Category: Business

MIL-OSI Europe: ECB to adapt collateral framework to address climate-related transition risks
Source: European Central Bank

29 July 2025
- Climate factor to protect Eurosystem against potential decline in value of collateral in event of adverse climate-related transition shocks
- Measure to address forward-looking climate-related uncertainties, enhancing resilience of Eurosystem’s monetary policy implementation
- Measure to apply to marketable assets issued by non-financial corporations, taking effect in second half of 2026
The Governing Council of the European Central Bank (ECB) has decided to introduce a new measure within the collateral framework to better manage financial risks related to the climate crisis.

The value of collateral from counterparties in the Eurosystem’s refinancing operations is sensitive to climate change-related uncertainties. Since the Eurosystem’s refinancing operations are a key instrument in maintaining price stability, the Governing Council has decided to introduce a “climate factor” which could reduce the value assigned to eligible assets pledged as collateral, depending on the extent to which an asset can be impacted by these uncertainties. This acts as a buffer against the possible financial impact of uncertainties related to climate change. It will complement the Eurosystem’s existing risk management toolbox by considering forward-looking climate scenario analyses and therefore improve the resilience of the Eurosystem’s monetary policy implementation. The calibration of the measure will preserve adequate collateral availability.

The Governing Council has decided to introduce the climate factor focusing on marketable assets issued by non-financial corporations as well as their affiliated entities, and adverse events specifically associated with the green transition. The climate factor will apply to individual assets and its calibration will take into account sector-level data of non-financial corporation bonds in the 2024 climate stress test of the Eurosystem’s balance sheet^[1], the issuer’s CSPP climate score and the asset’s residual maturity.

This measure is due to be implemented in the second half of 2026. It will be regularly reviewed by the Governing Council to reflect the increasing availability of data and models, as well as relevant regulatory developments and advances in risk assessment capabilities.

For media queries, please contact Clara Martín Marqués, tel.: +49 69 1344 17919.
MIL OSI Europe News –
July 30, 2025
MIL-OSI: xSuite Group Receives Great Place to Work Certification
Source: GlobeNewswire (MIL-OSI)

Press Release xSuite

Recognition confirms the software company’s commitment to creating an exceptional workplace culture

Ahrensburg/Germany, July 29, 2025 – xSuite Group, a global software provider specializing in automated business processes, has officially been recognized as a “Great Place to Work®.” The certification is awarded by the international research and consulting institute of the same name and is based on a validated process that assesses a company’s workplace culture.

To earn the certification, xSuite underwent a thorough review process that included anonymous feedback from employees and an evaluation of its HR practices and programs. The company, which provides innovative SaaS and software solutions—especially in the area of invoice processing within SAP—places strong emphasis on both customer-centric development and the personal and professional growth of its global team.

“We’re incredibly proud of this recognition—especially because it reflects the positive feedback of our employees both in Germany and abroad,” said Haiko van Lengen, CEO of xSuite Group. “It’s a testament to the strong team spirit that defines our company culture every single day.”

The survey results speak for themselves:
- 83% of employees rate xSuite as a “great place to work”
- 96% feel they have the resources and tools needed to succeed
- 92% of new hires report feeling welcomed
- 94% agree that their managers trust them to do a good job without micromanagement
“Expertise and experience form the foundation of our success,” van Lengen continued. “We strive to grow continuously as a team and to adopt the latest technologies so we can deliver innovative solutions to our customers. We’re particularly proud of our work in artificial intelligence and our ongoing efforts to remain at the forefront of SAP-related innovation.”

Evelyn Funke, Global Vice President of Human Resources, added: “At xSuite, every single employee plays a vital role in our success—whether through writing code or delivering customer solutions. We take responsibility for our clients’ business processes and the quality of our products. While the company is on a strong growth trajectory, we remain committed to maintaining a family-like atmosphere that encourages creativity and open collaboration. Our informal culture fosters a sense of belonging, allowing everyone to be themselves while contributing meaningfully to the larger mission.”

About Great Place to Work®

Great Place to Work® is a global authority on workplace culture, helping organizations develop strong employer brands and gain a competitive edge. Certification is based on a representative and anonymous employee survey and a cultural audit of the organization. The institute surveys over 20 million employees each year across 18,000 companies in 170 countries. The German branch, founded in 2002 and headquartered in Cologne, employs around 100 staff members. It was launched at the initiative of the European Commission as part of the Lisbon Strategy to provide a credible tool for promoting and recognizing effective workplace cultures. www.greatplacetowork.com/.

About xSuite Group

xSuite is a software manufacturer of applications for document-based processes and provides standardized, digital solutions worldwide that enable simple, secure, and fast work. We focus mainly on the automation of important work processes in conjunction with end-to-end document management. Our core competence lies in accounts payable (AP) automation in SAP (including
e-invoicing), for leading companies worldwide, as well as for public clients.

This is supplemented by applications for purchasing and order processes as well as archiving – all delivered from a single source, including both software components and services. xSuite solutions operate in the cloud or in hybrid scenarios.

We take pride in the high-quality solutions we offer, as evidenced by the regular certifications we receive for our SAP solutions and deployment environments.” With over 300,000 users benefitting from our solutions, xSuite processes more than 80 million documents per year in over 60 countries.

Founded in 1994 and headquartered in Ahrensburg, Germany, xSuite has around 300 staff across nine locations worldwide – in Europe, Asia, and the United States. Our company has an established information security management system that is certified in accordance with ISO 27001:2022.

Press Contact Headquarters:
Barbara Wirtz
xSuite Group GmbH
Marketing & PR
Tel. +49 (0)4102/88 38 36
barbara.wirtz@xsuite.com
www.xsuite.com

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The MIL Network –
July 30, 2025
MIL-OSI: Aurora Mobile Unveils New Multi-Agent Collaboration Capabilities for GPTBots.ai at WAIC 2025

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, July 29, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced the official launch of new Multi-Agent collaboration capabilities within its GPTBots.ai platform at the 2025 World Artificial Intelligence Conference (WAIC 2025) in Shanghai. The new functionality is designed to help enterprises flexibly build customized AI agents and overcome key challenges in AI implementation, such as data silos, rigid workflows, and lack of controllability. Aurora Mobile demonstrated practical use cases at WAIC 2025, including real estate sales and financial analysis, sparking strong interest from enterprises across industries including finance, e-commerce, and smart manufacturing.

GPTBots.ai’s Multi-Agent Capabilities Address Core AI Implementation Challenges

At the “AI for Business Applications” forum of WAIC 2025, Vice President of Aurora Mobile, Mr. Hao Yin, delivered a keynote speech addressing three critical pain points in traditional multi-agent solutions:

Data Silos: Closed architectures that cannot access core enterprise databases or business systems

Rigid Workflows: Predefined roles that fail to adapt to dynamic business needs

Lack of controllability: Opaque execution processes and non-customizable outputs

“GPTBots.ai is not a standardized black box, but an AI operations hub and command center for enterprises,” Mr. Yin emphasized. “We offer a scalable AI agent framework, similar to an orchestrated team of AI agents, flexible and scalable, to meet evolving business needs. This Multi-Agent collaboration model has already proven valuable in several core use cases, including intelligent marketing, competitive analysis & research reporting, and financial process automation.”

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –

July 30, 2025
MIL-OSI United Kingdom: The city of Birmingham is to pay its final respects to one of its most cherished cultural icons Ozzy Osbourne as his cortege and family visit Broad Street in the city that he loved
Source: City of Birmingham

Published: Tuesday, 29th July 2025

The hearse and accompanying vehicles will slowly make their way down Broad Street from 1pm to the Black Sabbath bridge and bench.
The hearse and accompanying vehicles will slowly make their way down Broad Street from 1pm to the Black Sabbath bridge and bench, where thousands of fans have left heartfelt messages and floral tributes in recent days. The cortege will be accompanied by a live brass band performance by local musicians from Bostin’ Brass, bringing a final musical moment to honour the extraordinary life and legacy of Ozzy Osbourne.

The event is expected to draw large crowds as fans gather to say goodbye to the man who helped shape the global heavy metal genre and who proudly carried the spirit of Birmingham throughout his career, whilst allowing his family a chance to see the many memories his loyal fans have left alongside flowers and tributes.

Ozzy and his fellow Black Sabbath band members were recently given the Freedom of the City on 28th June 2025.

The Lord Mayor of Birmingham, Councillor Zafar Iqbal MBE, JP, said: “Ozzy was more than a music legend – he was a son of Birmingham. Having recently been awarded the Freedom of the City and following his celebrated appearance at the Back to the Beginning concert at Villa Park earlier this month, it was important to the city that we support a fitting, dignified tribute ahead of a private family funeral. We know how much this moment will mean to his fans. We’re proud to host it here with his loving family in the place where it all began, and we are grateful that they have generously offered to pay to enable this to happen and support the city is giving him the farewell he deserves.”

Birmingham City Council has worked at pace with its partners over the weekend to coordinate a respectful and safe public event in collaboration with the Osbourne family, who have kindly funded all of the associated costs. The Council would also like to thank businesses and residents in the Broad Street and wider city centre area for their co-operation, alongside support from West Midlands Metro and West Midlands Police, during this important time for the safety of gathered fans.

Public Information

The cortege will travel down Broad Street from approximately 1pm towards the Black Sabbath Bridge.

Broad Street will be closed to through traffic from 7am and buses and trams will be diverted during this time. Local access will be managed where possible but can not be guaranteed. Broad Street will re-open as soon as possible after the event.

Stewards will be on hand, and visitors are encouraged to arrive early, use public transport, and follow safety guidance on site.

For those not able to make the occasion, the live stream of the Black Sabbath bench will continue to operate and is accessible online.
Useful links
MIL OSI United Kingdom –
July 30, 2025
MIL-OSI Russia: Entrepreneurs are invited to the fourth stream of the “Path to IPO” program

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

An important disclaimer is at the bottom of this article.

Moscow Innovation Cluster with the support of Moscow Venture Fund opened recruitment for the fourth stream of the program “The Path to IPO”. Legal entities and individual entrepreneurs registered on the i.moscow platform can apply for participation. Applications are open until September 21. link. Training will begin in October of this year.

“The Path to IPO program is not just an educational course. It is a real chance for companies to enter the public market with comprehensive support from the city – from knowledge and mentoring to targeted financing,” she said.

Kristina Kostroma, Head of the Department of Entrepreneurship and Innovative Development of the City of Moscow.

The Path to IPO program helps technology companies prepare for listing on the stock market, from training to raising funding. The fourth stream is being merged with the preferential targeted loans program. Moscow Venture Fundto enter the stock market. This will make it easier for participants to implement an IPO, pre-IPO or bond issue strategy.

What awaits program participants

The program consists of two training modules. At the theoretical stage, participants have access to online lectures by experts, as well as auxiliary materials, checklists and document templates. Students will learn about the requirements, procedures and regulatory aspects of the placement of securities.

As part of the practical module, representatives of the exchange, organizing banks and other experts share their experience of entering the public market. Together with mentors, participants will formulate strategies for bringing their companies to the securities market. The best projects will be able to receive a targeted loan of up to 100 million rubles from the Moscow Venture Fund. This will cover the costs of future issuers to prepare for the placement, including the development and registration of issue documents, consulting services, etc.

From training to implementation

The Moscow Innovation Cluster launched the program in June 2024 and managed to train three streams, in which more than 120 representatives of Moscow companies took part. In total, more than 320 applications were received. As a result of the training, to date, two companies have entered pre-IPO, one company has issued bonds, five are planning to enter pre-IPO within a year, and four are planning to enter IPO within two years.

The third stream of the “Path to IPO” program ended in early July this year. During the training, it was possible to compile a profile of the program participant. These are startup founders, business owners or top managers who are looking for investments for projects in the amount of 300 to 500 million rubles. Most companies are engaged in software development and scientific research. The preferred tool for attracting funds is the pre-IPO round.

Among the successful cases is the engineering company Reinnolts, which placed bonds on the Moscow Exchange during its last cohort of students. The company has been operating since 2012 and specializes in the production of heat exchange equipment and water treatment solutions.

Moscow Innovation Cluster promotes the creation of conditions for the development and implementation of new technologies, ensuring scientific, technical and industrial cooperation, and effective interaction between all participants in the ecosystem. The cluster includes organizations from Moscow and 86 other regions of Russia. On the Moscow Innovation Cluster platform, innovators are offered more than 50 digital services that help develop and implement products, attract investment, find partners and scale up a business. The project is supervised by the capital’s Department of Entrepreneurship and Innovative Development.

Moscow Venture Fund — an institute for innovative development. The fund supports entrepreneurs at all stages of development — from the initial seed stage to the active growth stage, providing the necessary financial resources for successful development. Three main support programs are currently being implemented: grants, preferential loans for project development, and targeted loans for preparation for an IPO. Over the course of its operation, the fund has supported more than 100 companies in the amount of 1.3 billion rubles and helped attract more than 3.5 billion in investments.

The Department implements three regional projects that are part of the national project “Small and Medium Entrepreneurship and Support for Individual Entrepreneurial Initiatives”. These are “Acceleration of Small and Medium Entrepreneurship Entities”, “Creating Favorable Conditions for Self-Employed Citizens to Carry Out Activities” and “Creating Conditions for an Easy Start and Comfortable Running of a Business”, as well as the regional project “Systemic Measures for the Development of International Cooperation and Export”, which is part of the national project “International Cooperation and Export”.

Get the latest news quickly official telegram channel the city of Moscow.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI United Nations: UN agencies warn key food and nutrition indicators exceed famine thresholds in Gaza

Source: World Food Programme

Photo: WFP/Ali Jadallah Family displaced multiple times from Jabalia living in a tent and facing very difficult living conditions.

Photo credit

NEW YORK/ROME – Gaza faces the grave risk of famine as food consumption and nutrition indicators have reached their worst levels since the conflict began, according to data shared in the latest Integrated Food Security Phase Classification (IPC) Alert.

The IPC Alert highlights that two out of the three famine thresholds have now been breached in parts of the territory, with the United Nations World Food Programme (WFP) and UNICEF warning that time is running out to mount a full-scale humanitarian response.

Relentless conflict, the collapse of essential services, and severe limitations on the delivery and distribution of humanitarian assistance imposed on the UN have led to catastrophic food security conditions for hundreds of thousands of people across the Gaza Strip.

Food consumption – the first core famine indicator – has plummeted in Gaza since the last IPC Update in May 2025. Data shows that more than one in three people (39 per cent) are now going days at a time without eating. More than 500,000 people – nearly a quarter of Gaza’s population – are enduring famine-like conditions, while the remaining population is facing emergency levels of hunger.

Acute malnutrition – the second core famine indicator – inside Gaza has risen at an unprecedented rate. In Gaza City, malnutrition levels among children under five have quadrupled in two months, reaching 16.5 per cent. This signals a critical deterioration in nutritional status and a sharp rise in the risk of death from hunger and malnutrition.

Acute malnutrition and reports of starvation-related deaths – the third core famine indicator – are increasingly common but collecting robust data under current circumstances in Gaza remains very difficult as health systems, already decimated by nearly three years of conflict, are collapsing.

“The unbearable suffering of the people of Gaza is already clear for the world to see. Waiting for official confirmation of famine to provide life-saving food aid they desperately need is unconscionable,” said Cindy McCain, WFP Executive Director. “We need to flood Gaza with large-scale food aid, immediately and without obstruction, and keep it flowing each and every day to prevent mass starvation. People are already dying of malnutrition and the longer we wait to act, the higher the death toll will rise.”

As of July 2025, over 320,000 children, the entire population under five in the Gaza Strip, are at risk of acute malnutrition, with thousands suffering from severe acute malnutrition, the deadliest form of undernutrition. Essential nutrition services have collapsed with infants lacking access to safe water, breastmilk substitutes, and therapeutic feeding.

In June, 6,500 children were admitted for treatment for malnutrition, the highest number since the conflict began. July is tracking even higher, with 5,000 children admitted in just the first two weeks. With fewer than 15 percent of essential nutrition treatment services currently functional, the risk of malnutrition-related deaths among infants and young children is higher than ever before.

“Emaciated children and babies are dying from malnutrition in Gaza,” said UNICEF Executive Director Catherine Russell. “We need immediate, safe and unhindered humanitarian access across Gaza to scale up the delivery of life-saving food, nutrition, water and medicine. Without that, mothers and fathers will continue to face a parent’s worst nightmare, powerless to save a starving child from a condition we are able to prevent.”

Despite a partial reopening of crossings, humanitarian aid entering Gaza is barely a trickle of what a population of over two million people needs every month. Just to cover basic humanitarian food and nutrition assistance needs in Gaza, more than 62,000 tons of life-saving aid is required every month. Restarting commercial food imports are also critical to provide dietary diversity with fresh fruits, vegetables, dairy products, and proteins such as meat and fish.

Additionally, the lack of fuel, water and other vital aid continues to undermine efforts to prevent famine and deaths among children.

The agencies welcome the recent new commitments to improve the operating conditions for humanitarian organizations, including the implementation of humanitarian pauses and hope these measures will allow for a surge in urgently needed food and nutrition assistance to reach hungry people without further delays.

The UN agencies also reiterate their urgent calls for:

• An immediate and sustained ceasefire, to stop the killing, allow for the safe release of hostages and further enable lifesaving humanitarian operations.

• Sustained safe and unimpeded humanitarian access, for the mass influx of assistance via all available crossings, and to deliver food, nutrition supplies, critical water, fuel, and medical assistance to families in need across Gaza.

• Urgent need to get commercial traffic flowing into Gaza by reviving commercial supply chains to restore local markets. The protection of civilians and aid workers, alongside the restoration of essential services, in particular health, water and sewage infrastructures.

•  Investment in the recovery of local food systems, including the revitalization of bakeries, markets and rehabilitation of agriculture.

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Notes for editors:

Access the IPC alert here.

*The Integrated Food Security Phase Classification (IPC) is an innovative multi-partner initiative for improving food security and nutrition analysis and decision-making. By using the IPC classification and analytical approach, Governments, UN Agencies, NGOs, civil society and other relevant actors, work together to determine the severity and magnitude of acute and chronic food insecurity, and acute malnutrition situations in a country, according to internationally-recognised scientific standards. Find out more here

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The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

UNICEF, the United Nations agency for children, works to protect the rights of every child, everywhere, especially the most disadvantaged children and in the toughest places to reach. Across more than 190 countries and territories, we do whatever it takes to help children survive, thrive, and fulfil their potential.

Follow us on X, formerly Twitter, via @wfp_media @unicefmedia

MIL OSI United Nations News –

July 30, 2025
MIL-OSI Africa: The United Arab Emirates (UAE), Democratic Republic of Congo (DRC) Deepen Mining Investment Cooperation ahead of African Mining Week (AMW) 2025

Source: APO

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Mining and investment cooperation between the United Arab Emirates (UAE) and the Democratic Republic of Congo (DRC) intensified in 2025 with the signing of several agreements. As the world’s leading cobalt producer – responsible for over 70% of global output -, a leading tin producer and Africa’s top copper producer, the DRC’s mining value chain is presenting increasingly attractive and strategic investment opportunities for UAE investors.

As the DRC seeks to leverage UAE investments to unlock its $24 trillion-worth of mineral potential, the upcoming African Mining Week (AMW) 2025 will serve as a vital platform for strengthening UAE-DRC partnerships. The event will feature a dedicated Middle East-Africa Roundtable, featuring high-level panel discussions and project showcases, providing UAE investors the opportunity to connect with DRC policymakers and mining stakeholders.

With growing global demand for energy transition and fourth industrial revolution minerals, the UAE is actively expanding its footprint in the DRC to secure mineral supply chains.

UAE Investments in DRC Mining

Congolese mining company Buenassa partnered with UAE-based NG9 Holding to develop the DRC’s first integrated copper-cobalt refinery in mid-July. The facility is set to produce 30,000 tons of copper cathodes and 5,000 tons of cobalt sulphate annually, supporting the DRC’s push for local beneficiation and value addition in its mining sector.

In June 2025, Abu Dhabi’s International Resources Holding (IRH) announced a $366 million acquisition of a majority stake in mining firm Alphamin Resources. The deal provides IRH with access to the DRC’s Bisie Tin Complex – one of the world’s largest and highest-grade tin deposits, responsible for 6% of global supply. IRH’s investment in the project is expected to reinforce the DRC’s role in the global tin market, with demand projected to grow by 20% by 2035. At AMW, a panel titled Cobalt Opportunity: DRC’s Strategic Position in the EV Revolution, will connect UAE investors with opportunities in the DRC’s expanding critical mineral sector.

Beyond mining, UAE investments are also bolstering the DRC’s energy infrastructure. NG9 Holding also signed a deal with Congolese energy company Kipay Energy to develop a 46 MW hydropower facility in Haut-Katanga, which will contribute to a total of 166 MW of electricity – helping to secure stable power supply for mining operations in the region. As UAE interest in the DRC’s mining and energy sectors continues to grow, AMW will catalyze new partnerships, investments and deal signings that will further integrate the two nations’ strategic interests in mineral development.

Distributed by APO Group on behalf of Energy Capital & Power.

About African Mining Week:
African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

MIL OSI Africa –

July 30, 2025
MIL-OSI China: Xinjiang audiences’ discerning appreciation ignites ballet exchanges

Source: People’s Republic of China – State Council News

Feng Ying, director of the National Ballet of China, during an interview at the Urumqi Grand Theatre, Xinjiang, July 28, 2025. [Photo by Yang Chuanli/China.org.cn]

During an interview at the 7th China Xinjiang International Dance Festival on July 28, Feng Ying, director of the National Ballet of China (NBC), stated: “The Xinjiang International Dance Festival is a platform we are familiar with and feel close to. Every time we come here, we can feel the audience’s enthusiasm for art.”

As an old friend of the dance festival, this is the third time that the NBC has appeared on this stage. This time, the NBC not only brought the original ballet “A Dream of Red Mansions,” which showcases the charm of the classic Chinese novel, but also performed “La Bayadère,” known as the touchstone of classical ballet. In the form of dialogue between Eastern and Western arts, it presented the diverse styles of ballet art to audiences in Xinjiang.

Performers from the National Ballet of China on stage in “A Dream of Red Mansions.” [Photo provided to China.org.cn]

Feng Ying admitted that the enthusiastic response to the performance exceeded their expectations: “The popularity of ‘A Dream of Red Mansions’ in Xinjiang is touching. The audience’s applause always falls precisely on the key plot points. This deep understanding and love have greatly encouraged us.”

Since first setting foot in Xinjiang in the 1970s, the NBC’s artistic connection with the region has lasted more than half a century. The performers not only feel the strong passion for singing and dancing among Xinjiang audiences, but also draw inspiration from exchanges with local art troupes. “The interaction with the Muqam Art Troupe of Xinjiang Art Theater has brought new inspiration to our creation, and cultural and art collision is of great value,” she said.

Performers from the National Ballet of China on stage in “La Bayadère.” [Photo provided to China.org.cn]

The ballet “La Bayadère” brought this time is a sincere work by the NBC to pay tribute to the world’s ballet tradition. This classic work, created by Marius Petipa, the “father of classical ballet,” is set in ancient India and tells the tragic story of love, honesty and freedom between the temple dancer (bayadère) Nikia and the warrior Solor. Feng Ying explained: “The charm of ‘La Bayadère’ lies in its concise narrative carrying profound themes, while demonstrating the overall level of the troupe with exquisite dancing skills.”

It is worth noting that while respecting the essence of the original, the NBC has breathed new vitality into classics. “Every generation interprets the roles with their own traits — even in the same court ball scene, different performers bring distinct artistic styles,” Feng noted.

The NBC’s performances in Xinjiang will run through the closing night of July 29, and Feng specifically highlighted that the troupe will feature its youngest dancer, Liu Yuanjin. This rising star, she added, will embody the NBC’s well-established artistic inheritance on the closing night — further proof of how the company nurtures new talent to keep classics alive with fresh energy.

With the opening of modern theaters such as the Urumqi Grand Theatre, more high-level artistic works can be presented here. Feng Ying said: “The fact that works like ‘La Bayadère,’ which have extremely high requirements in terms of the theater conditions, can be staged in Xinjiang confirms the leapfrog development of cultural facilities here.”

In her view, the Xinjiang International Dance Festival has become an important hub for cultural exchanges between China and foreign countries. “We hope that through classics like ‘La Bayadère,’ the audiences can feel the charm of world ballet, and at the same time, convey the profound heritage of Chinese culture through ‘A Dream of Red Mansions,’ and achieve cross-border artistic dialogue on the stage.”

Founded in 1959, the NBC has always placed a strong focus on innovation. While staging world classics such as “Swan Lake” and “La Bayadère,” it has also created original works such as “The Red Detachment of Women” and “A Dream of Red Mansions,” establishing a unique Chinese ballet aesthetic system.

MIL OSI China News –

July 30, 2025
MIL-OSI United Kingdom: Birmingham to Honour Ozzy Osbourne with Cortege Procession on Broad Street – Wednesday 30 July 1pm
Source: City of Birmingham

Published: Tuesday, 29th July 2025

The city of Birmingham is to pay its final respects to one of its most cherished cultural icons Ozzy Osbourne as his cortege and family visit Broad Street in the city that he loved.
The hearse and accompanying vehicles will slowly make their way down Broad Street from 1pm to the Black Sabbath bridge and bench, where thousands of fans have left heartfelt messages and floral tributes in recent days. The cortege will be accompanied by a live brass band performance by local musicians from Bostin’ Brass, bringing a final musical moment to honour the extraordinary life and legacy of Ozzy Osbourne.

The event is expected to draw large crowds as fans gather to say goodbye to the man who helped shape the global heavy metal genre and who proudly carried the spirit of Birmingham throughout his career, whilst allowing his family a chance to see the many memories his loyal fans have left alongside flowers and tributes.

Ozzy and his fellow Black Sabbath band members were recently given the Freedom of the City on 28th June 2025.

The Lord Mayor of Birmingham, Councillor Zafar Iqbal MBE, JP, said: “Ozzy was more than a music legend – he was a son of Birmingham. Having recently been awarded the Freedom of the City and following his celebrated appearance at the Back to the Beginning concert at Villa Park earlier this month, it was important to the city that we support a fitting, dignified tribute ahead of a private family funeral. We know how much this moment will mean to his fans. We’re proud to host it here with his loving family in the place where it all began, and we are grateful that they have generously offered to pay to enable this to happen and support the city is giving him the farewell he deserves.”

Birmingham City Council has worked at pace with its partners over the weekend to coordinate a respectful and safe public event in collaboration with the Osbourne family, who have kindly funded all of the associated costs. The Council would also like to thank businesses and residents in the Broad Street and wider city centre area for their co-operation, alongside support from West Midlands Metro and West Midlands Police, during this important time for the safety of gathered fans.

Public Information

The cortege will travel down Broad Street from approximately 1pm towards the Black Sabbath Bridge.

Broad Street will be closed to through traffic from 7am and buses and trams will be diverted during this time. Local access will be managed where possible but can not be guaranteed. Broad Street will re-open as soon as possible after the event.

Stewards will be on hand, and visitors are encouraged to arrive early, use public transport, and follow safety guidance on site.

For those not able to make the occasion, the live stream of the Black Sabbath bench will continue to operate and is accessible online.
Useful links
MIL OSI United Kingdom –
July 30, 2025
MIL-OSI Europe: Spain: EIB lends €50 million to Iberdrola to rebuild and climate-proof flood-hit power infrastructure in Valencia
Source: European Investment Bank

Iberdrola
- The financing will back investments from il.lumina, Iberdrola’s project to reconstruct and modernise the power distribution grid affected by devastating floods in 2024.
- The project includes the implementation of resilience and digitalisation measures benefiting over 650 000 clients and improving electricity supply security.
- The EIB financing is sourced from its own resources and the Regional Resilience Fund put in place by the Spanish Ministry of Economy, Trade and Enterprise.
The European Investment Bank (EIB) has signed two €25 million loans with Iberdrola to finance the reconstruction, redesign, climate change adaptation and digitalisation work that the electricity company is carrying out on the power distribution grid damaged by the devastating floods that hit Valencia in October 2024.

These investments are part of Iberdrola’s il.lumina project to build the power grid of the future. Measures will include rebuilding damaged infrastructure, expanding facility automation, installing smart transformers to improve supply quality, moving overhead power lines underground, and raising and downsizing transformer substations.

These operations are expected to benefit more than 650 000 clients, according to the electric company, improving electricity supply security against a backdrop of extreme weather events and increasing integration of renewable energy production.

The project will strengthen the EIB’s role as the climate bank, one of the eight strategic priorities set out in the EIB Group’s Strategic Roadmap for 2024-2027. The operation is also part of the EIB action plan to support REPowerEU, the programme to increase energy security and speed up the energy transition by reducing the European Union’s dependence on fossil fuel imports.

The financing includes €25 million from EIB own resources and a further €25 million from the Regional Resilience Fund created to facilitate access to NextGenerationEU loans under Spain’s recovery, transformation and resilience plan. The Regional Resilience Fund aims to drive investment and develop projects in eight priority areas: social and affordable housing; urban renewal; transport and sustainable tourism; the energy transition; water and waste management; the care economy; research, development and innovation; and the competitiveness of industry and small and medium companies. The fund is led by the Spanish Ministry of Economy, Trade and Enterprise, with the EIB Group as a strategic management partner.

EIB support for power grids

EIB support for energy security and power grids is one of its main priorities to accelerate the green transition, contribute to EU energy autonomy and ensure access to a more secure and sustainable energy supply for all Europeans. In 2024, the EIB Group directed €8.5 billion to financing power grid and storage projects in all of its operational areas, double the 2023 figure. In Spain alone, €1.5 billion went to grid and storage projects in 2024, again doubling 2023 investment. This financing is helping to expand, modernise and digitalise power grids, making them more resilient and enabling greater and better integration of renewable energy.

More information on EIB support for the energy sector is available here.

EIB commitment to those impacted by the DANA

Following the DANA, the EIB moved quickly to make a €1.4 billion package available to the regions impacted (Valencia and Castilla-La Mancha) to help finance reconstruction work and support the needs of small and medium-sized enterprises. The EIB Group has also made contributions to NGOs operating in the area, such as Save the Children, SOS Aldeas Infantiles and Casa Caridad.

il-lumina, Iberdrola’s commitment to Valencia

This financing is part of Iberdrola’s strategy to promote a more robust electricity grid that is better prepared for extreme weather events, while reinforcing its commitment to the energy transition and green financing. With il·lumina, Iberdrola is not only responding to the damage, but also anticipating the future, committing to a safer, more efficient electricity infrastructure that is aligned with European climate objectives.

The il·lumina project involves the renovation of substations, transformer stations and the medium and low voltage network, with the aim of redesigning the electricity network affected by the DANA. The company has created a team of 35 people who are working exclusively on developing the construction plan for the electricity network of the future, coordinating the work of approximately 1,000 operators, most of whom are locally based.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024. This financing is contributing to the country’s green and digital transition, economic growth, competitiveness and improved services for residents.

High-quality, up-to-date photos of our headquarters for media use are available here.

Regional Resilience Fund

The Regional Resilience Fund (RRF) was created to facilitate access to NextGenerationEU loans from the Spanish Recovery, Transformation and Resilience Plan for the autonomous communities, with the aim of boosting investments and developing projects in eight priority areas: social and affordable housing; urban renewal; transport and sustainable tourism; the energy transition; water and waste management; the care economy; research, development and innovation; and the competitiveness of industry and SMEs.

The fund is led by the Ministry of Economy, Trade and Enterprise, which takes input from the autonomous communities and cities for investment decision-making and looks to the EIB Group as a strategic management partner

The initial phase of the RRF includes the activation of up to €3.4 billion in financing via:
- a direct financing mechanism, to co-finance EIB-supported operations in sectors like renewable energy, clean transport and sustainable infrastructure;
- an intermediated mechanism managed by financial intermediaries selected by the EIB, to support projects in urban development and sustainable tourism;
- two instruments intermediated by the European Investment Fund that will facilitate SME financing for innovation, sustainability and competitiveness.
Iberdrola

With more than 100,000 million euros in capitalisation, Iberdrola is the largest electricity company in Europe and one of the two largest in the world. The Group serves more than 100 million people worldwide and has a workforce of more than 44,000 employees and assets of more than 160,000 million euros. In 2024, Iberdrola recorded revenues of almost 50,000 million euros, a net profit of 5,600 million euros. The company contributes nearly 10,300 million euros in tax contributions in the countries in which it operates and supports more than 500,000 jobs in its suppliers thanks to purchases that exceeded 18,000 million euros in 2024.

Since 2001, Iberdrola has invested more than 175,000 million euros in renewable energies, electricity grids and energy storage to contribute to the creation of an energy model based on electrification.  The company has more than 57,000 megawatts (MW) of capacity worldwide, of which more than 45,000 MW are renewable.
MIL OSI Europe News –
July 30, 2025
MIL-Evening Report: View from The Hill: Albanese wants international cover before Australia recognises Palestine as a state

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Anthony Albanese will recall well when another Labor prime minister was feeling the heat over Palestinian status.

It was 2012 and then-Prime Minister Julia Gillard was forced into a corner over the stand Australia should take on a motion to give Palestine observer status at the United Nations.

Gillard and her foreign minister, Bob Carr, clashed over the matter. Gillard wanted to oppose the motion, siding with the United States and Israel. Carr and others pushed back hard, and eventually Australia abstained.

In his book, Diary of a Foreign Minister, Carr records that in the cabinet debate earlier, “Albanese gave a no-holds-barred robust presentation of the case for voting ‘yes’ or abstaining”.

Now Albanese, in the wake of France having just declared it will recognise Palestine as a state, faces another, albeit different, iteration of the Palestinian status issue. The circumstances are much more direct and acute. On this occasion, he is arguing for time.

Carr is still out there advocating. But a more central voice is former minister Ed Husic (who was around in 2012, too, but still on the backbench). The Labor rank and file are strongly pro-Palestine. They are backed by the ALP platform, which calls for Palestine to be recognised as a state.

Even as a minister in the last parliamentary term, bound by cabinet solidarity, Husic pushed the boundaries when speaking out about the Middle East conflict. Having been dumped from the frontbench in factional manoeuvring after the election, he is free to say bluntly what he thinks. Now he is putting his shoulder to the wheel to advocate recognition.

In a Guardian article on Monday he reminded his Labor peers and betters “that our party has twice agreed at its highest decision-making forum – the National Conference of the Australian Labor party – to recognise the state of Palestine.

“The time to do so is absolutely right now.”

Albanese is caught between his party and his caution.

It is a fair assumption the prime minister, with his long history of being pro-Palestinian, would like to follow the lead of French President Emmanuel Macron.

Equally, however, he would want Australia to move in concert with like-minded countries, including the United Kingdom, Canada and New Zealand. Australia has previously banded with these countries in joint statements about the Middle East conflict.

Albanese said at the weekend Australian recognition of a Palestinian state wasn’t imminent – although last year Foreign Minister Penny Wong opened the way for possible recognition as part of a peace process (rather than only accorded at the end of it).

The prime minister put a context around recognition. “How do you exclude Hamas from any involvement there? How do you ensure that a Palestinian state operates in an appropriate way which does not threaten the existence of Israel? And so we don’t do any decision as a gesture. We will do it as a way forward if the circumstances are met.”

In caucus on Tuesday, Husic pressed his point, asking how long the preconditions for statehood could be expected to take. Albanese essentially went through what he’d said before.

Labor’s Friends of Palestine group is pressing for sanctions, as well as recognition.

The group’s spokesperson Peter Moss says: “Over the past 21 months, Labor members in branches and conferences have repeatedly urged the government to join 147 UN member states and now France in recognising Palestine.

“By making recognition contingent on a non-existent peace process, the government has effectively ruled out delivering on policy that has broad public support.

“We call on the Australian government to implement official platform policy and immediately and unconditionally recognise a Palestinian state on the pre-4 June 1967 borders.”

In recent weeks more than 80 Labor branches and other party units have passed a strong motion calling for sanctions and an arms embargo on Israel.

In the last few days, the group wrote to Wong, seeking a meeting to discuss its calls for sanctions and for the Albanese government “to work with international partners to develop a practical plan for the establishment of a free and independent Palestinian State”. No meeting has yet been arranged.

Michelle Grattan 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. View from The Hill: Albanese wants international cover before Australia recognises Palestine as a state – https://theconversation.com/view-from-the-hill-albanese-wants-international-cover-before-australia-recognises-palestine-as-a-state-262028

MIL OSI Analysis – EveningReport.nz –

July 30, 2025
MIL-OSI Russia: The first defenses of candidate dissertations took place in the Dissertation Council for Technical Sciences of the NSU Faculty of Information Technologies

Translation. Region: Russian Federal

Source: Novosibirsk State University –

An important disclaimer is at the bottom of this article.

The first two certificates of awarding academic degrees were presented at the Dissertation Council for Technical Sciences Faculty of Information Technology, Novosibirsk State University. Both PhD theses are devoted to computational linguistics: Dmitry Morozov developed a system for assessing the complexity of text using machine learning methods on the example of the Russian language, and Davlater Mengliev developed a hybrid algorithm for recognizing named entities in the Uzbek language. In August, another PhD thesis will be defended, which is devoted to the application of mathematical modeling methods in geophysics.

— We note the high demand for the Scientific Council for Technical Sciences created at our faculty. Its requirements for dissertation defenses are less formalized than those of the Higher Attestation Commission (HAC), but it sets higher requirements for the quality of publications. Due to these circumstances, our Council will be in demand by a number of employees of both scientific organizations and high-tech companies, for whom the procedure for defending dissertations established by us will be more convenient, but one should not assume that it is simple. This can be confirmed by our first two applicants, who submitted all the necessary documents to the Council and successfully completed all the established and strictly regulated procedures, spoke several times at seminars in front of the scientific community, received high marks for the quality of their work from specially created commissions with the involvement of experts from our Dissertation Council and external experts from several regions of our country and neighboring countries. We are glad that Dmitry Morozov and Davlater Mengliev successfully passed all these tests and their PhD diplomas have the same status as diplomas issued by the Higher Attestation Commission, said Mikhail Lavrentyev, Dean of the NSU Institute of Information Technologies and Corresponding Member of the Russian Academy of Sciences.

Head of the Department of Mathematical Modeling of the Faculty of Mechanics and Mathematics of NSU, Professor of the Department of Informatics Systems and the Department of General Informatics of the Faculty of Information Technologies of NSU, Doctor of Technical Sciences Vladimir Barakhnin noted that it is no coincidence that the first two defenses of dissertations for the degree of candidate of sciences are related to computer linguistics – this is evidence of the relevance of this topic.

— As neural networks and large language models develop, so-called glitches become more and more apparent. The abundance of information loaded onto them inevitably generates a wider range of fake information, and these models are simply no longer able to assess the truth of the information. Therefore, direct or combined methods of information processing that contain classical direct approaches remain important. It is they, as many specialists believe, that will be able to correct the work of large language models. These approaches were used in their works by Dmitry Morozov and Davlater Mengliev. In order for the development of neural networks and large language models not to reach a dead end, it is necessary to involve classical methods of computational linguistics, which uses knowledge of language. In this context, this knowledge is the modeling of human thinking. Neural networks model neural connections in the human brain, but not thinking, and thus implement a purely mechanistic approach to the process of information processing, which is unthinkable without human participation, because humans are both the producer and the end consumer of any information. Therefore, language processing should include an understanding of how it is structured, and not be a mechanical collection of information into large language models, explained Vladimir Barakhnin, the scientific supervisor of both degree candidates.

Dmitry Morozov’s research is particularly relevant because it aims to establish a correspondence between the text and its potential reader. As Vladimir Barakhnin explained, there is currently a large gap between generations: many words in texts that seem quite understandable to representatives of the older generation turn out to be completely unperceivable for young people. In most cases, these are obsolete words, and in order to understand them, schoolchildren have to turn to dictionaries. The algorithms developed by Dmitry Morozov are aimed at ensuring that the information consumer receives information adequate to his level of education. Then his development and enrichment of his vocabulary will occur gradually. The importance of these algorithms lies in their real adaptation to the properties of the information consumer and taking into account his capabilities. The expert’s assessment is mostly subjective, and therefore not very reliable, and the methods of objective control developed in Dmitry Morozov’s dissertation allow for a more thorough educational process in the humanities.

— The topic of my dissertation is “Text Complexity Assessment Using Machine Learning Methods on the Russian Language.” It is devoted to assessing how well the text will be understood by the reader or how well the reader should be prepared to understand what is written. This is necessary to assess the complexity of various instructions. Such texts should be understandable to people without special education and training. But there is a problem: they are created by people who have special knowledge about the subject of the narrative, and therefore much of what is incomprehensible to outsiders seems obvious to them. It is difficult for them to objectively assess the text they are creating. On the other hand, a person who does not have this knowledge, assessing the complexity of the text, must fully familiarize himself with it and give his own assessment. This takes a lot of time. Therefore, a vast field for automating the process is being formed in this area. We have a variety of pre-trained large language models that can be used within the framework of different algorithmic approaches and assess the complexity of the text automatically. My dissertation details how to use them to construct a description of a text, so that the resulting description can then be converted into an assessment of linguistic complexity, said Dmitry Morozov.

The young scientist’s development will find application in compiling instructions for complex products. It is also proposed to use this complex to create a collection of texts that would be understandable to schoolchildren of different ages. This is necessary so that linguists can further study their vocabulary, because the various texts read by schoolchildren become an important source of new words in their vocabulary. In this way, they will be able to create different collections of words and predict which of them are known to schoolchildren and which are not, relying not on subjective experience, but on objective data.

The research of the second candidate for the academic degree Davlater Mengliev, according to his scientific supervisor Vladimir Barakhnin, is a pioneering one for Uzbek computer linguistics, which began to develop relatively recently. According to him, at present, an entire scientific school has begun to take shape at NSU and several postgraduate students from the Republic of Uzbekistan are working on the development of this topic.

— I devoted my PhD thesis to the development of a hybrid algorithm for recognizing named entities in the Uzbek language. This algorithm allows extracting key information from the text and recognizing it. Similar developments already exist for other languages, but for Uzbek, as well as for all Turkic languages in general, such work has not yet been done. The use of a hybrid approach, which involves the use of not only modern neural networks, but also traditional rule-oriented algorithms, which, together with several architectures, contributed to achieving good results, gives additional relevance to my work. At the moment, my development has been implemented in various organizations of the Republic of Uzbekistan, in particular, in the reception office of the governor of the Khorezm region. With the help of this algorithm, key information is extracted from requests and applications received by the institution and sent to the relevant divisions and departments. Since there are many dialects in the Uzbek language, my work in this direction is not yet complete, — explained Davlater Mengliev.

Secretary of the scientific seminar of the NSU FIT, within the framework of which pre-defenses of dissertations are held, Alexander Vlasov is confident that the first two defenses of candidate dissertations are the beginning of a long journey both within the faculty and NSU and the Akademgorodok as a whole.

Material prepared by: Elena Panfilo, NSU press service

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI: Gate and World Liberty Financial Reach Strategic Milestone: Gate Becomes Second-Largest Holder of USD1 Among Centralized Exchanges

Source: GlobeNewswire (MIL-OSI)

PANAMA CITY, July 29, 2025 (GLOBE NEWSWIRE) — Gate, a leading global cryptocurrency exchange, and World Liberty Financial (WLFI), the developer of a pioneering DeFi protocol and governance platform inspired by President Donald J. Trump, jointly announced a major milestone in the growing adoption of USD1, a USD-backed stablecoin issued by WLFI. According to on-chain data as of today, Gate has officially become the second-largest holder of USD1 among all centralized exchanges, trailing only Binance.

The surge in USD1 holdings on Gate was driven by the launch of Ika (IKA) on Gate Launchpad on July 26. The Launchpad campaign supports subscriptions in USD1 and Gate Token (GT), attracting substantial user participation and stablecoin inflow.

According to on-chain data, most USD1 liquidity is currently concentrated on the BNB Smart Chain (BSC), with smaller but notable reserves on Ethereum (ETH). Gate currently holds approximately $170 million USD1 on BSC, ranking second among CEXs with an additional $20 million USD1 on Ethereum, ranking first among CEXs on that chain. This correlates closely with the total USD1 allocation of 196 million tokens contributed to the IKA Launchpad event to date.

In total, Gate Launchpad with $IKA has seen user contributions surpass 200 million USD1 and 5.33 million GT, worth approximately $97.5 million, marking one of the largest Launchpad commitments in Gate’s recent history.

USD1 is a USD-backed stablecoin issued by World Liberty Financial, designed to provide transparent, regulated, and scalable digital dollar access across multiple blockchains. It is backed 1:1 by short-term US government treasuries, US dollar deposits, and other cash equivalents, with real-time audits and multi-chain deployment on BSC, Ethereum, and beyond.

This collaboration signals both parties’ commitment to building an open and compliant PayFi ecosystem—bridging traditional financial assets with next-generation decentralized infrastructure.

Learn more on Gate Launchpad: https://gate.com/zh/launchpad

About Gate

Gate, founded in 2013 by Dr. Han, is one of the world’s earliest cryptocurrency exchanges. The platform serves over 33 million users with 3,600+ digital assets and pioneered the industry’s first 100% proof-of-reserves. Beyond core trading services, Gate’s ecosystem includes Gate Wallet, Gate Ventures, and other innovative solutions.

For more information, please visit: Website | X | Telegram | LinkedIn | Instagram | YouTube

Disclaimer:

This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Gate may restrict or prohibit certain services in specific jurisdictions. For more information, please read the User Agreement via https://www.gate.com/user-agreement.

About World Liberty Financial

World Liberty Financial (WLFI) is a pioneering decentralized finance (DeFi) protocol and governance platform inspired by the vision of President Donald J. Trump. WLFI develops transparent, secure, and accessible financial tools, including institutional-grade products designed to broaden participation in decentralized finance. WFLI’s USD1 is a stablecoin redeemable 1:1 for the U.S. dollar, 100% backed by short-term U.S. treasuries, cash, and cash equivalents.

Learn more and follow updates at x.com/worldlibertyfi.

Media Contact
Frederica Ko
Senior PR Manager, Gate Exchange
✉️ Frederica@gate.com

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

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a10497cf-f3e6-46aa-920d-770904d77ece

The MIL Network –

July 30, 2025
MIL-OSI: Lucinity Launches AI-Native Customer 360, Powered by Agentic AI

Source: GlobeNewswire (MIL-OSI)

REYKJAVÍK, Iceland, July 29, 2025 (GLOBE NEWSWIRE) — Lucinity today announced the launch of its fully re-architected Customer 360 platform, now powered by Luci AI, the company’s Agentic AI framework. With this release, Lucinity replaces traditional data pivoting with real-time, explainable intelligence generated by AI analytics agents.

At the heart of the release is a new capability: Luci AI now acts as a data scientist embedded inside every investigation.

“Most compliance tools still ask analysts to do the hard work of interpreting raw data,” said Guðmundur Kristjánsson (GK), Founder and CEO of Lucinity. “We’ve built a system where AI takes on that role. Luci explores the data, explains it, and delivers deep, contextual insights, ready for human judgment. That’s what agentic AI looks like.”

From Dashboards to Embedded Intelligence

Traditional Customer 360 tools aggregate alerts, scores, and transactional data, but depend on human analysts to make sense of them. Lucinity’s new approach shifts the intelligence into the core.

Luci’s agentic AI framework analyzes behavior, patterns, and context, then prepares fully explained insights, in real time. It prepares what used to take hours of manual effort, turning dashboards into decision tools powered by embedded AI.

The experience reflects a model of augmented intelligence, where the AI prepares the analytical thinking so humans can focus on judgment, escalation, and action.

Live in Production at a Tier 1 Financial Institution

The Luci-powered Customer 360 is already in production at a Tier 1 financial institution and is rolling out to Lucinity’s global customer base in Q3. The intelligence layer integrates seamlessly into existing workflows, requiring no retraining or migration.

“This isn’t a prototype or vision slide,” added Kristjánsson. “It’s live, explainable AI solving real problems day in, day out.”

From FinCrime to the Enterprise

While the initial deployment focuses on financial crime investigations, Lucinity confirms that Luci’s AI agent framework is built for broader enterprise use. The same intelligence layer can power onboarding, QA, fraud detection, risk reviews, customer experience, and any domain where analysts need to make sense of complex data at scale.

“Anywhere an employee needs to understand complex customer data to make a decision, Luci can help,” said Kristjánsson.

About Lucinity

Lucinity is an AI-native platform redefining financial crime prevention. Its explainable agent framework, Luci, transforms compliance operations by embedding AI that prepares, explains, and supports complex decisions. Lucinity’s technology is in production at Tier 1 scale and is expanding to support use cases across the enterprise.

For more information, visit www.lucinity.com

Contact: celina@lucinity.com

The MIL Network –

July 30, 2025
MIL-OSI Economics: kapitalmagazin.de: BaFin warns consumers about website and identity fraud

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The financial supervisory authority BaFin warns against alleged fixed-term deposit offers from the website kapitalmagazin.de. BaFin expressly points out that Ucapital Asset Management LLP – regulated by the British Financial Conduct Authority – contrary to the information in the imprint does not operate the website and does not have a branch in Germany. This is a case of identity theft.

Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation.

The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

Please be aware:

BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

MIL OSI Economics –

July 30, 2025
MIL-OSI Submissions: Air-dropping food into Gaza is a ‘smokescreen’ – this is what must be done to prevent mass starvation

Source: The Conversation – Global Perspectives – By Amra Lee, PhD candidate in Protection of Civilians, Australian National University

Israel partially lifted its aid blockade of Gaza this week in response to intensifying international pressure over the man-made famine in the devastated coastal strip.

The United Arab Emirates and Jordan airdropped 25 tonnes of food and humanitarian supplies on Sunday. Israel has further announced daily pauses in its military strikes on Gaza and the opening of humanitarian corridors to facilitate UN aid deliveries.

Israel reports it has permitted 70 trucks per day into the strip since May 19. This is well below the 500–600 trucks required per day, according to the United Nations.

The UN emergency relief chief, Tom Fletcher, has characterised the next few days as “make or break” for humanitarian agencies trying to reach more than two million Gazans facing “famine-like conditions”.

A third of Gazans have gone without food for several days and 90,000 women and children now require urgent care for acute malnutrition. Local health authorities have reported 147 deaths from starvation so far, 80% of whom are children.

Israeli Prime Minister Benjamin Netanyahu has claimed – without any evidence – “there is no starvation in Gaza”. This claim has been rejected by world leaders, including Netanyahu ally US President Donald Trump.

Famine expert Alex de Waal has called the famine in Gaza without precedent:

[…] there’s no case of such minutely engineered, closely monitored, precisely designed mass starvation of a population as is happening in Gaza today.

While the UN has welcomed the partial lifting of the blockade, the current aid being allowed into Gaza will not be enough to avert a wider catastrophe, due to the severity and depth of hunger in Gaza and the health needs of the people.

According to the UN World Food Programme, which has enough food stockpiled to feed all of Gaza for three months, only one thing will work:

An agreed ceasefire is the only way to reach everyone.

Airdrops a ‘distraction and a smokescreen’

Air-dropping food supplies is considered a last resort due to the undignified and unsafe manner in which the aid is delivered.

The UN has already reported civilians being injured when packages have fallen on tents.

The Global Protection Cluster, a network of non-governmental organisations and UN agencies, shared a story from a mother in Al Karama, east of Gaza City, whose home was hit by an airdropped pallet, causing the roof to collapse:

Immediately following the impact, a group of people armed with knives rushed towards the house, while the mother locked herself and her children in the remaining room to protect her family. They did not receive any assistance and are fearful for their safety.

Air-dropped pallets of food are also inefficient compared with what can be delivered by road.

One truck can carry up to 20 tonnes of supplies. Trucks can also reach Gaza quickly if they are allowed to cross at the scale required. Aid agencies have repeatedly said they have the necessary aid and personnel sitting just one hour away at the border.

Given how ineffective the air drops have been – and will continue to be – the head of the UN Relief Works Agency (UNRWA) for Palestine has called them a “distraction” and a “smokescreen”.

Malnourished women and children need specialised care

De Waal has also made clear how starvation differs from other war crimes – it takes weeks of denying aid for starvation to take hold.

For the 90,000 acutely malnourished women and children who require specialised and supplementary feeding, in addition to medical care, the type of food being air-dropped into Gaza will not help them. Malnourished children require nutritional screening and access to fortified pastes and baby food.

Gaza’s decimated health system is also not able to treat severely malnourished women and children, who are at risk of “refeeding syndrome” when they are provided with nutrients again. This can trigger a fatal metabolic response.

Gaza will take generations to heal from the long-term impacts of mass starvation. Malnourished children suffer lifelong cognitive and physical effects that can then be passed on to future generations.

What needs to happen now

The UN has characterised the limited reopening of aid deliveries to Gaza as a potential “lifeline”, if it’s upheld and expanded.

According to Ciaran Donnelly from the International Rescue Committee, what’s needed is “tragically simple”: Israel must fully open the Gaza borders to allow aid and humanitarian personnel to flood in.

Israel must also guarantee safe conditions for the dignified distribution of aid that reaches everyone, including women, children, the elderly and people with disabilities. The level of hunger and insecurity mean these groups are at high risk of exclusion.

The people of Gaza have the world’s attention – for now. They have endured increasingly dehumanising conditions – including the risk of being shot trying to access aid – under the cover of war for more than 21 months.

Two leading Israeli human rights organisations have just publicly called Israel’s war on Gaza “a genocide”. This builds on mounting evidence compiled by the UN and other experts that supports the same conclusion, triggering the duty under international law for all states to act to prevent genocide.

These obligations require more than words – states must exercise their full diplomatic leverage to pressure Israel to let aid in at the scale required to avert famine. States must also pressure Israel to extend its military pauses into the only durable solution – a permanent ceasefire.

Amra Lee 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. Air-dropping food into Gaza is a ‘smokescreen’ – this is what must be done to prevent mass starvation – https://theconversation.com/air-dropping-food-into-gaza-is-a-smokescreen-this-is-what-must-be-done-to-prevent-mass-starvation-262053

MIL OSI –

July 30, 2025
MIL-OSI Submissions: France is set to recognise the state of Palestine and the UK may follow – but what does it really mean?

Source: The Conversation – UK – By Malak Benslama-Dabdoub, Lecturer in law, Royal Holloway University of London

Emmanuel Macron’s pledge to formally recognise the state of Palestine will make France the first G7 country and member of the UN security council to do so. The question is whether others will follow suit. The UK prime minister, Keir Starmer, is coming under mounting pressure from many of his MPs, and has recalled his cabinet from their summer recess to discuss the situation in Gaza.

Starmer is expected to announce a peace plan for the Middle East this week that will include British recognition of Palestinian statehood. Downing Street sources said recognition was a matter of “when, not if”.

Recognition of statehood is not merely symbolic. The Montevideo convention of 1933 established several criteria which must apply before an entity can be recognised as a sovereign state. These are a permanent population, a defined territory, an effective government and the ability to conduct international relations.

The process involves the establishment of formal diplomatic relations, including the opening of embassies, the exchange of ambassadors, and the signing of bilateral treaties. Recognition also grants the recognised state access to certain rights in international organisations. For Palestinians, such recognition will strengthen their claim to sovereignty and facilitate greater international support.

Macron’s announcement was met with enthusiasm in many Arab capitals, as well as among Palestinian officials and supporters of the two-state solution. It was also praised by a number of European leaders as well as several journalists and other analysts as a long-overdue step toward a more balanced approach to the Israeli-Palestinian conflict.

However, the reaction from other major powers was swift and critical. The US called it “a reckless decision” while the Israeli prime minister, Benjamin Netanyahu, said he “strongly condemned” it. Italy’s prime minister, Giorgia Meloni, called it “counterproductive”.

Within hours, it was clear that Macron’s announcement had both shifted diplomatic discourse and reignited longstanding divisions.

France’s decision is significant. It signals a departure from the western consensus, long shaped by the US and the EU, that any recognition of Palestinian statehood must be deferred until after final-status negotiations. The move also highlights growing frustration in parts of Europe with the ongoing violence in Gaza and the failure of peace talks over the past two decades.

Yet questions remain: what does this recognition actually entail? Will it change conditions on the ground for Palestinians? Or is it largely symbolic?

So far, the French government has offered no details on whether this recognition will be accompanied by concrete measures. There has been no mention of sanctions on Israel, no indication of halting arms exports, no pledges of increased humanitarian aid or support for Palestinian governance institutions. France remains a key military and economic partner of Israel, and Macron’s announcement does not appear to alter that relationship.

Nor is this the first time a western country has taken a symbolic stance in support of Palestinian statehood. Sweden recognised the state of Palestine in 2014, becoming the first western European country to do so. It was followed by Spain in 2024.

However, both moves were largely symbolic and did not significantly alter the political or humanitarian situation on the ground. The risk is that recognition, without action, becomes a gesture that changes little.

Macron’s statement also raised eyebrows for another reason: his emphasis on a “demilitarised Palestinian state” living side-by-side with Israel in peace and security. While such language is common in diplomatic discourse, it also reflects a deeper tension.

Palestinians have long argued that their right to self-determination includes the right to defend themselves against occupation. Calls for demilitarisation are often seen by critics as reinforcing the status quo, where security concerns are framed almost exclusively in terms of Israeli needs.

In the absence of a genuine political process, some analysts have warned that recognition of this kind risks formalising a state in name only – a fragmented, non-sovereign entity without control over its borders, resources or defence. Without guarantees of territorial continuity, an end to the expansion of Israeli settlements and freedom of movement, statehood may remain an abstract concept.

What would meaningful support look like?

If France wishes to go beyond symbolism, it has options. It could suspend arms exports to Israel or call for an independent international investigation into alleged war crimes. It could use its influence within the EU to push for greater accountability regarding illegal settlements and the blockade of Gaza. It could also support Palestinian institutions directly and engage with Palestinian civil society.

Without such steps, recognition risks being viewed as a political message more than a policy shift. For Palestinians, the daily realities of occupation, displacement and blockade will not change with diplomatic announcements alone. What is needed, many argue, is not just recognition but support for justice, rights and meaningful sovereignty.

France’s recognition of Palestine marks a shift in diplomatic tone and reflects broader unease with the status quo in the Middle East. It has stirred debate at home and abroad, and raised expectations among those hoping for more robust international engagement with the conflict.

Whether this recognition leads to meaningful changes in policy or conditions on the ground remains to be seen. Much will depend on the steps France takes next – both at the United Nations and through its actions on trade, security and aid.

Malak Benslama-Dabdoub 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. France is set to recognise the state of Palestine and the UK may follow – but what does it really mean? – https://theconversation.com/france-is-set-to-recognise-the-state-of-palestine-and-the-uk-may-follow-but-what-does-it-really-mean-262095

MIL OSI –

July 30, 2025
MIL-OSI Russia: Massive rescue efforts continue in Beijing after heavy rains kill 30

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

BEIJING, July 29 (Xinhua) — Beijing authorities have launched a rescue operation as heavy rains have killed 30 people as of midnight Monday, damaged roads, disrupted power supplies and forced mass evacuations.

The fatalities were recorded in the northern mountainous areas of the Chinese capital, with 28 people killed in the Miyun district and two in the Yanqing district.

Chinese President Xi Jinping gave an important instruction on flood control and disaster relief on Monday, calling for all-out efforts to ensure the safety of people’s lives and property in the fight against rain-induced floods and geological disasters affecting some parts of China.

Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, said all aspects of search and rescue and flood control work should be properly organized, urgent measures should be taken to combat natural disasters, all efforts should be made to search for missing people and rescue those trapped, and people in danger should be resolutely evacuated to minimize casualties.

The downpours forced more than 80,000 people to evacuate in Beijing alone, damaged 31 sections of roads and caused power outages in 136 villages.

“Several houses in our community were flooded as a result of heavy rain on Saturday night,” said Cui Di, deputy head of the Shicheng Township People’s Government, located in Beijing’s hardest-hit Miyun District. She worked tirelessly throughout the night to help residents move to safer areas.

“In such emergency situations, it is difficult for everyone. We are doing everything possible to make temporary places of stay a little more comfortable for people and thus alleviate their anxiety,” the official noted.

According to her, local authorities also prepared mattresses, blankets, bread, eggs and other necessary materials for the evacuees.

At the Miyun resettlement center, fourth-grader Zhao Zixuan sits on her bed reading a book. She was evacuated from the flooded village on a speedboat. “It’s very safe here, and I can read in peace,” she said.

In recent days, extreme and strong convective phenomena caused by warm and humid air from the edge of a subtropical anticyclone have been recorded in Miyun and other metropolitan areas.

At 8:00 p.m. Monday, the Beijing Municipal Flood Control Headquarters launched the highest-level emergency response mechanism for the floods.

Due to continued heavy rains, the Beijing branch of China Railways suspended some trains on the Beijing-Harbin High-Siberian Railway on Tuesday.

China’s Ministry of Finance and the Ministry of Emergency Management on Tuesday allocated 350 million yuan (about 48.94 million U.S. dollars) from the central budget to provide aid to nine provincial-level regions hit by floods, including Beijing.

These funds will be used primarily to carry out emergency rescue operations and provide assistance to residents of these regions affected by natural disasters.

Also on Tuesday, China’s National Development and Reform Commission announced it would allocate 200 million yuan to provide disaster relief assistance in Beijing. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 30, 2025
MIL-OSI: Radware Expands U.S. Presence with New Managed Security Service Provider Partnerships
Source: GlobeNewswire (MIL-OSI)

MAHWAH, N.J., July 29, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced it signed managed security service provider (MSSP) agreements with Epcom World Industries, Inc., GLESEC, North Atlantic Networks and Tech Pro. The four U.S. based companies are adding Radware’s Cloud Application Protection Services to their managed services portfolios to scale their businesses and expand their security offerings for customers. North Atlantic Networks is also offering Radware’s Cloud DDoS Protection Services.

“MSSPs are constantly looking for more innovative ways to defend customers as they deal with growing budget constraints, limited in-house security staff, and bigger more complex cyber threats,” said John Eisenbarger, vice president of carriers and service providers for Radware. “Applications are facing increasing exposure from bots, API abuse, web-layer DDoS attacks and credential misuse. To enable MSSPs to respond where customer risk is expanding fastest, Radware offers a fully managed AppSec-as-a-Service platform that is ready to quickly deploy, scale, and monetize, without having to build a backend.”

Epcom World Industries, GLESEC, North Atlantic Networks, and Tech Pro add to the growing list of MSSPs that have chosen Radware’s cloud network and application security solutions to speed time to market, scale their businesses, and deliver high-value services.

“We selected Radware as our partner because of its comprehensive offering, overall excellent product design, support, and customer first approach. The partnership process with Radware has been seamless. They listened, understood, and supported our needs. Together we are equipping clients—whether they be in healthcare, finance, pharmaceutical, non-profit, or government—with mission-critical security tools that not only defend networks, web assets, and environments, but also comply with strict regulatory requirements.”
– Rudy V. Pancaro, CEO, Epcom World Industries

“Becoming an MSSP partner is a natural extension of our long-standing collaboration with Radware and a key milestone in delivering our SKYWATCH™ Cybersecurity Operating System. By fully integrating Radware’s industry-leading application protection into our Device-Centric Model and real-time risk management workflows, we deliver a unified, fully managed solution that reduces exposure, accelerates remediation, and ensures compliance. This partnership enables us to protect mission-critical environments—especially in healthcare, finance, and government—with the agility, intelligence, and depth of defense they require.”
– Sergio Heker, CEO and founder, GLESEC

“Our mission is to deliver best-in-class managed security services that are both proactive and adaptive. By integrating Radware’s solutions into our MSSP stack, we’re able to offer our clients deeper protection against increasingly complex cyber threats—especially in the areas of DDoS attacks, application-layer security, and zero-day threats. This partnership enhances our ability to deliver scalable, intelligent protection without compromising performance, helping our clients stay ahead of the threat landscape while supporting their digital transformation and cloud migration goals.”
– Carolyn Smith, senior vice president, strategic accounts, North Atlantic Networks

“Radware’s technology aligns with our commitment to deliver secure, resilient, and high-performing digital experiences to our clients, especially in today’s increasingly complex threat landscape. By integrating Radware’s solutions into our offering, we increase the value proposition to our customers: stronger protection, smarter automation, and peace of mind. Together, we bring a synergistic approach that helps organizations not only defend against threats but also accelerate their growth safely and confidently.”
– Lidia Israyelyan, CEO, Tech Pro

Radware offers a variety of cloud network and application security solutions and services that cater to the needs of pure play MSSPs and ISPs. This includes a fully branded and managed AppSec-as-a-Service platform that can be deployed without added infrastructure investment, operational lift, or headcount requirements. The platform offers:
- Rapid market entry without a technical buildout.
- Managed services that align MSSPs to areas where cyber threats and client risk are expanding fastest (i.e. bots, APIs, SaaS-layer abuse).
- The monetization of application layer threats as an alternative to flat service bundles.
- An expanded security portfolio that fills gaps in protection in competitive solutions that clients often assume are already covered.
Radware has been recognized by numerous industry analysts for its application and network security solutions. This includes Aite-Novarica Group, Forrester, Gartner, KuppingerCole, and QKS Group.

About Radware
Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that applications are facing increasing exposure from bots, API abuse, web-layer DDoS attacks and credential misuse, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

###

The MIL Network –
July 30, 2025
MIL-OSI: onsemi Collaborates with NVIDIA to Accelerate Transition to 800 VDC Power Solutions for Next-Generation AI Data Centers

Source: GlobeNewswire (MIL-OSI)

Scottsdale, Ariz, July 29, 2025 (GLOBE NEWSWIRE) — onsemi (Nasdaq: ON) today announced its working with NVIDIA to support the transition to 800 Volts Direct Current (VDC) power architectures, a transformative solution that is driving significant gains in efficiency, density, and sustainability for next-generation AI data centers.

At the core of this shift is new power distribution system, which must distribute a massive amount of power with minimal losses during each voltage conversion. onsemi’s intelligent power portfolio plays a critical role in enabling the next generation of AI data centers by delivering high-efficiency, high-density power conversion across every stage of the power journey—from high-voltage AC/DC conversion at the substation to precise voltage regulation at the processor level.

Leveraging decades of innovation in both silicon and silicon carbide (SiC) technologies, onsemi provides industry-leading solutions for solid state transformers, power supply units, 800 VDC distribution, and core power delivery, all integrated with intelligent monitoring and control. This breadth and depth of capability make onsemi one of the few companies able to meet the demanding power requirements of modern AI infrastructure with scalable, physically realizable designs.

###

About onsemi
onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. onsemi offers a highly differentiated and innovative product portfolio, delivering intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way to creating a safer, cleaner and smarter world. onsemi is included in the Nasdaq-100 Index^® and S&P 500^® index. Learn more about onsemi at www.onsemi.com.

onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein.

Contact Info

Krystal Heaton
krystal.heaton@onsemi.com
+1 480-242-6943

The MIL Network –

July 30, 2025
MIL-OSI: Axi Celebrates 5th $1 Million Funded Trader, Marks $5M+ Payout Milestone for 2025

Source: GlobeNewswire (MIL-OSI)

SYDNEY, July 29, 2025 (GLOBE NEWSWIRE) — Global broker Axi proudly announces a major milestone in its trader funding program, Axi Select, as it celebrates its 5^th $1 million funded trader, and surpasses $5 million in profit payouts year-to-date.

The latest trader to reach the $1 million mark is Yoleny G, a trader who identifies as a proud wife and mother of two. Her achievement is particularly significant as she becomes the 5th trader to reach this milestone with Axi. Yoleny’s accomplishment is not only a testament of her trading discipline but also marks a personal goal on her path to Axi’s elite Pro M stage.

“I’m incredibly proud of my achievement. Reaching $1 million funded status has been a personal mission, and this is just the beginning.” – Yoleny G.

Yoleny joins an elite group of traders who have reached the $1 million funding threshold under the Axi Select program. The first two Pro M traders recently came together for an exclusive visit to Axi’s global headquarters in Sydney, where they shared insights, met the Axi team, and celebrated their collective success.

The Axi Select community has rapidly grown to over 30,000 members, making it one of the most dynamic traders funded ecosystems globally. Axi’s recent collaboration with Bloomberg further reinforces its commitment to providing high-quality resources, transparency, and market insight for retail traders striving to reach the next level of their trading journey.

As of July 2025, Axi has paid out over $7.6million to funded traders, with one standout individual earning $108,879.66 in May alone.

This milestone reflects Axi’s continued focus on empowering skilled traders with real opportunities to grow, backed by capital, education and access to key trading tools. As Axi continues to expand the Axi Select program and its global trading community, milestones like these reinforce the company’s commitment to providing serious traders with the tools, capital, and support they need to succeed. With more traders advancing toward higher funding levels and new initiatives on the horizon, Axi remains focused on being a market leader in this space.

About Axi

Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

The Axi Select program is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content may not be available in your region. For more information, refer to our Terms of Service. Standard trading fees and minimum deposit apply.

The MIL Network –

July 30, 2025

MIL-OSI: Coastal Financial Corporation Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EVERETT, Wash., July 29, 2025 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank segment (“community bank”) with an industry leading banking as a service (“BaaS”) segment (“CCBX”), today reported unaudited financial results for the quarter ended June 30, 2025, including net income of $11.0 million, or $0.71 per diluted common share, compared to $9.7 million, or $0.63 per diluted common share, for the three months ended March 31, 2025 and $11.6 million, or $0.84 per diluted common share, for the three months ended June 30, 2024.

Management Discussion of the Second Quarter Results

“Second quarter of 2025 saw a lower provision for credit losses as a result of an improvement in the performance of the CCBX portfolio and our focus on originating higher quality CCBX loans resulting in lower historical loss factors. Noninterest expenses were fairly flat compared to last quarter related to continued onboarding and implementation costs for partnerships and products within CCBX and investments in technology. We believe these investments are important to the long-term success and scalability of the Company,” stated CEO Eric Sprink. “We had another quarter of quality deposit growth of $122.3 million during the second quarter, and our CCBX program fee income, excluding nonrecurring revenue, increased 8.2% compared to the prior quarter.”

Key Points for Second Quarter and Our Go-Forward Strategy

CCBX Making Progress on Launching New Programs. As of June 30, 2025 we had two partners in testing, two in implementation/onboarding, five signed letters of intent (LOI) and we have an active pipeline of new partners along with new products with existing partners for the balance of 2025 and into 2026. Total BaaS program fee income was $6.8 million, excluding $504,000 in nonrecurring revenue, for the three months ended June 30, 2025, an increase of $512,000, or 8.2%, from the three months ended March 31, 2025. We continue to have contracts with our partners that fully indemnify us against fraud and 98.8% against credit risk as of June 30, 2025.
Continued Investments in Future Growth. Total noninterest expense of $72.8 million was up $843,000, or 1.2%, as compared to $72.0 million in the quarter ended March 31, 2025, mainly driven by higher data processing and software costs partially offset by lower legal and professional expenses. With the increase in new CCBX partners and the launch of products with existing partners in 2025, we expect that expenses will be predominantly incurred at the outset, emphasizing compliance and operational risk management. This will occur before the new programs or products start to produce revenue. As a result, we believe expense growth should moderate considerably in the second half of 2025, with new programs or products starting to produce revenue to offset the initial up-front expenses.
Favorable Trends On, and Off Balance Sheet. Average deposits were $3.93 billion, an increase of $221.6 million, or 6.0%, over the quarter ended March 31, 2025, driven primarily by growth in CCBX partner programs and the addition of a new deposit partner. During the second quarter of 2025, we sold $1.30 billion of loans, the majority of which were credit card receivables. We retain a portion of the fee income on sold credit card loans. As of June 30, 2025 there were 313,827 off balance sheet credit cards with fee earning potential, an increase of 76,803 compared to the quarter ended March 31, 2025 and an increase of 286,146 from June 30, 2024.

Second Quarter 2025 Financial Highlights

The tables below outline some of our key operating metrics.

	Three Months Ended
(Dollars in thousands, except share and per share data; unaudited)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Income Statement Data:
Interest and dividend income	$	107,797		$	104,907		$	102,448		$	105,165		$	97,422
Interest expense		31,060			28,845			30,071			32,892			31,250
Net interest income		76,737			76,062			72,377			72,273			66,172
Provision for credit losses		32,211			55,781			61,867			70,257			62,325
Net interest income after provision for credit losses		44,526			20,281			10,510			2,016			3,847
Noninterest income		42,693			63,477			74,100			78,790			69,138
Noninterest expense		72,832			71,989			67,411			64,424			57,964
Provision for income tax		3,359			2,039			3,832			2,926			3,425
Net income	$	11,028		$	9,730		$	13,367		$	13,456		$	11,596

	As of and for the Three Month Period
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Balance Sheet Data:
Cash and cash equivalents	$	719,759		$	624,302		$	452,513		$	484,026		$	487,245
Investment securities		45,577			46,991			47,321			48,620			49,213
Loans held for sale		60,474			42,132			20,600			7,565			—
Loans receivable		3,540,330			3,517,359			3,486,565			3,413,894			3,321,813
Allowance for credit losses		(164,794	)		(183,178	)		(176,994	)		(171,674	)		(148,878	)
Total assets		4,480,559			4,339,282			4,121,208			4,064,472			3,959,549
Interest bearing deposits		3,358,216			3,251,599			3,057,808			3,047,861			2,949,643
Noninterest bearing deposits		555,355			539,630			527,524			579,427			593,789
Core deposits ⁽¹⁾		3,441,624			3,321,772			3,123,434			3,190,869			3,528,339
Total deposits		3,913,571			3,791,229			3,585,332			3,627,288			3,543,432
Total borrowings		47,960			47,923			47,884			47,847			47,810
Total shareholders’ equity	$	461,709		$	449,917		$	438,704		$	331,930		$	316,693

Share and Per Share Data ⁽²⁾:
Earnings per share – basic	$	0.73		$	0.65		$	0.97		$	1.00		$	0.86
Earnings per share – diluted	$	0.71		$	0.63		$	0.94		$	0.97		$	0.84
Dividends per share		—			—			—			—			—
Book value per share ⁽³⁾	$	30.59		$	29.98		$	29.37		$	24.51		$	23.54
Tangible book value per share ⁽⁴⁾	$	30.59		$	29.98		$	29.37		$	24.51		$	23.54
Weighted avg outstanding shares – basic		15,033,296			14,962,507			13,828,605			13,447,066			13,412,667
Weighted avg outstanding shares – diluted		15,447,923			15,462,041			14,268,229			13,822,270			13,736,508
Shares outstanding at end of period		15,093,036			15,009,225			14,935,298			13,543,282			13,453,805
Stock options outstanding at end of period		126,654			163,932			186,354			198,370			286,119

See footnotes that follow the tables below

	As of and for the Three Month Period
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Credit Quality Data:
Nonperforming assets ⁽⁵⁾ to total assets		1.36	%		1.30	%		1.52	%		1.63	%		1.34	%
Nonperforming assets ⁽⁵⁾ to loans receivable and OREO		1.72	%		1.60	%		1.80	%		1.94	%		1.60	%
Nonperforming loans ⁽⁵⁾ to total loans receivable		1.72	%		1.60	%		1.80	%		1.94	%		1.60	%
Allowance for credit losses to nonperforming loans		270.7	%		325.0	%		282.5	%		258.7	%		279.9	%
Allowance for credit losses to total loans receivable		4.65	%		5.21	%		5.08	%		5.03	%		4.48	%
Gross charge-offs	$	53,780		$	53,686		$	61,585		$	53,305		$	55,207
Gross recoveries	$	4,467		$	5,486		$	5,223		$	4,516		$	2,254
Net charge-offs to average loans ⁽⁶⁾		5.54	%		5.57	%		6.56	%		5.60	%		6.54	%

Capital Ratios:
Company
Tier 1 leverage capital		10.39	%		10.67	%		10.78	%		8.40	%		8.31	%
Common equity Tier 1 risk-based capital		12.32	%		12.13	%		12.04	%		9.24	%		9.03	%
Tier 1 risk-based capital		12.41	%		12.22	%		12.14	%		9.34	%		9.13	%
Total risk-based capital		14.90	%		14.73	%		14.67	%		11.89	%		11.70	%
Bank
Tier 1 leverage capital		10.33	%		10.57	%		10.64	%		9.29	%		9.24	%
Common equity Tier 1 risk-based capital		12.36	%		12.12	%		11.99	%		10.34	%		10.15	%
Tier 1 risk-based capital		12.36	%		12.12	%		11.99	%		10.34	%		10.15	%
Total risk-based capital		13.65	%		13.42	%		13.28	%		11.63	%		11.44	%

⁽¹⁾Core deposits are defined as all deposits excluding brokered and time deposits.
⁽²⁾Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
⁽³⁾We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
⁽⁴⁾Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
⁽⁵⁾Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
⁽⁶⁾Annualized calculations.

Key Performance Ratios

Return on average assets (“ROA”) was 0.99% for the quarter ended June 30, 2025 compared to 0.93% and 1.21% for the quarters ended March 31, 2025 and June 30, 2024, respectively. ROA for the quarter ended June 30, 2025, increased 0.06% and decreased 0.22% compared to March 31, 2025 and June 30, 2024, respectively. Noninterest expenses were slightly higher for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025 due to continued investments in growth, technology and risk management, partially offset by a decrease in legal and professional expenses. Noninterest expenses were higher than the quarter ended June 30, 2024 due primarily to an increase in salaries and employee benefits, data processing and software licenses and legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management.

Yield on earning assets and yield on loans receivable decreased 0.40% and 0.22%, respectively, for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025, largely due to a decrease in CCBX loan yield. Lower rate capital call lines increased $66.2 million, or 49.6%, compared to the quarter ended March 31, 2025. These loans bear a lower rate of interest, but have less credit risk due to the way the loans are structured compared to other commercial loans. Average loans receivable as of June 30, 2025 increased $56.1 million compared to March 31, 2025 as net CCBX loans continue to grow, despite selling $1.30 billion in CCBX loans during the quarter ended June 30, 2025.

The quarter over quarter volatility in the efficiency ratio and noninterest income to average asset performance metrics was driven by a higher-quality CCBX loan-mix from a credit quality perspective, which effectively reduced the credit enhancement required within non-interest income due to lower net-charge off activity as a percent of total loans which lowered our provision expense. These items have a neutral impact to net income although impacted the quarter-to-quarter metrics due to lower reported noninterest income. Additionally, results for the three months ended June 30, 2025 also included a net $439,000 loss on equity securities due to the re-valuation of a privately held equity stake, which CCB reviews quarterly. Management doesn’t believe the write-down is indicative of longer-term concerns of the portfolio company’s health at this time.

The following table shows the Company’s key performance ratios for the periods indicated.

	Three Months Ended
(unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Return on average assets ⁽¹⁾	0.99	%	0.93	%	1.30	%	1.34	%	1.21	%
Return on average equity ⁽¹⁾	9.72	%	8.91	%	14.90	%	16.67	%	15.22	%
Yield on earnings assets ⁽¹⁾	9.92	%	10.32	%	10.24	%	10.79	%	10.49	%
Yield on loans receivable ⁽¹⁾	11.11	%	11.33	%	11.12	%	11.44	%	11.22	%
Cost of funds ⁽¹⁾	3.13	%	3.11	%	3.24	%	3.62	%	3.60	%
Cost of deposits ⁽¹⁾	3.10	%	3.08	%	3.21	%	3.59	%	3.58	%
Net interest margin ⁽¹⁾	7.06	%	7.48	%	7.23	%	7.42	%	7.12	%
Noninterest expense to average assets ⁽¹⁾	6.52	%	6.87	%	6.54	%	6.42	%	6.05	%
Noninterest income to average assets ⁽¹⁾	3.82	%	6.06	%	7.19	%	7.85	%	7.22	%
Efficiency ratio	60.98	%	51.59	%	46.02	%	42.65	%	42.84	%
Loans receivable to deposits ⁽²⁾	92.01	%	93.89	%	97.82	%	94.33	%	93.75	%

⁽¹⁾Annualized calculations shown for quarterly periods presented.
⁽²⁾Includes loans held for sale.

Management Outlook; CEO Eric Sprink

“As we look to the latter half of 2025 and beyond, we expect to see additional new partner engagements, given that our CCBX pipeline remains strong with high-quality opportunities. We are committed to continuing to invest in our technology and risk management infrastructure to support our growth in the BaaS sector which is expected to produce future efficiencies, automation and cost reductions as we grow. The improvement in the performance of the CCBX portfolio and lower historical loss factors within the CCBX portfolio are positive indicators that our risk reduction and credit improvement efforts are proving effective, alongside the fraud and credit indemnifications provided by our partners. Additionally, we saw an increase of $512,000, or 8.2%, from the three months ended March 31, 2025 in BaaS program income, excluding nonrecurring revenue, namely in transaction and interchange income. We anticipate this growth to continue in future periods as our partner activities expand and grow.” said CEO Eric Sprink.

Coastal Financial Corporation Overview

The Company has one main subsidiary, the Bank, which consists of three segments: CCBX, the community bank and treasury & administration. The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.

CCBX Performance Update

Our CCBX segment continues to evolve, and we have 29 relationships, at varying stages, including two partners in testing, two in implementation/onboarding, and five signed LOI as of June 30, 2025. We continue to refine the criteria for CCBX partnerships, exploring relationships with larger and more established partners, with experienced management teams, existing customer bases and strong financial positions. We also will consider promising medium and smaller sized partners that align with our approach and terms including financial wherewithal and will continue to exit relationships where it makes sense for us to do so.

While we explore relationships with new partners we continue to expand our product offerings with existing CCBX partners. As we become more proficient in the BaaS space we aim to cultivate new relationships that align with our long-term goals. We believe that a strategy of adding new partnerships and launching new products with existing partners allows us to expand and grow our customer base with a modest increase in regulatory risk given our operational history with them. Increases in partner activity/transaction counts is positively impacting noninterest income and we expect this trend to continue as current products grow and new products are introduced. We plan to continue selling loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card loans, and will continue this strategy to provide an on-going revenue source with no on balance sheet risk or capital requirement.

As we build our deposit base, we will be able to sweep deposits off and on the balance sheet as needed. This deposit sweep capability allows us to better manage liquidity and deposit programs. At June 30, 2025 we swept off $478.7 million in deposits for FDIC insurance and liquidity purposes. Robinhood has entered the production testing phase for its suite of deposit products, signaling continued momentum in our strategic partnership pipeline. Dave finalized production testing in Q2 and is poised to initiate its beta launch, expanding our footprint in digital banking solutions. The introduction of theses products are expected to diversify and grow deposits.

The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

	As of
(unaudited)	June 30, 2025	March 31, 2025	June 30, 2024
Active	20	19	19
Friends and family / testing	2	2	1
Implementation / onboarding	2	3	1
Signed letters of intent	5	1	0
Total CCBX relationships	29	25	21

CCBX loans increased $29.5 million, or 1.8%, to $1.68 billion despite selling $1.30 billion in loans during the three months ended June 30, 2025. In accordance with the program agreement for one partner, we are responsible for losses on 5% of that portfolio. At June 30, 2025 the portion of that portfolio for which we are responsible represented $19.8 million in loans.

The following table details the CCBX loan portfolio:

CCBX	As of
	June 30, 2025					March 31, 2025					June 30, 2024
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Commercial and industrial loans:
Capital call lines	$	199,675		11.9	%	$	133,466		8.1	%	$	109,133		7.7	%
All other commercial & industrial loans		26,142		1.6			29,702		1.8			41,757		3.0
Real estate loans:
Residential real estate loans		234,786		14.0			285,355		17.3			287,950		20.4
Consumer and other loans:
Credit cards		533,925		31.8			532,775		32.2			549,241		39.0
Other consumer and other loans		686,321		40.7			670,026		40.6			422,136		29.9
Gross CCBX loans receivable		1,680,849		100.0	%		1,651,324		100.0	%		1,410,217		100.0	%
Net deferred origination (fees) costs		(569	)				(498	)				(438	)
Loans receivable	$	1,680,280				$	1,650,826				$	1,409,779
Loan Yield – CCBX ⁽¹⁾⁽²⁾		16.22	%				16.88	%				17.75	%

⁽¹⁾CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

The increase in CCBX loans in the quarter ended June 30, 2025, includes an increase of $66.2 million, or 49.6%, in capital call lines as a result of normal balance fluctuations and business activities, a decrease of $50.6 million, or 17.7%, in residential real estate loans and an increase of $17.4 million or 1.5%, in other consumer and other loans. We continue to monitor and manage the CCBX loan portfolio, and sold $1.30 billion in CCBX loans during the quarter ended June 30, 2025 compared to sales of $744.6 million in the quarter ended March 31, 2025. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio earnings and generate off balance sheet fee income. CCBX loan yield decreased 0.67% for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025 as a result of an increase in lower rate capital call lines and overall mix of loans compared to the quarter ended March 31, 2025, these loans bear a lower rate of interest, but have less credit risk due to the way the loans are structured compared to other commercial loans.

The following chart shows the growth in credit card accounts that generate fee income. This includes accounts with balances, which are included in our loan totals, and accounts that have been sold and have no corresponding balance in our loan totals, and that generate fee income.

The following chart shows the growth in active CCBX debit cards which are sources of interchange income.

The following table details the CCBX deposit portfolio:

CCBX	As of
	June 30, 2025					March 31, 2025					June 30, 2024
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Demand, noninterest bearing	$	60,448		2.6	%	$	58,416		2.6	%	$	62,234		3.0	%
Interest bearing demand and money market		2,231,159		94.5			2,145,608		94.6			1,989,105		96.7
Savings		51,523		2.2			16,625		0.7			5,150		0.3
Total core deposits		2,343,130		99.3			2,220,649		97.9			2,056,489		100.0
Other deposits		17,013		0.7			46,359		2.1			—		—
Total CCBX deposits	$	2,360,143		100.0	%	$	2,267,008		100.0	%	$	2,056,489		100.0	%
Cost of deposits ⁽¹⁾		3.96	%				4.01	%				4.92	%

⁽¹⁾Cost of deposits is annualized for the three months ended for each period presented.

CCBX deposits increased $93.1 million, or 4.1%, in the three months ended June 30, 2025 to $2.36 billion as a result of growth and normal balance fluctuations. This excludes the $478.7 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and sweep purposes, compared to $406.3 million for the quarter ended March 31, 2025. Amounts in excess of FDIC insurance coverage are transferred, using a third-party facilitator/vendor sweep product, to participating financial institutions.

Community Bank Performance Update

In the quarter ended June 30, 2025, the community bank saw net loans decrease $6.5 million, or 0.3%, to $1.86 billion, as a result of normal balance fluctuations.

The following table details the Community Bank loan portfolio:

Community Bank	As of
	June 30, 2025					March 31, 2025					June 30, 2024
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Commercial and industrial loans	$	149,926		8.0	%	$	149,104		8.0	%	$	144,436		7.5	%
Real estate loans:
Construction, land and land development loans		194,150		10.4			166,551		8.9			173,064		9.0
Residential real estate loans		198,844		10.7			202,920		10.8			229,639		12.0
Commercial real estate loans		1,310,882		70.2			1,340,647		71.6			1,357,979		70.8
Consumer and other loans:
Other consumer and other loans		12,230		0.7			13,326		0.7			14,220		0.7
Gross Community Bank loans receivable		1,866,032		100.0	%		1,872,548		100.0	%		1,919,338		100.0	%
Net deferred origination fees		(5,982	)				(6,015	)				(7,304	)
Loans receivable	$	1,860,050				$	1,866,533				$	1,912,034
Loan Yield⁽¹⁾		6.53	%				6.53	%				6.52	%

⁽¹⁾Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

Community bank loan categories decreased $29.8 million in commercial real estate loans and $1.1 million in consumer and other loans, partially offset by an increase of $27.6 million in construction, land and land development loans and $822,000 in commercial and industrial loans, during the quarter ended June 30, 2025.

The following table details the community bank deposit portfolio:

Community Bank	As of
	June 30, 2025					March 31, 2025					June 30, 2024
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Demand, noninterest bearing	$	494,907		31.9	%	$	481,214		31.5	%	$	531,555		35.7	%
Interest bearing demand and money market		545,655		35.1			560,416		36.8			876,668		59.0
Savings		57,933		3.7			59,493		3.9			63,627		4.3
Total core deposits		1,098,495		70.7			1,101,123		72.2			1,471,850		99.0
Other deposits		440,975		28.4			407,391		26.7			1		0.0
Time deposits less than $100,000		5,299		0.3			5,585		0.4			6,741		0.5
Time deposits $100,000 and over		8,659		0.6			10,122		0.7			8,351		0.5
Total Community Bank deposits	$	1,553,428		100.0	%	$	1,524,221		100.0	%	$	1,486,943		100.0	%
Cost of deposits⁽¹⁾		1.77	%				1.76	%				1.77	%

⁽¹⁾Cost of deposits is annualized for the three months ended for each period presented.

Community bank deposits increased $29.2 million, or 1.9%, during the three months ended June 30, 2025 to $1.55 billion. The community bank segment includes noninterest bearing deposits of $494.9 million, or 31.9%, of total community bank deposits, resulting in a cost of deposits of 1.77%, which compared to 1.76% for the quarter ended March 31, 2025.

Net Interest Income and Margin Discussion

Net interest income was $76.7 million for the quarter ended June 30, 2025, an increase of $675,000, or 0.9%, from $76.1 million for the quarter ended March 31, 2025, and an increase of $10.6 million, or 16.0%, from $66.2 million for the quarter ended June 30, 2024. Net interest income compared to March 31, 2025, was higher due to an increase in average loans receivable. The increase in net interest income compared to June 30, 2024 was largely related to growth in loans receivable and a reduction in cost of funds as a result of lower interest rates.

Net interest margin was 7.06% for the three months ended June 30, 2025, compared to 7.48% for the three months ended March 31, 2025, due primarily to a decrease in loan yield. Net interest margin, net of BaaS loan expense, (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) was 4.07% for the three months ended June 30, 2025, compared to 4.28% for the three months ended March 31, 2025. Net interest margin was 7.12% for the three months ended June 30, 2024. The decrease in net interest margin for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was largely due to a decrease in loan yield, partially offset by lower cost of funds. The $66.2 million of growth in lower rate capital call lines and overall mix of loans contributed to the decrease in net interest margin for the three months ended June 30, 2025. Capital call lines grew 49.6% quarter-over-quarter to $199.7 million, or 11.9% of total CCBX loans versus 8.1% in the prior quarter. These loans carry a lower interest rate, but also lower credit costs.

Interest and fees on loans receivable increased $720,000, or 0.7%, to $98.9 million for the three months ended June 30, 2025, compared to $98.1 million for the three months ended March 31, 2025, as a result of loan growth. Interest and fees on loans receivable increased $8.0 million, or 8.8%, compared to $90.9 million for the three months ended June 30, 2024, due to an increase in outstanding balances. Net interest margin, net of BaaS loan expense (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) decreased 0.21% for the three months ended June 30, 2025, compared to the three months ended March 31, 2025 and increased 0.07% compared the three months ended June 30, 2024.

The following tables illustrate how net interest margin and loan yield is affected by BaaS loan expense:

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	June 30 2025			March 31 2025			June 30 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.06	%		7.48	%		7.12	%
Earning assets		4,356,591			4,124,065			3,736,579
Net interest income (GAAP)		76,737			76,062			66,172
Less: BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net interest income, net of BaaS loan expense⁽²⁾	$	44,254		$	43,555		$	37,161
Net interest margin, net of BaaS loan expense ⁽¹⁾⁽²⁾		4.07	%		4.28	%		4.00	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.11	%		11.33	%		11.22	%
Total average loans receivable	$	3,567,823		$	3,511,724		$	3,258,042
Interest and earned fee income on loans (GAAP)		98,867			98,147			90,879
BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net loan income⁽²⁾	$	66,384		$	65,640		$	61,868
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾⁽²⁾		7.46	%		7.58	%		7.64	%

⁽¹⁾ Annualized calculations shown for periods presented.
⁽²⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Average investment securities decreased $900,000 to $46.3 million compared to the three months ended March 31, 2025 and decreased $3.5 million compared to the three months ended June 30, 2024 as a result of principal paydowns.

Cost of funds was 3.13% for the quarter ended June 30, 2025, an increase of 2 basis points from the quarter ended March 31, 2025 and a decrease of 47 basis points from the quarter ended June 30, 2024. Cost of deposits for the quarter ended June 30, 2025 was 3.10%, compared to 3.08% for the quarter ended March 31, 2025, and 3.58% for the quarter ended June 30, 2024. The decreased cost of funds and deposits compared to June 30, 2024 were largely due to the reductions in the Fed funds rate in 2024.

The following table summarizes the average yield on loans receivable and cost of deposits:

	For the Three Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024
	Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾		Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾		Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾
Community Bank	6.53	%	1.77	%	6.53	%	1.76	%	6.52	%	1.77	%
CCBX ⁽¹⁾	16.22	%	3.96	%	16.88	%	4.01	%	17.75	%	4.92	%
Consolidated	11.11	%	3.10	%	11.33	%	3.08	%	11.22	%	3.58	%
⁽¹⁾CCBX yield on loans does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾Annualized calculations for periods presented.

The following table illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

	For the Three Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024
(dollars in thousands, unaudited)	Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾		Income / Expense		Income / expense divided by average CCBX loans⁽²⁾		Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾
BaaS loan interest income	$	68,264	16.22	%	$	67,855	16.88	%	$	60,138	17.75	%
Less: BaaS loan expense		32,483	7.72	%		32,507	8.09	%		29,011	8.56	%
Net BaaS loan income ⁽¹⁾	$	35,781	8.50	%	$	35,348	8.79	%	$	31,127	9.19	%
Average BaaS Loans⁽³⁾	$	1,688,492			$	1,630,088			$	1,362,343

⁽¹⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
⁽²⁾ Annualized calculations shown for the periods presented.
⁽³⁾ Includes loans held for sale.

Noninterest Income Discussion

Noninterest income was $42.7 million for the three months ended June 30, 2025, a decrease of $20.8 million from $63.5 million for the three months ended March 31, 2025, and a decrease of $26.4 million from $69.1 million for the three months ended June 30, 2024. The decrease in noninterest income for the quarter ended June 30, 2025 as compared to the quarter ended March 31, 2025 was primarily due to a decrease of $20.6 million in total BaaS income. The $20.6 million decrease in total BaaS income included a $22.4 million decrease in BaaS credit enhancements related to the decrease in provision for credit losses due to an improvement in the performance of the CCBX portfolio and our focus on originating higher quality CCBX loans resulting in lower historical loss factors, which had a favorable impact on the provision for credit losses, partially offset by an increase of $1.0 million in BaaS program income, which includes $504,000 in nonrecurring revenue, and a $811,000 increase in BaaS fraud enhancements. Results for the three months ended June 30, 2025 also included a net $439,000 loss on equity securities due to the re-valuation of a privately held equity stake, which we review quarterly. Management doesn’t believe the write-down is indicative of longer-term concerns of the portfolio company’s health at this time. The $1.0 million increase in BaaS program income is largely due to an increase in transaction and interchange fees and includes $504,000 in nonrecurring revenue (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements).

The $26.4 million decrease in noninterest income over the quarter ended June 30, 2024 was primarily due to a $28.5 million decrease in BaaS credit and fraud enhancements due to improvement in the performance of the CCBX loan portfolio, partially offset by an increase of $2.0 million in BaaS program income, which includes $504,000 in nonrecurring revenue.

Noninterest Expense Discussion

Total noninterest expense increased $843,000 to $72.8 million for the three months ended June 30, 2025, compared to $72.0 million for the three months ended March 31, 2025, and increased $14.9 million from $58.0 million for the three months ended June 30, 2024. The $843,000 increase in noninterest expense for the quarter ended June 30, 2025, as compared to the quarter ended March 31, 2025, was primarily due to a $659,000 increase in data processing and software licenses, an $811,000 increase in BaaS fraud expense and a $74,000 increase in legal and professional fees, partially offset by a $414,000 decrease in other expenses, $119,000 decrease in occupancy expense, $81,000 decrease in salaries and employee benefits and a $24,000 decrease in BaaS loan expense. The increase in data processing and software licenses were part of our continued investments in growth, technology and risk management. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners.

The increase in noninterest expenses for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 was largely due to a $4.4 million increase in salary and employee benefits, a $1.6 million increase in data processing and software licenses due to enhancements and investments in technology, and a $2.7 million increase in legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management. Also contributing to the the increase was a $3.5 million increase in BaaS loan expense and a $1.0 million increase in BaaS fraud expense.

Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. The following table reflects the portion of noninterest expenses that are reimbursed by partners to assist in the understanding of how the increases in noninterest expense are related to expenses incurred and reimbursed by CCBX partners:

	Three Months Ended
	June 30,		March 31,		June 30,
(dollars in thousands; unaudited)		2025		2025		2024
Total noninterest expense (GAAP)	$	72,832	$	71,989	$	57,964
Less: BaaS loan expense		32,483		32,507		29,011
Less: BaaS fraud expense		2,804		1,993		1,784
Less: Reimbursement of expenses (BaaS)		646		1,026		857
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) ⁽¹⁾	$	36,899	$	36,463	$	26,312

⁽¹⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Provision for Income Taxes

The provision for income taxes was $3.4 million for the three months ended June 30, 2025, $2.0 million for the three months ended March 31, 2025 and $3.4 million for the second quarter of 2024. The income tax provision as a percentage was higher for the three months ended June 30, 2025 compared to the quarter ended March 31, 2025 as a result of the higher net income and increase in state income tax rates, partially offset by the deductibility of certain equity awards, and was somewhat flat in dollar amount compared to the quarter ended June 30, 2024, but higher in tax rate.

The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 5.14% for calculating the provision for state income taxes. The state rate increased in the quarter ended June 30, 2025 primarily as a result of a change in California’s tax laws.

Financial Condition Overview

Total assets increased $141.3 million, or 3.3%, to $4.48 billion at June 30, 2025 compared to $4.34 billion at March 31, 2025. The increase is primarily comprised of a $95.5 million increase in cash and interest bearing deposits with other banks, a $23.0 million increase in loans receivable, and an $18.3 million increase in loans held for sale. Total loans receivable increased to $3.54 billion at June 30, 2025, from $3.52 billion at March 31, 2025.

As of June 30, 2025, in addition to the $719.8 million in cash on hand the Company had the capacity to borrow up to a total of $642.7 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, plus an additional $50.0 million from a correspondent bank. There were no borrowings outstanding on these lines as of June 30, 2025.

The Company, on a stand alone basis, had a cash balance of $43.9 million as of June 30, 2025, a portion of which is retained for general operating purposes, including debt repayment, for funding $1.6 million in commitments to bank technology investment funds, with the remaining cash available to be contributed to the Bank as capital.

Uninsured deposits were $579.9 million as of June 30, 2025, compared to $558.8 million as of March 31, 2025.

Total shareholders’ equity as of June 30, 2025 increased $11.8 million since March 31, 2025. The increase in shareholders’ equity was primarily comprised of $11.0 million in net earnings combined with an increase of $764,000 in common stock outstanding as a result of equity awards exercised or vested during the three months ended June 30, 2025.

The Company and the Bank remained well capitalized at June 30, 2025, as summarized in the following table.

(unaudited)	Coastal Community Bank		Coastal Financial Corporation		Minimum Well Capitalized Ratios under Prompt Corrective Action ⁽¹⁾
Tier 1 Leverage Capital (to average assets)	10.33	%	10.39	%	5.00	%
Common Equity Tier 1 Capital (to risk-weighted assets)	12.36	%	12.32	%	6.50	%
Tier 1 Capital (to risk-weighted assets)	12.36	%	12.41	%	8.00	%
Total Capital (to risk-weighted assets)	13.65	%	14.90	%	10.00	%

⁽¹⁾ Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.

Asset Quality

The allowance for credit losses was $164.8 million and 4.65% of loans receivable at June 30, 2025 compared to $183.2 million and 5.21% at March 31, 2025 and $148.9 million and 4.48% at June 30, 2024. The allowance for credit loss allocated to the CCBX portfolio was $145.9 million and 8.68% of CCBX loans receivable at June 30, 2025, with $18.9 million of allowance for credit loss allocated to the community bank or 1.02% of total community bank loans receivable.

The following table details the allocation of the allowance for credit loss as of the period indicated:

	As of June 30, 2025									As of March 31, 2025									As of June 30, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Loans receivable	$	1,860,050		$	1,680,280		$	3,540,330		$	1,866,533		$	1,650,826		$	3,517,359		$	1,912,034		$	1,409,779		$	3,321,813
Allowance for credit losses		(18,936	)		(145,858	)		(164,794	)		(18,992	)		(164,186	)		(183,178	)		(21,046	)		(127,832	)		(148,878	)
Allowance for credit losses to total loans receivable		1.02	%		8.68	%		4.65	%		1.02	%		9.95	%		5.21	%		1.10	%		9.07	%		4.48	%

Net charge-offs totaled $49.3 million for the quarter ended June 30, 2025, compared to $48.2 million for the quarter ended March 31, 2025 and $53.0 million for the quarter ended June 30, 2024. Net charge-offs as a percent of average loans decreased to 5.54% for the quarter ended June 30, 2025 compared to 5.57% for the quarter ended March 31, 2025. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $296.3 million loan portfolio. At June 30, 2025, our portion of this portfolio represented $19.8 million in loans. Net charge-offs for this $19.8 million in loans were $1.3 million for the three months ended June 30, 2025, $1.1 million for the three months ended March 31, 2025 and $1.3 million for the three months ended June 30, 2024.

The following table details net charge-offs for the community bank and CCBX for the period indicated:

	Three Months Ended
	June 30, 2025									March 31, 2025									June 30, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Gross charge-offs	$	11		$	53,769		$	53,780		$	4		$	53,682		$	53,686		$	2		$	55,205		$	55,207
Gross recoveries		(2	)		(4,465	)		(4,467	)		(7	)		(5,479	)		(5,486	)		(4	)		(2,250	)		(2,254	)
Net charge-offs	$	9		$	49,304		$	49,313		$	(3	)	$	48,203		$	48,200		$	(2	)	$	52,955		$	52,953
Net charge-offs to average loans ⁽¹⁾		0.00	%		11.71	%		5.54	%		0.00	%		11.99	%		5.57	%		0.00	%		15.63	%		6.54	%

⁽¹⁾ Annualized calculations shown for periods presented.

During the quarter ended June 30, 2025, a $31.0 million provision for credit losses was recorded for CCBX partner loans, compared to the $54.3 million provision for credit losses was recorded for CCBX partner loans for the quarter ended March 31, 2025. The provision was based on management’s analysis, bringing the CCBX allowance for credit losses to $145.9 million at June 30, 2025 compared to $164.2 million at March 31, 2025. The decrease in the allowance is due to an improvement in the performance of the CCBX portfolio and our focus on originating higher quality CCBX loans resulting in lower historical loss factors. As we continue to originate higher quality loans, these become a greater proportion of the CCBX portfolio, resulting in an improvement in expected losses and a reduced allowance. In general, CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk with our CCBX partners.

The factors used in management’s analysis for community bank credit losses indicated that a provision recapture of $47,000 was needed for the quarter ended June 30, 2025 compared to a provision of $65,000 and a provision recapture of $341,000 for the quarters ended March 31, 2025 and June 30, 2024, respectively. The provision recapture in the current period was due to the lower outstanding balance in the community bank loan portfolio.

The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025		June 30, 2024
Community bank	$	(47	)	$	65	$	(341	)
CCBX		30,976			54,319		62,231
Total provision expense	$	30,929		$	54,384	$	61,890

A provision for unfunded commitments of $1.5 million was recorded for the quarter ended June 30, 2025 as a result of a change in the loan mix of available balance. A provision for accrued interest receivable of $182,000 was recorded for the quarter ended June 30, 2025 on CCBX loans.

At June 30, 2025, our nonperforming assets were $60.9 million, or 1.36%, of total assets, compared to $56.4 million, or 1.30%, of total assets, at March 31, 2025, and $53.2 million, or 1.34%, of total assets, at June 30, 2024. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of June 30, 2025, $55.3 million of the $57.0 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above. Additionally, some CCBX partners have a collection practice that places certain loans on nonaccrual status to improve collectability. $20.1 million of these loans are less than 90 days past due as of June 30, 2025.

Nonperforming assets increased $4.5 million during the quarter ended June 30, 2025, compared to the quarter ended March 31, 2025. Community bank nonperforming loans increased $3.7 million from March 31, 2025 to $3.8 million as of June 30, 2025, and CCBX nonperforming loans increased $847,000 to $57.0 million from March 31, 2025. The increase in CCBX nonperforming loans is due to an increase of $4.2 million in nonaccrual loans from March 31, 2025 to $24.4 million, partially offset by a $3.4 million decrease in CCBX loans that are past due 90 days or more and still accruing interest. As of June 30, 2025, $20.1 million in loans are under 90 days past due as a result of CCBX partners placing them on nonaccrual status to improve collectability. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we would typically anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow, therefore we believe the decrease in these past due CCBX loans is a positive performance indicator for the CCBX portfolio. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at June 30, 2025. Our nonperforming loans to loans receivable ratio was 1.72% at June 30, 2025, compared to 1.60% at March 31, 2025, and 1.60% at June 30, 2024.

For the quarter ended June 30, 2025, there were $9,000 in community bank net charge-offs and $49.3 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

The following table details the Company’s nonperforming assets for the periods indicated.

Consolidated	As of
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
Nonaccrual loans:
Commercial and industrial loans	$	2,333		$	381		$	—
Real estate loans:
Construction, land and land development		1,697			—			—
Residential real estate		—			—			213
Commercial real estate		—			—			7,731
Consumer and other loans:
Credit cards		20,140			13,602			—
Other consumer and other loans		4,063			6,376			—
Total nonaccrual loans		28,233			20,359			7,944
Accruing loans past due 90 days or more:
Commercial & industrial loans		926			782			1,278
Real estate loans:
Residential real estate loans		1,817			2,407			2,722
Consumer and other loans:
Credit cards		23,116			27,187			36,465
Other consumer and other loans		6,775			5,632			4,779
Total accruing loans past due 90 days or more		32,634			36,008			45,244
Total nonperforming loans		60,867			56,367			53,188
Real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	60,867		$	56,367		$	53,188
Total nonaccrual loans to loans receivable		0.80	%		0.58	%		0.24	%
Total nonperforming loans to loans receivable		1.72	%		1.60	%		1.60	%
Total nonperforming assets to total assets		1.36	%		1.30	%		1.34	%

The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

CCBX	As of
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
Nonaccrual loans:
Commercial and industrial loans:
All other commercial & industrial loans	$	188		$	192		$	—
Consumer and other loans:
Credit cards		20,140			13,602			—
Other consumer and other loans		4,063			6,376			—
Total nonaccrual loans		24,391			20,170			—
Accruing loans past due 90 days or more:
Commercial & industrial loans		926			782			1,278
Real estate loans:
Residential real estate loans		1,817			2,407			2,722
Consumer and other loans:
Credit cards		23,116			27,187			36,465
Other consumer and other loans		6,775			5,632			4,779
Total accruing loans past due 90 days or more		32,634			36,008			45,244
Total nonperforming loans		57,025			56,178			45,244
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	57,025		$	56,178		$	45,244
Total CCBX nonperforming assets to total consolidated assets		1.27	%		1.29	%		1.14	%

Community Bank	As of
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
Nonaccrual loans:
Commercial and industrial loans	$	2,145		$	189		$	—
Real estate:
Construction, land and land development		1,697			—			—
Residential real estate		—			—			213
Commercial real estate		—			—			7,731
Total nonaccrual loans		3,842			189			7,944
Accruing loans past due 90 days or more:
Total accruing loans past due 90 days or more		—			—			—
Total nonperforming loans		3,842			189			7,944
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	3,842		$	189		$	7,944
Total community bank nonperforming assets to total consolidated assets		0.09	%		—	%		0.20	%

About Coastal Financial

Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The $4.48 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment. To learn more about the Company visit www.coastalbank.com.

CCB-ER

Contact

Eric Sprink, Chief Executive Officer, (425) 357-3659
Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risk that changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands; unaudited)

ASSETS
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Cash and due from banks	$	29,546		$	43,467		$	36,533		$	45,327		$	59,995
Interest earning deposits with other banks		690,213			580,835			415,980			438,699			427,250
Investment securities, available for sale, at fair value		33			34			35			38			39
Investment securities, held to maturity, at amortized cost		45,544			46,957			47,286			48,582			49,174
Other investments		12,521			12,589			10,800			10,757			10,664
Loans held for sale		60,474			42,132			20,600			7,565			—
Loans receivable		3,540,330			3,517,359			3,486,565			3,413,894			3,321,813
Allowance for credit losses		(164,794	)		(183,178	)		(176,994	)		(171,674	)		(148,878	)
Total loans receivable, net		3,375,536			3,334,181			3,309,571			3,242,220			3,172,935
CCBX credit enhancement asset		167,779			183,377			181,890			173,600			149,096
CCBX receivable		13,009			12,685			14,138			16,060			11,520
Premises and equipment, net		29,052			28,639			27,431			25,833			24,526
Lease right-of-use assets		4,891			5,117			5,219			5,427			5,635
Accrued interest receivable		20,849			21,109			21,104			22,315			21,620
Bank-owned life insurance, net		13,648			13,501			13,375			13,255			13,132
Deferred tax asset, net		3,829			3,912			3,600			3,083			2,221
Other assets		13,635			10,747			13,646			11,711			11,742
Total assets	$	4,480,559		$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits	$	3,913,571		$	3,791,229		$	3,585,332		$	3,627,288		$	3,543,432
Subordinated debt, net		44,368			44,331			44,293			44,256			44,219
Junior subordinated debentures, net		3,592			3,592			3,591			3,591			3,591
Deferred compensation		295			310			332			369			405
Accrued interest payable		954			1,107			962			1,070			999
Lease liabilities		5,063			5,293			5,398			5,609			5,821
CCBX payable		32,939			29,391			29,171			37,839			32,539
Other liabilities		18,068			14,112			13,425			12,520			11,850
Total liabilities		4,018,850			3,889,365			3,682,504			3,732,542			3,642,856
SHAREHOLDERS’ EQUITY
Common Stock		230,423			229,659			228,177			134,769			132,989
Retained earnings		231,287			220,259			210,529			197,162			183,706
Accumulated other comprehensive loss, net of tax		(1	)		(1	)		(2	)		(1	)		(2	)
Total shareholders’ equity		461,709			449,917			438,704			331,930			316,693
Total liabilities and shareholders’ equity	$	4,480,559		$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts; unaudited)

	Three Months Ended
	June 30, 2025			March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	98,867		$	98,147	$	95,575	$	99,676	$	90,879
Interest on interest earning deposits with other banks		8,085			6,070		6,021		4,781		5,683
Interest on investment securities		626			650		661		675		686
Dividends on other investments		219			40		191		33		174
Total interest income		107,797			104,907		102,448		105,165		97,422
INTEREST EXPENSE
Interest on deposits		30,400			28,185		29,404		32,083		30,578
Interest on borrowed funds		660			660		667		809		672
Total interest expense		31,060			28,845		30,071		32,892		31,250
Net interest income		76,737			76,062		72,377		72,273		66,172
PROVISION FOR CREDIT LOSSES		32,211			55,781		61,867		70,257		62,325
Net interest income/(expense) after provision for credit losses		44,526			20,281		10,510		2,016		3,847
NONINTEREST INCOME
Service charges and fees		913			860		932		952		946
Loan referral fees		—			—		—		—		—
Unrealized gain (loss) on equity securities, net		(439	)		16		1		2		9
Other income		853			682		473		486		257
Noninterest income, excluding BaaS program income and BaaS indemnification income		1,327			1,558		1,406		1,440		1,212
Servicing and other BaaS fees		1,539			1,419		1,043		1,044		1,525
Transaction and interchange fees		5,109			3,833		3,699		3,549		2,934
Reimbursement of expenses		646			1,026		812		565		857
BaaS program income		7,294			6,278		5,554		5,158		5,316
BaaS credit enhancements		31,268			53,648		62,097		70,108		60,826
BaaS fraud enhancements		2,804			1,993		5,043		2,084		1,784
BaaS indemnification income		34,072			55,641		67,140		72,192		62,610
Total noninterest income		42,693			63,477		74,100		78,790		69,138
NONINTEREST EXPENSE
Salaries and employee benefits		21,401			21,482		17,955		17,060		16,973
Occupancy		915			1,034		958		964		985
Data processing and software licenses		5,541			4,882		4,049		4,338		3,977
Legal and professional expenses		5,962			5,888		4,606		3,597		3,311
Point of sale expense		69			107		89		73		72
Excise taxes		681			722		778		762		(706	)
Federal Deposit Insurance Corporation (“FDIC”) assessments		790			755		750		740		690
Director and staff expenses		612			631		683		559		470
Marketing		50			50		28		67		14
Other expense		1,524			1,938		1,752		1,482		1,383
Noninterest expense, excluding BaaS loan and BaaS fraud expense		37,545			37,489		31,648		29,642		27,169
BaaS loan expense		32,483			32,507		30,720		32,698		29,011
BaaS fraud expense		2,804			1,993		5,043		2,084		1,784
BaaS loan and fraud expense		35,287			34,500		35,763		34,782		30,795
Total noninterest expense		72,832			71,989		67,411		64,424		57,964
Income before provision for income taxes		14,387			11,769		17,199		16,382		15,021
PROVISION FOR INCOME TAXES		3,359			2,039		3,832		2,926		3,425
NET INCOME	$	11,028		$	9,730	$	13,367	$	13,456	$	11,596
Basic earnings per common share	$	0.73		$	0.65	$	0.97	$	1.00	$	0.86
Diluted earnings per common share	$	0.71		$	0.63	$	0.94	$	0.97	$	0.84
Weighted average number of common shares outstanding:
Basic		15,033,296			14,962,507		13,828,605		13,447,066		13,412,667
Diluted		15,447,923			15,462,041		14,268,229		13,822,270		13,736,508

COASTAL FINANCIAL CORPORATION
AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾
Assets
Interest earning assets:
Interest earning deposits with other banks	$	729,652		$	8,085	4.44	%	$	553,393		$	6,070	4.45	%	$	418,165		$	5,683	5.47	%
Investment securities, available for sale ⁽²⁾		35			—	—			37			1	10.96			43			—	—
Investment securities, held to maturity ⁽²⁾		46,256			626	5.43			47,154			649	5.58			49,737			686	5.55
Other investments		12,825			219	6.85			11,757			40	1.38			10,592			174	6.61
Loans receivable ⁽³⁾		3,567,823			98,867	11.11			3,511,724			98,147	11.33			3,258,042			90,879	11.22
Total interest earning assets		4,356,591			107,797	9.92			4,124,065			104,907	10.32			3,736,579			97,422	10.49
Noninterest earning assets:
Allowance for credit losses		(176,022	)						(170,542	)						(138,472	)
Other noninterest earning assets		298,698							296,993							255,205
Total assets	$	4,479,267						$	4,250,516						$	3,853,312

Liabilities and Shareholders’ Equity
Interest bearing liabilities:
Interest bearing deposits	$	3,369,574		$	30,400	3.62	%	$	3,166,384		$	28,185	3.61	%	$	2,854,575		$	30,578	4.31	%
FHLB advances and other borrowings		3			1	—			—			1	—			1,648			3	0.73
Subordinated debt		44,345			598	5.41			44,309			598	5.47			44,197			598	5.44
Junior subordinated debentures		3,592			61	6.81			3,592			61	6.89			3,590			71	7.95
Total interest bearing liabilities		3,417,514			31,060	3.65			3,214,285			28,845	3.64			2,904,010			31,250	4.33
Noninterest bearing deposits		562,174							543,784							584,661
Other liabilities		44,452							49,624							58,267
Total shareholders’ equity		455,127							442,823							306,374
Total liabilities and shareholders’ equity	$	4,479,267						$	4,250,516						$	3,853,312
Net interest income				$	76,737						$	76,062						$	66,172
Interest rate spread						6.27	%						6.68	%						6.16	%
Net interest margin ⁽⁴⁾						7.06	%						7.48	%						7.12	%

⁽¹⁾Yields and costs are annualized.
⁽²⁾For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽³⁾Includes loans held for sale and nonaccrual loans.
⁽⁴⁾Net interest margin represents net interest income divided by the average total interest earning assets.

COASTAL FINANCIAL CORPORATION
SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Community Bank
Assets
Interest earning assets:
Loans receivable ⁽²⁾	$	1,879,331	$	30,603	6.53	%	$	1,881,636	$	30,292	6.53	%	$	1,895,699	$	30,741	6.52	%
Total interest earning assets		1,879,331		30,603	6.53			1,881,636		30,292	6.53			1,895,699		30,741	6.52
Liabilities
Interest bearing liabilities:
Interest bearing deposits		1,048,506		6,783	2.59	%		1,045,971		6,604	2.56	%		938,033		6,459	2.77	%
Intrabank liability		342,232		3,792	4.44			356,337		3,909	4.45			429,452		5,836	5.47
Total interest bearing liabilities		1,390,738		10,575	3.05			1,402,308		10,513	3.04			1,367,485		12,295	3.62
Noninterest bearing deposits		488,593						479,329						528,214
Net interest income			$	20,028					$	19,779					$	18,446
Net interest margin⁽³⁾					4.27	%					4.26	%					3.91	%

CCBX
Assets
Interest earning assets:
Loans receivable ⁽²⁾⁽⁴⁾	$	1,688,492	$	68,264	16.22	%	$	1,630,088	$	67,855	16.88	%	$	1,362,343	$	60,138	17.75	%
Intrabank asset		706,157		7,825	4.44			554,781		6,085	4.45			610,646		8,299	5.47
Total interest earning assets		2,394,649		76,089	12.74			2,184,869		73,940	13.72			1,972,989		68,437	13.95
Liabilities
Interest bearing liabilities:
Interest bearing deposits		2,321,068		23,617	4.08	%		2,120,413		21,581	4.13	%		1,916,542		24,119	5.06	%
Total interest bearing liabilities		2,321,068		23,617	4.08			2,120,413		21,581	4.13			1,916,542		24,119	5.06
Noninterest bearing deposits		73,581						64,455						56,447
Net interest income			$	52,472					$	52,359					$	44,318
Net interest margin⁽³⁾					8.79	%					9.72	%					9.03	%
Net interest margin, net of BaaS loan expense⁽⁵⁾					3.35	%					3.68	%					3.12	%

	For the Three Months Ended
	June 30, 2025						March 31, 2025							June 30, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Treasury & Administration
Assets
Interest earning assets:
Interest earning deposits with other banks	$	729,652	$	8,085	4.44	%	$	553,393		$	6,070	4.45	%	$	418,165	$	5,683	5.47	%
Investment securities, available for sale ⁽⁶⁾		35		—	—			37			1	10.96			43		—	3.13
Investment securities, held to maturity ⁽⁶⁾		46,256		626	5.43			47,154			649	5.58			49,737		686	5.55
Other investments		12,825		219	6.85			11,757			40	1.38			10,592		174	6.61
Total interest earning assets		788,768		8,930	4.54	%		612,341	—		6,760	4.48	%		478,537		6,543	5.50	%
Liabilities
Interest bearing liabilities:
FHLB advances and borrowings	$	3		1	—		$	—			1	—	%	$	1,648		3	0.73	%
Subordinated debt		44,345		598	5.41			44,309			598	5.47			44,197		598	5.44
Junior subordinated debentures		3,592		61	6.81			3,592			61	6.89			3,590		71	7.95
Intrabank liability, net ⁽⁷⁾		363,925		4,033	4.44			198,444			2,176	4.45			181,194		2,463	5.47
Total interest bearing liabilities		411,865		4,693	4.57			246,345			2,836	4.67			230,629		3,135	5.47
Net interest income			$	4,237						$	3,924					$	3,408
Net interest margin⁽³⁾					2.15	%						2.60	%					2.86	%

⁽¹⁾Yields and costs are annualized.
⁽²⁾Includes loans held for sale and nonaccrual loans.
⁽³⁾Net interest margin represents net interest income divided by the average total interest earning assets.
⁽⁴⁾CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽⁵⁾Net interest margin, net of BaaS loan expense, includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
⁽⁶⁾For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽⁷⁾Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on loans and CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

Loan income, net of BaaS loan expense, divided by average loans, is a non-GAAP measure that includes the impact BaaS loan expense on loan income and the yield on loans. The most directly comparable GAAP measure is yield on loans.

Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

Net interest income, net of BaaS loan expense, is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

CCBX net interest margin, net of BaaS loan expense, is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is CCBX net interest margin.

Reconciliations of the GAAP and non-GAAP measures are presented below.

CCBX	As of and for the Three Months Ended
(dollars in thousands; unaudited)	June 30 2025			March 31 2025			June 30 2024
Net BaaS loan income divided by average CCBX loans:
CCBX loan yield (GAAP)⁽¹⁾		16.22	%		16.88	%		17.75	%
Total average CCBX loans receivable	$	1,688,492		$	1,630,088		$	1,362,343
Interest and earned fee income on CCBX loans (GAAP)		68,264			67,855			60,138
BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net BaaS loan income	$	35,781		$	35,348		$	31,127
Net BaaS loan income divided by average CCBX loans ⁽¹⁾		8.50	%		8.79	%		9.19	%
CCBX net interest margin, net of BaaS loan expense:
CCBX net interest margin ⁽¹⁾		8.79	%		9.72	%		9.03	%
CCBX earning assets		2,394,649			2,184,869			1,972,989
Net interest income (GAAP)		52,472			52,359			44,318
Less: BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net interest income, net of BaaS loan expense	$	19,989		$	19,852		$	15,307
CCBX net interest margin, net of BaaS loan expense ⁽¹⁾		3.35	%		3.68	%		3.12	%

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	June 30 2025			March 31 2025			June 30 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.06	%		7.48	%		7.12	%
Earning assets		4,356,591			4,124,065			3,736,579
Net interest income (GAAP)		76,737			76,062			66,172
Less: BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net interest income, net of BaaS loan expense	$	44,254		$	43,555		$	37,161
Net interest margin, net of BaaS loan expense ⁽¹⁾		4.07	%		4.28	%		4.00	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.11	%		11.33	%		11.22	%
Total average loans receivable	$	3,567,823		$	3,511,724		$	3,258,042
Interest and earned fee income on loans (GAAP)		98,867			98,147			90,879
BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net loan income	$	66,384		$	65,640		$	61,868
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾		7.46	%		7.58	%		7.64	%

⁽¹⁾ Annualized calculations for periods presented.

The following non-GAAP measure is presented to illustrate the impact of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) on noninterest expense. Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. This non-GAAP measure shows the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partner. The most comparable GAAP measure is noninterest expense.

	As of and for the Three Months Ended
(dollars in thousands, unaudited)	June 30, 2025		March 31, 2025		June 30, 2024
Noninterest expense, net of reimbursement of expenses (BaaS)
Noninterest expense (GAAP)	$	72,832	$	71,989	$	57,964
Less: BaaS loan expense		32,483		32,507		29,011
Less: BaaS fraud expense		2,804		1,993		1,784
Less: Reimbursement of expenses		646		1,026		857
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses	$	36,899	$	36,463	$	26,312

APPENDIX A –
As of June 30, 2025

Industry Concentration

We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.55 billion in outstanding loan balances. When combined with $1.93 billion in unused commitments the total of these categories is $5.48 billion.

Commercial real estate loans represent the largest segment of our loans, comprising 37.0% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $30.1 million, and the combined total in commercial real estate loans represents $1.34 billion, or 24.5% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Apartments	$	362,315	$	2,889	$	365,204	6.7	%	$	3,814	95
Hotel/Motel		154,877		1,073		155,950	2.8			6,734	23
Convenience Store		135,118		546		135,664	2.5			2,290	59
Office		119,622		6,666		126,288	2.3			1,375	87
Warehouse		102,688		—		102,688	1.9			1,770	58
Retail		93,552		836		94,388	1.7			936	100
Mixed use		93,455		5,287		98,742	1.8			1,126	83
Mini Storage		73,695		7,272		80,967	1.5			3,685	20
Strip Mall		43,468		—		43,468	0.8			6,210	7
Manufacturing		35,274		570		35,844	0.7			1,306	27
Groups < 0.70% of total		96,818		4,938		101,756	1.8			1,226	79
Total	$	1,310,882	$	30,077	$	1,340,959	24.5	%	$	2,055	638

Consumer loans comprise 34.7% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $746.8 million, and the combined total in consumer and other loans represents $1.98 billion, or 36.1% of our total outstanding loans and loan commitments. The $746.8 million in commitments is subject to CCBX partner/portfolio maximum limits. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $900. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX consumer loans
Credit cards	$	533,925	$	702,611	$	1,236,536	22.6	%	$	1.6	337,749
Installment loans		671,089		30,817		701,906	12.8			0.8	796,927
Lines of credit		676		14		690	0.0			0.9	715
Other loans		14,556		—		14,556	0.3			0.1	240,653
Community bank consumer loans
Installment loans		738		2		740	0.0			30.8	24
Lines of credit		178		339		517	0.0			5.7	31
Other loans		11,314		13,000		24,314	0.4			32.6	347
Total	$	1,232,476	$	746,783	$	1,979,259	36.1	%	$	0.9	1,376,446

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Residential real estate loans comprise 12.2% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $557.7 million, which is subject to partner/portfolio maximum limits, and the combined total in residential real estate loans represents $991.3 million, or 18.1% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX residential real estate loans
Home equity line of credit	$	234,786	$	509,297	$	744,083	13.6	%	$	27	8,735
Community bank residential real estate loans
Closed end, secured by first liens		162,205		1,064		163,269	3.0			554	293
Home equity line of credit		30,328		46,270		76,598	1.4			122	249
Closed end, second liens		6,311		1,073		7,384	0.1			218	29
Total	$	433,630	$	557,704	$	991,334	18.1	%	$	47	9,306

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits. CCBX home equity lines of credit are limited to a $375.0 million portfolio maximum.

Commercial and industrial loans comprise 10.6% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $527.8 million, and the combined total in commercial and industrial loans represents $903.6 million, or 16.5% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $199.7 million in outstanding capital call lines, with an additional $438.4 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX C&I loans
Capital call lines	$	199,675	$	438,391	$	638,066	11.6	%	$	1,597	125
Retail and other loans		26,142		23,001		49,143	0.9			9	2,915
Community bank C&I loans
Construction/Contractor services		30,449		32,173		62,622	1.1			154	198
Financial institutions		51,768		—		51,768	0.9			4,314	12
Medical / Dental / Other care		5,496		3,683		9,179	0.2			423	13
Manufacturing		5,325		3,976		9,301	0.2			140	38
Groups < 0.20% of total		56,888		26,593		83,481	1.6			228	250
Total	$	375,743	$	527,817	$	903,560	16.5	%	$	106	3,551

⁽¹⁾ Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Construction, land and land development loans comprise 5.5% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $70.0 million, and the combined total in construction, land and land development loans represents $264.2 million, or 4.8% of our total outstanding loans and loan commitments.

The following table details our loan commitment for our construction, land and land development portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Commercial construction	$	104,078	$	48,309	$	152,387	2.8	%	$	7,434	14
Residential construction		39,831		17,340		57,171	1.0			2,655	15
Developed land loans		22,875		604		23,479	0.4			1,271	18
Undeveloped land loans		20,067		748		20,815	0.4			1,338	15
Land development		7,299		3,048		10,347	0.2			811	9
Total	$	194,150	$	70,049	$	264,199	4.8	%	$	2,735	71

Exposure and risk in our construction, land and land development portfolio increased compared to recent periods as indicated in the following table:

	Outstanding Balance as of
(dollars in thousands; unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Commercial construction	$	104,078	$	96,716	$	83,216	$	97,792	$	110,372
Residential construction		39,831		39,375		40,940		35,822		34,652
Undeveloped land loans		20,067		16,684		8,665		8,606		8,372
Developed land loans		22,875		7,788		8,305		14,863		13,954
Land development		7,299		5,988		7,072		5,968		5,714
Total	$	194,150	$	166,551	$	148,198	$	163,051	$	173,064

Commitments to extend credit total $1.93 billion at June 30, 2025, however we do not anticipate our customers using the $1.93 billion that is showing as available due to CCBX partner and portfolio limits.

The following table presents outstanding commitments to extend credit as of June 30, 2025:

Consolidated
(dollars in thousands; unaudited)	As of June 30, 2025 (1)
Commitments to extend credit:
Commercial and industrial loans	$	89,426
Commercial and industrial loans – capital call lines		438,391
Construction – commercial real estate loans		52,709
Construction – residential real estate loans		17,340
Residential real estate loans		557,704
Commercial real estate loans		30,077
Credit cards		702,611
Consumer and other loans		44,172
Total commitments to extend credit	$	1,932,430

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of June 30, 2025, capital call lines outstanding balance totaled $199.7 million and, while commitments totaled $438.4 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would have the choice to fund or not fund the loan.

See the table below for CCBX portfolio maximums and related available commitments:

CCBX
(dollars in thousands; unaudited)	Balance			Percent of CCBX loans receivable		Available Commitments ⁽¹⁾		Maximum Portfolio Size		Cash Reserve/Pledge Account Amount ⁽²⁾
Commercial and industrial loans:
Capital call lines	$	199,675		11.9	%	$	438,391	$	350,000	$	—
All other commercial & industrial loans		26,142		1.6			23,001		471,186		531
Real estate loans:
Home equity lines of credit ⁽³⁾		234,786		14.0			509,297		375,000		36,469
Consumer and other loans:
Credit cards – cash secured		364					—				—
Credit cards – unsecured		533,561					702,611				30,827
Credit cards – total		533,925		31.8			702,611		850,000		30,827
Installment loans – cash secured		128,861					30,817				—
Installment loans – unsecured		542,228					—				(38	)
Installment loans – total		671,089		39.8			30,817		1,818,619		(38	)
Other consumer and other loans		15,232		0.9			14		5,195		275
Gross CCBX loans receivable		1,680,849		100.0	%	$	1,704,131	$	3,870,000	$	68,064
Net deferred origination fees		(569	)
Loans receivable	$	1,680,280

(1) Remaining commitment available, net of outstanding balance.
(2) Balances are as of July 8, 2025.
(3) These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.

APPENDIX B –
As of June 30, 2025

CCBX – BaaS Reporting Information

During the quarter ended June 30, 2025, $31.3 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments, negative deposit accounts and accrued interest receivable on some CCBX partner loans. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes non-credit fraud losses on loans and deposits originated through partners, generally fraud losses related to loans are comprised primarily of first payment defaults. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating and servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (a reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release) which can be compared to interest income on the Company’s community bank loans.

The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

Loan income and related loan expense	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
Yield on loans ⁽¹⁾		16.22	%		16.88	%		17.75	%
BaaS loan interest income	$	68,264		$	67,855		$	60,138
Less: BaaS loan expense		32,483			32,507			29,011
Net BaaS loan income ⁽²⁾	$	35,781		$	35,348		$	31,127
Net BaaS loan income divided by average BaaS loans ⁽¹⁾⁽²⁾		8.50	%		8.79	%		9.19	%

(1) Annualized calculation for quarterly periods shown.
(2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025. Our strategy is to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans with enhanced credit standards. These higher quality loans tend to have lower stated rates and expected losses than some of our CCBX loans historically. Current loan sales and new loan growth are at more similar interest rates compared to prior periods when we were selling loans with higher risk and higher interest rates and replacing them with higher quality lower interest rate loans. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and also generate off balance sheet fee income. Growth in CCBX loans has resulted in an increase in interest income for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024.

The following tables are a summary of the interest components, direct fees and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

Interest income	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025		March 31, 2025		June 30, 2024
Loan interest income	$	68,264	$	67,855	$	60,138
Total BaaS interest income	$	68,264	$	67,855	$	60,138

Interest expense	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025		March 31, 2025		June 30, 2024
BaaS interest expense	$	23,617	$	21,581	$	24,119
Total BaaS interest expense	$	23,617	$	21,581	$	24,119

BaaS income	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025		March 31, 2025		June 30, 2024
BaaS program income:
Servicing and other BaaS fees	$	1,539	$	1,419	$	1,525
Transaction and interchange fees		5,109		3,833		2,934
Reimbursement of expenses		646		1,026		857
Total BaaS program income		7,294		6,278		5,316
BaaS indemnification income:
BaaS credit enhancements		31,268		53,648		60,826
BaaS fraud enhancements		2,804		1,993		1,784
BaaS indemnification income		34,072		55,641		62,610
Total noninterest BaaS income	$	41,366	$	61,919	$	67,926

Servicing and other BaaS fees increased $120,000 and transaction and interchange fees increased $1.3 million in the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025. We expect servicing and other BaaS fees to be higher when we are bringing new partners on and then to decrease when transaction and interchange fees increase as partner activity grows and contracted minimum fees are replaced with these recurring fees when they exceed the minimum fees. Increases in BaaS reimbursement of fees offsets increases in noninterest expense from BaaS expenses covered by CCBX partners. Transaction and interchange fees for the quarter ended June 30, 2025 includes $504,000 in nonrecurring revenue.

BaaS loan and fraud expense:	Three Months Ended
(dollars in thousands; unaudited)		June 30, 2025		March 31, 2025		June 30, 2024
BaaS loan expense	$	32,483	$	32,507	$	29,011
BaaS fraud expense		2,804		1,993		1,784
Total BaaS loan and fraud expense	$	35,287	$	34,500	$	30,795

Infographics accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/6d139571-0367-4331-b052-e1609dd3796f
https://www.globenewswire.com/NewsRoom/AttachmentNg/7fef1877-3f7a-47cc-99fa-0bcdfb00de42

The MIL Network –

July 30, 2025

MIL-OSI Economics: ECB to adapt collateral framework to address climate-related transition risks
Source: European Central Bank

29 July 2025
- Climate factor to protect Eurosystem against potential decline in value of collateral in event of adverse climate-related transition shocks
- Measure to address forward-looking climate-related uncertainties, enhancing resilience of Eurosystem’s monetary policy implementation
- Measure to apply to marketable assets issued by non-financial corporations, taking effect in second half of 2026
The Governing Council of the European Central Bank (ECB) has decided to introduce a new measure within the collateral framework to better manage financial risks related to the climate crisis.

The value of collateral from counterparties in the Eurosystem’s refinancing operations is sensitive to climate change-related uncertainties. Since the Eurosystem’s refinancing operations are a key instrument in maintaining price stability, the Governing Council has decided to introduce a “climate factor” which could reduce the value assigned to eligible assets pledged as collateral, depending on the extent to which an asset can be impacted by these uncertainties. This acts as a buffer against the possible financial impact of uncertainties related to climate change. It will complement the Eurosystem’s existing risk management toolbox by considering forward-looking climate scenario analyses and therefore improve the resilience of the Eurosystem’s monetary policy implementation. The calibration of the measure will preserve adequate collateral availability.

The Governing Council has decided to introduce the climate factor focusing on marketable assets issued by non-financial corporations as well as their affiliated entities, and adverse events specifically associated with the green transition. The climate factor will apply to individual assets and its calibration will take into account sector-level data of non-financial corporation bonds in the 2024 climate stress test of the Eurosystem’s balance sheet^[1], the issuer’s CSPP climate score and the asset’s residual maturity.

This measure is due to be implemented in the second half of 2026. It will be regularly reviewed by the Governing Council to reflect the increasing availability of data and models, as well as relevant regulatory developments and advances in risk assessment capabilities.

For media queries, please contact Clara Martín Marqués, tel.: +49 69 1344 17919.
MIL OSI Economics –
July 30, 2025
India’s digital payments index rises sharply to 493.22, says RBI

Source: Government of India

Source: Government of India (4)

Signalling India’s accelerating digital payments revolution, the Reserve Bank of India (RBI) on Monday announced that its Digital Payments Index (RBI-DPI) surged to 493.22 in March 2025, up from 465.33 in September 2024.

The RBI-DPI, introduced in January 2021 with March 2018 as the base period set at 100, is designed to track the extent of digitalisation in payments across the country. The consistent upward trend reflects India’s rapid adoption of digital payment systems, spanning both urban and rural areas.

According to the RBI, the latest increase is primarily driven by improvements in Payment Infrastructure – Supply-side factors – and Payment Performance. These include an expanded merchant acceptance network, wider adoption of QR code-based payments, robust growth in Unified Payments Interface (UPI) transactions, and improved availability of digital banking services nationwide.

This upward momentum highlights a broader transformation in the country’s payments ecosystem, supported by government initiatives such as Digital India, growing smartphone penetration, and active fintech innovation.

The RBI-DPI has shown steady growth since its inception. In March 2019, it stood at 153.47, rising to 207.84 by March 2020. By March 2022, the index had reached 349.30 – a more than threefold increase from the base year.

It continued to rise, recording 445.50 in March 2024 and 465.33 by September 2024. The current level of 493.22 in March 2025 marks a more than fourfold increase in digital payment activity since 2018.

As India moves closer to becoming a digital economy, the RBI-DPI is expected to play a crucial role in policy formulation and benchmarking progress. The latest surge also comes as a positive sign amid global concerns about digital inequality and access to financial services.

(ANI)

July 30, 2025
MIL-OSI Africa: Yango Group opens a new regional office in Abidjan to power African growth

Source: APO – Report:

Yango Group (https://Yango.com/), a UAE-based tech company operating in over 30 countries, has opened a new African regional office in Abidjan. The hub will coordinate the company’s growing operations across the continent and marks a new chapter in Yango’s long-term commitment to Africa. With around 200 employees already on the ground, the company plans to scale its local capabilities in the coming year.

Yango first launched in Côte d’Ivoire in 2018, making Africa its starting point. Since then, the company has expanded into 16 countries across the continent, building a diverse portfolio of digital services. With Abidjan now serving as its continental headquarters, Yango Group is deepening its regional presence and accelerating innovation tailored to local realities.

“This new regional office in Abidjan is a new chapter in our journey across Africa. Our strategy is to build digital ecosystems that empower countries from within — using global technologies, but always rooted in local realities” said Daniil Shuleyko, CEO of Yango Group. “Africa was where our journey started — and today, we are investing in the future by making Abidjan home to our largest office in Africa — and the center of our strategy for the continent.”

Building digital ecosystems across Africa

Yango Group’s strategy is centered on building inclusive, locally adapted digital ecosystems that go far beyond individual services. By combining its global technologies with a hyperlocal approach, the company aims to support the continent’s digital transformation.

Across Africa, Yango already offers a broad portfolio of services — from ride-hailing and food delivery to navigation, e-commerce, and digital payments — all integrated into a single Super App. These services help unlock economic opportunity for drivers, couriers, small businesses, and users alike.

As Yango Group expands, it plans to scale this model to new countries — creating platforms that reflect local needs and strengthen entire value chains. Yango also plans to roll out more tailored solutions for businesses across the region — helping them grow and scale through technology.

Yango Fellowship to be extended to pan-African level

As part of its long-term strategy to support digital transformation in Africa and beyond, Yango is scaling up its investment in local talent — a key enabler of sustainable tech adoption and innovation across the continent. The company is now taking the next step by expanding the Yango Fellowship to a pan-African level, aiming to equip hundreds of thousands of young talents with future-oriented digital skills across its African markets. Already active in Côte d’Ivoire, the program will establish Abidjan as its regional coordination and training center for the continent.

“Our mission goes beyond providing digital services,” said Daniil Shuleyko. “By investing in talent and skills, especially among young people, we’re helping build the foundation for long-term innovation and self-sustaining digital ecosystems across Africa. With programs like the Yango Fellowship, we want to empower the next generation of African tech leaders.”

– on behalf of Yango Group.

Press Contact:
pr@yango.com

About Yango Group:
Yango Group is an international tech company headquartered in Dubai, transforming globally sourced technologies into everyday services that are tailored to local communities. With an unwavering commitment to innovation, we reshape and enhance leading cutting-edge technologies from around the world into seamlessly integrated daily services for diverse regions. Our mission is to bridge the gap between leading world innovations and local communities, fostering connections and enhancing everyday living experiences. Yango provides its digital services in various industries, including ride-hailing, delivery, foodtech, entertainment among many others, across 30+ countries in Africa, Latin America, Europe, Middle East, and other regions.

Media files

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MIL OSI Africa –

July 30, 2025
MIL-OSI Russia: Color against inattention – how students and teachers of RUDN and Altai State University created an app for children with ADHD

Translation. Region: Russian Federal

Source: Peoples’Friendship University of Russia –

An important disclaimer is at the bottom of this article.

There are about 1,600,000 children with confirmed attention deficit hyperactivity disorder in Russia. The necessary therapy is not always available to their families: due to the cost or the lack of specialized centers nearby. Teachers and students of RUDN and Altai State University have developed a special application for such children that increases attentiveness and reduces anxiety using the color photostimulation (CPS) method.

This year, the ActiMinds project team presented their application at the RUDN.VC 2.0 accelerator, becoming its finalist and receiving investor support. And then the development won the Startup Fest 2025 competition, which was organized by RSUH.

Project team:

Saniya Islamova is the project manager, analyst-programmer, first-year master’s student of the Applied Informatics program at the Faculty of Physical, Mathematical and Natural Sciences of RUDN University. Mikhail Yatsenko is the head of research work, candidate of biological sciences, psychophysiologist, associate professor of the Department of General and Applied Psychology of Altai State University. Tatyana Ustimenko is the director of the Scientific and Production Complex of the Cognitive Science Center. Ivan Brak is a specialist in scientific communication, candidate of biological sciences, neurobiologist, senior lecturer of the Department of the Faculty of Physical, Mathematical and Natural Sciences of RUDN University. Doruk Meric is a programmer, first-year master’s student of the Applied Informatics program at the Faculty of Physical, Mathematical and Natural Sciences of RUDN University.

The essence of development

The CFS method involves exposing the body to light signals of different colors – red, blue, green (at the user’s choice) – with an optimal blinking frequency.

Photostimulation helps to rebuild the functional state of the cerebral cortex into an optimal operating mode and activates Brodmann’s area 10, which in turn activates the prefrontal cortex. After all, it is the prefrontal cortex that is involved in providing such cognitive functions as planning, decision-making, awareness and establishment of logical connections between phenomena, theoretical positions, as well as in recalling memories from episodic memory.

The mobile app developed by the team works in conjunction with VR glasses. The user puts on the glasses, turns on the app, selects the color that will affect him for 2-10 minutes (red, blue or green). And then simply watches the flickering, which looks like a circle, of the selected color.

What are the advantages of development:

low cost of 2,500 rubles for a course of therapy consisting of 10 sessions (traditional methods of therapy cost from 20 to 50 thousand rubles); easy to use with a minimum of equipment (smartphone with an installed application plus VR glasses); the effect is already there from the first session; • high safety of use in the absence of epilepsy, heart disease and recent retinal detachment or recent eye surgery; there are statistics, session history, expansion of options is planned; there is communication with the project team via a chat bot and a VK channel.

A bit of history

The idea for the project originated at Altai State University back in 2001 during a study of the influence of the level of brain activation on the effectiveness of mental performance.

“University scientists have found that at a certain level of brain activation, the experiment participants demonstrated high levels of mental performance. As a result, an idea came up to “impose” this activity on the brain in order to improve its performance using the color photostimulation method. During the research, ordinary glasses with black opaque lenses were used, on the inside of which three LEDs were glued in the center – red, green and blue. The glasses, in turn, were connected by wire to a special unit with a liquid crystal screen. It allowed changing the frequency of flickering, brightness and color,” – Saniya Islamova, head of the “ActiMinds” project and a RUDN Master’s student (Applied Informatics, 1st year).

However, it took 20 years before the idea was developed and tested on a wider audience. Only since 2023 have studies been conducted again on different groups of people – children, students, athletes. At the same time, the development of technology has made it possible to use a smartphone and the first version of a mobile application created by a programmer from Barnaul instead of a block with a screen. And glasses with LEDs have been replaced by VR glasses, which allow you to influence a person’s visual field and prevent him from being distracted from the process of color photostimulation, which significantly increases the effectiveness of therapy sessions.

Proven effectiveness

“From February 1 to May 25, 2024, 37 children aged 6 to 7 years voluntarily took part in the study of the method. The experimental group included 24 children, 5 of whom had characteristic signs of attention deficit disorder (ADD) and 6 more – signs of ADHD. The control group consisted of 13 children. Sessions with the color photostimulation method were held four times a week for 10 minutes before correctional and developmental classes in the classrooms. In total, each child completed 10 sessions. In the group of children with ADHD, the speed of completing teacher’s tasks increased by 15%, the number of errors decreased by 2.5 times, and overall productivity increased by 22.5%,” said Elena Abuzova, Director of the MBU DO “DOOTS “Harmony”.

Expanding the team

Saniya Islamova joined the project in September 2024 as an administrator, and soon began to manage it. When the team was joined by programmer Meric Doruk in early 2025, it became possible to modernize the application. In two months, Meric created a new version of the service from scratch, it was deployed on PythonAnyWhere hosting. And now the team is switching to the Express.js (backend), Next.js (frontend) frameworks in JavaScript and the PostgreSQL database management system in order to be able to block content to protect against piracy and plagiarism. In addition, unnecessary settings were removed from the service, but an algorithm for creating a personal account and verifying a user using a unique token was added. Investor’s choice With the modernized application, the team took part in the RUDN.VC 2.0 accelerator. The program lasted 70 days, and during this time, Sania and her colleagues held more than 130 meetings with mentor-trackers, attended 8 open lectures from market experts and improved their project. On May 30, at the demo day, Sania defended the team’s work to investors. One of them, the founder of the company “ABV” and ambassador of the “Academy of Innovators” Ivan Shumilov, selected “ActiMinds” for further cooperation. Here is how he assessed the project.

“The development has potential. It is possible to quickly enter monetization through the “technology plus service” combination. However, we need even more measurements on people to demonstrate the result – before/after. To increase trust on the part of parents, specialists and partners, it is necessary to strengthen the scientific and expert base. Involving people with specialized education, publications, clinical and research experience in the team or expert council will become a strong support. Their conclusions will be able to support the evidence-based nature of the method. The application can also be adapted for other problems, not only ADHD, but also stress, anxiety, and adaptation difficulties. In this way, it will be possible to expand the product line,” – Ivan Shumilov, founder of the company “ABV” and ambassador of the “Academy of Innovators”.

Best Startup

After completing the accelerator, the ActiMinds team formulated a commercial proposal for cooperation with private psychologists and neuropsychologists, psychological centers, and also agreed with the RUDN University Faculty of Psychology on joint work from autumn 2025. With such results, the participants of the ActiMinds project applied for the Startup Fest 2025 competition, which was organized by RSUH.

“In the beginning, there were no particular hopes for winning, since we had to create a website for the project and conduct a marketing campaign. Probably, setting up online advertising was the most difficult, since we were doing it for the first time. After that, we recorded a video with a story about “ActiMinds”, the conducted marketing campaign and its results, and sent an application to the competition. The jury watched the video, and eventually, the student organizers from RSUH wrote to us and invited us to the award ceremony in one of the nominations. And it turned out to be a victory in the main nomination. The victory gave a positive assessment to our project and our teamwork, which does not go in vain!” – Saniya Islamova, head of the “ActiMinds” project and a RUDN University Master’s student (Applied Informatics, 1st year).

According to Saniya, the recommendations for further development of the project from the organizers and jury of the competition were very valuable. Mikhail Boldyrev, Director of the Center for Project Activities and Communication Technologies at the Russian State University for the Humanities, advised the team to create a website and social networks for the project. Post articles on the topic of ADHD on the portal, collect traffic, and initiate communication with potential users of the application and partners in social networks. Then gradually integrate your own product into the community through expert content. In addition, Mikhail Boldyrev recommended involving doctors in testing the application in order to promote the product through their reviews.

New goals

The team has taken the expert’s advice on board, so its immediate plans include creating social networks and a project website to educate and inform parents about the ADHD problem and their method. And also to organize joint work with the psychology departments of RUDN and Moscow State University on research and scientific articles in the new academic year, and to establish commercial cooperation with private neuropsychologists and psychological centers.

“We also plan to launch our own mobile application for the Android platform, which will work together with VR glasses. In addition to the main function based on the photostimulation method, the service will offer psychological tests, analysis of the user’s speech segment before and after using the DFS method, support and online consultation with a psychologist. The application is planned to be placed on all available marketplaces,” says Saniya Islamova, head of the ActiMinds project and a RUDN University Master’s student (Applied Informatics, 1st year).

In addition, the ActiMinds team wants to apply for the Student Startup competition from the Social Initiatives Fund and compete for a grant. And hopes for another victory.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: What business plans have RUDN economics students developed for Russian companies?

Translation. Region: Russian Federal

Source: Peoples’Friendship University of Russia –

An important disclaimer is at the bottom of this article.

Analysis of target markets, conclusion of a contract with a sanction clause, development of logistics for deliveries to Latin American countries. These are just some of the points from the business plans prepared for Russian companies by students of the Faculty of Economics and the Law Institute of RUDN. But first things first.

Through the sieve of selection

At RUDN, students have the opportunity to study in a project-based master’s program. This model of education assumes that students unite in teams and jointly develop a project (their final qualification work) for real customers – they can be both domestic and foreign companies. The projects that will be discussed were prepared by students of the Faculty of Economics and the Law Institute of RUDN. The Moscow Export Center helps the university find customer companies for them.

“After the selection, we introduce the students to each other and simultaneously send a request to colleagues at the Moscow Export Center asking them to involve Russian and foreign companies in the implementation of the projects. The MEC provides us with a list of interested enterprises with their brief description and the desired request: what product or service the company produces, where it wants to export them. We pass all this on to the students, after which teams are formed taking into account the students’ wishes. The master’s students begin working, and once a month we gather them to check what stage the projects are at. To help the students complete the assigned tasks, we conduct master classes from teachers and invited experts,” says Maria Maslova, a RUDN University graduate and head of the educational programs department of the educational and acceleration programs department of the ANO “MEC”.

A fresh look at business

In the spring, teams have a pre-defense of their projects in front of company representatives, where they receive feedback and learn about problematic areas that need to be corrected. The final defense of the diploma work is held according to the schedule of the state final certification.

“Business is interested in a fresh look at promising markets for their products. Companies essentially order a “consulting study” from us. They want to enter certain markets where they are not yet represented. RUDN economics students analyze these markets, calculate the financial component, develop marketing strategies for entry and promotion, and draw a conclusion about the profitability of the project. And students of the Law Institute analyze the entire legal component of entering foreign markets, prepare a draft foreign trade contract, and analyze the specifics of the legal system of the selected country,” says Maria Maslova, a RUDN graduate and head of the educational programs department of the educational and acceleration programs department of the ANO “MEC”.

Focus on Latin America

One of the projects that RUDN University master’s students worked on last academic year concerned the entry of the Leber company into the Latin American market. It produces children’s playgrounds.

“Our research revealed special features of the target markets, in particular, a high proportion of young people: children under 14 years old make up about 25-30% of the population. This indicates a huge potential for the company to enter the markets of these countries. In addition, an absolute plus for business development in the chosen direction is the established sea routes from the port of St. Petersburg to the ports of Latin American countries. However, there were obstacles here, because due to sanctions, there is a ban on the movement of Russian ships through the waters of unfriendly countries. To solve the problem, we suggested that Leber use the services of experienced forwarding companies based in the target markets,” Mekhriddin Nuraliyev, a graduate of the Faculty of Economics of RUDN University.

According to Mehriddin, the most difficult part to develop was the financial part of the business plan. After all, without launching sales in the markets of Mexico, Brazil and Argentina, it is very difficult to forecast the profitability of the activity and calculate the income and expense estimate for 3-5 years ahead.

“But we coped with this task and received high praise for our business plan from Leber representatives. The company praised the team’s professionalism and the depth of the research conducted,” says Mekhriddin Nuraliyev, a graduate of the RUDN University Faculty of Economics.

Sanctions and the Middle East

The second project was developed by RUDN students for the Mesoformula company, a Russian manufacturer of innovative products for aesthetic medicine and professional cosmetology. The company wants to enter the Saudi Arabian market.

“We proposed the “corridor-2030” strategy – a consistent entry into the Saudi Arabian market through halal certification, registration with the SFDA and cooperation with a distributor in Jeddah. Together with my colleagues, we also thought out a financial model and built a legal and logistical “framework” for the project so that every figure and every condition worked in the same rhythm. At the same time, I managed to apply my skills as a lawyer, political scientist and GR specialist. I developed a protective sanction clause, assessed geopolitical risks and, having organized a consultative meeting with Saudi experts through the Moscow Chamber of Commerce and Industry, received prompt feedback. Thus, we significantly accelerated the negotiations and opened the necessary doors to the Middle East,” – Rodion Lobanovsky, a graduate of the RUDN Law Institute.

Mesoformula has approved the students’ project, and its pilot launch is confirmed for 2026.

“I am very glad that it was possible to implement cooperation between Russian companies and my home university. We worked together for almost a year, and are very pleased with the result. The resulting projects really contain many points that the companies paid attention to, including in terms of the specifics of interaction between Russian business and the selected markets. We hope for further cooperation,” – Maria Maslova, Head of the Educational Programs Department of the Educational and Acceleration Programs Department of ANO “MEC”.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 30, 2025
MIL-OSI: Baker Hughes to Acquire Chart Industries, Accelerating Energy & Industrial Technology Strategy
Source: GlobeNewswire (MIL-OSI)
- Significant step high-grades the portfolio and adds value accretive customer offerings, transforms Baker Hughes’ Industrial & Energy Technology segment
- Chart Industries brings differentiated capabilities across a diverse set of end markets advantaged by secular growth drivers such as natural gas, data centers and decarbonization
- Highly complementary capabilities enable enhanced value-creation solutions for customers across the lifecycle of projects and accelerate aftermarket growth through increased service penetration of combined installed base
- $325 million in annualized cost synergies expected to be realized at end of third year
- Compelling financial impact, as it is accretive to growth, margins, EPS and cash flow
- Baker Hughes to host conference call today to discuss the transaction at 8:30 a.m. ET / 7:30 a.m. CT
HOUSTON and LONDON and ATLANTA, July 29, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR) and Chart Industries (NYSE: GTLS) (“Chart”) announced Tuesday they have entered into a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock for $210 per share in cash, equivalent to a total enterprise value of $13.6 billion.

Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets. Chart’s highly differentiated products and solutions are used in every phase of the liquid gas supply chain, from engineering and design to installation, preventative maintenance to repair and service, as well as ongoing digital monitoring. A technology leader in its markets, Chart generated $4.2 billion in revenue and $1.0 billion adjusted EBITDA in 2024. It operates 65 manufacturing locations with over 50 service centers globally.

“This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution and strategic focus as we continue to define our position as a leading energy and industrial technology company,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “We know Chart well, having worked alongside them on many critical energy infrastructure projects. Their products and services are highly complementary to our offerings and strongly aligned with our intent to deliver distinctive and efficient end-to-end lifecycle solutions for our customers across their most critical applications. The combination positions Baker Hughes to be a technology leader that can provide engineering and technology expertise to meet the growing demand for lower-carbon, efficient energy and industrial solutions across attractive growth markets such as LNG, data centers and New Energy.

“The acquisition also delivers compelling financial returns for our shareholders. Adding this high-growth, high-margin business to our Industrial & Energy Technology segment will deliver strong earnings accretion and returns, contributing to an improved growth and margin profile,” Simonelli said. “We look forward to welcoming Chart into the Baker Hughes organization and, together, achieving even greater success and driving long-term value for shareholders.”

“This all-cash transaction with Baker Hughes delivers immediate value to Chart shareholders,” said Chart President and CEO Jill Evanko. “Thanks to the outstanding work of our global OneChart team, we have successfully built a product and solution portfolio that spans front-end engineering design through aftermarket services. The Baker Hughes team shares our engineering-focused culture and commitment to operational excellence. Our complementary solutions fit seamlessly with Baker Hughes’ Industrial & Energy Technology segment, and together we can help our customers solve the most critical energy access and sustainability needs. Our Board is proud to deliver this outcome to our shareholders.”

Compelling Strategic and Financial Benefits
- Advances Baker Hughes’ Strategic Vision to be an Energy & Industrial Technology Leader: Chart and Baker Hughes together bring a highly differentiated set of capabilities to solve complex energy challenges and support customers’ sustainability goals – positioning the combined company as a leader in a lower-carbon, more resource-efficient future.
- Expands Baker Hughes’ Offerings in Attractive Growth Markets: Chart’s offering is well positioned to deepen Baker Hughes’ exposure to attractive high-growth markets, including data centers, space and New Energy. The acquisition also broadens Baker Hughes’ exposure to more durable industrial sectors including industrial gas, metals and mining, and food and beverage, significantly increasing Baker Hughes’ addressable market and through-cycle growth potential.
- Complementary Product Capabilities: Each company has distinctive products and solutions that together improve customer value proposition. Baker Hughes’ core competencies in rotating equipment, flow control and digital technology pair well with Chart’s competencies in heat transfer, air and gas handling, and process technologies.
- Strengthens Baker Hughes’ Lifecycle Revenue Mix: The combined company will have a large and structurally growing installed base creating opportunities to drive growth in high-value aftermarket products and services, as well as digital services using Chart’s Uptime digital platform. Baker Hughes’ expansive service footprint is expected to increase service rates for Chart’s installed base driving more profitable, recurring revenue across the combined portfolio.
- Delivers Substantial Synergies: Baker Hughes has identified $325 million of annualized cost synergy opportunities by the end of year three. Baker Hughes intends to drive productivity improvements by leveraging Baker Hughes’ scale in manufacturing and consolidating the companies’ supply chains, as well as optimizing costs across the SG&A and R&D functions. Baker Hughes’ confidence in realizing these synergies is supported by the continued success of its business system, a key driver of IET margin expansion over the past three years.
- Attractive Financial Profile and Returns for Shareholders: The transaction is expected to be immediately accretive to growth, margins and cash flow, with double-digit EPS accretion in the first full year after the transaction closes. Chart’s differentiated position in attractive and growing markets is expected to deliver sustainable underlying growth that will be accretive to Baker Hughes’ through-cycle growth profile. The combination of strong growth, attractive margins and the synergy potential to expand operating margins meet all of Baker Hughes’ return criteria, including double-digit ROIC.
Transaction Details & Approvals
Under the terms of the agreement, Chart shareholders will receive $210 per share of common stock in cash. The purchase price represents an enterprise value of $13.6 billion, and a multiple of ~9x Chart Consensus 2025 EBITDA on a fully synergized basis.

Baker Hughes has secured fully committed bridge debt financing to fund the transaction, provided by Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, and Morgan Stanley Senior Funding, Inc., which is expected to be replaced with permanent debt financing prior to close. Baker Hughes remains committed to maintaining its A credit rating and will use its strong free cash flow and expected divestiture proceeds to support debt reduction while maintaining, and growing over time, its strong dividend. Baker Hughes projects net leverage at close will be 2.25x and will de-lever to 1.0-1.5x net leverage within 24 months after close. Flexibility will be maintained on share repurchases until leverage reaches the 1.0-1.5x target, after which Baker Hughes intends to return 60-80% of FCF to shareholders.

The Boards of Directors of Baker Hughes and Chart have each unanimously approved the transaction, and the Chart Board of Directors has unanimously recommended that Chart shareholders approve the transaction. The transaction is subject to customary conditions, including approval by Chart shareholders, and the receipt of applicable regulatory approvals. The transaction is expected to be completed by mid-year 2026.

Advisers
Goldman Sachs & Co. LLC, Centerview Partners LLC, and Morgan Stanley & Co. LLC are serving as financial advisers to Baker Hughes, and Cleary Gottlieb Steen & Hamilton LLP, and WilmerHale are serving as legal advisers. Wells Fargo is serving as financial adviser to Chart, and Winston & Strawn is serving as legal adviser.

Investor Conference Call and Presentation
Baker Hughes will host a conference call to discuss the transaction on July 29 at 8:30 a.m. ET, 7:30 a.m. CT. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the company’s website at: investors.bakerhughes.com. Those who wish to dial in may call 1-800-343-1703 (U.S.) or 1-785-424-1226 (international) and enter passcode 52472. An archived version of the webcast will be available on the website for one month following the webcast.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com

About Chart Industries, Inc.
Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ – clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com.

For more information, please contact:

Media Relations

Baker Hughes
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

Chart Industries
Jim Golden / Jude Gorman / Jack Kelleher
Collected Strategies
Chart-CS@collectedstrategies.com

Investor Relations

Baker Hughes
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Chart Industries
John Walsh
1-770-721-8899
john.walsh@chartindustries.com

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (each a “forward-looking statement”). All statements, other than historical facts, including statements regarding the presentation of Baker Hughes’ operations in future reports and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ include, but are not limited to: Baker Hughes’ ability to consummate the proposed transaction with Chart (the “Proposed Transaction”); Baker Hughes and Chart obtaining the regulatory approvals required for the Proposed Transaction on the terms expected or on the anticipated schedule or at all; the failure to satisfy other conditions to the completion of the Proposed Transaction, including the receipt of Chart stockholder approval; Baker Hughes’ ability to finance the Proposed Transaction; Baker Hughes’ indebtedness, including the substantial indebtedness Baker Hughes expects to incur in connection with the Proposed Transaction and the need to generate sufficient cash flows to service and repay such debt; the possibility that Baker Hughes may be unable to achieve expected synergies and operating efficiencies from the Proposed Transaction within the expected time-frames or at all and to successfully integrate Chart’s operations with those of Baker Hughes; such integration may be more difficult, time-consuming or costly than expected; operating costs, customer loss and business disruption (including, without limitation, difficulties in retaining or maintaining relationships with employees, customers or suppliers) may be greater than expected following the Proposed Transaction or the public announcement of the Proposed Transaction; Baker Hughes and Chart being subject to competition and increased competition is expected in the future; general economic conditions that are less favorable than expected; the potential for litigation related to the Proposed Transaction. Other important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, the risk factors identified in the “Risk Factors” section of Part 1 of Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 4, 2025, and those set forth from time-to-time in other filings by Baker Hughes with the SEC. Additional risks that may affect Chart’s results of operations are identified in the “Risk Factors” section of Part 1 of Item 1A of Chart’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 28, 2025, and those set forth from time-to-time in other filings by Chart with the SEC. These documents are available through our website or through the SEC’s Electronic Data Gathering and Analysis Retrieval (EDGAR) system at http://www.sec.gov.

Any forward-looking statements speak only as of the date of this press release. Neither Baker Hughes nor Chart undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of 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 registration or qualification under the securities laws of any such jurisdiction. No offer 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.

Important Additional Information

This communication may be deemed to be solicitation material in respect of the proposed merger transaction between Chart and Baker Hughes. In connection therewith, Chart intends to file relevant materials with the SEC, including a proxy statement of Chart (the “proxy statement”) that will be mailed to Chart stockholders seeking their approval of its transaction-related proposals. However, such documents are not currently available. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the proxy statement and other documents containing important information about each of Chart and Baker Hughes, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Chart will be available free of charge on Chart’s website at ir.chartindustries.com.

Participants in the Solicitation

Chart and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Chart’s stockholders in respect of the proposed transaction. Information regarding Chart’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in Chart’s Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and its proxy statement filed with the SEC on April 8, 2025. To the extent holdings of Chart’s securities by its directors or executive officers have changed since the amounts set forth in Chart’s 2025 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 subsequently filed with the SEC. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the proposed merger transaction will be included in the proxy statement and other relevant materials to be filed with the SEC when they become available. These documents (when available) can be obtained free of charge from the sources indicated above.

The MIL Network –
July 30, 2025
MIL-OSI: ChipMOS Schedules Second Quarter 2025 Financial Results Conference Call

Source: GlobeNewswire (MIL-OSI)

HSINCHU, Taiwan, July 29, 2025 (GLOBE NEWSWIRE) — ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services (“OSAT”), today announced that it will report second quarter 2025 results and host a conference call after the close of trading on the Taiwan Stock Exchange on Tuesday, August 12, 2025.

Investors and analysts are encouraged to participate using the dial-in phone number noted below. A webcast and replay will be available on the Company’s website.

Date: Tuesday, August 12, 2025
Time: 3:00PM Taiwan (3:00AM New York)
Dial-In: +886-2-3396 1191
Password: 3300012 #

Webcast and Replay: https://www.chipmos.com/chinese/ir/info2.aspx
Replay: Starts Approximately 2 hours after the live call ends

Language: Mandarin

Note: A transcript will be provided on the Company’s website in English following the conference call to help ensure transparency, and to facilitate a better understanding of the Company’s financial results and operating environment.

Contacts:

In Taiwan
Jesse Huang
ChipMOS TECHNOLOGIES INC.
+886-6-5052388 ext. 7715
IR@chipmos.com In the U.S.
David Pasquale
Global IR Partners
+1-914-337-8801
dpasquale@globalirpartners.com

The MIL Network –

July 30, 2025
MIL-OSI United Kingdom: Consultation opens into Rathlin Energy permit draft decision
Source: United Kingdom – Executive Government & Departments

Press release

Consultation opens into Rathlin Energy permit draft decision

The Environment Agency has opened a consultation into its ‘minded to’ decision to grant a permit variation to a Yorkshire company.
Rathlin Energy UK Ltd, which has operated at West Newton in East Yorkshire since 2013, has an environmental permit for drilling wells and long-term oil and gas production.

It has applied to vary the permit for West Newton A well site (WNA) at Fosham Road in High Fosham.

After reviewing comments and evidence from the original consultation at the end of last year, the Environment Agency is ‘minded to’ issue the permit variation.

This means after exploring the issues and concerns that have been raised, it can’t find any reason to refuse the application, but is yet to make a final decision.

A draft permit document and draft decision document can be found on the Environment Agency’s Citizen Space page.

The draft decision document explains the Environment Agency’s decision-making and outlines how it has considered the comments from the original consultation. The draft permit outlines the conditions would need to meet if the permit is granted.

The consultation into the ‘minded to’ decision documents will close at the end of 9 September, 2025.

Public encouraged to send comments

Kathryn Richardson, Area Environment Manager for the Environment Agency in Yorkshire, said:

We have carefully considered all the documents, as well as the consultation comments, and currently can’t find any reason to refuse the variation application.

I’d encourage interested parties to view the decision document and send us their comments.

We will make our final decision once we have reviewed the responses to this consultation.

The original consultation into this application started on 19 November last year and ran until 24 January.

The Environment Agency may only refuse a permit application if it does not meet one or more of the legal requirements under environmental legislation, including if it will have an unacceptable impact on the environment or harm human health.

If all the requirements are met, it is legally obliged to issue a permit. 

Rathlin Energy has applied to carry out ‘well stimulation’ (or ‘proppant squeeze’) on the existing WNA-2 well. This is a process used by the oil and gas industry, which is designed to improve the efficiency of the flow of oil or gas through the reservoir rock and into the well.

Mining and extractive industries must have an environmental permit to operate. Issued by the Environment Agency, environmental permits detail the conditions that an operator is required to meet to ensure its activities minimise the risk of harm to people and the environment.  

People can respond to the consultation directly on the website or alternatively by email to pscpublicresponse@environment-agency.gov.uk

Those unable to access this information online should contact the Environment Agency on 03708 506 506.  

Background

Consultation

The reservoir stimulation will result in some extractive waste – waste produced by the extraction, treatment and storage of minerals – being retained in the ground. Therefore the operator has also applied for a ‘mining waste facility’ to authorise this.

Changes are also proposed to the surface water discharge process, and the location of the already permitted crude oil storage facility.

Responses to the consultation can be made electronically. To access the relevant documentation, visit our consultation website on the Environment Agency’s Citizen Space page.

Information on the website explains how you can view the consultation documents and how you can make your comments. We also explain what we can and can’t take into account when deciding on the application.

Anyone wishing to comment on the proposals is urged to read the documentation online before responding directly on the website or by email to pscpublicresponse@environment-agency.gov.uk

Those unable to make representation via the consultation website or by email should contact the Environment Agency on 03708 506 506.  

Environment Agency regulation of onshore gas and oil

The Environment Agency’s regulatory controls for the onshore oil and gas industry are designed to protect people and the environment.  We do not permit activities that pose an unacceptable risk

Our regulatory process – permitting, inspecting, monitoring and enforcement – is designed to protect our water, land and air, and the people and wildlife that depend on them.

We will not allow any activity that could pollute water (rivers and streams, surface water, groundwater, drinking water) or any removal of water if it could affect the public water supply or damage the environment.

We ensure waste material is minimised, stored, and disposed of safely so it doesn’t harm the soil or the wider environment.

We protect the air by requiring that any waste gas is burnt in a safe and controlled way, and that any emissions are minimised and monitored.

Environmental permits

Environmental permits set out strict legal conditions by which an operator must comply in order to protect people and the environment. Should an environmental permit be issued, the Environment Agency has responsibility for enforcing its conditions.

Our powers include enforcement notices, suspension and revocation of permits, fines and ultimately criminal sanctions, including prosecution.

We may only refuse a permit if it does not meet one or more of the legal requirements under environmental legislation, including if it will have a significant impact on the environment or harm human health. If all the requirements are met, we are legally required to issue a permit.

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Updates to this page

Published 29 July 2025
MIL OSI United Kingdom –
July 30, 2025

Category: Business

Please be aware:

Airdrops a ‘distraction and a smokescreen’

Malnourished women and children need specialised care

What needs to happen now

What would meaningful support look like?

Project team:

The essence of development

What are the advantages of development:

A bit of history

Proven effectiveness

Expanding the team

Best Startup

New goals

Through the sieve of selection

A fresh look at business

Focus on Latin America

Sanctions and the Middle East

Consultation opens into Rathlin Energy permit draft decision

Public encouraged to send comments

Background

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Updates to this page