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  • MIL-OSI: AMSC Reports First Quarter Fiscal Year 2025 Financial Results and Business Outlook

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Financial Highlights:

    • Increased Revenue by 80% Year Over Year to Above $70 Million
    • Reported Net Income of Over $6 Million and Non-GAAP Net Income Exceeding $11 million
    • Achieved Gross Margin Greater than 30%

    Company to host conference call tomorrow, July 31, at 10:00 am ET

    AYER, Mass., July 30, 2025 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its first quarter of fiscal year 2025 ended June 30, 2025.

    Revenues for the first quarter of fiscal 2025 were $72.4 million compared with $40.3 million for the same period of fiscal 2024. The year-over-year increase was driven by organic growth and the acquisition of NWL, Inc. 

    AMSC’s net income for the first quarter of fiscal 2025 was $6.7 million, or $0.17 per share, compared to a net loss of $2.5 million, or $0.07 per share, for the same period of fiscal 2024. The Company’s non-GAAP net income for the first quarter of fiscal 2025 was $11.6 million, or $0.30 per share, compared with a non-GAAP net income of $3.0 million, or $0.09 per share, in the same period of fiscal 2024. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

    Cash, cash equivalents, and restricted cash on June 30, 2025, totaled $213.4 million, compared with $85.4 million at March 31, 2025.

    “We’ve kicked off fiscal 2025 with accelerated growth, delivering a standout first quarter marked by significant progress and exceptional execution that surpassed our expectations,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “AMSC grew fiscal first quarter revenue by 80% year-over-year, generated net income of over $6 million marking our fourth consecutive quarter of profitability, and achieved expanded gross margins surpassing 30%. Strength in the semiconductor market—driven by growing demand for applications such as artificial intelligence and data centers—contributed to our momentum, while bookings and backlog remained steady. These results highlight our continued progress in scaling the business, diversifying revenue streams, and driving outstanding financial performance. We approach the remainder of fiscal 2025 with confidence in our team and business.”

    Business Outlook
    For the second quarter ending September 30, 2025, AMSC expects that its revenues will be in the range of $65.0 million to $70.0 million. The Company’s net income for the second quarter of fiscal 2025 is expected to exceed $2.0 million, or $0.05 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $6.0 million, or $0.14 per share.

    Conference Call Reminder
    In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

    About AMSC (Nasdaq: AMSC)
    AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance.  Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtecc™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

    AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, NWL, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding execution of our goals and strategies, including scaling our business and diversifying revenue streams; growing demand for applications such as artificial intelligence and data centers; backlog; expectations regarding the second quarter of fiscal 2025; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2025; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have not been historically profitable, which may recur in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; While we generated positive operating cash flow in fiscal 2024 and the prior year, we have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; We may not realize all of the sales expected from our backlog of orders and contracts; If we fail to implement our business strategy successfully, our financial performance could be harmed; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Our contracts with the U.S. and Canadian governments are subject to audit, modification or termination by such governments and include certain other provisions in favor of the governments. The continued funding of such contracts may remain subject to annual legislative appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationships; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Our success could depend upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our REG products may not develop; Increasing focus and scrutiny on environmental sustainability and social initiatives could adversely impact our business and financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy; Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2025, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

         
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
         
      Three Months Ended June 30,  
      2025   2024  
    Revenues            
    Grid $ 60,087   $ 32,336  
    Wind   12,271     7,954  
    Total revenues   72,358     40,290  
                 
    Cost of revenues   47,869     28,065  
                 
    Gross margin   24,489     12,225  
                 
    Operating expenses:            
    Research and development   4,304     2,286  
    Selling, general and administrative   14,204     8,898  
    Amortization of acquisition-related intangibles   337     412  
    Change in fair value of contingent consideration   —     3,920  
    Total operating expenses   18,845     15,516  
                 
    Operating income (loss)   5,644     (3,291 )
                 
    Interest income, net   932     1,120  
    Other income (expense), net   347     (160 )
    Income (loss) before income tax expense   6,923     (2,331 )
                 
    Income tax expense   199     193  
                 
    Net income (loss) $ 6,724   $ (2,524 )
                 
    Net income (loss) per common share            
    Basic $ 0.17   $ (0.07 )
    Diluted $ 0.17   $ (0.07 )
                 
    Weighted average number of common shares outstanding            
    Basic   38,875     35,676  
    Diluted   39,742     35,676  
                 
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except per share data)
               
      June 30, 2025     March 31, 2025  
    ASSETS              
    Current assets:              
    Cash and cash equivalents $ 207,890     $ 79,494  
    Accounts receivable, net   54,684       46,186  
    Inventory, net   71,602       71,169  
    Prepaid expenses and other current assets   13,332       8,055  
    Restricted cash   1,349       1,613  
    Total current assets   348,857       206,517  
                   
    Property, plant and equipment, net   38,521       38,572  
    Intangibles, net   5,579       5,916  
    Right-of-use assets   4,041       3,829  
    Goodwill   48,164       48,164  
    Restricted cash   4,180       4,274  
    Deferred tax assets   1,262       1,178  
    Equity-method investments   1,406       1,113  
    Other assets   836       958  
    Total assets $ 452,846     $ 310,521  
                   
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
                   
    Current liabilities:              
    Accounts payable and accrued expenses $ 38,401     $ 32,282  
    Lease liability, current portion   854       685  
    Deferred revenue, current portion   66,055       66,797  
    Total current liabilities   105,310       99,764  
                   
    Deferred revenue, long term portion   9,836       9,336  
    Lease liability, long term portion   2,906       2,684  
    Deferred tax liabilities   1,647       1,595  
    Other liabilities   31       28  
    Total liabilities   119,730       113,407  
                   
    Stockholders’ equity:              
    Common stock, $0.01 par value, 75,000,000 shares authorized; 45,564,273 and 39,887,536 shares issued and 45,160,922 and 39,484,185 shares outstanding at June 30, 2025 and March 31, 2025, respectively   456       399  
    Additional paid-in capital   1,388,948       1,259,540  
    Treasury stock, at cost, 403,351 at June 30, 2025 and March 31, 2025   (3,765 )     (3,765 )
    Accumulated other comprehensive income   1,378       1,565  
    Accumulated deficit   (1,053,901 )     (1,060,625 )
    Total stockholders’ equity   333,116       197,114  
    Total liabilities and stockholders’ equity $ 452,846     $ 310,521  
                   
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
         
      Three Months Ended June 30,  
      2025     2024  
    Cash flows from operating activities:              
                   
    Net income (loss) $ 6,724     $ (2,524 )
    Adjustments to reconcile net income (loss) to net cash provided by operations:              
    Depreciation and amortization   1,229       1,008  
    Stock-based compensation expense   4,526       1,229  
    Provision for excess and obsolete inventory   711       503  
    Amortization of operating lease right-of-use assets   243       192  
    Deferred income taxes   7       (2 )
    Earnings from equity method investments   (293 )     —  
    Change in fair value of contingent consideration   —       3,920  
    Other non-cash items   140       (3 )
    Changes in operating asset and liability accounts:              
    Accounts receivable   (8,512 )     2,786  
    Inventory   (1,046 )     (3,799 )
    Prepaid expenses and other assets   (5,084 )     (3,099 )
    Operating leases   (64 )     (195 )
    Accounts payable and accrued expenses   6,321       (1,734 )
    Deferred revenue   (777 )     5,127  
    Net cash provided by operating activities   4,125       3,409  
                   
    Cash flows from investing activities:              
    Purchases of property, plant and equipment   (814 )     (265 )
    Change in other assets   79       245  
    Net cash used in investing activities   (735 )     (20 )
                   
    Cash flows from financing activities:              
    Repayment of debt   —       (16 )
    Employee taxes paid related to net settlement of equity awards   —       (126 )
    Proceeds from public equity offering, net of offering expenses   124,577       —  
    Net cash provided by (used in) financing activities   124,577       (142 )
                   
    Effect of exchange rate changes on cash   71       (4 )
                   
    Net increase in cash, cash equivalents and restricted cash   128,038       3,243  
    Cash, cash equivalents and restricted cash at beginning of period   85,381       92,280  
    Cash, cash equivalents and restricted cash at end of period $ 213,419     $ 95,523  
                   
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
    (In thousands, except per share data)
         
      Three Months Ended June 30,  
      2025   2024  
    Net income (loss) $ 6,724   $ (2,524 )
    Stock-based compensation   4,526     1,229  
    Amortization of acquisition-related intangibles   337     412  
    Change in fair value of contingent consideration   —     3,920  
    Non-GAAP net income $ 11,587   $ 3,037  
                 
    Non-GAAP net income per share – basic $ 0.30   $ 0.09  
    Non-GAAP net income per share – diluted $ 0.29   $ 0.08  
    Weighted average shares outstanding – basic   38,875     35,676  
    Weighted average shares outstanding – diluted   39,742     37,032  
                 
    Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income
    (In millions, except per share data)
       
      Three Months Ending
      September 30, 2025
    Net income   $ 2.0
    Stock-based compensation     3.7
    Amortization of acquisition-related intangibles     0.3
    Non-GAAP net income   $ 6.0
    Non-GAAP net income per share   $ 0.14
    Shares outstanding     43.5
           
           

    Note: Non-GAAP net income is defined by the Company as net income before stock-based compensation; amortization of acquisition-related intangibles; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income and non-GAAP net income per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net income for the fiscal quarter ending September 30, 2025, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, net income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income is set forth in the table above.

    Contacts:

    AMSC Director, Communications:
    Nicol Golez
    978-399-8344
    Nicol.Golez@amsc.com

    Investor Relations:
    Carolyn Capaccio
    Phone: (212) 838-3777
    amscIR@allianceadvisors.com

    Public Relations:
    Joe Luongo
    (914) 906-5903
    jluongo@rooneypartners.com

    The MIL Network –

  • MIL-OSI: Enact Reports Second Quarter 2025 Results; Announces $0.21 Per Share Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net Income of $168 million, or $1.11 per diluted share
    Adjusted Operating Income of $174 million, or $1.15 per diluted share
    Return on Equity of 13.0% and Adjusted Operating Return on Equity of 13.4%
    Primary Insurance in-force of $270 billion, a 1% increase from second quarter 2024
    PMIERs Sufficiency of 165% or approximately $2.0 billion
    Book Value Per Share of $35.20 and Book Value Per Share excluding AOCI of $35.90
    Increased Full-Year Capital Return Guidance to Approximately $400 million

    RALEIGH, N.C., July 30, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the second quarter of 2025.

    “Our strong second quarter results underscore the resilience of our business model and the consistency of our execution,” stated Rohit Gupta, President and CEO of Enact. “We continue to navigate an evolving market, grow our insurance in-force, maintain robust risk and expense management and deliver strong capital returns while also investing in our business. As we look ahead, we remain confident in the fundamentals of the housing market and our ability to deliver long-term value for all stakeholders while helping more people responsibly achieve and sustain homeownership.”

    Key Financial Highlights

    (In millions, except per share data or otherwise noted) 2Q25 1Q25 2Q24
    Net Income (loss) $168 $166 $184
    Diluted Net Income (loss) per share $1.11 $1.08 $1.16
    Adjusted Operating Income (loss) $174 $169 $201
    Adj. Diluted Operating Income (loss) per share $1.15 $1.10 $1.27
    NIW ($B) $13 $10 $14
    Primary Persistency Rate 82% 84% 83%
    Primary IIF ($B) $270 $268 $266
    Net Premiums Earned $245 $245 $245
    Losses Incurred $25 $31 $(17)
    Loss Ratio 10% 12% (7)%
    Operating Expenses $53 $53 $56
    Expense Ratio 22% 21% 23%
    Net Investment Income $66 $63 $60
    Net Investment gains (losses) $(7) $(3) $(8)
    Return on Equity 13.0% 13.1% 15.4%
    Adjusted Operating Return on Equity 13.4% 13.4% 16.9%
    PMIERs Sufficiency ($) $1,961 $1,966 $2,057
    PMIERs Sufficiency (%) 165% 165% 169%
           

    Second Quarter 2025 Financial and Operating Highlights

    • Net income was $168 million, or $1.11 per diluted share, compared with $166 million, or $1.08 per diluted share, for the first quarter of 2025 and $184 million, or $1.16 per diluted share, for the second quarter of 2024. Adjusted operating income was $174 million, or $1.15 per diluted share, compared with $169 million, or $1.10 per diluted share, for the first quarter of 2025 and $201 million, or $1.27 per diluted share, for the second quarter of 2024.
    • New insurance written (NIW) was approximately $13 billion, up 35% from the first quarter of 2025, primarily from seasonality in the purchase origination market, and modestly down from the second quarter of 2024. NIW for the current quarter was comprised of 96% monthly premium policies and 93% purchase originations.
    • Persistency remained elevated at 82%, down from 84% in the first quarter of 2025 and down from 83% in the second quarter of 2024. Approximately 7% of the mortgages in our portfolio had rates at least 50 basis points above June 2025’s average mortgage rate of 6.8%.
    • Primary insurance in-force (IIF) was $270 billion, up approximately 1% from $268 billion in the first quarter of 2025 and up approximately  1% from $266 billion in the second quarter of 2024.
    • Net premiums earned were $245 million, approximately flat from the first quarter of 2025 and modestly increased from the second quarter of 2024. The year-over-year increase is primarily driven by premium growth from attractive adjacencies and growth in primary insurance in-force, mostly offset by higher ceded premiums.
    • Losses incurred for the second quarter of 2025 were $25 million and the loss ratio was 10%, compared to $31 million and 12%, respectively, in the first quarter of 2025 and $(17) million and (7)%, respectively, in the second quarter of 2024. The current quarter’s reserve release of $48 million from favorable cure performance and loss mitigation activities compares to a reserve release of $47 million and $77 million in the first quarter of 2025 and second quarter of 2024, respectively. The reserve release in the second quarter of 2024 benefited from reduction of claim rate from 10% to 9%.
    • Operating expenses in the current quarter were $53 million, and the expense ratio was 22%. This compared to $53 million and 21%, respectively, in the first quarter of 2025 and $56 million and 23%, respectively in the second quarter of 2024. The year-over-year decrease was primarily driven by the prior year restructuring costs of $3 million from a voluntary separation program.
    • Net investment income was $66 million, up from $63 million in the first quarter of 2025 and up from $60 million in the second quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
    • Net investment gains (losses) in the quarter were $(7) million, as compared to $(3) million sequentially and $(8) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
    • Annualized return on equity for the second quarter of 2025 was 13.0% and annualized adjusted operating return on equity was 13.4%. This compares to the first quarter of 2025 results of 13.1% and 13.4%, respectively, and to second quarter 2024 results of 15.4% and 16.9%, respectively.

    Capital and Liquidity

    • We paid approximately $31 million, or $0.21 per share, dividend in the second quarter.
    • EMICO completed a dividend of approximately $130 million in the second quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
    • Enact Holdings, Inc. held $345 million in cash and cash equivalents plus $306 million of invested assets as of June 30, 2025. Combined cash and invested assets decreased $3 million from the prior quarter, primarily due to  share buybacks, our quarterly dividend and interest payment on our debt mostly offset by the contribution from EMICO.
    • PMIERs sufficiency was 165% and $2.0 billion above the PMIERs requirements, compared to 165% and $2.0 billion above the PMIERs requirements in the first quarter of 2025.

    Recent Events

    • We repurchased approximately 2.4 million shares at an average price of $35.45 for a total of approximately $85 million in the quarter. Additionally, through July 25, 2025, we repurchased 0.8 million shares at an average price of $35.86 for a total of $30 million. During the quarter we completed our $250 million share repurchase authorization announced May 1, 2024,  and as of July 25, 2025, there was approximately $262 million remaining of our previously announced $350 million repurchase authorization.
    • We announced today that the Board of Directors declared a quarterly dividend of $0.21 per share, payable on September 8, 2025, to shareholders of record on August 18, 2025.
    • We now anticipate a total 2025 capital return of approximately  $400 million; the final amount and form of capital returned to shareholders will depend on business performance, market conditions, and regulatory approvals.

    Conference Call and Financial Supplement Information
    This press release, the second quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

    Enact will discuss second quarter financial results in a conference call tomorrow, Thursday, July 31, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN.  It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call.  If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

    The webcast will also be archived on the Company’s website for one year.

    About Enact
    Enact (Nasdaq: ACT), operating principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

    Safe Harbor Statement
    This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

    GAAP/Non-GAAP Disclosure Discussion
    This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

    While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

    Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

    The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended June 30, 2025 and 2024, as well as for the three months ended March 31, 2025.

    Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

      2Q25 1Q25 2Q24
    REVENUES:      
    Premiums $245,289 $244,786 $244,567
    Net investment income 65,884 63,037 59,773
    Net investment gains (losses) (7,343) (3,243) (7,713)
    Other income 1,060 2,196 2,207
    Total revenues 304,890 306,776 298,834
           
    LOSSES AND EXPENSES:      
    Losses incurred 25,289 30,541 (16,821)
    Acquisition and operating expenses, net of deferrals 50,598 50,094 53,960
    Amortization of deferred acquisition costs and intangibles 2,205 2,429 2,292
    Interest expense 12,296 12,291 13,644
    Loss on debt extinguishment 0 0 10,930
    Total losses and expenses 90,388 95,355 64,005
           
    INCOME BEFORE INCOME TAXES 214,502 211,421 234,829
    Provision for income taxes 46,694 45,643 51,156
    NET INCOME $167,808 $165,778 $183,673
           
    Net investment (gains) losses 7,343 3,243 7,713
    Costs associated with reorganization (24) 629 3,435
    Loss on debt extinguishment 0 0 10,930
    Taxes on adjustments (1,537) (813) (4,636)
    Adjusted Operating Income $173,590 $168,837 $201,115
           
    Loss ratio(1) 10% 12% (7)%
    Expense ratio(2) 22% 21% 23%
    Earnings Per Share Data:      
    Net Income per share      
    Basic $1.12 $1.09 $1.17
    Diluted $1.11 $1.08 $1.16
    Adj operating income per share      
    Basic $1.16 $1.11 $1.28
    Diluted $1.15 $1.10 $1.27
    Weighted-average common shares outstanding      
    Basic 149,940 151,831 157,193
    Diluted 150,729 152,907 158,571
           
    (1)The ratio of losses incurred to net earned premiums.
    (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month periods ended June 30, 2025 and March 31, 2025, one percentage point for the three-month period ended June 30, 2024.
     

    Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

    Assets 2Q25 1Q25 2Q24
    Investments:      
    Fixed maturity securities available-for-sale, at fair value $5,896,818 $5,815,337 $5,331,345
    Short term investments 3,001 3,696 12,313
    Total investments 5,899,819 5,819,033 5,343,658
    Cash and cash equivalents 612,967 635,269 699,035
    Accrued investment income 53,259 49,654 45,317
    Deferred acquisition costs 22,910 23,322 24,619
    Premiums receivable 44,091 46,451 48,698
    Other assets 107,882 103,351 98,929
    Deferred tax asset 32,545 44,440 89,116
    Total assets $6,773,473 $6,721,520 $6,349,372
           
    Liabilities and Shareholders’ Equity      
    Liabilities:      
    Loss reserves $551,940 $542,528 $508,138
    Unearned premiums 101,205 107,519 129,870
    Other liabilities 153,447 208,667 143,167
    Long-term borrowings 743,753 743,399 742,368
    Total liabilities 1,550,345 1,602,113 1,523,543
    Equity:      
    Common stock 1,484 1,508 1,561
    Additional paid-in capital 1,927,372 2,007,776 2,220,903
    Accumulated other comprehensive income (104,342) (152,482) (236,305)
    Retained earnings 3,398,614 3,262,605 2,839,670
    Total equity 5,223,128 5,119,407 4,825,829
    Total liabilities and equity $6,773,473 $6,721,520 $6,349,372
           
    Book value per share $35.20 $33.96 $30.91
    Book value per share excluding AOCI $35.90 $34.97 $32.43
           
    U.S. GAAP ROE(1) 13.0% 13.1% 15.4%
    Net investment (gains) losses 0.6% 0.3% 0.6%
    Costs associated with reorganization 0.0% 0.0% 0.3%
    (Gains) losses on early extinguishment of debt 0.0% 0.0% 0.9%
    Taxes on adjustments (0.1)% (0.1)% (0.4)%
    Adjusted Operating ROE(2) 13.4% 13.4% 16.9%
           
    Debt to Capital Ratio 12% 13% 13%
           
    (1)Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
    (2)Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
     

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results Continued Top-line Momentum Drives Exceptional Earnings Growth

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.

    Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

    THIRD QUARTER HIGHLIGHTS

    • Pawn loans outstanding (PLO) increased 11% to $291.6 million.
    • Net income increased 48% to $26.5 million. On an adjusted basis1, net income increased 46% to $25.2 million.
    • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
    • Adjusted EBITDA increased 42% to $45.2 million.
    • Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
    • Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

    CEO COMMENTARY AND OUTLOOK

    Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

    “During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

    “Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

    CONSOLIDATED RESULTS

    Three Months Ended June 30 As Reported   Adjusted1
    in millions, except per share amounts   2025     2024     2025     2024
                   
    Total revenues $ 311.0   $ 281.4   $ 319.9   $ 281.4
    Gross profit $ 183.6   $ 166.7   $ 188.4   $ 166.7
    Income before tax $ 34.7   $ 23.0   $ 34.0   $ 22.9
    Net income $ 26.5   $ 18.0   $ 25.2   $ 17.2
    Diluted earnings per share $ 0.34   $ 0.25   $ 0.33   $ 0.24
    EBITDA (non-GAAP measure) $ 45.7   $ 31.8   $ 45.2   $ 31.7
                           
    • PLO increased 11% to $291.6 million, up $29.9 million. On a same-store2 basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
    • Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
    • PSC increased 7% as a result of higher average PLO.
    • Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
    • Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
    • Store expenses increased 2% and 1% on a same-store basis.
    • General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
    • Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
    • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
    • Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

    SEGMENT RESULTS

    U.S. Pawn

    • PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
    • Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
    • PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
    • Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
    • Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
    • Store expenses increased 3% on a total and same-store basis.
    • Segment contribution increased 32% to $47.6 million.
    • Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

    Latin America Pawn

    • PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
    • Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
    • PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
    • Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
    • Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
    • Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
    • Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
    • Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

    FORM 10-Q

    EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

    CONFERENCE CALL

    EZCORP will host a conference call on Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

    ABOUT EZCORP

    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

    Follow us on social media:

    Facebook EZPAWN Official https://www.facebook.com/EZPAWN/ 

    EZCORP Instagram Official https://www.instagram.com/ezcorp_official/ 

    EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/ 

    EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/ 

    FORWARD LOOKING STATEMENTS

    This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

    Contact:
    Email: Investor_Relations@ezcorp.com 
    Phone: (512) 314-2220

    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
           
      Three Months Ended
    June 30,    		   Nine Months Ended
    June 30,
    (in thousands, except per share amounts)   2025       2024       2025       2024  
    Revenues:              
    Merchandise sales $ 168,624     $ 158,140     $ 524,434     $ 502,230  
    Jewelry scrapping sales   26,970       15,395       64,640       43,191  
    Pawn service charges   115,339       107,830       348,262       321,442  
    Other revenues   48       56       131       188  
    Total revenues   310,981       281,421       937,467       867,051  
    Merchandise cost of goods sold   108,226       101,211       341,605       322,680  
    Jewelry scrapping cost of goods sold   19,116       13,483       48,367       37,479  
    Gross profit   183,639       166,727       547,495       506,892  
    Operating expenses:              
    Store expenses   119,123       116,335       352,101       341,472  
    General and administrative   21,780       20,060       60,089       54,869  
    Depreciation and amortization   8,003       8,158       24,358       24,942  
    Loss (gain) on sale or disposal of assets and other   —       20       25       (149 )
    Other operating income   (1,262 )     —       (1,262 )     (765 )
    Total operating expenses   147,644       144,573       435,311       420,369  
    Operating income   35,995       22,154       112,184       86,523  
    Interest expense   8,458       3,539       14,886       10,381  
    Interest income   (5,440 )     (2,931 )     (9,408 )     (8,452 )
    Equity in net income of unconsolidated affiliates   (1,200 )     (1,263 )     (4,180 )     (4,135 )
    Other (income) expense   (536 )     (191 )     377       (627 )
    Income before income taxes   34,713       23,000       110,509       89,356  
    Income tax expense   8,210       5,050       27,600       21,457  
    Net income $ 26,503     $ 17,950     $ 82,909     $ 67,899  
                   
    Basic earnings per share $ 0.45     $ 0.33     $ 1.47     $ 1.23  
    Diluted earnings per share $ 0.34     $ 0.25     $ 1.08     $ 0.89  
                   
    Weighted-average basic shares outstanding   59,134       54,898       56,308       55,022  
    Weighted-average diluted shares outstanding   82,918       83,008       83,144       84,309  
                                   
    EZCORP, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
    (in thousands, except share and per share amounts) June 30,
    2025    		   June 30,
    2024    		   September 30,
    2024
               
    Assets:          
    Current assets:          
    Cash and cash equivalents $ 472,088     $ 218,038     $ 170,513  
    Short-term restricted cash   9,609       9,204       9,294  
    Pawn loans   291,634       261,720       274,084  
    Pawn service charges receivable, net   45,410       40,638       44,013  
    Inventory, net   225,489       171,937       191,923  
    Prepaid expenses and other current assets   43,417       40,391       39,171  
    Total current assets   1,087,647       741,928       728,998  
    Investments in unconsolidated affiliates   13,753       12,297       13,329  
    Other investments   51,903       51,220       51,900  
    Property and equipment, net   67,439       59,926       65,973  
    Right-of-use assets, net   236,064       235,030       226,602  
    Long-term restricted cash   5,380       —       —  
    Goodwill   321,907       308,847       306,478  
    Intangible assets, net   57,960       60,164       58,451  
    Deferred tax asset, net   25,841       25,245       25,362  
    Other assets, net   15,174       15,506       16,144  
    Total assets $ 1,883,068     $ 1,510,163     $ 1,493,237  
               
    Liabilities and equity:          
    Current liabilities:          
    Current maturities of long-term debt, net $ —     $ 137,326     $ 103,072  
    Accounts payable, accrued expenses and other current liabilities   78,756       69,742       85,737  
    Customer layaway deposits   33,336       20,067       21,570  
    Operating lease liabilities, current   60,183       58,905       58,998  
    Total current liabilities   172,275       286,040       269,377  
    Long-term debt, net   517,601       223,998       224,256  
    Deferred tax liability, net   2,017       416       2,080  
    Operating lease liabilities   184,295       188,996       180,616  
    Other long-term liabilities   16,822       9,258       12,337  
    Total liabilities   893,010       708,708       688,666  
    Commitments and contingencies          
    Stockholders’ equity:          
    Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024   580       518       516  
    Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
    Additional paid-in capital   448,073       347,082       348,366  
    Retained earnings   586,549       493,830       507,206  
    Accumulated other comprehensive loss   (45,174 )     (40,005 )     (51,547 )
    Total equity   990,058       801,455       804,571  
    Total liabilities and equity $ 1,883,068     $ 1,510,163     $ 1,493,237  
                           
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
       
      Nine Months Ended
    June 30,
    (in thousands)   2025       2024  
       
    Operating activities:      
    Net income $ 82,909     $ 67,899  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   24,358       24,942  
    Amortization of deferred financing costs   1,238       1,212  
    Non-cash lease expense   43,889       43,999  
    Deferred income taxes   (542 )     438  
    Other adjustments   (1,877 )     69  
    Provision for inventory reserve   39       589  
    Stock compensation expense   9,213       7,945  
    Equity in net income from investment in unconsolidated affiliates   (4,180 )     (4,135 )
    Changes in operating assets and liabilities, net of business acquisitions:      
    Pawn service charges receivable   (364 )     (1,593 )
    Inventory   (9,205 )     (2,775 )
    Prepaid expenses, other current assets and other assets   (74 )     (3,625 )
    Accounts payable, accrued expenses and other liabilities   (58,023 )     (65,396 )
    Customer layaway deposits   11,276       1,055  
    Income taxes   (927 )     (360 )
    Net cash provided by operating activities   97,730       70,264  
    Investing activities:      
    Loans made   (738,670 )     (683,121 )
    Loans repaid   417,734       391,297  
    Recovery of pawn loan principal through sale of forfeited collateral   291,903       272,781  
    Capital expenditures, net   (23,051 )     (16,870 )
    Acquisitions, net of cash acquired   (17,093 )     (11,963 )
    Proceeds from note receivable   241       1,100  
    Investment in unconsolidated affiliate   (718 )     (993 )
    Investment in other investments   —       (15,000 )
    Dividends from unconsolidated affiliates   3,614       3,535  
    Net cash used in investing activities   (66,040 )     (59,234 )
    Financing activities:      
    Taxes paid related to net share settlement of equity awards   (3,971 )     (3,253 )
    Proceeds from borrowings   300,000       —  
    Debt issuance cost   (7,563 )     —  
    Payments on assumed debt   (6,410 )     —  
    Purchase and retirement of treasury stock   (6,000 )     (9,009 )
    Payments of finance leases   (450 )     (386 )
    Net cash provided by (used in) financing activities   275,606       (12,648 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   (26 )     (108 )
    Net increase in cash, cash equivalents and restricted cash   307,270       (1,726 )
    Cash and cash equivalents and restricted cash at beginning of period   179,807       228,968  
    Cash and cash equivalents and restricted cash at end of period $ 487,077     $ 227,242  
           
    EZCORP, Inc.
    OPERATING SEGMENT RESULTS
     
      Three Months Ended June 30, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 112,249   $ 56,375     $ —     $ 168,624     $ —     $ 168,624  
    Jewelry scrapping sales   23,750     3,220       —       26,970       —       26,970  
    Pawn service charges   83,930     31,409       —       115,339       —       115,339  
    Other revenues   31     17       —       48       —       48  
    Total revenues   219,960     91,021       —       310,981       —       310,981  
    Merchandise cost of goods sold   69,084     39,142       —       108,226       —       108,226  
    Jewelry scrapping cost of goods sold   16,814     2,302       —       19,116       —       19,116  
    Gross profit   134,062     49,577       —       183,639       —       183,639  
    Segment and corporate expenses (income):                      
    Store expenses   83,778     35,345       —       119,123       —       119,123  
    General and administrative   —     —       —       —       21,780       21,780  
    Depreciation and amortization   2,651     2,156       —       4,807       3,196       8,003  
    Other operating income   —     —       —       —       (1,262 )     (1,262 )
    Interest expense   —     71       —       71       8,387       8,458  
    Interest income   —     (427 )     (604 )     (1,031 )     (4,409 )     (5,440 )
    Equity in net (income) loss of unconsolidated affiliates   —     —       (1,409 )     (1,409 )     209       (1,200 )
    Other expense (income)   —     (12 )     —       (12 )     (524 )     (536 )
    Segment contribution $ 47,633   $ 12,444     $ 2,013     $ 62,090          
    Income (loss) before income taxes             $ 62,090     $ (27,377 )   $ 34,713  
                                       

            

      Three Months Ended June 30, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 107,849     $ 50,291     $ —     $ 158,140     $ —     $ 158,140  
    Jewelry scrapping sales   13,757       1,638       —       15,395       —       15,395  
    Pawn service charges   77,416       30,414       —       107,830       —       107,830  
    Other revenues   28       28       —       56       —       56  
    Total revenues   199,050       82,371       —       281,421       —       281,421  
    Merchandise cost of goods sold   67,229       33,982       —       101,211       —       101,211  
    Jewelry scrapping cost of goods sold   11,887       1,596       —       13,483       —       13,483  
    Gross profit   119,934       46,793       —       166,727       —       166,727  
    Segment and corporate expenses (income):                      
    Store expenses   81,441       34,894       —       116,335       —       116,335  
    General and administrative   —       —       —       —       20,060       20,060  
    Depreciation and amortization   2,408       2,090       —       4,498       3,660       8,158  
    (Gain) loss on sale or disposal of assets and other   (2 )     22       —       20       —       20  
    Interest expense   —       —       —       —       3,539       3,539  
    Interest income   —       (370 )     (605 )     (975 )     (1,956 )     (2,931 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (1,406 )     (1,406 )     143       (1,263 )
    Other (income) expense   —       (184 )     12       (172 )     (19 )     (191 )
    Segment contribution $ 36,087     $ 10,341     $ 1,999     $ 48,427          
    Income (loss) before income taxes             $ 48,427     $ (25,427 )   $ 23,000  
                                       
      Nine Months Ended June 30, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 357,964     $ 166,470     $ —     $ 524,434     $ —     $ 524,434  
    Jewelry scrapping sales   56,146       8,494       —       64,640       —       64,640  
    Pawn service charges   259,354       88,908       —       348,262       —       348,262  
    Other revenues   82       49       —       131       —       131  
    Total revenues   673,546       263,921       —       937,467       —       937,467  
    Merchandise cost of goods sold   225,412       116,193       —       341,605       —       341,605  
    Jewelry scrapping cost of goods sold   42,017       6,350       —       48,367       —       48,367  
    Gross profit   406,117       141,378       —       547,495       —       547,495  
    Segment and corporate expenses (income):                      
    Store expenses   250,399       101,702       —       352,101       —       352,101  
    General and administrative   —       —       —       —       60,089       60,089  
    Depreciation and amortization   8,050       6,191       —       14,241       10,117       24,358  
    Loss on sale or disposal of assets and other   17       8       —       25       —       25  
    Other operating income   —       —       —       —       (1,262 )     (1,262 )
    Interest expense   —       71       —       71       14,815       14,886  
    Interest income   —       (966 )     (1,803 )     (2,769 )     (6,639 )     (9,408 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (4,898 )     (4,898 )     718       (4,180 )
    Other expense (income)   (7 )     (220 )     —       (227 )     604       377  
    Segment contribution   147,658       34,592     $ 6,701     $ 188,951          
    Income (loss) before income taxes             $ 188,951     $ (78,442 )   $ 110,509  
                                       
      Nine Months Ended June 30, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 348,211     $ 154,019     $ —     $ 502,230     $ —     $ 502,230  
    Jewelry scrapping sales   39,258       3,933       —       43,191       —       43,191  
    Pawn service charges   236,499       84,943       —       321,442       —       321,442  
    Other revenues   94       59       35       188       —       188  
    Total revenues   624,062       242,954       35       867,051       —       867,051  
    Merchandise cost of goods sold   218,736       103,944       —       322,680       —       322,680  
    Jewelry scrapping cost of goods sold   33,965       3,514       —       37,479       —       37,479  
    Gross profit   371,361       135,496       35       506,892       —       506,892  
    Segment and corporate expenses (income):                      
    Store expenses   239,536       101,936       —       341,472       —       341,472  
    General and administrative   —       —       —       —       54,869       54,869  
    Depreciation and amortization   7,548       6,821       —       14,369       10,573       24,942  
    (Gain) loss on sale or disposal of assets and other   (6 )     (240 )     —       (246 )     97       (149 )
    Other operating income   —       —       —       —       (765 )     (765 )
    Interest expense   —       —       —       —       10,381       10,381  
    Interest income   —       (1,398 )     (1,811 )     (3,209 )     (5,243 )     (8,452 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (4,278 )     (4,278 )     143       (4,135 )
    Other (income) expense   —       (231 )     27       (204 )     (423 )     (627 )
    Segment contribution $ 124,283     $ 28,608     $ 6,097     $ 158,988          
    Income (loss) before income taxes             $ 158,988     $ (69,632 )   $ 89,356  
                                       
    EZCORP, Inc.
    STORE COUNT ACTIVITY
    (Unaudited)
     
      Three Months Ended June 30, 2025
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of March 31, 2025 542   742     1,284  
    New locations opened —   10     10  
    Locations acquired 3   40     43  
    Locations combined or closed —   (1 )   (1 )
    As of June 30, 2025 545   791     1,336  
                   
      Three Months Ended June 30, 2024
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of March 31, 2024 535   711   1,246
    New locations opened 1   6   7
    Locations acquired 5   —   5
    As of June 30, 2024 541   717   1,258
               
      Nine Months Ended June 30, 2025
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of September 30, 2024 542   737     1,279  
    New locations opened —   23     23  
    Locations acquired 3   41     44  
    Locations combined or closed —   (10 )   (10 )
    As of June 30, 2025 545   791     1,336  
                   
      Nine Months Ended June 30, 2024
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of September 30, 2023 529     702     1,231  
    New locations opened 1     20     21  
    Locations acquired 12     —     12  
    Locations combined or closed (1 )   (5 )   (6 )
    As of June 30, 2024 541     717     1,258  
                     

    Non-GAAP Financial Information (Unaudited)

    In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

    Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

    Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:

        June 30,   Three Months Ended
    June 30,    		   Nine Months Ended
    June 30,
        2025   2024   2025   2024   2025   2024
                             
    Mexican peso   18.8   18.3   19.5   17.2   20.0   17.3
    Guatemalan quetzal   7.6   7.6   7.6   7.6   7.6   7.6
    Honduran lempira   25.8   24.3   25.7   24.3   25.2   24.3
    Australian dollar   1.5   1.5   1.6   1.5   1.6   1.5
                             

    Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

    Miscellaneous Non-GAAP Financial Measures

      Three Months Ended
    June 30,
    (in millions)   2025       2024  
           
    Net income $ 26.5     $ 18.0  
    Interest expense   8.5       3.5  
    Interest income   (5.4 )     (2.9 )
    Income tax expense   8.2       5.0  
    Depreciation and amortization   8.0       8.2  
    EBITDA $ 45.7     $ 31.8  
                   
      Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                               
    2025 Q3 Reported $ 311.0   $ 183.6   $ 34.7     $ 8.2     $ 26.5     $ 0.34     $ 45.7  
    Corporate lease termination   —     —     (1.3 )     (0.3 )     (1.0 )     (0.01 )     (1.3 )
    FX impact   —     —     (0.2 )     —       (0.2 )     —       (0.2 )
    Non-recurring foreign tax expense   —     —     —       0.8       (0.8 )     (0.01 )     —  
    Constant Currency   8.9     4.8     0.8       0.1       0.7       0.01       1.0  
    2025 Q3 Adjusted $ 319.9   $ 188.4   $ 34.0     $ 8.8     $ 25.2     $ 0.33     $ 45.2  
      Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                               
    2024 Q3 Reported $ 281.4   $ 166.7   $ 23.0     $ 5.0   $ 18.0     $ 0.25     $ 31.8  
    Non-recurring foreign tax expense   —     —     —       0.7     (0.7 )     (0.01 )     —  
    FX impact   —     —     (0.1 )     —     (0.1 )     —       (0.1 )
    2024 Q3 Adjusted $ 281.4   $ 166.7   $ 22.9     $ 5.7   $ 17.2     $ 0.24     $ 31.7  
                                                     
      Three Months Ended
    June 30, 2025    		   Nine Months Ended
    June 30, 2025
    (in millions) U.S. Dollar Amount   Percentage Change YOY   U.S. Dollar Amount   Percentage Change YOY
                   
    Consolidated revenues $ 311.0   11 %   $ 937.5   8 %
    Currency exchange rate fluctuations   8.9         30.9    
    Constant currency consolidated revenues $ 319.9   14 %   $ 968.4   12 %
                   
    Consolidated gross profit $ 183.6   10 %   $ 547.5   8 %
    Currency exchange rate fluctuations   4.8         16.1    
    Constant currency consolidated gross profit $ 188.4   13 %   $ 563.6   11 %
                   
    Consolidated net inventory $ 225.5   31 %   $ 225.5   31 %
    Currency exchange rate fluctuations   1.3         1.3    
    Constant currency consolidated net inventory $ 226.8   32 %   $ 226.8   32 %
                   
    Latin America Pawn gross profit $ 49.6   6 %   $ 141.4   4 %
    Currency exchange rate fluctuations   4.8         16.1    
    Constant currency Latin America Pawn gross profit $ 54.4   16 %   $ 157.5   16 %
                   
    Latin America Pawn PLO $ 70.6   13 %   $ 70.6   13 %
    Currency exchange rate fluctuations   1.5         1.5    
    Constant currency Latin America Pawn PLO $ 72.1   16 %   $ 72.1   16 %
                   
    Latin America Pawn PSC revenues $ 31.4   3 %   $ 88.9   5 %
    Currency exchange rate fluctuations   2.9         9.6    
    Constant currency Latin America Pawn PSC revenues $ 34.3   13 %   $ 98.5   16 %
                   
    Latin America Pawn merchandise sales $ 56.4   12 %   $ 166.5   8 %
    Currency exchange rate fluctuations   5.7         20.2    
    Constant currency Latin America Pawn merchandise sales $ 62.1   23 %   $ 186.7   21 %
                   
    Latin America Pawn segment profit before tax $ 12.4   20 %   $ 34.6   21 %
    Currency exchange rate fluctuations   1.1         3.0    
    Constant currency Latin America Pawn segment profit before tax $ 13.5   30 %   $ 37.6   32 %

    The MIL Network –

  • MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.

    Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

    THIRD QUARTER HIGHLIGHTS

    • Pawn loans outstanding (PLO) increased 11% to $291.6 million.
    • Net income increased 48% to $26.5 million. On an adjusted basis1, net income increased 46% to $25.2 million.
    • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
    • Adjusted EBITDA increased 42% to $45.2 million.
    • Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
    • Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

    CEO COMMENTARY AND OUTLOOK

    Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

    “During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

    “Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

    CONSOLIDATED RESULTS

    Three Months Ended June 30 As Reported   Adjusted1
    in millions, except per share amounts   2025     2024     2025     2024
                   
    Total revenues $ 311.0   $ 281.4   $ 319.9   $ 281.4
    Gross profit $ 183.6   $ 166.7   $ 188.4   $ 166.7
    Income before tax $ 34.7   $ 23.0   $ 34.0   $ 22.9
    Net income $ 26.5   $ 18.0   $ 25.2   $ 17.2
    Diluted earnings per share $ 0.34   $ 0.25   $ 0.33   $ 0.24
    EBITDA (non-GAAP measure) $ 45.7   $ 31.8   $ 45.2   $ 31.7
                           
    • PLO increased 11% to $291.6 million, up $29.9 million. On a same-store2 basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
    • Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
    • PSC increased 7% as a result of higher average PLO.
    • Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
    • Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
    • Store expenses increased 2% and 1% on a same-store basis.
    • General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
    • Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
    • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
    • Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

    SEGMENT RESULTS

    U.S. Pawn

    • PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
    • Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
    • PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
    • Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
    • Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
    • Store expenses increased 3% on a total and same-store basis.
    • Segment contribution increased 32% to $47.6 million.
    • Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

    Latin America Pawn

    • PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
    • Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
    • PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
    • Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
    • Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
    • Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
    • Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
    • Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

    FORM 10-Q

    EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

    CONFERENCE CALL

    EZCORP will host a conference call on Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

    ABOUT EZCORP

    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

    Follow us on social media:

    Facebook EZPAWN Official https://www.facebook.com/EZPAWN/ 

    EZCORP Instagram Official https://www.instagram.com/ezcorp_official/ 

    EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/ 

    EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/ 

    FORWARD LOOKING STATEMENTS

    This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

    Contact:
    Email: Investor_Relations@ezcorp.com 
    Phone: (512) 314-2220

    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
           
      Three Months Ended
    June 30,    		   Nine Months Ended
    June 30,
    (in thousands, except per share amounts)   2025       2024       2025       2024  
    Revenues:              
    Merchandise sales $ 168,624     $ 158,140     $ 524,434     $ 502,230  
    Jewelry scrapping sales   26,970       15,395       64,640       43,191  
    Pawn service charges   115,339       107,830       348,262       321,442  
    Other revenues   48       56       131       188  
    Total revenues   310,981       281,421       937,467       867,051  
    Merchandise cost of goods sold   108,226       101,211       341,605       322,680  
    Jewelry scrapping cost of goods sold   19,116       13,483       48,367       37,479  
    Gross profit   183,639       166,727       547,495       506,892  
    Operating expenses:              
    Store expenses   119,123       116,335       352,101       341,472  
    General and administrative   21,780       20,060       60,089       54,869  
    Depreciation and amortization   8,003       8,158       24,358       24,942  
    Loss (gain) on sale or disposal of assets and other   —       20       25       (149 )
    Other operating income   (1,262 )     —       (1,262 )     (765 )
    Total operating expenses   147,644       144,573       435,311       420,369  
    Operating income   35,995       22,154       112,184       86,523  
    Interest expense   8,458       3,539       14,886       10,381  
    Interest income   (5,440 )     (2,931 )     (9,408 )     (8,452 )
    Equity in net income of unconsolidated affiliates   (1,200 )     (1,263 )     (4,180 )     (4,135 )
    Other (income) expense   (536 )     (191 )     377       (627 )
    Income before income taxes   34,713       23,000       110,509       89,356  
    Income tax expense   8,210       5,050       27,600       21,457  
    Net income $ 26,503     $ 17,950     $ 82,909     $ 67,899  
                   
    Basic earnings per share $ 0.45     $ 0.33     $ 1.47     $ 1.23  
    Diluted earnings per share $ 0.34     $ 0.25     $ 1.08     $ 0.89  
                   
    Weighted-average basic shares outstanding   59,134       54,898       56,308       55,022  
    Weighted-average diluted shares outstanding   82,918       83,008       83,144       84,309  
                                   
    EZCORP, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
    (in thousands, except share and per share amounts) June 30,
    2025    		   June 30,
    2024    		   September 30,
    2024
               
    Assets:          
    Current assets:          
    Cash and cash equivalents $ 472,088     $ 218,038     $ 170,513  
    Short-term restricted cash   9,609       9,204       9,294  
    Pawn loans   291,634       261,720       274,084  
    Pawn service charges receivable, net   45,410       40,638       44,013  
    Inventory, net   225,489       171,937       191,923  
    Prepaid expenses and other current assets   43,417       40,391       39,171  
    Total current assets   1,087,647       741,928       728,998  
    Investments in unconsolidated affiliates   13,753       12,297       13,329  
    Other investments   51,903       51,220       51,900  
    Property and equipment, net   67,439       59,926       65,973  
    Right-of-use assets, net   236,064       235,030       226,602  
    Long-term restricted cash   5,380       —       —  
    Goodwill   321,907       308,847       306,478  
    Intangible assets, net   57,960       60,164       58,451  
    Deferred tax asset, net   25,841       25,245       25,362  
    Other assets, net   15,174       15,506       16,144  
    Total assets $ 1,883,068     $ 1,510,163     $ 1,493,237  
               
    Liabilities and equity:          
    Current liabilities:          
    Current maturities of long-term debt, net $ —     $ 137,326     $ 103,072  
    Accounts payable, accrued expenses and other current liabilities   78,756       69,742       85,737  
    Customer layaway deposits   33,336       20,067       21,570  
    Operating lease liabilities, current   60,183       58,905       58,998  
    Total current liabilities   172,275       286,040       269,377  
    Long-term debt, net   517,601       223,998       224,256  
    Deferred tax liability, net   2,017       416       2,080  
    Operating lease liabilities   184,295       188,996       180,616  
    Other long-term liabilities   16,822       9,258       12,337  
    Total liabilities   893,010       708,708       688,666  
    Commitments and contingencies          
    Stockholders’ equity:          
    Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024   580       518       516  
    Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
    Additional paid-in capital   448,073       347,082       348,366  
    Retained earnings   586,549       493,830       507,206  
    Accumulated other comprehensive loss   (45,174 )     (40,005 )     (51,547 )
    Total equity   990,058       801,455       804,571  
    Total liabilities and equity $ 1,883,068     $ 1,510,163     $ 1,493,237  
                           
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
       
      Nine Months Ended
    June 30,
    (in thousands)   2025       2024  
       
    Operating activities:      
    Net income $ 82,909     $ 67,899  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   24,358       24,942  
    Amortization of deferred financing costs   1,238       1,212  
    Non-cash lease expense   43,889       43,999  
    Deferred income taxes   (542 )     438  
    Other adjustments   (1,877 )     69  
    Provision for inventory reserve   39       589  
    Stock compensation expense   9,213       7,945  
    Equity in net income from investment in unconsolidated affiliates   (4,180 )     (4,135 )
    Changes in operating assets and liabilities, net of business acquisitions:      
    Pawn service charges receivable   (364 )     (1,593 )
    Inventory   (9,205 )     (2,775 )
    Prepaid expenses, other current assets and other assets   (74 )     (3,625 )
    Accounts payable, accrued expenses and other liabilities   (58,023 )     (65,396 )
    Customer layaway deposits   11,276       1,055  
    Income taxes   (927 )     (360 )
    Net cash provided by operating activities   97,730       70,264  
    Investing activities:      
    Loans made   (738,670 )     (683,121 )
    Loans repaid   417,734       391,297  
    Recovery of pawn loan principal through sale of forfeited collateral   291,903       272,781  
    Capital expenditures, net   (23,051 )     (16,870 )
    Acquisitions, net of cash acquired   (17,093 )     (11,963 )
    Proceeds from note receivable   241       1,100  
    Investment in unconsolidated affiliate   (718 )     (993 )
    Investment in other investments   —       (15,000 )
    Dividends from unconsolidated affiliates   3,614       3,535  
    Net cash used in investing activities   (66,040 )     (59,234 )
    Financing activities:      
    Taxes paid related to net share settlement of equity awards   (3,971 )     (3,253 )
    Proceeds from borrowings   300,000       —  
    Debt issuance cost   (7,563 )     —  
    Payments on assumed debt   (6,410 )     —  
    Purchase and retirement of treasury stock   (6,000 )     (9,009 )
    Payments of finance leases   (450 )     (386 )
    Net cash provided by (used in) financing activities   275,606       (12,648 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   (26 )     (108 )
    Net increase in cash, cash equivalents and restricted cash   307,270       (1,726 )
    Cash and cash equivalents and restricted cash at beginning of period   179,807       228,968  
    Cash and cash equivalents and restricted cash at end of period $ 487,077     $ 227,242  
           
    EZCORP, Inc.
    OPERATING SEGMENT RESULTS
     
      Three Months Ended June 30, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 112,249   $ 56,375     $ —     $ 168,624     $ —     $ 168,624  
    Jewelry scrapping sales   23,750     3,220       —       26,970       —       26,970  
    Pawn service charges   83,930     31,409       —       115,339       —       115,339  
    Other revenues   31     17       —       48       —       48  
    Total revenues   219,960     91,021       —       310,981       —       310,981  
    Merchandise cost of goods sold   69,084     39,142       —       108,226       —       108,226  
    Jewelry scrapping cost of goods sold   16,814     2,302       —       19,116       —       19,116  
    Gross profit   134,062     49,577       —       183,639       —       183,639  
    Segment and corporate expenses (income):                      
    Store expenses   83,778     35,345       —       119,123       —       119,123  
    General and administrative   —     —       —       —       21,780       21,780  
    Depreciation and amortization   2,651     2,156       —       4,807       3,196       8,003  
    Other operating income   —     —       —       —       (1,262 )     (1,262 )
    Interest expense   —     71       —       71       8,387       8,458  
    Interest income   —     (427 )     (604 )     (1,031 )     (4,409 )     (5,440 )
    Equity in net (income) loss of unconsolidated affiliates   —     —       (1,409 )     (1,409 )     209       (1,200 )
    Other expense (income)   —     (12 )     —       (12 )     (524 )     (536 )
    Segment contribution $ 47,633   $ 12,444     $ 2,013     $ 62,090          
    Income (loss) before income taxes             $ 62,090     $ (27,377 )   $ 34,713  
                                       

            

      Three Months Ended June 30, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 107,849     $ 50,291     $ —     $ 158,140     $ —     $ 158,140  
    Jewelry scrapping sales   13,757       1,638       —       15,395       —       15,395  
    Pawn service charges   77,416       30,414       —       107,830       —       107,830  
    Other revenues   28       28       —       56       —       56  
    Total revenues   199,050       82,371       —       281,421       —       281,421  
    Merchandise cost of goods sold   67,229       33,982       —       101,211       —       101,211  
    Jewelry scrapping cost of goods sold   11,887       1,596       —       13,483       —       13,483  
    Gross profit   119,934       46,793       —       166,727       —       166,727  
    Segment and corporate expenses (income):                      
    Store expenses   81,441       34,894       —       116,335       —       116,335  
    General and administrative   —       —       —       —       20,060       20,060  
    Depreciation and amortization   2,408       2,090       —       4,498       3,660       8,158  
    (Gain) loss on sale or disposal of assets and other   (2 )     22       —       20       —       20  
    Interest expense   —       —       —       —       3,539       3,539  
    Interest income   —       (370 )     (605 )     (975 )     (1,956 )     (2,931 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (1,406 )     (1,406 )     143       (1,263 )
    Other (income) expense   —       (184 )     12       (172 )     (19 )     (191 )
    Segment contribution $ 36,087     $ 10,341     $ 1,999     $ 48,427          
    Income (loss) before income taxes             $ 48,427     $ (25,427 )   $ 23,000  
                                       
      Nine Months Ended June 30, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 357,964     $ 166,470     $ —     $ 524,434     $ —     $ 524,434  
    Jewelry scrapping sales   56,146       8,494       —       64,640       —       64,640  
    Pawn service charges   259,354       88,908       —       348,262       —       348,262  
    Other revenues   82       49       —       131       —       131  
    Total revenues   673,546       263,921       —       937,467       —       937,467  
    Merchandise cost of goods sold   225,412       116,193       —       341,605       —       341,605  
    Jewelry scrapping cost of goods sold   42,017       6,350       —       48,367       —       48,367  
    Gross profit   406,117       141,378       —       547,495       —       547,495  
    Segment and corporate expenses (income):                      
    Store expenses   250,399       101,702       —       352,101       —       352,101  
    General and administrative   —       —       —       —       60,089       60,089  
    Depreciation and amortization   8,050       6,191       —       14,241       10,117       24,358  
    Loss on sale or disposal of assets and other   17       8       —       25       —       25  
    Other operating income   —       —       —       —       (1,262 )     (1,262 )
    Interest expense   —       71       —       71       14,815       14,886  
    Interest income   —       (966 )     (1,803 )     (2,769 )     (6,639 )     (9,408 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (4,898 )     (4,898 )     718       (4,180 )
    Other expense (income)   (7 )     (220 )     —       (227 )     604       377  
    Segment contribution   147,658       34,592     $ 6,701     $ 188,951          
    Income (loss) before income taxes             $ 188,951     $ (78,442 )   $ 110,509  
                                       
      Nine Months Ended June 30, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 348,211     $ 154,019     $ —     $ 502,230     $ —     $ 502,230  
    Jewelry scrapping sales   39,258       3,933       —       43,191       —       43,191  
    Pawn service charges   236,499       84,943       —       321,442       —       321,442  
    Other revenues   94       59       35       188       —       188  
    Total revenues   624,062       242,954       35       867,051       —       867,051  
    Merchandise cost of goods sold   218,736       103,944       —       322,680       —       322,680  
    Jewelry scrapping cost of goods sold   33,965       3,514       —       37,479       —       37,479  
    Gross profit   371,361       135,496       35       506,892       —       506,892  
    Segment and corporate expenses (income):                      
    Store expenses   239,536       101,936       —       341,472       —       341,472  
    General and administrative   —       —       —       —       54,869       54,869  
    Depreciation and amortization   7,548       6,821       —       14,369       10,573       24,942  
    (Gain) loss on sale or disposal of assets and other   (6 )     (240 )     —       (246 )     97       (149 )
    Other operating income   —       —       —       —       (765 )     (765 )
    Interest expense   —       —       —       —       10,381       10,381  
    Interest income   —       (1,398 )     (1,811 )     (3,209 )     (5,243 )     (8,452 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (4,278 )     (4,278 )     143       (4,135 )
    Other (income) expense   —       (231 )     27       (204 )     (423 )     (627 )
    Segment contribution $ 124,283     $ 28,608     $ 6,097     $ 158,988          
    Income (loss) before income taxes             $ 158,988     $ (69,632 )   $ 89,356  
                                       
    EZCORP, Inc.
    STORE COUNT ACTIVITY
    (Unaudited)
     
      Three Months Ended June 30, 2025
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of March 31, 2025 542   742     1,284  
    New locations opened —   10     10  
    Locations acquired 3   40     43  
    Locations combined or closed —   (1 )   (1 )
    As of June 30, 2025 545   791     1,336  
                   
      Three Months Ended June 30, 2024
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of March 31, 2024 535   711   1,246
    New locations opened 1   6   7
    Locations acquired 5   —   5
    As of June 30, 2024 541   717   1,258
               
      Nine Months Ended June 30, 2025
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of September 30, 2024 542   737     1,279  
    New locations opened —   23     23  
    Locations acquired 3   41     44  
    Locations combined or closed —   (10 )   (10 )
    As of June 30, 2025 545   791     1,336  
                   
      Nine Months Ended June 30, 2024
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of September 30, 2023 529     702     1,231  
    New locations opened 1     20     21  
    Locations acquired 12     —     12  
    Locations combined or closed (1 )   (5 )   (6 )
    As of June 30, 2024 541     717     1,258  
                     

    Non-GAAP Financial Information (Unaudited)

    In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

    Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

    Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:

        June 30,   Three Months Ended
    June 30,    		   Nine Months Ended
    June 30,
        2025   2024   2025   2024   2025   2024
                             
    Mexican peso   18.8   18.3   19.5   17.2   20.0   17.3
    Guatemalan quetzal   7.6   7.6   7.6   7.6   7.6   7.6
    Honduran lempira   25.8   24.3   25.7   24.3   25.2   24.3
    Australian dollar   1.5   1.5   1.6   1.5   1.6   1.5
                             

    Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

    Miscellaneous Non-GAAP Financial Measures

      Three Months Ended
    June 30,
    (in millions)   2025       2024  
           
    Net income $ 26.5     $ 18.0  
    Interest expense   8.5       3.5  
    Interest income   (5.4 )     (2.9 )
    Income tax expense   8.2       5.0  
    Depreciation and amortization   8.0       8.2  
    EBITDA $ 45.7     $ 31.8  
                   
      Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                               
    2025 Q3 Reported $ 311.0   $ 183.6   $ 34.7     $ 8.2     $ 26.5     $ 0.34     $ 45.7  
    Corporate lease termination   —     —     (1.3 )     (0.3 )     (1.0 )     (0.01 )     (1.3 )
    FX impact   —     —     (0.2 )     —       (0.2 )     —       (0.2 )
    Non-recurring foreign tax expense   —     —     —       0.8       (0.8 )     (0.01 )     —  
    Constant Currency   8.9     4.8     0.8       0.1       0.7       0.01       1.0  
    2025 Q3 Adjusted $ 319.9   $ 188.4   $ 34.0     $ 8.8     $ 25.2     $ 0.33     $ 45.2  
      Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                               
    2024 Q3 Reported $ 281.4   $ 166.7   $ 23.0     $ 5.0   $ 18.0     $ 0.25     $ 31.8  
    Non-recurring foreign tax expense   —     —     —       0.7     (0.7 )     (0.01 )     —  
    FX impact   —     —     (0.1 )     —     (0.1 )     —       (0.1 )
    2024 Q3 Adjusted $ 281.4   $ 166.7   $ 22.9     $ 5.7   $ 17.2     $ 0.24     $ 31.7  
                                                     
      Three Months Ended
    June 30, 2025    		   Nine Months Ended
    June 30, 2025
    (in millions) U.S. Dollar Amount   Percentage Change YOY   U.S. Dollar Amount   Percentage Change YOY
                   
    Consolidated revenues $ 311.0   11 %   $ 937.5   8 %
    Currency exchange rate fluctuations   8.9         30.9    
    Constant currency consolidated revenues $ 319.9   14 %   $ 968.4   12 %
                   
    Consolidated gross profit $ 183.6   10 %   $ 547.5   8 %
    Currency exchange rate fluctuations   4.8         16.1    
    Constant currency consolidated gross profit $ 188.4   13 %   $ 563.6   11 %
                   
    Consolidated net inventory $ 225.5   31 %   $ 225.5   31 %
    Currency exchange rate fluctuations   1.3         1.3    
    Constant currency consolidated net inventory $ 226.8   32 %   $ 226.8   32 %
                   
    Latin America Pawn gross profit $ 49.6   6 %   $ 141.4   4 %
    Currency exchange rate fluctuations   4.8         16.1    
    Constant currency Latin America Pawn gross profit $ 54.4   16 %   $ 157.5   16 %
                   
    Latin America Pawn PLO $ 70.6   13 %   $ 70.6   13 %
    Currency exchange rate fluctuations   1.5         1.5    
    Constant currency Latin America Pawn PLO $ 72.1   16 %   $ 72.1   16 %
                   
    Latin America Pawn PSC revenues $ 31.4   3 %   $ 88.9   5 %
    Currency exchange rate fluctuations   2.9         9.6    
    Constant currency Latin America Pawn PSC revenues $ 34.3   13 %   $ 98.5   16 %
                   
    Latin America Pawn merchandise sales $ 56.4   12 %   $ 166.5   8 %
    Currency exchange rate fluctuations   5.7         20.2    
    Constant currency Latin America Pawn merchandise sales $ 62.1   23 %   $ 186.7   21 %
                   
    Latin America Pawn segment profit before tax $ 12.4   20 %   $ 34.6   21 %
    Currency exchange rate fluctuations   1.1         3.0    
    Constant currency Latin America Pawn segment profit before tax $ 13.5   30 %   $ 37.6   32 %

    The MIL Network –

  • MIL-Evening Report: The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic

    Source: The Conversation (Au and NZ) – By Gregory Ferris, Senior Lecturer, Media Arts & Production, University of Technology Sydney

    LMPC via Getty Images

    A cinematic firecracker of a film exploded onto international screens 50 years ago this week, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger.

    From its audacious visual style; to its complex, life-threatening stunts; to its pioneering status as an international co-production, Brian Trenchard-Smith’s The Man from Hong Kong has solidified its place as a cult classic.

    The plot is deceptively simple. A Sydney-based crime lord’s activities come under the scrutiny of a determined Hong Kong detective, Inspector Fang Sing Leng. A fiery East-meets-West martial arts showdown explodes across the Australian landscape, pushing both sides to their limits.

    Jimmy Wang Yu (known at the time as Asia’s Steve McQueen) plays Inspector Fang Sing Leng. Fang delivers justice with his fists and uses his wits navigating greater Sydney, with help from the local constabulary and its adoring female population.

    The movie is a playful pastiche that confidently combines martial arts action, police procedurals, spy thrillers, and Westerns, all filtered through a distinctly Australian “crash-zoom” lens.

    An Australia–Hong Kong co-production

    The Man from Hong Kong was the first official Australia–Hong Kong co-production, uniting Hong Kong’s Golden Harvest studio with Australian producer John Fraser.

    This model would pave the way for numerous future collaborations – the film demonstrating that Australia was open for international (film) business, albeit with some constraints, such as shooting locales.

    In The Man from Hong Kong’s case, the financial arrangement was 50/50. As a result, half of the film had to be shot in Hong Kong, despite 85% of the storyline being set in Australia. Many of the interiors were filmed in Hong Kong studios to meet this production requirement.

    An example of this is the interrogation scene, which alternates between its Sydney exteriors and a fight scene taking place in the interior film set shot thousands of miles away at the Golden Harvest studios.

    In a genius bit of montage, the scene jumps from a shot of a kick in the crotch to a close-up of pool balls breaking on a table.

    A film of cunning stunts

    The Man from Hong Kong served as a reunion of sorts for many of the cast and crew, either starring in Stone (1974) or featuring in Trenchard-Smith’s documentary about martial arts films, Kung Fu Killers (1974).

    The film was an influence to Quentin Tarantino and paved the way for films such as Mad Max (1979), particularly in what Trenchard-Smith and his partner in film, stunt legend Grant Page, might call its “cunning stunts”.

    The elaborate car chases and explosive stunt setups in The Man from Hong Kong served as prototypes for iconic sequences that would inspire the Mad Max films, among others, a testament to a bygone era of practical effects and thrill seeking audacity.

    Car crashes and other explosive stunts were executed without permits or road closures. This sense of chaos is heightened by the stunts being performed by the actors themselves, adding a sense of immediacy and peril.

    An example of this is set on the cliffs at Stanwell Park. Wang Yu drives at speed towards the waiting Caroline, executing a precision gravel slide that misses Caroline’s car by under a metre, the shot continuing as he exits the car to greet her.

    Part character, and part tourism advert

    Trenchard-Smith’s script wasn’t shy in its depiction of culture clash, especially when it came to the racist attitudes of the Australian characters.

    But as Trenchard-Smith recalls:

    Our lead character, a Chinese Dirty Harry/James Bond upends these racial stereotypes by being smarter, sexier, and tougher than his opponents.

    Cinematographer Russell Boyd brings a sharp, dynamic (did I mention the crash-zooms?) visual style to the film that deftly matches the on-screen action.

    The film’s Australian setting is part character and part tourism advert – from the “Ayers Rock” (Uluru) cold opener, to the cafe scene on the Opera House forecourt.

    Pure cinema

    Stunt legend Grant Page appears in multiple villainous roles throughout the film, with the martial arts choreography handled by the legendary director Sammo Hung, who also played the role of Win Chan.

    The cast was a fascinating mix of talent and personality. Wang Yu, a martial arts icon, was also an established film director, leading to creative clashes on set with Trenchard-Smith.

    Playing the film’s villain is George Lazenby, whose casting added another layer of meta-textual intrigue, positioning him as an antagonist to a character who was explicitly a Bond villain archetype.

    The Man from Hong Kong remains an exhilarating piece of pure cinema, despite its relatively small budget. It’s an exemplar (and occasional cautionary tale) for filmmakers in terms of international co-production, its cunning stunts, and genre blending.

    The film is a testament to a moment when Australian cinema was confidently looking outwards, ready to take on the world, one explosive car crash at a time.

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

    – ref. The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic – https://theconversation.com/the-man-from-hong-kong-at-50-how-the-first-ever-australian-hong-kong-co-production-became-a-cult-classic-260306

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: How migrant business owners turn their identity into an asset, despite some bumps along the way

    Source: The Conversation (Au and NZ) – By Shea X. Fan, Associate Professor, Human Resource Management, Deakin University

    Odua Images/Shutterstock

    Too often, it’s anti-immigration sentiment dominating headlines in Australia. But a quieter story is going untold. Migrants are not just fitting into Australian society, they’re actively reshaping it through entrepreneurship.

    Starting a business is difficult for anyone. But migrant entrepreneurs often do so without the networks, credit history, or local knowledge many Australian-born business owners take for granted.

    Our new research drew on interviews with 38 migrant business owners from 25 different countries, who had all lived in Australia for at least five years.

    We found many are able to turn everyday exclusion into entrepreneurial fuel.
    Many have been able to survive – even thrive – by turning their identity into an asset.

    Yet there is still more we can do to take migrant entrepreneurship seriously and make it a core part of our economic and social planning.

    Key challenges

    Our research reveals migrant business owners face many forms of marginalisation. Some of these are well-understood among the public, others less so.

    One of the biggest is social. Arriving in a new country without established relationships in the community or financial sector, many struggle to gain customer trust or secure loans. It can also mean having less of a safety net.

    As one interviewee put it:

    I don’t have networks built up over the generations to sustain me and give me time to jump back out [of financial difficulties] […] For migrant entrepreneurs, we often do not have such a structure to absorb risks.

    Cultural stereotypes also hinder migrant entrepreneurs, and negative media portrayals can reinforce these biases. Even with local qualifications, they are often perceived as less professional or competent due to race, religion, accent or appearance.

    Many interviewees spoke of constantly having to prove their legitimacy – being overlooked, second-guessed or treated as representatives of their ethnic group rather than as individual business people.

    Establishing social networks in a new country can be difficult.
    Peterfz30/Shutterstock

    Structural barriers

    While the lack of networks and cultural acceptance undermines confidence and connection, structural barriers directly constrain access to the resources needed to survive and expand.

    Without a local credit history or collateral, many are ineligible for loans, yet need those very funds to build their credit standing. Even long-settled migrants found Australia’s legal, bureaucratic and financial systems difficult to navigate.

    Language barriers and unfamiliar regulations can add layers of complexity to this problem. While government support programs exist, they are often inaccessible, or the availability of those programs are poorly communicated to culturally diverse communities.

    These social and systemic disadvantages can push migrant business owners into informal markets or ethnic enclaves, where opportunities are fewer and risks higher.

    Turning identity into an asset

    Despite these barriers, migrant entrepreneurs often find ways to survive. One key strategy is to turn marginalised identities into business strengths.

    Our research found some migrants begin by serving customers from their own ethnic communities, leveraging shared language, culture and trust. Once established, they expand to other migrant groups or the broader public.

    In sectors such as food, fashion and wellness, cultural authenticity can be a competitive advantage.

    One hairdresser from Korea, for example, drew clients by offering Korean styling techniques popularised by the global rise of the Korean popular music style K-pop. She said this gave her work appeal among other migrant groups:

    Korean hairdressers are actually attractive to other Asian countries because Korean hairstyles are considered fashionable and detailed. It’s getting popular here too. This is like free marketing for me.

    One interviewee said her connection to Korea had turned into a business asset.
    kikujungboy CC/Shutterstock

    And rather than simply competing on price, many migrant businesses offer something different: handmade, ethical, sustainable or culturally-rooted products. An Indian small business owner started her business by selling curry pastes made from her own family recipes, telling us:

    I use my family’s traditional Indian recipes to create small spice packs, making it easy for Australians, mostly non-Indian customers, to cook authentic dishes at home.

    Such ventures create not only economic value, but also spaces of cultural exchange and community belonging.

    There’s more we can do

    The most recent figures show migrant entrepreneurs make up one in three small business owners in Australia. Research conducted in 2017 found the vast majority of migrant entrepreneurs had not owned a business before migration.

    With fewer systemic barriers and better support, their potential to contribute would be even greater. There are a range of actions policymakers, local councils, support organisations and local businesses could take.

    First, access could be expanded to small business grants by removing overly complex eligibility and documentation barriers.

    We should also support migrants to navigate collectively “gatekeeping” practices that lock them out of lending, investment and business certification.

    That could include developing alternative credit assessment tools for migrants without a local credit history. There are already some microloan schemes tailored to new migrants or visa holders, including Thrive Refugee Enterprise.

    At the same time, we need to ensure such schemes are being effectively communicated to the communities they’re intended to serve.

    And we need media narratives and public campaigns that highlight successful migrant businesses. Crucially, both policy and practice must be informed by the voices and experiences of migrant entrepreneurs themselves, not just as case studies, but as co-designers of better systems.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. How migrant business owners turn their identity into an asset, despite some bumps along the way – https://theconversation.com/how-migrant-business-owners-turn-their-identity-into-an-asset-despite-some-bumps-along-the-way-261948

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal Third Quarter Earnings on August 5, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 third quarter results after the market close on Tuesday, August 5, 2025. Management will host a conference call on Wednesday, August 6, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal third quarter results.

    A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register-conf.media-server.com/register/BI844176c186b3462a83744b4b3946a567 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

    For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    CONTACT: StoneX Group Inc.

    Investor Inquiries:

    Kevin Murphy
    (212) 403 – 7296
    kevin.murphy@stonex.com

    SNEX-G

    The MIL Network –

  • MIL-Evening Report: More than 2 in 5 young Australians are lonely, our new report shows. This is what could help

    Source: The Conversation (Au and NZ) – By Michelle H. Lim, Associate Professor, Sydney School of Public Health, University of Sydney

    Oliver Rossi/Getty Images

    Loneliness is not a word often associated with young people. We tend to think of our youth as a time spent with family, friends and being engaged with school and work activities. Loneliness is an experience we may be more likely to associate with older people.

    In a new report looking at loneliness in young Australians, we found 43% of people aged 15 to 25 feel lonely. That’s more than two in five young people.

    While one in four felt lonely when asked, one in seven had felt lonely for at least two years (what we call persistent loneliness).

    There’s more we should be doing in Australia to address loneliness among young people and more broadly.

    What else did we find?

    In this report, we analysed data from the Household, Income and Labour Dynamics in Australia survey from 2022–23. This helped us understand what sort of factors increase the risk of loneliness among young people.

    We found having poor physical health and mental health can double (or more) the likelihood of persistent loneliness among young people.

    Life circumstances, as well as socioeconomic and behavioural factors, also play a role, as shown below.

    Worryingly, young people who report persistent loneliness are over seven times more likely to experience high or very high psychological distress compared to those who aren’t lonely.

    But loneliness in young people should not be seen just as a mental health issue. Research shows it can have consequences for physical health too. For example, a study published in 2024 found loneliness is linked to early signs of vascular dysfunction (functional changes to the arteries) in adults as young as 22.

    Why does loneliness persist?

    As well as analysing data, we also interviewed young people aged 16 to 25 from diverse backgrounds about what helps them make healthy social connections, and what hinders them.

    One of the things they flagged was a need for safe community spaces. A male participant from metro New South Wales, aged between 22 and 25, said:

    After lectures, someone’s hungry, you go to eat together. We used to go to [Name of restaurant] after almost every lecture. Talk or discuss somethings so it gave us that extra opportunity to mingle amongst each other and take that next step towards building a good friendship.

    We found technology could both help and hinder social connections. A female from regional Victoria, aged 22 to 25, who identified as LGBTIQ+, told us:

    If you’re in school or something like that and you don’t really have […] many people within your community to look to, it’s really nice being able to connect with people and make those friends online.

    On the flip side, a female participant from metropolitan Victoria, aged between 16 and 18, said:

    a lot of maybe like mean stuff or like bullying and stuff happens over the Internet […] there’s a big group chat and like everyone’s texting on it or something. And then a lot of the time, people will break off into a smaller chat […] or they’ll break off into one on one and be like, ohh, do you see what she said?

    The high cost of living was also regarded as a hindrance to maintaining social connections. As a male aged 22 to 25 from metro NSW told us:

    you’ll go on [a] drive [with friends] or whatever […] but that is so like incredibly expensive. Having to pay for your own car and like petrol and insurance and maintenance. Sometimes it’s hard to […] even like […] sit down in peace and have a chat. All the cafes will close at 2 and by the time everyone gets out of their jobs, you’re having to go to a restaurant and [you’re] spending 50 dollars.

    So what can we do?

    Loneliness has long been treated as a personal issue but it’s increasingly clear we have to shift our approach to include community-wide and systemic solutions.

    The World Health Organization’s Commission on Social Connection recently released a report pointing to loneliness as a public health, social, community and economic issue.

    In Australia, the economic burden of loneliness stands at A$2.7 billion each year for associated health-care costs including GP and hospital visits.

    And there are additional costs including lower workforce productivity and educational outcomes that have yet to be accounted for.

    Some countries have already developed and implemented strategies to address loneliness. In 2023, Denmark, for example, commissioned the development of a national loneliness action plan led by a consortium of organisations. This was underpinned by an investment of around 21 million Danish kroner (roughly A$5 million) over 2023–25.

    Australia now stands at a crossroads.

    Australia needs a national loneliness strategy

    A national strategy underpinned by evidence and by lived experience is crucial to effectively address loneliness. This approach would:

    • coordinate efforts across sectors: health, education, social services and business

    • identify effective strategies that should be included in a comprehensive response, and the principles to guide their delivery in communities and other settings

    • highlight sub-groups at risk of persistent loneliness who should be prioritised within population-wide strategies

    • commit to the delivery of a national awareness campaign that can educate the public and reduce stigma around loneliness.

    With the right national strategy, we will be able to increase our capacity to help all Australians, not just young people, connect in meaningful ways.

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. You can learn more about youth loneliness and how to help at Ending Loneliness Together.

    Michelle H. Lim is the CEO and Scientific Chair of Ending Loneliness Together. She is also the Vice-Chair of the International Scientific Board of the Global Initiative on Loneliness and Connection, and is part of the Technical Advisory Group – Social Connection at the World Health Organization.

    Ben Smith is a member of the Management Committee and Scientific Advisory Board of Ending Loneliness Together. He is also the Conjoint Chair of Public Health with the Western Sydney Local Health District.

    – ref. More than 2 in 5 young Australians are lonely, our new report shows. This is what could help – https://theconversation.com/more-than-2-in-5-young-australians-are-lonely-our-new-report-shows-this-is-what-could-help-261260

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Progress on Closing the Gap is stagnant or going backwards. Here are 3 things to help fix it

    Source: The Conversation (Au and NZ) – By Madeleine Pugin, Research Fellow, School of Government and International Relations, Griffith University

    The Productivity Commission’s latest data on Closing the Gap progress represents an unsurprisingly grim overview of the socioeconomic inequalities experienced by Aboriginal and Torres Strait Islander peoples.

    Closing the Gap is the plan federal and state governments have to address Indigenous socioeconomic disadvantage. It sets specific targets across a range of areas.

    This edition annual data report paints a concerning picture of Indigenous peoples’ quality of life across the states and territories. Despite 17 years of Closing the Gap policy, First Nations communities continue to face significant disadvantage. Of the 19 targets, 16 have been assessed, with four targets worsening. They are:

    • adult imprisonment

    • children in out-of-home care

    • suicide

    • children developmentally on track.

    There have been some successes. Four targets are on track to be met: preschool enrolment, employment, and land and water rights. Although the latter targets are likely to be achieved, the Queensland and Northern Territory governments are walking away from plans for Treaty. This could undercut efforts for increased Indigenous rights recognition.

    There is also improvement in six other target areas, but they are still not on track to be met by 2031:

    • life expectancy

    • healthy birthweights

    • year 12 or equivalent qualifications

    • youth engagement

    • appropriately sized housing.

    Time for change

    Year after year, Closing the Gap reporting offers little hope for meaningful change. It also falls short of providing crucial insights into what is working, what isn’t, and where resources and expertise should be directed to address unmet targets.

    We must ask ourselves: when is it time to pursue a different approach?

    These are complex issues with no simple solutions, but that must not deter us from pursuing every possible avenue for change. As the worsening suicide target shows, lives depend on it.

    Nonetheless, there is little evidence to suggest governments are being impelled to act on the transformational changes required to implement the four priority reforms.

    Since the failed Voice referendum, there has been little will from all levels of government to radically transform their way of working with First Nations communities. The gaps in outcomes are unlikely to close with this business-as-usual approach.

    So what could be changed to help improve the lives of Indigenous people? Here are three ideas.

    1. A national action plan, driven by human rights

    Australia has no comprehensive Indigenous rights framework. Currently, recognition of Indigenous rights in existing Australian laws is “piecemeal” and inconsistent across jurisdictions.

    Adopting a rights-based approach to the Closing the Gap framework could provide one way forward. The realisation of rights is central to genuine self-determination for Indigenous peoples.

    The United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), which Australia endorsed in 2009, outlines the minimum standards of human rights relating to Indigenous peoples.

    A 2023 report looking at how UNDRIP works in Australia contains a list of recommendations, with the first being:

    that the Commonwealth Government ensure its approach to developing legislation and policy on matters relating to Aboriginal and Torres Strait Islander people (including, but not limited to, Closing the Gap initiatives) be consistent with the Articles outlined in the United Nations Declaration on the Rights of Indigenous Peoples.

    UNDRIP’s core principals of self-determination and participation in decision-making directly align with what communities and experts have been calling for on Closing the Gap reform. At a minimum, the federal government should meaningfully negotiate a national action plan to implement the declaration.

    Such a plan would help drive community-led solutions, empowering Indigenous peoples at local and regional levels. Bottom-up grassroots approaches are vital to Closing the Gap.

    2. An independent oversight body

    Despite the failure of the Voice referendum, an independent representative body is still needed at the national level. It would provide strategic oversight and accountability for implementation of the Closing the Gap policy at the local and regional levels.

    This body could also provide much-needed political and policy advocacy to hold governments to their commitments.

    There is the National Agreement on Closing the Gap, which Commonwealth, state, territory governments are a party to, as well as the Coalition of Peak Indigenous bodies and the Australian Local Government Association.

    Yet some governments are enacting policies and laws which are inconsistent with the agreement. Queensland and the Northern Territory, for instance, have ceased involvement in Treaty processes and turned toward stricter penalties in response to youth offending – moves criticised by human rights commissions.

    An independent representative body would help shed light on these inconsistencies and better hold governments accountable.

    3. A bigger role for local government

    What is often missing from the conversation is the crucial role local governments play in implementing policies that shape outcomes on the ground.

    As frontline service providers, local governments are positioned to engage with communities on a direct, day-to-day basis, which can be responsive to the everyday needs of Aboriginal and Torres Strait Islander peoples.

    In a first for local implementation of Closing the Gap, Tamworth Aboriginal Community Controlled Organisations and Tamworth Regional Council entered an agreement to work together towards addressing key aspects of initiative.



    Read more:
    Local solution to Closing the Gap – council takes pioneering new approach to Indigenous disadvantage

    There are strong reasons for local governments to take a more central leadership role in trying to meet the Closing the Gap targets. To do so effectively, however, they require adequate resourcing and sustained funding to support community-driven programs.

    Additionally, embedding Indigenous rights and interests in local government planning and policy would significantly enhance their capacity to contribute meaningfully.

    Bartholomew Stanford receives funding from the Australian Research Council (ARC).

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

    – ref. Progress on Closing the Gap is stagnant or going backwards. Here are 3 things to help fix it – https://theconversation.com/progress-on-closing-the-gap-is-stagnant-or-going-backwards-here-are-3-things-to-help-fix-it-262042

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Big tech says AI could boost Australia’s economy by $115 billion a year. Does the evidence stack up?

    Source: The Conversation (Au and NZ) – By Uri Gal, Professor in Business Information Systems, University of Sydney

    Imaginima / Getty Images

    AI is on the agenda in Canberra. In August, the Productivity Commission will release an interim report on harnessing data and digital technology such as AI “to boost productivity growth, accelerate innovation and improve government services”. Shortly afterward, the government will host an Economic Reform Roundtable where AI policy will be up for discussion.

    AI developers are aggressively pursuing influence over the new rules. The Chinese government wants to include AI in trade deals. Meanwhile, as the US government seeks to “win the AI race”, US-based tech companies are making their own overtures.

    The most ambitious intervention has come from ChatGPT developer OpenAI, which recently hired former Tech Council chief executive Kate Pounder as its local policy liaison. Pounder is also a former business partner of Assistant Minister for the Digital Economy Andrew Charlton.

    OpenAI’s AI Economic Blueprint for Australia makes bold projections about the new technology’s impact on the country’s economy, accompanied by a host of policy proposals. However, these claims warrant careful scrutiny, particularly given the company’s clear commercial interests in shaping Australian regulation.

    The gap between promise and evidence

    OpenAI claims AI could boost Australia’s economy by A$115 billion annually by 2030. It attributes most of this to productivity gains in business, education and government. However, the supporting evidence is thin.

    For instance, the report notes Australian workers have lower productivity than their US counterparts and then claims (without evidence) this is because Australia has invested less in digital technologies such as AI. However, it ignores numerous other factors affecting productivity, from industrial structure to regulatory environments.

    The report also describes supposed AI-driven productivity gains in companies such as Moderna and Canva. However, these narratives lack any data about improved organisational or individual performance.

    Perhaps more concerning is the report’s uniformly optimistic tone, which overlooks significant risks. These include organisations struggling with costly AI projects, massive job displacements, worsening labour conditions, and concentrating wealth.

    Most problematically, OpenAI’s blueprint assumes AI adoption and its economic benefits will materialise rapidly across the economy. However, evidence suggests a different reality.

    Economic impact from AI will unfold gradually

    Recent evidence suggests AI’s economic impact may take decades to fully materialise. Studies report some 40% of US adults use generative AI yet this translates to less than 5% of work hours and an increase of less than 1% in labour productivity.

    AI may not spread much faster than past technologies. The limiting factor will be how quickly individuals, organisations and institutions can adapt.

    Even when AI tools are available, meaningful adoption requires time. People must develop new skills, change the way they work, and integrate the new technologies into complex organisations. The economic impacts of earlier general-purpose technologies such as computers and the internet took decades to fully materialise, and there’s little reason to believe AI will be fundamentally different.

    The educational risk

    Like Google, OpenAI is also aggressively pushing for AI adoption in education. It has teamed up with edtech companies and launched a new “study mode” in ChatGPT.

    The push for AI tutoring and automated educational tools raises profound concerns about human development and learning.

    Early evidence suggests over-reliance on AI tools may condition people to depend on them. When students routinely turn to AI, they risk avoiding the mental effort required to build critical thinking skills, creativity and independent inquiry. These capacities form the foundation of a thriving democracy and innovative economy.

    Students who become accustomed to AI-assisted thinking may struggle to develop intellectual independence. This is needed for innovation, ethical reasoning and creative problem-solving.

    AI applications that help teachers personalise instruction or identify learning gaps may be useful. But systems that substitute for students’ own cognitive effort and development should be avoided.

    A multi-partner infrastructure strategy

    Australia’s digital strategy will undoubtedly include significant investment in AI infrastructure such as data centres. One challenge for Australia is to avoid concentrating our investment around a single technology provider. Doing so would be a mistake that could compromise both economic competitiveness and national sovereignty.

    Amazon plans to spend $20 billion on local data centres. Microsoft Azure already has significant local capacity, as does Australian company NextDC. This diversity provides a foundation, but maintaining and expanding it requires deliberate policy choices.

    Maintaining multiple data centre suppliers helps keep computing power that is independent of foreign governments or single companies. This approach will give Australia more bargaining power to ensure lower prices, greener power and local skills quotas.

    Diversification provides regulatory leverage as well. Australia can enforce common security standards knowing no single supplier can threaten an investment strike.

    Australia’s AI future

    AI technology is developing rapidly, driven by large corporations wielding vast amounts of capital and political influence. It presents real opportunities for economic growth and social benefit that Australia can’t afford to squander.

    However, if the government uncritically accepts corporate advocacy, these opportunities may be captured by foreign interests.

    Australia’s approach to AI policy should maintain human-centred values alongside technological advancement. This balance requires resisting the siren call of corporate promises.

    The decisions made today will shape Australia’s future for decades. These choices should be guided by independent analysis, empirical evidence, and a commitment to outcomes for all Australians.

    The Australian government must resist the temptation to let Silicon Valley write our digital future, no matter how persuasive their lobbyists or how impressive their promises. The stakes are simply too high to get this wrong.

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

    – ref. Big tech says AI could boost Australia’s economy by $115 billion a year. Does the evidence stack up? – https://theconversation.com/big-tech-says-ai-could-boost-australias-economy-by-115-billion-a-year-does-the-evidence-stack-up-260705

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Defense News in Brief: U.S. Marines Mobilize Without Delay: Shift from Exercise to Crisis Response

    Source: United States Marines

    U.S. Marines postured around the globe serve as America’s rapid crisis response force, ready to meet the Nation’s needs at a moment’s notice. On July 26 Marine Corps readiness was on display, when U.S. Marine Medium Tiltrotor Squadron 363, operating under Marine Rotational Force–Darwin, deployed four MV-22B Ospreys more than 1,950 nautical miles from Darwin, Australia, to Clark Air Base, Philippines.

    MIL Security OSI –

  • MIL-OSI Banking: W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company

    Source: W & T Offshore Inc

    Headline: W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company

    HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company”) today announced that Tracy Krohn, W&T’s Founder, Chairman, CEO and President will ring the closing bell at the New York Stock Exchange (“NYSE”) on Monday, August 4, 2025, to commemorate the Company’s 20th anniversary as a NYSE-listed company. W&T’s Board of Directors and senior management team will also participate in the ceremony. Live coverage of the event will begin on Monday, August 4, 2025, at 3:55 p.m. ET and will be available for streaming at www.NYSE.com/bell. An archived version of the ceremony will be posted to W&T’s Web site, www.wtoffshore.com, in the “Investors” section on the “Overview” page under “News and Events”.

    Tracy Krohn commented, “It is truly an honor to ring the NYSE closing bell in celebration of our 20th anniversary as a publicly traded company. I want to express my gratitude to each member of our Board of Directors, our management team and all of our dedicated employees across the Company for their invaluable contributions to W&T’s success since its inception. It has been an incredible journey these past 42 years, from our founding in 1983, our IPO in 2005, to now celebrating this milestone occasion. Throughout our history, we have remained committed to responsible energy production and being a staunch and vocal advocate for the offshore Gulf of America sector of the energy industry where we have been primarily focused since we began operations. Looking ahead, I remain excited about W&T’s future as we continue to execute and improve upon our unique and resilient business model.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    CONTACTS: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released July 30, 2025

    MIL OSI Global Banks –

  • MIL-OSI United Nations: Update 306 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA)

    The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.

    Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.

    “The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.

    The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.

    In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.

    Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.

    The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.

    Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.

    As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.  

    MIL OSI United Nations News –

  • MIL-OSI Security: U.S. Marines Mobilize Without Delay: Shift from Exercise to Crisis Response

    Source: United States Marines

    U.S. Marines postured around the globe serve as America’s rapid crisis response force, ready to meet the Nation’s needs at a moment’s notice. On July 26 Marine Corps readiness was on display, when U.S. Marine Medium Tiltrotor Squadron 363, operating under Marine Rotational Force–Darwin, deployed four MV-22B Ospreys more than 1,950 nautical miles from Darwin, Australia, to Clark Air Base, Philippines.

    MIL Security OSI –

  • MIL-OSI: Euronet and CoreCard Announce Merger Agreement to Unlock Global Opportunities in Credit Card Issuing and Processing

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan. and NORCROSS, Ga., July 30, 2025 (GLOBE NEWSWIRE) — Euronet (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, and CoreCard Corporation (NYSE: CCRD), a leading provider of innovative credit technology solutions and processing services to the financial technology and services market, today announced they have entered into a definitive agreement for Euronet to acquire CoreCard in a stock-for-stock merger transaction that values CoreCard at approximately $248 million, or $30 per share of CoreCard common stock. The exchange ratio and other terms of the transaction are described below.

    The proposed transaction marks a pivotal step in accelerating Euronet’s strategic goal of a more diversified, future-ready revenue mix, that is anchored in scalable, modern platforms designed for the next generation of digital financial services across the globe.

    Acquisition to Add a Proven Credit Card Platform and Marquee Clients to Fuel Euronet’s Growth Strategy

    CoreCard’s platform is proven and trusted by some of the most respected names in finance and technology, and has been instrumental in launching one of the most successful co-branded credit card offerings in U.S. history in partnership with Goldman Sachs. This credibility, combined with CoreCard’s deep expertise in credit products, positions Euronet to compete in a sizeable market traditionally dominated by a few legacy providers.

    The CoreCard modern architecture enables faster deployment, easier integrations, and the flexibility to support rapid innovation, which are key advantages in today’s world of payments, where banks and fintechs are looking to embed financial experiences in their customer journeys. This has enabled CoreCard to support diverse, bespoke use cases for fintech innovators such as Cardless, who has recently been chosen as the partner for the Coinbase credit card.

    “More than a product expansion, this acquisition will be a catalyst for long-term growth, and we expect it to be accretive in the first full year post close,” said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “By integrating CoreCard’s platform with our own Ren architecture and global distribution network, we will be positioned to become a leading modern card issuer and innovation partner for the next generation of digital finance. This acquisition is a natural extension of our strategy to invest in scalable, high-margin businesses that align with long-term market trends. We also value and respect the work of CoreCard’s employees, who we are eager to welcome to Euronet, and we look forward to their contributions to our company in the future.”

    “Joining Euronet marks an exciting new chapter for CoreCard,” said Leland Strange, CEO of CoreCard. “Our team has built a modern, resilient credit card processing platform that serves some of the largest companies and financial institutions in the world. We’re excited to bring our capabilities to a global stage. We have spent a lot of time and diligence over the last year exploring the right ‘fit’ for what our team has built over many years, and we believe this is a great outcome for the team and our shareholders. We are joining with a company that has also been built on a strong foundation over many years that has kept a strong team and customer-focused culture with a focus on innovation.”

    Time and Approvals

    The transaction has been approved by the boards of directors of both Euronet and CoreCard, and is expected to close in late 2025, subject to approval by CoreCard shareholders and the satisfaction of certain other customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

    Transaction Details

    Under the terms of the merger agreement, each share of CoreCard common stock will be exchanged for a number of shares of Euronet common stock equal to an exchange ratio between 0.2783 and 0.3142, calculated as $30 divided by the volume weighted average share price of Euronet common stock over the 15-trading day period ending on and including the second to last trading day prior to the closing date (the “Final Euronet Stock Price”), subject to a floor of $95.48 per share and a ceiling of $107.80 per share. CoreCard shareholders will receive 0.3142 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or below $95.48, and 0.2783 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or above $107.80.

    Advisors

    Stinson LLP is acting as outside counsel to Euronet. Kilpatrick Townsend & Stockton LLP is acting as outside counsel to CoreCard. Keefe, Bruyette & Woods, a Stifel Company, provided certain financial advice to the board of directors of CoreCard.

    About CoreCard

    CoreCard Corporation (NYSE: CCRD) provides a modern card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

    About Euronet

    A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company’s website at www.euronetworldwide.com. 

    Cautionary Statement Regarding Forward-Looking Statements

    This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements.

    Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the expected filing by Euronet with the SEC of the Registration Statement and the proxy statement/prospectus; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.

    These risks, as well as other risks related to the proposed Transaction, will be described in the Registration Statement that will be filed with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors to be presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, neither Euronet nor CoreCard intends to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.

    Important Information for Investors and Stockholders

    In connection with the proposed transaction, Euronet plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. After the Registration Statement has been declared effective by the SEC, the definitive proxy statement/prospectus will be sent to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.

    No Offer or Solicitation

    This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in the Solicitation

    Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”

    The MIL Network –

  • MIL-OSI NGOs: Update 306 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency (IAEA) –

    The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.

    Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.

    “The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.

    The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.

    In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.

    Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.

    The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.

    Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.

    As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.  

    MIL OSI NGO –

  • MIL-OSI Australia: Fast food, screens, and no greens: A recipe for teen health trouble

    Source:

    31 July 2025

    When a cheeseburger costs less than a punnet of strawberries, it’s clear the odds are stacked against healthy choices – especially for teenagers.

    Now, new research from the University of South Australia shows that it’s not just unhealthy eating habits affecting teens, but an alarming clustering of poor lifestyle choices that’s putting the majority of teenagers at serious risk of preventable diseases later in life.

    In a study of more than 293,770 teenagers aged 12-17 – from 73 countries, across five world Health Organization (WHO) regions – researchers assessed habit clustering, including exercise, healthy food consumption and screen time, finding that:

    • 85% did not get enough exercise
    • 80% did not eat enough fruit and vegetables
    • 50% regularly consumed fast food
    • 39% had too many soft drinks
    • 32% spent excessive time on screens.

    Overall, more than 92.5% of teenagers reported two or more unhealthy behaviours, which puts them at increased risk of developing chronic diseases like obesity, heart disease and diabetes.

    Specifically, 7% of teenagers reported one unhealthy behaviour; 30% of teenagers had two; 36.5% had three; 21.5% had four; and 4.5% had five unhealthy behaviours. Across all WHO regions, less than 1% of teenagers exhibited no unhealthy behaviours.

    It’s timely research in light of the South Australian government’s new ’LiveLighter’ campaign to tackle obesity.

    Lead researcher, UniSA’s Dr Ming Li, says behaviours that are set up in teenage years lay the groundwork for behaviours in adulthood.

    “The teenage years are a critical window for growth and development – physically, mentally, and emotionally – and they set the foundation for long-term health,” Dr Li says.

    “But with junk food so readily available, and physical activity often replaced by screen time, more teens are picking up multiple unhealthy habits that could lead to serious health issues down the track.”

    The study found distinct differences between regions. Teenagers in higher-income countries – including the Americas and Eastern Mediterranean – were more likely to report a higher number of unhealthy behaviours, with 13% of teenagers in these regions recording all five risk factors.

    While Australian data was not specifically assessed, Dr Ling says that Australian teenagers would likely report multiple unhealthy lifestyle behaviours, skin to those seen in other high-income countries.

    Dr Li says these trends are driven by broader societal shifts.

    “Some of what we see comes down to rapid urbanisation, sedentary school environments, and limited access to safe recreational spaces, particularly in low- and middle-income countries,” Dr Li says.

    “On top of this, taste preferences, household income, and limited availability of fresh produce – especially in disadvantaged areas – make healthy choices harder to access and maintain.”

    While the study reports multiple unhealthy lifestyle behaviours for most teenagers, it also finds some protective factors that can help.

    “When teenagers have supportive families and a supportive peer group, their risk of having four or more unhealthy behaviours reduces by 16% and 4% respectively,” Dr Li says “Similarly, food-secure households also reduce risk by 9%.”

    Dr Li says the findings point to the urgent need for tailored, multilevel strategies that go beyond individual choices to address social and environmental conditions.

    “It’s clear we need systemic action – better school-based physical activity programs, urban design that gives teens access to green spaces, policies that make healthy food affordable, and limits on junk food marketing to children,” Dr Li says.

    “Ultimately, good health needs to be an easier, more accessible choice – not one that requires privilege, planning, and willpower.”

    …………………………………………………………………………………………………………………………

    Contact for interview:  Dr Ming Li E: Ming.Li@unisa.edu.au
    Media contact: Annabel Mansfield M: +61 479 182 489 E: Annabel.Mansfield@unisa.edu.au

    MIL OSI News –

  • MIL-OSI Security: Update 306 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    The IAEA team based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) carried out independent measurements today to confirm that there had been no increase in radiation levels at the site, contrary to some social media posts overnight, Director General Rafael Mariano Grossi said.

    Using IAEA monitoring equipment, the team members measured only normal levels during a site walkdown. Their measurements confirmed other data collected separately at the site, as well as information provided by the plant itself.

    “The team took immediate action after becoming aware of these social media reports, enabling us to provide assurances that radiation levels remained unchanged. Once again, this shows the importance of the IAEA’s presence at the Zaporizhzhya Nuclear Power Plant and Ukraine’s other nuclear power sites. Thanks to this presence, we can provide timely, factual and impartial technical information to the public about nuclear safety and security in Ukraine,” Director General Grossi said.

    The general nuclear safety situation at the ZNPP remains precarious, however, with the plant continuing to rely on one single power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. Before the conflict, it had access to 10 external power lines.

    In addition, the IAEA team reported hearing military activities almost every day over the past week, at different distances from the site, which is located on the frontline.

    Earlier this week, the team members performed a walkdown of a turbine hall of one reactor unit where they were once again denied access to the western part of the hall.

    The IAEA teams present at Ukraine’s operating nuclear power plants (NPPs) — Khmelnytskyy, Rivne and South Ukraine NPPs – and the Chornobyl NPP site reported hearing air raid alarms nearly every day over the past week. At Khmelnytskyy, the team had to shelter twice on 28 July.

    Three of Ukraine’s nine operating reactor units continued to be in shutdown for refuelling and maintenance, including work on some of the off-site power lines.

    As part of the IAEA’s comprehensive assistance programme to support nuclear safety and security in Ukraine, the Slavutych City Hospital this week received mobile radiography equipment and the Ukrainian Hydrometeorological Center and Hydrometeorological organizations of the State Emergency Service of Ukraine received laboratory equipment. These deliveries were funded by Australia, the European Union and Norway.  

    MIL Security OSI –

  • MIL-OSI USA: Senator Collins Introduces Circuit Court Nominee Joshua Dunlap of Scarborough at Judiciary Committee Hearing

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Click HERE for a full-resolution image

    Click HERE to watch and HERE to download video of Senator Collins introducing Mr. Dunlap

    Washington, D.C. – Today, at a hearing of the Senate Judiciary Committee, U.S. Senator Susan Collins introduced Joshua Dunlap of Scarborough, Maine, who has been nominated to the U.S. Court of Appeals for the First Circuit.

    Mr. Dunlap grew up in Vassalboro, Maine, and is currently a partner in the litigation group of Pierce Atwood LLP, in Portland, where he co-chairs the firm’s Appellate & Amici division. He has practiced at Pierce Atwood for over fifteen years, handling substantial civil litigation matters in both appellate and trial courts. He also chairs the Maine Appellate Rules Committee, to which he was appointed by the Maine Supreme Judicial Court. Prior to his work at Pierce Atwood, Mr. Dunlap clerked for the Honorable Paul J. Kelly, Jr., of the United States Court of Appeals for the Tenth Circuit. Mr. Dunlap graduated first in his class from Notre Dame Law School. He came to Washington for his hearing with several members of his family, including his parents, wife, and children.

    Senator Collins:

    “Chairman Grassley, Ranking Member Durbin, members of this committee, I’m pleased to appear before this distinguished committee today to wholeheartedly support Joshua Dunlap’s nomination to serve on the U.S. Court of Appeals for the First Circuit. 

    “Josh grew up in Vassalboro, Maine and now lives in Scarborough with his wife, Sydney, and their three children. If you look in back of me, you will see his three children, his wife, his parents, and numerous other members of his family. In fact, 20 of them, who are so proud of his nomination that they’ve made the trip to Washington. Josh graduated first in his class from Notre Dame Law School, where he received the law school’s highest honor, awarded to the student with the most distinguished academic record. He then clerked for Judge Paul Kelly of the U.S. Court of Appeals for the Tenth Circuit. 

    “In 2009, Josh joined the very well-respected law firm Pierce Atwood in Portland, Maine. During his 16 years at the firm, he has specialized in complex civil litigation matters and currently serves as co-chair of the firm’s Appellate & Amicus division. Josh is admitted to practice in multiple U.S. Courts of Appeal and before the U.S. Supreme Court. He has also assisted special masters in three original jurisdiction proceedings before the U.S. Supreme Court. Finally, Josh also chairs the Maine Appellate Rules Committee to which he was appointed by the Maine Supreme Judicial Court. This impressive experience, coupled with his extraordinary intelligence and integrity, makes Josh exceptionally well-qualified for a seat on the First Circuit. His substantial appellate litigation experience will bring a practitioner’s perspective to the court. 

    “The committee has already received many compelling letters of support for this nominee, and I would like to highlight a couple of them. A diverse group of faculty and alumni of Notre Dame Law School who taught Josh or studied alongside him have praised his, “respect for differing views” and “deep appreciation for the rule of law.” A letter signed by 19 leading Maine attorneys, who described themselves as having a broad spectrum of political views and legal philosophies, wrote that Josh has all the qualities the finest judge’s exhibit; he is hardworking, courteous and judicial in temperament, very smart, and of sterling character with a commitment to fairness and the rule of law. 

    “Mr. Chairman, before I conclude, I would like to thank Judge William Kayatta, whom Josh has been nominated to replace, for his outstanding service to the First Circuit. I joined in recommending him to President Obama, and had the honor of introducing Judge Kayatta to this committee. Now, it is my honor to recommend Josh, who actually worked with Judge Kayatta early in his tenure at Pierce Atwood, to this committee. I am confident that, if confirmed, Josh will serve Maine and the nation extraordinarily well in this critical role. 

    “For these reasons, I urge the committee to support his nomination, and I appreciate this opportunity to introduce him to the committee.”

    MIL OSI USA News –

  • MIL-OSI Australia: Call for information – Assault – Palmerston

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force are calling for information in relation to an alleged aggravated assault that occurred in Woodroffe early this morning.

    Around 1:20am, the Joint Emergency Services Communication Centre received reports of a man, aged in his 30’s, with puncture wounds to his back and chest in the vicinity of Woodroffe Park.

    Emergency Services attended and the man was conveyed to Royal Darwin Hospital in a serious condition.

    Initial investigations indicate the man may have been assaulted by an unknown man with a bottle.

    A crime scene has been declared and police will be working near the intersection of Woodroffe Avenue and Sirius Road.

    Traffic diversions are in place and Sirius Road will be closed from Woodroffe Avenue to Altair Court throughout the morning.

    Police urge anyone with information about the incident, particularly if you have home CCTV near Woodroffe Park, to make contact on 131 444, quoting reference number P25203523. Anonymous reports can be made through Crime Stoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI New Zealand: HRC struggles to rustle up ‘Conversion Therapy’ complaints

    Source: Family First

    MEDIA RELEASE – 30 July 2025

    The $2.25m taxpayer-funded complaints centre set up by the Human Rights Commission for receiving complaints about ‘conversion therapy’ has struggled to obtain any formal complaints about the use of ‘conversion therapy’ in the three years since the new law was passed, and haven’t referred a single complaint to the Police since the law took effect.

    According to an Official Information Act response, in the past 12 months, just two formal complaints were made and those related to “possible conversion practices happening to other people”, despite significant advertising about its services

    “The taxpayer via the Human Rights Commission has wasted $2.2m looking for a solution to a problem that doesn’t exist. But what the politicians and activist groups have done is make it difficult for parents, counsellors and therapists to support troubled adolescents who identify as ‘trans’ and ‘gender diverse’, and difficult for individuals who are dealing with unwanted sexuality and gender issues to get support,” says Bob McCoskrie, CEO of Family First NZ.

    As an Australian family law and child protection expert warned during the debate three years ago, some mental health professionals will refuse to see young patients with sexual orientation or gender identity issues who have other serious mental health concerns. This could lead to an increase in the mental health burden on already very troubled young people and may lead to increased suicide attempts.

    Parents who want to protect their children who are struggling with gender identity issues risk prosecution and jail sentences under the law. This is leading to huge distress for parents who are already experiencing very difficult circumstances. The recent NHS report by Dr Hillary Cass suggests that concerned parents have been right all along.

    “This flawed law was all about shutting down any opposition to radical gender and sexuality ideology, and more specifically, Biblical teachings around sexuality and biology (male and female). But you can never ban Christian conversion or truth, no matter how hard the activists might like to.”

    And despite claiming that they wanted to ensure that they “regularly hear from diverse lived experience voices”, the Human Rights Commission admitted, “The Commission has not knowingly had any engagement with individuals who made submissions against the new law and who had positive experiences of receiving counselling to deal with unwanted sexuality and gender confusion issues.”

    Their rights aren’t important according to the ‘Human Rights’ Commission.

    All New Zealanders should be protected from coercive, abusive or involuntary psychological or spiritual practices. However, participation in psychological assessments, counselling sessions, prayer meetings and other therapeutic practices is almost always an expression of voluntary behaviour and personal freedom. Under this new law, people are prevented from getting help to live the lifestyle they choose. And parents could be criminalised for encouraging their children to embrace their biological sex.

    Ironically, while gender and sexuality is supposedly ‘fluid’, activists want the law to stipulate that it can only go in the direction they approve. ‘Conversion therapy’ is still legal. It’s practiced in schools by groups such as InsideOut and Sexual Wellbeing Aotearoa (formerly Family Planning).

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: HRC struggles to rustle up ‘Conversion Therapy’ complaints

    Source: Family First

    MEDIA RELEASE – 30 July 2025

    The $2.25m taxpayer-funded complaints centre set up by the Human Rights Commission for receiving complaints about ‘conversion therapy’ has struggled to obtain any formal complaints about the use of ‘conversion therapy’ in the three years since the new law was passed, and haven’t referred a single complaint to the Police since the law took effect.

    According to an Official Information Act response, in the past 12 months, just two formal complaints were made and those related to “possible conversion practices happening to other people”, despite significant advertising about its services

    “The taxpayer via the Human Rights Commission has wasted $2.2m looking for a solution to a problem that doesn’t exist. But what the politicians and activist groups have done is make it difficult for parents, counsellors and therapists to support troubled adolescents who identify as ‘trans’ and ‘gender diverse’, and difficult for individuals who are dealing with unwanted sexuality and gender issues to get support,” says Bob McCoskrie, CEO of Family First NZ.

    As an Australian family law and child protection expert warned during the debate three years ago, some mental health professionals will refuse to see young patients with sexual orientation or gender identity issues who have other serious mental health concerns. This could lead to an increase in the mental health burden on already very troubled young people and may lead to increased suicide attempts.

    Parents who want to protect their children who are struggling with gender identity issues risk prosecution and jail sentences under the law. This is leading to huge distress for parents who are already experiencing very difficult circumstances. The recent NHS report by Dr Hillary Cass suggests that concerned parents have been right all along.

    “This flawed law was all about shutting down any opposition to radical gender and sexuality ideology, and more specifically, Biblical teachings around sexuality and biology (male and female). But you can never ban Christian conversion or truth, no matter how hard the activists might like to.”

    And despite claiming that they wanted to ensure that they “regularly hear from diverse lived experience voices”, the Human Rights Commission admitted, “The Commission has not knowingly had any engagement with individuals who made submissions against the new law and who had positive experiences of receiving counselling to deal with unwanted sexuality and gender confusion issues.”

    Their rights aren’t important according to the ‘Human Rights’ Commission.

    All New Zealanders should be protected from coercive, abusive or involuntary psychological or spiritual practices. However, participation in psychological assessments, counselling sessions, prayer meetings and other therapeutic practices is almost always an expression of voluntary behaviour and personal freedom. Under this new law, people are prevented from getting help to live the lifestyle they choose. And parents could be criminalised for encouraging their children to embrace their biological sex.

    Ironically, while gender and sexuality is supposedly ‘fluid’, activists want the law to stipulate that it can only go in the direction they approve. ‘Conversion therapy’ is still legal. It’s practiced in schools by groups such as InsideOut and Sexual Wellbeing Aotearoa (formerly Family Planning).

    MIL OSI New Zealand News –

  • MIL-OSI: Quick Custom Intelligence Secures Eight-Figure Investment from Curve Partners to Accelerate Growth

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, July 30, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of Generative AI-driven analytics and operational software for casinos and resorts, today announced that it has secured a significant minority growth investment from Curve Partners. This strategic funding backs QCI’s current management team – led by co-founders Dr. Ralph Thomas and Andrew Cardno – to continue their remarkable growth trajectory and will fuel further acceleration of product expansion and global reach markets.financialcontent.com. The investment underscores confidence in QCI’s vision and provides significant capital to extend the company’s market leadership in the gaming resort technology sector.

    QCI’s co-founders weighed multiple investment offers over the past year before selecting Curve Partners as their growth partner. “For us, finding the right investment partner was critical,” said Dr. Ralph Thomas, Co-Founder and CEO of QCI. “We engaged with several potential investors, but Curve Partners stood out with their understanding of our industry and their commitment to helping companies like ours scale responsibly. This investment is not just capital – it’s a partnership that validates our vision and gives us additional firepower to accelerate product development and customer success.” QCI’s leadership was impressed by Curve’s focus on high-growth, founder-led companies and their enthusiasm for the resort systems space – the sophisticated software and analytics powering modern casino resorts. Curve’s team recognized QCI as the clear market leader in this domain, given QCI’s extensive deployment and innovation track record markets.financialcontent.com. The growth capital infusion not only validates QCI’s success to date but also positions the company for even faster expansion in the coming years.

    Landon Jaussi, Founder and Managing Partner at Curve Partners www.curvepartners.co, expressed his excitement about the new partnership. “QCI is everything we look for at Curve,” said Jaussi. “It is a bootstrapped, founder-led, and product-first company that is deeply respected by customers. As investors, we have been looking closely at the resort systems and gaming technology sector, and QCI stands out as a clear leader. Ralph and Andrew have built a powerful vertical SaaS platform with real technical depth and multi-product scale, all while remaining high growth and profitable. Their reputations in the industry are unmatched, and Curve is proud to support them as the first institutional investor and board member.”

    QCI’s recent growth and product diversification have been nothing short of remarkable. Key milestones over the past year include:

    • Global Expansion: QCI’s platform is now deployed in over 300 casino resorts worldwide, collectively managing more than $40 billion in annual gross gaming revenue markets.financialcontent.com. The company’s operational footprint spans 17 countries and 30 U.S. states, a reach that “cements the company’s position as a global leader in casino and resort intelligence” markets.financialcontent.com.
    • Product Suite Growth: In July 2025, QCI acquired VizExplorer, a renowned casino analytics and dispatch management software provider. This acquisition expanded QCI’s product suite and capabilities markets.financialcontent.com, establishing QCI as a “powerhouse in the casino and resort data activation world” with deeper solutions for the fast-diversifying gaming industry markets.financialcontent.com.

    “Having Curve Partners on board is a huge validation of what our team has built,” added Andrew Cardno, Co-Founder and CTO of QCI. “Curve’s support will help us double down on our product roadmap and global expansion plans. We believe this partnership will translate into even greater value for our customers as we continue to lead the market with cutting-edge solutions for the casino and resort industry.” According to Cardno, the funding will enable QCI to accelerate R&D in new features and AI capabilities while maintaining the company’s focus on customer success and innovation. Both co-founders emphasized that Curve’s investment aligns with QCI’s long-term strategy of sustainable, tech-driven growth in the hospitality gaming sector.

    About Quick Custom Intelligence (QCI)

    Quick Custom Intelligence (QCI) has pioneered the QCI Enterprise Platform, an artificial intelligence-driven solution that seamlessly integrates player development, marketing, and gaming operations with powerful real-time tools for the gaming and hospitality industries. QCI’s advanced, highly configurable software is deployed in over 300 casino resorts across North America, Europe, Asia, Australia, Latin America and beyond, managing more than $40 billion in annual gross gaming revenue. The QCI platform is recognized as a best-in-class solution that enables fully coordinated activities across all aspects of casino and resort operations, helping operators make swift, data-informed decisions that optimize resources, increase profits, and enhance the guest experience. Co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno, QCI is headquartered in San Diego, with additional offices in Las Vegas, St. Louis, Denver, and Phoenix. For more information, visit the QCI website at quickcustomintelligence.com.

    About Curve Partners

    Founded by Landon Jaussi, former TCV investor, Curve Partners (www.curvepartners.co) invests in leading, bootstrapped technology companies at early-growth inflection points. The firm partners with exceptional, founder-led teams building capital-efficient businesses in B2B and B2B2C software and data platforms. Curve Partners’ investment approach centers on providing strategic support and capital to help companies scale sustainably and achieve market leadership.

    Legal counsel for Curve Partners was provided by Croke Fairchild Duarte & Beres LLC

    ABOUT Andrew Cardno

    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    ABOUT Dr. Ralph Thomas

    Dr. Ralph Thomas is the Co-Founder and Chief Executive Officer of Quick Custom Intelligence. Ralph is a product visionary in applied analytics and the founder of two companies that deliver solutions in casino gaming, education, and adult learning. As a gaming industry veteran, Dr. Thomas has substantial experience implementing analytics into single and multi-property gaming companies to drive tangible and measurable gains to the bottom line and has built business intelligence tools for multibillion-dollar casinos. Dr. Thomas is co-author of seven books and over 80 articles on applied analytics and data science in gaming, an inventor on dozens of patents, and understands gaming from raw data up through casino operations, giving him a unique, 360-degree view of the industry.

    Contact:

    Laurel Kay, Quick Custom Intelligence

    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI: Quick Custom Intelligence Secures Eight-Figure Investment from Curve Partners to Accelerate Growth

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, July 30, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of Generative AI-driven analytics and operational software for casinos and resorts, today announced that it has secured a significant minority growth investment from Curve Partners. This strategic funding backs QCI’s current management team – led by co-founders Dr. Ralph Thomas and Andrew Cardno – to continue their remarkable growth trajectory and will fuel further acceleration of product expansion and global reach markets.financialcontent.com. The investment underscores confidence in QCI’s vision and provides significant capital to extend the company’s market leadership in the gaming resort technology sector.

    QCI’s co-founders weighed multiple investment offers over the past year before selecting Curve Partners as their growth partner. “For us, finding the right investment partner was critical,” said Dr. Ralph Thomas, Co-Founder and CEO of QCI. “We engaged with several potential investors, but Curve Partners stood out with their understanding of our industry and their commitment to helping companies like ours scale responsibly. This investment is not just capital – it’s a partnership that validates our vision and gives us additional firepower to accelerate product development and customer success.” QCI’s leadership was impressed by Curve’s focus on high-growth, founder-led companies and their enthusiasm for the resort systems space – the sophisticated software and analytics powering modern casino resorts. Curve’s team recognized QCI as the clear market leader in this domain, given QCI’s extensive deployment and innovation track record markets.financialcontent.com. The growth capital infusion not only validates QCI’s success to date but also positions the company for even faster expansion in the coming years.

    Landon Jaussi, Founder and Managing Partner at Curve Partners www.curvepartners.co, expressed his excitement about the new partnership. “QCI is everything we look for at Curve,” said Jaussi. “It is a bootstrapped, founder-led, and product-first company that is deeply respected by customers. As investors, we have been looking closely at the resort systems and gaming technology sector, and QCI stands out as a clear leader. Ralph and Andrew have built a powerful vertical SaaS platform with real technical depth and multi-product scale, all while remaining high growth and profitable. Their reputations in the industry are unmatched, and Curve is proud to support them as the first institutional investor and board member.”

    QCI’s recent growth and product diversification have been nothing short of remarkable. Key milestones over the past year include:

    • Global Expansion: QCI’s platform is now deployed in over 300 casino resorts worldwide, collectively managing more than $40 billion in annual gross gaming revenue markets.financialcontent.com. The company’s operational footprint spans 17 countries and 30 U.S. states, a reach that “cements the company’s position as a global leader in casino and resort intelligence” markets.financialcontent.com.
    • Product Suite Growth: In July 2025, QCI acquired VizExplorer, a renowned casino analytics and dispatch management software provider. This acquisition expanded QCI’s product suite and capabilities markets.financialcontent.com, establishing QCI as a “powerhouse in the casino and resort data activation world” with deeper solutions for the fast-diversifying gaming industry markets.financialcontent.com.

    “Having Curve Partners on board is a huge validation of what our team has built,” added Andrew Cardno, Co-Founder and CTO of QCI. “Curve’s support will help us double down on our product roadmap and global expansion plans. We believe this partnership will translate into even greater value for our customers as we continue to lead the market with cutting-edge solutions for the casino and resort industry.” According to Cardno, the funding will enable QCI to accelerate R&D in new features and AI capabilities while maintaining the company’s focus on customer success and innovation. Both co-founders emphasized that Curve’s investment aligns with QCI’s long-term strategy of sustainable, tech-driven growth in the hospitality gaming sector.

    About Quick Custom Intelligence (QCI)

    Quick Custom Intelligence (QCI) has pioneered the QCI Enterprise Platform, an artificial intelligence-driven solution that seamlessly integrates player development, marketing, and gaming operations with powerful real-time tools for the gaming and hospitality industries. QCI’s advanced, highly configurable software is deployed in over 300 casino resorts across North America, Europe, Asia, Australia, Latin America and beyond, managing more than $40 billion in annual gross gaming revenue. The QCI platform is recognized as a best-in-class solution that enables fully coordinated activities across all aspects of casino and resort operations, helping operators make swift, data-informed decisions that optimize resources, increase profits, and enhance the guest experience. Co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno, QCI is headquartered in San Diego, with additional offices in Las Vegas, St. Louis, Denver, and Phoenix. For more information, visit the QCI website at quickcustomintelligence.com.

    About Curve Partners

    Founded by Landon Jaussi, former TCV investor, Curve Partners (www.curvepartners.co) invests in leading, bootstrapped technology companies at early-growth inflection points. The firm partners with exceptional, founder-led teams building capital-efficient businesses in B2B and B2B2C software and data platforms. Curve Partners’ investment approach centers on providing strategic support and capital to help companies scale sustainably and achieve market leadership.

    Legal counsel for Curve Partners was provided by Croke Fairchild Duarte & Beres LLC

    ABOUT Andrew Cardno

    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    ABOUT Dr. Ralph Thomas

    Dr. Ralph Thomas is the Co-Founder and Chief Executive Officer of Quick Custom Intelligence. Ralph is a product visionary in applied analytics and the founder of two companies that deliver solutions in casino gaming, education, and adult learning. As a gaming industry veteran, Dr. Thomas has substantial experience implementing analytics into single and multi-property gaming companies to drive tangible and measurable gains to the bottom line and has built business intelligence tools for multibillion-dollar casinos. Dr. Thomas is co-author of seven books and over 80 articles on applied analytics and data science in gaming, an inventor on dozens of patents, and understands gaming from raw data up through casino operations, giving him a unique, 360-degree view of the industry.

    Contact:

    Laurel Kay, Quick Custom Intelligence

    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI USA: Senator Marshall: We’re Not Tired of Winning

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Joins the Brian Kilmeade Show to Discuss Trump Trade Deals, the MAHA Movement, and Democrats Obstructing Confirmations
    Washington – On Wednesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Brian Kilmeade on The Brian Kilmeade Show on Fox News Radio to discuss President Trump’s historic trade deals and what they mean specifically for Kansas agriculture, MAHA movement momentum, China deterrence, and Senate Democrats’ attempts to obstruct the confirmation process.

    Click HERE or on the image above to listen to Senator Marshall’s full interview.
    On President Trump’s trade deals:
    “Brian, I mean, we’re ecstatic, absolutely ecstatic. Every time I see the President, I’ll tell him we’re not tired of winning. But you know, who’s excited about these trade deals are my Kansas farmers and the aerospace industry. What Kansas exports are agriculture products and airplanes, and jets. So just ecstatic about these deals. The President removing these non-trade barriers all these countries, in addition to giving us basically zero types of penalties going into their country’s tariffs, but they’re also opening their markets, and they’re moving investment into America. Just this past week, I had several of the large pharma companies who make their drugs overseas, very popular, very successful [say that] they’re moving that manufacturing here, so we’re all excited about them.”
    On Fed Chair Powell and interest rates:
    “I sure hope so. Jerome “too late” Powell, he is too late, kind of like “too tall” Jones. This is Jerome “too late” Powell. He should have cut it a quarter point, some time ago, a quarter point now, half point in the future. He’s a lame duck, and I don’t know what he’s going to do. If he doesn’t drop something today, I just have to think it’s politically or emotionally motivated.”
    On the progress of the MAHA movement:
    “Yeah, we’re making great progress. Making incredible progress. We have a group of bills that will help support that movement as well. A group of bills that’s going to make our soil healthier, help our farmers grow more with less pesticides, and with less fertilizers. The thing I’m worried about right now, which is coming to my attention, Brian is China continues to make a lot of knockoffs. So, for instance, China is making a knockoff of a GLP-1, that they’re sending to the US, that’s compounded into a pharmacy. 14 people have died from that. So, one of my big emphases here is moving all that supply chain back to the United States. It’s easier said than done.”
    On U.S.-China trade deals:
    “The big picture is that with China, we have a $270 billion trade deficit to address. I think that people missed the calculated way that the Trump administration is doing this. Basically, they boxed in China. Think about it. They’ve done the EU. They’ve done Indonesia, the Philippines, Vietnam, Japan, and Australia, so that by having bilateral trade agreements with them, it’s putting a lot of pressure on China. One other thing China does to cheat is they’ll send a bunch of T-shirts that they made or tennis shoes, and they’ll send them to Vietnam, and then Vietnam is getting them in at their lower tariff rate. So, the President is doubling up on that type of transaction to make sure that those are tarred appropriately. So, we absolutely are getting there. To your point, I’m much more concerned about fentanyl poisoning, their intellectual property theft, the counterfeits they make, all those things. But I have faith in Scott Bessent. This guy is one of the sharpest people I’ve ever met.”
    On Democrats stalling nominations and spending bills:
    “I think this is the big political picture here, and you get this, but what’s driving the Democrat Party right now is the far left. Chuck Schumer is scared to death of AOC on the far left, so they’re demanding he’s got to do something. He’s got to do something. So, he’s doing everything in his power to gum up the process, whether it’s nominations or appropriations bills as well. He’s in a panicked mode right now, and he’s lashing out, slowing up what is traditionally done. People that would pass with unanimous consent and take zero floor time, we’re having to vote on them three times and spend two hours or more on each one of them. So, if they’re going to keep doing that, then we just need to stay here in August till we get more of these people confirmed.
    On the Senate delaying recess until nominations are confirmed:
    “The Democrats secretly want to all go home, right? That is their number one priority. These people are professional politicians; they’re used to having all summer off. And by the way, when I go back, I’m going to work harder back in Kansas than I do here. Then, at the same time, their leader is scared to death. I can’t believe he’s still there. Their leader hasn’t been fired yet, but he’s scared to death to be in a primary. So it’s all about his political legacy right now, keeping that together. But I just have to emphasize, Brian, yes, I want to go home, but I’ve done four telephone town halls up here with people back in Kansas in the last two weeks, with over 5,000 people on each one of those calls. You can go home on weekends. We’ve had significant, strong events as well. We could stay for easily two weeks, and still go back and accomplish that mission of targeting the great things about the Big Beautiful Bill, whether it’s the biggest tax cut in American history or no tax on tips, all those types of things. So, I think we can walk and chew gum. But, what we could do most to help the people of America is get President Trump’s nominations confirmed so they can execute his agenda.”
    On Democrats battling each other on bipartisan bills:
    “First of all, the one thing I learned politically up here is when your opponent is forming a circular firing squad, don’t hop in the middle of them. So, I think we need to give them all the rope we can on this. This kind of takes us back to what I was talking about earlier. The far left of the Democrat Party is the tail wagging the dog. Here’s Cory Booker running for president, right? He’s trying to reach that primary base, saying he’s the most radical, progressive person up here. That’s what he’s doing right there. And again, this is a party that won’t stop digging. They’re in this hole. They have no respect for law and order. They he just keep digging and digging. These bills that she’s proposing are bipartisan, stronger law and order support the police. He’s out there still shouting like this mayor candidate from New York that wants to defund the police. So, I think this is all political. They’re more interested in running for president, Cory Booker is. Then here, you have Amy Klobuchar, who’s one of the most moderate Democrats, level-headed people up here. And to be honest, it’s just been a joy to get to know and work with her. We’re in bipartisan prayer breakfast together. It’s something you’ll never see, but she gave just an incredible lesson to us today about life in our bipartisan prayer breakfast.”

    MIL OSI USA News –

  • MIL-OSI: HERE and EROAD Deepen Collaboration to Transform Trucking in Australia and New Zealand

    Source: GlobeNewswire (MIL-OSI)

    • EROAD to launch first-ever vehicle-aware navigation application in Oceania, powered by HERE’s advanced platform and vehicle-specific data.
    • Partnership addresses critical challenges in the freight sector, including safety, productivity and compliance.

    Australia – HERE Technologies, a global leader in digital mapping and location data, is expanding its collaboration with EROAD, a leading provider of fleet management and telematics solutions, to power EROAD’s first vehicle-aware navigation application for Oceania. The solution will be available in Australia and New Zealand and is designed to enhance driver safety, fleet efficiency and regulatory compliance. The new solution will be built on the HERE platform, leveraging advanced routing services and truck-specific data. 

    This deepened partnership reflects both companies’ shared commitment to delivering innovative transport solutions tailored to the needs of commercial vehicle and fleet operators globally. By combining HERE’s location intelligence with EROAD’s operational expertise, the partnership aims to improve delivery accuracy, simplify route planning, and elevate the day-to-day experience for both drivers and fleet managers.

    Built for Fleets, Designed for Drivers

    EROAD’s new vehicle-aware navigation application draws on key capabilities from HERE WeGo Pro, a mobile-first, professional-grade application that transforms centrally planned routes into real-time, turn-by-turn guidance. Designed specifically for commercial fleets, the new solution offers:

    • Truck-specific routing that considers vehicle dimensions, cargo type and road restrictions.
    • Real-time traffic updates are refreshed every five minutes across the entire road network.
    • Multi-stop tour planning and predictive ETAs for SLA-compliant deliveries.
    • Offline functionality for uninterrupted service in remote areas.
    • Driver-centric design that reduces stress and supports retention.

    “Our partnership with EROAD is critical in shaping the future of truck-specific navigation in the region,” said Deon Newman, Senior Vice President and General Manager for Asia Pacific at HERE Technologies. “With the HERE platform at its core, the vehicle-aware navigation application enables fleets to gain real-time insights, optimised truck routes, and critical alerts to prevent incidents like bridge strikes. It also helps operators remain compliant with road regulations, avoid costly fines and reduce operational risks. This level of intelligent navigation empowers fleets to operate more efficiently while enhancing safety and elevating the driver experience.”

    Growing Demand in Oceania for Smarter, Connected Vehicle Technologies

    The launch comes at a critical time for Australia and New Zealand’s transport and logistics sector. According to a recent report by ResearchAndMarkets.com, the installed base of fleet management systems in ANZ is projected to reach 2.7 million units by 20281, reflecting the growing demand for smarter, more connected vehicle technologies.

    Meanwhile, the industry faces mounting pressure from a looming driver shortage. A report by The International Road Transport Union highlights that 47% of Australia’s truck drivers are over the age of 55, with more than 21% expected to retire by 20292. The country is already short nearly 28,000 heavy vehicle drivers, underscoring the urgent need for tools that can support both new and experienced drivers on the road.

    “Oceania’s transport and logistics sector is under immense pressure – from driver shortages to rising delivery demands and increasingly complex compliance requirements,” said Mark Davidson, Chief Product Officer at EROAD. “With our expanded partnership with HERE, we’re equipping our customers with a solution that not only helps them navigate these challenges, but also positions them to operate more safely, efficiently, and competitively in a rapidly evolving market.”

    To learn more about HERE’s truck-optimised navigation capabilities, visit https://www.here.com/products/wego-pro

    Media Contacts 

    EROAD
    Rich Llewellyn
    027 523 2362
    richard@shanahan.nz

    HERE Technologies
    Vanessa Lee
    +65 9188 6199
    Vanessa.lee@here.com

    About EROAD

    EROAD (NZX/ASX: ERD) is a hardware-enabled SaaS company delivering safety, compliance, sustainability and efficiency solutions for complex fleets.
    Its connected platform is used by commercial and government operators across New Zealand, Australia and North America to manage vehicles, assets and drivers with greater visibility and control. EROAD supports demanding, highly regulated fleet operations, including those moving food, concrete and aggregates, enabling them to operate smarter, safer and more sustainably. EROAD’s platform is built on a foundation of regulatory expertise, having delivered the world’s first GPS-based road user charging system in New Zealand, where it remains the market leader today.

    About HERE Technologies
    HERE has been a pioneer in mapping and location technology for 40 years. Today, HERE’s location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. From autonomous driving and seamless logistics to new mobility experiences, HERE allows its partners and customers to innovate while retaining control over their data and safeguarding privacy. Find out how HERE is moving the world forward at here.com.

    1Fleet Management in Australia and New Zealand – 9th Edition
    2Global Truck Driver Shortage Report 2024

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    The MIL Network –

  • MIL-OSI: Optus partners with Nokia to strengthen reliability of Voice with cloud-native solution supporting the deployment of new 5G enhanced voice services

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Optus partners with Nokia to strengthen reliability of Voice with cloud-native solution supporting the deployment of new 5G enhanced voice services

    • Optus to utilize Nokia’s cloud-native Cloud Native Communication Suite (CNCS) to drive the deployment of new highly resilient 5G voice services and streamline network activities, enhanced automation and reduced manual interventions.
    • CNCS will be deployed on the Red Hat OpenShift.
    • Deal swaps out competitor and is the latest Nokia Core win in the Oceania region.

    31 July 2025
    Espoo, Finland – Optus, the second largest operator in Australia, is extending its existing partnership with Nokia and has contracted the company to refresh its Voice Platform (IP Multimedia Subsystem – IMS) and deliver highly resilient cloud-native voice services. Voice is an important service for Australia, and with this new platform Optus will deliver highly reliable and efficient 5G voice services to over 10 million customers.

    Nokia’s IMS platform (Cloud Native Communication Suite – CNCS) is cloud native, operationally efficient and has lower energy consumption, making it the right platform for addressing the needs of Australian consumers.

    “Reliability is the cornerstone of Optus’ Network strategy, and Voice is one of the most critical services provided by Optus. Nokia CNCS provides us with a new and highly flexible pathway that will allow us to improve network resiliency, security and enhance the subscriber experience with better and faster time-to-market services, through both on-premise and cloud deployment that assists in better quality and customer experience through a matrix of intelligent automation tools,” said Tony Baird, Chief Technology Officer at Optus.

    The containerized CNCS will be run on Red Hat OpenShift, the leading hybrid cloud application platform powered by Kubernetes, which is also Optus’ preferred CaaS provider.

    “We are pleased to further expand our Optus collaboration with Nokia’s cloud-native CNCS architecture and accelerate the delivery of new 5G services in multi-cloud environments with intelligent automation and intent-based operations. By simplifying network complexity, CNCS allows operators to respond faster to customer needs and deliver a superior, frictionless experience,” said Raghav Sahgal, President of Cloud and Network Services at Nokia. 

    The Nokia Core Network portfolio is fully cloud native which makes it much easier for operators to run their full 4G/5G Core in cloud-native network functions.

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network –

  • MIL-OSI Australia: Government releases important review into the Over-Representation of First Nations People in the ACT Criminal Justice System

    Source: Northern Territory Police and Fire Services

    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 30/07/2025 – Joint media release

    The ACT Government has today released the Jumbunna Institute’s final report of its Independent Review into the Over-Representation of First Nations People in the ACT Criminal Justice System.

    This comprehensive report was commissioned by the ACT Government to help address this significant issue in our community.

    The ACT Government thanks the Jumbunna Institute for this extensive and comprehensive report.

    The review contains 99 recommendations that span across the spectrum of ACT Government, including corrective services, community supports, policing, courts and sentencing, the administration of bail, youth justice, child protection, and education.

    The recommendations range across numerous themes including the need to address systemic racism, improved access to data, increased First Nations involvement in governance structures, and increased accountability.

    It has also identified the need to build on and expand important government programs and services that already exist in youth justice, child protection, the Galambany Court, bail support, post-release support and detainee programs.

    The ACT Government remains committed to reducing the over-representation of Aboriginal and Torres Strait Islander people in our justice system.

    As this review shows, this is a complex challenge that will require a whole-of-government and community approach.

    Given the large number of recommendations, we will now consider the review thoroughly before providing an interim response in September.

    In developing this report, the Jumbunna Institute undertook extensive consultation with Aboriginal and Torres Strait Islander community members and organisations, as well as non-Aboriginal organisations with First Nations programs and staff.

    Key ACT Government stakeholders were also included in the consultation process, including ACT Policing, ACT Corrective Services, ACT Courts and Tribunal and the Education Directorate.

    There is a significant amount of evidence contained in the Final Report of Aboriginal and Torres Strait Islander people’s lived experience and history. The ACT Government acknowledges the courage of those sharing their perspectives and experiences and is committed to hearing and responding to their contributions.

    Quotes attributable to Attorney-General Tara Cheyne:

    “This review provides an honest and critical assessment of how our justice system affects Aboriginal and Torres Strait Islander people. It reinforces the need to ensure that our laws, institutions and processes deliver justice fairly and equitably for everyone.

    “As Attorney-General, I take seriously the responsibility to lead reforms that uphold human rights, build public trust, and ensure better outcomes for First Nations people. I recognise this report lays bare that for change to occur, the recommendations need to be considered in totality and through their interconnectedness, and all parts and levels of Government need to share a commitment to achieving better outcomes. We will consider the recommendations in full and work closely with community and across government to deliver meaningful change.”

    Quotes attributable to Minister for Aboriginal and Torres Strait Islander Affairs, Suzanne Orr:

    “The over representation of Aboriginal and Torres Strait Islander people within the justice system is one of the starkest examples of where our systems and institutions are failing.

    “While other states and territories may be walking back their commitments for justice reform this report is the start of the ACT walking with community to do much much more.”

    Quotes attributable to Minister for Education, Yvette Berry:

    “This report highlights the need for our education system to be a safe and supportive space for all students, and to ensure that Aboriginal and Torres Strait Islander students can thrive.

    “We are committed to embedding cultural safety, inclusive practices, and trauma-informed responses in our schools. Education must play a leading role in breaking cycles of disadvantage and ensuring every young person is supported to succeed.”

    Quotes attributable to Minister for Corrections and Minister for Police, Fire and Emergency Services, Marisa Paterson:

    “The over-representation of Aboriginal and Torres Strait Islander people in our justice system is unacceptable and must change. This report is an important reminder of work still to be done.”

    “ACT Corrective Services has already begun work to improve outcomes, but this review provides a valuable and necessary roadmap for deeper reform. I am committed to ensuring our correctional system is safe, culturally appropriate, and genuinely rehabilitative.”

    Quotes attributable to Minister for Children, Youth and Families, Michael Pettersson:

    “This report reinforces the urgent need to reduce the over-representation of Aboriginal and Torres Strait Islander young people in the justice system.

    “We are committed to supporting initiatives to divert young people away from the system and providing a trauma informed and culturally safe response.”

    Quotes attributable to Chris Cunneen, Professor of Criminology at the Jumbunna Institute for Indigenous Education and Research, University of Technology Sydney

    “Jumbunna has provided the ACT Government with a comprehensive blueprint for tackling the problem of First Nations over-representation in the criminal legal system.

    “Our report has practical recommendations for reform related to a range of matters involving child protection, youth justice, policing, bail, sentencing, the AMC and post-release support.

    “The report also has proposals aimed at more structural issues including addressing systemic racism and improving processes for First Nations decision-making and government accountability.

    “We particularly acknowledge the wide support and participation we received from the Aboriginal and Torres Strait Islander community in the ACT.”

    – Statement ends –

    Tara Cheyne, MLA | Suzanne Orr, MLA | Yvette Berry, MLA | Marisa Paterson, MLA | Michael Pettersson, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News –

  • MIL-OSI New Zealand: Pharmac makes annual tender decisions

    Source: New Zealand Government

    Associate Education Minister David Seymour welcomes Pharmac’s decision to reduce the cost of some funded medicines to free up money for new medicines.

    “For many New Zealanders, funding for pharmaceuticals is life or death, or the difference between a life of pain and suffering or living freely,” Mr Seymour says.  

    “The annual tender helps us manage how much New Zealand spends on medicines by reducing the cost of those we already fund. This frees up money to fund new medicines.

    Annual tender changes allow Pharmac to free up between $30 million and $50 million annually. 

    “Each year, Pharmac invites suppliers to bid to be the main supplier of medicines that are no longer under patent,” Mr Seymour says.

    “Medicine patents typically last for 20 years from the date of filing. Once a patent expires the doors are opened to generic competition. Other manufacturers can apply to produce and sell products containing the previously patented active ingredient. Generic market competition drives the price of medicines down significantly. 

    “Where practicable, and once relevant groups are consulted on, Pharmac might change from some original brand-name product to generic alternatives. 

    “My expectation is that Pharmac should have good processes to ensure that people with an illness, their carers and family, can provide input to decision-making processes. This is part of the ACT-National Coalition Agreement. 

    “People should have the opportunity to share what the impact of brand changes would be for them, and what support would be required if there was a change to their current medicine. I expect all key groups to be involved in changes to funded medicine brands through the annual tender. 

    “Pharmac received significant feedback at the end of last year about a decision to move to Estradiol TDP Mylan as the only funded brand of oestradiol patch. The community let Pharmac know that they weren’t consulted enough on the original decision. 

    “Pharmac has learnt from this. They added an additional consultation step to the annual tender process to seek feedback when considering a medicine brand change. This patient-centric approach was taken in today’s decisions. 

    “Pharmac asked for feedback from people who use the medicines in the list below, as well as from healthcare professionals and advocacy groups. The feedback has helped Pharmac shape its decisions.

    “The decisions to add an additional consultation step on the annual tender process follows the appointment of Natalie McMurtry as the incoming Chief Executive, appointing a Consumer Working Group, publishing the Pharmac Consumer Engagement Workshop Report, and my letters of expectations, as positive steps towards a system which works for the people who rely on it.”

    Information onthe annual tender process can be found here: https://www.pharmac.govt.nz/news-and-resources/consultations-and-decisions/31-july-tender-notification

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Woman on assault police charge, dangerous dog seized

    Source: New South Wales Community and Justice

    Woman on assault police charge, dangerous dog seized

    Thursday, 31 July 2025 – 9:09 am.

    A 57-year-old woman has been charged with assaulting police, and a dangerous dog seized, after an incident in East Devonport on Wednesday.
    The North-West woman was remanded in custody overnight and is scheduled to appear in the Devonport Magistrates Court today.
    She is facing charges of assaulting police, abusing and threatening police, and being the owner of a dog that attacks a person.
    The charges stem from an incident at Melrose Street, East Devonport, on Wednesday afternoon.
    Police had been called to assist Devonport Council and North West Animal Control Services issue a warrant to seize an American pit bull, a dog that had been identified as being dangerous.
    Police will allege the woman refused to surrender the dog and that she threatened and verbally abused officers during the issuing of the warrant.
    Tasmania Police specialist resources were deployed and negotiations with the woman continued for several hours.
    During this time, the unrestrained dog was released by the woman and the animal ran off.
    The woman is then alleged to have assaulted police officers before being arrested without further incident and taken into custody.
    The dog was subsequently located and safely seized by police in collaboration with Animal Control Services. Police drone resources were used to help locate the dog.
    Tasmania Police would like to thank members of the public for their assistance in reporting sightings of the dog, which played a key role in its safe recovery.

    MIL OSI News –