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Category: China

  • MIL-OSI Russia: China looks forward to further deepening dialogue and consultations with the US — Chinese Ministry of Commerce

    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 31 (Xinhua) — China hopes to further deepen dialogue and consultations with the United States to achieve new mutually beneficial results, Chinese Ministry of Commerce spokesperson He Yadong said Thursday.

    The spokesman made the remarks at a regular departmental press briefing in response to a question about the recent trade talks between China and the United States held in Stockholm, Sweden.

    He Yadong said the two sides had a frank, in-depth and constructive exchange of views on China-US economic and trade relations, macroeconomic policies and other issues of common interest. He said the two sides also reviewed and approved the progress in implementing the consensus reached in Geneva and the framework agreements reached in London.

    Based on the consensus reached at the Stockholm talks, both sides will continue to promote a 90-day extension of the suspension of the U.S.’s 24 percent mirror tariffs and China’s countermeasures, He Yadong said.

    According to him, the consensus reached in Stockholm is expected to contribute to the further stabilization of Chinese-American trade and economic ties and bring more confidence to the development and stability of the global economy.

    China hopes to work with the United States in accordance with the important agreements reached by the two heads of state during their telephone conversation to make the most effective use of the role of the bilateral economic and trade consultation mechanism, the official representative of the Chinese Ministry of Commerce added. -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 –

  • MIL-OSI Russia: Breaking: US to negotiate trade deal with Mexico within next 90 days – D. Trump

    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

    NEW YORK, July 31 (Xinhua) — U.S. President Donald Trump said on Thursday that the United States will hold talks with Mexico within the next 90 days to sign a trade deal.

    The American leader reported this on the social network Truth Social after a telephone conversation with Mexican President Claudia Sheinbaum. –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 –

  • MIL-OSI Russia: China’s State Council appoints new national security technical advisers to Macao SAR

    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 31 (Xinhua) — China’s State Council on Thursday announced that Liu Yu and Wang Qianjin have been appointed national security technical advisers to the Commission for Safeguarding National Security of the Macao Special Administrative Region (SAR).

    As noted in the State Council’s statement, Yin Shuhua was in turn relieved of this post. –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 –

  • MIL-OSI USA: VIDEO: Ricketts Fights for America’s Producers

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    WASHINGTON, D.C. – This week, during his weekly press call with Nebraska media, U.S. Senator Pete Ricketts (R-NE) discussed the One Big Beautiful Bill and his work to secure the future for those who feed and fuel America.

    Watch the video here.

    “Agriculture is the heart and soul of what we do in Nebraska,” said Ricketts.  “Family farms, ranches, and agri-businesses are the backbone of communities across our state.  The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow. It grows our economy at home and will help gain new markets abroad.”

    TRANSCRIPT:

    Senator Ricketts: “Agriculture is the heart and soul of what we do in Nebraska. 

    “Family farms, ranches, and agri-businesses are the backbone of communities across Nebraska. 

    “The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow.  

    “It grows our economy at home and will help gain new markets abroad. 

    “The One Big Beautiful Bill (OBBB) secures the future for those who feed and fuel America—and the world.  

    “The One Big Beautiful Bill backs our way of life. 

    “First of all, the bill avoided a $2,400 tax increase that would have hit the average Nebraska family. 

    “That’s $2,400 that Nebraskans can continue to spend on groceries, electric bills or to save for a family vacation.   

    “The bill also helps farmers plan for the next generation. 

    “Over 80% of Nebraska’s farms are family-owned. 

    “The 2017 Tax Cuts and Jobs Act cut in half the number of farm and ranch families that were going to be subject to the Death Tax. 

    “The Big Beautiful Bill ensures the Death Tax exemption will now be permanent and rise with inflation. 

    “This will ensure that over $200 billion in hard-earned family farm assets across the country will go to the next generation and not the government. 

    “Now, more farms will be passed down, not taxed away to Uncle Sam.  

    “The 45Z clean fuel production credit is another major win for Nebraska. 

    “Biofuels are a win for consumers who save money at the pump. 

    “It’s a win for the environment, because it helps clean up our environment, and it’s a win for our farmers and ranchers. 

    “Last year, Nebraskans saved $325 million using ethanol blends. 

    “Last time I fueled up at Hy-Vee with E10, I saved 55 cents per gallon. 

    “The 45Z credit boosts biofuel production and creates value for farmers and ranchers. 

    “It narrows eligible feedstock commodities to North America, protecting Nebraska farmers from foreign competition. 

    “Producers in Communist China should be prevented from receiving American tax subsidies. 

    “All of this boosts demand for row crops and renewable fuel production. 

    “That means more jobs and better prices. 

    “Nebraska’s 25 ethanol plants support 1,300 jobs and have a $6 billion impact. 

    “The credit gives investors the certainty they need to hire and expand. 

    “Nebraska agriculture feeds and fuels the world. 

    “When I was Governor, I led trade missions to places like Japan and Vietnam to build strong relationships between foreign importers and Nebraska producers. 

    “I launched an international trade council to discover new opportunities for overseas markets. 

    “Nebraska’s economy thrives when our producers can reach high-paying global markets. 

    “Recognizing this, the One Big Beautiful Bill strengthens the Supplemental Agricultural Trade Promotion Program. 

    “It provides $285 million annually to promote U.S. agricultural exports. 

    “It doubles funding for the Market Access Program and the Foreign Market Development program. 

    “That means more demand for Nebraska beef, corn, and soybeans abroad. 

    “Simply put, when agriculture thrives, so does the entire Nebraska economy. 

    “Maintaining current exports and opening up markets under the bill will help get better prices for their products for our producers.

    “The big beautiful bill gives critical support to young farmers and ranchers, as well, taking over the family business or starting out on their own.  

    “The Beginning Farmer and Rancher Development Benefit was extended from five years to ten years.  

    “That gives new producers access to critical risk management tools.   

    “The bill also supports educational access for rural students.   

    “It excludes agricultural assets from student financial aid calculations. 

    “That means farm kids will not be discriminated against when applying for financial aid.  

    “For young Nebraskans, the bill expands Pell Grant eligibility to short-term job training. 

    “That includes hands-on fields like welding, diesel tech, and irrigation systems. 

    “Now, a young Nebraskan in Scottsbluff, for example, can learn a trade and start working at places like Aulick Industries without piling up debt.  

    “The One Big Beautiful Bill helps Nebraska producers grow and reinvest. 

    “Full expensing is now permanent for property like tractors and other heavy machinery. 

    “A corn grower in Custer County will be able to fully write off a new, more efficient combine. 

    “Another provision in the bill boosts expensing for tools and equipment. 

    “This helps small businesses from welders to seed dealers invest to improve productivity. 

    “The Big Beautiful Bill gives producers needed updates to the farm safety net. 

    “Reference prices now reflect today’s markets. 

    “Drought aid under the Livestock Forage Program has been improved. 

    “Now, producers facing feed losses from grazing shortfalls will see faster relief. 

    “These updates give producers support, stability, and long-term certainty.  

    “Nebraska’s future depends on certainty for farmers, ranchers, and agri-business. 

    “The One Big Beautiful Bill supports agriculture today and protects the next generation of farmers and ranchers. 

    “That is how we keep producing the Good Life.” 

    MIL OSI USA News –

  • MIL-OSI USA: 07.31.2025 Sen. Cruz Introduces Bill Safeguarding Schools From Influence by Foreign Adversaries

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas) and Cynthia Lummis (R-Wyo.) introduced the Transparency in Reporting of Adversarial Contributions to Education (TRACE) Act to enhance transparency for parents regarding foreign funding in K-12 schools.
    Sen. Cruz said, “The Chinese Communist Party spends vast resources to control what Americans see, hear, and ultimately think. Our foreign adversaries are actively targeting American educational institutions, and the TRACE Act will help protect our classrooms from foreign influence by providing parents with the transparency they deserve. I urge my colleagues to pass this legislation without delay.”
    Sen. Lummis said, “The Chinese Communist Party has spread its influence across American life, targeting our farmland, technology, and even school systems. Parents deserve peace of mind knowing their children are learning American values, not propaganda from our foreign adversaries. This legislation prioritizes transparency while protecting our children from harmful foreign agendas.”
    Companion legislation was introduced in the House by Rep. Aaron Bean (R-FL-04).
    Rep. Bean said, “American schools are for education, not espionage. We cannot allow our students—the future of our great nation—to be corrupted by foreign adversaries who are systematically and aggressively attempting to influence our nation’s K-12 schools. That’s why it’s crucial we parents understand the potential impact of foreign influence on our children’s classrooms and take concrete steps to prevent foreign nations from reaching America’s youth. I want to thank Senator Cruz for joining me in this critical effort and spearheading this legislation in the Senate.”
    This bill is supported by the Parents Defending Education Action and Heritage Action.
    Alfonso Aguilar, Director of Federal Affairs for Parents Defending Education Action said, “Senator Cruz’s TRACE Act is extremely necessary. Parents should know if a foreign government or entity is providing funding to their children’s schools, trying to influence what is taught to them or seeking to access important data and intellectual property. A 2023 investigation from our partner organization Defending Education uncovered Chinese Communist Party (CCP) influence in numerous public schools and school districts across the nation. Their research showed that entities with ties to the CCP such as the Confucius Institutes have provided curriculum content, funding and Chinese teachers to U.S. public schools. Disturbingly, they also found that the Chinese government efforts appeared to target school districts near over twenty American bases. Our investigation, however, only discovered some or the CCP’s growing involvement in our public schools. The TRACE Act would ensure that parents have a full and continuous accounting of China’s meddling in their children’s education.”
    Read the full text of the bill here.
    BACKGROUND
    The Transparency in Reporting of Adversarial Contributions to Education (TRACE) Act will:

    Require schools to allow parents the opportunity to review curriculum that has been provided by or purchased with foreign funds.
    Require that schools notify parents of any foreign contracts or financial transactions they partake in.
    Stipulate parents be notified of how many school employees are being compensated by another country or foreign adversary, and whether foreign nations have donated to the institution.

    Sen. Cruz first introduced this legislation in 2024.

    MIL OSI USA News –

  • MIL-OSI USA: Kaine, Schumer, Shaheen, & Wyden Announce Intent to Challenge Trump’s Tariffs on Brazil

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C.—Today, U.S. Senator Tim Kaine (D-VA), Senate Minority Leader Chuck Schumer (D-NY), and U.S. Senators Jeanne Shaheen (D-NH) and Ron Wyden (D-OR) announced their intent to file privileged legislation to challenge President Donald Trump’s tariffs on goods from Brazil in response to steps Brazil is taking to hold friend of Trump and former Brazilian President Jair Bolsonaro accountable for attempting a coup. The additional tariffs announced by Trump will put the total Trump tariffs on Brazilian exports at 50 percent, raising costs for Americans on basic household goods.

    In an executive order issued yesterday, Trump invoked the International Emergency Economic Powers Act (IEEPA) to impose the tariffs. Any one senator can challenge the use of IEEPA with a privileged resolution, such as the one the lawmakers will file. That means the Senate will be required to vote on the legislation.

    “President Trump has no interest in lowering costs for the American people. If he did, he would not be imposing tariffs and starting senseless trade wars,” said the senators. “We’re particularly concerned about these tariffs on Brazil—which are being put into place to get the Brazilian Supreme Court to stop its prosecution of Trump’s longtime friend Jair Bolsonaro, Brazil’s former president who is facing criminal charges for inciting a violent coup. This is certainly not what tariffs are intended to be used for, and they will raise prices for Americans. That’s why we’ll be introducing legislation to challenge these reckless tariffs against Brazil.”

    Americans import more than $40 billion annually from Brazil, including nearly $2 billion’s worth of coffee. Trade between the U.S. and Brazil supports nearly 130,000 jobs in the U.S., and the U.S. actually has a trade surplus with Brazil. A trade war with Brazil would make life more expensive for Americans, harm both the American and Brazilian economies, and drive Brazil closer to China.

    Last week, Kaine and Shaheen led their colleagues in sending a letter to Trump urging him to end his threats of tariffs on Brazil.

    MIL OSI USA News –

  • Judges question whether Trump tariffs are authorized by emergency powers

    Source: Government of India

    Source: Government of India (4)

    U.S. appeals court judges sharply questioned on Thursday whether President Donald Trump’s tariffs were justified by the president’s emergency powers, after a lower court said he exceeded his authority with sweeping levies on imported goods.

    The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., is considering the legality of “reciprocal” tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China, Canada and Mexico.

    In hearing arguments in two cases brought by five small U.S. businesses and 12 Democratic-led U.S. states, judges pressed government lawyer Brett Shumate to explain how the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctioning enemies or freezing their assets, gave Trump the power to impose tariffs.

    Trump is the first president to use IEEPA to impose tariffs.

    The judges frequently interrupted Shumate, peppering him with a flurry of challenges to his arguments.

    “IEEPA doesn’t even say tariffs, doesn’t even mention them,” one of the judges said.

    Shumate said that the law allows for “extraordinary” authority in an emergency, including the ability to stop imports completely. He said IEEPA authorizes tariffs because it allows a president to “regulate” imports in a crisis.

    The states and businesses challenging the tariffs argued that they are not permissible under IEEPA and that the U.S. Constitution grants Congress, and not the president, authority over tariffs and other taxes.

    Neal Katyal, a lawyer for the businesses, said the government’s argument that the word “regulate” includes the power to tax would be a vast expansion of presidential power, Katyal said.

    The arguments – one day before Trump plans to increase tariff rates on imported goods from nearly all U.S. trading partners – mark the first test before a U.S. appeals court of the scope of his tariff authority. The president has made tariffs a central instrument of his foreign policy, wielding them aggressively in his second term as leverage in trade negotiations and to push back against what he has called unfair practices.

    Trump has said the April tariffs were a response to persistent U.S. trade imbalances and declining U.S. manufacturing power.

    He said the tariffs against China, Canada and Mexico were appropriate because those countries were not doing enough to stop illegal fentanyl from crossing U.S. borders. The countries have denied that claim.

    Shumate cited a 1975 appeals court decision that authorized President Richard Nixon’s across-the board surcharge of 10% on imported merchandise to slow inflation. But that decision added that the president did not have authority to impose “whatever tariff rates he deems desirable.”

    Shumate also said that courts cannot review a president’s actions under IEEPA or impose additional limits that are not included in the law. Several judges said that the argument would essentially allow one law, IEEPA, to overwrite all other U.S. laws related to tariffs and imports.

    Katyal said the Trump administration’s argument ignored the more limited nature of Nixon’s tariffs and changes to the law since the 1970s.

    “No trade law in 200 years has been interpreted to give the president this power,” Katyal said.

    The case is being heard by a panel of all of the court’s active judges, eight appointed by Democratic presidents and three appointed by former Republican presidents. The timing of the court’s decision is uncertain, and the losing side will likely appeal quickly to the U.S. Supreme Court.

    TRADE NEGOTIATIONS

    Tariffs are starting to build into a significant revenue source for the federal government, with customs duties in June quadrupling to about $27 billion, a record, and through June have topped $100 billion for the current fiscal year. That income could be crucial to offset lost revenue from Trump’s tax bill passed into law earlier this month.

    But economists say the duties threaten to raise prices for U.S. consumers and reduce corporate profits. Trump’s on-again, off-again tariff threats have roiled financial markets and disrupted U.S. companies’ ability to manage supply chains, production, staffing and prices.

    On May 28, a three-judge panel of the U.S. Court of International Trade sided with the Democratic states and small businesses that challenged Trump. It said that the IEEPA did not authorize tariffs related to longstanding trade deficits.

    The Federal Circuit has allowed the tariffs to remain in place while it considers the administration’s appeal.

    The case will have no impact on tariffs levied under more traditional legal authority, such as duties on steel and aluminum imports.

    The president recently announced trade deals that set tariff rates on goods from the European Union and Japan, following smaller trade agreements with Britain, Indonesia and Vietnam. Trump’s Department of Justice has argued that limiting the president’s tariff authority could undermine ongoing trade negotiations, while other Trump officials have said that negotiations have continued with little change after the initial setback in court.

    Trump has set an August 1 date for higher tariffs on countries that don’t negotiate new trade deals.

    There are at least seven other lawsuits challenging Trump’s invocation of IEEPA, including cases brought by other small businesses and California.

    A federal judge in Washington, D.C., ruled against Trump in one of those cases, and no judge has yet backed Trump’s claim of unlimited emergency tariff authority.

    (Reuters)

  • MIL-OSI USA: ICYMI: Congressman Nathaniel Moran Joins NewsNation to Discuss Israel, Trade with Europe and China

    Source: Congressman Nathaniel Moran (R-TX-01)

    In case you missed it, Congressman Nathaniel Moran (TX-01) joined NewsNation’s Morning in America to weigh in on key national and international issues, including the humanitarian situation in Gaza, trade negotiations with the EU and China.

    Congressman Moran, a member of the House Ways and Means Committee and the House Select Committee on the Chinese Communist Party, offered the following remarks:

    On the Gaza humanitarian crisis and Israel’s responsibility:

    “I’m glad to see more is being done to address the humanitarian crisis in Gaza. But let’s not forget that the cause of this crisis is Hamas. Hamas is the aggressor and a terrorist organization. It could end this overnight by laying down its arms and choosing peace—but it won’t.”

    On President Trump’s Trade Talks with the EU:

    “President Trump is being very effective. He’s shown power and prowess on the world stage. Because he’s engaged, so many countries are coming to the table. We’re getting closer and closer to finalizing deals that prioritize fair and reciprocal trade.”

    On Treasury-Led Talks with China:

    “I’m glad to see the U.S. Treasury engaging China directly. But we must remember: China sees us as an adversary. Any agreement must include strong enforcement mechanisms—because they will try to circumvent the rules and cheat to their advantage.”

    Watch the full interview HERE.

    ###

    MIL OSI USA News –

  • MIL-OSI Analysis: European gloom over the Trump deal is misplaced. It’s probably the best the EU could have achieved

    Source: The Conversation – UK – By Maha Rafi Atal, Adam Smith Senior Lecturer in Political Economy, School of Social and Political Sciences, University of Glasgow

    The trade deal between the US and the European Union, squeezed in days before the re-introduction of Donald Trump’s “liberation day” tariffs, is reflective of the new politics of global trade. Faced with the threat of 30% baseline tariffs from Washington, as well as additional levies on specific sectors, the EU has secured a partial reprieve of a flat 15% tariff on all goods.

    Was this the best the bloc could have achieved? In the time available, it may well have been. The 15% rate is higher than the UK secured earlier this year, but it’s significantly below the level applied to China and Mexico, and on par with Japan.

    The EU has also managed a “zero-for-zero” tariffs deal on some hi-tech goods, notably semiconductors vital for products like phones and laptops. This is something the UK did not push for or secure in its own framework agreed with the US president.



    Read more:
    Donald Trump has reduced tariffs on British metals and cars, but how important is this trade deal? Experts react

    What’s more, EU leaders have argued that agreeing to the deal has security benefits in protecting dwindling US support for European defence. The urgency of Europe’s security concerns in Ukraine made these talks different from trade negotiations in the first Trump administration, when Europe could afford to be more aggressive.

    The biggest winners in this deal are Europe’s carmakers. The US has collapsed various sector-specific duties on goods like aircraft, cars and automotive parts into the 15% ceiling. This effectively reduces tariffs on EU-made cars (from 27.5%).

    American automakers, meanwhile, rely heavily on parts from Mexico and China – still subject to higher tariffs at the time of writing. This makes EU vehicles more competitive for US consumers than “American” cars that rely on overseas parts.

    Most importantly however, like the UK deal before it, the new EU agreement is a statement of understanding between the White House and the European Commission, rather than a formal treaty. A treaty would be subject to parliamentary ratification on both sides.

    But the semi-formal nature of this agreement allows both Trump and European leaders to portray the deal as a “win” by playing fast and loose with what’s actually in it.

    For example, the Trump administration will celebrate an EU commitment to buy US$250 billion (£189 billion) in US energy imports annually. Yet the concession holds no legal weight in the EU. The European Commission, which negotiated with Trump, does not buy any energy nor does it manage the power grid inside its 27 member states.

    The commission can encourage, but cannot compel, those states to buy American. (Indeed, it might want to do so anyway, since it helps it to pivot away from Russian gas). But ultimately, member states and businesses decide where their energy supply comes from, and they are not direct parties to the deal. Only a formal treaty ratified by the European parliament would compel them.

    No guarantees from Trump

    The informal nature of this agreement also allows EU member states to protest against what they see as capitulation to Trump’s demands without real consequence. After all, there is not yet a treaty text they would be required to vote on or implement.

    The Trump administration similarly imposed its sweeping tariff threats in early spring without a vote from Congress, and has been making ad hoc changes to the rates in the same way.

    On the one hand, this means European countries may not ultimately be required to implement some of the deal’s less savoury elements such as the energy purchases or lowering the bloc’s own tariffs on US goods.

    On the other hand, this means the Trump administration – notorious for abrupt changes of turn – can also renege at any time. In reality, there is little the EU can do about this. The question of leverage looms large. Trump’s longstanding antipathy towards the EU – seeing it less as an ally and more as a rival – meant that Brussels was never negotiating from a position of strength.

    The fact that the EU avoided the worst-case scenario, protected key sectors and secured other sector-specific advantages suggests a deal shaped not by triumph, but by containment of Trump. Since the deal was announced, the picture emerging from many European leaders has been one of gloom. True, the EU didn’t win – but it survived. And that, for now, is probably enough.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Maha Rafi Atal 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. European gloom over the Trump deal is misplaced. It’s probably the best the EU could have achieved – https://theconversation.com/european-gloom-over-the-trump-deal-is-misplaced-its-probably-the-best-the-eu-could-have-achieved-262369

    MIL OSI Analysis –

  • MIL-OSI USA: Sens. Budd, Heinrich Introduce Amendment to Crack Down on Illicit Anti-Obesity Drugs Entering the U.S. from China

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)

    Bipartisan amendment would help ensure FDA can utilize existing statutory authority to protect Americans from counterfeit, unapproved drugs from unregistered facilities in China

    Washington, D.C. — U.S. Senators Ted Budd (R-N.C.) and Martin Heinrich (D-N.M.) recently introduced an amendment to the 2026 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act to ensure the Food and Drug Administration (FDA) can activate regulatory and enforcement authorities to prevent the importation of illicit weight loss drugs and Active Pharmaceutical Ingredients (API) from the Republic of China and other foreign countries.

    These illicit products, which include unregulated versions of ingredients used in name-brand GLP-1 medicines, are often produced in facilities in China that are not always registered with the FDA and pose serious risks to American consumers, with sometimes fatal consequences.

    “The Chinese Communist Party has proven time and again that it is willing to exploit our supply chain and endanger American lives to advance its own interests,” said Senator Budd. “That includes flooding our country with counterfeit, unapproved weight-loss drugs made in unregulated facilities. It is critically important that the United States maintains the gold standard for safe, effective medicines and we must act decisively to protect American patients. I am glad to partner with Senator Heinrich on this important issue, and I look forward to working with Commissioner Makary and Secretary Kennedy to help ensure the FDA can shut the door on these dangerous products at our borders and hold bad actors accountable.”

    “We have a responsibility to protect Americans from dangerous, counterfeit drugs entering our country,” said Senator Heinrich. “Too many of these unapproved weight-loss drugs are being produced in unregistered facilities in China with no oversight and no regard for safety. That’s why I’m introducing bipartisan legislation with Senator Budd to ensure the FDA can crack down on these illicit imports and keep American consumers safe.”

    BACKGROUND

    A recent Federal Bureau of Investigation (FBI) public service announcement warned that counterfeit weight loss products have been found to contain both “drugs with high levels of impurities” and “unsafe or unapproved drugs” with misbranded or adulterated packaging. To protect America’s supply chain from these potential threats, actions from the FDA may include refusing the entry of illicit drugs and API, issuing warning letters to foreign suppliers, and initiating civil enforcement actions.

    This amendment follows a bipartisan letter Representative Richard Hudson (R-N.C.-09) led in sending to FDA Commissioner Marty Makary, which urged immediate action against the rising threat of illegal, counterfeit anti-obesity medications entering the United States.

    MIL OSI USA News –

  • MIL-OSI Russia: Chinese Defense Minister Says PLA Ready to Seek Complete Reunification of China

    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 31 (Xinhua) — Chinese Defense Minister Dong Jun on Thursday said the People’s Liberation Army (PLA) is always ready to pursue the goal of complete reunification of China, resolutely oppose any separatist attempt to gain “Taiwan independence” and suppress any military interference from external forces.

    Dong Jun made the remarks at a grand reception held by the Chinese Ministry of Defense in Beijing to mark the 98th anniversary of the founding of the PLA on August 1.

    The Minister recalled that this year marks the 80th anniversary of the victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War, the 80th anniversary of the liberation of Taiwan from Japanese occupation, and the 80th anniversary of the founding of the United Nations.

    On September 3, a military parade will be held in Tiananmen Square in Beijing to commemorate the 80th anniversary of the victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War.

    Dong Jun said the parade would demonstrate to the Party and the Chinese people that the PLA is a powerful force that stands guard over peace and justice.

    The Chinese military, the minister added, is ready to work with its counterparts in all countries of the world to implement the concept of a community with a shared future for mankind and the three major global initiatives, jointly respond to risks and challenges, and hand in hand build a world of lasting peace, universal security, common prosperity, openness, inclusiveness, cleanliness and beauty. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Government meeting.

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    On the agenda: the results of a working trip to the Far Eastern and Siberian Federal Districts, writing off debt on budget loans to regions, and increasing the grace period for mortgage payments upon the birth of a second child.

    Opening remarks by Mikhail Mishustin:

    Good afternoon, dear colleagues!

    Before we move on to the agenda of today’s Government meeting, I would like to talk about the results of the trip to Omsk Oblast, which became the final point of our major working trip to the Far Eastern and Siberian Federal Districts.

    The region is developing. Significant infrastructure is being actively built, including transport infrastructure, which is part of the high-speed automobile route “Russia” – from St. Petersburg to Vladivostok. It is necessary to complete all planned work within the established deadlines.

    We visited several healthcare and educational facilities. We made a number of decisions on the hospital and clinic for war veterans so that participants in the special military operation could undergo treatment and recovery in comfortable conditions. Comprehensive support for our heroes is one of the key priorities of the Government.

    Agenda of the meeting

    Materials for the Government meeting on July 31, 2025

    We got acquainted with the course of the admission campaign at Omsk University. We will help with equipping its main building with educational equipment. We will allocate additional funds for major repairs of dormitories.

    The region presented its initiative to create an inter-university campus. The modern educational space will become a point of attraction for talented young people. This will be decided within the framework of the competition of the Ministry of Science and Higher Education.

    Participants of the meeting

    List of participants of the Government meeting, July 31, 2025

    In September, the first branch of a foreign university in our country, the Kazakh National University, will begin teaching students in Omsk. Almost everything is ready for its opening. We will continue to strengthen cooperation between the two countries in the field of higher education and scientific research.

    In the Amur Region, we inspected how the reconstruction of the airport complex is being carried out, the expansion of the road that leads to the airport – the most important objects for the region and residents. Here I would ask, Vitaly Gennadyevich (addressing V. Savelyev), you, the Ministry of Transport to monitor the timing and progress of the work.

    We also visited the customs and logistics terminal and the checkpoint on the border with China – Kani-Kurgan. I know how Vitaly Gennadyevich was actively involved in this. This will be a model checkpoint, to which we distribute, among other things, technological solutions built on domestic software products.

    Completion of its construction will increase the volume of transportation on the new bridge crossing over the Amur River. This is only part, I will say again, of the large work on developing cross-border logistics. Almost 180 billion rubles have been allocated for the modernization of points in the next three years, taking into account the prospective trade turnover and priority areas for the country.

    The most important thing now is that plans for launching such facilities in the region and throughout the country as a whole are implemented clearly and on time.

    In the Trans-Baikal Territory, in Chita, a separate meeting was held on issues of grain export development.

    Our own production covers our domestic needs. Let me remind you that Russia is a world leader in wheat and barley supplies abroad. The potential is even higher. It is important to fully realize it. We will continue to support our farmers, expand port capacities, and create the necessary infrastructure for both storage and transportation of products.

    Oksana Nikolaevna (addressing O. Lut), I would like to ask you to create additional opportunities for domestic agricultural producers to enter foreign markets.

    I know there are a number of questions. I also want to tell the members of the Government that we need to help our exporters in this regard.

    This is also necessary to increase the competitiveness of our economy and to fulfill the task approved by the President to increase exports of the Russian agricultural sector.

    We also inspected the perinatal center in Chita. The national project “Family” provides for its re-equipment already this year. Equipment is being received so that both mothers and babies receive modern treatment.

    This work continues throughout the country. In just six years, advanced equipment will be delivered to 142 perinatal centers, including nine federal ones.

    In Transbaikalia, major repairs are also being carried out at medical institutions, and a number of new ones are being created.

    Mikhail Albertovich (addressing M. Murashko), as we agreed, we need to monitor the construction deadlines to ensure their timely opening. This is very important for people. We need to interact more actively with colleagues from the region in this area.

    Issues of improving healthcare infrastructure were also given attention during a working visit to the Altai Republic. There, under the national project “Long and Active Life”, a hospital admissions department was built using federal funds. High-tech medical care will become even more accessible to local residents. It is in demand there.

    With the head of this Russian subject, Andrey Anatolyevich Turchak, we discussed in detail the progress of the implementation of the individual program of socio-economic development, which, by decision of the President, was formed until 2030.

    We also looked separately at how projects that are important for people are being implemented, including those to strengthen transport connectivity. Roads, bridges, and crossings are being repaired. The airport is being modernized. This is also important given the significant growth in tourist flow to this region. Travelers come there from all over Russia and from abroad. In early July, a separate domestic terminal opened in Gorno-Altaisk, and last week, a new international one, in line with all standards. Its first visitors were guests of the International Environmental Conference, in which we took part.

    Together with our colleagues – heads of government of a number of countries, during the plenary session we exchanged a vision of joint work to protect the environment in the interests of the present and future generations. We will strengthen cooperation in this important area.

    In our country, environmental well-being has been approved by the President as one of the national goals. We will continue to do everything necessary to achieve it. First of all, if we list the priorities, this is the conservation of forests, water bodies, rare species of animals and plants, the development of protected areas. We will also continue to form a closed-loop economy.

    The Ministry of Natural Resources needs to expand cooperation with foreign partners in all these areas. Establish an exchange of best practices, create conditions for ecotourism – all the colleagues who spoke spoke about this – so that more people could see pristine nature.

    And I would also like to say that the topic of ecology and environmental protection is very important for our colleagues from the CIS countries.

    This topic is also relevant for the Altai Territory. We discussed this in detail with Governor Viktor Petrovich Tomenko. In the region, with the support of the federal budget, transport accessibility is being improved, and the infrastructure needed for travelers is being formed. Without a doubt, this work should be continued.

    Colleagues, I ask all area curators to constantly monitor how the implementation of projects is proceeding locally.

    I would like to separately mention one important issue that I discussed with the governors of the Amur Region and the Zabaikalsky Krai – emergency situations caused by forest fires.

    The situation has now stabilized. But the fight against the fire required the involvement of additional forces – specialists, heavy equipment, aviation. In connection with which, of course, the costs of the necessary measures have increased. An order has been prepared to provide almost 1.4 billion rubles to these regions, as well as to Krasnoyarsk Krai and the Republic of Buryatia. These funds will be used to compensate for the costs of extinguishing the fires.

    It is difficult to predict fire situations and their intensity accurately, but I ask the leadership of regions where such cases are not uncommon to pay special attention to prevention. There should be no threats to people’s health and safety. And at the same time, of course, it is necessary to monitor the efficiency of spending budget funds.

    On to another topic.

    Document

    The government has written off debt on budget loans to eight regions that have implemented infrastructure projects

    The government continues to stimulate economic development in Russian regions. To do this, we are reducing the financial burden, primarily for those who actively attract investment and build infrastructure. For them, on the instructions of the President, we have provided the opportunity to write off two-thirds of the debt on budget loans. The corresponding rules were adopted in February.

    Today, we will write off such loans for eight more regions in the amount of over 47.27 billion rubles. These are the republics of Kalmykia and Karelia, as well as the Voronezh, Kirov, Kemerovo, Moscow, Smolensk and Tver regions. They previously allocated funds for the implementation of national projects, improvement of housing and utilities, resettlement of citizens from dilapidated housing, support for industry and other purposes.

    Such a decision on debts should have a positive impact on the budget system of these territories, on the dynamics of their development, which will contribute to the fulfillment of many tasks, including social issues.

    And also – about supporting families with children. This is one of the key priorities of the Government’s work, which the head of state has repeatedly drawn attention to. A number of measures have been taken on his instructions. Today we will supplement them with another one.

    A bill has been prepared that is intended to reduce the burden on parents paying off a mortgage. Currently, when a child is born, the borrower is entitled to a six-month credit holiday if his or her income has decreased by more than 20%, and the costs of servicing the loan exceed 40% of average monthly income.

    Now, for those who have given birth to or adopted a second or subsequent child, the grace period will be increased to one and a half years. At the same time, interest on the principal debt will be charged only from the 7th to the 18th month. And they can be paid not immediately, but after the obligations under the current agreement are paid off. In equal parts and with the same frequency as before.

    This will support families during the most difficult period, when one of the parents is caring for a child and is unable to go to work. And of course, we expect that together with other current measures, this will affect the demographic situation in the country as a whole.

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

    MIL OSI Russia News –

  • MIL-OSI United Nations: Speakers Stress Economic and Social Council’s Key Role in Responding to Today’s Global Challenges, as 54-Member Organ Begins 2026 Session, Elects Bureau

    Source: United Nations MIL OSI

    The Economic and Social Council commenced its 2026 session today, and as Canada handed its presidency to Nepal, speakers pointed to the important role that the organ must play in responding to the myriad challenges of the moment.

    Opening the meeting, Robert Rae (Canada), the Council’s President for its 2025 session, noted that “we hear a lot in the UN discourse about how things are broken, how things have fallen apart, how things are unhinged”.  While not disagreeing with those assessments, he emphasized:  “Our job is not to give speeches saying how terrible things are — our job is to roll up our sleeves and fix things.”  He added that no UN agency or body “has more of a responsibility to do that than the Economic and Social Council”.

    Urging that body to take its responsibilities seriously, he recalled some of the problems that the Council addressed over the past year — the role of artificial intelligence, the situation in Haiti and development in the UN context.  “I think this Council helped,” he stated.  He also pointed out that current questions regarding the UN’s relevance are not new — some even raised them when the Organization was founded — and spotlighted, as a counterpoint, the important discourse concerning the State of Palestine during the recent high-level conference on the two-State solution.

    President Appointed, Vice-Presidents Elected for 2026 Session 

    He concluded that the new Bureau will face new challenges ahead — “that’s how the world works” — and the Council then elected, by acclamation, Lok Bahadur Thapa (Nepal) as President of the Council at its 2026 session.

    Taking his seat at the podium, Mr. Thapa directed the Council to proceed to the election of the other Bureau members for that session.  The body then elected — also by acclamation — Amar Bendjamaa (Algeria), Paruyr Hovhannisyan (Armenia), Wellington Darío Bencosme Castaños (Dominican Republic) and Héctor Gómez Hernández (Spain) to serve as Vice-Presidents.

    Mr. Thapa then delivered his inaugural statement, emphasizing:  “For Nepal, this is a historic moment.”  Recalling that his country was admitted to the UN 70 years ago, he said that assuming Presidency of the Council for the first time is a “testament to our enduring commitment to multilateralism and our aspiration to contribute meaningfully to build trust, strengthen multilateral cooperation and achieve a more just, inclusive, equitable and resilient world”.

    Yet, “the world today is navigating a ‘polycrisis’” of conflict, climate disruption, economic uncertainty and deepening inequality, he said, also pointing to renewed great Power competition, escalating cyberthreats, an off-track 2030 Agenda for Sustainable Development, surging humanitarian needs and a $4 trillion annual financing gap for developing countries.  “In this context, the role of ECOSOC has never been more relevant and important,” he stated.

    Under ‘Delivering Better’ Motto, President Outlines Priorities for Session

    Noting that his Presidency will be guided by the motto of “Delivering Better”, he underscored that doing so “is not an option — it is an imperative”.  Detailing what that motto means for Nepal, he underlined the need to strengthen multilateralism and rebuild trust, accelerate the 2030 Agenda, ensure effective coordination and coherence within the UN system, strengthen partnerships and ensure implementation and follow-up.  “ECOSOC must evolve from convening dialogue to driving measurable impact,” he urged.

    He also outlined several priorities for his presidency, including transforming agriculture and food systems to strengthen food security and rural resilience; championing digital inclusion and youth entrepreneurship; and advancing climate action and resilience.  On the latter, he said that special focus will be placed on mitigating glacial lake outburst floods and protecting vulnerable communities.  Among other initiatives, he said that his presidency will also give “due priority to promoting the interests of countries in special situations”, as “their unique vulnerabilities demand tailored solutions”.

    “ECOSOC is our place,” he stressed, encouraging all present to “bring forward your vision, your ideas and your transformative solutions”.  He added: “We must send a clear and united message — multilateralism delivers, and it delivers for everyone.”

    Following that statement, the newly elected Vice-Presidents — the representatives of Algeria, Armenia, Dominican Republic and Spain — as well as delegates from China, Australia, Djibouti, Republic of Korea, South Africa and the European Union, took the floor to thank the outgoing Bureau and express support for the incoming one.  Many specifically thanked Mr. Rae for his work over the past year.

    Speakers also acknowledged the challenges ahead and underlined the Council’s important role in addressing them at this critical juncture for development.  An observer for the Major Groups and Other Stakeholders Coordination Mechanism, for her part, underlined the need for civil society to be heard during that endeavour.

    Under-Secretary-General for Economic and Social Affairs Says Urgent Action, Stronger Cooperation Key to Advance Sustainable Development Goals

    “Through its convening power — across segments, forums and special meetings — the Council has shown its continued relevance,” said Li Junhua, Under-Secretary-General for Economic and Social Affairs.  Today’s interconnected world demands stronger cooperation to achieve sustainable solutions, he pointed out, calling for “urgent” action to advance the Sustainable Development Goals (SDGs) as only 35 per cent of targets are currently on track.

    “ECOSOC’s role is central,” he stressed, “to forge consensus, provide policy guidance and mobilize coordination action and follow-up.”  Its eightieth anniversary invites reflection, and upcoming reviews are key opportunities to ensure the realization of its full potential.  He concluded:  “I urge all Member States to continue actively engaging with the Council to advance the implementation of its mandates and the realization of the SDGs.”

    Council Adopts Provisional Agenda, Working Arrangements for Session

    Following that, the Council adopted, without a vote, its provisional agenda (document E/2026/1) and working arrangements (to be issued as document E/2026/L.1) for 2026.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Hong Kong Science Museum’s new exhibition to showcase country’s achievements in aerospace, aviation and navigation (with photos)

    Source: Hong Kong Government special administrative region – 4

         Jointly presented by the Hong Kong Special Administrative Region Government and the China National Space Administration (CNSA), the “Bank of China (Hong Kong) Presents: National Development and Achievements Series – Endless Exploration: The Journey of Chinese Aerospace, Aviation and Navigation” exhibition will be launched at the Hong Kong Science Museum (HKScM) from tomorrow (August 1) to September 7. This is the first time for Hong Kong to showcase the country’s achievements in these three major arenas in the same exhibition. Featuring a rich array of artefacts, models, graphics, videos and interactive exhibits, the exhibition not only presents important developments in relevant fields, but also aims to inspire the public, especially youngsters, with a passion for technological innovation while enhancing national confidence in science and technology.
     
         Addressing the opening ceremony today (July 31), the Chief Secretary for Administration, Mr Chan Kwok-ki, said that the Chang’e-6’s successful return to earth bringing lunar soil samples from the far side of the Moon last year represents a global first, underscoring China’s leading position in lunar exploration. Hong Kong is proactively integrating into national development matters and making significant contributions, with local scientists having the opportunity to participate in major national scientific research projects. These achievements affirm Hong Kong’s unique advantages in contributing to national development with an international vision. He further said that this exhibition showcases the remarkable achievements of the Chang’e lunar exploration programme as well as the country’s remarkable accomplishments in aerospace, aviation and navigation. It also highlights Hong Kong’s role as a cultural hub connecting China with the world, telling the good story of China and promoting patriotism to the public.

         Other officiating guests today included the Chief Engineer of the CNSA, Dr Li Guoping; the First-level Inspector of the Department of Educational, Scientific and Technological Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Liu Maozhou; the Vice Chairman and Chief Executive of Bank of China (Hong Kong) Limited, Mr Sun Yu; the Under Secretary for Culture, Sports and Tourism, Mr Raistlin Lau; the Convenor of the Working Group on Patriotic Education under the Constitution and Basic Law Promotion Steering Committee, Legislative Council Member, Dr Starry Lee; the Chairperson of the Science Sub-committee of the Museum Advisory Committee, Professor Alexander Wai; the Director of Leisure and Cultural Services, Ms Manda Chan; and the Museum Director of the HKScM, Mr Patrick Lau.
     
         This exhibition achieves several “firsts”, including the first concurrent display in Hong Kong of lunar soil samples collected from the far side and near side of the Moon by the Chang’e-6 and the Chang’e-5 respectively. Other exhibits debuting in Hong Kong include the Chang’e-6 returner and parachute, seawater samples collected from 10,000 metres under the sea, as well as models of the “three pearls” of the shipbuilding industry, namely an aircraft carrier, a luxury cruise ship and a liquefied natural gas carrier.
     
    Moreover, the HKScM will display large-scale aerospace, aviation and maritime models concurrently, including an approximately 12m-tall 1:5 Long March-5 launch vehicle and a full-size Fendouzhe full-ocean-depth manned submersible with a length of approximately 10m displayed outdoors, as well as a 1:8 model of a Y-20 heavy lifter with a wingspan of approximately 6m displayed indoors for the first time.
     
         Apart from the exhibits from the Mainland, the exhibition also presents Hong Kong’s significant contributions to the space and deep-sea exploration projects of the country. There are also interactive exhibits, namely the “Lunar Base”, the “Zhurong Rover Expedition” and more, for visitors to experience the challenges of building a lunar base and exploring Mars.
     
    Fixed-point guided tours will be provided on Saturdays and Sundays from August 9 to September 7. A series of lectures will be conducted on August 1 and August 4 by experts invited from the Mainland, who will share their knowledge of aviation, aerospace and navigation, as well as the achievements and future plans of the country in related fields. Members of the public are welcome to participate in the tours and lectures on-site. Other activities include experiment classes, workshops and demonstrations for the public to explore the scientific principles behind aviation and deep-sea navigation.
       
         The exhibition is jointly organised by the Leisure and Cultural Services Department and the News Center of the CNSA, as solely sponsored by the Bank of China (Hong Kong) Limited. It is one of the activities of the Chinese Culture Promotion Series. For details of the exhibition and activities, please visit the HKScM website at hk.science.museum/en/web/scm/exhibition/exploration2025.html.

    MIL OSI Asia Pacific News –

  • US appeals court scrutinizes Trump’s use of tariffs as trade deadline looms

    Source: Government of India

    Source: Government of India (4)

    U.S. appeals court judges sharply questioned on Thursday whether President Donald Trump’s tariffs were justified by the president’s emergency powers, as lawyers for states and businesses challenging the measures argued he exceeded his authority.

    The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., is considering the legality of “reciprocal” tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China, Canada and Mexico.

    In hearing arguments in two cases brought by five small U.S. businesses and 12 Democratic-led U.S. states, judges pressed government lawyer Brett Shumate to explain how the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctioning enemies or freezing their assets, gave Trump the power to impose tariffs.

    Shumate said that the law allows the president to have “extraordinary” authority in an emergency, including the ability to stop imports completely. He said IEEPA authorizes tariffs because it allows a president to “regulate” imports in a crisis.

    The judges seemed dubious of this sweeping argument.

    “IEEPA doesn’t even say tariffs, doesn’t even mention them,” Judge Jimmie Reyna said.

    The arguments – one day before Trump plans to increase tariff rates on imported goods from nearly all U.S. trading partners – mark the first test before a U.S. appeals court of the scope of his tariff authority. The president has made tariffs a central instrument of his foreign policy, wielding them aggressively in his second term as leverage in trade negotiations and to push back against what he has called unfair practices.

    The court adjourned after about an hour-and-a-half of oral arguments. The judges did not say when they would rule, and the losing side will almost certainly appeal quickly to the U.S. Supreme Court.

    Trump, the first president to use IEEPA to impose tariffs, has said the April tariffs were a response to persistent U.S. trade imbalances and declining U.S. manufacturing power.

    He said the tariffs against China, Canada and Mexico were appropriate because those countries were not doing enough to stop illegal fentanyl from crossing U.S. borders, a claim the countries have denied.

    The states and businesses challenging the tariffs argued that they are not permissible under IEEPA and that the U.S. Constitution grants Congress, and not the president, authority over tariffs and other taxes.

    “No trade law in 200 years has been interpreted to give the president this power,” Neal Katyal, a lawyer for the businesses, said.

    Judge Kimberly Moore challenged Benjamin Gutman, representing the state of Oregon, on his argument that the U.S. trade deficit is not an “unusual and extraordinary” threat that would trigger IEEPA’s emergency powers, noting that Trump said the trade deficit contributed to compromised military readiness.

    “That bothers me – I’m a little concerned about compromised military readiness,” Moore said. “How about you?”

    The case is being heard by a panel of all of the court’s active judges, eight appointed by Democratic presidents and three appointed by former Republican presidents.

    TRADE NEGOTIATIONS

    Tariffs are starting to build into a significant revenue source for the federal government, with customs duties in June quadrupling to about $27 billion, a record, and through June have topped $100 billion for the current fiscal year. That income could be crucial to offset lost revenue from Trump’s tax bill passed into law earlier this month.

    But economists say the duties threaten to raise prices for U.S. consumers and reduce corporate profits. Trump’s on-again, off-again tariff threats have roiled financial markets and disrupted U.S. companies’ ability to manage supply chains, production, staffing and prices.

    On May 28, a three-judge panel of the U.S. Court of International Trade said IEEPA did not authorize tariffs related to longstanding trade deficits.

    The Federal Circuit has allowed the tariffs to remain in place while the litigation continues.

    The case will have no impact on tariffs levied under more traditional legal authority, such as duties on steel and aluminum imports.

    Trump’s Department of Justice has argued that limiting the president’s tariff authority could undermine ongoing trade negotiations, while other Trump officials have said that negotiations have continued with little change after the initial setback in court.

    The president recently announced trade deals that set tariff rates on goods from the European Union and Japan, following smaller trade agreements with Britain, Indonesia and Vietnam.

    Trump has set an August 1 date for higher tariffs on countries that don’t negotiate new trade deals.

    Mexican President Claudia Sheinbaum said on Thursday that Trump would pause new tariffs set to go into effect on the U.S.’s southern neighbor and a 90-day period to work on a trade deal.

    (Reuters)

  • MIL-OSI Russia: Russia plans to open rail service to Laos via China — Russian President V. Putin

    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

    Moscow, July 31 /Xinhua/ — Given the growing flow of goods to and from Laos, Russia intends to open a railway connection with that country via China, Russian President Vladimir Putin said on Thursday following talks with Lao President Thongloun Sisoulith.

    The Russian leader pointed out that trade between Russia and Laos is currently actively developing. “Last year, trade turnover increased by 65 percent, and this year its growth rate was about 20 percent,” V. Putin noted.

    The Lao President is currently on an official visit to Russia. On Wednesday, he met with the chairman of the United Russia party and deputy chairman of the Russian Security Council Dmitry Medvedev. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese Embassy in Kyrgyzstan Holds Reception to Mark 98th Anniversary of Founding of PLA

    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

    BISHKEK, July 31 /Xinhua/ — The Chinese Embassy in Kyrgyzstan held a reception in Bishkek on July 29 to mark the 98th anniversary of the founding of the People’s Liberation Army (PLA).

    More than 400 people took part in the ceremonial event, including embassy diplomats, representatives of military and political circles of Kyrgyzstan, diplomatic missions of various countries, the Chinese diaspora and enterprises with Chinese capital.

    As Liu Weidong, Defense Attaché at the PRC Embassy in Kyrgyzstan, noted in his speech, in recent years, the PLA’s reforms in the defense and military spheres have been continuously deepening, the level of modernization and combat capabilities of the Chinese army have been steadily growing. According to him, under the strategic leadership of the heads of the two states, Chinese-Kyrgyz relations are experiencing the best period in their history, and the ties between the armies of the two countries are continuously developing in a healthy way.

    Liu Weidong stressed that the Chinese side is willing to strengthen exchanges and cooperation with the Kyrgyz side to jointly maintain peace and stability in the region and the world.

    In turn, Kyrgyz Defense Minister Ruslan Mukambetov congratulated the Chinese side on the upcoming holiday. He noted that the military personnel of the two countries maintain long-standing and strong ties that continue to expand and deepen both bilaterally and within the Shanghai Cooperation Organization, based on the principles of mutual trust and equality.

    The reception was held in a friendly and warm atmosphere. The participants of the event expressed their sincere wish that relations between the armies of China and Kyrgyzstan would rise to a new level. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: State Council executive meeting calls for high-quality economic performance in second half of 2025

    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 31 (Xinhua) — China’s State Council held an executive meeting on Thursday, calling for consolidating and accelerating the momentum of China’s economic recovery and improvement in the second half of 2025.

    The meeting, chaired by State Council Premier Li Qiang, focused on studying and implementing the main ideas outlined in an important speech by General Secretary of the Communist Party of China (CPC) Central Committee Xi Jinping on the current economic situation and economic work in the second half of the year.

    The meeting emphasized the need for a deep understanding of the CPC Central Committee’s scientific judgment on the economic situation, as well as further strengthening the sense of mission and responsibility in the context of carrying out high-quality economic work in the second half of the year.

    As noted, in implementing the annual development goals and targets, greater efforts should be made to improve the effectiveness of macroeconomic policies, more attention should be paid to stimulating the internal driving forces of economic growth, and development and security should be more effectively coordinated.

    The meeting participants also reviewed and approved a document on the large-scale commercial application of artificial intelligence, gave instructions on the implementation of a policy of subsidizing interest rates on consumer loans for personal purposes and loans for business entities in the service sector, and discussed and fundamentally approved a bill on the protection and improvement of the quality of arable land. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Europe: Written question – Costs of ETS and ETS2 – E-002980/2025

    Source: European Parliament

    Question for written answer  E-002980/2025
    to the Commission
    Rule 144
    Jacek Ozdoba (ECR)

    Member States are struggling with rising electricity costs. Rising energy costs are causing the EU to lose competitiveness to other countries, particularly China. Please answer the following questions:

    • 1.According to the Commission’s experts, what percentage of the cost of electricity bills in individual European countries is accounted for by EU charges and taxes, particularly ETS?
    • 2.According to the Commission’s calculations, how much will households pay after the introduction of ETS2? Please provide a detailed breakdown by Member State, together with the projected costs.

    Submitted: 17.7.2025

    Last updated: 31 July 2025

    MIL OSI Europe News –

  • MIL-OSI: Erayak Power Solution Group. Announces $7 Million Registered Direct Offering

    Source: GlobeNewswire (MIL-OSI)

    Wenzhou, China, July 31, 2025 (GLOBE NEWSWIRE) — Erayak Power Solution Group Inc. (NASDAQ: RAYA) (“Erayak” or the “Company”), a leading manufacturer, designer, and exporter of high-quality products in the power supply industry, today announced that it has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of an aggregate of 107,692,307 shares of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.065 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.0001 per share.

    The aggregate gross proceeds to the Company of this offering are expected to be approximately $7 million. The transaction is expected to close on or about August 1, 2025, subject to the satisfaction of customary closing conditions.

    Craft Capital Management is acting as the sole placement agent for the offering. 

    The registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-278347) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on May 16, 2024.

    The offering is being made only by means of a prospectus supplement and accompanying prospectus. The prospectus supplement describing the terms of the public offering will be filed with the SEC prior to the closing and will form a part of the effective registration statement, available on the SEC’s website located at http://www.sec.gov.

    Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Craft Capital Management, 377 Oak St., Lower Concourse, Garden City, NY 11530, Attention: Syndicate Dept.; email: info@craftcm.com

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Erayak Power Solution Group Inc.

    Erayak specializes in the manufacturing, research and development, and wholesale and retail of power solution products. Erayak’s product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products. Our products are used principally in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products. Our goal is to be the premier power solutions brand and a solution for mobile life and outdoor living. For more information, visit www.erayakpower.com.

    Safe Harbor Statement

    This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

    Investor Relations Contact:

    Erayak Power Solution Group Inc.
    No. 528, 4th Avenue
    Binhai Industrial Park
    Wenzhou, Zhejiang Province
    People’s Republic of China 325025

    Email: investor@erayakpower.com

    The MIL Network –

  • MIL-OSI Economics: Services trade growth slows in first quarter of 2025

    Source: World Trade Organization

    Services exports in Europe and North America increased by only 3% year-on-year in the first quarter of 2025, down from 8% and 11% respectively in the first quarter of 2024. In contrast, strong growth was sustained in Asia at 9%.

    The overall slowdown in services trade was mainly due to “Other commercial services,” a category that encompasses a wide variety of mostly digitally deliverable services ranging from financial to professional services (Chart 1). In 2024, “Other commercial services” accounted for some 60% of global services trade, with Europe contributing 40% of those exports (Chart 2).

    Chart 1: Commercial services trade growth by main sector, 2024Q1-2025Q1
    Year-on-year % change

    Note: Services trade measured as exports.
    Source: WTO-UNCTAD estimates.

    Chart 2: Structure of world exports of commercial services, 2024
    % shares

    Source: WTO-UNCTAD estimates.

    Chart 3 shows a deceleration across selected subsectors of “Other commercial services” in the first quarter of 2025 compared with the same period of 2024. Growth in “Other business services,” covering various professional, technical and trade-related services, as well as research and development services, moderated. The United States posted a subdued 4% year-on-year increase in “Other business services” following an 8% expansion in the same period of 2024. Exports by the European Union remained flat in US dollar terms, although they rose by 4% when measured in euros.

    Financial services exports grew by only 3% year-on-year in the first quarter of 2025, reflecting reduced investment activity amid increased global economic uncertainty. The sector was also affected by exchange rate movements, which dampened US dollar-denominated growth. Exports from both the European Union and the United States rose just 2% year-on-year while Switzerland’s exports fell by 3%. The United Kingdom, on the contrary, posted a robust 10% year-on-year increase sustained by double digit growth in exports to the United States (+13%).

    Intellectual property related services expanded by 4% year-on-year in the first three months of 2025 in comparison with a 7% growth in the same quarter of 2024. Global trade in IP-related services remains highly concentrated, with the European Union and the United States accounting for nearly 70% of exports in 2024. EU exports, measured in US dollars, rose by just 3% year-on-year, held back by exchange rate volatility, despite stronger underlying growth of 6% in euro terms.

    Global construction exports fell by 15% year-on-year in the first quarter of 2025, reversing part of the strong 25% growth recorded during the same period in 2024. The decline reflects weaker performance across several key economies, including China (-25%), which alone accounted for over 28% of global construction exports in 2024, the Republic of Korea (-15%), and the European Union (-6%). The downturn in the first quarter likely reflects delayed investment due to uncertainty and rising costs.

    Computer services exports were only marginally affected by the broader slowdown, as strong global demand for artificial intelligence (AI), digital transformation, and cybersecurity solutions continued to drive growth. This momentum is expected to persist, supported by ongoing business adaptation to new technologies and rising consumer preferences for digital services. During the period, India’s computer services exports grew by 13%, while Ireland recorded a 9% increase.

    Chart 3: Other commercial services exports by selected subsector, 2024 and Q1 2025
    Year-on-year % change

    Note: Sectors are ranked according to their relative share in services trade in 2024.
    Source: WTO estimates for Q1 2025 and Q1 2024; WTO-UNCTAD estimates for 2024.

     As for the other main sectors of commercial services, global transport exports were up 3% year-on-year in the first quarter of 2025, following rapid growth especially in the third and fourth quarter of 2024 due to frontloading. Asia recorded the fastest growth, up 10%, driven by a 31% rise in China, while Singapore and the Republic of Korea posted modest gains of 2%. Payments for shipping services increased by 19% in South and Central America and the Caribbean, as demand for goods surged.

    Despite a difficult economic and geopolitical context, international travel expanded by 5% year-on-year in the first quarter of 2025. For the first time since the pandemic, international tourist arrivals were 3% above 2019 levels according to UN Tourism data. In Asia, travel receipts grew by 13%, driven by China (+96%), Viet Nam (+33%), Japan (+25%) and Thailand (+18%) as tourism continues to recover in the region. By contrast, North America’s travel receipts fell by 1%.

    Services trade performance varied across major traders in the first five months of 2025 according to available monthly statistics. Double digit exports growth was recorded in Asian economies such as China (+13%, through June), India (+12%) and Japan (+11%). In North America, the United States and Canada saw diverging trends. US service exports rose by 5%, while Canada recorded a 6% decline. The EU’s service exports to non-member countries rose by 3%, while imports from outside the Union grew more sharply, increasing by 6%. The United Kingdom recorded marked growth, with exports up 9% and imports rising by 13%.

    Chart 4: Services export and import growth of selected economies, January-May 2025
    Year-on-year % change

    Note: Statistics for Brazil, China and Pakistan refer to January-June.
    Source : National sources and Eurostat.

    Quarterly statistics are estimates as of time of publication and subject to frequent revisions. They are available for download at WTO Stats, as well as monthly statistics. Annual services trade data and related visualizations can be accessed at WTO | Statistics — Global Services Trade Data Hub and WTO | World Trade Statistics 2024.

    Share

    MIL OSI Economics –

  • MIL-OSI Security: Two Men Charged For Nationwide Fraud Scheme Targeting Hundreds Of Elderly Victims

    Source: Office of United States Attorneys

    Jingbin Jiang and Su Jian Liu Are Charged With Participating in a Scheme That Attempted to Steal Over $18 Million From Over 350 Victims

    United States Attorney for the Southern District of New York, Jay Clayton; Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia; and Commissioner of the New York City Police Department (“NYPD”), Jessica S. Tisch,  announced charges against JINGBIN JIANG and SU JIAN LIU, a/k/a “Fatty,” a/k/a “Ah Pang,” for a scheme to defraud elderly victims across the United States, which attempted to steal over $18 million from over 350 victims and resulted in actual losses of over $5 million to over 70 victims.  JIANG was arrested in Staten Island this morning and will be presented today before U.S. Magistrate Judge Stewart D. Aaron.  LIU is still at large.  The case is assigned to U.S. District Judge Mary Kay Vyskocil.

    “As alleged, Jingbin Jiang and Su Jian Liu worked together with others to steal the hard-earned money of some our most vulnerable New Yorkers and others around the country,” said U.S. Attorney Jay Clayton.  “Taking advantage of our elderly after they have worked so hard to save and contributed so much to our city and this country is heartless and despicable.  These charges, and the efforts of the FBI and the NYPD, should serve as a warning to fraudsters and cybercriminals: New Yorkers want you held accountable for your crimes, and the women and men of our Office are committed to doing so.”

    “Jingbin Jiang and Su Jian Liu allegedly defrauded elderly victims of more than $5 million by utilizing extortionate tactics to coerce withdrawals of significant cash or purchases of gold,” said FBI Assistant Director Christopher G. Raia.  “This alleged conspiracy wielded fear of bankruptcy and arrest to ensure victims complied with the unlawful requests for money.  The FBI is committed to apprehending any individual who utilizes online platforms to target and exploit vulnerable victims across the country.”

    “These defendants allegedly led a nationwide fraud scheme with the goal of targeting innocent, elderly victims and stealing millions of their hard-earned savings,” said NYPD Commissioner Jessica S. Tisch.  “Jingbin Jiang and Su Jian Liu allegedly participated in a plot involving elaborate, fictitious narratives to manipulate elderly victims and trick them into participating in their scheme, which involved attempts to steal over $18 million from 350 people.  I am grateful to the members of the NYPD, FBI, and the U.S. Attorney’s Office for holding these alleged predatory fraudsters accountable.”

    According to the allegations in the Indictment unsealed today in Manhattan federal court:[1]

    Between at least in or about 2023 and in or about July 2025, JIANG and LIU participated with others in a fraudulent scheme that primarily targeted elderly victims located all across the United States, including in New York, New Jersey, Pennsylvania, Massachusetts, Texas, Washington, Wisconsin, California, Connecticut, Arizona, North Carolina, South Carolina, Missouri, Mississippi, Kentucky, Utah, Oregon, Colorado, and Montana.

    The scheme proceeded in the following manner: First, victims would typically see a pop-up message on their computers indicating that they needed to call a particular phone number controlled by members of the scheme.  The pop-up message would typically claim to come from a technology company, a bank, or the government.  Second, when victims called the phone number, they were told a fictitious narrative that would ultimately lead to a suggestion that the victims withdraw money from their bank account.  For example, some victims were falsely told that their computers had a virus, or that their computers had been hacked into and used to commit serious crimes, like downloading child sexual abuse material.  Others were falsely told that their bank accounts had been compromised and were vulnerable to unauthorized withdrawals.  To avoid arrest or protect their bank accounts from being compromised, victims were instructed to withdraw large amounts of cash from their bank accounts or purchase large quantities of gold.  Some victims were even told that their money would be safely held in the custody of a consumer protection agency like the Federal Trade Commission, and they were sent notices on fake federal government letterhead purporting to bear the signature of a federal government official:

    Third, many victims were told that a courier would be arriving at their home (or other coordinated pick-up location) to retrieve the gold and/or cash.  Victims were often provided with the courier’s name (which was fictitious), a description of the courier’s clothing, and sometimes a password, purportedly to ensure the courier was authorized to pick up the gold and/or cash.  Other victims were told to purchase and transfer cryptocurrency or gift cards, which did not require a courier.  Victims were typically under the impression that this gold and/or cash would then be deposited, on the victims’ behalf, into a new, safe, uncompromised bank account (or with the Federal Trade Commission, as noted above) that they could access without concern in the future.  In reality, these funds were stolen and never returned to the victims.  Some victims engaged in multiple transactions before realizing the fraudulent nature of the scheme.

    JIANG and LIU participated in the scheme by managing and supervising the couriers that traveled to meet the victims to pick up the cash and gold, which was then transported back to New York City.  JIANG and LIU received information about potential victims from other members of the scheme on text-messaging platforms, in messages that typically included the zip codes and the amounts of cash or gold to be collected from each victim. JIANG and LIU could then decide whether to accept the pick-up, and if they did, the other members of the scheme would provide more specific details about the victim and when and where to pick up the cash or gold.  After arranging for couriers to make the pick-ups, JIANG and LIU would provide updates to other members of the scheme about the couriers’ progress.  After the victims provided the criminal proceeds to the couriers, JIANG and LIU arranged for the criminal proceeds to be distributed to other members of the scheme, including by converting cash and gold into cryptocurrency to be easily transmitted to members of the scheme located overseas, including in India and China.  In total, members of the conspiracy have attempted to steal at least approximately $18 million from over 350 victims, and they have successfully stolen at least approximately $5 million from over 70 victims.

    If you or someone you know has been victimized by this scheme, please file a complaint with the FBI’s Internet Crime Complaint Center, which is available at ic3.gov.

    *                *                *

    JIANG, 37, of Staten Island, New York, and LIU, 38 of Edmond, Oklahoma, are both charged with one count of wire fraud conspiracy, which carries a maximum sentence of 20 years in prison; and one count of conspiracy to commit interstate transportation of stolen property, which carries a maximum sentence of five years in prison.

    The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendants will be determined by the judge.

    Mr. Clayton praised the investigative work of the FBI and NYPD’s Joint Organized Crime Task Force.  Mr. Clayton also thanked the New York State Police and the Bedford Police Department for their assistance in the investigation of this case.

    This case is being handled by the Office’s Violent & Organized Crime Unit. Assistant U.S. Attorneys Andrew K. Chan and Angela Zhu are in charge of the prosecution. 

    The charges contained in the Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

    [1] As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described herein should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI: Ruanyun Edai Technology Announces Financial Results for Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    NANCHANG, China, July 31, 2025 (GLOBE NEWSWIRE) — Ruanyun Edai Technology Inc. (“Ruanyun” or the “Company”) (NASDAQ: RYET), a leading AI-powered education technology company in China, today announced its financial results for the fiscal year ended March 31, 2025.

    Key Financial Performance Highlights

    • Revenue decreased by 27.0% to $6.7 million in FY2025, primarily due to declines in SmartHomework® platform development and digitalization services, despite significant increases in revenues from SmartHomework® software customization and content development, and licensing sales, which rose by 3117% and 5492%, respectively, along with a 70.4% growth in SmartExam® services driven by international expansion after the IPO.
    • Gross profit rose 29.1% to $3.8 million, with gross margin improving from 32.1% to 56.7%, driven by a shift to higher-margin software services.
    • As a result, net loss narrowed to $0.5 million from $2.1 million.

    Yan Fu, Founder and CEO of Ruanyun, commented: “In FY2025, despite our decrease in total revenue, our software customization and content development segment saw strong growth. As policy changes in China impacted revenue from some of our services, we’re strategically shifting towards higher-margin software and AI-based services like AI-OCR for greater efficiency and customer diversification.”

    “Aggressive cost management significantly strengthened our financials. Cost of revenue dropped by more than 50% to approximately $2.9 million. This led to a substantial 29.1% gross profit increase to approximately $3.8 million, expanding our gross margin by 24.6% to 56.7%. Consequently, our net loss narrowed significantly to approximately $0.5 million in FY2025 from approximately $2.1 million a year earlier.”

    “Looking ahead, our U.S. IPO has already enabled the international replication of our business model, demonstrated by services provided to Lorpzenst Innovations LLC in the United States. Furthermore, our advancements in AI-based digital technology services, particularly with AI-OCR, present broad applicability beyond our current focus. In Saudi Arabia our innovative Chinese language learning platform, HanLink, has already established local partnerships and we are structured to keep expanding in the Middle Eastern region. We believe that this technological foundation and our proven operational model position us well for potential expansion into vocational, postgraduate, and adult education sectors, as well as broader geographic markets. Ruanyun believes that these strategic shifts, combined with improved profitability and efficient cost management, lay the groundwork for sustainable long-term growth and enhanced value for our shareholders.”

    Fiscal Year 2025 Financial Results

      For fiscal years ended March 31
    In USD Millions, except %, differences due to rounding. 2025
    		   2024
    		   Variances
    %
    Total revenues 6.7   9.2   (27.0)  
    Cost of revenues 2.9   6.2   (53.5)  
    Gross profit 3.8   2.9   29.1  
    Loss from operations (0.5)   (2.1)   (77.1)  
    Net loss (0.5)   (2.1)   (75.3)  
                 

    Revenue
    The Company’s revenue has primarily come from two main product lines: SmartExam® solution and SmartHomework® solution. These solutions generate revenue through six core streams: platform development, other testing services, software customization and content development, licensing, personalized exercise books and MOTK Pro, and digitalization services.

    Revenue decreased by approximately $2.5 million, or 27.0%, from approximately $9.2 million in fiscal year 2024 to approximately $6.7 million in fiscal year 2025. The decrease in revenue primarily reflects a decrease in SmartHomework® solution digitalization services and SmartHomework® solution platform development, which was partially offset by an increase in SmartHomework® solution software customization and content development sales, as explained in details below.

    The following table presents our revenue breakdown for the years indicated in absolute amounts:

      For the years ended March 31
    USD million, except %, differences due to rounding 2025 2024 Variances
    %
    SmartExam® solution 0.7 0.6 15.5  
    SmartHomework® solution 6.0 8.6 (29.8)  
    Total revenues 6.7 9.2 (27.0)  
             

    SmartExam® Solution

    • Platform Development revenue decreased by $97,758, or 31.5%, to $212,377 in FY2025 from $310,135 in FY2024, due to a smaller project scale, despite completing one project each year. Future growth hinges on capturing market share in China’s computerized testing sector.
    • Other Services revenue jumped 70.4%, from $265,707 in FY2024 to $452,881 in FY2025. This growth is largely due to our U.S. IPO enabling international business replication, notably with Lorpzenst Innovations LLC in the United States.

    SmartHomework® Solution

    • Platform Development revenue decreased significantly by approximately $2.6 million, or 81.8%, to $571,658 in FY2025 from approximately $3.1 million in FY2024. This decline was primarily due to the high capital risk of upfront hardware investments and extended repayment cycles for domestic government projects, leading us to reduce these constructions.
    • Software Customization and Content Development revenue soared by 3117%, from $74,138 in FY2024 to approximately $2.4 million in FY2025. This surge was driven by standardized, rapidly replicable software products meeting customer needs and enabling robust market expansion in China.
    • Licensing revenue increased by 5492%, from $2,748 to $153,666, despite a decrease from two subscribers in FY2024 to one in FY2025. This significant growth is attributable to our standardized question bank’s broad applicability, extending our reach to higher-paying vocational education.
    • Personalized Exercise Book and MOTK Pro revenue decreased by $55,040, or 62%, from $88,815 in FY2024 to $33,775 in FY2025. The drop was primarily due to changes in Chinese education policies prohibiting direct value-added service fees to students/parents, an impact we couldn’t fully offset despite seeking new collaborations such as with telecom operators.
    • Digitalization Services revenue decreased by approximately $2.4 million, or 45.5%, from approximately $5.3 million in FY2024 to approximately $2.9 million in FY2025. This was largely due to Chinese education policies limiting supplementary materials. However, this service is no longer a core focus of Ruanyun as the Company transitions to AI-based digital technology services using proprietary AI Optical Character Recognition (AI-OCR). This technology efficiently processes and converts various documents and images, enabling intelligent recognition, automated data collection and processing, automated data entry and verification, and customized OCR solutions.

    Cost of Revenue

    Cost of revenue decreased by approximately $3.3 million, or 53.5%, from approximately $6.2 million in FY2024 to approximately $2.9 million in FY2025. The decrease was primarily attributable to the Company’s plan to discontinue businesses with significant hardware investment, reduce cost input, and increase gross profit.

    Gross Profit and Margin

    Gross profit increased by $855,732, or 29.1%, from approximately $2.9 million in FY2024 to approximately $3.8 million in FY2025. Gross margin increased by 24.6% from 32.1% in FY2024 to 56.7% in FY2025.

    This increase was primarily due to personnel optimization and a strategic shift towards higher-margin software development and service businesses, boosting overall gross profit.

    Operating Expenses

    Operating expenses decreased by $779,212, or 15.4%, from approximately $5.1 million in FY2024 to $4.3 million in FY2025. The decrease was primarily due to reductions in selling expenses and research and development expenses, partially offset by an increase in general and administrative expenses.

    Selling Expenses

    Selling expenses decreased by $583,900, or 24.7%, from approximately $2.4 million in FY2024 to approximately $1.8 million in FY2025. This decrease was primarily due to a reduction of $787,847 digital publishing expense, partially offset by an increase in consulting services. The decline in digital publishing expense aligns with the decrease in digitization service revenue.

    General and Administrative Expenses

    General and administrative expenses increased by $125,377, or 8.7%, from approximately $1.4 million in FY2024 to approximately $1.6 million in FY2025, while core administrative expenses remained flat.

    Research and Development Expenses

    Research and development expenses decreased by $320,689, or 25.6%, from approximately $1.3 million in FY2024 to approximately $0.9 million in FY2025. This decrease primarily resulted from lower employee compensation and benefits for early-stage research, reduced rent expense and other R&D expense reductions.

    Net loss

    Net losses for FY2025 and FY2024 were approximately $0.5 million and approximately $2.1 million, respectively. This was primarily attributable to the decrease in revenue not being able to cover costs and operating expenses.

    Cash balances

    As of March 31, 2025 and March 31, 2024, cash balances were approximately $0.7 million and $1.1 million, respectively.

    Recent Developments

    On July 11, 2025, Ruanyun announced partnership with the Confucius Institute at Prince Sultan University to bring its AI-powered HanLink platform to Saudi Arabia’s first national online Confucius Institute.

    On May 20, 2025, Ruanyun announced the successful launch and pilot of its innovative Chinese language learning platform, HanLink via a four-week trial at Riyadh’s Education & Skills International School in Saudi Arabia.

    On April 09, 2025, Ruanyun completed its initial public offering on the Nasdaq Stock Exchange, raising total gross proceeds of approximately $15 million, before deducting underwriting discounts and other offering expenses.

    About Ruanyun Edai Technology Inc.

    Ruanyun Edai Technology Inc. is an innovative AI-driven education technology company dedicated to transforming the K-12 education landscape in China. By leveraging proprietary AI-powered solutions, the Company provides intelligent learning tools, assessment platforms, and adaptive learning systems that enhance academic performance and streamline educational processes. Committed to modernizing education, the Company empowers schools, teachers, and students with cutting-edge teaching, learning, and evaluation tools through the integration of AI and the internet, fostering a more efficient and effective learning model. For more information, please visit: http://www.ruanyun.net/, https://investors.ruanyun.net/.

    Forward-Looking Statement

    This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    Investor Relations
    WFS Investor Relations Inc.

    Janice Wang
    Managing Partner
    Email: services@wealthfsllc.com
    Tel: +1 628 283 9214
    +86-1381-176-8559

    RUANYUN EDAI TECHNOLOGY INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
        As of March 31,
        2025       2024  
    Assets          
    Current assets          
    Cash $ 673,397     $ 1,101,235  
    Restricted cash   125,561       126,194  
    Accounts receivable, net   3,310,143       1,785,304  
    Due from related parties   11,410       37,506  
    Inventories   59,077       210,259  
    Deferred contract costs   63,392       379,284  
    Prepaid expenses and other current assets   35,923       269,339  
    Total current assets   4,278,903       3,909,121  
    Non-current assets          
    Property and equipment, net   460,314       405,365  
    Capitalized software development cost, net   202,166       357,264  
    Deferred offering Cost   838,804       441,067  
    Long term deposits   94,811       105,917  
    Total non-current assets   1,596,095       1,309,613  
    Total assets $ 5,874,998     $ 5,218,734  
    LIABILITIES          
    Current liabilities          
    Short-term bank loans $ 4,408,340     $ 2,471,374  
    Accounts payable   1,075,456       1,813,561  
    Deferred revenue   135,737       434,717  
    Due to related parties   43,289       63,403  
    Accrued expenses and other liabilities   718,327       406,540  
    Total Current Liabilities   6,381,149       5,189,595  
    Total non-current liabilities   –       –  
    Total liabilities   6,381,149       5,189,595  
    COMMITMENTS AND CONTINGENCIES          
    EQUITY          
    Ordinary shares (US$0.0002 par value, 5,000,000,000 shares authorized, 30,000,004 shares issued and outstanding as of March 31, 2025 and 2024)   6,000       6,000  
    Additional paid-in capital   15,210,301       15,210,301  
    Accumulated deficit   (15,630,351 )     (15,233,789 )
    Accumulated other comprehensive income   252,250       257,751  
    Total Ruanyun Group stockholders’ equity   (161,800 )     240,263  
    Non-controlling interest   (344,351 )     (211,124 )
    Total Equity   (506,151 )     29,139  
    Total liabilities and equity $ 5,874,998     $ 5,218,734  
                   
    RUANYUN EDAI TECHNOLOGY INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
               
        For the Years Ended
    March 31,    		     For the Years Ended
    March 31,
        2025       2024  
               
    Revenues from third parties $ 6,685,387     $ 9,154,072  
    Total revenues   6,685,387       9,154,072  
    Cost of revenues   (2,892,516 )     (6,216,933 )
    Gross profit   3,792,871       2,937,139  
    Operating expenses          
    Selling and marketing expenses   (1,784,837 )     (2,368,737 )
    General and administrative expenses   (1,563,423 )     (1,438,046 )
    Research and development expenses   (930,904 )     (1,251,593 )
    Total operating expenses   (4,279,164 )     (5,058,376 )
    Loss from operations   (486,293 )     (2,121,237 )
    Finance cost, net   (153,869 )     (203,779 )
    Government subsidy   11,811       264,250  
    Other income (expense), net   108,644       (43,308 )
    Loss before income taxes   (519,707 )     (2,104,074 )
    Income tax expenses   (16 )     –  
               
    Net loss   (519,723 )     (2,104,074 )
               
    Net loss attributable to non-controlling interests   (123,161 )     (97,948 )
               
    Net loss attributable to common shareholders   (396,562 )     (2,006,126 )
    COMPREHENSIVE LOSS          
    Net loss   (519,723 )     (2,104,074 )
    Unrealized foreign currency translation loss   (15,567 )     (20,450 )
    Comprehensive loss   (535,290 )     (2,124,524 )
    Less: comprehensive loss attributable to non-controlling interests   (133,227 )     (74,959 )
    Comprehensive loss attributable to common shareholders $ (402,063 )   $ (2,049,565 )
               
    Weighted average number of ordinary share outstanding          
    Basic and Diluted*   30,000,004       30,000,004  
    Loss per share          
    Basic and Diluted $ (0.01 )   $ (0.07 )
                   

    The MIL Network –

  • MIL-OSI: Monolithic Power Systems Provides Earnings Commentary for the Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., July 31, 2025 (GLOBE NEWSWIRE) — MPS will report its results after the market closes on July 31, 2025 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/98147401910.

    Q2 2025 Financial Summary           (Unaudited)
    GAAP
     
      Q2’25 Q1’25 Q2’24   QoQ Change YoY Change
    Revenue ($k) $664,574 $637,554 $507,431   Up 4.2% Up 31.0%
    Gross Margin 55.1% 55.4% 55.3%   Down 0.3 pts Down 0.2 pts
    Opex ($k) $201,258 $184,471 $164,042   Up 9.1% Up 22.7%
    Operating Margin 24.8% 26.5% 23.0%   Down 1.7 pts Up 1.8 pts
    Net income ($k) $133,726 $133,791 $100,366   Flat Up 33.2%
    Diluted EPS $2.78 $2.79 $2.05   Down 0.4% Up 35.6%
    Non-GAAP
     
      Q2’25 Q1’25 Q2’24   QoQ Change YoY Change
    Revenue ($k) $664,574 $637,554 $507,431   Up 4.2% Up 31.0%
    Gross Margin 55.5% 55.7% 55.7%   Down 0.2 pts Down 0.2 pts
    Opex ($k) $137,604 $133,526 $111,667   Up 3.1% Up 23.2%
    Operating Margin 34.8% 34.7% 33.7%   Up 0.1 pts Up 1.1 pts
    Net income ($k) $202,180 $193,813 $155,076   Up 4.3% Up 30.4%
    Diluted EPS $4.21 $4.04 $3.17   Up 4.2% Up 32.8%
    Tax Rate 15.0% 15.0% 12.5%   Flat Up 2.5 pts
    Revenue by End Market
     
        Revenue   YoY Change  % of Revenue
    End Market ($M)   Q2’25 Q2’24   $   % Q2’25   Q2’24  
    Storage & Computing     $195.3   $114.9     $80.4   70.0 % 29.4 % 22.7 %
    Automotive     145.1   87.2     57.9   66.4 % 21.8   17.2  
    Enterprise Data     144.0   187.2     (43.2 ) (23.1 %) 21.7   36.9  
    Communications     73.8   43.6     30.2   69.3 % 11.1   8.5  
    Consumer     59.7   42.2     17.5   41.5 % 9.0   8.3  
    Industrial     46.7   32.3     14.4   44.6 % 7.0   6.4  
    Total     $664.6   $507.4     $157.2   31.0 % 100 % 100 %


    Ongoing Business Conditions

    In Q2 2025, MPS achieved record quarterly revenue of $664.6 million, 4.2% higher than revenue in the first quarter of 2025 and 31.0% higher than revenue in the second quarter of 2024.

    Our performance during the quarter reflected the resilience of our diversified market strategy as we continued to see strong broad-based ordering patterns.

    Q2 2025 highlights include:

    • We continued to see diversified revenue growth across all our end markets.
    • We began initial shipments of our power solutions to support our customers new ASIC based AI products.
    • Storage and Compute revenue grew sequentially off a strong Q1 as we continued to see demand for both memory and notebook power solutions.

    MPS continues to focus on innovation, solving our customers’ most challenging problems, and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets, and to diversify our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and swiftly adapt to market changes as they occur.

    “Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.

    Q2’25 Revenue Results

    MPS reported second quarter revenue of $664.6 million, 4.2% higher than the first quarter of 2025 and 31.0% higher than the second quarter of 2024. Compared with the first quarter of 2025, sales improved sequentially across all end markets.

    Second quarter 2025 Industrial revenue of $46.7 million increased 9.6% from the first quarter of 2025 primarily due to higher sales for instrumentation and security applications. Second quarter 2025 Industrial revenue was up 44.6% year over year. Industrial revenue represented 7.0% of our total second quarter 2025 revenue compared with 6.7% in the first quarter of 2025.

    In our Enterprise Data market, second quarter 2025 revenue of $144.0 million increased 8.4% from the first quarter of 2025 from higher sales of our power management solutions for AI and server applications. Second quarter 2025 Enterprise Data revenue was down 23.1% year over year. Enterprise Data revenue represented 21.7% of our total second quarter 2025 revenue compared with 20.8% in the first quarter of 2025. Second quarter 2025 Consumer revenue of $59.7 million increased 4.9% from the first quarter of 2025 primarily from higher sales in monitors and gaming solutions. Second quarter 2025 Consumer revenue was up 41.5% year over year. Consumer revenue represented 9.0% of our total second quarter 2025 revenue compared with 8.9% in the first quarter of 2025.

    Second quarter 2025 Storage and Computing revenue of $195.3 million increased 3.6% from the first quarter of 2025. The sequential increase was primarily driven by higher sales of power solutions for notebooks as well as memory. Second quarter 2025 Storage and Computing revenue was up 70.0% year over year. Storage and Computing revenue represented 29.4% of MPS’s second quarter 2025 revenue compared with 29.6% in the first quarter of 2025.

    Second quarter 2025 Communications revenue of $73.8 million was up 2.8% from the first quarter of 2025 primarily on higher sales of power solutions for optical modules and routers. Second quarter 2025 Communications revenue was up 69.3% year over year. Communications sales represented 11.1% of our total second quarter 2025 revenue compared with 11.3% the first quarter of 2025.

    Second quarter Automotive revenue of $145.1 million increased 0.1% from the from the first quarter of 2025. Second quarter 2025 Automotive revenue was up 66.4% year over year. Automotive revenue represented 21.8% of MPS’s second quarter 2025 revenue compared with 22.7% in the first quarter of 2025.

    Q2’25 Gross Margin & Operating Income

    GAAP gross margin was 55.1%, down 0.3 percentage points compared to the first quarter of 2025. Our GAAP operating income was $164.8 million compared to $168.8 million reported in the first quarter of 2025.

    Non-GAAP gross margin for the second quarter of 2025 was 55.5%, down 0.2 percentage points compared to the first quarter of 2025. Our non-GAAP operating income was $231.2 million compared to $221.5 million reported in the first quarter of 2025.

    Q2’25 Operating Expenses

    Our GAAP operating expenses were $201.3 million in the second quarter of 2025 compared with $184.5 million in the first quarter of 2025.

    Our Non-GAAP operating expenses were $137.6 million, up from $133.5 million in the first quarter of 2025.

    The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan expense.

    Total stock-based compensation and related expenses, including approximately $1.9 million charged to cost of goods sold, was $60.3 million compared with $53.8 million recorded in the first quarter of 2025.

    The Bottom Line

    Second quarter 2025 GAAP net income was $133.7 million or $2.78 per fully diluted share, compared with $133.8 million or $2.79 per share in the first quarter of 2025.

    Second quarter 2025 non-GAAP net income was $202.2 million or $4.21 per fully diluted share, compared with $193.8 million or $4.04 per fully diluted share in the first quarter of 2025.

    Second quarter 2025 non-GAAP tax rate of 15% was flat to the first quarter of 2025.

    There were 48 million fully diluted shares outstanding at the end of the second quarter of 2025.

    Balance Sheet and Cash Flow

    Cash, cash equivalents and short-term investments were $1,146.1 million at the end of the second quarter of 2025 compared to $1,026.7 million at the end of the first quarter of 2025. For the second quarter of 2025, MPS generated operating cash flow of $237.6 million compared with the first quarter of 2025 operating cash flow of $256.4 million.

    Accounts receivable at the end of the second quarter of 2025 were $194.8 million, representing 27 days of sales outstanding, which was 4 days lower than the 31 days reported at the end of the first quarter of 2025.

    Our internal inventories at the end of the second quarter of 2025 were $490.6 million, up from $454.8 million at the end of the first quarter of 2025. Days of inventory of 150 days at the end of the second quarter of 2025 was 4 days higher than at the end of the first quarter of 2025.

    We continue to manage our internal inventories, balancing the uncertainty in the market with being prepared to capture market upturns as they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the second quarter of 139 days was flat to the end of the first quarter of 2025.

    Selected Balance Sheet and Inventory Data (Unaudited)
           
      Q2’25 Q1’25 Q2’24
    Cash, Cash Equivalents, and Short-Term Investments $ 1,146.1 M $ 1,026.7 M $ 1,307.2 M
    Operating Cash Flow $ 237.6 M $ 256.4 M $ 141.0 M
    Accounts Receivable $ 194.8 M $ 214.9 M $ 157.9 M
    Days of Sales Outstanding 27 Days 31 Days 28 Days
    Internal Inventories $ 490.6 M $ 454.8 M $ 426.8 M
    Days of Inventory (current quarter revenue) 150 Days 146 Days 171 Days
    Days of Inventory (next quarter revenue) 139 Days 139 Days 140 Days


    Q3’25 Business Outlook

    For the third quarter of 2025 ending September 30, we are forecasting:

    • Revenue in the range of $710 million to $730 million.
    • GAAP gross margin in the range of 54.9% to 55.5%.
    • Non-GAAP gross margin in the range of 55.2% to 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
    • Total stock-based compensation and related expenses in the range of $60.1 million to $62.1 million including approximately $1.8 million that would be charged to cost of goods sold.
    • GAAP operating expenses between $201.3 million and $207.3 million.
    • Non-GAAP operating expenses in the range of $143.0 million to $147.0 million. This estimate excludes stock-based compensation and related expenses in the range of $58.3 million to $60.3 million.
    • Interest and other income in the range from $6.4 million to $6.8 million before foreign exchange gains or losses.
    • Non-GAAP tax rate of 15% for 2025.
    • Fully diluted shares outstanding in the range of 47.9 to 48.3 million shares.

    For further information, contact:
    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com

    Safe Harbor Statement

    This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Q3’25 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain, our statement regarding the expected ramping of ASIC AI power products, our statement regarding geographically balanced capacity, our statement regarding our ability to capture future growth opportunities, maintain supply stability and swiftly adapt to market changes as they occur, and the quote from our CEO and founder, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the third quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our end markets, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures and announcements regarding same, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws (including the recent H.R.1 Act signed into law on July 4, 2025) or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures and announcements regarding same, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.

    Non-GAAP Financial Measures

    This earnings commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net, and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income, net, operating income and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense, amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.

    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
    (Unaudited, in thousands, except per share amounts)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Net income   $ 133,726     $ 100,366     $ 267,517     $ 192,907  
                                     
    Adjustments to reconcile net income to non-GAAP net income:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense, net     281       106       275       153  
    Tax effect     7,573       1,528       13,470       (5,628 )
    Non-GAAP net income   $ 202,180     $ 155,076     $ 395,993     $ 292,568  
                                     
    Non-GAAP net income per share:                                
    Basic   $ 4.22     $ 3.19     $ 8.27     $ 6.01  
    Diluted   $ 4.21     $ 3.17     $ 8.25     $ 5.98  
                                     
    Shares used in the calculation of non-GAAP net income per share:                                
    Basic     47,887       48,687       47,869       48,660  
    Diluted     48,019       48,945       48,012       48,935  
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Gross profit   $ 366,016     $ 280,578     $ 719,246     $ 533,019  
    Gross margin     55.1 %     55.3 %     55.2 %     55.2 %
                                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                                
    Stock-based compensation and related expenses     1,915       1,635       3,621       3,535  
    Amortization of acquisition-related intangible assets     287       339       574       597  
    Deferred compensation plan expense     605       100       442       540  
    Non-GAAP gross profit   $ 368,823     $ 282,652     $ 723,883     $ 537,691  
    Non-GAAP gross margin     55.5 %     55.7 %     55.6 %     55.7 %
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total operating expenses   $ 201,258     $ 164,042     $ 385,729     $ 320,996  
                                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                                
    Stock-based compensation and related expenses     (58,365 )     (51,069 )     (110,470 )     (100,938 )
    Amortization of acquisition-related intangible assets     (33 )     (33 )     (66 )     (66 )
    Deferred compensation plan expense     (5,256 )     (1,273 )     (4,063 )     (4,899 )
    Non-GAAP operating expenses   $ 137,604     $ 111,667     $ 271,130     $ 215,093  
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total operating income   $ 164,758     $ 116,536     $ 333,517     $ 212,023  
                                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense     5,861       1,373       4,505       5,439  
    Non-GAAP operating income   $ 231,219     $ 170,985     $ 452,753     $ 322,598  
    RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total other income, net   $ 12,220     $ 7,512     $ 17,351     $ 17,052  
                                     
    Adjustments to reconcile other income, net to non-GAAP other income, net:                                
    Deferred compensation plan income     (5,580 )     (1,266 )     (4,230 )     (5,285 )
    Non-GAAP other income, net   $ 6,640     $ 6,246     $ 13,121     $ 11,767  
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total income before income taxes   $ 176,978     $ 124,048     $ 350,868     $ 229,075  
                                     
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense, net     281       106       275       153  
    Non-GAAP income before income taxes   $ 237,859     $ 177,230     $ 465,874     $ 334,364  
    2025 THIRD QUARTER OUTLOOK
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
           
        Three Months Ending  
        September 30, 2025  
        Low
    		   High
    Gross margin     54.9 %     55.5 %
    Adjustment to reconcile gross margin to non-GAAP gross margin:                
    Stock-based compensation and other expenses     0.3 %     0.3 %
    Non-GAAP gross margin     55.2 %     55.8 %
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
         
        Three Months Ending
        September 30, 2025
        Low   High
    Operating expenses   $ 201,300     $ 207,300  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:                
    Stock-based compensation and other expenses     (58,300 )     (60,300 )
    Non-GAAP operating expenses   $ 143,000     $ 147,000  

    The MIL Network –

  • MIL-OSI: Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., July 31, 2025 (GLOBE NEWSWIRE) — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended June 30, 2025.

    The financial results for the quarter ended June 30, 2025 were as follows:

    • Revenue was $664.6 million for the quarter ended June 30, 2025, a 4.2% increase from $637.6 million for the quarter ended March 31, 2025 and a 31.0% increase from $507.4 million for the quarter ended June 30, 2024.
    • GAAP gross margin was 55.1% for the quarter ended June 30, 2025, compared with 55.3% for the quarter ended June 30, 2024.
    • Non-GAAP gross margin (1) was 55.5% for the quarter ended June 30, 2025, excluding the impact of $1.9 million for stock-based compensation and related expenses, $0.6 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with 55.7% for the quarter ended June 30, 2024, excluding the impact of $1.6 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan expense.
    • GAAP operating expenses were $201.3 million for the quarter ended June 30, 2025, compared with $164.0 million for the quarter ended June 30, 2024.
    • Non-GAAP operating expenses (1) were $137.6 million for the quarter ended June 30, 2025, excluding $58.4 million for stock-based compensation and related expenses and $5.3 million for deferred compensation plan expense, compared with $111.7 million for the quarter ended June 30, 2024, excluding $51.1 million for stock-based compensation and related expenses and $1.3 million for deferred compensation plan expense.
    • GAAP operating income was $164.8 million for the quarter ended June 30, 2025, compared with $116.5 million for the quarter ended June 30, 2024.
    • Non-GAAP operating income (1) was $231.2 million for the quarter ended June 30, 2025, excluding $60.3 million for stock-based compensation and related expenses, $5.9 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with $171.0 million for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $1.4 million for deferred compensation plan expense and $0.4 million for amortization of acquisition-related intangible assets.
    • GAAP other income, net was $12.2 million for the quarter ended June 30, 2025, compared with $7.5 million for the quarter ended June 30, 2024.
    • Non-GAAP other income, net (1) was $6.6 million for the quarter ended June 30, 2025, excluding $5.6 million for deferred compensation plan income, compared with $6.2 million for the quarter ended June 30, 2024, excluding $1.3 million for deferred compensation plan income.
    • GAAP income before income taxes was $177.0 million for the quarter ended June 30, 2025, compared with $124.0 million for the quarter ended June 30, 2024.
    • Non-GAAP income before income taxes (1) was $237.9 million for the quarter ended June 30, 2025, excluding $60.3 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.3 million for net deferred compensation plan expense, compared with $177.2 million for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $0.4 million for amortization of acquisition-related intangible assets and $0.1 million for net deferred compensation plan expense.
    • GAAP net income was $133.7 million and $2.78 per diluted share for the quarter ended June 30, 2025. Comparatively, GAAP net income was $100.4 million and $2.05 per diluted share for the quarter ended June 30, 2024.
    • Non-GAAP net income (1) was $202.2 million and $4.21 per diluted share for the quarter ended June 30, 2025, excluding $60.3 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets, $0.3 million for net deferred compensation plan expense and $7.6 million for related tax effects, compared with $155.1 million and $3.17 per diluted share for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $0.4 million for amortization of acquisition-related intangible assets, $0.1 million for net deferred compensation plan expense and $1.5 million for related tax effects.

    The financial results for the six months ended June 30, 2025 were as follows:

    • Revenue was $1,302.1 million for the six months ended June 30, 2025, a 34.9% increase from $965.3 million for the six months ended June 30, 2024.
    • GAAP gross margin was 55.2% for the six months ended June 30, 2025, flat as compared to the six months ended June 30, 2024.
    • Non-GAAP gross margin (1) was 55.6% for the six months ended June 30, 2025, excluding the impact of $3.6 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets and $0.4 million for deferred compensation plan expense, compared with 55.7% for the six months ended June 30, 2024, excluding the impact of $3.5 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets and $0.5 million for deferred compensation plan expense.
    • GAAP operating expenses were $385.7 million for the six months ended June 30, 2025, compared with $321.0 million for the six months ended June 30, 2024.
    • Non-GAAP operating expenses (1) were $271.1 million for the six months ended June 30, 2025, excluding $110.5 million for stock-based compensation and related expenses, $4.1 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets, compared with $215.1 million for the six months ended June 30, 2024, excluding $100.9 million for stock-based compensation and related expenses, $4.9 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets.
    • GAAP operating income was $333.5 million for the six months ended June 30, 2025, compared with $212.0 million for the six months ended June 30, 2024.
    • Non-GAAP operating income (1) was $452.8 million for the six months ended June 30, 2025, excluding $114.1 million for stock-based compensation and related expenses, $4.5 million for deferred compensation plan expense and $0.6 million for amortization of acquisition-related intangible assets, compared with $322.6 million for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $5.4 million for deferred compensation plan expense and $0.7 million for amortization of acquisition-related intangible assets.
    • GAAP other income, net was $17.4 million for the six months ended June 30, 2025, compared with $17.1 million for the six months ended June 30, 2024.
    • Non-GAAP other income, net (1) was $13.1 million for the six months ended June 30, 2025, excluding $4.2 million for deferred compensation plan income, compared with $11.8 million for the six months ended June 30, 2024, excluding $5.3 million for deferred compensation plan income.
    • GAAP income before income taxes was $350.9 million for the six months ended June 30, 2025, compared with $229.1 million for the six months ended June 30, 2024.
    • Non-GAAP income before income taxes (1) was $465.9 million for the six months ended June 30, 2025, excluding $114.1 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets and $0.3 million for net deferred compensation plan expense, compared with $334.4 million for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $0.7 million for amortization of acquisition-related intangible assets and $0.2 million for net deferred compensation plan expense.
    • GAAP net income was $267.5 million and $5.57 per diluted share for the six months ended June 30, 2025. Comparatively, GAAP net income was $192.9 million and $3.94 per diluted share for the six months ended June 30, 2024.
    • Non-GAAP net income (1) was $396.0 million and $8.25 per diluted share for the six months ended June 30, 2025, excluding $114.1 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets, $0.3 million for net deferred compensation plan expense and $13.5 million for related tax effects, compared with $292.6 million and $5.98 per diluted share for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $0.7 million for amortization of acquisition-related intangible assets, $0.2 million for net deferred compensation plan expense and $5.6 million for related tax effects.

    The following is a summary of revenue by end market (in thousands):

        Three Months Ended June 30,   Six Months Ended June 30,
    End Market   2025   2024   2025   2024
    Storage and Computing   $ 195,320     $ 114,955     $ 383,831     $ 221,076  
    Automotive     145,132       87,193       290,036       174,285  
    Enterprise Data     143,964       187,211       276,888       336,938  
    Communications     73,783       43,566       145,454       90,211  
    Consumer     59,663       42,229       116,610       80,303  
    Industrial     46,712       32,277       89,309       62,503  
    Total   $ 664,574     $ 507,431     $ 1,302,128     $ 965,316  

    “Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS. 

    Business Outlook

    The following are MPS’s financial targets for the third quarter ending September 30, 2025:

    • Revenue in the range of $710.0 million to $730.0 million.
    • GAAP gross margin between 54.9% and 55.5%. Non-GAAP gross margin (1) between 55.2% and 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
    • GAAP operating expenses between $201.3 million and $207.3 million. Non-GAAP operating expenses (1) between $143.0 million and $147.0 million, which excludes estimated stock-based compensation and related expenses in the range of $58.3 million to $60.3 million.
    • Total stock-based compensation and related expenses of $60.1 million to $62.1 million including approximately $1.8 million that would be charged to cost of goods sold.
    • Interest and other income in the range of $6.4 million to $6.8 million before foreign exchange gains or losses.
    • Non-GAAP tax rate of 15% for 2025.
    • Fully diluted shares outstanding between 47.9 million and 48.3 million.

    (1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, operating income, other income, net and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense, amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to non-GAAP reconciliations in the tables set forth below.

    Earnings Commentary
    Earnings commentary on the results of operations for the quarter ended June 30, 2025 is available under the Investor Relations page on the MPS website.

    Earnings Webinar
    MPS plans to host a question-and-answer webinar covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, July 31, 2025. The live event will be held via a Zoom webcast, which can be accessed at: https://mpsic.zoom.us/j/98147401910. The Zoom webcast can also be accessed live over the phone by dialing (669) 444-9171; the webcast ID is 98147401910. A replay of the event will be archived and available for replay for one year under the Investor Relations page on the MPS website.

    Safe Harbor Statement
    This press release contains, and statements that will be made during the accompanying earnings webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Business Outlook” section and the quote from our CEO herein, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the third quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying earnings webinar are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures and announcements regarding same, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws (including the recent H.R.1 Act signed into law on July 4, 2025) or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if our tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures and announcements regarding same, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this press release or in the accompanying earnings webinar.

    About Monolithic Power Systems

    Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

    Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries. 

    Contact:
    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com 

     
    Monolithic Power Systems, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited, in thousands, except par value)
     
        June 30,   December 31,
        2025   2024
    ASSETS                
    Current assets:                
    Cash and cash equivalents   $ 787,382     $ 691,816  
    Short-term investments     358,695       171,130  
    Accounts receivable, net     194,821       172,518  
    Inventories     490,642       419,611  
    Other current assets     87,217       109,978  
    Total current assets     1,918,757       1,565,053  
    Property and equipment, net     563,885       494,945  
    Acquisition-related intangible assets, net     9,364       9,938  
    Goodwill     25,944       25,944  
    Deferred tax assets, net     1,309,981       1,326,840  
    Other long-term assets     144,279       194,377  
    Total assets   $ 3,972,210     $ 3,617,097  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Current liabilities:                
    Accounts payable   $ 129,919     $ 102,526  
    Accrued compensation and related benefits     81,296       63,918  
    Other accrued liabilities     172,293       128,123  
    Total current liabilities     383,508       294,567  
    Income tax liabilities     73,185       65,193  
    Other long-term liabilities     113,449       111,570  
    Total liabilities     570,142       471,330  
    Commitments and contingencies                
    Stockholders’ equity:                
    Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 47,892 and 47,823, respectively     822,582       706,817  
    Retained earnings     2,603,177       2,487,461  
    Accumulated other comprehensive loss     (23,691 )     (48,511 )
    Total stockholders’ equity     3,402,068       3,145,767  
    Total liabilities and stockholders’ equity   $ 3,972,210     $ 3,617,097  
                     
    Monolithic Power Systems, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited, in thousands, except per share amounts)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Revenue   $ 664,574     $ 507,431     $ 1,302,128     $ 965,316  
    Cost of revenue     298,558       226,853       582,882       432,297  
    Gross profit     366,016       280,578       719,246       533,019  
    Operating expenses:                                
    Research and development     96,266       77,945       188,493       153,935  
    Selling, general and administrative     104,992       86,097       197,236       167,061  
    Total operating expenses     201,258       164,042       385,729       320,996  
    Operating income     164,758       116,536       333,517       212,023  
    Other income, net     12,220       7,512       17,351       17,052  
    Income before income taxes     176,978       124,048       350,868       229,075  
    Income tax expense     43,252       23,682       83,351       36,168  
    Net income   $ 133,726     $ 100,366     $ 267,517     $ 192,907  
                                     
    Net income per share:                                
    Basic   $ 2.79     $ 2.06     $ 5.59     $ 3.96  
    Diluted   $ 2.78     $ 2.05     $ 5.57     $ 3.94  
    Weighted-average shares outstanding:                                
    Basic     47,887       48,687       47,869       48,660  
    Diluted     48,019       48,945       48,012       48,935  
                                     
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
    (Unaudited, in thousands, except per share amounts)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Net income   $ 133,726     $ 100,366     $ 267,517     $ 192,907  
                                     
    Adjustments to reconcile net income to non-GAAP net income:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense, net     281       106       275       153  
    Tax effect     7,573       1,528       13,470       (5,628 )
    Non-GAAP net income   $ 202,180     $ 155,076     $ 395,993     $ 292,568  
                                     
    Non-GAAP net income per share:                                
    Basic   $ 4.22     $ 3.19     $ 8.27     $ 6.01  
    Diluted   $ 4.21     $ 3.17     $ 8.25     $ 5.98  
                                     
    Shares used in the calculation of non-GAAP net income per share:                                
    Basic     47,887       48,687       47,869       48,660  
    Diluted     48,019       48,945       48,012       48,935  
                                     
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Gross profit   $ 366,016     $ 280,578     $ 719,246     $ 533,019  
    Gross margin     55.1 %     55.3 %     55.2 %     55.2 %
                                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                                
    Stock-based compensation and related expenses     1,915       1,635       3,621       3,535  
    Amortization of acquisition-related intangible assets     287       339       574       597  
    Deferred compensation plan expense     605       100       442       540  
    Non-GAAP gross profit   $ 368,823     $ 282,652     $ 723,883     $ 537,691  
    Non-GAAP gross margin     55.5 %     55.7 %     55.6 %     55.7 %
                                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total operating expenses   $ 201,258     $ 164,042     $ 385,729     $ 320,996  
                                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                                
    Stock-based compensation and related expenses     (58,365 )     (51,069 )     (110,470 )     (100,938 )
    Amortization of acquisition-related intangible assets     (33 )     (33 )     (66 )     (66 )
    Deferred compensation plan expense     (5,256 )     (1,273 )     (4,063 )     (4,899 )
    Non-GAAP operating expenses   $ 137,604     $ 111,667     $ 271,130     $ 215,093  
                                     
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total operating income   $ 164,758     $ 116,536     $ 333,517     $ 212,023  
                                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense     5,861       1,373       4,505       5,439  
    Non-GAAP operating income   $ 231,219     $ 170,985     $ 452,753     $ 322,598  
                                     
    RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total other income, net   $ 12,220     $ 7,512     $ 17,351     $ 17,052  
                                     
    Adjustments to reconcile other income, net to non-GAAP other income, net:                                
    Deferred compensation plan income     (5,580 )     (1,266 )     (4,230 )     (5,285 )
    Non-GAAP other income, net   $ 6,640     $ 6,246     $ 13,121     $ 11,767  
                                     
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total income before income taxes   $ 176,978     $ 124,048     $ 350,868     $ 229,075  
                                     
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense, net     281       106       275       153  
    Non-GAAP income before income taxes   $ 237,859     $ 177,230     $ 465,874     $ 334,364  
                                     
    2025 THIRD QUARTER OUTLOOK
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
        Three Months Ending
        September 30, 2025
        Low   High
    Gross margin     54.9 %     55.5 %
    Adjustment to reconcile gross margin to non-GAAP gross margin:                
    Stock-based compensation and other expenses     0.3 %     0.3 %
    Non-GAAP gross margin     55.2 %     55.8 %
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
        Three Months Ending
        September 30, 2025
        Low   High
    Operating expenses   $ 201,300     $ 207,300  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:                
    Stock-based compensation and other expenses     (58,300 )     (60,300 )
    Non-GAAP operating expenses   $ 143,000     $ 147,000  
                     

    The MIL Network –

  • MIL-OSI: NCS Multistage to Acquire ResMetrics, Further Expanding Tracer Diagnostics Offering

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 31, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (NASDAQ:NCSM) (“NCS” or the “Company”) today announced that it has acquired ResMetrics LLC (“ResMetrics”), a leading provider of chemical tracer diagnostics services used by oil and gas operators to validate reservoir development strategies, improve hydraulic fracture stimulation designs, evaluate inter-well connectivity, and optimize enhanced oil recovery injection programs, complementing and further strengthening NCS’s tracer diagnostics capabilities.

    “I am excited to welcome the ResMetrics team to NCS,” said Ryan Hummer, NCS’s Chief Executive Officer. “ResMetrics brings trusted chemical tracer technologies that complement our existing capabilities, enhancing our ability to deliver actionable insights that help customers maximize well performance and financial returns.”

    “ResMetrics has built a strong reputation for delivering high quality and reliable tracer diagnostics services to our customers,” said Sharad Behal, Chief Executive Officer of ResMetrics. “We expect that joining together with NCS will accelerate our growth and increase the breadth of diagnostics and other solutions available to our customers.”

    ResMetrics was built in conjunction with CSL Capital Management. Charlie Leykum, Founding Partner and CEO of CSL, expressed his admiration for the achievements of the ResMetrics team, stating, “I am incredibly proud of the dedication and innovation demonstrated by ResMetrics since its founding. Their commitment to advancing tracer diagnostics and delivering value to customers has solidified their leadership position in the industry. We are excited to see ResMetrics enter this next chapter with NCS and look forward to all that the future holds for the company and its talented team.”

    Shook, Hardy and Bacon L.L.P. served as legal advisor to NCS. Piper Sandler acted as exclusive financial advisor and Winston Strawn LLP served as legal advisor to ResMetrics.

    NCS will provide additional details on the ResMetrics acquisition during its second quarter earnings conference call scheduled for August 1, 2025.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    ResMetrics, LLC is a leading provider of oilfield tracer services, leveraging robust quality control systems and its state-of-the-art analytical laboratory to ensure accurate results. ResMetrics provides its customers with valuable data to assess and improve completion designs and to efficiently optimize reservoir development and production, including in enhanced oil recovery and high-temperature applications. ResMetrics provides its services primarily in the United States, the UAE and Kuwait.

    Contact:
    Mike Morrison
    Chief Financial Officer and Treasurer
    +1 281-453-2222
    IR@ncsmultistage.com

    The MIL Network –

  • MIL-OSI USA: Non-Partisan Watchdog: President Trump and Russ Vought Continue to Steal from America’s Students and Schools

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Toledo, OH — Today, the non-partisan Government Accountability Office (GAO) issued a decision finding that the Department of Energy violated the Impoundment Control Act. After investigating delayed awards for the Department of Energy’s Renew America’s Schools Program, GAO confirmed what we already knew: President Trump and Office of Management and Budget (OMB) Director Russ Vought’s theft of appropriated funds violates the Impoundment Control Act.

    This decision respects Congress’s constitutional primacy over appropriations and the Congress’s role in passing annual appropriations Acts, including appropriations to provide funding for schools to help schools decrease energy costs, improve indoor air quality, and foster healthier learning environments.

    “GAO’s legal determination confirms the illegality of DOE’s wider pattern of freezing appropriated funds for energy programs. DOE’s delays of critical energy funding for policy reasons lay bare an appalling betrayal of working families,” said Energy and Water Development and Related Agencies Appropriations Subcommittee Ranking Member Marcy Kaptur (OH-09). “These program freezes cede our global clean energy leadership to Communist China and force Americans to pay higher energy bills. DOE’s partisan overreach must end now. They must release the funds immediately so communities and families can drive down costs, improve our infrastructure, and secure America’s energy independence in perpetuity.”

    “President Trump, Russ Vought, and Secretary Wright continue to steal from Americans to concentrate absolute power in the executive branch. This time, they are stealing from our nation’s schoolchildren, who deserve a healthy environment to learn in – and from school districts looking to lower their energy costs. The Government Accountability Office (GAO), our government’s preeminent nonpartisan watchdog, has yet again plainly demonstrated that the Department of Energy is engaged in a broad pattern of unlawfully freezing critical energy investments, forcing Americans to pay higher energy bills,” said House Appropriations Committee Ranking Member Rosa DeLauro (CT-03). “Their unlawful impoundments are not limited to Renew America’s Schools; they are threatening vital clean energy and efficiency initiatives that help drive down costs and modernize our infrastructure. I will continue to say it: Russ Vought is behind the lawless destruction and upheaval of our government and must be removed from his position. Russ Vought is an unelected bureaucrat, much like those he professes to detest, and he has decided that his views, and his priorities, are superior to the priorities, directives, and decisions of the Democratic and Republican representatives in the United States Congress. He has shown time and again that he is willing to break the law and hurt Americans in order to fund tax breaks for billionaires and big corporations. He must be stopped.”

    The US Department of Energy (DOE) launched the $500 Million Renew America’s Schools Program to promote the implementation of energy improvements at K-12 public schools across the country. This first-of-its-kind investment aims to help school communities make energy upgrades that will decrease energy use and costs, improve indoor air quality, and foster healthier learning environments. To date, the Renew America’s Schools Program has invested hundreds of millions in public school districts across America, supporting capacity-building initiatives for energy management at over two dozen Local Educational Agencies (LEAs), and funding improvement projects at more than 400 facilities across 36 states – directly benefitting over 197,000 students and 14,000 teachers.

    In April, Ranking Member DeLauro and Vice Chair Murray first released a joint tracker on the funds President Trump and Russ Vought are stealing from American communities. This tracker — the first of its kind — puts a spotlight on the frozen funds across our government, including the $77 Billion for Department of Energy programs. See the updated tracker here.

    Ranking Member DeLauro has been sounding the alarm on impoundment since President Trump was reelected. In December 2024, she released this fact sheet laying the groundwork on President Trump’s uninformed and unconstitutional impoundment plan.

    # # #

    MIL OSI USA News –

  • MIL-OSI: NCS Multistage Holdings, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter Results

    • Total revenues of $36.5 million, a 23% year-over-year improvement
    • Net income of $0.9 million and diluted earnings per share of $0.34, which includes a positive impact of $1.4 million related to the release of our deferred tax valuation allowance in Canada
    • Adjusted EBITDA of $2.2 million, a $1.3 million year-over-year improvement   
    • $25.4 million in cash and $7.7 million of total debt as of June 30, 2025

    HOUSTON, July 31, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended June 30, 2025.

    Review and Outlook

    NCS’s Chief Executive Officer, Ryan Hummer commented, “Our team at NCS has continued to enable strong operational and financial performance in an industry and market environment marked by uncertainty. Our revenue and Adjusted EBITDA for the second quarter exceeded the high end of the expectations we provided in our last earnings call and our year-over-year revenue improvement for the quarter of 23% outperformed industry activity levels, demonstrating the value we bring to our customers.

    Furthermore, our revenue and Adjusted EBITDA for the first six months of 2025 have improved by $12.9 million, or 18%, and $3.4 million, or 49%, respectively, as compared to 2024, as we continue to benefit from our core strategies of building upon our leading market positions, capitalizing on international and offshore opportunities and commercializing innovative solutions to complex customer challenges.

    We have maintained our strong balance sheet, ending the second quarter with over $25 million in cash and over $17 million in availability under our undrawn credit facility and only $8 million in debt, comprised entirely of capital leases.

    We’re also excited to announce today’s acquisition of Reservoir Metrics, LLC, and its related entities (“ResMetrics”). ResMetrics, a leader in reservoir analysis utilizing chemical tracer technology, is a profitable and rapidly growing business serving a high-quality customer base in the U.S. and internationally. For the trailing twelve months ended June 30, 2025, ResMetrics’ unaudited revenue was over $10 million with an EBITDA margin of over 30%. We believe that ResMetrics’ business is highly complementary with NCS’s tracer diagnostics service line, and we look forward to working with the ResMetrics team to deliver valuable and actionable reservoir insights to our customers. This all-cash transaction represents a strategic fit for NCS operationally, a strategic use of our balance sheet, and adds to our talented team.

    This has been a strong start to 2025 for NCS and we remain cautiously optimistic about the second half of the year. That optimism is tempered by market conditions that have continued to deteriorate, with continued U.S. rig count declines, a slower than normal rig count recovery in Canada following spring break-up, the potential for an oversupplied oil market in late 2025 as announced OPEC+ oil supply increases materialize, and ongoing uncertainties related to tariffs and trade.

    I want to extend my continued appreciation to the outstanding teams at NCS and Repeat Precision and welcome the ResMetrics team to NCS. Our results, and the opportunities ahead, reflect the vision, ability and commitment of our people and our aligned pursuit of NCS’s strategic priorities. We have the right people, the right technology, and the right strategies in place to deliver tangible benefits to our customers, develop industry solutions, and create shareholder value.”

    Financial Review

    Total revenues were $36.5 million for the quarter ended June 30, 2025 compared to $29.7 million for the second quarter of 2024. Revenue growth was driven primarily by increased fracturing systems activity and frac plug sales in Canada and the United States. The increase for Canada occurred despite a decline in Canadian rig counts during 2025, reflecting more activity with customers that remained active during spring break-up. Our international revenues decreased primarily due to reduced tracer diagnostics activity in the Middle East, partially offset by higher sales of well construction products in the Middle East and fracturing systems equipment in the North Sea.

    Compared to the first quarter of 2025, total revenues decreased by 27%, primarily due to a decrease in Canada of 52%, attributable to the normal seasonal decline associated with spring break-up, partially offset by an increase of 67% in international revenues and a 45% increase in U.S. revenues.

    Gross profit was $12.3 million, or a gross margin of 34%, for the second quarter of 2025, compared to $11.3 million, or a gross margin of 38%, for the second quarter of 2024. Gross margin for 2025 declined, reflecting the mix of products sold and services provided during the respective periods. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $13.0 million, or an adjusted gross margin of 36%, for the second quarter of 2025, compared to $12.0 million, or 40%, for the second quarter of 2024.

    Selling, general and administrative (“SG&A”) expenses totaled $13.6 million for the second quarter of 2025, a decrease of $1.2 million compared to the same period in 2024, with a decrease in professional fees, lower payroll and employee benefit expenses, and a decrease in research and development expense, partially offset by higher share-based compensation expense attributable to cash settled awards remeasured at the balance sheet date based on the price of our common stock.

    Other income was $1.6 million for the second quarter of 2025 compared to $2.2 million for the second quarter of 2024. The decline in other income reflects a reduction in the amount attributable to the technical services and assistance agreement with our local partner in Oman, as the program ended in November 2024, with no contribution associated with this agreement in the second quarter of 2025. In addition, there was a year-over-year decrease in royalty income earned from licensees for these periods, as the second quarter of 2024 included an initial payment from a new licensee reflecting both current and certain historical volumes.

    Income tax benefit was $1.0 million for the second quarter of 2025 compared to an expense of $0.3 million for the second quarter of 2024. As of June 30, 2025, we reversed a portion of the valuation allowance previously recorded against the deferred tax assets of our Canadian operating subsidiary due to sustained improvements in operating results, including a return to profitability and forecasts of future taxable income that are sufficient to realize the remaining deferred tax assets. The reversal of the valuation allowance resulted in a deferred income tax benefit of $1.4 million during the period ended June 30, 2025. 

    Net income was $0.9 million, or $0.34 per diluted share, for the quarter ended June 30, 2025 compared to a net loss of $(3.1) million, or $(1.21) per share for the quarter ended June 30, 2024. 

    Adjusted EBITDA was $2.2 million for the quarter ended June 30, 2025, an increase of $1.3 million compared to the same period a year ago. This improvement is primarily the result of an increase in revenues and lower SG&A expenses. Adjusted EBITDA margin of 6% for the quarter ended June 30, 2025, compared to 3% for the same period a year ago. 

    Cash flow from operating activities for the six months ended June 30, 2025 was a source of cash of $1.9 million, a $2.2 million decrease compared to the same period in 2024. For the six months ended June 30, 2025, free cash flow less distributions to non-controlling interest was a source of cash of $0.5 million compared to $3.2 million for the same period in 2024. The overall change in free cash flow was largely attributed to our change in net working capital including payment of incentive bonuses and cash-settled awards in the first quarter of 2025 and an increase in the amount distributed to our non-controlling interest in 2025, partially offset by an increase in net income in 2025.

    Liquidity and Capital Expenditures

    As of June 30, 2025, NCS had $25.4 million in cash, $7.7 million in total indebtedness related to finance lease obligations, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $17.2 million. Our working capital, defined as current assets minus current liabilities, was $87.2 million and $80.2 million as of June 30, 2025 and December 31, 2024, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.0 million and $56.4 million as of June 30, 2025 and December 31, 2024, respectively. The increase in net working capital was primarily attributable to an increase in accounts receivable and inventory and a decrease in accrued expenses and other current liabilities due in part to payment of our 2024 incentive bonus and cash-settled awards in the first quarter of 2025, partially offset by an increase in accounts payable. 

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.5 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.

    Strategic Acquisition of Reservoir Metrics, LLC

    On July 31, 2025, we acquired 100% of the equity interests of ResMetrics, a provider of tracer diagnostics services, for $5.9 million, on a cash-free, debt-free basis, in cash and assumed debt, subject to a working capital adjustment, with an additional earn-out of up to $1.3 million to be paid in early 2026, depending solely on changes in international trade tariff rates for certain chemical imports during 2025. We believe the purchase of ResMetrics will further expand and complement our existing tracer diagnostics offerings.

    Conference Call

    The Company will host a conference call to discuss its second quarter 2025 results and latest earnings guidance on Friday, August 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. The live webcast can also be accessed by visiting the Investors section of the Company’s website at ir.ncsmultistage.com. It is recommended that participants join at least 10 minutes prior to the event start.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including tax policies, anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning; our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Revenues                                
    Product sales   $ 27,776     $ 19,022     $ 62,842     $ 50,780  
    Services     8,678       10,668       23,617       22,768  
    Total revenues     36,454       29,690       86,459       73,548  
    Cost of sales                                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     18,214       12,209       38,566       31,901  
    Cost of services, exclusive of depreciation and amortization expense shown below     5,242       5,510       13,040       12,105  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     23,456       17,719       51,606       44,006  
    Selling, general and administrative expenses     13,626       14,820       29,821       28,650  
    Depreciation     1,235       1,134       2,439       2,207  
    Amortization     167       167       334       334  
    (Loss) income from operations     (2,030 )     (4,150 )     2,259       (1,649 )
    Other income (expense)                                
    Interest expense, net     (68 )     (115 )     (110 )     (215 )
    Other income, net     1,563       2,203       2,446       3,340  
    Foreign currency exchange gain (loss), net     1,201       (507 )     1,198       (1,005 )
    Total other income     2,696       1,581       3,534       2,120  
    Income (loss) before income tax     666       (2,569 )     5,793       471  
    Income tax (benefit) expense     (1,032 )     270       (359 )     757  
    Net income (loss)     1,698       (2,839 )     6,152       (286 )
    Net income attributable to non-controlling interest     774       256       1,172       739  
    Net income (loss) attributable to NCS Multistage Holdings, Inc.   $ 924     $ (3,095 )   $ 4,980     $ (1,025 )
    Earnings (loss) per common share                                
    Basic earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 0.36     $ (1.21 )   $ 1.93     $ (0.41 )
    Diluted earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 0.34     $ (1.21 )   $ 1.84     $ (0.41 )
    Weighted average common shares outstanding                                
    Basic     2,594       2,548       2,581       2,528  
    Diluted     2,734       2,548       2,704       2,528  
     
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    (Unaudited)
     
        June 30,     December 31,  
        2025     2024  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 25,372     $ 25,880  
    Accounts receivable—trade, net     34,216       31,513  
    Inventories, net     43,510       40,971  
    Prepaid expenses and other current assets     2,707       2,063  
    Other current receivables     5,165       5,143  
    Total current assets     110,970       105,570  
    Noncurrent assets                
    Property and equipment, net     20,470       21,283  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,356       3,690  
    Operating lease assets     5,468       5,911  
    Deposits and other assets     622       712  
    Deferred income taxes, net     1,869       424  
    Total noncurrent assets     47,007       47,242  
    Total assets   $ 157,977     $ 152,812  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 9,997     $ 8,970  
    Accrued expenses     6,803       8,351  
    Income taxes payable     790       683  
    Operating lease liabilities     1,685       1,602  
    Current maturities of long-term debt     2,200       2,141  
    Other current liabilities     2,331       3,672  
    Total current liabilities     23,806       25,419  
    Noncurrent liabilities                
    Long-term debt, less current maturities     5,462       6,001  
    Operating lease liabilities, long-term     4,338       4,891  
    Other long-term liabilities     206       206  
    Deferred income taxes, net     186       186  
    Total noncurrent liabilities     10,192       11,284  
    Total liabilities     33,998       36,703  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024     —       —  
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,607,362 shares issued and 2,540,849 shares outstanding at June 30, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024     26       26  
    Additional paid-in capital     448,582       447,384  
    Accumulated other comprehensive loss     (85,916 )     (87,604 )
    Retained deficit     (254,044 )     (259,024 )
    Treasury stock, at cost, 66,513 shares at June 30, 2025 and 56,549 shares at December 31, 2024     (2,211 )     (1,943 )
    Total stockholders’ equity     106,437       98,839  
    Non-controlling interest     17,542       17,270  
    Total equity     123,979       116,109  
    Total liabilities and stockholders’ equity   $ 157,977     $ 152,812  
     
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
      Six Months Ended  
      June 30,  
      2025   2024  
    Cash flows from operating activities            
    Net income (loss) $ 6,152   $ (286 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
    Depreciation and amortization   2,773     2,541  
    Amortization of deferred loan costs   104     103  
    Share-based compensation   2,837     2,062  
    Provision for inventory obsolescence   191     679  
    Deferred income tax (benefit) expense   (1,398 )   21  
    Gain on sale of property and equipment   (475 )   (340 )
    Provision for (recovery of) credit losses   19     (5 )
    Net foreign currency unrealized (gain) loss   (1,854 )   956  
    Proceeds from note receivable   —     61  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (1,827 )   (1,024 )
    Inventories, net   (1,476 )   (1,501 )
    Prepaid expenses and other assets   972     (619 )
    Accounts payable—trade   1,719     1,353  
    Accrued expenses   (1,680 )   1,761  
    Other liabilities   (4,101 )   (2,092 )
    Income taxes receivable/payable   (80 )   429  
    Net cash provided by operating activities   1,876     4,099  
    Cash flows from investing activities            
    Purchases of property and equipment   (745 )   (633 )
    Purchase and development of software and technology   —     (53 )
    Proceeds from sales of property and equipment   271     293  
    Net cash used in investing activities   (474 )   (393 )
    Cash flows from financing activities            
    Payments on finance leases   (1,072 )   (932 )
    Line of credit borrowings   2,338     2,974  
    Payments of line of credit borrowings   (2,338 )   (2,974 )
    Treasury shares withheld   (268 )   (237 )
    Distribution to noncontrolling interest   (900 )   (500 )
    Net cash used in financing activities   (2,240 )   (1,669 )
    Effect of exchange rate changes on cash and cash equivalents   330     (143 )
    Net change in cash and cash equivalents   (508 )   1,894  
    Cash and cash equivalents beginning of period   25,880     16,720  
    Cash and cash equivalents end of period $ 25,372   $ 18,614  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $ 723   $ 1,821  
    Assets obtained in exchange for new operating lease liabilities $ 247   $ —  
                 
    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    United States                                
    Product sales   $ 11,930     $ 8,550     $ 18,797     $ 16,317  
    Services     1,682       3,241       4,187       5,485  
    Total United States     13,612       11,791       22,984       21,802  
    Canada                                
    Product sales     13,021       8,263       39,864       30,938  
    Services     4,948       3,795       15,823       12,789  
    Total Canada     17,969       12,058       55,687       43,727  
    Other Countries                                
    Product sales     2,825       2,209       4,181       3,525  
    Services     2,048       3,632       3,607       4,494  
    Total other countries     4,873       5,841       7,788       8,019  
    Total                                
    Product sales     27,776       19,022       62,842       50,780  
    Services     8,678       10,668       23,617       22,768  
    Total revenues   $ 36,454     $ 29,690     $ 86,459     $ 73,548  
     

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income (loss), income (loss) from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income (loss), income (loss) from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period relative to the performance of other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        June 30,     December 31,  
        2025     2024  
    Working capital   $ 87,164     $ 80,151  
    Cash and cash equivalents     (25,372 )     (25,880 )
    Current maturities of long term debt     2,200       2,141  
    Net working capital   $ 63,992     $ 56,412  
     


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Total revenues   $ 36,454     $ 29,690     $ 86,459     $ 73,548  
    Total cost of sales, exclusive of depreciation and amortization expense     23,456       17,719       51,606       44,006  
    Total depreciation and amortization associated with cost of sales     729       653       1,444       1,269  
    Gross Profit   $ 12,269     $ 11,318     $ 33,409     $ 28,273  
    Gross Margin     34 %     38 %     39 %     38 %
    Exclude total depreciation and amortization associated with cost of sales     (729 )     (653 )     (1,444 )     (1,269 )
    Adjusted Gross Profit   $ 12,998     $ 11,971     $ 34,853     $ 29,542  
    Adjusted Gross Margin     36 %     40 %     40 %     40 %
     


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that do not reflect the Company’s ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Net income (loss)   $ 1,698     $ (2,839 )   $ 6,152     $ (286 )
    Income tax (benefit) expense     (1,032 )     270       (359 )     757  
    Interest expense, net     68       115       110       215  
    Depreciation     1,235       1,134       2,439       2,207  
    Amortization     167       167       334       334  
    EBITDA     2,136       (1,153 )     8,676       3,227  
    Share-based compensation (a)     646       667       1,198       1,433  
    Professional fees (b)     370       677       1,359       930  
    Foreign currency exchange (gain) loss (c)     (1,201 )     507       (1,198 )     1,005  
    Other (d)     272       218       402       398  
    Adjusted EBITDA   $ 2,223     $ 916     $ 10,437     $ 6,993  
    Adjusted EBITDA Margin     6 %     3 %     12 %     10 %
    Adjusted EBITDA Less Share-Based Compensation   $ 1,577     $ 249     $ 9,239     $ 5,560  

    _______________________

    (a) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (b) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions.
    (c) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (d) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.
       


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Six Months Ended  
        June 30,  
        2025     2024  
    Net cash provided by operating activities   $ 1,876     $ 4,099  
    Purchases of property and equipment     (745 )     (633 )
    Purchase and development of software and technology     —       (53 )
    Proceeds from sales of property and equipment     271       293  
    Free cash flow   $ 1,402     $ 3,706  
    Distributions to non-controlling interest     (900 )     (500 )
    Free cash flow less distributions to non-controlling interest   $ 502     $ 3,206  

    The MIL Network –

  • MIL-OSI Russia: K. Kaladze nominated as candidate for Tbilisi mayor by ruling Georgian Dream party

    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

    Tbilisi, July 31 (Xinhua) — Georgia’s ruling Georgian Dream party has officially nominated Kakha Kaladze as the mayor of Tbilisi in the upcoming local elections. The official presentation of the candidate took place in the capital’s Mtatsminda Park on Thursday.

    “Running for the post of Tbilisi mayor for the third time in a row is a huge responsibility. For me, this is another great opportunity to serve our beautiful Tbilisi and the people of Tbilisi. I want to thank our political team for the trust they have shown me,” said K. Kaladze.

    K. Kaladze has held this post since 2017. Since 2013, he has also been the Secretary General of the Georgian Dream party. From 2012 to 2017, he held the posts of Minister of Energy and Vice Prime Minister of Georgia. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Georgia and Türkiye are ready for a full-scale launch of cargo transportation on the Baku-Tbilisi-Kars railway

    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

    Tbilisi, July 31 (Xinhua) — Georgia and Turkey have confirmed their readiness for a full-scale launch of cargo transportation on the Baku-Tbilisi-Kars railway, the Georgian Ministry of Economy and Sustainable Development reported on Thursday after a meeting in Tbilisi between Minister of Economy Mariam Kvrivishvili and Turkish Minister of Transport and Infrastructure Abdulkadir Uraloglu.

    The parties discussed the development of regional transport infrastructure, including the Baku-Tbilisi-Kars railway line, the East-West highway, the Anaklia deep-water port and the new international airport in Tbilisi.

    The importance of the Middle Corridor as a strategic direction for cargo transit was emphasized, as well as the need to attract additional volumes of transportation. Attention was also paid to cooperation in the areas of logistics, transport, tourism and civil aviation.

    In 2024, the modernization of the Baku-Tbilisi-Kars railway section in Georgia was completed, as a result of which the line’s capacity increased from 1 million to 5 million tons of cargo per year. –0–

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

    .

    MIL OSI Russia News –