determine the optimal markup item by item.

What personalized pricing means for shoppers

AI needs a lot of data to operate effectively. The shift from cash to electronic payments has enabled businesses to collect what’s been called a “gold mine” of information. For example, Mastercard says its data lets companies “determine optimal pricing strategies.”

So much information is collected when you pay electronically that in 2024 the Federal Trade Commission issued civil subpoenas to Mastercard, JPMorgan Chase and other financial companies demanding to know “how artificial intelligence and other technological tools may allow companies to vary prices using data they collect about individual consumers’ finances and shopping habits.” Experiments at the FTC show that AI programs can even collude among themselves to raise prices without human intervention.

To prevent customized pricing, some states have laws requiring retailers to display a single price for each product for sale. Even with these laws, it’s simple to do custom pricing by using targeted digital coupons, which vary each shopper’s discount.

How you can outsmart AI pricing

There are ways to get around customized pricing. All depend on denying AI programs data on past purchases and knowledge of who you are. First, when shopping in brick-and-mortar stores, use paper money. Yes, good old-fashioned cash is private and leaves no data trail that follows you online.

Second, once online, clear your cache. Your search history and cookies provide algorithms with extensive amounts of information. Many articles say the protective power of clearing your cache is an urban myth. However, this information was based on how airlines used to price tickets. Recent analysis by the FTC shows the newest AI algorithms are changing prices based on this cached information.

Third, many computer pricing algorithms look at your location, since location is a good proxy for income. I was once in Botswana and needed to buy a plane ticket. The price on my computer was about $200. Unfortunately, before booking I was called away to dinner. After dinner my computer showed the cost was $1,000 − five times higher. It turned out after dinner I used my university’s VPN, which told the airline I was located in a rich American neighborhood. Before dinner I was located in a poor African town. Shutting off the VPN reduced the price.

Last, often to get a better price in face-to-face negotiations, you need to walk away. To do this online, put something in your basket and then wait before hitting purchase. I recently bought eyeglasses online. As a cash payer, I didn’t have my credit card handy. It took five minutes to find it, and the delay caused the site to offer a large discount to complete the purchase.

The computer revolution has created the ability to create custom products cheaply. The cashless society combined with AI is setting us up for customized prices. In a custom-pricing situation, seeing a high price doesn’t mean something is higher quality. Instead, a high price simply means a business views the customer as willing to part with more money.

Using cash more often can help defeat custom pricing. In my view, however, rapid advances in AI mean we need to start talking now about how prices are determined, before customized pricing takes over completely.

Jay L. Zagorsky does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. What is personalized pricing, and how do I avoid it? – https://theconversation.com/what-is-personalized-pricing-and-how-do-i-avoid-it-262195

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Strengthening collective labor rights can help reduce economic inequality

Source: The Conversation – USA (2) – By Skip Mark, Assistant professor of political science, University of Rhode Island

Only about 1 in 10 U.S. workers belong to unions today. champc/iStock via Getty Images Plus

Despite the strength of the U.S. economy, the gap between rich and poor Americans is increasing.

The wealthiest 1% of Americans have more than five times as much wealth as the bottom 50%, according to the U.S. Federal Reserve. That’s up from four times as much in the year 2000. In 2024 alone, the wealthiest 19 families got a total of US$1 trillion richer – the largest one-year increase on record.

And yet 59% of Americans don’t have enough money saved up to cover an unexpected $1,000 expense.

We are political scientists who study human rights and political economy.

In a 2023 study, our team looked at 145 countries, including the U.S., to understand the link between labor rights and inequality. We found evidence that strengthening collective labor rights may reduce economic inequality.

Empowering workers

Collective labor rights include the rights to form and join a union, bargain collectively for higher pay and better working conditions, go on strike, and get justice if employers punish workers who exercise these rights.

In the U.S., where less than 10% of workers belong to unions, union members typically earn higher wages than their nonunion counterparts.

Through negotiations on behalf of their members, unions can pressure employers to provide fair wages and benefits. If negotiations break down, the union can call for a strike – sometimes winning better benefits and higher wages as a result.

Some U.S. unions don’t have the right to strike, including air traffic controllers, teachers and those working on national security issues. But most unions have some ability to implement work stoppages and impose costs on employers to negotiate for raises and better benefits and conditions.

Reducing inequality

For our study, we analyzed the human rights in the CIRIGHTS dataset, which uses human rights reports from the U.S. State Department, Amnesty International and other sources to measure government respect for 24 human rights, including the rights to unionize and bargain collectively. The dataset is produced by the University of Rhode Island, Binghamton University and the University of Connecticut. One of us, Skip Mark, serves as a co-director of the project.

Using a scoring guide, a team of researchers reads human rights reports and gives each country a score of zero if they have widespread violations, one point if they have some violations, or two if they have no evidence of violations. The team has assigned scores for all 24 rights from 1994 through 2022.

Using this data, we created a measure of collective labor rights by adding scores for the right to workplace association and the right to collective bargaining. The resulting collective labor rights score ranges from zero to four.

Countries where workers’ rights are routinely violated, such as Afghanistan, China and Saudi Arabia, scored a zero. The United States, Macedonia and Zambia, three countries with little in common, were among those that tended to get two points, placing them in the middle. Countries with no reported violations of the rights to workplace association and collective bargaining, including Canada, Sweden and France, got four points.

According to the CIRIGHTS dataset, the strength of respect for collective labor rights around the world declined by 50%, from 2.06 in 1994 to 1.03 in 2022.

At the same time, according to the World Inequality Dataset, the share of income earned by the 1% with the biggest paychecks increased by 11%.

We used advanced statistical methods to figure out whether better worker protections actually reduce inequality or are just associated with it.

Gaps between individuals and ethnic groups

We also measured what’s been happening to economic inequality, using two common ways to track it.

One of them is vertical inequality, the gap between what people earn within a country – the rich versus the poor. The more unequal a society becomes, the higher its vertical inequality score gets. We measured it using the disposable income measure from the Gini index, a commonly used indicator of economic inequality that captures how much money individuals have to spend after taxes and government transfers.

We found that a one-point increase in collective labor rights on our four-point scale reduces vertical inequality by 10 times the average change in inequality. For the U.S., a one-point increase in collective labor rights would be about enough to undo the increase in inequality that occurred between 2008 and 2010 due to the Great Recession and its aftermath. It would also likely help stem the growing wealth gap between Black and white Americans. That’s because income disparities compound over time to create wealth gaps.

We also assessed the connection between horizontal inequality, which measures income inequality between ethnic or other groups, and collective labor rights.

Negative horizontal inequality measures the amount of a country’s income held by the poorest ethnic group. Higher scores for this metric indicate that the lowest-earning ethnic group has less income relative to the rest of society. Black Americans have the lowest median income of any racial or ethnic group, according to the U.S. Census Bureau.

Positive horizontal inequality measures the income earned by the richest ethnic group. When positive horizontal inequality rises, that means the richest ethnic group has more income relative to the rest of society. According to the same Census Bureau report, Asian Americans had the highest median earnings.

We found that stronger collective labor rights, both in law and in practice around the world, also reduce both types of horizontal inequality. This means they raise the floor by helping to improve the income of the poorest ethnic groups in society. They also close the gap by limiting the incomes of the richest ethnic group, which can reduce the likelihood of conflicts.

That is, our findings suggest that when workers are free to advocate for higher wages and better benefits for themselves, it also benefits society as a whole.

Stephen Bagwell is a researcher with the Human Rights Measurement Initiative, a charitable trust registered in New Zealand

Skip Mark does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Strengthening collective labor rights can help reduce economic inequality – https://theconversation.com/strengthening-collective-labor-rights-can-help-reduce-economic-inequality-254258

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Black teachers are key mentors for Philly high school seniors navigating college decisions

Source: The Conversation – USA (2) – By Joseph Sageman, Postdoctoral Researcher in Sociology, University of Pennsylvania

In Pennsylvania, nearly 15% of students are Black, but less than 4% of teachers are. JohnnyGreig/E+ Collection via Getty Images

Zikia, a 12th grader in Philadelphia, was stressing over where she would attend college in the fall. Her charter school’s college decision ceremony was the next day, and she was torn between her two top choices.

At a crossroads, she reached out to her favorite teacher, the only Black educator on her course schedule. “I texted him at nighttime,” she recalled. “I didn’t feel like I could do that with my other teachers.”

In my research
on college and career readiness, I did not initially set out to study the impact of Black teachers, but students like Zikia readily brought up the topic.

In interviews, students insisted on the importance of having Black educators. They consistently named their Black teachers and counselors as the most influential adults in their planning for life after graduation.

Black educators, though, are severely underrepresented in the local teaching workforce. At Zikia’s school, over 75% of students are Black compared to only about 15% of teachers.

The picture is just as striking in Pennsylvania as a whole. Statewide, the share of Black students is four times the share of Black teachers – 14.5% of students are Black, while only 3.7% of teachers are. A majority of public schools in Pennsylvania do not employ a single teacher of color despite serving racially diverse communities.

These statistics are particularly concerning because strong evidence suggests that minority students benefit greatly from working with same-race teachers.

Over the past two decades, a wave of studies from economists and education scholars have documented that when Black students are assigned to Black teachers, their math and reading scores improve, their rates of absenteeism and suspensions drop, and over the long run, they are more likely to enroll in honors classes, complete high school and go to college.

This research is mostly quantitative and does more to establish that Black teachers are effective than explain why they are able to deliver such impressive results.

To answer this latter question, I went directly to the source.

I conducted interviews with roughly 100 Philadelphia 12th graders, asking them how they came to trust and depend on Black educators when weighing one of the most consequential decisions of their lives: whether and where to go to college. I spoke with students at five city high schools, including district-run and charter schools, as well as some of the teachers and counselors involved in their college decisions.

Zikia and the other names used in this story are pseudonyms to protect the confidentiality of research participants.

Inspiration, empathy and insight

The presence of Black educators mattered to students for several reasons.

Some of my respondents felt inspired by seeing Black people in school leadership positions. LaMont, for instance, said that taking classes from Black teachers motivated him: “Just to see success is achievable. A teacher is something in life. And it shows that people that look like me are able to overcome something. Having Black teachers gives you a sense of confidence.”

LaMont’s seeing his own identity and background reflected in his teachers is what sociologists and political scientists call descriptive representation. His classmates agreed that it was important to have teachers who looked like them. Their connection, they insisted, was more than skin deep. Most of them gravitated to Black teachers because of how those teachers did their jobs and advocated for minority students, a concept called substantive representation.

For instance, many students felt most comfortable asking for help from Black teachers because they regarded them as more empathetic listeners and felt they were invested in their holistic well-being, not just in their grades or academic performance.

When I asked Ramir to tell me about the teachers he had strong relationships with, he offered a typical answer: “Most of them are African American,” he said. “But it’s not even just about that. I like a teacher who tries to understand you for who you are. Not look at you as a student but as a human being and build with you.”

Students also credited Black teachers with making them feel like they belonged at school. They sought out advice from teachers who believed in their potential and held them to high academic and behavioral standards. These qualities were by no means unique to Black teachers, but white teachers sometimes found it difficult to balance authority with warmth in their relationships with students.

“There are some teachers that act like siblings and some that act like parents,” said Emily, a white social studies teacher. “And it’s very rare that a white teacher can act like a parent and have the kids still like them.”

Black educators also had culturally relevant insights into college that students valued highly. They often had deeper knowledge of local historically Black colleges and universities, or they could speak to the experience of being a racial minority at a predominantly white institution. Students valued guidance more when it came from a source they felt was relatable.

These findings suggest that Black educators are effective not only because of shared identity or experiences, but also because of the skills and dispositions they bring into the classroom: proactively building relationships, coupling high expectations with high levels of support, and bringing schoolwork to life. As a result, minority students held out hope not only for more representation in the classroom but also that all their teachers – regardless of race – would integrate these practices into their tool kits.

Read more of our stories about Philadelphia.

Joseph Sageman does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Black teachers are key mentors for Philly high school seniors navigating college decisions – https://theconversation.com/black-teachers-are-key-mentors-for-philly-high-school-seniors-navigating-college-decisions-261732

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Yosemite embodies the long war over US national park privatization

Source: The Conversation – USA (2) – By Michael Childers, Associate Professor of History, Colorado State University

The Ahwahnee is a privately run hotel inside Yosemite National Park. George Rose/Getty Images

The Trump administration’s cuts to the National Park Service’s budget and staffing have raised concerns among park advocates and the public that the administration is aiming to further privatize the national parks.

The nation has a long history of similar efforts, including a wildly unpopular 1980 attempt by Reagan administration Interior Secretary James Watt to promote development and expand private concessions in the parks. But debate over using public national park land for private profit dates back more than a century before that.

As I explain in my forthcoming book, no park has played a more central role in that debate than Yosemite, in California.

Early concerns

In early 1864, Central American Steamship Transit Company representative Israel Ward Raymond wrote a letter to John Conness, a U.S. senator from California, urging the government to move swiftly to preserve the Yosemite Valley and the Mariposa Grove of giant sequoia trees to prevent them from falling into private hands. Five months later, President Abraham Lincoln signed the Yosemite Grant Act, ceding the valley and the grove to the state of California, “upon the express conditions that the premises shall be held for public use, resort, and recreation.” This was years before Yellowstone became the first federal land designated a national park in 1872.

For centuries, the natural beauty of the Yosemite Valley has impressed visitors.
Sepia Times/Universal Images Group via Getty Images

Controversy arose quickly at Yosemite. Two men – James Lamon and James Hutchings – had claimed land in the valley before the federal government gave it to California. Both began commercial operations, Lamon growing cash crops and Hutchings operating a hotel.

California said their businesses threatened the state’s ability to develop roads and trails in Yosemite by competing for tourist dollars. A legal battle ensued and was not resolved until an 1872 U.S. Supreme Court ruling found that the men’s land claims had not been fully validated according to the procedures of the time. The California legislature paid both men compensation for their land, and both left the park.

In 1890, neighboring parts of the Yosemite area became America’s third national park – and in 1906, the federal government again took possession of the Yosemite Valley itself and the Mariposa Grove, specifically to incorporate them into an expansion of the national park.

Development rights

Yet, as my research has found, the role of private interests in the park remained unsolved. Private companies under contract to the National Park Service have long provided needed amenities such as lodging and food within the national parks. But questions over what is acceptable in national parks in the pursuit of profit have shaped Yosemite’s history for generations.

In 1925, I found, the question centered on the right to build the first gas station inside the park, in Yosemite Valley. Two private businesses, the Curry Camping Company and the Yosemite National Park Company, had long competed for tourist dollars within the park. Each wanted to build a gas station to boost profits.

Frustrated over the need to decide, National Park Service Director Horace Albright ordered the rival firms to simplify management of the park’s concessions. The companies merged, and the newly formed Yosemite Park and Curry Company was granted the exclusive rights to run lodges, restaurants and other facilities within the park, including the new gas station.

But as I found in my research, the park service and the concessions company did not always see eye to eye on the purpose of the park. The conflict between profit and preservation is perhaps most clearly illustrated by the construction of a ski area within the park in the early 1930s. The park service initially opposed the development of Badger Pass Ski Area as not conducive to the national park ideal, but the Yosemite Park and Curry Company insisted it was key to boosting winter use of the park.

In 1973, the Music Corporation of America, an entertainment conglomerate, bought the Yosemite Park and Curry Company. The company already had a tourist attraction operating near Hollywood, where visitors could pay to tour movie sets, but had not yet changed its name to Universal Studios or launched major theme parks in Florida and California. Its purchase of the park’s concessions set off a firestorm of controversy over fears of turning Yosemite into a theme park.

That didn’t happen, but annual park visitor numbers climbed from 2.5 million to 3.8 million over the 20 years MCA ran the concessions, which sparked concerns about development and overcrowding in the park. Conservationists argued the park service had allowed the corporate giant to promote and develop the park in ways that threatened the very aspects of the park most people came to enjoy.

With three restaurants, two service stations with a total of 15 gas pumps, two cafeterias, two grocery stores, seven souvenir shops, a delicatessen, a bank, a skating rink, three swimming pools, a golf course, two tennis courts, kennels, a barbershop, a beauty shop, Badger Pass Ski Area and three lodges, the Yosemite Valley was a busy commercial district. Critics argued that such development contradicted the park service’s mandate to leave national parks unimpaired for the enjoyment of future generations.

Crowds gather at some of Yosemite’s most popular sites, such as the California Tunnel Tree.
David McNew/AFP via Getty Images

Who owns the names?

Falling profits and consolidation within the music industry led MCA to sell its concessions rights in Yosemite in 1993. The Delaware North Companies, a global hospitality corporation, took over and ran the park’s concessions until 2016, when it sold the rights to Aramark.

But in that sale, the question of public resources and private profits arose again. Delaware North demanded $51 million in compensation for Aramark continuing to use the names of several historic properties within the park, such as the Ahwahnee, a hotel, and Curry Village, another group of visitor accommodations. The company claimed those names were a part of its assets under its contract with the park service.

The park service rejected the claim, saying the names, which dated back more than a century, belonged to the American people. But to avoid legal problems during the transition, the agency temporarily renamed several sites, including calling the Ahwahnee the Majestic Yosemite Hotel and changing Curry Village to Half Dome Village. Public outrage erupted, denouncing the claim by Delaware North as commercial overreach that threatened to distort Yosemite’s heritage. In 2019, the park service and Aramark agreed to pay Delaware North a total of $12 million to settle the dispute, and the original names were restored.

Protesters unfurl an upside-down U.S. flag from the top of El Capitan in Yosemite National Park in February 2025, protesting Trump administration changes to the National Park Service.

Renewed interest in commercial efforts

In June 2025, Yosemite again took center stage in the dispute over the role of federal funding versus private interests at the start of the second Trump administration when a group of climbers unfurled an American flag upside down off El Capitan in protest of the administration’s cuts in personnel and slashing of the park service’s budget.

Conservationists, including former National Park Service Director Jonathan Jarvis, argued that by defunding the park service and laying off as much as a quarter of its workforce, the Trump administration was “laying the groundwork to privatize” the national parks by allowing corporate interests more access to public lands. Those concerns echo ones raised during the first Trump administration, when the White House argued privatization would better serve the American public by improving visitor experiences and saving federal dollars.

Whichever side prevails in the short term, the debate over the role of private interests within national parks like Yosemite will undoubtedly continue.

Michael Childers does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Yosemite embodies the long war over US national park privatization – https://theconversation.com/yosemite-embodies-the-long-war-over-us-national-park-privatization-261133

MIL OSI –

August 5, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Secures Major Settlement with Brown University
Source: US Whitehouse
SECURING HISTORIC SETTLEMENT WITH BROWN UNIVERSITY: Today, President Donald J. Trump secured a historic settlement with Brown University to restore fairness, merit, and safety in higher education.
- The agreement ensures Brown will not engage in unlawful racial discrimination in admissions or university programming. Brown will provide access to all relevant data and information to rigorously assess compliance with its commitment to merit-based admissions.
- Brown will pay $50 million over ten years to state workforce development organizations that comply with anti-discrimination laws, supporting regional economic growth and career opportunities.
- Brown will adopt the definitions of “male” and “female” from President Trump’s Executive Order 14168, “Defending Women from Gender Ideology Extremism” for women’s sports, programing, facilities, and housing.
- Brown will not perform gender reassignment surgeries on minors or prescribe them puberty blockers or cross-sex hormones.
- Brown will take steps to improve the campus climate for Jewish students and combat anti-Semitism.
- The agreement reinstates all HHS grants, restores Brown’s eligibility for future grants and awards, and closes pending investigations into the university.
- The agreement establishes a three-year monitoring period to ensure compliance with the agreement and federal laws.
ADDRESSING DISCRIMINATORY PRACTICES AT BROWN: The Trump Administration took action to address concerns about violations of federal civil rights laws, protecting students and upholding fairness in higher education.
- The settlement comes after public outcry over incidents and civil rights investigations into Brown’s alleged discrimination on the basis of race and national origin.
- Brown’s failure to address anti-Semitism and ensure fair treatment for all students raised urgent concerns about student safety and equal opportunities.
- Brown’s diversity, equity, and inclusion (DEI) programs promoted unlawful race-based outcomes, violating anti-discrimination laws.
- By securing this settlement, the Trump Administration is ensuring that Brown upholds merit-based standards, complies with federal law, and fosters an environment of academic excellence and safety for all students.
ADVANCING REFORMS IN HIGHER EDUCATION: President Trump is holding elite universities accountable, ensuring they prioritize fairness, merit, and American values.
- The Administration has challenged elite universities like Harvard, Columbia, and Brown for discriminating against students and staff, failing to protect students from violent anti-Semitism, and otherwise failing to be a responsible steward of taxpayer dollars.
- President Trump signed a Proclamation to safeguard national security by suspending the entry of foreign nationals seeking to study or participate in exchange programs at Harvard University.
- The Administration successfully negotiated a resolution with the University of Pennsylvania to keep men out of women’s sports and restore the trophies and records of women.
- President Trump secured a more than $200 million settlement with Columbia University to resolve claims related to discriminatory practices, marking a significant win for accountability in academia.
MIL OSI USA News –
August 5, 2025
MIL-OSI USA: House Republicans Hit the Road to Spotlight Historic Wins for Americans in the One Big Beautiful Bill

Source: US House of Representatives Republicans

The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

WASHINGTON— House Republican Conference Chairwoman Lisa McClain (R-Mich.) is hitting the road during the August district work period to kick off the One Big Beautiful Tour, highlighting the wins the One Big Beautiful Bill (OBBB) delivers for working-class families, manufacturers, farmers, ranchers, and every hardworking American.

For the first leg of the tour, Chairwoman McClain—the top messenger for House Republicans—is partnering with the National Association of Manufacturers to visit small and mid-sized manufacturers in the districts of Reps. Tom Kean, Jr. (NJ-07), Rob Bresnahan, Jr. (PA-08), and Ryan Mackenzie (PA-07).

“It’s a privilege to help carry the message of President Trump and the American people’s agenda,” Chairwoman McClain said. “I have been sharing with my constituents in Michigan all the incredible things the One Big Beautiful Bill delivers for them. As Conference Chair, I have the opportunity to join my colleagues during this district work period and share that message across the country. I’m excited to help bring our results directly to more people and communities.”

“This once-in-a-lifetime historic tax bill is the investment of a generation in America’s manufacturers,” NAM Executive Vice President Erin Streeter said. “These important tax provisions provide businesses of all sizes—across every state and congressional district—with the certainty they need to invest, innovate and grow. The NAM is proud to partner with Chairwoman McClain to tell the story of how these pro-growth tax policies are improving the quality of life for Americans all across the country. Because when manufacturing wins, America wins.”

“The newly signed reconciliation package delivers real results for the American people,” Rep. Kean said. “By eliminating taxes on tips and overtime pay, this bill helps workers keep more of what they earn and strengthens our local economy. I am looking forward to welcoming Conference Chairwoman Lisa McClain and the National Association of Manufacturers to NJ-07 for a tour of Bihler of America in Phillipsburg. Their facility, known for its precision metal stamping and automated assembly systems, is a prime example of American manufacturing in action. This visit is a chance to see firsthand how the legislation is already making a difference for hardworking Americans and the manufacturers who employ them.”

“I’m honored to welcome Chairwoman McClain to Northeastern Pennsylvania to highlight the real results House Republicans are delivering for our region,” Rep. Bresnahan said. “NEPA is built on the grit and work ethic of our families, small businesses, and local manufacturers that keep our region and our country moving forward. This reconciliation bill delivers meaningful wins for our community, and I’m proud to highlight how we are fighting in Washington for the people of Northeastern Pennsylvania during our visit to i2M next week.”

“I’m looking forward to welcoming Chairwoman McClain to the Greater Lehigh Valley to showcase the incredible work being done at AMPAL. For decades, AMPAL has supported our local economy and played a key role in powering American manufacturing, defense, and innovation,” Rep. Mackenzie said. “Her visit underscores our shared commitment to growing jobs, strengthening American manufacturing, and highlighting the investments of the One Big Beautiful Bill. I’m proud to work together to deliver results that move our region and our country forward.”

MIL OSI USA News –

August 5, 2025

Category: Americas

A Deep Dive into Aquaculture

From Classroom to Coast

Opening the Industry Door

Sustaining the Future

Technical Notes

Changes in Personal Income and Outlays for June

Religious redemption

Opportunistic violence

Political vision

Levers for change

Suppressing honest advice under Nero

Up in flames

Self-worship in the Trump era

A steadfast lifesaver

Why the mismatch?

Why does it matter if I have a penicillin allergy?

How can I tell if I am really allergic to penicillin?

The biology of maternal brain health

Assessing the risks of SSRIs in pregnancy

The risks of untreated mental illness

The history of custom pricing

Why uniform pricing caught on

What personalized pricing means for shoppers

How you can outsmart AI pricing

Empowering workers

Reducing inequality

Gaps between individuals and ethnic groups

Inspiration, empathy and insight

Early concerns

Development rights

Who owns the names?

Renewed interest in commercial efforts