Category: Business

MIL-OSI: FFB Bancorp Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FRESNO, Calif., July 23, 2025 (GLOBE NEWSWIRE) — FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today reported net income of $6.04 million, or $1.94 per diluted share, for the second quarter of 2025, compared to $8.08 million, or $2.54 per diluted share, for the second quarter of 2024, and $8.10 million, or $2.55 per diluted share, for the first quarter of 2025.

For the six months ended June 30, 2025, net income was $14.13 million, or $4.50 per diluted share, compared to $15.87 million, or $4.99 per diluted share, for the same period in 2024. All results are unaudited.

Second Quarter 2025 Summary: As of, or for the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024:

Operating revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 11% to $27.35 million.
Pre-tax, pre-provision income increased 1% to $11.58 million.
Net income decreased 25% to $6.04 million.
Return on average equity (“ROAE”) was 13.75%.
Return on average assets (“ROAA”) was 1.59%.
Net interest margin contracted 22 basis points to 5.09% from 5.31%.
Total assets increased 2% to $1.47 billion.
Total portfolio of loans increased 13% to $1.09 billion.
Total deposits increased 6% to $1.23 billion.
Shareholder equity increased 17% to $173.91 million.
Book value per common share increased 22% to $56.87.
The Company’s tangible common equity ratio was 11.80%, while the Bank’s regulatory leverage capital ratio was 14.41%, and the total risk-based capital ratio was 20.61% at June 30, 2025.

“During the quarter FFB Bank was recognized as #1 in American Banker’s top-performing public banks with under $2B in assets and #34 in S&P Global’s 100 best-performing US community banks of 2024, for bank’s under $3B in assets,” said Steve Miller, President & CEO. “This recognition is a testament to the consistent success we’ve enjoyed, and a reminder of the results we expect and continue to strive toward. As we navigate the challenges this year has brought, we’re proud to build upon our history of success.”

“During the quarter we have made continued and timely progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. We are confident we can continue to address these items going forward. Although the added resource allocation to properly address the order will have near-term impacts to our performance, we feel that building a best in-class compliance and risk frame-work will enable the bank to drive results over the long-term.”

Update on Stock Repurchase Program:

On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company’s common stock. As of June 30, 2025, the Company has repurchased 133,021 shares, at an average price of $76.79, totaling $10.22 million. This represents approximately 5.33% of total shareholders’ equity at June 30, 2025. During the second quarter of 2025 the Company repurchased 91,106 shares, at an average price of $74.58, totaling $6.79 million. These purchases represent approximately 3.54% of total shareholders’ equity at June 30, 2025.

Under the terms of the repurchase plan, the Company may repurchase shares of the Company’s common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.

Results of Operations

Quarter ended June 30, 2025:

Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 11% to $27.35 million for the second quarter of 2025, compared to $24.73 million for the second quarter a year ago, and decreased 4% from $28.48 million for the first quarter of 2025.

Net interest income, before the provision for credit losses, increased 5% to $18.11 million for the second quarter of 2025, compared to $17.31 million for the same quarter a year ago, and decreased 4% to $18.90 million from last quarter. “Net interest income has benefited from strong loan portfolio growth, partially offset by higher funding costs,” said Bhavneet Gill, Chief Financial Officer. “We have been able to capitalize on a higher yielding loan portfolio, but that yield was impacted by a $261,000 interest reversal as loans, totaling $11.86 million, were placed on non-accrual during the quarter.”

The Company’s net interest margin (“NIM”) decreased by 22 basis points to 5.09% for the second quarter of 2025, compared to 5.31% for the second quarter of 2024, and decreased 26 basis points from 5.35% for the preceding quarter. “The decrease in NIM is primarily the result of an increase in deposit and borrowing interest expense, and the decrease in investment interest income. During the quarter, average non-interest bearing deposits decreased $37.67 million. The resulting shift in the deposit portfolio saw the cost of deposits increase 13 basis points,” noted Gill. “During the second quarter of 2025 we sold $48.05 million in investment securities to generate liquidity ahead of anticipated deposit outflows due to ISO partner exits. That transaction was the driver of the decrease in investment interest income in the current quarter and will result in lower investment income in future quarters.”

The yield on earning assets was 6.18% for the second quarter of 2025, compared to 6.40% for the second quarter a year ago, and 6.31% for the previous quarter. The cost to fund earning assets increased to 1.09% for the second quarter of 2025 compared to 0.96% for the previous quarter, and 1.10% for the same quarter a year earlier. This increase is the result of an increase in brokered deposits and overnight borrowings during the quarter due to ISO deposit outflow that occurred in early June.

Total non-interest income was $9.24 million for the second quarter of 2025, compared to $7.42 million for the second quarter of 2024, and $9.58 million for the previous quarter. The increase in non-interest income, from the second quarter of 2024, was driven by more gain on the sale of loans, higher merchant services revenue, and a reduction in loss on sale of investments. The quarter-over-quarter decrease in non-interest income was attributed to a decrease in merchant services revenue, partially offset by more gain on the sale of loans.

Merchant services revenue increased 9% to $6.61 million for the second quarter of 2025, compared to $6.07 million from the second quarter of 2024. The increase over prior year was primarily related to higher volume across ISO partner sponsorship lines and higher gross revenue related to FFB Payments. Merchant services revenue decreased from $7.86 million when compared to the first quarter of 2025 as a result of seasonality and the loss of a significant FFB Payments direct merchant.

During the first and second quarters of 2025, ISO Partner Sponsorship volumes included $2.78 billion and $2.56 billion in volume, respectively, for the ISO partners that were exited in the second quarter of 2025. Additionally, the first and second quarters of 2025 included ISO Partner Sponsorship revenues of $990,000 and $1.09 million, respectively, from the ISO partners that were exited in the second quarter of 2025. “These ISO exits were driven by our efforts to comply with the Consent Order and designed to ensure best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward,” said Miller.

Merchant ISO Processing Volumes(in thousands)
Source	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024
ISO Partner Sponsorship	$	5,347,695	$	5,007,998	$	4,891,643	$	4,556,868	$	4,391,365
FFB Payments – Sub-ISO Merchants		20,766		21,551		22,950		24,661		24,414
FFB Payments – Direct Merchants		71,746		97,095		91,133		64,512		76,059
Total volume	$	5,440,207	$	5,126,644	$	5,005,726	$	4,646,041	$	4,491,838

Merchant ISO Processing Revenues(in thousands)
Source of Revenue	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024
Net Revenue*:
ISO Partner Sponsorship	$	2,654	$	2,410	$	2,535	$	2,284	$	2,156

Gross Revenue:
FFB Payments – Sub-ISO Merchants		727		745		764		810		795
FFB Payments – Direct Merchants		3,228		4,709		4,262		2,476		3,117
		3,955		5,454		5,026		3,286		3,912
Gross Expense:
FFB Payments – Sub-ISO Merchants		708		616		638		723		675
FFB Payments – Direct Merchants		2,179		2,558		2,511		1,766		1,989
		2,887		3,174		3,149		2,489		2,664
Net Revenue:
FFB Payments – Sub-ISO Merchants		19		129		126		87		120
FFB Payments – Direct Merchants		1,049		2,151		1,751		710		1,128
FFB Payments Net Revenue		1,068		2,280		1,877		797		1,248
Net Merchant Services Income:	$	3,722	$	4,690	$	4,412	$	3,081	$	3,404
_{*ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.}

Total deposit fee income increased 1% to $854,000 for the second quarter of 2025, compared to $847,000 for the second quarter of 2024, and increased 1% from $849,000 for the previous quarter.

There was a $1.45 million gain on the sale of loans during the second quarter of 2025, compared to a gain on the sale of loans of $509,000 during the second quarter 2024, and a gain on the sale of loans of $261,000 in the previous quarter. There was a $243,000 loss on the sale of investments during the second quarter of 2025, compared to a $459,000 loss recorded during the second quarter of 2024, and no loss recorded in the previous quarter. The gain on the sale of loans was the result of $16.95 million in SBA loans sold and a $31.77 million RE-multifamily loan sale package that was completed during the quarter. These sales contributed $968,000 and $482,000 in gain respectively.

Non-interest expense increased 19% to $15.77 million for the second quarter of 2025, compared to $13.29 million for the second quarter 2024, and decreased 4% from $16.47 million from the previous quarter. The increase on a year-over-year comparison was driven by increases in salaries and employee benefits expense, and increases in other operating expense, primarily data and software related expenses and professional fees. Compared to the first quarter of 2025 the decrease in non-interest expense was attributed to a decrease in merchant services operating expenses, marketing expense, director fess, and operational losses.

Salaries and employee benefits increased 19% to $8.00 million for the second quarter of 2025, compared to $6.72 million for the second quarter 2024. The increase year-over-year was primarily the result of expense associated with the increase in full-time employees. Full-time employees increased to 181 at June 30, 2025, compared to 147 full-time employees a year earlier, and 175 full-time employees from the previous quarter. Total salaries and employee benefits decreased 1% from $8.06 million in the previous quarter. The decrease when compared to the first quarter of 2025 is the result of a decrease in payroll tax expense and increased loan originations, partially offset by higher salary expense from additional full-time employees. Compensation related direct costs associated with loan originations offset salary and employee benefits expense upon loan origination.

Occupancy and equipment expenses decreased 19% from a year ago, representing 2% of non-interest expense, and remained consistent with the preceding quarter. Merchant operating expense totaled $2.89 million for the second quarter of 2025, compared to $2.66 million for the second quarter of 2024 and $3.17 million for the previous quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.

Other operating expense increased 31% or $1.07 million to $4.53 million from a year earlier and decreased 7% or $357,000 from the previous quarter. The year-over-year increase was driven by increases of $458,000 in data and software related expense, $327,000 in professional fees, $136,000 in regulatory assessment expense, and $127,000 in marketing expense. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company’s AML/CFT, compliance, and merchant services programs.

The efficiency ratio was 57.15% for the second quarter of 2025, compared to 52.74% for the same quarter a year ago, and 57.83% for the preceding quarter. The efficiency ratio can fluctuate period-over-period based on changes in merchant services’ gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services’ gross expense, which is included in non-interest expense, is netted against merchant services’ revenue in non-interest income. The adjusted efficiency ratio was 52.14% for the second quarter of 2025, compared to 47.15% for the same quarter a year ago, and 52.54% for the previous quarter.

“Over the last few quarters, we’ve made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We saw elevated legal, audit, and technology related expenses in the first half of the year mostly related to addressing the Consent Order,” said Miller.

Six months ended June 30, 2025:

For the six months ended June 30, 2025, operating revenue increased 15% to $55.83 million, compared to $48.34 million for the same period in 2024. For the six months ended June 30, 2025, net interest income before the provision for credit losses increased 11% to $37.01 million, compared to $33.44 million for the same period in 2024. The increase in revenue is attributed to growth in the loan portfolio, partially offset by a decrease in investment interest income, an increase in interest bearing liabilities, and the cost of funds. For the six months ended June 30, 2025, the yield on earning assets was 6.24% compared to 6.27% for the same period in 2024, while the cost to fund earning assets was 1.02% for the six months ended June 30, 2025, compared to 1.05% for the same period in 2024.

For the six months ended June 30, 2025, non-interest income increased 26% to $18.82 million compared to $14.90 million for the same period in 2024. Deposit fee income increased 4% to $1.70 million resulting from growth in business demand deposit accounts. The year-over-year growth in non-interest income was also largely attributable to the decrease in loss on sale of investments, an increase in the gain on sale of loans, and an increase in merchant services revenue.

For the six months ended June 30, 2025, operating expenses increased by 24% to $32.24 million from $25.99 million for the same period in 2024. Salaries and employee benefits expense increased 21% to $16.06 million as a result of the increase in FTE. There was a 21% increase in merchant services operating expenses, to $6.06 million, which represents 19% of total operating expenses for six months ended June 30, 2025. Other operating expenses increased 38% to $9.41 million due to a $711,000 increase in technology related expenses, increases of $683,000 in professional fees, and increase of $389,000 in marketing expense, and a $293,000 increase in operational losses.

For the six months ended June 30, 2025, the efficiency ratio was 57.49%, compared to 52.85% for the same period ended June 30, 2024. The adjusted efficiency ratio was 52.34%, compared to 47.48% for the same period ended June 30, 2024.

Balance Sheet Review

Total assets increased 2% to $1.47 billion at June 30, 2025, compared to $1.44 billion at June 30, 2024, and decreased 6% compared to March 31, 2025.

The total portfolio of loans increased 13%, or $122.20 million, to $1.09 billion, compared to $969.76 million at June 30, 2024, and remained consistent with the $1.09 billion reported at March 31, 2025.

Commercial real estate loans increased 22% year-over-year to $683.74 million, representing 63% of total loans at June 30, 2025. The CRE portfolio includes approximately $254.16 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $74.32 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.78 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.07 million, or 2% of loans, at June 30, 2025, compared to $17.44 million one year ago.

The commercial and industrial (C&I) portfolio increased 15% to $266.81 million, at June 30, 2025, compared to $232.79 million a year earlier, and increased 3% from $260.06 million at March 31, 2025. C&I loans represented 24% of total loans at June 30, 2025. Agriculture loans represented 10% of the loan portfolio at June 30, 2025. At June 30, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $53.36 million, or 4.9% of the loan portfolio.

Investment securities totaled $254.18 million at June 30, 2025, compared to $345.49 million a year earlier, and decreased $59.65 million from $313.83 million at March 31, 2025. Investment securities were sold during the quarter to generate liquidity ahead of anticipated deposit outflows due to ISO partner exits. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At June 30, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $25.41 million, compared to a net unrealized loss of $24.50 million at March 31, 2025. The Company’s investment securities portfolio had an effective duration of 6.26 years at June 30, 2025, compared to 5.61 years at March 31, 2025.

Total deposits increased 6%, or $65.69 million, to $1.23 billion at June 30, 2025, compared to $1.17 billion from a year earlier, and decreased $85.73 million from $1.32 billion at March 31, 2025. Non-interest bearing demand deposits increased 4% to $759.30 million at June 30, 2025, compared to $731.03 million at June 30, 2024, and decreased $66.10 million from $825.40 million at March 31, 2025. Non-interest bearing demand deposits represented 61% of total deposits at June 30, 2025. During the second quarter of 2025 non-interest bearing demand deposits were reduced by $111.20 million due to ISO partner exits completed in early June 2025. Certificates of deposits increased 49%, or $55.01 million, during the quarter primarily due to the addition of $51.00 million in brokered deposits that mature over the next 12 months.

Included in non-interest bearing deposits at June 30, 2025 are $75.83 million from ISO partners for merchant reserves, $45.24 million from ISO partners for settlement, and $11.61 million in ISO partner operating accounts, totaling $132.68 million. These deposits represent 17.5% of non-interest bearing deposits and 10.7% of total deposits.

Within the $132.68 million in ISO partner deposits retained as of June 30, 2025 are $29.56 million in deposits for ISO partners being exited in the second half of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.

There was $16.00 million in short-term borrowings at June 30, 2025, compared to $68.00 million at June 30, 2024, and $10.00 million at March 31, 2025. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company’s primary and secondary sources of liquidity which were available at June 30, 2025:

Liquidity Source (in thousands)	June 30, 2025		March 31, 2025

Cash and cash equivalents	$	77,244	$	103,071
Unpledged investment securities, fair value		67,952		104,732
FHLB advance capacity		293,198		338,036
Federal Reserve discount window capacity		162,755		130,590
Correspondent bank unsecured lines of credit		71,500		71,500
	$	672,649	$	747,929

The total primary and secondary liquidity of $672.65 million at June 30, 2025 represents a decrease of $75.28 million in primary and secondary liquidity quarter-over-quarter. The decreases in unpledged investment securities and the FHLB advance capacity are the result of investment and loan sales that occurred during the quarter.

Shareholders’ equity increased 17% to $173.91 million at June 30, 2025, compared to $148.64 million from a year ago, and decreased slightly from the $174.71 million reported at March 31, 2025. Book value per common share increased 22% to $56.87, at June 30, 2025, compared to $46.79 at June 30, 2024, and increased 2% from $55.52 at March 31, 2025. The tangible common equity ratio was 11.80% at June 30, 2025, compared to 10.30% a year earlier, and 11.20% at March 31, 2025. Book value improved as a result of quarterly net income and a reduction in shares outstanding through the bank’s strategic share repurchase program.

At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $222.14 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.41% for the current quarter, while the total risk-based capital ratio was 20.61%, exceeding regulatory minimums to be considered well-capitalized.

Asset Quality

Nonperforming assets, which consists of nonperforming loans and other real estate owned, increased to $27.23 million, or 1.85% of total assets, at June 30, 2025, compared to $15.37 million, or 0.98% of total assets, from the previous quarter. Of the $26.29 million in nonperforming loans, $10.98 million are covered by SBA guarantees. Total delinquent loans decreased to $2.86 million at June 30, 2025, compared to $19.12 million at March 31, 2025. The increase in nonperforming loans is primarily the result of two multi-family loans, which are real estate secured, totaling $10.00 million to a related group of borrowers. These loans were included in the delinquent balances for the quarter ended March 31, 2025. As a result of their non-accrual status, the balance of the loans exceeding the real estate collateral value is reserved for in the allowance for credit loss, resulting in $1.62 million of additional reserve. The Bank is working closely with the borrowers as they work through stabilization and sale of the properties.

Past due loans 30-60 days were $1.80 million at June 30, 2025, compared to $17.53 million at March 31, 2025, and $1.05 million at June 30, 2024. There were $1.02 million past due loans from 60-90 days at June 30, 2025, compared to $1.54 million at March 31, 2025 and $175,000 in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at June 30, 2025, compared to $1.05 million, at June 30, 2024. Of the $2.86 million in past due loans at June 30, 2025, $965,000 were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.

Delinquent Loan Summary	Organic		Purchased Govt. Guaranteed		Total
(in thousands)	Organic		Purchased Govt. Guaranteed		Total

Delinquent accruing loans 30-59 days	$	877	$	919	$	1,796
Delinquent accruing loans 60-89 days		1,020		—		1,020
Delinquent accruing loans 90+ days		—		46		46
Total delinquent accruing loans	$	1,897	$	965	$	2,862

Non-Accrual Loan Summary	Organic		Purchased Govt. Guaranteed		Total
(in thousands)	Organic		Purchased Govt. Guaranteed		Total

Loans on non-accrual	$	26,285	$	—	$	26,285
Non-accrual loans with SBA guarantees		10,979		—		10,979
Net Bank exposure to non-accrual loans	$	15,306	$	—	$	15,306

There was a $3.16 million provision for credit losses in the second quarter of 2025, compared to $291,000 provision for credit losses in the second quarter a year ago, and a $1.16 million provision for credit losses booked in the first quarter of 2025. The provision recorded during the second quarter of 2025 is the result of changes in loan portfolio concentrations, net charge-offs recognized, and a $10.92 million increase in total non-accrual loans which were individually evaluated in the allowance for credit losses.

The ratio of allowance for credit losses to total loans was 1.40% at June 30, 2025, compared to 1.11% a year earlier and 1.18% at March 31, 2025. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.

During the second quarter of 2025 the Bank recorded $949,000 in other real estate owned (“OREO”). This OREO was the result of a loan foreclosure completed during the quarter where the bank acquired a single-family-residence property as payment through collateral. The property is in good condition and is anticipated to sell during the second half of 2025.

“As SBA loans have historically been the primary driver of nonperforming loans, the portfolio is watched very closely. Rates have increased so rapidly over the last two years putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief may occur during the second half of 2025,” added Miller. “The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.48%, as of June 30, 2025, and our total non-guaranteed exposure on these SBA loans is $44.61 million spread over 222 loans.”

“We incurred net charge offs of $605,000 during the current quarter, compared to $27,000 in net recoveries in the second quarter a year ago, and $167,000 in net charge offs in the previous quarter,” said Miller. “Our loan portfolio increased 13% from a year ago with commercial real estate (“CRE”) loans representing 63% of the total loan portfolio. Within the CRE portfolio, there are $49.90 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards.”

(in thousands)	CRE Office Exposure of June 30, 2025
Region	Owner-Occupied		Non-Owner Occupied		Total
Central Valley	$	24,611	$	17,268	$	41,879
Southern California		2,262		350		2,612
Other California		4,463		417		4,880
Total California		31,336		18,035		49,371
Out of California		—		524		524
Total CRE Office	$	31,336	$	18,559	$	49,895

About FFB Bancorp

FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. The Bank was also ranked by S&P Global as the #34 best performing US community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company’s website at www.ffb.bank or by contacting a representative at 559-439-0200.

Forward Looking Statements

This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates, and in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; the tariff strategy of the Trump administration, and its related effects on the agriculture industry and connected businesses in the Central Valley; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Member FDIC

Select Financial Information and Ratios	For the Quarter Ended:									Year to Date as of:
Select Financial Information and Ratios	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
BALANCE SHEET – ENDING BALANCES:
Total assets	$	1,473,927		$	1,560,376		$	1,443,723
Total portfolio loans		1,091,964			1,092,441			969,764
Investment securities		254,177			313,826			345,491
Total deposits		1,234,648			1,320,381			1,168,957
Shareholders equity, net		173,908			174,711			148,640

INCOME STATEMENT DATA
Operating revenue		27,349			28,476			24,729			55,825			48,340
Operating expense		15,768			16,467			13,285			32,235			25,986
Pre-tax, pre-provision income		11,581			12,009			11,444			23,590			22,354
Net income after tax		6,036			8,098			8,076			14,134			15,866

SHARE DATA
Basic earnings per share	$	1.95		$	2.56		$	2.54		$	4.51		$	5.00
Fully diluted EPS	$	1.94		$	2.55		$	2.54		$	4.50		$	4.99
Book value per common share	$	56.87		$	55.52		$	46.79
Common shares outstanding		3,057,874			3,146,727			3,176,611
Fully diluted shares		3,104,067			3,175,178			3,183,844			3,139,346			3,178,974
FFBB – Stock price	$	78.00		$	76.50		$	89.00

RATIOS
Return on average assets		1.59	%		2.14	%		2.31	%		1.86	%		2.32	%
Return on average equity		13.75	%		18.83	%		22.89	%		16.26	%		23.08	%
Efficiency ratio		57.15	%		57.83	%		52.74	%		57.49	%		52.85	%
Adjusted efficiency ratio		52.14	%		52.54	%		47.15	%		52.34	%		47.48	%
Yield on earning assets		6.18	%		6.31	%		6.40	%		6.24	%		6.27	%
Yield on investment securities		4.13	%		4.36	%		4.60	%		4.25	%		4.54	%
Yield on portfolio loans		6.70	%		6.81	%		6.89	%		6.75	%		6.79	%
Cost to fund earning assets		1.09	%		0.96	%		1.10	%		1.02	%		1.05	%
Cost of interest-bearing deposits		2.81	%		2.60	%		2.75	%		2.71	%		2.73	%
Net Interest Margin		5.09	%		5.35	%		5.31	%		5.22	%		5.22	%
Equity to assets		11.80	%		11.20	%		10.30	%
Net loan to deposit ratio		88.44	%		82.74	%		82.96	%
Full time equivalent employees		181			175			147

BALANCE SHEET – AVERAGES
Total assets		1,525,601			1,531,573			1,407,255			1,528,570			1,377,447
Total portfolio loans		1,112,380			1,076,848			954,871			1,094,712			940,216
Investment securities		289,127			325,699			334,416			307,312			325,117
Total deposits		1,281,357			1,300,550			1,199,124			1,290,901			1,164,121
Shareholders equity, net		176,074			174,410			141,881			175,247			138,251

Consolidated Balance Sheet (unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
(in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
ASSETS
Cash and due from banks	$	55,897		$	83,033		$	46,477
Interest bearing deposits in banks		21,347			20,038			26,842
CDs in other banks		1,722			1,724			1,683
Investment securities		254,177			313,826			345,491
Loans held for sale		—			—			—

Construction & land development		12,784			12,649			79,132
Residential RE 1-4 family		17,066			17,146			17,439
Commercial real estate		683,743			696,625			562,548
Agriculture		109,926			104,616			77,518
Commercial and industrial		266,810			260,063			232,786
Consumer and other		1,635			1,342			341
Portfolio loans		1,091,964			1,092,441			969,764
Deferred fees & discounts		(3,541	)		(3,946	)		(4,106	)
Allowance for credit losses		(15,330	)		(12,913	)		(10,749	)
Loans, net		1,073,093			1,075,582			954,909

Non-marketable equity investments		9,809			8,890			8,440
Cash value of life insurance		12,594			12,496			12,211
Other real estate owned		949			—			—
Accrued interest and other assets		44,339			44,787			47,670
Total assets	$	1,473,927		$	1,560,376		$	1,443,723

LIABILITIES AND EQUITY
Non-interest bearing deposits	$	759,300		$	825,404		$	731,030
Interest checking		75,815			109,555			75,907
Savings		49,657			54,686			51,052
Money market		183,071			218,940			184,495
Certificates of deposits		166,805			111,796			126,473
Total deposits		1,234,648			1,320,381			1,168,957
Short-term borrowings		16,000			10,000			68,000
Long-term debt		38,086			38,046			39,678
Other liabilities		11,285			17,238			18,448
Total liabilities		1,300,019			1,385,665			1,295,083

Common stock		29,501			35,693			37,430
Retained earnings		162,272			156,235			129,856
Accumulated other comprehensive loss		(17,865	)		(17,217	)		(18,646	)
Shareholders’ equity		173,908			174,711			148,640
Total liabilities and shareholders’ equity	$	1,473,927		$	1,560,376		$	1,443,723

Consolidated Income Statement (unaudited)	Quarter ended:								Year ended:
(in thousands)	June 30, 2025			March 31, 2025		June 30, 2024			June 30, 2025			June 30, 2024

INTEREST INCOME:
Loan interest income	$	18,582		$	18,069	$	16,354		$	36,651		$	31,726
Investment income		2,978			3,499		3,823			6,477			7,335
Int. on fed funds & CDs in other banks		270			574		316			844			572
Dividends from non-marketable equity		141			132		394			272			523
Total interest income		21,971			22,274		20,887			44,244			40,156

INTEREST EXPENSE:
Int. on deposits		3,288			2,891		3,008			6,178			5,526
Int. on short-term borrowings		126			31		109			158			258
Int. on long-term debt		451			451		464			902			929
Total interest expense		3,865			3,373		3,581			7,238			6,713
Net interest income		18,106			18,901		17,306			37,006			33,443
PROVISION FOR CREDIT LOSSES		3,157			1,164		291			4,321			670
Net interest income after provision		14,949			17,737		17,015			32,685			32,773

NON-INTEREST INCOME:
Total deposit fee income		854			849		847			1,703			1,643
Debit / credit card interchange income		215			191		186			407			353
Merchant services income		6,609			7,864		6,068			14,473			12,137
Gain on sale of loans		1,446			261		509			1,707			961
Loss on sale of investments		(243	)		—		(459	)		(243	)		(833	)
Other operating income		362			410		272			772			636
Total non-interest income		9,243			9,575		7,423			18,819			14,897

NON-INTEREST EXPENSE:
Salaries & employee benefits		8,002			8,056		6,724			16,058			13,306
Occupancy expense		352			353		437			705			820
Merchant services operating expense		2,887			3,174		2,664			6,060			5,023
Other operating expense		4,527			4,884		3,460			9,412			6,837
Total non-interest expense		15,768			16,467		13,285			32,235			25,986

Income before provision for income tax		8,424			10,845		11,153			19,269			21,684
PROVISION FOR INCOME TAXES		2,388			2,747		3,077			5,135			5,818
Net income	$	6,036		$	8,098	$	8,076		$	14,134		$	15,866

ASSET QUALITY	June 30, 2025			March 31, 2025			June 30, 2024
(in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
Delinquent accruing loans 30-60 days	$	1,796		$	17,533		$	1,046
Delinquent accruing loans 60-90 days		1,020			1,537			175
Delinquent accruing loans 90+ days		46			46			1,052
Total delinquent accruing loans	$	2,862		$	19,116		$	2,273

Loans on non-accrual	$	26,285		$	15,366		$	11,250
Other real estate owned		949			—			—
Nonperforming assets	$	27,234		$	15,366		$	11,250

Delinquent 30-60 / Total Loans		0.16	%		1.60	%		0.11	%
Delinquent 60-90 / Total Loans		0.09	%		0.14	%		0.02	%
Delinquent 90+ / Total Loans		—	%		—	%		0.11	%
Delinquent Loans / Total Loans		0.26	%		1.75	%		0.23	%
Non-accrual / Total Loans		2.41	%		1.41	%		1.16	%
Nonperforming assets to total assets		1.85	%		0.98	%		0.78	%

Year-to-date charge-off activity
Charge-offs	$	772		$	167		$	—
Recoveries		—			—			31
Net charge-offs (recoveries)	$	772		$	167		$	(31	)
Annualized net loan losses to average loans		0.14	%		0.06	%		(0.01	)%

CREDIT LOSS RESERVE RATIOS:
Allowance for credit losses	$	15,330		$	12,913		$	10,749

Total loans	$	1,091,964		$	1,092,441		$	969,764
Purchased govt. guaranteed loans	$	15,138		$	16,081		$	18,141
Originated govt. guaranteed loans	$	38,224		$	45,285		$	41,201

ACL / Total loans		1.40	%		1.18	%		1.11	%
ACL / Loans less 100% govt. gte. loans (purchased)		1.42	%		1.20	%		1.13	%
ACL / Loans less all govt. guaranteed loans		1.48	%		1.25	%		1.18	%
ACL / Total assets		1.04	%		0.83	%		0.74	%

SELECT FINANCIAL TREND INFORMATION	For the Quarter Ended:
SELECT FINANCIAL TREND INFORMATION	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
BALANCE SHEET – PERIOD END
Total assets	$	1,473,927		$	1,560,376		$	1,504,128		$	1,512,241		$	1,443,723
Loans held for sale		—			—			—			—			—
Loans held for investment		1,091,964			1,092,441			1,071,079			998,222			969,764
Investment securities		254,177			313,826			322,186			345,428			345,491

Non-interest bearing deposits		759,300			825,404			828,508			826,708			731,030
Interest bearing deposits		475,348			494,977			455,869			460,241			437,927
Total deposits		1,234,648			1,320,381			1,284,377			1,286,949			1,168,957
Short-term borrowings		16,000			10,000			—			—			68,000
Long-term debt		38,086			38,046			38,007			37,967			39,678

Total equity		191,773			191,928			186,574			176,350			167,286
Accumulated other comprehensive loss		(17,865	)		(17,217	)		(18,182	)		(12,715	)		(18,646	)
Shareholders’ equity		173,908			174,711			168,392			163,635			148,640

QUARTERLY INCOME STATEMENT
Interest income	$	21,971		$	22,274		$	22,403		$	21,404		$	20,887
Interest expense		3,865			3,373			3,591			3,617			3,581
Net interest income		18,106			18,901			18,812			17,787			17,306
Non-interest income		9,243			9,575			9,435			7,616			7,423
Gross revenue		27,349			28,476			28,247			25,403			24,729

Provision for credit losses		3,157			1,164			1,671			762			291

Non-interest expense		15,768			16,467			13,270			12,735			13,285
Net income before tax		8,424			10,845			13,306			11,906			11,153
Tax provision		2,388			2,747			3,588			3,343			3,077
Net income after tax		6,036			8,098			9,718			8,563			8,076

BALANCE SHEET – AVERAGE BALANCE
Total assets	$	1,525,601		$	1,531,573		$	1,529,439		$	1,477,259		$	1,704,255
Loans held for sale		—			—			—			—			—
Loans held for investment		1,112,380			1,076,848			1,038,215			982,152			954,871
Investment securities		289,127			325,699			333,135			343,096			334,416

Non-interest bearing deposits		812,753			850,426			838,748			822,200			758,977
Interest bearing deposits		468,604			450,124			460,321			432,143			440,147
Total deposits		1,281,357			1,300,550			1,299,069			1,254,343			1,199,124
Short-term borrowings		11,110			2,856			951			—			10,053
Long-term debt		38,068			38,028			37,989			39,479			39,660

Shareholders’ equity		176,074			174,410			167,268			161,363			141,881

Contact:	Steve Miller – President & CEO
	Bhavneet Gill – EVP & CFO
	(559) 439-0200

The MIL Network –

July 24, 2025

MIL-OSI: Rapid7 Labs Security Researchers to Speak at Black Hat USA 2025 and DEF CON 33

Source: GlobeNewswire (MIL-OSI)

BOSTON, July 23, 2025 (GLOBE NEWSWIRE) — Today, Rapid7, Inc. (NASDAQ: RPD), a leader in threat detection and exposure management, announced its dynamic speaker lineup from Rapid7 Labs for Black Hat USA 2025 and DEF CON 33, taking place in Las Vegas this August. Conference organizers selected these speakers’ abstracts from among hundreds of submissions to showcase their groundbreaking research on emerging threats and vulnerabilities, complete with live demos of attack techniques and tools.

Rapid7 Labs stands at the forefront of cybersecurity innovation, providing teams with a community-driven approach to security with open-source tools and research-informed, curated intelligence so they can more effectively identify, assess, and mitigate threats. Earlier this year, Rapid introduced Intelligence Hub, which unifies global threat intelligence expertly curated by Rapid7 Labs researchers.

Rapid7 Labs Session Lineup

The knowledge Rapid7 Labs speakers will share at this year’s Black Hat and DEF CON represents the company’s 25 years of security program expertise, enabling session attendees to proactively address today’s most pressing cybersecurity challenges.

Metasploit’s Latest Attack Capability and Workflow Improvements
Date & Time: Wednesday, August 6 | 11:00 AM – 11:55 AM PDT
Location: Business Hall, Arsenal Station 6
Conference: Black Hat 2025
Track: Exploitation and Ethical Hacking
Presented by Rapid7’s Spencer McIntyre, Senior Security Research Manager, and Jack Heysel, Senior Security Researcher, this Arsenal session showcases Metasploit’s latest capabilities, including SMB-to-LDAP and SMB-to-HTTP relaying, expanded support for Active Directory Certificate Services (AD CS) attacks, and new process injection techniques like “PoolParty.” Attendees will see demonstrations of how to detect and exploit ESC vulnerabilities, retrieve privileged credentials, and execute lateral movements in complex domain environments.

Akheron Proxy — Interchip Communication Serial Proxy
Date & Time: Wednesday, August 6 | 11:00 AM – 11:55 AM PDT
Location: Business Hall, Arsenal Station 9
Conference: Black Hat 2025
Track: Hardware/Embedded
In this Black Hat Arsenal Session, Deral Heiland, Principal Security Researcher (IoT) at Rapid7, and Matthew Kienow, Vulnerability Researcher at runZero, will discuss security testing methods via Akheron proxy, a serial communication proxy application tool designed to connect and proxy serial communication between microprocessors on a hardware circuit board. In this live demonstration, Heiland and Kienow will walk through how Akheron proxy allows embedded device testers to capture, decode, replay, and fuzz serial communications flowing between microprocessors on an embedded device circuit board in real time.

Weaponization of Cellular-Based IoT Technology — Leveraging Smart Devices to Gain a Foothold
Date & Time: Thursday, August 7 | 3:20 PM – 4:00 PM PDT
Location: Oceanside C, Level 2
Conference: Black Hat 2025
Tracks: Hardware/Embedded, Network Security
In this 40-minute briefing, Rapid7’s Deral Heiland, Principal Security Researcher (IoT), and Carlota Bindner, Lead Product Security Researcher at Thermo Fisher Scientific, will provide an analysis of how adversaries exploit IoT devices with built-in cellular technology. The session will include live demonstrations as well as discussions on mitigation techniques for manufacturers to address the risks and impacts associated with the demonstrated attacks.

DisguiseDelimit: Exploiting Synology NAS with Delimiters and Novel Tricks
Date & Time: Friday, August 8 | 2:00 PM PDT
Location: Las Vegas Convention Center, Level 1
Conference: DEF CON 33
Ryan Emmons, Security Researcher at Rapid7, will present his findings on a critical vulnerability in Synology NAS devices, revealing how unauthenticated attackers could achieve root-level remote code execution on millions of devices. The presentation will also feature a novel Linux exploitation technique that earned recognition and awards in Pwn2Own 2024.

“Between Black Hat and DEF CON, we are thrilled to have four extremely talented security researchers presenting this year,” said Raj Samani, chief scientist at Rapid7. “But even beyond that, these two annual conferences are an important time for the Rapid7 Labs team to connect with the community, exchange actionable insights, and address shared challenges together. These face-to-face interactions are critical for fostering the collaboration we all need to enable more secure customers and a safer society.”

Rapid7 at Black Hat USA and DEF CON

Black Hat USA 2025 will take place from August 2 to August 7, featuring cutting-edge research and expert-led discussions. DEF CON 33, running from August 7 to August 10, continues its legacy of fostering hands-on technical exploration and community collaboration in information security.

Attendees at Black Hat and DEF CON are invited to join sessions featuring Rapid7 speakers to gain exclusive insights into the latest threats. For other ways to interact with Rapid7 August 6-7 in Las Vegas, visit the Rapid7 Black Hat 2025 information page.

About Rapid7
Rapid7, Inc. (NASDAQ: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. We empower security professionals to manage a modern attack surface through our best-in-class technology, leading-edge research, and broad, strategic expertise. Rapid7’s comprehensive security solutions help more than 11,000 global customers unite cloud risk management with threat detection and response to reduce attack surfaces and eliminate threats with speed and precision. For more information, visit our website, check out our blog, or follow us on LinkedIn or X.

Rapid7 Media Relations
Stacey Holleran
Sr. Manager, Global Communications
press@rapid7.com
(857) 216-7804

Rapid7 Investor Contact
Elizabeth Chwalk
Vice President, Investor Relations
investors@rapid7.com
(617) 865-4277

The MIL Network –

July 24, 2025
MIL-OSI: New heat illness course from Traliant helps employers protect employees and stay compliant as temperatures – and regulations – rise
Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — Traliant, a leader in online compliance training, today announced the launch of its new Heat Illness Prevention training, a targeted, regulation-compliant course designed to protect employees working in high-heat conditions both indoors and outdoors.

Heat illness is a serious safety concern for employers, with the US Bureau of Labor Statistics reporting 55 work-related fatalities and 5,770 DART (Days Away, Restricted, or Transferred) cases due to heat exposure in 2023. To better protect employees working in hot environments, heat illness prevention mandates are becoming increasingly common at the federal and state levels. In addition to the Occupational Safety and Health Administration (OSHA) actively developing a federal heat illness prevention standard, state-level regulations already in effect in California, Nevada and Oregon require annual training for employees exposed to high-heat conditions.

“As temperatures rise, so does the risk to workers — and employers have both a legal and ethical obligation to act,” said Bailey Whitsitt, Compliance Counsel at Traliant. “Training equips employees and supervisors to recognize early symptoms of heat-related illness and respond quickly — saving lives, reducing risk and creating a safer work environment.”

Created with oversight from legal and compliance experts, Traliant’s Heat Illness Prevention course provides employers with training that meets California, Nevada and Oregon state requirements, will also serving as a strong foundation for organizations across the US. The course covers what heat illness is, prevention strategies, emergency response, reporting protocols and supervisor responsibilities.

Vital for workers across manufacturing, construction, food services, utilities, landscaping and more, the training:
- Addresses indoor and outdoor heat risks with realistic scenarios — including factors like physical exertion, clothing and environmental conditions.
- Educates workers and managers on how to spot early symptoms of heat stress and respond effectively — including first aid and emergency procedures.
- Helps reduce avoidable disruptions such as heat-related absences, injuries and claims — enabling organizations to maintain productivity and control costs.
- Demonstrates to regulators, insurers and employees that your organization is taking proactive and reasonable steps to prevent heat-related harm.
To learn more about Traliant, visit: https://www.traliant.com/.

About Traliant
Traliant, a leader in compliance training, is on a mission to help make workplaces better, for everyone. Committed to a customer promise of “compliance you can trust, training you will love,” Traliant delivers continuously compliant online courses, backed by an unparalleled in-house legal team, with engaging, story-based training designed to create truly enjoyable learning experiences.

Traliant supports over 14,000 organizations worldwide with a library of curated essential courses to broaden employee perspectives, achieve compliance and elevate workplace culture, including sexual harassment training, inclusion training, code of conduct training, and many more.

Backed by PSG, a leading growth equity firm, Traliant holds a coveted position on Inc.’s 5000 fastest-growing private companies in America for four consecutive years, along with numerous awards for its products and workplace culture. For more information, visit http://www.traliant.com and follow us on LinkedIn.

Contact
Reagan Bennet
traliant@v2comms.com

The MIL Network –
July 24, 2025
MIL-OSI: Usio to Host Second Quarter 2025 Conference Call to Discuss Results and Provide Company Update on August 6, 2025

Source: GlobeNewswire (MIL-OSI)

SAN ANTONIO, July 23, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq:USIO), a leading provider of integrated, cloud-based electronic payment and embedded financial solutions, today announced it will release second quarter 2025 financial results for the period ended June 30, 2025, after the market closes on Wednesday, August 6, 2025.

Usio’s management will host a conference call the same day, August 6, 2025, beginning at 4:30 p.m. Eastern time to review financial results and provide a business update. Following management’s formal remarks, there will be a question-and-answer session.

To listen to the conference call, interested parties within the U.S. should call 1-888-999-6281. International callers should call 1-848-280-6550. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at usio.com/events/.

A replay of the call will be available approximately one hour after the end of the call through August 20, 2025. The replay can be accessed via the Company’s website or by dialing 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada) or 1-412-317-0088 (all other international). The replay conference playback code is: 9584705.

About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services clients through its unique payment facilitation platform as a service. The company, through its Usio Output Solutions division, offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas.

Websites: www.usio.com and www.akimbocard.com.
Find us on LinkedIn, Facebook® and Twitter.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact
Paul Manley
Senior Vice President, Investor Relations
paul.manley@usio.com
612-834-1804

The MIL Network –

July 24, 2025
MIL-OSI USA: Pfluger, Colleagues Reintroduce Legislation to Protect American Assets From Unlawful Seizure by Foreign Governments

Source: United States House of Representatives – Congressman August Pfluger (TX-11)

WASHINGTON, DC — As first reported in The Blaze, Congressman August Pfluger (TX-11) and Congresswoman Terri Sewell (AL-07) reintroduced critical bipartisan, bicameral legislation to protect American companies operating abroad. The Defending American Property Abroad Act would impose retaliatory prohibitions to deter and punish any nation in the Western Hemisphere that unlawfully seizes American assets.

The need for this legislation has been exemplified by the Mexican government’s ongoing efforts to seize a deep-water port owned by U.S.-based Vulcan Materials Company, which is in direct violation of the United States-Mexico-Canada Agreement (USMCA) governing trade between our two nations. This violation poses a direct threat to American economic interests.

Senator Bill Hagerty (R-TN) and Senator Tim Kaine (D-VA) introduced companion legislation in the Senate.

“American companies operating abroad should not have to fear arbitrary government actions that undermine their property rights,” said Rep. Pfluger. “The Defending American Property Abroad Act will ensure that such actions do not go unchecked and that American businesses are protected from unjust expropriation. The protection of American property rights abroad is essential for fostering economic growth and maintaining our national security. I urge my colleagues in Congress to support this critical legislation and send a clear message that the United States will not tolerate unjust actions against American companies.”

“U.S.-based companies with operations overseas should be able to conduct business without the fear of any government asserting any wrongful actions against employees or property,” said Congresswoman Sewell. “The Defending Americans Abroad Act will ensure that the United States has the ability to thwart any threats to both national security and economic endeavors.”

“I strongly condemn the Mexican government’s threats against Vulcan Materials Company, and I am pleased to see this bipartisan and bicameral rebuke from the United States Senate,” said Senator Hagerty. “Under the leadership of Mexico’s previous president, Andrés Manuel López Obrador, and now the current president, Claudia Sheinbaum, the Mexican government is committing a blatant theft against a major American company and, by extension, the United States itself. No nation should be allowed to bully an American firm without consequences. Our legislation will counter any attempt by the Mexican government to profit from illegal moves to expropriate, nationalize, or otherwise seize U.S. assets.”

“The Mexican government’s unfair targeting of Vulcan Materials Company, a U.S.-based company that employs over 1,000 people in Virginia, is harmful to the relationship between our two countries and severely undermines investor confidence,” said Senator Kaine. “That’s why I’m joining my colleagues in introducing this bipartisan legislation to deter the illegal seizure of U.S. assets.”

Key provisions of the bill include:

·     Prohibiting trade partners in the Western Hemisphere from engaging in certain activities, such as docking vessels and importing goods, if they have expropriated or otherwise seized property owned by American entities.

·     Expanding Section 301 of the Trade Act of 1974 to treat property expropriation as an unreasonable trade practice

·     Empowering the President to implement and enforce prohibitions against offending countries

·     Mandating publication of prohibited property designations in the Federal Register

The bill is co-sponsored in the House by Representatives David Rouzer (NC-07), Aaron Bean (FL-04), Dale Strong (AL-05), Julia Brownley (CA-26), Mike Collins (GA-10), Vicente Gonzalez (TX-34), John Carter (TX-31), Addison McDowell (NC-06), Salud Carbajal (CA-24), Buddy Carter (GA-01), Barry Moore (AL-01), Gary Palmer (AL-06), Robert Aderholt (AL-04), Chuck Edwards (NC-11), Craig Goldman (TX-12), Jimmy Panetta (CA-19), John McGuire (VA-05), Tim Moore (NC-14), Tim Burchett (TN-02), Morgan Luttrell (TX-08), Maria Salazar (FL-27), Thomas Kean (NJ-07), John Rutherford (FL-05), Ben Cline (VA-06), Beth Van Duyne (TX-24), Shomari Figures (AL-02), and Greg Steube (FL-17).

The bill is co-sponsored in the Senate by Senators Katie Britt (R-AL), Tommy Tuberville (R-AL), Roger Wicker (R-MS), Ted Budd (R-NC), Marsha Blackburn (R-TN), and Angela Alsobrooks (D-MD).

Read the full text of the legislation here.

Background:

In May 2022, then-Mexican President Andrés Manuel López Obrador (AMLO) abruptly shut down Vulcan Materials Company’s operations with false claims that the firm was violating its contract, and his government subsequently waged an unceasing pressure campaign against Vulcan, including multiple lawsuits and sending military and law enforcement to its facilities.

In December 2023, Rep. Pfluger led a bipartisan letter to the Mexican Ambassador demanding answers about Mexico’s actions against the American company.

Earlier this year, Rep. Pfluger also led a letter commending President Trump’s commitment to this issue by protecting American industries and jobs, which was first reported in The Blaze.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: Pfluger Participates in Energy Subcommittee Hearing on Pipeline Safety

Source: United States House of Representatives – Congressman August Pfluger (TX-11)

Pfluger Participates in Energy Subcommittee Hearing on Pipeline Safety

Washington, July 22, 2025

WASHINGTON, DC — Congressman August Pfluger (TX-11), a member of the U.S. House Energy and Commerce Committee, participated in an Energy Subcommittee Hearing titled “Strengthening American Energy: A Review of Pipeline Safety Policy.”

During the hearing, Rep. Pfluger emphasized the critical need for natural gas pipelines and their purpose for powering homes across the country. Rep. Pfluger pointed out that as energy demand rises, natural gas will continue to be the backbone of a reliable energy grid.

Rep. Pfluger then questioned witnesses on how Congress can address burdensome federal oversight of natural gas pipelines while not compromising safety.

Watch his full line of questioning HERE or by clicking the image below.

Read highlights from the interaction below:

Rep. Pfluger: “Mrs. Miller, I’ll stick with you. And I’ll start with the gas gathering rule. As you’re aware, this significantly expanded PHMSA’s jurisdiction, bringing more than 400,000 additional miles of gathering lines under federal oversight, and they’re located in districts like mine in the Permian Basin, where there’s a heavy presence of production that is very important. And the scope and implementation of this rule could have major implications for how the gathering systems are built and operated going forward. So, we want to get this right. We want to be reasonable, and safety is important. It is a major concern, and there are other concerns as well. But from your perspective, what implementation challenges are operators currently facing on the ground, and how can PHMSA better distinguish between high-risk and then lower-risk areas?”

Mrs. Miller: “I appreciate that question very much. Yes, we do very much value the opportunity to have a risk-based assessment of safety concerns there. For example, a pipeline may have two different pipelines may have similar diameters or similar pressure, and there are other circumstances to consider in order to make sure that we’re assessing what the risk is. Appropriately, including, for example, proximity to populations, length of pipeline. One of the things I also wanted to make sure that this subcommittee is familiar with is the differences that exist between gathering pipelines and transmission pipelines, not only physically, but commercially. So, it’s important to remember that the interstate pipelines are subject to regulated rates with uniform tariffs. Versus gathering pipelines are subject to market-based negotiated compensation and negotiated commercial terms. So very different application.”

Rep. Pfluger: “In your view, is there any realistic path to a reliable grid without natural gas playing a role as the backbone?”

Mr. Moriarty: “Yes, I would agree with that natural gas pipelines are the safest way to move the energy that this nation needs, and there’s ever more demand for energy across our service territories, which is in United States, and to meet those demands, we need to construct and safely operate pipelines as well as LNG storage facilities.”

MIL OSI USA News –

July 24, 2025

MIL-OSI Analysis: Understanding how Taylor Swift constructs her songs helps explain her phenomenal popularity

Source: The Conversation – Canada – By Alexander Carpenter, Professor, Musicology, University of Alberta

In 2023, Forbes published an article about Taylor Swift that included the following mind-boggling statistic: 55 per cent of adults in the United States identify themselves as Swift fans.

In the wake of her recent epic world tour — which drew 10 million attendees and earned billions of dollars — Swift has clearly emerged as a modern singer-songwriter whose success and renown has no equal.

The same article reports that 73 per cent of those surveyed insisted that “Swift’s music is a driving force of their support of her.” But the abundant discourse surrounding Taylor Swift in the popular press, academia and online seems to be about everything but her songs.

In place of critical engagement with her musical work, Swift is credited for creating her own economic ecosystem wherever she goes, lauded for being a shrewd and powerful businessperson, described as an empowered and empowering feminist icon or branded a quintessential entertainer.

At this moment, Swift resides at the very apex of modern celebrity culture. Ironically, this makes it especially tricky to engage with Swift as a musician, which is the very basis of her fame.

As a musicologist, music critic and musician who studies and teaches popular music, there are ways to examine the musical meaning of pop songs. These approaches provide useful insights; after all, wasn’t it the music that drew audiences to Swift in the first place?

Studying Swift

Swift is increasingly taken seriously in the halls of academia. A number of universities offer courses dedicated to Swift, but typically not to her music as such: rather, many of these courses take a literary approach to her songs or a broadly sociological approach to her as a pop culture phenomenon, or they foreground her business model.

In his book There’s Nothing Like This, Kevin Evers, senior editor of the Harvard Business Review, regards Swift as a “strategic genius.” He examines how she identifies and exploits untapped markets, making creative and marketing pivots at key moments while protecting her image as a self-made, authentic singer-songwriter.

Evers focuses on non-musical elements when discussing Swift’s songs. He claims that Swift’s fans interpret her lyrics in a manner akin to the literary analysis of complex poems. Swift’s songs intrigue fans, Evers insists, primarily because they offer insight into her personal life, romantic travails and struggles with fame.

Of course, words are an important element of pop songs, and for many fans, the words of a song constitute its “about-ness.” But a pop song is a sonic object, not simply a delivery system for words.

Lyrical discourse analysis

Song lyrics are not poems, although they may be “like poetry,” as musicologist Dai Griffiths has argued. He points out that when we insist on thinking of lyrics as poetry, we lose a systematic understanding of how words function in songs. The placement and sound of words, and how they relate to the music, are key elements of a song’s musical structure and sense.

It is this discussion of the musical sense and meaning of Swift’s songs that is largely neglected.

The academic study of classical music offers a wealth of analytic methodologies; there are ways to examine the musical meaning of pop songs that do not over-analyze the song. These include looking at elements like form, orchestration, melody, harmony and rhythm.

A song creates space: its formal layout and the rhythm of musical phrases provide the space for words — what Griffiths calls the “verbal space” — which have their own rhythms and structures and work within but also push against the boundaries of this space.

Form and space

Consider Swift’s chart-topping 2014 single, “Shake it Off,” re-released as “Shake it Off (Taylor’s Version)” in 2023. This song, while popular, was criticized for its repetitiveness and lack of emotional depth.

“Shake it Off” doesn’t seem to have much lyrical content: the verses are short, rounded off with simple slant rhymes, and much of the created space seems to be filled with repetition: “I’m just gonna shake, shake, shake, shake, shake/Shake it off, shake it off.”

Likewise, the song is built musically on some very basic and limited material, namely three chords, a short, unvaried drum loop and a spare bass line provided by a baritone saxophone.

The lyric video to “Shake it Off (Taylor’s version).”

The lyrics touch lightly on Swift’s response to fame and her critics, but it is their syllabic density that contributes to the song’s development and momentum. This gradually and sytematically increases over the first two verses and pre-chorus, until arriving at the chorus, where the space is filled almost completely.

The density of the music also increases in the choruses, with a thicker bass part, added vocals and a brass fanfare.

While “Shake it Off” is repetitive with little harmonic and melodic variety, it is also quite subtly counterbalanced with a variety of sounds, textures and densities. These move the song forward and importantly, help mark off the song’s formal sections.

These compositional and production details contribute to the song’s overall meaning. But how the words participate in the unfolding of the song-as-music, or the creation and shaping of the musical space, is also meaningful. The thrust of the lyrics emphasize Swift’s detachment from gossip and criticism: “I never miss a beat/I’m lightnin’ on my feet” and “But I keep cruisin’/Can’t stop, won’t stop groovin’”.

These lyrics are reinforced by the propulsive musical momentum of the song created by the gradual thickening of the text and music. Even with this thickening, the song still remains quite light, emphasizing the lyrical claims of detachment and distance from negativity.

The chorus, by contrast, with its deeply resonant bass, layers of background vocals and added brass, is musically the heaviest part of the song, underwriting Swift’s assertive claim that she will “shake off” the lies and gossip that plague her as a celebrity pop star.

Understanding Swift’s success

Collecting some musical information about Swift’s songs is not an abstract or intellectual activity; rather, it is essential information if we want to better understand Swift and her success in terms of her song writing.

I’m not making an argument here for or against Swift’s music; I’m neither a “Swiftie” nor a detractor. Nor have I offered anything like a comprehensive or definitive analysis of a song in this short article.

But I do think we should be curious and better understand Swift’s success, especially the popularity of her music across generations and demographics. How her songs are actually put together — how they work as music, in tandem with words, to tell stories — is an essential part of that understanding.

Alexander Carpenter 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. Understanding how Taylor Swift constructs her songs helps explain her phenomenal popularity – https://theconversation.com/understanding-how-taylor-swift-constructs-her-songs-helps-explain-her-phenomenal-popularity-247855

MIL OSI Analysis –

July 24, 2025
MIL-OSI United Kingdom: Government unveils updates to Private Fund Regime and Sound Business Practice Policy23 July 2025 The first two initiatives which will help to protect and grow Jersey’s financial services sector have been announced. The Jersey Private Fund, JPF, regime has been modernised to be better aligned with… Read more
Source: Channel Islands – Jersey

23 July 2025

The first two initiatives which will help to protect and grow Jersey’s financial services sector have been announced.

The Jersey Private Fund, JPF, regime has been modernised to be better aligned with the needs of international professional investors.

Proposals to simplify the Sound Business Practice Policy, SBPP, have been published which, once approved, will streamline its application whilst a more comprehensive review of this framework is undertaken.

Both initiatives are part of the Competitiveness Programme and were unveiled at its launch event.

Jersey Private Fund

The Minister with responsibility for Financial Services, Deputy Ian Gorst, has signed a Ministerial Order to update the JPF.

Effective from 6 August 2025, the revised JPF Guide and a new statutory instrument, the Collective Investment Funds (Jersey Private Funds) Order, will come into force.

These changes will:
- remove the 50-offer / investor cap;
- expand the definition of professional investor;
- permit the listing of interests in JPFs with the Jersey Financial Services Commission’s consent; and
- introduce a 24-hour authorisation process for JPF applications submitted by registered Designated Service Providers.
Jill Britton, Director General of the JFSC, said: “The updated JPF regime is a significant step, keeping Jersey’s fund offering evolving with the needs of industry. JPFs continue to be a regulated product that investors can have confidence in – these changes streamline the regime and, together with our commitment to faster authorisation, we are underscoring our commitment to excellent service.”

Joe Moynihan, CEO, Jersey Finance, said: “Since its launch in 2017, the JPF has become Jersey’s fastest-growing fund category, particularly well-suited to private equity, venture capital and real asset strategies. As private capital continues to evolve globally, these updates will further increase Jersey’s appeal to managers and professional investors seeking flexible and well-regulated fund solutions.”

Deputy Gorst said: “These revisions follow industry engagement and reflect a broader global movement toward bespoke, efficient private fund vehicles for professional investors. They provide certainty for fund promoters and reinforce Jersey’s appeal as a jurisdiction of choice for private capital.”

Sound Business Practice Policy

The SBPP, jointly developed by Government of Jersey and the JFSC, identifies ‘sensitive activities’ which require additional information or scrutiny before the JFSC consents to them. The Codes of Practice for investment business, funds service business, certified funds and trust and company businesses all require registered persons to have due regard to the SBPP.

The SBPP has served Jersey well in understanding and managing risk, but updates are required to ensure it remains fit for modern-day business.

The proposed amendments simplify its scope of application, reducing potential business frictions and delays. The “Repeal of the Control of Borrowing Framework”, recently published by the Government of Jersey, includes a review of the SBBP framework with a view to establish a more flexible risk-based approach in the medium-term.

Jill Britton said: “This is about modernising regulation while taking a progressive stance against financial crime. Refining the SBPP removes unnecessary complexity and enables firms to focus on what matters, identifying and managing real risk. It’s a shift toward more intelligent regulation, where the emphasis is on outcomes and accountability, not just process”.

Joe Moynihan added: “We welcome the simplification of the SBPP, which should have a material impact on Jersey’s competitiveness as an IFC that is very much open for high quality business. These changes, which are in response to industry feedback, are another good example of our agility as an IFC and the positive collaborative relationship there is between industry, the Government of Jersey and the JFSC.”

Deputy Gorst said: “This change will enable businesses to do what they already do well: determine the risk of their activity and to act accordingly. Jersey has a mature and sophisticated financial services sector, and this change acknowledges that. The simplification of the SBPP does not reduce Jersey’s commitment to combatting financial crime but rather acknowledges that the industry understand risk and allows them to take greater responsibility for managing it.”

Competitiveness Programme

The Competitiveness Progamme has brought together government, the regulator and industry with the goal of protecting Jersey’s current economic strength, while unlocking new pathways for growth over the next ten years.

The programme is organised around four strategic workstreams, with each designed to address a key dimension of Jersey’s competitiveness:
- International Tax Strategy – focusing on creating a tax framework that keeps Jersey competitive and compliant in a fast-changing global landscape.
- Business and Regulatory Environment – delivering practical, quick-impact improvements to ease of doing business and regulatory efficiency, while also shaping longer-term reforms.
- External Growth Strategy – comparing Jersey’s strengths and weaknesses, opportunities and threats, against global trends and competing jurisdictions, this stream will offer data-driven insights and targeted investment opportunities to fuel long-term, realisable international growth.
- Future Competitiveness and Regulation – bringing together a high-level panel of global experts to synthesise and prioritise the findings from across the workstreams, producing an independent report for Ministers.
At the end of this process of research and reflection, the Government will publish a final report and action plan in 2026 that will shape Jersey’s strategy into the next decade.

These efforts align closely with other major initiatives such as Jersey Finance’s Vision2050 and the JFSC’s registry and strategic reviews, which ensures that workstreams are not happening in silos, but as part of a broader, coordinated vision.

For more on the Financial Services Competitiveness Programme, please see: Financial services competitiveness programme.
MIL OSI United Kingdom –
July 24, 2025
MIL-OSI Russia: China Promotes High-Tech Solutions to Support People with Disabilities

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 23 (Xinhua) — China is exploring the use of advanced technologies such as smart bionic hands and guide robots to improve the well-being of people with disabilities so that scientific and technological progress can benefit the group, a Chinese official said Tuesday.

Zhou Changkui, chairman of the executive council of the All-China Federation of Disabled Persons, said at a press conference that the developments were presented at a recent forum.

He added that China will pay more attention to the development of new technologies and industries, including brain-machine interfaces, to better support people with disabilities.

According to Zhou Changkui, the federation has jointly issued a guideline document with other government bodies to promote the use of technology to help people with disabilities. It has also collaborated with universities, research institutes and high-tech companies to promote the development of relevant technologies and industries.

The official noted that during the upcoming 15th Five-Year Plan period (2026-2030), China will continue to promote the application of artificial intelligence and other advanced technologies to serve people with disabilities, ensuring that advanced technologies better meet their needs. -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.

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MIL OSI Russia News –

July 24, 2025
MIL-OSI: Global Blockchain Artificial Intelligence Market Size Estimated to Reach $4.33 Billion By 2034

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., July 23, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The global blockchain Artificial Intelligence (AI) market is rapidly evolving due to the influence of its secure and decentralized technology and advanced data processing capabilities provided by AI with blockchain. A recent report from Precedence Research said: “The market has a considerable expansion rate due to rising demand for efficient data handling, data transparency, and security. Key applications for the market are supply-chain management, healthcare domain, BFSI, fraud detection methods, etc. Major tech companies are investing heavily in the development and research to enhance the functionalities of blockchain AI technology and integrate AI algorithms into the blockchain.” It projected: “The global blockchain AI market size was calculated at USD 550.70 million in 2024 and is expected to reach around USD 4,338.66 million by 2034. The market is expanding at a solid CAGR of 22.93% over the forecast period 2024 to 2033. An increasing amount of data generation pervades almost every sector, which needs to be analyzed precisely with advanced technology like AI and blockchain to provide a secure ledger system. Based on a regional perspective, North America currently dominates the blockchain AI technology market, while Asia Pacific shows the highest growth rate owing to technological advancements and supportive regulatory backup. Despite the number of benefits, the blockchain AI market is challenged by some hurdles, like the need for a highly skilled workforce and limitations in scalability. However, as the technology grows and matures with time, these hurdles will be mitigated. Thus, the market presents a promising future and the potential to transform several industries.” Active companies in the markets this week include: Intellistake Technologies Corp. (CSE: ISTK) (OTC: ISTKF), Strategy Incorporated (NASDAQ: MSTR), Galaxy Digital Inc. (NASDAQ: GLXY) (TSX: GLXY), MARA Holdings, Inc. (NASDAQ: MARA), Riot Platforms, Inc. (NASDAQ: RIOT).

Precedence Research continued: “The primary driver for the blockchain AI market is the highly secure and immutable ledger system offered by blockchain, which further provides decentralization data that aids in reliable transactions and reduces data privacy concerns. Blockchain AI systems can be deployable in major industries like automation, healthcare, electronics and services, banking, fiancé, etc., due to their data integrity to avoid financial loss and, thereby, the reputation of firms or institutes. When AI is combined with blockchain, which excels at analyzing and processing vast amount of data, it holds potential to create more efficient and secure system is substantial. Moreover, the integration of blockchain and AI can enhance the functionalities of smart contracts and decentralized applications to foster innovations and new business models, which again propels the blockchain AI market. Furthermore, AI can enhance security measures by detecting and mitigating fraudulent activities on blockchain networks, thus building greater trust among users. By combining AI’s data processing capabilities with blockchain’s transparency and security, this integration can drive the next wave of innovation in financial services, making them more accessible, efficient, and secure.”

Intellistake Technologies Corp. (CSE: ISTK) (OTC: ISTKF) Appoints Mario Casiraghi, Leading AI Digital Asset Ecosystem CFO at SingularityNET Foundation and CEO of Established $90M USD AUM Digital Asset Firm Singularity Venture Hub, to Advisory Board to Bridge Traditional Finance and Digital Asset Markets – Intellistake Technologies Corp. (FSE: 3KZ) (“GFCO” or the “Company”) is pleased to announce the appointment of Mario Casiraghi to its Advisory Board. A globally recognized financial strategist with over a decade of experience bridging traditional capital markets and decentralized technology. Casiraghi will provide strategic guidance to support the Company’s operations as a technology company focused on decentralized artificial intelligence (“AI”) and digital currencies.

Casiraghi brings exceptional expertise from both traditional finance and the digital asset ecosystem. As a former investment banker at Bank of America Merrill Lynch and ING Bank, he executed over $80 billion in structured transactions across Europe and the United States, including the landmark $46 billion AB InBev acquisition financing—the second-largest corporate debt offering in U.S. history. His traditional finance background includes 15+ major debt capital markets transactions and liability management exercises for Fortune 500 companies.

Recognizing the transformative potential of blockchain technology, Casiraghi transitioned from traditional investment banking to become a pioneer in digital asset infrastructure. In 2020, he became Group CFO of SingularityNET Foundation and co-founded SingularityDAO Labs, where he led a $6 million USD Series A funding round and scaled the decentralized finance protocol to manage up to $200 million USD in total value locked.

In his role as Group CFO, Casiraghi has scaled a multi-token digital ecosystem from $40 million USD to over $5 billion USD market cap, positioning him as one of the leading financial architects in decentralized AI infrastructure. He led the structuring of the Artificial Superintelligence Alliance (ASI)—a $6 billion USD token-based merger between three of the world’s largest decentralized AI networks, representing one of the most significant consolidations in blockchain and artificial intelligence history. As part of this ecosystem expansion, he participated in the $100 million USD acquisition of Cudos, the largest decentralized compute network in Web 3.0 by available computing power.

“Mario’s unique combination of traditional finance background and deep understanding of digital asset ecosystems makes him a great addition to our Advisory Board,” said Jason Dussault, CEO of Intellistake Technologies Corp. “His experience executing billion-dollar transactions in both traditional and digital markets provides invaluable perspective as we build infrastructure bridging AI and blockchain technology.”

Casiraghi is also Founder and CEO of Singularity Venture Hub, a venture and treasury advisory firm managing over $90 million USD in assets. The firm provides capital allocation strategy, risk governance, and regulatory structuring to fast-scaling AI and blockchain companies.

“Mario’s expertise will strengthen Intellistake’s role of providing traditional investors with regulated access to the intersection of artificial intelligence and blockchain technology through familiar stock exchange mechanisms,” added Mr. Dussault.

“Joining the advisory board at Intellistake is a natural progression in what has already been a strong and growing relationship” said Mario Casiraghi, CEO of Singularity Venture Hub. “I’ve had the privilege of working closely with their team and have been consistently impressed by their vision and execution. This next step allows us to converge even more deeply on the innovative work Intellistake is doing in decentralized finance and AI—two sectors I believe are shaping the future.” CONTINUED… Read this full press release and more news for Intellistake Technologies at: https://www.financialnewsmedia.com/news-istk/

Other recent developments in the blockchain/digital currency industry of note include:

Strategy Incorporated (NASDAQ: MSTR), the largest corporate holder of Bitcoin and the world’s first Bitcoin Treasury Company, recently announced the general availability of Strategy Mosaic™, a groundbreaking AI-powered Universal Intelligence Layer designed to enable AI applications. As organizations modernize their data infrastructures, they often encounter challenges with siloed systems that lead to inconsistent metrics and governance gaps. This lack of clean, connected, and organized data is one of the greatest barriers to AI adoption. Strategy Mosaic addresses this issue by connecting disparate data sources across the enterprise, providing consistent and secure access to information that empowers both business users and AI applications.

Sitting atop any database or data warehouse, Strategy Mosaic allows organizations to access diverse data sources. This unified layer supports AI, applications, and analytics use cases, enabling rapid development of data products without the need for custom data warehouses. Unlike traditional data catalogs and virtual data warehouses, Mosaic uses business definitions and user-friendly objects to represent data.

Galaxy Digital Inc. (NASDAQ: GLXY) (TSX: GLXY) recently announced that it will report second quarter 2025 financial results before the opening of Nasdaq and the Toronto Stock Exchange on Tuesday August 5th, 2025. Michael Novogratz, CEO and Founder of Galaxy, and members of management will host a conference call to provide an update to investors and analysts on the Company’s activities and results on the same day at 8:30 AM Eastern Time.

A live webcast will be available at https://investor.galaxy.com/. The conference call can also be accessed by investors and analysts in the United States or Canada by dialing 1-844-746-0741, or +1-412-317-5107(outside the U.S. and Canada) using the Conference ID: 2449863. A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company’s Investor Relations website.

MARA Holdings, Inc. (NASDAQ: MARA), a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin (“bitcoin” or “BTC”) mining, to monetize excess energy and optimize power management, recently published unaudited bitcoin production updates for April 2025.

“In April, our production saw a 15% month-over-month decrease in blocks won, as global hashrate had its second largest monthly gain on record and mining difficulty grew 8% from March,” said Fred Thiel, MARA’s chairman and CEO. “Despite these headwinds, our energized hashrate grew 5.5% over the prior month. We completed a 50-megawatt (“MW”) expansion at our fully owned data center in Ohio, bringing total operational capacity to 100 MW, with the site designed to scale up to 200 MW. Additionally, we installed over 12,000 S21 Pro miners at the location.

“Last month, we fully energized our 25 MW gas-to-power operations across wellheads in North Dakota and Texas. These sites currently provide us with our lowest cost per BTC mined while monetizing excess gas and mitigating methane emissions for the producers.

Riot Platforms, Inc. (NASDAQ: RIOT) recently announced the hiring of Jonathan Gibbs as Chief Data Center Officer (“CDCO”) to lead the development of Riot’s data center platform. In this role, Jonathan will lead the strategic development and operations of this new platform, which will focus on building and operating state-of-the-art data centers specifically tailored to serve hyperscale and enterprise tenants.

The creation of this new data center platform furthers Riot’s strategy to maximize the value of its assets by expanding into the development of non-bitcoin-related data centers, which diversifies the Company’s revenues, enhances Riot’s ability to generate long-term cash returns for investors and strengthens its capabilities to contract with the world’s leading technology companies. This additional platform will build on the success of Riot’s vertically-integrated strategy of utilizing bitcoin mining at scale to create significant value across its land and power portfolio and positions the Company to capitalize on the upsurge in demand for digital infrastructure driven by the growing need for cloud computing, AI and other compute-intensive applications.

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The MIL Network –

July 24, 2025
MIL-OSI: Matador Technologies Inc. Secures USD $100 Million Financing Facility to Accelerate Bitcoin Treasury Growth
Source: GlobeNewswire (MIL-OSI)

Key Highlights
- Strategic Capitalization: Matador has executed a Purchase Agreement for a USD $100 million secured convertible note facility (the “Facility”) with ATW Partners, featuring an initial USD $10.5 million tranche.
- Exclusive Use of Proceeds: Proceeds are earmarked for purchasing Bitcoin as part of Matador’s treasury allocation strategy, with the intention of increasing long-term Bitcoin-per-share (BPS).
- Institutional Partnership: ATW Partners—an institutional investor known for structuring growth-stage financings—brings both capital and strategic depth to Matador’s Bitcoin ecosystem vision.
  Flexible, Equity-Aligned Structure: The secured convertible notes provide minimally dilutive, price-adaptive funding that converts at market-aligned prices.
- Accelerates Treasury Plan: Supports Matador’s roadmap to acquire up to 1,000 BTC on or before 2026 and 6,000 BTC on or before 2027, targeting a top 20 global corporate holder position.
TORONTO, July 23, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (TSXV:MATA, OTCQB:MATAF, FSE:IU3) (“Matador” or the “Company”), the Bitcoin Ecosystem Company, announces that it has entered into an arm’s-length agreement for a secured convertible note facility (the “Facility”) with ATW Partners (the “Investor”), signed on July 22, 2025 (the “Purchase Agreement“), pursuant to which the Company may issue convertible notes (“Notes“) in the aggregate principal amount of up to USD $100 million.

The Facility provides a structured funding mechanism designed to support the Company’s stated objective of increasing its Bitcoin holdings. USD $10.5 million will be funded at the Initial Closing, while USD $89.5 million of additional capacity remains available subject to customary conditions, including execution of a registration-rights agreement and receipt of all required regulatory approvals. The Facility marks a significant financing step in the execution of the Company’s treasury strategy. The Facility will be used exclusively to purchase Bitcoin for Matador’s balance sheet, reinforcing its strategy to become a top 20 corporate holder globally.

Deven Soni, CEO of Matador Technologies, commented:

“This financing represents meaningful progress toward our long-term Bitcoin accumulation goals. It provides the Company with capital to increase our Bitcoin holdings in a way that minimizes immediate dilution and aligns with our broader capital strategy.”

Mark Moss, Chief Visionary Officer of Matador Technologies, added:

“Bitcoin remains central to our business model and balance sheet approach. This structure supports our objective of growing Bitcoin per share and reflects continued institutional interest in our strategy.”

This funding supports Matador’s long-term BTC strategy, including:
- Acquiring up to 1,000 BTC on or before 2026
- Reaching 6,000 BTC on or before 2027
- Long-term objective to hold 1% of Bitcoin’s supply and be a top 20 corporate holder globally
The Notes will carry an interest rate of 8% per annum and the maturity date of the Notes will be approximately two years from the applicable closing date. The Notes will be senior secured, with the Initial Closing backed by 1.5x Bitcoin collateral, and future tranches secured by 1.0x Bitcoin collateral. The Notes will be convertible at the closing price immediately prior to the related news release. As it relates to the Initial Closing, the conversion price will be CAD$0.72.

The Notes, and the common shares issuable upon conversion, will be issued outside of Canada pursuant to Ontario Securities Commission Rule 72-503 – Distributions Outside Canada, and accordingly will not be subject to any statutory hold period under Canadian securities laws. A copy of the Purchase Agreement is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Joseph Gunnar & Co., LLC acted as placement agent for the transaction. For the Initial Closing, the placement agent will receive a placement fee of 5% in cash on the net proceeds received by the Company, a capital markets advisory fee of 2.5% in cash on the net proceeds, and 5% fee in warrants. For any subsequent closings, the placement agent will receive a 5% cash placement fee on the net proceeds received by the Company.

For additional information, please contact:

Media Contact:
Sunny Ray
President
Email: sunny@matador.network
Phone: 647-496-6282

About Matador Technologies Inc.
Matador Technologies Inc. (TSXV:MATA, OTCQB:MATAF, FSE:IU3) is a publicly traded Bitcoin ecosystem company focused on holding Bitcoin as its primary treasury asset and building products to enhance the Bitcoin network. Matador’s strategy combines strategic Bitcoin accumulation, Bitcoin-native product development, and participation in digital asset infrastructure, with a focus on driving long-term shareholder value while maintaining capital efficiency.

Matador has recently proposed to expand its global footprint by entering into an agreement to invest in HODL Systems, one of India’s first digital asset treasury companies, securing up to a 24% ownership stake. This investment strengthens Matador’s position as a leading Bitcoin treasury company and underscores its commitment to the worldwide adoption of Bitcoin as a reserve asset.

With a Bitcoin-first strategy, and a clear focus on innovation, Matador is shaping the future of financial infrastructure on Bitcoin.

Visit us online at https://www.matador.network/.

Cautionary Statement Regarding Forward-Looking Information

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. All statements that are not historical facts are forward-looking statements, including, without limitation: (i) statements regarding the structure, terms, and anticipated benefits of the Facility; (ii) expectations relating to the timing and completion of the initial USD$10.5 million tranche and subsequent drawdowns, upon terms as presently proposed or at all; (iii) the use of proceeds from the Facility for purchasing Bitcoin; (iv) the Company’s ability to meet its Bitcoin accumulation targets, including 1,000 BTC on or before 2026, 6,000 BTC on or before 2027, and a long-term goal of holding 1% of Bitcoin’s total supply; and (v) the Company’s strategy to grow Bitcoin-per-share (BPS) and become a top 20 global corporate BTC holder.

Forward-looking information is based on management’s reasonable assumptions at the time such statements are made, including assumptions regarding market conditions, the price and availability of Bitcoin, regulatory and stock exchange approvals, and the Company’s ability to execute its strategic plans and secure additional capital on acceptable terms.

Forward-looking statements are subject to various risks and uncertainties, including: fluctuations in Bitcoin price and trading volume; availability and terms of financing; satisfaction of conditions related to future drawdowns under the Facility; the impact of potential penalties and payments under the Facility on the liquidity and future prospects of the Company; potential risks associated with the Company committing an event of default under the Facility and the potential implications thereof; regulatory risk; changes in the Company’s business model or execution plans; and the potential that the Company will not receive applicable regulatory approval of the Facility or any individual drawdown thereunder.. There can be no assurance that the Company will meet its BTC accumulation targets, receive any applicable regulatory approvals, complete any tranches of the Facility, or achieve its broader strategic objectives within the projected timelines or at all.

Forward-looking statements are provided to offer information about management’s current expectations and plans and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on such forward-looking information. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

The MIL Network –
July 24, 2025
MIL-OSI: Matador Technologies Inc. Secures USD $100 Million Financing Facility to Accelerate Bitcoin Treasury Growth
Source: GlobeNewswire (MIL-OSI)

Key Highlights
- Strategic Capitalization: Matador has executed a Purchase Agreement for a USD $100 million secured convertible note facility (the “Facility”) with ATW Partners, featuring an initial USD $10.5 million tranche.
- Exclusive Use of Proceeds: Proceeds are earmarked for purchasing Bitcoin as part of Matador’s treasury allocation strategy, with the intention of increasing long-term Bitcoin-per-share (BPS).
- Institutional Partnership: ATW Partners—an institutional investor known for structuring growth-stage financings—brings both capital and strategic depth to Matador’s Bitcoin ecosystem vision.
  Flexible, Equity-Aligned Structure: The secured convertible notes provide minimally dilutive, price-adaptive funding that converts at market-aligned prices.
- Accelerates Treasury Plan: Supports Matador’s roadmap to acquire up to 1,000 BTC on or before 2026 and 6,000 BTC on or before 2027, targeting a top 20 global corporate holder position.
TORONTO, July 23, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (TSXV:MATA, OTCQB:MATAF, FSE:IU3) (“Matador” or the “Company”), the Bitcoin Ecosystem Company, announces that it has entered into an arm’s-length agreement for a secured convertible note facility (the “Facility”) with ATW Partners (the “Investor”), signed on July 22, 2025 (the “Purchase Agreement“), pursuant to which the Company may issue convertible notes (“Notes“) in the aggregate principal amount of up to USD $100 million.

The Facility provides a structured funding mechanism designed to support the Company’s stated objective of increasing its Bitcoin holdings. USD $10.5 million will be funded at the Initial Closing, while USD $89.5 million of additional capacity remains available subject to customary conditions, including execution of a registration-rights agreement and receipt of all required regulatory approvals. The Facility marks a significant financing step in the execution of the Company’s treasury strategy. The Facility will be used exclusively to purchase Bitcoin for Matador’s balance sheet, reinforcing its strategy to become a top 20 corporate holder globally.

Deven Soni, CEO of Matador Technologies, commented:

“This financing represents meaningful progress toward our long-term Bitcoin accumulation goals. It provides the Company with capital to increase our Bitcoin holdings in a way that minimizes immediate dilution and aligns with our broader capital strategy.”

Mark Moss, Chief Visionary Officer of Matador Technologies, added:

“Bitcoin remains central to our business model and balance sheet approach. This structure supports our objective of growing Bitcoin per share and reflects continued institutional interest in our strategy.”

This funding supports Matador’s long-term BTC strategy, including:
- Acquiring up to 1,000 BTC on or before 2026
- Reaching 6,000 BTC on or before 2027
- Long-term objective to hold 1% of Bitcoin’s supply and be a top 20 corporate holder globally
The Notes will carry an interest rate of 8% per annum and the maturity date of the Notes will be approximately two years from the applicable closing date. The Notes will be senior secured, with the Initial Closing backed by 1.5x Bitcoin collateral, and future tranches secured by 1.0x Bitcoin collateral. The Notes will be convertible at the closing price immediately prior to the related news release. As it relates to the Initial Closing, the conversion price will be CAD$0.72.

The Notes, and the common shares issuable upon conversion, will be issued outside of Canada pursuant to Ontario Securities Commission Rule 72-503 – Distributions Outside Canada, and accordingly will not be subject to any statutory hold period under Canadian securities laws. A copy of the Purchase Agreement is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Joseph Gunnar & Co., LLC acted as placement agent for the transaction. For the Initial Closing, the placement agent will receive a placement fee of 5% in cash on the net proceeds received by the Company, a capital markets advisory fee of 2.5% in cash on the net proceeds, and 5% fee in warrants. For any subsequent closings, the placement agent will receive a 5% cash placement fee on the net proceeds received by the Company.

For additional information, please contact:

Media Contact:
Sunny Ray
President
Email: sunny@matador.network
Phone: 647-496-6282

About Matador Technologies Inc.
Matador Technologies Inc. (TSXV:MATA, OTCQB:MATAF, FSE:IU3) is a publicly traded Bitcoin ecosystem company focused on holding Bitcoin as its primary treasury asset and building products to enhance the Bitcoin network. Matador’s strategy combines strategic Bitcoin accumulation, Bitcoin-native product development, and participation in digital asset infrastructure, with a focus on driving long-term shareholder value while maintaining capital efficiency.

Matador has recently proposed to expand its global footprint by entering into an agreement to invest in HODL Systems, one of India’s first digital asset treasury companies, securing up to a 24% ownership stake. This investment strengthens Matador’s position as a leading Bitcoin treasury company and underscores its commitment to the worldwide adoption of Bitcoin as a reserve asset.

With a Bitcoin-first strategy, and a clear focus on innovation, Matador is shaping the future of financial infrastructure on Bitcoin.

Visit us online at https://www.matador.network/.

Cautionary Statement Regarding Forward-Looking Information

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. All statements that are not historical facts are forward-looking statements, including, without limitation: (i) statements regarding the structure, terms, and anticipated benefits of the Facility; (ii) expectations relating to the timing and completion of the initial USD$10.5 million tranche and subsequent drawdowns, upon terms as presently proposed or at all; (iii) the use of proceeds from the Facility for purchasing Bitcoin; (iv) the Company’s ability to meet its Bitcoin accumulation targets, including 1,000 BTC on or before 2026, 6,000 BTC on or before 2027, and a long-term goal of holding 1% of Bitcoin’s total supply; and (v) the Company’s strategy to grow Bitcoin-per-share (BPS) and become a top 20 global corporate BTC holder.

Forward-looking information is based on management’s reasonable assumptions at the time such statements are made, including assumptions regarding market conditions, the price and availability of Bitcoin, regulatory and stock exchange approvals, and the Company’s ability to execute its strategic plans and secure additional capital on acceptable terms.

Forward-looking statements are subject to various risks and uncertainties, including: fluctuations in Bitcoin price and trading volume; availability and terms of financing; satisfaction of conditions related to future drawdowns under the Facility; the impact of potential penalties and payments under the Facility on the liquidity and future prospects of the Company; potential risks associated with the Company committing an event of default under the Facility and the potential implications thereof; regulatory risk; changes in the Company’s business model or execution plans; and the potential that the Company will not receive applicable regulatory approval of the Facility or any individual drawdown thereunder.. There can be no assurance that the Company will meet its BTC accumulation targets, receive any applicable regulatory approvals, complete any tranches of the Facility, or achieve its broader strategic objectives within the projected timelines or at all.

Forward-looking statements are provided to offer information about management’s current expectations and plans and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on such forward-looking information. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

The MIL Network –
July 24, 2025
MIL-OSI Submissions: Caution in the C-suite: How business leaders are navigating Trump 2.0

Source: The Conversation – USA (2) – By Erran Carmel, Professor of Business, American University Kogod School of Business

In the first months of Donald Trump’s second term as president, his policies – from sweeping tariffs and aggressive immigration enforcement to attacks on diversity, equity and inclusion – have thrown U.S. businesses into turmoil, leading to a 26-point decline in CEO confidence.

Yet despite this volatility, many American corporations have remained notably restrained in their public responses.

This might come as a surprise. After all, in recent decades, CEOs have become increasingly willing to speak out about social and political issues. But while some universities and law firms have publicly pushed back against the Trump administration, business leaders are seemingly opting for caution.

What would it take for these titans of corporate America to speak out against Trump’s policies? We are a professor and a graduate student who study business, and back in 2018, one of us – Dr. Carmel – conducted an analysis asking this very question. More recently, we gathered new data looking at how business leaders are responding to Trump’s second term.

The 2018 analysis, involving data from about 200 leading U.S. CEOs, found that most business leaders remained publicly neutral on Trump, and only a handful expressed strong opposition. Silence was often a strategic choice, with many leaders staying mum due to fear of retaliation. The evidence also suggested that Trump could one day cross a line that would prompt a broader CEO backlash.

Seven years later, that line hasn’t yet appeared, even as Trump’s footprint on corporate America is now far more direct and substantial.

Most notable are Trump’s tariffs, first announced in April 2025, which have roiled global markets and unnerved CEOs. And there are many other ripples: Some companies, such as CBS’ parent company, Paramount – which is seeking the Trump administration’s approval for a merger – have decided to self-censor. Others, including Disney and Meta, gave in to Trump’s lawsuits and paid multimillion-dollar settlements, against the counsel of many outside experts. CEOs also have to deal with the threat of backlash from both the right and left.

Against this backdrop, we collected new public data to see how corporate leaders are responding to the second Trump administration. Just as in 2018, we examined the 232 companies that make up the Business Roundtable – a club of the most powerful American businesses.

We assessed the actions that these companies took regarding DEI and whether they experienced any backlash. We focused on these criteria as a way to assess whether CEOs are seeking either to support or placate Trump, or to stand on other principles. We also collected other data, including public statements from CEOs and campaign donations.

DEI as a bellwether

Corporate DEI actions were an early, useful way to gauge a business’s stances, since, from the outset, the Trump administration identified DEI as a “scourge” to be eliminated. Although the White House’s anti-DEI directives have applied to the executive branch and federal contractors, some private businesses rushed to make changes as well.

By May, just a bit over 100 days into Trump’s second term, a significant number of companies had decided to go along with Trump’s preferences. Sixty-nine of the 232 companies in the Business Roundtable rolled back their DEI initiatives in some way, while just 20 companies announced that they kept their DEI programs in place. There’s no information either way on the remaining 61% – likely because they decided it’s better to stay out of the news.

DEI-related actions have tapered off since May, but there’s still an impact. For example, the Federal Communications Commission pressured T-Mobile to eliminate DEI. Only then was its merger approved.

Companies that scaled back their DEI initiatives sometimes pointed to the political environment as a factor. Meta, for example, said in an internal memo that it was ending its DEI efforts due to a “shifting legal and policy landscape.” Other companies, including Verizon and Comcast, reportedly rolled back DEI programs because they feared legal action by the federal government.

Some corporations announced changes through internal announcements, legal filings or quiet updates to their websites, suggesting they want to stay out of the media spotlight.

A small number of Business Roundtable companies stood firm on their DEI policies – to mixed results. When Marriott’s CEO voiced support for DEI at a corporate leadership event, he reportedly received 40,000 appreciative emails from employees. On the other hand, after Coca-Cola reiterated its “commitment to sponsoring an inclusive workplace,” the right-wing activist Robby Starbuck — who The New York Times has described as “the anti-DEI agitator that companies fear most” – said Coca-Cola “should be very nervous about continuing with its woke policies.”

Bracing for backlash

Overall, 22% of Business Roundtable companies saw some sort of backlash to their actions. Most came from the political right: 36 companies were called out by conservatives, another eight by progressives, and eight more faced bipartisan backlash.

With more than three years left in Trump’s second term, it’s worth asking what lies ahead. We think the most likely scenario is that companies will continue to try to stay off the president’s radar and placate him when they must. After all, following the split with Elon Musk, Trump quite explicitly threatened to use presidential powers to hurt Musk’s businesses. Any CEO gets the implications.

While our analysis primarily focused on social issues, policies at the business core may push U.S. companies to confront Trump. Tariff policy is a prime example. Back in April, major retailers like Walmart quietly warned Trump that tariffs could lead to empty shelves and higher prices. More recently, the CEO of Goldman Sachs publicly warned that tariffs “have raised the level of uncertainty to a degree I do not think is healthy for investment and growth.”

These are voices of criticism – but worded quite softly.

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

– ref. Caution in the C-suite: How business leaders are navigating Trump 2.0 – https://theconversation.com/caution-in-the-c-suite-how-business-leaders-are-navigating-trump-2-0-260557

MIL OSI –

July 24, 2025
MIL-OSI Submissions: 2 ways cities can beat the heat: Which is best, urban trees or cool roofs?

Source: The Conversation – USA (2) – By Ian Smith, Research Scientist in Earth & Environment, Boston University

Trees like these in Boston can help keep neighborhoods cooler on hot days. Yassine Khalfalli/Unsplash, CC BY

When summer turns up the heat, cities can start to feel like an oven, as buildings and pavement trap the sun’s warmth and vehicles and air conditioners release more heat into the air.

The temperature in an urban neighborhood with few trees can be more than 10 degrees Fahrenheit (5.5 Celsius) higher than in nearby suburbs. That means air conditioning works harder, straining the electrical grid and leaving communities vulnerable to power outages.

There are some proven steps that cities can take to help cool the air – planting trees that provide shade and moisture, for example, or creating cool roofs that reflect solar energy away from the neighborhood rather than absorbing it.

But do these steps pay off everywhere?

We study heat risk in cities as urban ecologists and have been exploring the impact of tree-planting and reflective roofs in different cities and different neighborhoods across cities. What we’re learning can help cities and homeowners be more targeted in their efforts to beat the heat.

The wonder of trees

Urban trees offer a natural defense against rising temperatures. They cast shade and release water vapor through their leaves, a process akin to human sweating. That cools the surrounding air and reduces afternoon heat.

Adding trees to city streets, parks and residential yards can make a meaningful difference in how hot a neighborhood feels, with blocks that have tree canopies nearly 3 F (1.7 C) cooler than blocks without trees.

Comparing maps of New York’s vegetation and temperature shows the cooling effect of parks and neighborhoods with more trees. In the map on the left, lighter colors are areas with fewer trees. Light areas in the map on the right are hotter.
NASA/USGS Landsat

But planting trees isn’t always simple.

In hot, dry cities, trees often require irrigation to survive, which can strain already limited water resources. Trees must survive for decades to grow large enough to provide shade and release enough water vapor to reduce air temperatures.

Annual maintenance costs – about US$900 per tree per year in Boston – can surpass the initial planting investment.

Most challenging of all, dense urban neighborhoods where heat is most intense are often too packed with buildings and roads to grow more trees.

How cool roofs can help on hot days

Another option is “cool roofs.” Coating rooftops with reflective paint or using light-colored materials allows buildings to reflect more sunlight back into the atmosphere rather than absorbing it as heat.

These roofs can lower the temperature inside an apartment building without air conditioning by about 2 to 6 F (1 to 3.3 C), and can cut peak cooling demand by as much as 27% in air-conditioned buildings, one study found. They can also provide immediate relief by reducing outdoor temperatures in densely populated areas. The maintenance costs are also lower than expanding urban forests.

Two workers apply a white coating to the roof of a row home in Philadelphia.
AP Photo/Matt Rourke

However, like trees, cool roofs come with limits. Cool roofs work better on flat roofs than sloped roofs with shingles, as flat roofs are often covered by heat-trapping rubber and are exposed to more direct sunlight over the course of an afternoon.

Cities also have a finite number of rooftops that can be retrofitted. And in cities that already have many light-colored roofs, a few more might help lower cooling costs in those buildings, but they won’t do much more for the neighborhood.

By weighing the trade-offs of both strategies, cities can design location-specific plans to beat the heat.

Choosing the right mix of cooling solutions

Many cities around the world have taken steps to adapt to extreme heat, with tree planting and cool roof programs that implement reflectivity requirements or incentivize cool roof adoption.

In Detroit, nonprofit organizations have planted more than 166,000 trees since 1989. In Los Angeles, building codes now require new residential roofs to meet specific reflectivity standards.

In a recent study, we analyzed Boston’s potential to lower heat in vulnerable neighborhoods across the city. The results demonstrate how a balanced, budget-conscious strategy could deliver significant cooling benefits.

For example, we found that planting trees can cool the air 35% more than installing cool roofs in places where trees can actually be planted.

However, many of the best places for new trees in Boston aren’t in the neighborhoods that need help. In these neighborhoods, we found that reflective roofs were the better choice.

By investing less than 1% of the city’s annual operating budget, about US$34 million, in 2,500 new trees and 3,000 cool roofs targeting the most at-risk areas, we found that Boston could reduce heat exposure for nearly 80,000 residents. The results would reduce summertime afternoon air temperatures by over 1 F (0.6 C) in those neighborhoods.

While that reduction might seem modest, reductions of this magnitude have been found to dramatically reduce heat-related illness and death, increase labor productivity and reduce energy costs associated with building cooling.

Not every city will benefit from the same mix. Boston’s urban landscape includes many flat, black rooftops that reflect only about 12% of sunlight, making cool roofs that reflect over 65% of sunlight an especially effective intervention. Boston also has a relatively moist growing season that supports a thriving urban tree canopy, making both solutions viable.

Phoenix, left, already has a lot of light-colored roots, compared with Boston, right, where roofs are mostly dark.
Imagery © Google 2025.

In places with fewer flat, dark rooftops suitable for cool roof conversion, tree planting may offer more value. Conversely, in cities with little room left for new trees or where extreme heat and drought limit tree survival, cool roofs may be the better bet.

Phoenix, for example, already has many light-colored roofs. Trees might be an option there, but they will require irrigation.

Getting the solutions where people need them

Adding shade along sidewalks can do double-duty by giving pedestrians a place to get out of the sun and cooling buildings. In New York City, for example, street trees account for an estimated 25% of the entire urban forest.

Cool roofs can be more difficult for a government to implement because they require working with building owners. That often means cities need to provide incentives. Louisville, Kentucky, for example, offers rebates of up to $2,000 for homeowners who install reflective roofing materials, and up to $5,000 for commercial businesses with flat roofs that use reflective coatings.

In Boston, planting trees, left, and increasing roof reflectivity, right, were both found to be effective ways to cool urban areas.
Ian Smith et al. 2025

Efforts like these can help spread cool roof benefits across densely populated neighborhoods that need cooling help most.

As climate change drives more frequent and intense urban heat, cities have powerful tools for lowering the temperature. With some attention to what already exists and what’s feasible, they can find the right budget-conscious strategy that will deliver cooling benefits for everyone.

Lucy Hutyra has received funding from the U.S. federal government and foundations including the World Resources Institute and Burroughs Wellcome Fund for her scholarship on urban climate and mitigation strategies. She was a recipient of a 2023 MacArthur Fellowship for her work in this area.

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

– ref. 2 ways cities can beat the heat: Which is best, urban trees or cool roofs? – https://theconversation.com/2-ways-cities-can-beat-the-heat-which-is-best-urban-trees-or-cool-roofs-260188

MIL OSI –

July 24, 2025
MIL-OSI Submissions: Trump has fired the head of the Library of Congress, but the 225-year-old institution remains a ‘library for all’ – so far

Source: The Conversation – USA – By Alex H. Poole, Associate Professor of Information Science, Drexel University

The main reading room is seen at the Library of Congress on June 13, 2025, in Washington. Kevin Carter/Getty Images

Carla Hayden, the 14th librarian of Congress, who has held the position since 2016, received an unexpected email on May 8, 2025.

“Carla, on behalf of President Donald J. Trump, I am writing to inform you that your position as the Librarian of Congress is terminated effective immediately. Thank you for your service,” wrote Trent Morse, deputy director of presidential personnel at the White House.

White House Press Secretary Karoline Leavitt later explained that Hayden, who was the first woman, Black person and professionally trained librarian to oversee the Library of Congress, had done “quite concerning things,” on the job, including “putting inappropriate books in the library for children.”

Democratic politicians sharply criticized Hayden’s termination, saying the firing was unjust. It was actually about Trump punishing civil servants “who don’t bend to his every will,” New York Sen. Chuck Schumer said.

An information science scholar, I have written extensively about the history of libraries and archives, including the Library of Congress. To fully understand the role Hayden played for the past nine years, I think it is important to understand what the Library of Congress does, and the overlooked and underappreciated role it has played in American life.

Carla Hayden, the recently fired librarian of Congress, attends an event in March 2025 in Washington.
Shannon Finney/Getty Images

The Library of Congress’ work

The Library of Congress is an agency that was first established, by an act of Congress, in 1800. The act provided for “the purchase of such books as may be necessary for the use of Congress at the said city of Washington, and for fitting up a suitable apartment for containing them.” Its chief librarian is appointed by the president and confirmed by the Senate.

The library has six buildings in Washington that hold a print and online collection of nearly 26 million books, as well as more than 136 million other items, including manuscripts, maps, sheet music and prints and photographs.

It also houses historic documents, like Thomas Jefferson’s rough draft of the Declaration of Independence and James Madison’s notes on the 1787 Constitutional Convention.

The library is the property of the American people. Anyone over the age of 16 with a government-issued photo identification can enter its buildings and read or view its materials on-site. The Library of Congress was partially designed as a research institution to suit the needs of members of Congress, and only Congress members can borrow items from the library and take them home.

The Library of Congress has an annual budget of about US$900 million, with a staff of 3,263. In 2024, the library’s staff helped acquire 1,437,832 million new items, issue nearly 69,000 library cards and answer more than 764,000 reference requests, among other tasks.

The library’s deep roots

The library has evolved alongside the U.S. itself. Five years before the Constitutional Convention of 1787, future president James Madison called for a library to provide materials to help inform Congress and its members. In 1800, President John Adams signed a bill that established the institution, which began with a $5,000 government appropriation, equivalent to more than $127,000 today.

The library’s first collection included 152 works in 740 volumes imported from England. It occupied a space in a Washington Senate office that measured just 22 feet by 34 feet.

The British army torched the infant library and its collection that had grown to 3,000 books in 1814, during the War of 1812. In response, former president Thomas Jefferson sold his personal collection of 6,479 books to the library, which he called “unquestionably the choicest collection of books in the U.S.”

Tragedy struck again in 1851, with a fire that incinerated two-thirds of the library’s 55,000 volumes, including most of Jefferson’s personal collection.

The organization rebounded in the next few years, as it purchased the 40,000-volume Smithsonian library in 1866, among other new acquisitions.

Ainsworth Spofford, the sixth librarian of Congress, boosted the library’s national image in the late 1800s when he tried to centralize the country’s patchwork copyright system.

Spofford also successfully lobbied Congress to pass the Copyright Act of 1870, which stipulated that any party registering a work for copyright needed to deposit two copies of that work with the library.

A growing place in American life

As its collections burgeoned in both scale and scope in the latter part of the 19th century, the library assumed an increasingly visible role and became known by some as “the nation’s library.” By 1900, it had nearly 1 million printed books and other materials.

The opening of a new library building in 1897, offering services to blind people with a designated reading room containing 500 raised character – or braille – books and music items, epitomized the library’s new status.

President Theodore Roosevelt said in 1901 that the library was “the one national library of the United States” and that was “a unique opportunity to render to the libraries of this country – to American scholarship – service of the highest importance.”

The library’s work, and global approach, continued to grow during the 20th century.

By the late 1900s, the library held materials in more than 450 languages.

It continued to add remarkable items to its collection, including a Gutenberg Bible, the first book printed in Europe from movable metal type, a kind of printing technology, in 1455.

Documenting the evolution of democracy, the library also assumed stewardship of 23 presidents’ official papers, from George Washington to Calvin Coolidge, during this time frame.

A public service

While primarily designated a research institution for Congress, the library has also catered to a diverse range of patrons, including by mail and telephone.

As one Science Digest writer noted in 1960, reference staff members fielded questions ranging from “What was the color of a mastodon’s eye?” to “How many words are there in the English language?” and “Could you suggest a name for twins?”

The library’s register of copyrights received similarly diverse and even humorous inquiries. One older woman seeking to publish her poetry wrote in 1954 to request “a poetic license” to ensure her work conformed to the law.

In the late 20th century, the library focused on a new democratic national and international mission, as it embraced a new role. Daniel Boorstin, the librarian from 1975 to 1987, termed that role a “multimedia encyclopedia.”

A congressional resolution marking the Library of Congress’s bicentennial in 2000 noted that it was “the largest and most inclusive library in human history,” as it digitized its collections to extend its reach still further with the growth of the internet.

As the library marks its 225th year, it continues to represent, as David Mearns, chief of the library’s manuscript division, said in 1947, “the American story.”

The Thomas Jefferson Building of the Library of Congress is seen on June 11, 2025, in Washington.
Kevin Carter/Getty Images

A library for all

Following Hayden’s dismissal, Trump appointed Deputy Attorney General Todd Blanche, his former personal lawyer, as acting librarian of Congress.

Hayden has contended that her dismissal, which occurred alongside other firings of top civil servants, including the national archivist, represents a broad threat to people’s right to easily access free information.

“Democracies are not to be taken for granted,” Hayden said in June. She explained in an interview with CBS that she never had a problem with a presidential administration and is not sure why she was dismissed.

“And the institutions that support democracy should not be taken for granted,” Hayden added.

In her final annual report as librarian, Hayden characterized the institution as “truly, a library for all.” So far, even without her leadership, it remains just that.

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

– ref. Trump has fired the head of the Library of Congress, but the 225-year-old institution remains a ‘library for all’ – so far – https://theconversation.com/trump-has-fired-the-head-of-the-library-of-congress-but-the-225-year-old-institution-remains-a-library-for-all-so-far-257508

MIL OSI –

July 24, 2025
MIL-OSI Submissions: Ozzy Osbourne’s spirit of defiance changed music forever

Source: The Conversation – UK – By Douglas Schulz, Lecturer in Sociology and Criminology, University of Bradford

Ozzy Osbourne’s death is not just the passing of another rock star. It marks the end of an era – the fading of a figure who helped shape an entire music genre and subculture.

Both as a member of Black Sabbath and as a solo artist, Osbourne’s legacy lies not only in music history but how we understand performance, rebellion, and the expressive power of sound itself.

Despite a long battle with Parkinson’s disease and several health setbacks over the years, the news of his death was a shock to the whole metal community. Just weeks before his death on July 22, Osbourne delivered his final performance with Black Sabbath in the place it all began – Villa Park in Birmingham.

In the hours following the announcement of his death, countless bands and musicians flooded their social media channels to pay their respects.

Osbourne’s life was a testament to reinvention, grit, and the power of artistic authenticity – going from a working-class kid in Aston to the biggest name in heavy metal, writing the soundtrack to so many people’s lives. His distinctive voice, theatrical presence, and sheer will and determination shaped heavy metal music – inspiring generations of musicians and fans.

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

When Black Sabbath emerged in the early 1970s, they played a role in making rock music more menacing, grittier and heavier. The Birmingham band didn’t just turn up the amplifiers and played louder guitars – they introduced a new aesthetic. They were known for their doomy riffs and lyrics about war, madness and the occult. Osbourne, with his uncanny voice and stage presence, was at the front and centre.

This sound was destined to become the blueprint for heavy metal. But Osbourne’s contribution went beyond his voice. He gave the genre its face, theatricality – and above all, its spirit of defiance.

Whether he was biting off the head of a bat on stage, stumbling through reality television with absurd but relatable quotes, or delivering genre-defining performances, Osbourne embodied contradictions. He was a mix of menace and mischief, tragedy and comedy, myth and man.

Heavy metal music has existed in tension with mainstream culture ever since its emergence in the UK in the late 1960s. It has been regarded as too aggressive, too loud, too weird. But Osbourne’s presence forced metal into the public discourse – whether through moral panics in the 1970s and ’80s, or through his television appearances in the 2000s. The Osbournes, a reality show following the family which aired on MTV, was a huge hit in the US and around the world, making Ozzy famous to a whole new audience.

Throughout his long career, Osbourne helped shift heavy metal from the margins into the mainstream, without ever diluting its transgressive edge.

A symbol of inspiration

Osbourne’s stage persona carved out space for other artists to follow. His willingness to be ridiculous, to speak openly about his addictions, health struggles and family dysfunction made him oddly relatable. It is that relatability that allowed Osbourne to be metal’s court jester and elder statesman in one.

Over time, bands like Slipknot, Ghost, Sleep Token, as well as more introspective bands like Deftones or Gojira, owe much to the groundwork Osbourne and Black Sabbath laid: a template for authenticity, theatricality, and emotional openness wrapped in spectacle and distortion. They helped define the core rhythms, riffs, themes and aesthetics that generations of metal bands followed.

But Osbourne’s cultural influence cannot be measured only in record sales (although those were plenty), Grammy wins, or his induction into the US Rock and Roll Hall of Fame. His influence lies in how his image, sound and attitude reshaped music scenes across continents.

In countries where metal is censored or underground, Osbourne was a symbol of resistance. In places where metal was accepted, he was the genre’s most unpredictable ambassador.

The Prince of Darkness, as he was known, may have left the stage but his legacy will live on. His music is still looped on Tiktok videos, and memes still make rounds on social media.

Young metal-heads will continue to emulate his style and irreverence. As long as people pick up guitars and look for a way to scream back at the world, Ozzy will be there – in spirit, in sound, and in spectacle.

Douglas Schulz 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. Ozzy Osbourne’s spirit of defiance changed music forever – https://theconversation.com/ozzy-osbournes-spirit-of-defiance-changed-music-forever-261775

MIL OSI –

July 24, 2025
MIL-OSI Video: Cooperation built on security and trade: EU-Japan Summit in Tokyo

Source: European Commission (video statements)

During the EU-Japan Summit in Tokyo on 23 July 2025, European Commission President Ursula von der Leyen met with important Japanese stakeholders to further foster the relationship between Japan and the EU.

The Japan-EU Strategic Partnership Agreement which includes topics such as digital partnerships, green alliances or security cooperation, and a strengthening of the relationship between the EU and the Indo-Pacific region were in focus during this 30th EU-Japan Summit.

Find the joint declaration from all three political leaders here: https://ec.europa.eu/commission/presscorner/detail/en/statement_25_1892

Follow live events and access media content here:
https://audiovisual.ec.europa.eu/en/

Stay updated — follow us on X: https://x.com/EC_AVService

Follow us on:
-X: https://twitter.com/EU_Commission
-Instagram: https://www.instagram.com/europeancommission/
-Facebook: https://www.facebook.com/EuropeanCommission
-LinkedIn: https://www.linkedin.com/company/european-commission/
-Medium: https://medium.com/@EuropeanCommission

Check our website: http://ec.europa.eu/

https://www.youtube.com/watch?v=zSx4gDVZlok

MIL OSI Video –

July 24, 2025
MIL-OSI Africa: Apply Now: The Hosted Buyer Programme that’s Energising Zambia’s Industrial Future
Source: APO

Zambia’s commercial and industrial sectors are at a critical turning point. As businesses across the country grapple with unreliable grid power and increasing energy costs, a transformative opportunity is emerging. The C&I Energy & Storage Summit Zambia 2025 (http://apo-opa.co/3GDVh5F), taking place on 27–28 August in at The Pamodzi Hotel in Lusaka, invites Zambia’s leading private-sector energy users to apply for its exclusive Hosted Buyer Programme — a tailored initiative designed to connect large energy consumers with the technology, financing, and partnerships needed to secure reliable, clean power. The summit offers a powerful platform for strategic engagement between business, government, and solution providers.

Why Apply for the Hosted Buyer Programme?

The Hosted Buyer Programme is a premium, no-cost opportunity designed specifically for commercial and industrial (C&I) organisations in Zambia looking to future-proof their operations through energy independence.

Successful applicants receive:
- Full Access Pass to both days of the summit, including keynotes, panels, and masterclasses.
- Curated 1:1 Matchmaking with developers and technology providers in solar, hydro, and battery energy storage systems (BESS).
- Facilitated Introductions to leading financiers and project developers ready to partner on viable energy solutions.
- 10% Discount for additional team members to maximise company-wide learning and engagement.
Whether you’re exploring embedded generation, considering power purchase agreements (PPAs), or ready to implement energy storage, the Hosted Buyer Programme gives you direct access to practical guidance and strategic connections to move your energy project forward.

Who Should Apply?

This opportunity is ideal for large energy-using businesses in manufacturing, mining, agriculture, retail, and logistics; project owners exploring clean energy options; and companies ready to implement private power solutions.

Apply now for the Hosted Buyer Programme: https://apo-opa.co/4o2P6Zr

Backed by Industry Leaders

The summit brings together an influential advisory board and speaker line-up featuring leading voices from Zambia’s energy ecosystem — including the Energy Regulation Board, Zambia Development Agency, Africa GreenCo, Standard Bank, and the Proudly Zambian Campaign. They’re joined by dynamic speakers from across the continent, such as representatives from Kenya Power, ENGIE Energy Access, and the Pan African Chamber of Commerce and Industry. All will be offering insights, case studies, and solutions tailored to Zambia’s energy reality. With even more powerful voices to be announced, this is a must-attend event for anyone committed to driving energy transformation in the region.

This year’s event is proudly supported by a network of sponsors and partners dedicated to advancing energy resilience across the continent. EnerJ, a leader in clean energy development, joins as Gold Sponsor, while global engineering and infrastructure players WEG and Vertiv participate as Bronze Sponsors.

The summit is also supported by influential Media Partners, including ESI Africa, Engineering News, EngineerIT, Global Africa Network, Green Economy Journal, Media Xpose, RDJ Publishing, and Happening News, who will bring post-event coverage and insights to a broader African audience.

Further strengthening the platform are Association Partners such as the Pan-African Chamber of Commerce and Industry (PACCI) and the Zambian Association of Manufacturers, alongside Industry Partners like the Zambia Chamber of Commerce and Industry (ZACCI), the Africa Solar Industry Association (AFSIA), and the Zambia Development Agency (ZDA) — all reinforcing the summit’s commitment to inclusive growth and industrial sustainability.

Zambia’s energy future is being written now — and your organisation can be part of the solution.

Download the programme: https://apo-opa.co/3GZ3UaU

Distributed by APO Group on behalf of VUKA Group.

Contact:
For sponsorship or hosted buyer enquiries, contact Marcel du Toit: marcel.dutoit@wearevka.com

For speaking opportunities, contact Babalwa Bungane: babalwa.bungane@wearevuka.com

About VUKA Group:
As part of the Power and Energy Portfolio of VUKA Group (https://WeAreVUKA.com), this Summit aligns with VUKA’s mission to connect industries, spark innovation, and fuel economic growth. VUKA Group is a premier organiser of conferences, exhibitions, and events across Africa, delivering tailored platforms for networking, knowledge sharing, and business development in energy and related sectors.

Media files

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MIL OSI Africa –
July 23, 2025
MIL-OSI Africa: Global Small and Medium Enterprises (SME) Ministerial opens: Small businesses key constituency in global trade, say South African SME minister, International Trade Centre (ITC) head

Source: APO

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The inaugural Global SME Ministerial Meeting opened today, marking a milestone in recognizing small and medium-sized enterprises as a key constituency in global trade.

The high-level event is co-hosted by the South African Department of Small Business Development (DSBD) and the International Trade Centre (ITC), with main events taking place on 23-24 July. The Ministerial was preceded by the Trade Promotion Organizations Leadership Dialogue on 22 July, in which heads of national trade promotion organizations developed strategies to better engage with SME ministers to bring the voice of small business into policymaking.

Watch the livestream of the Ministerial high-level opening.

More than 700 delegates from more than 60 countries are participating in the Ministerial, including ministers, heads of delegation, heads of national trade promotion organizations, business leaders and entrepreneurs. Ministerial-level delegates convened from across the world, from Bangladesh to Brazil, from Cameroon to Costa Rica, from Senegal to Switzerland, from the United Arab Emirates to the United Kingdom.

In her welcome remarks, South African Minister of Small Business Development Stella Tembisa Ndabeni said: ‘Let this Ministerial Meeting mark the beginning of a bold new global compact for MSME development; one that expands access to markets, unlocks affordable finance, accelerates digital inclusion, and ensures that women, youth and underserved communities are not spectators, but architects of economic transformation.’

She added: ‘Let us commit to practical, measurable actions that position MSMEs as central pillars of resilience, innovation and sustainability. Let us work towards a global enabling ecosystem, where no entrepreneur is left behind because of where they live, how much they earn, or who they are.’

In her welcome remarks, ITC Executive Director Pamela Coke-Hamilton said: ‘Now, this Ministerial is no talk shop. This is no place for posturing or politics. This is a space for us to marshal our collective knowledge and our energy and find solutions across the three areas that will bring the benefits of trade within reach of more SMEs: access to finance, digital transformation and green competitiveness.’

Addressing ministerial-level delegates, she said: ‘When you go back to your capitals, your ministries, your cabinet meetings and your meetings with heads of state and government, you’ll be taking back with you concrete solutions, with the evidence to back them up.’

Expected outcomes include the endorsement of a call-to-action in which countries align on the three main areas that will harness the development of SMEs—access to finance, digital transformation and green competitiveness —and develop a roadmap for future Ministerial Meetings to take place every two years, to ensure discussions produce outcomes for countries.

See the latest information on the Ministerial on the Global SME Ministerial Meeting landing page.

Distributed by APO Group on behalf of International Trade Centre.

MIL OSI Africa –

July 23, 2025
MIL-OSI Europe: Press conference following Council of Ministers meeting no. 135

Source: Government of Italy (English)

Vai al Contenuto Raggiungi il piè di pagina

22 Luglio 2025

Council of Ministers meeting no. 135 was held at Palazzo Chigi today. Following the meeting, Minister for Public Administration Paolo Zangrillo, Minister of Justice Carlo Nordio, Undersecretary of State to the Presidency of the Council of Ministers Alberto Barachini, Deputy Minister of Economy and Finance Maurizio Leo, Special government commissioner for prison facilities Marco Doglio and Director General of the National Cybersecurity Agency Pref. Bruno Frattasi held a press conference to illustrate the measures approved.

MIL OSI Europe News –

July 23, 2025
ADB projects India’s GDP to grow at 6.5% in 2025, 6.7% in 2026 amid strong domestic demandion

Source: Government of India

Source: Government of India (4)

The Asian Development Bank (ADB) on Wednesday projected that India’s GDP will grow at 6.5% in 2025 and a robust 6.7% in 2026, driven by strong domestic demand, a normal monsoon, and monetary easing.

Inflation in India is expected to stay well within the Reserve Bank of India’s target range, with headline inflation projected at 3.8% for 2025 and 4.0% for 2026, according to the ADB. A sharp decline in food prices has helped ease overall price pressures, with Consumer Price Index (CPI) inflation falling to 2.1% in June — the lowest level in over six years — as food inflation turned negative.

India’s real GDP growth is projected to range between 6.4% and 6.7% this fiscal year, reaffirming the country’s position as the fastest-growing major economy in the world, the Confederation of Indian Industry (CII) said earlier this month.

Meanwhile, ADB has lowered its growth forecasts for developing Asia and the Pacific for both this year and the next. The downward revisions are attributed to weaker exports due to higher US tariffs and global trade uncertainty, as well as subdued domestic demand.

According to the Asian Development Outlook (ADO) July 2025, the region’s economies are now expected to grow by 4.7% this year, a 0.2 percentage point decrease from April’s projection. The 2026 forecast has also been revised downward to 4.6% from 4.7%.

The outlook for developing Asia and the Pacific could worsen further if US tariffs and trade tensions escalate. Other risks include geopolitical conflicts that could disrupt global supply chains and drive up energy prices, as well as a deeper-than-expected slump in China’s property market.

“Asia and the Pacific have weathered an increasingly challenging external environment this year. But the economic outlook has weakened amid intensifying risks and global uncertainty,” said ADB Chief Economist Albert Park.

“Economies in the region should continue strengthening their fundamentals and promoting open trade and regional integration to support investment, employment, and growth,” Park added.

Growth projections for the People’s Republic of China (PRC), the region’s largest economy, remain unchanged at 4.7% for this year and 4.3% for next year. Southeast Asian economies are expected to be hit hardest by deteriorating trade conditions and rising uncertainty. ADB now forecasts growth of 4.2% for the subregion this year and 4.3% next year—both figures roughly half a percentage point lower than the April estimates.

— IANS

July 23, 2025
Indian stock market surges amid value buying, Sensex jumps 540 points

Source: Government of India

Source: Government of India (4)

The Indian stock market settled in positive territory on Wednesday following buying in banking, financial services, automobiles and healthcare sectors amid positive global cues surrounding the US-Japan trade pact.

Sensex closed at 82,726.64, up 539.83 or 0.66 per cent. The 30-share index opened with a decent gap-up at 82,451.87 against last session’s closing value of 82,186.81. The index soared further to hit an intraday high of 82,786.43, following buying interest in heavyweights like Tata Motors, Bharti Airtel and ICICI Bank.

Nifty 50 closed at 25,219.90, up 159 points or 0.63 per cent.

“The day was characterised by robust performance across key sectors such as Banking, Financial Services, Automobiles, Healthcare, and Information Technology. In contrast, pockets of weakness persisted in Realty, Media, Consumer Goods, and Metals, reflecting a sectorally bifurcated landscape,” said Ashika Institutional Equities in its note.

On the global stage, investor sentiment soared following optimistic developments surrounding the US-Japan trade pact, igniting expectations for further international agreements shortly.

Tata Motors, Bharti Airtel, Bajaj Finance, Maruti Suzuki, Bajaj FinServ, HDFC Bank, ICICI Bank, Eternal, Asian Paints, and SBI were top gainers from the Sensex’s stocks. Hindustan Unilever, Infosys, and Ultratech Cements ended the session in red.

Meanwhile, 37 stocks advanced and 13 shares declined from Nifty50.

Among sectoral indices, Nifty Bank settled 454 points or 0.80 per cent higher, Nifty Auto surged 203 points or 0.85 per cent and Nifty IT closed 92.60 points or 0.25 per cent up. Nifty FMCG declined.

Broader indices followed the gaining momentum as well. Nifty Net 50 surged 159 points, Nifty 100 rallied 0.55 per cent or 142 points, and Nifty Midcap 100 ended the session up 203 points or 0.34 per cent. Nifty Smallcap 100 settled flat.

Rupee traded flat in a narrow range near 86.40, with marginal movement of 0.01 per cent against the dollar. The dollar index also remained steady around 97.40 as markets awaited further cues.

“Domestic capital markets gained 0.65 per cent, while Fed Chair Powell’s recent speech kept the dollar range-bound. Attention now shifts to next week’s U.S. interest rate decision, which will be a key directional trigger. Rupee is expected to trade within a range of 85.80–86.70,” said Jateen Trivedi of LKP Securities.

(IANS)

July 23, 2025
Govt clears six semiconductor projects worth ₹1.55 lakh crore, over 27,000 jobs on cards

Source: Government of India

Source: Government of India (4)

The Centre has so far approved six semiconductor manufacturing projects, entailing a cumulative investment of around ₹1.55 lakh crore. These are expected to generate over 27,000 direct jobs, the Parliament was informed on Wednesday.

Minister of State for Commerce and Industry Jitin Prasada said the approvals are part of the government’s ₹76,000-crore ‘Semicon India Programme’, aimed at building a semiconductor and display manufacturing ecosystem in the country.

“Semiconductor manufacturing is a highly specialised industry involving complex processes. Most of the jobs created are skilled roles,” Prasada said in a written reply. He added that the sector, being foundational, is likely to have a cascading impact on employment across other industries and supply chains.

As part of the Design Linked Incentive (DLI) scheme, fiscal support has been extended to 22 approved startups and MSMEs. Of these, three design companies are based in Telangana, where 11 others have received design infrastructure support. Additionally, 22 institutes in the state are being supported under the Chips to Startup (C2S) programme, with six receiving financial assistance.

Tamil Nadu also has three approved companies under the DLI scheme, while six firms have received design infrastructure support.

The C2S programme targets the development of 85,000 skilled professionals in the semiconductor sector. So far, over 45,000 students from 100 institutions have enrolled. The government is providing engineering colleges with design tools and software to support chip design training.

In 2022, the Skilled Manpower Advanced Research and Training (SMART) Lab was set up at NIELIT Calicut, with the goal of training one lakh engineers. Over 42,000 engineers have been trained so far, the minister said.

The government is also working with global industry and academic partners including Lam Research, IBM, and Purdue University to build capacity in chip design and manufacturing.

IANS

July 23, 2025
MIL-OSI Security: District Man Sentenced to 11.5 Years in Scheme to Steal Residential Real Estate Using Fraudulent Deeds

Source: US FBI

WASHINGTON – Jeffrey M. Young-Bey, 68, of the District of Columbia, was sentenced today to 138 months in prison for his role a scheme that stole residential real estate property in order to generate more than $850,000 in fraudulent loans, announced U.S. Attorney Jeanine Ferris Pirro.

Young-Bey was found guilty by a jury on Feb.12, 2024, on 12 federal charges: one count of conspiracy to commit mail fraud and bank fraud, two counts of bank fraud, two counts of mail fraud, two counts of money laundering, and five counts of aggravated identity theft. In addition to the term of incarceration, U.S. District Judge Colleen Kollar-Kotelly ordered five years of supervised release.

Joining in the announcement was FBI Assistant Director in Charge Steven J. Jensen of the Washington Field Office, which led the investigation.

According to the government’s evidence, beginning in November 2019, Young-Bey conspired to steal a residential townhome located in LeDroit Park in order to obtain mortgage financing against the stolen property.

Young-Bey identified a target property owned free and clear by an elderly homeowner. He then prepared a fraudulent property deed, including forged signatures of the true owners and used a fake notary stamp to make the deed appear legitimate.

Young-Bey filed the deed with the District of Columbia Recorder of Deeds, transferring the title from the true owners to a corporate entity. Young-Bey passed a check to the D.C. Recorder of Deeds to pay for the transfer taxes but put a stop payment order on the check before the D.C. government could cash the check. After causing the fake deed to be recorded with the D.C. Recorder of Deeds, he falsely told a mortgage services business that another individual had inherited the property and wanted to take a large loan against the value of the home.

Young-Bey created a fake rental lease and deceived the mortgage company into loaning one of his associates approximately $360,000 against the value of the home they did not own, which was split evenly between the two. Young-Bey used his half of the proceeds to buy a BMW 3-Series valued at approximately $23,000.

After succeeding on the first scam, Young-Bey executed a second fraudulent scheme on a Shephard Park property in the District, forging the names of the two owners, using the fake notary stamp, and recording the deed at the D.C. Recorder of Deeds Office. Young-Bey again put a stop payment order on the transfer tax check before it could be cashed. Young-Bey used the recorded deed to obtain a construction loan of more than $500,000 against the value of the house. Young-Bey took a portion of the loan and purchased a BMW 7-Series worth approximately $120,000. He promptly sold the home to a legitimate real estate company for an additional $42,000 in profit. The fraud was discovered when the real estate company began performing renovations on the home and the rightful owners were alerted to the construction and demolition by their neighbors.

This case was investigated by the FBI’s Washington Field Office with assistance from the Metropolitan Police Department. It was prosecuted by Assistant U.S. Attorneys Christopher R. Howland and Kevin L. Rosenberg of the Fraud, Public Corruption, and Civil Rights Section with the assistance of Paralegal Specialist Gina Torres. Valuable assistance was provided by Assistant U.S. Attorney Joshua S. Rothstein, who investigated and indicted the case, as well as former Assistant U.S. Attorney Virginia Cheatham, former Special Assistant U.S. Attorney Viviana Vasiu, and Paralegal Specialist Lisa Abbe, each of whom assisted in investigating the case. The prosecution team was also assisted by Tonya Jones from the Victim Witness Assistance Unit and Assistant U.S. Attorney Daniel Lenerz from the Appellate Section.

21cr661

MIL Security OSI –

July 23, 2025

MIL-OSI: YieldMax® ETFs Announces Distributions on HOOY, CONY, ULTY, AMDY, YMAG, and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — YieldMax® today announced distributions for the YieldMax® Weekly Payers and Group C ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share		Distribution Rate^2,⁴	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
CHPY	YieldMax® Semiconductor Portfolio Option Income ETF	*Weekly*	$0.3723		35.54%	0.04%	100.00%	7/24/25	7/25/25
GPTY	YieldMax® AI & Tech Portfolio Option Income ETF	*Weekly*	$0.3219		35.36%	0.00%	100.00%	7/24/25	7/25/25
LFGY	YieldMax® Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.4876		62.94%	0.00%	100.00%	7/24/25	7/25/25
QDTY	YieldMax® Nasdaq 100 0DTE Covered Call ETF	*Weekly*	$0.1944		22.64%	0.00%	86.12%	7/24/25	7/25/25
RDTY	YieldMax® R2000 0DTE Covered Call ETF	*Weekly*	$0.3901		44.01%	1.65%	100.00%	7/24/25	7/25/25
SDTY	YieldMax® S&P 500 0DTE Covered Call ETF	*Weekly*	$0.1607		18.44%	0.07%	42.60%	7/24/25	7/25/25
ULTY	YieldMax® Ultra Option Income Strategy ETF	*Weekly*	$0.1029		85.29%	0.00%	100.00%	7/24/25	7/25/25
YMAG	YieldMax® Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.2033		68.60%	63.17%	42.42%	7/24/25	7/25/25
YMAX	YieldMax® Universe Fund of Option Income ETFs	*Weekly*	$0.1838		68.48%	82.40%	6.23%	7/24/25	7/25/25
ABNY	YieldMax® ABNB Option Income Strategy ETF	Every 4 weeks	$0.3748		40.32%	2.85%	0.00%	7/24/25	7/25/25
AMDY	YieldMax® AMD Option Income Strategy ETF	Every 4 weeks	$0.5656		85.13%	2.82%	0.00%	7/24/25	7/25/25
CONY	YieldMax® COIN Option Income Strategy ETF	Every 4 weeks	$0.7951		103.37%	2.93%	0.00%	7/24/25	7/25/25
CVNY	YieldMax® CVNA Option Income Strategy ETF	Every 4 weeks	$2.0473		61.43%	2.71%	97.34%	7/24/25	7/25/25
DRAY*	YieldMax® DKNG Option Income Strategy ETF	Every 4 weeks		–	–	–	–	–	–
FIAT	YieldMax® Short COIN Option Income Strategy ETF	Every 4 weeks	$0.1381		60.28%	4.73%	93.10%	7/24/25	7/25/25
HOOY	YieldMax® HOOD Option Income Strategy ETF	Every 4 weeks	$6.8981		121.23%	1.43%	100.00%	7/24/25	7/25/25
MSFO	YieldMax® MSFT Option Income Strategy ETF	Every 4 weeks	$0.4139		29.80%	2.97%	0.00%	7/24/25	7/25/25
NFLY	YieldMax® NFLX Option Income Strategy ETF	Every 4 weeks	$0.4350		32.40%	2.80%	0.00%	7/24/25	7/25/25
PYPY	YieldMax® PYPL Option Income Strategy ETF	Every 4 weeks	$0.2731		27.61%	3.48%	0.00%	7/24/25	7/25/25
Weekly Payers & Group D ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX AIYY AMZY APLY DISO MSTY SMCY WNTR XYZY YQQQ

Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at www.yieldmaxetfs.com

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (866) 864 3968.

Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for DRAY is July 14, 2025

¹All YieldMax® ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. YMAG has a management fee of 0.29% and Acquired Fund Fees and Expenses of 0.83% for a gross expense ratio of 1.12%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax® ETFs. ULTY has a gross expense ratio of 1.40%, and a net expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

²The Distribution Rate shown is as of close on July 22, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³ The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended June 30, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ROC refers to Return of Capital. The ROC percentage indicates how much the distribution reflects an investor’s initial investment. The figures shown for each Fund in the table above are estimates and may later be determined to be taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), or return of capital. Actual amounts and sources for tax reporting will depend upon the Fund’s investment activities during the remainder of the fiscal year and may be subject to changes based on tax regulations. Your broker will send you a Form 1099-DIV for the calendar year to tell you how to report these distributions for federal income tax purposes.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax® ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax® ETFs. As such, these Funds are subject to the risks listed in this section, which apply to all the YieldMax® ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA, HOOD, BRK.B, DKNG), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to CHPY)

Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax® ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax® ETFs.

The MIL Network –

July 23, 2025

MIL-OSI: Synervest Group Raises $4 Million Series A to Accelerate Global Expansion of Institutional Fintech Infrastructure

Source: GlobeNewswire (MIL-OSI)

ABU DHABI, United Arab Emirates, July 23, 2025 (GLOBE NEWSWIRE) — Global Market—Synervest Group, a fintech holding company delivering institutional-grade infrastructure across trading, payments, and financial technology, today announced it has raised $4 million in Series A funding. The round was led by Jura Investment Group, with continued participation from CMT Digital, valuing the company at $60 million—double its valuation from just 12 months earlier.

The investment follows a strong period of commercial and operational momentum across Synervest’s portfolio of financial services businesses. The funding will be used to accelerate international expansion, enhance the Group’s regulatory presence, and strengthen its institutional offering.

“Bringing Jura on board as a strategic partner, alongside the continued backing of CMT Digital, is a major endorsement of our model and long-term vision,” said Alexander Oelfke, Founding Partner at Synervest Group. “This partnership enables us to scale faster, deepen our regulatory capabilities, and broaden our reach across institutional markets.”

With legal entities and regulatory licenses in key international jurisdictions, Synervest maintains operational hubs in Europe and the Middle East and serves financial institutions seeking compliant, scalable, cross-border infrastructure.

“We see great potential in Synervest Group and are excited to support their global expansion. Their innovative approach to fintech aligns well with our vision, and we look forward to contributing our expertise to accelerate their growth,” said Bas Kooijman, CEO of Jura Investment Group.

“The future of financial markets will be shaped by firms that can operate across borders while meeting the highest regulatory standards,” said Jan-Dirk L., Co-Founder of CMT Digital. “Synervest is building precisely that—robust trading infrastructure designed for global institutions. We’re proud to support their next phase of growth.”

About Synervest Group

Synervest Group is a global fintech platform providing a unified and highly interconnected compliance-led ecosystem that triggers scalable offerings for both B2B and B2C models whether for proprietary or external utility across trading, payments, and financial technology. Headquartered in Abu Dhabi Global Market (ADGM), the Group operates across key international financial hubs with regulatory licenses in multiple jurisdictions.

Contact
Marc Suárez – Head of Marketing
marketing@synervest.group

The MIL Network –

July 23, 2025
MIL-OSI: MARA Holdings, Inc. Announces Proposed Private Offering of $850 Million of Zero Coupon Convertible Senior Notes

Source: GlobeNewswire (MIL-OSI)

Miami, FL, July 23, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a leading digital energy and infrastructure company, today announced that it intends to offer, subject to market conditions and other factors, $850 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). MARA also expects to grant to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $150 million aggregate principal amount of the notes. The offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the offering may be completed.

The notes will be unsecured, senior obligations of MARA. The notes are not expected to bear regular interest (other than special interest in limited circumstances) and the principal amount of the notes is not expected to accrete. Special interest, if any, on the notes will be payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026 (if and to the extent that special interest is then payable on the notes). The notes will mature on August 1, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after January 15, 2030, MARA may redeem for cash all or any portion of the notes. If MARA redeems fewer than all the outstanding notes, at least $75 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date. Holders of the notes will have the right to require MARA to repurchase for cash all or any portion of their notes on January 4, 2030, if the last reported sale price of MARA’s common stock on the second trading day immediately preceding the repurchase date is less than the conversion price. The notes will be convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election. Prior to May 1, 2032, the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the offering. MARA expects that the reference price used to calculate the initial conversion price for the notes will be the U.S. composite volume weighted average price of MARA’s common stock from 2:00 p.m. through 4:00 p.m. Eastern Daylight Time on the date of pricing.

MARA expects to use up to $50 million of the net proceeds from the sale of the notes to repurchase a portion of its existing 1.00% convertible senior notes due 2026 (the “1.00% 2026 convertible notes”) in privately negotiated transactions with the remainder of the net proceeds to be used to pay the cost of the capped call transactions (as described below), to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

In connection with any repurchase of the 1.00% 2026 convertible notes, MARA expects that holders of the 1.00% 2026 convertible notes who agree to have their notes repurchased and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by buying MARA’s common stock and/or entering into or unwinding various derivative transactions with respect to MARA’s common stock. The amount of MARA’s common stock to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of MARA’s common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of MARA’s common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. MARA cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or MARA’s common stock.

In connection with the pricing of the notes, MARA expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions (the “option counterparties”). If the initial purchasers exercise their option to purchase additional notes, MARA expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties. The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are generally expected to reduce potential dilution to the common stock upon any conversion of notes and/or offset any cash payments MARA elects to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

MARA has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling the common stock or other securities of MARA in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes, in connection with any redemption of the notes, any fundamental change repurchase of the notes or any exercise of a holder’s optional repurchase right, and, to the extent MARA unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares of common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

The notes will be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of MARA’s common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Any offer of the notes will be made only by means of a private offering memorandum.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction. Nothing in this press release shall be deemed an offer to purchase MARA’s 1.00% 2026 convertible notes.

About MARA

MARA (NASDAQ:MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the completion, size and timing of the offering, the anticipated use of any proceeds from the offering, and the terms of the notes and the capped call transactions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions and the completion of the offering on the anticipated terms or at all, the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com

MARA Media Contact:
Email: mara@wachsman.com

The MIL Network –

July 23, 2025
MIL-OSI: Mobix Labs Accelerates Growth with Appointment of Phil Sansone as CEO as Co-Founder Fabian Battaglia Transitions to Strategic Advisor

Source: GlobeNewswire (MIL-OSI)

~ Mobix enters powerful new growth phase, expanding its footprint in defense, military, aerospace, and high-speed wireless innovation ~

~ Leadership transition marks new phase of expansion and innovation ~

IRVINE, Calif. , July 23, 2025 (GLOBE NEWSWIRE) — Mobix Labs, Inc. (NASDAQ: MOBX) (“Mobix” or the “Company”), a fabless semiconductor company focused on next-generation wireless and wired connectivity, today announced that Fabian Battaglia, the Company’s Chief Executive Officer and co-founder, is retiring from his role as CEO effective July 25, 2025. Phil Sansone, who has served as Interim CEO since April 2025, has been named Chief Executive Officer, effective July 25, 2025. Battaglia will remain actively involved with the Company as a senior advisor to the CEO and Board of Directors.

“Mobix Labs was founded with a mission to transform high-performance connectivity, and I’m incredibly proud of what we’ve built together,” said Fabian Battaglia. “Taking this company from an early-stage vision to a Nasdaq-listed innovator in just a few years has been the honor of my career. I have complete confidence in Phil’s leadership and look forward to supporting him and the Board in my new advisory role. The future of Mobix has never been brighter.”

Under Battaglia’s leadership, Mobix grew from a startup into a public company with a rapidly expanding presence in advanced communication technologies. As CEO, he spearheaded Mobix’s strategic expansion into critical sectors including defense, military, aerospace, and wireless communications, as well as rapid growth through M&A.

“Fabian’s vision, passion, and relentless commitment laid the foundation for Mobix’s success,” said Jim Peterson, Executive Chairman of the Board. “We are grateful for his exceptional leadership and pleased that he will continue contributing to the Company in an advisory capacity. We are equally excited to welcome Phil as our new CEO — a proven leader with the insight, drive, and strategic acumen to guide Mobix into its next chapter of growth.”

Phil Sansone brings over two decades of operational leadership experience, including his most recent role leading Mobix as interim CEO. In that time, he has accelerated customer acquisition, strengthened internal execution, and positioned the Company for scalable expansion.

“I’m honored to take the helm as CEO of Mobix Labs at this pivotal moment,” said Phil Sansone, Chief Executive Officer. “We have extraordinary technology, world-class talent, and a clear vision. As we enter our next phase, I’m committed to delivering transformative solutions to our customers and exceptional value to our shareholders.”

The leadership transition underscores Mobix’s commitment to long-term innovation, growth, and operational excellence as the Company continues to scale across key growth markets.

Phil Sansone brings over 30 years of global sales and executive management experience within the semiconductor industry. Previoulsy, Sansone held senior roles at Microsemi and MaxLinear and spent nearly two decades at Avnet, ultimately serving as Senior Vice President of North American sales and engineering. He was instrumental in driving market share gains and improving operational performance. Sansone’s proven leadership in global distribution, strategic partnerships, and revenue growth strongly supports Mobix’s continuing success in dynamic, high-demand markets.

Since joining Mobix Labs in October 2021 as Vice President of Sales, Sansone has notably expanded the company’s footprint in the military, defense, and aerospace sectors, securing key orders for technologies utilized in critical U.S. military and defense platforms.

About Mobix Labs, Inc.

Mobix Labs designs, develops, and supplies advanced connectivity and sensing solutions for high-growth sectors, including aerospace, defense, wireless, medical, industrial, and automotive markets. Headquartered in Irvine, California, Mobix’s offerings include mmWave RF modules, EMI filters, optical interconnects, and active optical cable systems. Founded in 2020, the company is publicly traded on Nasdaq under the ticker MOBX.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, forecasts, and projections about future events and the performance of Mobix Labs, Inc. (“Mobix,” the “Company,” “we,” or “our”), and involve risks, uncertainties, and assumptions that are difficult to predict. These statements include, but are not limited to, statements regarding the Company’s strategic growth initiatives, market expansion plans, leadership transition, expectations regarding the Company’s technology development, customer relationships, product demand, and future financial and operational performance.

Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions, as they relate to Mobix or its management, are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict and that are, in many cases, beyond the Company’s control.

Actual results may differ materially from those expressed or implied in forward-looking statements due to various factors, including, but not limited to: the ability of the Company to effectively execute its growth strategy; risks related to leadership transitions and management continuity; macroeconomic and geopolitical conditions; supply chain disruptions; market acceptance of new products and technologies; customer demand and procurement timing in the defense and aerospace sectors; the Company’s ability to maintain compliance with Nasdaq listing requirements; and other risks and uncertainties described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Mobix assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements.

About Mobix Labs, Inc.

Mobix Labs (Nasdaq: MOBX) is a purpose-built, 100% U.S.-based supplier of advanced connectivity solutions targeting aerospace, defense, AI, and 5G infrastructure markets. Headquartered in Irvine, California, Mobix Labs delivers performance-critical RF, optical, and electromagnetic interference (EMI) interconnect technologies through proprietary semiconductor IP, advanced packaging, and vertically integrated manufacturing. Learn more at www.mobixlabs.com.

Investor Contact:
Ryan Battaglia
rbattaglia@mobixlabs.com

Media Contact:
Christopher Lancaster
clancaster@mobixlabs.com

Source: Mobix Labs, Inc.

The MIL Network –

July 23, 2025
MIL-OSI: CertiK Skynet Report Ranks Leading Stablecoins: USDT, USDC, PYUSD, and RLUSD Among the Top

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — CertiK, the largest Web3 security services company, released its Skynet Stablecoin Spotlight Report for H1 2025, detailing the current state of the stablecoin market, how the Skynet Stablecoin Rating Framework provides a tailored system for evaluating a stablecoin’s security risk profile, and recent regulatory impacts on stablecoin adoption and security.

In this report, CertiK noted that stablecoin adoption grew significantly in the first half of 2025; as of July 2025, stablecoins represent approximately 8.9% of the overall crypto market. However, as is the case with the growth of other digital assets, stablecoin expansion has brought increased scrutiny of security, risk, and regulatory compliance. This shift was one of the driving factors behind the development of CertiK’s Skynet rating system, which brings a comprehensive framework for assessing stablecoin activity from a security and risk standpoint, aiming to protect stablecoin users.

The report paints a detailed picture of the current state of the stablecoin market. For instance, aggregate supply of stablecoins grew from $204 billion to $252 billion in the first half of 2025, and monthly settlement volumes rose by 43 percent to $1.39 trillion. Stablecoins such as USDT (Tether) and USDC (Circle) are dominating the stablecoin market, with other stablecoins seeing a steep growth trajectory.

Additionally, CertiK noted how recent regulatory developments are changing the stablecoin landscape. In the United States, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 proposes a robust federal framework for stablecoin reserve requirements and monthly audited reserve reports, among other requirements. Concurrently, the Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025, which proposes a tiered regulatory system, allowing smaller issuers (under $10 billion in circulation) to operate under state-level oversight while mandating federal supervision for larger entities. The European Union has enforced its own similar frameworks through Markets in Crypto-Assets (MiCA).

These frameworks are bifurcating the market into license-ready leaders and non-compliant holdouts. Banks such as Société Générale, Santander, and Bank of America, and payment networks like Visa and Stripe, accelerated stablecoin pilots, signaling that regulated USD-backed coins are moving onto traditional finance rails.

As stablecoin adoption accelerates, security considerations will become all the more important. Thus, the focal point of CertiK’s report is its Skynet Stablecoin Rating Framework, which combines qualitative analysis with quantitative metrics across six key domains: Operational Resilience, Governance Strength, Fundamental Health, Code Security, Market Dynamic, and Community Trust. Some of the leading stablecoins evaluated by CertiK’s framework include USDT, USDC, PYUSD, and USDS.

CertiK’s report noted that the next wave of stablecoin innovation will likely involve the growth of two main stablecoin models: RWA-backed stablecoins and yield-bearing stablecoins. According to the report, the stablecoin market is projected to exceed $300 billion by year-end. In this evolving environment, rigorous risk management, transparent operations, and a proactive compliance posture are the critical determinants of long-term viability.

Elisa Yiting Xu
yiting.xu@certik.com

The MIL Network –

July 23, 2025

MIL-OSI: Fidelity D & D Bancorp, Inc. Reports Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

DUNMORE, Pa., July 23, 2025 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and six-month periods ended June 30, 2025.

Unaudited Financial Information

Net income for the quarter ended June 30, 2025 was $6.9 million, or $1.20 diluted earnings per share, compared to $4.9 million, or $0.86 diluted earnings per share, for the quarter ended June 30, 2024. The $2.0 million, or 40%, increase in net income resulted primarily from a $2.8 million increase in net interest income coupled with a $0.8 million increase in non-interest income. This was partially offset by a $1.1 million increase in non-interest expense and a $0.6 million increase in the provision for income tax.

For the six months ended June 30, 2025, net income was $12.9 million, or $2.23 diluted earnings per share, compared to $10.0 million, or $1.73 diluted earnings per share, for the six months ended June 30, 2024. The $2.9 million, or 29%, increase in net income stemmed from the $4.9 million increase in net interest income and $1.1 million increase in non-interest income. This was partially offset by a $2.0 million increase in non-interest expense and a $1.0 million increase in the provision for income tax.

“I am pleased to share that we delivered another strong quarter, underscoring the continued momentum of our strategy and the dedication of our entire team,” stated Daniel J. Santaniello, President and Chief Executive Officer. “Second quarter 2025 net income increased 40% over last year’s second quarter to $6.9 million, with diluted earnings per share rising to $1.20. This performance was driven by a 19% increase in net interest income—reflecting our disciplined loan portfolio expansion and enhanced yields as well as a 16% rise in non-interest income.

Year-to-date, net income has grown 29% to $12.9 million, a clear testament to the strength of our relationship-based deposit strategy and prudent expense management. Our asset quality remains solid, and we further strengthened our capital position, with shareholders’ equity up 7% providing a strong foundation for continued growth in the second half of 2025.

These results reflect more than financial performance—they speak to the strength of our culture, our commitment to our clients, and our deep roots in the communities we serve. I want to sincerely thank our talented and dedicated team of bankers, whose expertise and focus on service excellence drive our success every day. Together, we continue to build a stronger, more resilient financial institution—one that delivers meaningful value to our bankers, clients, shareholders, and communities.”

Consolidated Second Quarter Operating Results Overview

Net interest income was $17.9 million for the second quarter of 2025, a 19% increase over the $15.1 million earned for the second quarter of 2024. The $2.8 million increase in net interest income resulted from the increase of $3.7 million in interest income primarily due to a $213.6 million increase in the average balance of interest-earning assets and a 19 basis point increase in fully-taxable equivalent (“FTE”) (non-GAAP measurement) yield. The loan portfolio had the most significant impact, producing a $2.8 million increase in FTE interest income from $124.6 million in higher quarterly average balances and an increase of 24 basis points in FTE loan yield. Additionally, the Company experienced an increase of $1.1 million in interest earned from interest-bearing deposits with other financial institutions from $102.0 million in higher average balances. Slightly offsetting the higher interest income, there was a $0.9 million increase in interest expense due to a $178.8 million quarter-over-quarter increase in average interest-bearing liability balances. The increase was due to growth of $208.3 million in average interest-bearing deposit balances. However, this deposit growth was partially offset by a $28.5 million decrease in average short-term borrowings.

The FTE yield on interest-earning assets was 4.77% for the second quarter of 2025, an increase of 19 basis points from the 4.58% for the second quarter of 2024. The overall cost of interest-bearing liabilities was 2.52% for the second quarter of 2025, a decrease of 6 basis points from the 2.58% for the second quarter of 2024. The cost of funds decreased 1 basis point from 1.96% to 1.95% for the second quarters of 2024 and 2025, respectively. The Company’s FTE net interest spread was 2.25% for the second quarter of 2025, an increase of 25 basis points from 2.00% recorded for the second quarter of 2024. FTE net interest margin increased to 2.92% for the three months ended June 30, 2025 from 2.71% for the same period of 2024 primarily due to the growth in higher yielding taxable commercial loans.

For the three months ended June 30, 2025, the provision for credit losses on loans was $300 thousand and the provision for unfunded commitments was $20 thousand compared to a $275 thousand provision for credit losses on loans and a $140 thousand provision for credit losses on unfunded loan commitments for the three months ended June 30, 2024. For the three months ended June 30, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to $155 thousand in higher net charge-offs and a higher average total loan balance compared to the same period in 2024. For the three months ended June 30, 2025, the decrease in the provision for unfunded commitments was due to lower levels of unfunded commitments during the quarter due to increased utilization, specifically commercial construction commitments, compared to the year earlier period.

Total non-interest income increased $0.8 million, or 16%, to $5.4 million for the second quarter of 2025 compared to $4.6 million for the second quarter of 2024. The increase in non-interest income was primarily attributed to increases of $0.2 million in trust fees, a $0.2 million BOLI death benefit, $0.2 million in loan service charges, and $0.1 million in interchange fees.

Non-interest expenses increased $1.1 million, or 8%, for the second quarter of 2025 to $14.7 million from $13.6 million for the same quarter of 2024. The increase in non-interest expenses was primarily due to the increases in salaries and benefits expense of $0.8 million, premises and equipment expense of $0.2 million, and advertising expense of $0.2 million. These increases were partially offset by a $0.2 million decrease in professional services for the three months ended June 30, 2025 compared to the same period of 2024.

The provision for income taxes increased $0.6 million during the three months ended June 30, 2025 compared to the same period in 2024 primarily due to a $2.6 million increase in income before taxes.

Consolidated Year-To-Date Operating Results Overview

Net interest income was $35.0 million for the six months ended June 30, 2025 compared to $30.1 million for the six months ended June 30, 2024. The $4.9 million increase in net interest income resulted from the increase of $6.4 million in interest income primarily due to a $181.0 million increase in the average balance of interest-earning assets and a 20 basis point increase in FTE yield. On the asset side, the loan portfolio interest income growth resulted from producing $5.3 million more in interest income from an increase of 25 basis points in FTE loan yields on $120.5 million in higher average balances. Additionally, the Company experienced an increase of $1.5 million in interest earned from interest-bearing deposits with other financial institutions from $71.6 million in higher average balances. The increase in interest income was partially offset by a decrease of $0.3 million in interest earned on the investment portfolio due to decreases of 6 basis points in yield and $11.3 million in average balances. On the funding side, total interest expense increased by $1.5 million primarily due to an increase in interest expense paid on deposits of $2.5 million from a 2 basis points higher rates paid on a $194.0 million larger average balance of interest-bearing deposits, partially offset by a decrease in interest expense on borrowings of $1.0 million for the six months ended June 30, 2025 compared to the same period in 2024.

The overall cost of interest-bearing liabilities was 2.51% for the six months ended June 30, 2025 compared to 2.54% for the six months ended June 30, 2024. The cost of funds decreased 1 basis point to 1.94% for the six months ended June 30, 2025 from 1.95% from the same period of 2024. The FTE yield on earning assets was 4.75% for the six months ended June 30, 2025, an increase of 20 basis points from the 4.55% year-to-date June 30, 2024. The Company’s FTE net interest spread was 2.24% for the six months ended June 30, 2025, an increase of 23 basis points from the 2.01% recorded for the same period of 2024. FTE net interest margin increased by 21 basis points to 2.91% for the six months ended June 30, 2025 from 2.70% for the same 2024 period primarily due to the increase in yields earned on loans and leases outpacing the rates paid on interest-bearing deposits.

For the six months ended June 30, 2025, the provision for credit losses on loans was $755 thousand and the provision for credit losses on unfunded loan commitments was a net benefit of $65 thousand compared to a $400 thousand provision for credit losses on loans and a $90 thousand provision for credit losses on unfunded commitments for the six months ended June 30, 2024. For the six months ended June 30, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to $215 thousand in higher net charge-offs and a higher average total loan balance compared to the same period in 2024. For the six months ended June 30, 2025, the decrease in the provision for unfunded commitments was due to lower growth in unfunded commitments during the period due to increased utilization, specifically commercial construction commitments, compared to the year earlier period.

Total non-interest income for the six months ended June 30, 2025 was $10.3 million, an increase of $1.1 million, or 12%, from $9.2 million for the six months ended June 30, 2024. The increase was primarily due to $0.3 million higher fees from trust fiduciary activities. The Company also had $0.2 million more non-interest income resulting from an increase in interchange fees, a $0.2 million BOLI death benefit, and an increase of $0.2 million in service charges on commercial loans. During the first half of 2025, gains of $0.5 million on the sale of a commercial loan and $0.3 million from the sale of a property were offset by $0.8 million in losses recognized on the sale of securities.

Non-interest expenses increased to $29.3 million for the six months ended June 30, 2025, an increase of $2.0 million, or 7%, from $27.3 million for the six months ended June 30, 2024. Salaries and benefits expense increased $1.3 million due to an increase in bankers, group insurance costs, and banker incentives in the first half of 2025, compared to the same period in 2024. Additionally, the Company saw an increase of $0.5 million in advertising and marketing expenses primarily due to a $0.3 million increase in Neighborhood Assistance Program donations from which the Company recognized $0.2 million in additional tax credits causing a corresponding decrease in PA shares tax expense. There was also an increase of $0.5 million in premises and equipment expense primarily due to higher costs for software licenses, subscriptions, and maintenance. The increases were partially offset by $0.3 million less in professional services expense.

The provision for income taxes increased $1.0 million during the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a $3.9 million increase in income before taxes and $0.2 million less in tax credits.

Consolidated Balance Sheet & Asset Quality Overview

The Company’s total assets had a balance of $2.7 billion as of June 30, 2025, an increase of $114.0 million from December 31, 2024. The increase resulted from $82.1 million in growth in cash and cash equivalents as of June 30, 2025 compared to December 31, 2024. The loans and leases portfolio increased $37.9 million over the same period. Asset growth was offset by a decrease of $11.4 million in the investment portfolio primarily due to the sale of $17.5 million in available-for-sale securities and $11.3 million in paydowns partially offset by $14.7 million in purchases of securities.

During the same time period, total liabilities increased $100.0 million, or 4%. Deposit growth of $94.5 million was utilized to fund loan growth and increase interest-bearing cash balances. For interest-bearing deposit accounts, the Company experienced increases of $37.2 million in money market deposits, $17.2 million in interest-bearing checking accounts, $14.4 million in time deposits, and $1.6 million in savings and clubs. The deposit growth is primarily driven by growth in existing account balances from the relationship building strategy along with targeted direct marketing campaigns driving new client acquisitions and active management of promotional and retention rates. Additionally, the Company experienced an increase of $24.1 million in non-interest-bearing checking accounts. As of June 30, 2025, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

Shareholders’ equity increased $13.9 million, or 7%, to $217.9 million at June 30, 2025 from $204.0 million at December 31, 2024. The increase was caused by $8.3 million higher retained earnings from net income of $12.9 million plus a $4.9 million, after tax, improvement in accumulated other comprehensive income from lower net unrealized losses recorded on available-for-sale securities, partially offset by $4.7 million in cash dividends paid to shareholders. An additional $0.9 million was recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation expense. At June 30, 2025, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.16% of total average assets as of June 30, 2025. Total risk-based capital was 14.72% of risk-weighted assets and Tier 1 risk-based capital was 13.57% of risk-weighted assets as of June 30, 2025. Tangible book value per share was $34.25 at June 30, 2025 compared to $31.98 at December 31, 2024. Tangible common equity was 7.38% of total assets at June 30, 2025 compared to 7.16% at December 31, 2024.

Asset Quality

Total non-performing assets were $3.5 million, or 0.13% of total assets, at June 30, 2025, compared to $7.8 million, or 0.30% of total assets, at December 31, 2024. Past due and non-accrual loans to total loans were 0.41% at June 30, 2025 compared to 0.71% at December 31, 2024. Net charge-offs to average total loans were 0.05% at June 30, 2025 compared to 0.03% at December 31, 2024.

About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets served throughout 2024. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (“FTE”), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2025 and 2024.

Forward-looking statements

Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

	■	local, regional and national economic conditions and changes thereto;
	■	the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
	■	the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
	■	securities markets and monetary fluctuations and volatility;
	■	disruption of credit and equity markets;
	■	impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
	■	governmental monetary and fiscal policies, as well as legislative and regulatory changes;
	■	effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
	■	the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
	■	the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
	■	the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
	■	the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
	■	the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;
	■	the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
	■	technological changes;
	■	the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
	■	acquisitions and integration of acquired businesses;
	■	the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
	■	acts of war or terrorism; and
	■	the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

For more information please visit our investor relations web site located through www.bankatfidelity.com.

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Balance Sheets (dollars in thousands)
At Period End:	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	165,495		$	83,353
Investment securities		545,821			557,221
Restricted investments in bank stock		4,240			3,961
Loans and leases		1,837,477			1,800,856
Allowance for credit losses on loans		(19,976	)		(19,666	)
Premises and equipment, net		40,097			35,914
Life insurance cash surrender value		58,849			58,069
Goodwill and core deposit intangible		20,364			20,504
Other assets		46,208			44,404

Total assets	$	2,698,575		$	2,584,616

Liabilities
Non-interest-bearing deposits	$	558,074		$	533,935
Interest-bearing deposits		1,877,254			1,806,885
Total deposits		2,435,328			2,340,820
Short-term borrowings		10			–
Secured borrowings		6,134			6,266
Other liabilities		39,191			33,561
Total liabilities		2,480,663			2,380,647

Shareholders’ equity		217,912			203,969

Total liabilities and shareholders’ equity	$	2,698,575		$	2,584,616

Average Year-To-Date Balances:	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	129,527		$	55,773
Investment securities		551,906			557,537
Restricted investments in bank stock		4,066			3,960
Loans and leases		1,822,654			1,741,349
Allowance for credit losses on loans		(20,189	)		(19,391	)
Premises and equipment, net		35,839			35,580
Life insurance cash surrender value		58,503			56,455
Goodwill and core deposit intangible		20,423			20,641
Other assets		42,950			41,755

Total assets	$	2,645,679		$	2,493,659

Liabilities
Non-interest-bearing deposits	$	540,320		$	527,825
Interest-bearing deposits		1,852,895			1,697,529
Total deposits		2,393,215			2,225,354
Short-term borrowings		16			32,446
Secured borrowings		6,194			6,830
Other liabilities		35,497			32,471
Total liabilities		2,434,922			2,297,101

Shareholders’ equity		210,757			196,558

Total liabilities and shareholders’ equity	$	2,645,679		$	2,493,659

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Statements of Income (dollars in thousands)
	Three Months Ended						Six Months Ended
	Jun. 30, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Interest income
Loans and leases	$	25,328		$	22,516		$	49,924		$	44,649
Securities and other		4,437			3,523			8,149			7,016

Total interest income		29,765			26,039			58,073			51,665

Interest expense
Deposits		(11,738	)		(10,459	)		(22,925	)		(20,400	)
Borrowings and debt		(98	)		(463	)		(186	)		(1,204	)

Total interest expense		(11,836	)		(10,922	)		(23,111	)		(21,604	)

Net interest income		17,929			15,117			34,962			30,061

Provision for credit losses on loans		(300	)		(275	)		(755	)		(400	)
Net (provision) benefit for credit losses on unfunded loan commitments		(20	)		(140	)		65			(90	)
Non-interest income		5,359			4,615			10,332			9,188
Non-interest expense		(14,710	)		(13,616	)		(29,264	)		(27,306	)

Income before income taxes		8,258			5,701			15,340			11,453

Provision for income taxes		(1,337	)		(766	)		(2,428	)		(1,460	)
Net income	$	6,921		$	4,935		$	12,912		$	9,993

	Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Interest income
Loans and leases	$	25,328		$	24,596		$	24,584		$	24,036		$	22,516
Securities and other		4,437			3,712			3,475			3,263			3,523

Total interest income		29,765			28,308			28,059			27,299			26,039

Interest expense
Deposits		(11,738	)		(11,187	)		(11,468	)		(11,297	)		(10,459	)
Borrowings and debt		(98	)		(88	)		(217	)		(571	)		(463	)

Total interest expense		(11,836	)		(11,275	)		(11,685	)		(11,868	)		(10,922	)

Net interest income		17,929			17,033			16,374			15,431			15,117

Provision for credit losses on loans		(300	)		(455	)		(250	)		(675	)		(275	)
Net benefit (provision) for credit losses on unfunded loan commitments		(20	)		85			85			(135	)		(140	)
Non-interest income		5,359			4,973			4,847			4,979			4,615
Non-interest expense		(14,710	)		(14,554	)		(14,395	)		(13,840	)		(13,616	)

Income before income taxes		8,258			7,082			6,661			5,760			5,701

Provision for income taxes		(1,337	)		(1,091	)		(826	)		(793	)		(766	)
Net income	$	6,921		$	5,991		$	5,835		$	4,967		$	4,935

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Balance Sheets (dollars in thousands)
At Period End:	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Assets
Cash and cash equivalents	$	165,495		$	211,195		$	83,353		$	120,169		$	78,085
Investment securities		545,821			540,960			557,221			559,819			552,495
Restricted investments in bank stock		4,240			4,021			3,961			3,944			3,968
Loans and leases		1,837,477			1,817,509			1,800,856			1,795,548			1,728,509
Allowance for credit losses on loans		(19,976	)		(20,017	)		(19,666	)		(19,630	)		(18,975	)
Premises and equipment, net		40,097			34,995			35,914			36,057			35,808
Life insurance cash surrender value		58,849			58,458			58,069			57,672			57,278
Goodwill and core deposit intangible		20,364			20,431			20,504			20,576			20,649
Other assets		46,208			43,758			44,404			41,778			42,828

Total assets	$	2,698,575		$	2,711,310		$	2,584,616		$	2,615,933		$	2,500,645

Liabilities
Non-interest-bearing deposits	$	558,074		$	555,684		$	533,935		$	549,710		$	527,572
Interest-bearing deposits		1,877,254			1,901,775			1,806,885			1,792,796			1,641,558
Total deposits		2,435,328			2,457,459			2,340,820			2,342,506			2,169,130
Short-term borrowings		10			10			–			25,000			98,120
Secured borrowings		6,134			6,190			6,266			6,323			7,237
Other liabilities		39,191			35,977			33,561			34,843			30,466
Total liabilities		2,480,663			2,499,636			2,380,647			2,408,672			2,304,953

Shareholders’ equity		217,912			211,674			203,969			207,261			195,692

Total liabilities and shareholders’ equity	$	2,698,575		$	2,711,310		$	2,584,616		$	2,615,933		$	2,500,645

Average Quarterly Balances:	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Assets
Cash and cash equivalents	$	161,316		$	97,384		$	67,882		$	41,991		$	58,351
Investment securities		546,149			557,726			560,453			554,578			551,445
Restricted investments in bank stock		4,158			3,973			3,957			3,965			3,983
Loans and leases		1,832,162			1,813,040			1,797,023			1,763,254			1,707,598
Allowance for credit losses on loans		(20,357	)		(20,019	)		(20,050	)		(19,323	)		(19,171	)
Premises and equipment, net		35,954			35,722			36,065			36,219			35,433
Life insurance cash surrender value		58,697			58,307			57,919			57,525			55,552
Goodwill and core deposit intangible		20,386			20,459			20,529			20,602			20,677
Other assets		42,729			43,177			41,454			41,734			42,960

Total assets	$	2,681,194		$	2,609,769		$	2,565,232		$	2,500,545		$	2,456,828

Liabilities
Non-interest-bearing deposits	$	547,278		$	533,286		$	538,506		$	522,827		$	530,048
Interest-bearing deposits		1,878,548			1,826,957			1,769,265			1,702,187			1,670,211
Total deposits		2,425,826			2,360,243			2,307,771			2,225,014			2,200,259
Short-term borrowings		10			22			10,326			37,220			28,477
Secured borrowings		6,162			6,226			6,297			6,429			7,269
Other liabilities		36,050			34,937			34,695			31,999			30,734
Total liabilities		2,468,048			2,401,428			2,359,089			2,300,662			2,266,739

Shareholders’ equity		213,146			208,341			206,143			199,883			190,089

Total liabilities and shareholders’ equity	$	2,681,194		$	2,609,769		$	2,565,232		$	2,500,545		$	2,456,828

FIDELITY D & D BANCORP, INC. Selected Financial Ratios and Other Financial Data
	Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Selected returns and financial ratios
Basic earnings per share	$	1.20		$	1.04		$	1.02		$	0.87		$	0.86
Diluted earnings per share	$	1.20		$	1.03		$	1.01		$	0.86		$	0.86
Dividends per share	$	0.40		$	0.40		$	0.40		$	0.38		$	0.38
Yield on interest-earning assets (FTE)*		4.77	%		4.73	%		4.68	%		4.68	%		4.58	%
Cost of interest-bearing liabilities		2.52	%		2.49	%		2.60	%		2.70	%		2.58	%
Cost of funds		1.95	%		1.93	%		2.00	%		2.08	%		1.96	%
Net interest spread (FTE)*		2.25	%		2.24	%		2.08	%		1.98	%		2.00	%
Net interest margin (FTE)*		2.92	%		2.89	%		2.78	%		2.70	%		2.71	%
Return on average assets		1.04	%		0.93	%		0.90	%		0.79	%		0.81	%
Pre-provision net revenue to average assets*		1.28	%		1.16	%		1.06	%		1.05	%		1.00	%
Return on average equity		13.02	%		11.66	%		11.26	%		9.89	%		10.44	%
Return on average tangible equity*		14.40	%		12.93	%		12.50	%		11.02	%		11.72	%
Efficiency ratio (FTE)*		61.17	%		61.67	%		65.48	%		65.33	%		66.47	%
Expense ratio		1.40	%		1.37	%		1.48	%		1.41	%		1.47	%

	Six months ended
	Jun. 30, 2025			Jun. 30, 2024
Basic earnings per share	$	2.24		$	1.74
Diluted earnings per share	$	2.23		$	1.73
Dividends per share	$	0.80		$	0.76
Yield on interest-earning assets (FTE)*		4.75	%		4.55	%
Cost of interest-bearing liabilities		2.51	%		2.54	%
Cost of funds		1.94	%		1.95	%
Net interest spread (FTE)*		2.24	%		2.01	%
Net interest margin (FTE)*		2.91	%		2.70	%
Return on average assets		0.98	%		0.82	%
Pre-provision net revenue to average assets*		1.22	%		0.98	%
Return on average equity		12.35	%		10.57	%
Return on average tangible equity*		13.68	%		11.87	%
Efficiency ratio (FTE)*		61.42	%		67.01	%
Expense ratio		1.38	%		1.49	%

Other financial data	At period end:
(dollars in thousands except per share data)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Assets under management	$	1,030,268		$	955,647		$	921,994		$	942,190		$	906,861
Book value per share	$	37.78		$	36.70		$	35.56		$	36.13		$	34.12
Tangible book value per share*	$	34.25		$	33.16		$	31.98		$	32.55		$	30.52
Equity to assets		8.08	%		7.81	%		7.89	%		7.92	%		7.83	%
Tangible common equity ratio*		7.38	%		7.11	%		7.16	%		7.19	%		7.06	%
Allowance for credit losses on loans to:
Total loans		1.09	%		1.10	%		1.09	%		1.09	%		1.10	%
Non-accrual loans	6.50x			3.36x			2.68x			2.77x			2.75x
Non-accrual loans to total loans		0.17	%		0.33	%		0.41	%		0.39	%		0.40	%
Non-performing assets to total assets		0.13	%		0.23	%		0.30	%		0.29	%		0.28	%
Net charge-offs to average total loans		0.05	%		0.02	%		0.03	%		0.02	%		0.03	%

Capital Adequacy Ratios
Total risk-based capital ratio		14.72	%		14.74	%		14.78	%		14.56	%		14.69	%
Common equity tier 1 risk-based capital ratio		13.57	%		13.57	%		13.60	%		13.38	%		13.52	%
Tier 1 risk-based capital ratio		13.57	%		13.57	%		13.60	%		13.38	%		13.52	%
Leverage ratio		9.16	%		9.22	%		9.22	%		9.30	%		9.30	%

* Non-GAAP Financial Measures – see reconciliations below

FIDELITY D & D BANCORP, INC. Reconciliations of Non-GAAP Financial Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP	Three Months Ended
(dollars in thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
FTE net interest income (non-GAAP)
Interest income (GAAP)	$	29,765		$	28,308		$	28,059		$	27,299		$	26,039
Adjustment to FTE		760			771			764			775			751
Interest income adjusted to FTE (non-GAAP)		30,525			29,079			28,823			28,074			26,790
Interest expense (GAAP)		11,836			11,275			11,685			11,868			10,922
Net interest income adjusted to FTE (non-GAAP)	$	18,689		$	17,804		$	17,138		$	16,206		$	15,868

Efficiency Ratio (non-GAAP)
Non-interest expenses (GAAP)	$	14,710		$	14,554		$	14,395		$	13,840		$	13,616

Net interest income (GAAP)		17,929			17,033			16,374			15,431			15,117
Plus: taxable equivalent adjustment		760			771			764			775			751
Non-interest income (GAAP)		5,359			4,973			4,847			4,979			4,615
Plus: Loss on sales of securities		–			822			–			–			–
Net interest income (FTE) plus adjusted non-interest income (non-GAAP)	$	24,048		$	23,599		$	21,985		$	21,185		$	20,483
Efficiency ratio (non-GAAP) (1)		61.17	%		61.67	%		65.47	%		65.33	%		66.48	%
(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest income.

Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)
Total assets (GAAP)	$	2,698,575		$	2,711,310		$	2,584,616		$	2,615,933		$	2,500,645
Less: Intangible assets		(20,364	)		(20,431	)		(20,504	)		(20,576	)		(20,649	)
Tangible assets		2,678,211			2,690,879			2,564,112			2,595,357			2,479,996
Total shareholders’ equity (GAAP)		217,912			211,674			203,969			207,261			195,692
Less: Intangible assets		(20,364	)		(20,431	)		(20,504	)		(20,576	)		(20,649	)
Tangible common equity		197,548			191,243			183,465			186,685			175,043

Common shares outstanding, end of period		5,767,490			5,767,500			5,736,252			5,736,025			5,735,728
Tangible Common Book Value per Share	$	34.25		$	33.16		$	31.98		$	32.55		$	30.52
Tangible Common Equity Ratio		7.38	%		7.11	%		7.16	%		7.19	%		7.06	%

Pre-Provision Net Revenue to Average Assets
Income before taxes (GAAP)	$	8,258		$	7,082		$	6,661		$	5,760		$	5,701
Plus: Provision for credit losses		320			370			165			810			415
Total pre-provision net revenue (non-GAAP)		8,578			7,452			6,826			6,570			6,116
Total (annualized) (non-GAAP)	$	34,404		$	30,220		$	27,157		$	26,423		$	24,600

Average assets	$	2,681,194		$	2,609,769		$	2,565,232		$	2,500,545		$	2,456,828
Pre-Provision Net Revenue to Average Assets (non-GAAP)		1.28	%		1.16	%		1.06	%		1.05	%		1.00	%

Reconciliations of Non-GAAP Measures to GAAP	Six months ended
(dollars in thousands)	Jun. 30, 2025			Jun. 30, 2024
FTE net interest income (non-GAAP)
Interest income (GAAP)	$	58,073		$	51,665
Adjustment to FTE		1,531			1,497
Interest income adjusted to FTE (non-GAAP)		59,604			53,162
Interest expense (GAAP)		23,111			21,604
Net interest income adjusted to FTE (non-GAAP)	$	36,493			31,558

Efficiency Ratio (non-GAAP)
Non-interest expenses (GAAP)	$	29,264		$	27,306

Net interest income (GAAP)		34,962			30,061
Plus: taxable equivalent adjustment		1,531			1,497
Non-interest income (GAAP)		10,332			9,188
Plus: Loss on sales of securities		822			–
Net interest income (FTE) plus non-interest income (non-GAAP)	$	47,647		$	40,746
Efficiency ratio (non-GAAP) (1)		61.42	%		67.01	%
(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.

Pre-Provision Net Revenue to Average Assets
Income before taxes (GAAP)	$	15,340		$	11,453
Plus: Provision for credit losses		690			490
Total pre-provision net revenue (non-GAAP)	$	16,030		$	11,943
Total (annualized) (non-GAAP)	$	32,326		$	23,951

Average assets	$	2,645,679		$	2,453,998
Pre-Provision Net Revenue to Average Assets (non-GAAP)		1.22	%		0.98	%


Contacts:
Daniel J. Santaniello	Salvatore R. DeFrancesco, Jr.
President and Chief Executive Officer	Treasurer and Chief Financial Officer
570-504-8035	570-504-8000

The MIL Network –

July 23, 2025

Category: Business

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