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MIL-OSI: LPL Financial Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Key Financial Results:

Net Income was $273 million, translating to diluted earnings per share (“EPS”) of $3.40, up 5% from a year ago
Adjusted EPS* increased 16% year-over-year to $4.51
- Gross profit* increased 21% year-over-year to $1,304 million
- Core G&A* increased 15% year-over-year to $426 million
- Adjusted pre-tax income* increased 23% year-over-year to $490 million

Key Business Results:

Total advisory and brokerage assets increased 28% year-over-year to $1.9 trillion
- Advisory assets increased 28% year-over-year to $1.1 trillion
- Advisory assets as a percentage of total assets decreased to 55.3%, down from 55.4% a year ago
Total organic net new assets were $21 billion, representing 5% annualized growth
- This included $0.1 billion of assets from Wintrust Investments, LLC and certain private client business at Great Lakes Advisors, LLC (collectively, “Wintrust”), and $4 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $24 billion, translating to a 5% annualized growth rate
Recruited assets⁽¹⁾were $18 billion, down 24% from a year ago
- Recruited assets over the trailing twelve months were $161 billion
Total client cash balances were $51 billion, a decrease of $2 billion sequentially and an increase of $7 billion year-over-year
- Client cash balances as a percentage of total assets were 2.6%, down from 3.0% in the prior quarter and down from 2.9% in the prior year

Key Capital and Liquidity Measures:

Corporate cash⁽²⁾was $3.6 billion
Leverage ratio⁽³⁾was 1.23x
Dividends paid were $24.0 million

^{*See the Non-GAAP Financial Measures section and the endnotes to this release for further details about these non-GAAP financial measures}

Key Updates

Large Institutions:

First Horizon Bank (“First Horizon”): Expect to onboard in the third quarter of 2025. First Horizon supports approximately 120 advisors, managing approximately $17 billion of brokerage and advisory assets

M&A:

Atria Wealth Solutions, Inc. (“Atria”): Completed the conversion of Atria to the LPL platform
Commonwealth Financial Network (“Commonwealth”): Expect to close the acquisition of Commonwealth on August 1, 2025 and complete the conversion in the fourth quarter of 2026. Commonwealth supports approximately 3,000 advisors in the U.S., managing approximately $305 billion of brokerage and advisory assets⁽⁴⁾
Liquidity & Succession: Deployed approximately $105 million of capital to close nine deals in Q2, including one external practice

Core G&A:

Given our performance to date, we are lowering our 2025 Core G&A* outlook to a range of $1,720-1,750 million, including $170-180 million related to Prudential and Atria
Additionally, we are increasing the range by $160-170 million to include costs related to the acquisition of Commonwealth, resulting in an updated range of $1,880-1,920 million

Capital Management:

Debt Rating: On July 14, 2025, Fitch Ratings assigned LPL a long-term issuer default rating of BBB, further improving our profile in the investment grade market

SAN DIEGO, July 31, 2025 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”) today announced results for its second quarter ended June 30, 2025, reporting net income of $273 million, or $3.40 per share. This compares with $244 million, or $3.23 per share, in the second quarter of 2024 and $319 million, or $4.24 per share, in the prior quarter.

“We continue to execute on our vision to be the best firm in wealth management,” said Rich Steinmeier, CEO. “In Q2, we delivered another quarter of strong business performance and excellent financial results, while continuing to advance key initiatives.”

“In the second quarter, we recorded industry-leading organic growth, continued preparation to onboard First Horizon, and successfully onboarded Atria. In addition, we expect to complete our acquisition of Commonwealth tomorrow morning,” said Matt Audette, President and CFO. “Looking ahead, our business momentum and financial strength position us well to continue delivering long-term shareholder value.”

Dividend Declaration

The Company’s Board of Directors declared a $0.30 per share dividend to be paid on August 29, 2025 to all stockholders of record as of August 15, 2025.

Conference Call and Additional Information

The Company will hold a conference call to discuss its results at 5:00 p.m. ET on Thursday, July 31, 2025. The conference call will be accessible and available for replay at investor.lpl.com/events.

Contacts

Investor Relations
investor.relations@lplfinancial.com

Media Relations
media.relations@lplfinancial.com

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace⁽⁵⁾, LPL supports over 29,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $1.9 trillion in brokerage and advisory assets on behalf of approximately 7 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit https://lpl.com/.

Securities and advisory services offered through LPL Financial LLC (“LPL Financial”) or its affiliate LPL Enterprise, LLC (“LPL Enterprise”), both registered investment advisers and broker-dealers. Members FINRA/SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial or LPL Enterprise.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Forward-Looking Statements

This press release contains statements regarding:

the expected closing of the Company’s acquisition of Commonwealth, the Company’s retention of Commonwealth advisors following the closing and Commonwealth’s future financial and operating performance;
the amount and timing of the onboarding of acquired, recruited or transitioned brokerage and advisory assets, including Commonwealth and First Horizon;
the Company’s future financial and operating results, growth, plans, priorities and business strategies, including forecasts and statements related to the Company’s ICA yield, service and fee revenue, transaction revenue, tax rate, core G&A expense, promotional expense, interest expense and income, depreciation and amortization, leverage ratio (including plans to reduce leverage), payout rate, corporate cash, run-rate EBITDA, transaction revenue, operating margin and share repurchases; and
future capabilities, future advisor service experience, future investments and capital deployment, including share repurchase activity and dividends, if any, and long-term shareholder value.

These and any other statements that are not related to present facts or current conditions, or that are not purely historical, constitute forward-looking statements. They reflect the Company’s expectations and objectives as of July 31, 2025 and are not guarantees that expectations or objectives expressed or implied will be achieved. The achievement of such expectations and objectives involves risks and uncertainties that may cause actual results, levels of activity or the timing of events to differ materially from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include:

the failure to satisfy the closing conditions applicable to the Company’s purchase agreement with Commonwealth;
difficulties and delays in onboarding the assets of acquired, recruited or transitioned advisors, including the receipt and timing of regulatory approvals that may be required;
disruptions in the businesses of the Company and Commonwealth that could make it more difficult to maintain relationships with advisors and their clients;
the choice by clients of acquired or recruited advisors not to open brokerage and/or advisory accounts at the Company;
changes in general economic and financial market conditions, including retail investor sentiment;
changes in interest rates and fees payable by banks participating in the Company’s client cash programs, including the Company’s success in negotiating agreements with current or additional counterparties;
the Company’s strategy and success in managing client cash program fees;
fluctuations in the levels of advisory and brokerage assets, including net new assets, and the related impact on revenue;
effects of competition in the financial services industry and the success of the Company in attracting and retaining financial advisors and institutions, and their ability to provide financial products and services effectively;
whether retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company;
changes in the growth and profitability of the Company’s fee-based offerings and asset-based revenues;
the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by federal and state regulators and self-regulatory organizations;
the cost of defending, settling and remediating issues related to regulatory matters or legal proceedings, including civil monetary penalties or actual costs of reimbursing customers for losses in excess of our reserves or insurance;
changes made to the Company’s services and pricing, including in response to competitive developments and current, pending and future legislation, regulation and regulatory actions, and the effect that such changes may have on the Company’s gross profit streams and costs;
the execution of the Company’s capital management plans, including its compliance with the terms of the Company’s amended and restated credit agreement, the committed revolving credit facilities of the Company and LPL Financial, and the indentures governing the Company’s senior unsecured notes;
strategic acquisitions and investments, including pursuant to the Company’s Liquidity & Succession solution, and the effect that such acquisitions and investments may have on the Company’s capital management plans and liquidity;
the price, availability and trading volumes of shares of the Company’s common stock, which will affect the timing and size of future share repurchases by the Company, if any;
the execution of the Company’s plans and its success in realizing the synergies, expense savings, service improvements or efficiencies expected to result from its investments, initiatives and acquisitions, expense plans and technology initiatives;
whether advisors affiliated with Commonwealth and First Horizon will transition registration to the Company and whether assets reported as serviced by such financial advisors will translate into assets of the Company;
the performance of third-party service providers to which business processes have been transitioned;
the Company’s ability to control operating risks, information technology systems risks, cybersecurity risks and sourcing risks; and
the other factors set forth in the Company’s most recent Annual Report on Form 10-K, as may be amended or updated in the Company’s Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission.

Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this earnings release, and you should not rely on statements contained herein as representing the Company’s view as of any date subsequent to the date of this press release.

LPL Financial Holdings Inc. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited)
	Three Months Ended						Three Months Ended
	June 30,		March 31,				June 30,
		2025		2025		Change		2024	Change
REVENUE
Advisory	$	1,717,738	$	1,689,245		2%	$	1,288,163	33%
Commission:
Sales-based		619,792		610,038		2%		423,070	46%
Trailing		418,295		437,719		(4%)		363,976	15%
Total commission		1,038,087		1,047,757		(1%)		787,046	32%
Asset-based:
Client cash		397,332		392,031		1%		341,475	16%
Other asset-based		305,015		303,210		1%		259,533	18%
Total asset-based		702,347		695,241		1%		601,008	17%
Service and fee		151,839		145,199		5%		135,000	12%
Interest income, net		76,941		43,851		75%		47,478	62%
Transaction		60,541		67,864		(11%)		58,935	3%
Other		87,532		(19,150	)	n/m		14,139	n/m
Total revenue		3,835,025		3,670,007		4%		2,931,769	31%
EXPENSE
Advisory and commission		2,483,165		2,353,925		5%		1,819,027	37%
Compensation and benefits		319,100		305,546		4%		274,000	16%
Promotional		177,552		145,645		22%		136,125	30%
Interest expense on borrowings		105,636		85,862		23%		64,341	64%
Depreciation and amortization		96,231		92,356		4%		70,999	36%
Occupancy and equipment		81,443		77,240		5%		69,529	17%
Amortization of other intangibles		46,103		43,521		6%		30,607	51%
Brokerage, clearing and exchange		43,290		44,138		(2%)		32,984	31%
Professional services		41,092		36,326		13%		22,100	86%
Communications and data processing		21,417		19,506		10%		19,406	10%
Other		51,192		48,689		5%		62,580	(18%)
Total expense		3,466,221		3,252,754		7%		2,601,698	33%
INCOME BEFORE PROVISION FOR INCOME TAXES		368,804		417,253		(12%)		330,071	12%
PROVISION FOR INCOME TAXES		95,555		98,680		(3%)		86,271	11%
NET INCOME	$	273,249	$	318,573		(14%)	$	243,800	12%
EARNINGS PER SHARE
Earnings per share, basic	$	3.42	$	4.27		(20%)	$	3.26	5%
Earnings per share, diluted	$	3.40	$	4.24		(20%)	$	3.23	5%
Weighted-average shares outstanding, basic		79,984		74,600		7%		74,725	7%
Weighted-average shares outstanding, diluted		80,373		75,112		7%		75,548	6%

LPL Financial Holdings Inc. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited)
	Six Months Ended
	June 30,
		2025		2024	Change
REVENUE
Advisory	$	3,406,983	$	2,487,974	37%
Commission:
Sales-based		1,229,830		808,305	52%
Trailing		856,014		725,187	18%
Total commission		2,085,844		1,533,492	36%
Asset-based:
Client cash		789,363		693,857	14%
Other asset-based		608,225		507,872	20%
Total asset-based		1,397,588		1,201,729	16%
Service and fee		297,038		267,172	11%
Transaction		128,405		116,193	11%
Interest income, net		120,792		91,003	33%
Other		68,382		66,799	2%
Total revenue		7,505,032		5,764,362	30%
EXPENSE
Advisory and commission		4,837,090		3,552,514	36%
Compensation and benefits		624,646		548,369	14%
Promotional		323,197		262,744	23%
Interest expense on borrowings		191,498		124,423	54%
Depreciation and amortization		188,587		138,157	37%
Occupancy and equipment		158,683		135,793	17%
Amortization of other intangibles		89,624		60,159	49%
Brokerage, clearing and exchange		87,428		63,516	38%
Professional services		77,418		35,379	119%
Communications and data processing		40,923		39,150	5%
Other		99,881		99,895	—%
Total expense		6,718,975		5,060,099	33%
INCOME BEFORE PROVISION FOR INCOME TAXES		786,057		704,263	12%
PROVISION FOR INCOME TAXES		194,235		171,699	13%
NET INCOME	$	591,822	$	532,564	11%
EARNINGS PER SHARE
Earnings per share, basic	$	7.66	$	7.13	7%
Earnings per share, diluted	$	7.61	$	7.05	8%
Weighted-average shares outstanding, basic		77,307		74,644	4%
Weighted-average shares outstanding, diluted		77,760		75,529	3%

LPL Financial Holdings Inc. Condensed Consolidated Statements of Financial Condition (In thousands, except share data) (Unaudited)
	June 30, 2025			March 31, 2025			December 31, 2024
ASSETS
Cash and equivalents	$	4,185,337		$	1,229,181		$	967,079
Cash and equivalents segregated under federal or other regulations		1,611,200			1,513,037			1,597,249
Restricted cash		116,675			112,458			119,724
Receivables from clients, net		710,463			613,766			633,834
Receivables from brokers, dealers and clearing organizations		129,490			112,249			76,545
Advisor loans, net		2,536,190			2,468,033			2,281,088
Other receivables, net		951,063			939,411			902,777
Investment securities ($124,639, $122,729, and $42,267 at fair value at June 30, 2025, March 31, 2025, and December 31, 2024, respectively)		139,962			138,007			57,481
Property and equipment, net		1,278,991			1,237,693			1,210,027
Goodwill		2,213,393			2,213,100			2,172,873
Other intangibles, net		1,641,133			1,570,558			1,482,988
Other assets		1,959,779			1,815,729			1,815,739
Total assets	$	17,473,676		$	13,963,222		$	13,317,404
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Client payables	$	2,090,520		$	2,045,285		$	1,898,665
Payables to brokers, dealers and clearing organizations		273,593			252,035			129,228
Accrued advisory and commission expenses payable		303,614			303,837			323,996
Corporate debt and other borrowings, net		7,175,032			5,686,678			5,494,724
Accounts payable and accrued liabilities		556,086			479,803			588,450
Other liabilities		2,000,415			2,071,801			1,951,739
Total liabilities		12,399,260			10,839,439			10,386,802
STOCKHOLDERS’ EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 136,603,206, 131,194,549, and 130,914,541 shares issued at June 30, 2025, March 31, 2025, and December 31, 2024, respectively		136			131			131
Additional paid-in capital		3,787,009			2,089,155			2,066,268
Treasury stock, at cost — 56,599,471, 56,611,181, and 56,253,909 shares at June 30, 2025, March 31, 2025, and December 31, 2024, respectively		(4,332,275	)		(4,331,582	)		(4,202,322	)
Retained earnings		5,619,546			5,366,079			5,066,525
Total stockholders’ equity		5,074,416			3,123,783			2,930,602
Total liabilities and stockholders’ equity	$	17,473,676		$	13,963,222		$	13,317,404

LPL Financial Holdings Inc. Management’s Statements of Operations (In thousands, except per share data) (Unaudited)
Certain information in this release is presented as reviewed by the Company’s management and includes information derived from the Company’s unaudited condensed consolidated statements of income, non-GAAP financial measures and operational and performance metrics. For information on non-GAAP financial measures, please see the section titled“Non-GAAP Financial Measures”in this release.
	Quarterly Results
	Q2 2025			Q1 2025			Change	Q2 2024			Change
Gross Profit₍₆₎
Advisory	$	1,717,738		$	1,689,245		2%	$	1,288,163		33%
Trailing commissions		418,295			437,719		(4%)		363,976		15%
Sales-based commissions		619,792			610,038		2%		423,070		46%
Advisory fees and commissions		2,755,825			2,737,002		1%		2,075,209		33%
Production-based payout₍₇₎		(2,406,692	)		(2,374,368	)	1%		(1,812,050	)	33%
Advisory fees and commissions, net of payout		349,133			362,634		(4%)		263,159		33%
Client cash₍₈₎		413,516			408,224		1%		361,316		14%
Other asset-based₍₉₎		305,015			303,210		1%		259,533		18%
Service and fee		151,839			145,199		5%		135,000		12%
Transaction		60,541			67,864		(11%)		58,935		3%
Interest income, net₍₁₀₎		60,738			27,637		120%		27,618		120%
Other revenue₍₁₁₎		6,785			2,023		n/m		6,621		2%
Total net advisory fees and commissions and attachment revenue		1,347,567			1,316,791		2%		1,112,182		21%
Brokerage, clearing and exchange expense		(43,290	)		(44,138	)	(2%)		(32,984	)	31%
Gross Profit₍₆₎		1,304,277			1,272,653		2%		1,079,198		21%
G&A Expense
Core G&A₍₁₂₎		425,595			413,069		3%		370,912		15%
Regulatory charges		7,267			6,887		6%		7,594		(4%)
Promotional (ongoing)₍₁₃₎₍₁₄₎		163,575			151,932		8%		147,830		11%
Acquisition costs excluding interest₍₁₄₎		71,562			43,407		65%		36,876		94%
Employee share-based compensation		19,504			18,366		6%		19,968		(2%)
Total G&A		687,503			633,661		8%		583,180		18%
EBITDA₍₁₅₎		616,774			638,992		(3%)		496,018		24%
Depreciation and amortization		96,231			92,356		4%		70,999		36%
Amortization of other intangibles		46,103			43,521		6%		30,607		51%
Interest expense on borrowings₍₁₆₎		102,323			80,725		27%		64,341		59%
Acquisition costs – interest₍₁₄₎		3,313			5,137		(36%)		—		100%
INCOME BEFORE PROVISION FOR INCOME TAXES		368,804			417,253		(12%)		330,071		12%
PROVISION FOR INCOME TAXES		95,555			98,680		(3%)		86,271		11%
NET INCOME	$	273,249		$	318,573		(14%)	$	243,800		12%
Earnings per share, diluted	$	3.40		$	4.24		(20%)	$	3.23		5%
Weighted-average shares outstanding, diluted		80,373			75,112		7%		75,548		6%
Adjusted EBITDA₍₁₅₎	$	688,336		$	682,399		1%	$	532,894		29%
Adjusted pre-tax income₍₁₇₎	$	489,782		$	509,318		(4%)	$	397,554		23%
Adjusted EPS₍₁₈₎	$	4.51		$	5.15		(12%)	$	3.88		16%

LPL Financial Holdings Inc. Operating Metrics (Dollars in billions, except where noted) (Unaudited)
	Q2 2025			Q1 2025			Change	Q2 2024			Change
Market Drivers
S&P 500 Index (end of period)		6,205			5,612		11%		5,460		14%
Russell 2000 Index (end of period)		2,175			2,012		8%		2,048		6%
Fed Funds daily effective rate (average bps)		433			433		—bps		533		(100bps)

Advisory and Brokerage Assets₍₁₉₎
Advisory assets	$	1,060.7		$	977.4		9%	$	829.1		28%
Brokerage assets		858.5			817.5		5%		668.7		28%
Total Advisory and Brokerage Assets	$	1,919.2		$	1,794.9		7%	$	1,497.8		28%
Advisory as a % of Total Advisory and Brokerage Assets		55.3	%		54.5	%	80bps		55.4	%	(10bps)

Assets by Platform
Corporate advisory assets₍₂₀₎	$	766.4		$	699.1		10%	$	567.8		35%
Independent RIA advisory assets₍₂₀₎		294.3			278.3		6%		261.3		13%
Brokerage assets		858.5			817.5		5%		668.7		28%
Total Advisory and Brokerage Assets	$	1,919.2		$	1,794.9		7%	$	1,497.8		28%

Centrally Managed Assets
Centrally managed assets₍₂₁₎	$	183.5		$	164.4		12%	$	126.9		45%
Centrally Managed as a % of Total Advisory Assets		17.3	%		16.8	%	50bps		15.3	%	200bps

LPL Financial Holdings Inc. Operating Metrics (Dollars in billions, except where noted) (Unaudited)
	Q2 2025			Q1 2025			Change	Q2 2024			Change
Organic Net New Assets (NNA)₍₂₂₎
Organic net new advisory assets	$	23.1		$	35.7		n/m	$	26.6		n/m
Organic net new brokerage assets		(2.6	)		35.2		n/m		2.5		n/m
Total Organic Net New Assets	$	20.5		$	70.9		n/m	$	29.0		n/m

Acquired Net New Assets₍₂₂₎
Acquired net new advisory assets	$	—		$	1.9		n/m	$	0.3		n/m
Acquired net new brokerage assets		—			6.0		n/m		4.8		n/m
Total Acquired Net New Assets	$	—		$	7.9		n/m	$	5.0		n/m

Total Net New Assets₍₂₂₎
Net new advisory assets	$	23.1		$	37.6		n/m	$	26.8		n/m
Net new brokerage assets		(2.6	)		41.2		n/m		7.2		n/m
Total Net New Assets	$	20.5		$	78.8		n/m	$	34.0		n/m

Net brokerage to advisory conversions₍₂₃₎	$	6.4		$	5.9		n/m	$	3.7		n/m
Organic advisory NNA annualized growth₍₂₄₎		9.5	%		14.9	%	n/m		13.4	%	n/m
Total organic NNA annualized growth₍₂₄₎		4.6	%		16.3	%	n/m		8.1	%	n/m

Net New Advisory Assets₍₂₂₎
Corporate RIA net new advisory assets	$	24.8		$	31.7		n/m	$	23.4		n/m
Independent RIA net new advisory assets		(1.7	)		5.9		n/m		3.4		n/m
Total Net New Advisory Assets	$	23.1		$	37.6		n/m	$	26.8		n/m
Centrally managed net new advisory assets₍₂₂₎	$	6.1		$	6.5		n/m	$	4.4		n/m

Net buy (sell) activity₍₂₅₎	$	36.6		$	42.0		n/m	$	39.3		n/m
Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc. Client Cash Data (Dollars in thousands, except where noted) (Unaudited)
	Q2 2025			Q1 2025			Change	Q2 2024			Change
Client Cash Balances (in billions)₍₂₆₎
Insured cash account sweep	$	34.2		$	36.1		(5%)	$	31.0		10%
Deposit cash account sweep		10.8			10.7		1%		9.2		17%
Total Bank Sweep		44.9			46.8		(4%)		40.2		12%
Money market sweep		3.7			4.3		(14%)		2.3		61%
Total Client Cash Sweep Held by Third Parties		48.6			51.1		(5%)		42.5		14%
Client cash account (CCA)		2.0			1.9		5%		1.5		33%
Total Client Cash Balances	$	50.6		$	53.1		(5%)	$	44.0		15%
Client Cash Balances as a % of Total Assets		2.6	%		3.0	%	(40bps)		2.9	%	(30bps)
Note: Totals may not foot due to rounding.

	Three Months Ended
	June 30, 2025					March 31, 2025					June 30, 2024
Interest-Earnings Assets	Average Balance (in billions)		Revenue		Net Yield (bps)₍₂₇₎	Average Balance (in billions)		Revenue		Net Yield (bps)₍₂₇₎	Average Balance (in billions)		Revenue		Net Yield (bps)₍₂₇₎
Insured cash account sweep	$	34.4	$	293,420	342	$	36.0	$	299,618	337	$	31.7	$	250,804	318
Deposit cash account sweep		10.7		101,298	381		10.2		89,728	356		9.0		89,070	399
Total Bank Sweep		45.1		394,718	351		46.2		389,346	341		40.7		339,874	336
Money market sweep		4.0		2,614	26		4.1		2,685	26		2.3		1,601	28
Total Client Cash Held ByThird Parties		49.1		397,332	325		50.4		392,031	316		43.0		341,475	320
Client cash account (CCA)		1.7		16,184	378		1.8		16,193	368		1.7		19,841	472
Total Client Cash		50.8		413,516	326		52.2		408,224	317		44.7		361,316	326
Margin receivables		0.6		12,080	807		0.6		11,444	789		0.5		10,521	889
Other interest revenue		4.4		48,658	448		1.3		16,193	512		1.3		17,097	545
Total Client Cash andInterest Income, Net	$	55.8	$	474,254	341	$	54.0	$	435,861	327	$	46.5	$	388,934	337
Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc. Monthly Metrics (Dollars in billions, except where noted) (Unaudited)
	June 2025		May 2025			Change	April 2025			March 2025
Advisory and Brokerage Assets₍₁₉₎
Advisory assets	$	1,060.7	$	1,021.6		4%	$	978.6		$	977.4
Brokerage assets		858.5		832.9		3%		809.4			817.5
Total Advisory and Brokerage Assets	$	1,919.2	$	1,854.5		3%	$	1,787.9		$	1,794.9

Organic Net New Assets (NNA)₍₂₂₎
Organic net new advisory assets	$	7.9	$	8.3		n/m	$	6.9		$	12.7
Organic net new brokerage assets		0.1		(1.8	)	n/m		(0.8	)		0.5
Total Organic Net New Assets	$	8.0	$	6.5		n/m	$	6.1		$	13.1

Acquired Net New Assets₍₂₂₎
Acquired net new advisory assets	$	—	$	—		n/m	$	—		$	1.8
Acquired net new brokerage assets		—		—		n/m		—			5.3
Total Acquired Net New Assets	$	—	$	—		n/m	$	—		$	7.1

Total Net New Assets₍₂₂₎
Net new advisory assets	$	7.9	$	8.3		n/m	$	6.9		$	14.5
Net new brokerage assets		0.1		(1.8	)	n/m		(0.8	)		5.8
Total Net New Assets	$	8.0	$	6.5		n/m	$	6.1		$	20.2
Net brokerage to advisory conversions₍₂₃₎	$	2.4	$	2.2		n/m	$	1.7		$	1.9

Client Cash Balances₍₂₆₎
Insured cash account sweep	$	34.2	$	33.4		2%	$	35.2		$	36.1
Deposit cash account sweep		10.8		10.6		2%		10.7			10.7
Total Bank Sweep		44.9		44.0		2%		45.9			46.8
Money market sweep		3.7		3.9		(5%)		4.2			4.3
Total Client Cash Sweep Held by Third Parties		48.6		47.9		1%		50.2			51.1
Client cash account (CCA)		2.0		1.3		54%		1.6			1.9
Total Client Cash Balances	$	50.6	$	49.2		3%	$	51.8		$	53.1

Net buy (sell) activity₍₂₅₎	$	12.7	$	13.5		n/m	$	10.4		$	13.2

Market Drivers
S&P 500 Index (end of period)		6,205		5,912		5%		5,569			5,612
Russell 2000 Index (end of period)		2,175		2,066		5%		1,964			2,012
Fed Funds effective rate (average bps)		433		433		—bps		433			433
Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc. Financial Measures (Dollars in thousands, except where noted) (Unaudited)
	Q2 2025			Q1 2025			Change	Q2 2024			Change
Commission Revenue by Product
Annuities	$	629,763		$	615,594		2%	$	469,100		34%
Mutual funds		223,317			233,895		(5%)		187,432		19%
Fixed income		53,014			61,553		(14%)		53,192		—%
Equities		47,811			49,074		(3%)		34,434		39%
Other		84,182			87,641		(4%)		42,888		96%
Total commission revenue	$	1,038,087		$	1,047,757		(1%)	$	787,046		32%

Commission Revenue by Sales-based and Trailing
Sales-based commissions
Annuities	$	393,654		$	365,767		8%	$	260,188		51%
Mutual funds		52,301			55,607		(6%)		42,981		22%
Fixed income		53,014			61,553		(14%)		53,192		—%
Equities		47,811			49,074		(3%)		34,434		39%
Other		73,012			78,037		(6%)		32,275		126%
Total sales-based commissions	$	619,792		$	610,038		2%	$	423,070		46%
Trailing commissions
Annuities	$	236,109		$	249,827		(5%)	$	208,912		13%
Mutual funds		171,016			178,288		(4%)		144,451		18%
Other		11,170			9,604		16%		10,613		5%
Total trailing commissions	$	418,295		$	437,719		(4%)	$	363,976		15%
Total commission revenue	$	1,038,087		$	1,047,757		(1%)	$	787,046		32%

Payout Rate₍₇₎		87.33	%		86.75	%	58bps		87.32	%	1bps

LPL Financial Holdings Inc. Capital Management Measures (Dollars in thousands, except where noted) (Unaudited)
	Q2 2025			Q1 2025			Q4 2024
Cash and equivalents	$	4,185,337		$	1,229,181		$	967,079
Cash at regulated subsidiaries		(1,288,722	)		(1,085,459	)		(884,779	)
Excess cash at regulated subsidiaries per the Credit Agreement		720,359			476,908			397,138
Corporate Cash₍₂₎	$	3,616,974		$	620,630		$	479,438

Corporate Cash₍₂₎
Cash at LPL Holdings, Inc.	$	2,841,718		$	104,080		$	39,782
Excess cash at regulated subsidiaries per the Credit Agreement		720,359			476,908			397,138
Cash at non-regulated subsidiaries		54,897			39,642			42,518
Corporate Cash	$	3,616,974		$	620,630		$	479,438

Leverage Ratio
Total debt	$	7,220,000		$	5,720,000		$	5,517,000
Total corporate cash		3,616,974			620,630			479,438
Credit Agreement Net Debt	$	3,603,026		$	5,099,370		$	5,037,562
Credit Agreement EBITDA (trailing twelve months)₍₂₈₎	$	2,922,433		$	2,797,285		$	2,665,033
Leverage Ratio		1.23	x		1.82	x		1.89	x

	June 30, 2025
Total Debt	Balance		Current Applicable Margin	Interest Rate		Maturity
Revolving Credit Facility_(a)	$	—	ABR+37.5 bps / SOFR+147.5 bps	5.797	%	5/20/2029
Broker-Dealer Revolving Credit Facility		—	SOFR+125 bps	5.700	%	5/18/2026
Senior Unsecured Term Loan A		1,020,000	SOFR+147.5 bps_(b)	5.791	%	12/5/2026
Senior Unsecured Notes		500,000	5.700% Fixed	5.700	%	5/20/2027
Senior Unsecured Notes		400,000	4.625% Fixed	4.625	%	11/15/2027
Senior Unsecured Notes		500,000	4.900% Fixed	4.900	%	4/3/2028
Senior Unsecured Notes		750,000	6.750% Fixed	6.750	%	11/17/2028
Senior Unsecured Notes		900,000	4.000% Fixed	4.000	%	3/15/2029
Senior Unsecured Notes		750,000	5.200% Fixed	5.200	%	3/15/2030
Senior Unsecured Notes		500,000	5.150% Fixed	5.150	%	6/15/2030
Senior Unsecured Notes		400,000	4.375% Fixed	4.375	%	5/15/2031
Senior Unsecured Notes		500,000	6.000% Fixed	6.000	%	5/20/2034
Senior Unsecured Notes		500,000	5.650% Fixed	5.650	%	3/15/2035
Senior Unsecured Notes		500,000	5.750% Fixed	5.750	%	6/15/2035
Total / Weighted Average	$	7,220,000		5.352	%
(a) Unsecured borrowing capacity of $2.25 billion at LPL Holdings, Inc. (b) The SOFR rate option is a one-month SOFR rate and subject to an interest rate floor of 0 bps.

LPL Financial Holdings Inc. Key Business and Financial Metrics (Dollars in thousands, except where noted) (Unaudited)
	Q2 2025			Q1 2025			Change	Q2 2024			Change
Business Metrics
Advisors		29,353			29,493		—%		23,462		25%
Net new advisors		(140	)		605		(123%)		578		(124%)
Annualized advisory fees and commissions per advisor₍₂₉₎	$	375		$	375		—%	$	358		5%
Average total assets per advisor ($ in millions)₍₃₀₎	$	65.4		$	60.9		7%	$	63.8		3%
Transition assistance loan amortization ($ in millions)₍₃₁₎	$	89.4		$	81.8		9%	$	61.9		44%
Total client accounts (in millions)		10.5			10.4		1%		8.6		22%
Recruited AUM ($ in billions)		18.4			38.6		(52%)		24.3		(24%)

Employees₍₃₂₎		9,389			9,097		3%		8,625		9%

AUM retention rate (quarterly annualized)₍₃₃₎		97.6	%		98.2	%	(60bps)		98.4	%	(80bps)

Capital Management
Capital expenditures ($ in millions)₍₃₄₎	$	137.0		$	119.5		15%	$	128.9		6%
Acquisitions, net ($ in millions)₍₃₅₎	$	102.8		$	95.1		8%	$	115.1		n/m

Share repurchases ($ in millions)	$	—		$	100.0		(100%)	$	—		—%
Dividends ($ in millions)		24.0			22.4		7%		22.4		7%
Total Capital Returned ($ in millions)	$	24.0		$	122.4		(80%)	$	22.4		7%

Non-GAAP Financial Measures

Management believes that presenting certain non-GAAP financial measures by excluding or including certain items can be helpful to investors and analysts who may wish to use this information to analyze the Company’s current performance, prospects and valuation. Management uses this non-GAAP information internally to evaluate operating performance and in formulating the budget for future periods. Management believes that the non-GAAP financial measures and metrics discussed below are appropriate for evaluating the performance of the Company.

Adjusted EPS and Adjusted net income

Adjusted EPS is defined as adjusted net income, a non-GAAP measure defined as net income plus the after-tax impact of amortization of other intangibles and acquisition costs, divided by the weighted average number of diluted shares outstanding for the applicable period. The Company presents adjusted net income and adjusted EPS because management believes that these metrics can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items, acquisition costs, and certain other charges that management does not believe impact the Company’s ongoing operations. Adjusted net income and adjusted EPS are not measures of the Company’s financial performance under GAAP and should not be considered as alternatives to net income, earnings per diluted share or any other performance measure derived in accordance with GAAP. For a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS, please see the endnote disclosures in this release.

Gross profit

Gross profit is calculated as total revenue less advisory and commission expense; brokerage, clearing and exchange expense; and market fluctuations on employee deferred compensation. All other expense categories, including depreciation and amortization of property and equipment and amortization of other intangibles, are considered general and administrative in nature. Because the Company’s gross profit amounts do not include any depreciation and amortization expense, the Company considers gross profit to be a non-GAAP financial measure that may not be comparable to similar measures used by others in its industry. Management believes that gross profit can provide investors with useful insight into the Company’s core operating performance before indirect costs that are general and administrative in nature. For a calculation of gross profit, please see the endnote disclosures in this release.

Core G&A

Core G&A consists of total expense less the following expenses: advisory and commission; depreciation and amortization; interest expense on borrowings; brokerage, clearing and exchange; amortization of other intangibles; market fluctuations on employee deferred compensation; promotional (ongoing); employee share-based compensation; regulatory charges; and acquisition costs. Management presents core G&A because it believes core G&A reflects the corporate expense categories over which management can generally exercise a measure of control, compared with expense items over which management either cannot exercise control, such as advisory and commission, or which management views as promotional expense necessary to support advisor growth and retention, including conferences and transition assistance. Core G&A is not a measure of the Company’s total expense as calculated in accordance with GAAP. For a reconciliation of the Company’s total expense to core G&A, please see the endnote disclosures in this release. The Company does not provide an outlook for its total expense because it contains expense components, such as advisory and commission, that are market-driven and over which the Company cannot exercise control. Accordingly, a reconciliation of the Company’s outlook for total expense to an outlook for core G&A cannot be made available without unreasonable effort.

EBITDA and Adjusted EBITDA

EBITDA is defined as net income plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles. Adjusted EBITDA is defined as EBITDA, a non-GAAP measure, plus acquisition costs. The Company presents EBITDA and adjusted EBITDA because management believes that they can be useful financial metrics in understanding the Company’s earnings from operations. EBITDA and adjusted EBITDA are not measures of the Company’s financial performance under GAAP and should not be considered as alternatives to net income or any other performance measure derived in accordance with GAAP. For a reconciliation of net income to EBITDA and adjusted EBITDA, please see the endnote disclosures in this release.

Adjusted pre-tax income

Adjusted pre-tax income is defined as income before provision for income taxes plus amortization of other intangibles and acquisition costs. The Company presents adjusted pre-tax income because management believes that it can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items, acquisition costs, and certain other charges that management does not believe impact the Company’s ongoing operations. Adjusted pre-tax income is not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to income before provision for income taxes or any other performance measure derived in accordance with GAAP. For a reconciliation of income before provision for income taxes to adjusted pre-tax income, please see the endnote disclosures in this release.

Credit Agreement EBITDA

Credit Agreement EBITDA is defined in, and calculated by management in accordance with, the Company’s amended and restated credit agreement (“Credit Agreement”) as “Consolidated EBITDA,” which is Consolidated Net Income (as defined in the Credit Agreement) plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles, and is further adjusted to exclude certain non-cash charges and other adjustments, and to include future expected cost savings, operating expense reductions or other synergies from certain transactions. The Company presents Credit Agreement EBITDA because management believes that it can be a useful financial metric in understanding the Company’s debt capacity and covenant compliance under its Credit Agreement. Credit Agreement EBITDA is not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. For a reconciliation of net income to Credit Agreement EBITDA, please see the endnote disclosures in this release.

Endnote Disclosures

(1) Represents the estimated total advisory and brokerage assets expected to transition to the Company’s primary broker-dealer subsidiary, LPL Financial, in connection with advisors who transferred their licenses to LPL Financial during the period. The estimate is based on prior business reported by the advisors, which has not been independently and fully verified by LPL Financial. The actual transition of assets to LPL Financial generally occurs over several quarters and the actual amount transitioned may vary from the estimate.

(2) Corporate cash, a component of cash and equivalents, is the sum of cash and equivalents from the following: (1) cash and equivalents held at LPL Holdings, Inc., (2) cash and equivalents held at regulated subsidiaries as defined by the Company’s Credit Agreement, which include LPL Financial, LPL Enterprise, LLC, The Private Trust Company, N.A. and certain of Atria’s introducing broker-dealer subsidiaries, in excess of the capital requirements of the Company’s Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries.

(3) Compliance with the Leverage Ratio is only required under the Company’s revolving credit facility.

(4) Based on unaudited information of Commonwealth for the quarter ended June 30, 2025.

(5) The Company was named a Top RIA custodian (Cerulli Associates, 2024 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (based on total revenues, Financial Planning magazine 1996-2022); and, among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors (2021-2022 Kehrer Bielan Research and Consulting Annual TPM Report). Fortune 500 as of June 2021.

(6) Gross profit is a non-GAAP financial measure. Please see a description of gross profit under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a calculation of gross profit for the periods presented (in thousands):

	Q2 2025		Q1 2025			Q2 2024
Total revenue	$	3,835,025	$	3,670,007		$	2,931,769
Advisory and commission expense		2,483,165		2,353,925			1,819,027
Brokerage, clearing and exchange expense		43,290		44,138			32,984
Employee deferred compensation		4,293		(709	)		560
Gross profit	$	1,304,277	$	1,272,653		$	1,079,198

(7) Production-based payout is a financial measure calculated as advisory and commission expense plus (less) advisor deferred compensation. The payout rate is calculated by dividing the production-based payout by total advisory and commission revenue. Below is a reconciliation of the Company’s advisory and commission expense to the production-based payout and a calculation of the payout rate for the periods presented (in thousands, except payout rate):

	Q2 2025			Q1 2025			Q2 2024
Advisory and commission expense	$	2,483,165		$	2,353,925		$	1,819,027
Plus (Less): Advisor deferred compensation		(76,473	)		20,443			(6,977	)
Production-based payout	$	2,406,692		$	2,374,368		$	1,812,050

Advisory and commission revenue	$	2,755,825		$	2,737,002		$	2,075,209

Payout rate		87.33	%		86.75	%		87.32	%

(8) Below is a reconciliation of client cash revenue per Management’s Statements of Operations to client cash revenue, a component of asset-based revenue, on the Company’s condensed consolidated statements of income for the periods presented (in thousands):


	Q2 2025			Q1 2025			Q2 2024
Client cash on Management’s Statement of Operations	$	413,516		$	408,224		$	361,316
Interest income on CCA balances segregated under federal or other regulations₍₁₀₎		(16,184	)		(16,193	)		(19,841	)
Client cash on Condensed Consolidated Statements of Income	$	397,332		$	392,031		$	341,475

(9) Consists of revenue from the Company’s sponsorship programs with financial product manufacturers, omnibus processing and networking services but does not include fees from client cash programs.

(10) Below is a reconciliation of interest income, net per Management’s Statements of Operations to interest income, net on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

	Q2 2025		Q1 2025		Q2 2024
Interest income, net on Management’s Statement of Operations	$	60,738	$	27,637		27,618
Interest income on CCA balances segregated under federal or other regulations₍₈₎		16,184		16,193		19,841
Interest income on deferred compensation		19		21		19
Interest income, net on Condensed Consolidated Statements of Income	$	76,941	$	43,851	$	47,478

(11) Below is a reconciliation of other revenue per Management’s Statements of Operations to other revenue on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

	Q2 2025			Q1 2025			Q2 2024
Other revenue on Management’s Statement of Operations	$	6,785		$	2,023		$	6,621
Interest income on deferred compensation		(19	)		(21	)		(19	)
Deferred compensation		80,766			(21,152	)		7,537
Other revenue on Condensed Consolidated Statements of Income	$	87,532		$	(19,150	)	$	14,139

(12) Core G&A is a non-GAAP financial measure. Please see a description of core G&A under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of the Company’s total expense to core G&A for the periods presented (in thousands):

	Q2 2025			Q1 2025			Q2 2024
Core G&A Reconciliation
Total expense	$	3,466,221		$	3,252,754		$	2,601,698
Advisory and commission		(2,483,165	)		(2,353,925	)		(1,819,027	)
Depreciation and amortization		(96,231	)		(92,356	)		(70,999	)
Interest expense on borrowings₍₁₆₎		(105,636	)		(85,862	)		(64,341	)
Brokerage, clearing and exchange		(43,290	)		(44,138	)		(32,984	)
Amortization of other intangibles		(46,103	)		(43,521	)		(30,607	)
Employee deferred compensation		(4,293	)		709			(560	)
Total G&A		687,503			633,661			583,180
Promotional (ongoing)₍₁₃₎₍₁₄₎		(163,575	)		(151,932	)		(147,830	)
Acquisition costs excluding interest₍₁₄₎		(71,562	)		(43,407	)		(36,876	)
Employee share-based compensation		(19,504	)		(18,366	)		(19,968	)
Regulatory charges		(7,267	)		(6,887	)		(7,594	)
Core G&A	$	425,595		$	413,069		$	370,912

(13) Promotional (ongoing) includes $21.2 million, $14.8 million and $12.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively, of support costs related to full-time employees that are classified within Compensation and benefits expense in the condensed consolidated statements of income and excludes costs that have been incurred as part of acquisitions that have been classified within acquisition costs.

(14) Acquisition costs include the costs to setup, onboard and integrate acquired entities and other costs that were incurred as a result of the acquisitions. The below table summarizes the primary components of acquisition costs for the periods presented (in thousands):

	Q2 2025		Q1 2025		Q2 2024
Acquisition costs
Change in fair value of contingent consideration₍₃₆₎	$	309	$	6,594	$	24,624
Compensation and benefits		16,054		17,417		6,827
Professional services		11,057		6,145		3,567
Promotional₍₁₃₎		35,198		8,538		539
Interest₍₁₆₎		3,313		5,137		—
Other		8,944		4,713		1,319
Acquisition costs	$	74,875	$	48,544	$	36,876

(15) EBITDA and adjusted EBITDA are non-GAAP financial measures. Please see a description of EBITDA and adjusted EBITDA under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of net income to EBITDA and adjusted EBITDA for the periods presented (in thousands):

	Q2 2025		Q1 2025		Q2 2024
EBITDA and adjusted EBITDA Reconciliation
Net income	$	273,249	$	318,573	$	243,800
Interest expense on borrowings₍₁₆₎		105,636		85,862		64,341
Provision for income taxes		95,555		98,680		86,271
Depreciation and amortization		96,231		92,356		70,999
Amortization of other intangibles		46,103		43,521		30,607
EBITDA	$	616,774	$	638,992	$	496,018
Acquisition costs excluding interest₍₁₄₎		71,562		43,407		36,876
Adjusted EBITDA	$	688,336	$	682,399	$	532,894

(16) Below is a reconciliation of interest expense on borrowings per Management’s Statements of Operations to interest expense on borrowings on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

	Q2 2025		Q1 2025		Q2 2024
Interest expense on borrowings on Management’s Statement of Operations	$	102,323	$	80,725	$	64,341
Cost of debt issuance related to Commonwealth acquisition₍₁₄₎		3,313		5,137		—
Interest expense on borrowings on Condensed Consolidated Statements of Income	$	105,636	$	85,862	$	64,341

(17) Adjusted pre-tax income is a non-GAAP financial measure. Please see a description of adjusted pre-tax income under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of income before provision for income taxes to adjusted pre-tax income for the periods presented (in thousands):

	Q2 2025		Q1 2025		Q2 2024
Income before provision for income taxes	$	368,804	$	417,253	$	330,071
Amortization of other intangibles		46,103		43,521		30,607
Acquisition costs₍₁₄₎		74,875		48,544		36,876
Adjusted pre-tax income	$	489,782	$	509,318	$	397,554

(18) Adjusted net income and adjusted EPS are non-GAAP financial measures. Please see a description of adjusted net income and adjusted EPS under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS for the periods presented (in thousands, except per share data):

	Q2 2025						Q1 2025						Q2 2024
	Amount			Per Share			Amount			Per Share			Amount			Per Share
Net income / earnings per diluted share	$	273,249		$	3.40		$	318,573		$	4.24		$	243,800		$	3.23
Amortization of other intangibles		46,103			0.57			43,521			0.58			30,607			0.41
Acquisition costs₍₁₄₎		74,875			0.93			48,544			0.65			36,876			0.49
Tax benefit		(31,433	)		(0.39	)		(23,937	)		(0.32	)		(17,816	)		(0.24	)
Adjusted net income / adjusted EPS	$	362,794		$	4.51		$	386,701		$	5.15		$	293,467		$	3.88
Diluted share count		80,373						75,112						75,548
Note: Totals may not foot due to rounding.

(19) Consists of total advisory and brokerage assets under custody at the Company’s primary broker-dealer subsidiary, LPL Financial, as well as assets under custody of a third-party custodian related to Atria’s seven introducing broker-dealer subsidiaries.

(20) Assets on the Company’s corporate advisory platform are serviced by investment advisor representatives of LPL Financial. Assets on the Company’s independent RIA advisory platform are serviced by investment advisor representatives of separate registered investment advisor firms rather than representatives of LPL Financial.

(21) Consists of advisory assets in LPL Financial’s Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms.

(22) Consists of total client deposits into advisory or brokerage accounts less total client withdrawals from advisory or brokerage accounts, plus dividends, plus interest, minus advisory fees. The Company considers conversions from and to brokerage or advisory accounts as deposits and withdrawals, respectively.

(23) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.

(24) Calculated as annualized current period organic net new assets divided by preceding period assets in their respective categories of advisory assets or total advisory and brokerage assets.

(25) Represents the amount of securities purchased less the amount of securities sold in client accounts custodied with LPL Financial.

(26) Client cash balances include CCA and exclude purchased money market funds. CCA balances include cash that clients have deposited with LPL Financial that is included in Client payables in the condensed consolidated balance sheets. The following table presents purchased money market funds for the periods presented (in billions):

		Q2 2025			Q1 2025			Q2 2024
Purchased money market funds		$	47.0		$	44.7		$	35.7

(27) Calculated by dividing revenue for the period by the average balance during the period.

(28) EBITDA and Credit Agreement EBITDA are non-GAAP financial measures. Please see a description of EBITDA and Credit Agreement EBITDA under the “Non-GAAP Financial Measures” section of this release for additional information. Under the Credit Agreement, management calculates Credit Agreement EBITDA for a trailing twelve month period at the end of each fiscal quarter and in doing so may make further adjustments to prior quarters. Below are reconciliations of trailing twelve month net income to trailing twelve month EBITDA and Credit Agreement EBITDA for the periods presented (in thousands):

	Q2 2025		Q1 2025		Q4 2024
EBITDA and Credit Agreement EBITDA Reconciliations
Net income	$	1,117,874	$	1,088,425	$	1,058,616
Interest expense on borrowings		341,256		299,961		274,181
Provision for income taxes		356,812		347,528		334,276
Depreciation and amortization		358,957		333,725		308,527
Amortization of other intangibles		164,699		149,203		135,234
EBITDA	$	2,339,598	$	2,218,842	$	2,110,834
Credit Agreement Adjustments:
Acquisition costs and other₍₁₄₎₍₃₇₎	$	269,638	$	249,870	$	223,614
Employee share-based compensation		84,226		84,690		88,957
M&A accretion₍₃₈₎		222,150		237,160		235,048
Advisor share-based compensation		2,838		2,740		2,597
Loss on extinguishment of debt		3,983		3,983		3,983
Credit Agreement EBITDA	$	2,922,433	$	2,797,285	$	2,665,033

(29) Calculated based on the average advisor count from the current period and prior periods.

(30) Calculated based on the end of period total advisory and brokerage assets divided by end of period advisor count.

(31) Represents amortization expense on forgivable loans for transition assistance to advisors and institutions.

(32) During the first quarter of 2025, the Company updated its reporting of employees to include all full-time employees, including those reflected in Core G&A, promotional (ongoing) and advisory and commission expense. Prior period disclosures have been updated to reflect this change as applicable.

(33) Reflects retention of total advisory and brokerage assets, calculated by deducting quarterly annualized attrition from total advisory and brokerage assets, divided by the prior quarter total advisory and brokerage assets.

(34) Capital expenditures represent cash payments for property and equipment during the period.

(35) Acquisitions, net represent cash paid for acquisitions, net of cash acquired during the period. Acquisitions, net for the three months ended March 31, 2025 excludes $70.2 million related to The Investment Center, Inc., which was prefunded on October 1, 2024 in conjunction with the close of the Atria acquisition, as well as cash inflows associated with working capital and other post-closing adjustments.

(36) Represents a fair value adjustment to our contingent consideration liabilities that is reflected in other expense in the condensed consolidated statements of income.

(37) Acquisition costs and other primarily include acquisition costs related to Atria, costs incurred related to the integration of the strategic relationship with Prudential Advisors, a $26.4 million reduction related to the departure of the Company’s former Chief Executive Officer and related clawback of share-based compensation awards, and an $18.0 million regulatory charge recognized during the three months ended September 30, 2024 reflecting the amount of a penalty proposed by the SEC as part of its civil investigation of the Company’s compliance with certain elements of the Company’s AML compliance program.

(38) M&A accretion is an adjustment to reflect the annualized expected run rate EBITDA of an acquisition as permitted by the Credit Agreement for up to eight fiscal quarters following the close of such acquisition.

The MIL Network –

August 5, 2025

MIL-OSI: Horizon Bank Announces Appointment of Senior Vice President, Director of Marketing, John D. Hatfield

Source: GlobeNewswire (MIL-OSI)

MICHIGAN CITY, Ind., July 31, 2025 (GLOBE NEWSWIRE) — Horizon Bank, a commercial banking subsidiary of Horizon Bancorp, Inc. (NASDAQ GS: HBNC), announced today the appointment of John Hatfield as the Senior Vice President, Director of Marketing.

“John is a seasoned professional with 20+ years of experience in strategic marketing, business development, and branding across multiple industry verticals. He brings to Horizon a proven track record of success building cohesive teams that contribute to the strategic initiatives of organizations and tangible results for our key stakeholders,” CEO and President, Thomas Prame stated. “We believe Horizon is well-positioned for future growth in our markets through enhanced brand awareness that aligns with our core business model. We have been our client’s trusted advisors for over 150 years, and we look forward to expanding on this success with John leading our Marketing strategy.”

“I am excited to join Horizon Bank and lead a team that shares Horizon’s desire to expand on its superior reputation as a trusted financial partner for our clients and the communities we serve,” stated Hatfield.

In his new role, John will lead the strategic direction of Horizon’s marketing, enhancing the brand awareness and sales effectiveness of Horizon Bank. He will provide oversight and insight into the creation of multi-channel marketing campaigns aimed at customer acquisition across all lines of business. Additionally, John will expand on Horizon’s local outreach efforts, ensuring Horizon’s desire to help the communities we call home continue to thrive.

About Horizon Bancorp, Inc.
Celebrating over 150 years of success, Horizon Bancorp, Inc. is an independent, commercial bank holding company serving Indiana and Michigan through its commercial banking subsidiary, Horizon Bank. Horizon Bank and Horizon Bancorp, Inc. may be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Select Market under the symbol HBNC.

Contact: Thomas Prame
Chief Executive Officer and President
Phone: (219) 814-5983

The MIL Network –

August 5, 2025

MIL-OSI: iRhythm Technologies Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, July 31, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended June 30, 2025.

Second Quarter 2025 Financial Highlights

Revenue of $186.7 million, a 26.1% increase compared to second quarter 2024
Gross margin of 71.2%, a 130-basis point increase compared to second quarter 2024
Unrestricted cash, cash equivalents, and marketable securities of $545.5 million as of June 30, 2025
Increased fiscal year 2025 guidance for revenue and adjusted EBITDA

Recent Operational Highlights

Second quarter 2025 record quarterly revenue driven by continued momentum in our core long-term continuous monitoring business, sustained demand for Zio AT, progress within innovative value-based care accounts, and contribution from international markets
Executed strategic partnership with Lucem Health, a leader in AI-driven early disease detection, to accelerate early identification of undiagnosed arrhythmias in patient populations with comorbid conditions, a bold step toward predictive, preventive, and precise care that is powered by AI, informed by data, and designed for scale¹
Results from two large-scale real-world studies presented at the American Diabetes Association’s 85th Scientific Sessions (ADA 2025) demonstrated that cardiac arrhythmias present frequent, early, and often preceding major cardiovascular events (MACE), highlighting a critical opportunity to enhance early detection strategies in at-risk cardiometabolic populations

“The second quarter of 2025 was another record quarter for iRhythm, with growth of more than 26%, showcasing the strength of our diversified growth strategy,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “Our continued momentum spans three key areas: accelerating growth in our core monitoring business, continued penetration of Zio AT across major health systems, and successful expansion with innovative value-based care partners. With strong execution, combined with our transformative AI partnership with Lucem Health and the growing abundance of compelling clinical evidence, we’re uniquely positioned to revolutionize early cardiac detection and create substantial value for patients, providers, and shareholders while addressing the growing need for preventative care.”

Second Quarter Financial Results
Revenue for the second quarter of 2025 was $186.7 million, up 26.1% from $148.0 million during the same period in 2024. The increase was driven by growth in demand for Zio services within core existing accounts, from continued market penetration of Zio AT, and at new innovative channel partners.

Gross profit for the second quarter of 2025 was $132.9 million, up 28.4% from $103.5 million during the same period in 2024, while gross margin was 71.2%, up from 69.9% during the same period in 2024. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to volume leverage as well as operational efficiencies, partially offset by an increased blended cost per unit from a higher Zio AT product mix.

Operating expenses for the second quarter of 2025 were $151.6 million, compared to $126.5 million for the same period in 2024. Adjusted operating expenses for the second quarter of 2025 were $145.2 million, compared to $125.2 million during the same period in 2024. The increase in adjusted operating expenses was primarily driven by funding of new and sustaining development activities as well as incremental costs to serve a growing volume of patients globally.

Net loss for the second quarter of 2025 was $14.2 million, or a diluted loss of $0.44 per share, compared with net loss of $20.1 million, or a diluted loss of $0.65 per share, for the same period in 2024. Adjusted net loss for the second quarter of 2025 was $10.2 million, or a diluted loss of $0.32 per share, compared with an adjusted net loss of $18.8 million, or a diluted loss of $0.61 per share, for the same period in 2024. The decrease in net loss was primarily driven by our revenue growth and operating leverage achieved through implementation of efficiency initiatives.

Unrestricted cash, cash equivalents, and marketable securities were $545.5 million as of June 30, 2025.

2025 Annual Guidance
iRhythm projects revenue for the full year 2025 between $720 million to $730 million. Adjusted EBITDA margin for the full year 2025 is expected to range from approximately 8.0% to 8.5% of revenues.

Webcast and Conference Call Information
iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

Use of Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA margin estimates for full year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, certain intellectual property litigation expenses and settlements, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, international market expansion, anticipated productivity and quality improvements, and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about July 31, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

Media Contact
Kassandra Perry
irhythm@highwirepr.com

The predictive-AI solution does not represent the functionality of any Zio branded medical device.

IRHYTHM TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets (In thousands, except par value) (unaudited)

	June 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	309,105		$	419,597
Marketable securities		236,435			115,956
Accounts receivable, net		82,153			79,941
Inventory		18,399			14,039
Prepaid expenses and other current assets		17,825			16,286
Total current assets		663,917			645,819
Property and equipment, net		139,703			125,092
Operating lease right-of-use assets		44,749			47,564
Restricted cash		8,358			8,358
Goodwill		862			862
Long-term strategic investments		64,897			61,902
Other assets		41,544			41,852
Total assets	$	964,030		$	931,449
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	12,775		$	7,221
Accrued liabilities		99,577			84,900
Deferred revenue		3,499			2,932
Operating lease liabilities, current portion		16,360			15,867
Total current liabilities		132,211			110,920
Long-term senior convertible notes		648,007			646,443
Other noncurrent liabilities		9,775			8,579
Operating lease liabilities, noncurrent portion		70,377			74,599
Total liabilities		860,370			840,541
Stockholders’ equity:
Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at June 30, 2025 and December 31, 2024		—			—
Common stock, $0.001 par value – 100,000 shares authorized; 32,334 shares issued and 32,105 shares outstanding at June 30, 2025, respectively; and 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively		32			31
Additional paid-in capital		932,467			874,607
Accumulated other comprehensive (loss) income		(26	)		165
Accumulated deficit		(803,813	)		(758,895	)
Treasury stock, at cost; 229 shares at June 30, 2025 and December 31, 2024		(25,000	)		(25,000	)
Total stockholders’ equity		103,660			90,908
Total liabilities and stockholders’ equity	$	964,030		$	931,449

IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue, net	$	186,687		$	148,047		$	345,364		$	279,976
Cost of revenue		53,830			44,576			103,291			88,989
Gross profit		132,857			103,471			242,073			190,987
Operating expenses:
Research and development		21,012			19,690			42,531			36,684
Acquired in-process research and development		1,698			—			1,994			—
Selling, general and administrative		126,376			106,762			246,333			215,422
Impairment charges		2,479			—			2,479			—
Total operating expenses		151,565			126,452			293,337			252,106
Loss from operations		(18,708	)		(22,981	)		(51,264	)		(61,119	)
Interest and other income (expense), net:
Interest income		5,321			6,685			10,240			9,742
Interest expense		(3,278	)		(3,312	)		(6,551	)		(6,172	)
Loss on extinguishment of debt		—			—			—			(7,589	)
Other income (expense), net		2,264			(305	)		3,139			(410	)
Total interest and other income (expense), net		4,307			3,068			6,828			(4,429	)
Loss before income taxes		(14,401	)		(19,913	)		(44,436	)		(65,548	)
Income tax (benefit) provision		(183	)		194			482			226
Net loss	$	(14,218	)	$	(20,107	)	$	(44,918	)	$	(65,774	)
Net loss per common share, basic and diluted	$	(0.44	)	$	(0.65	)	$	(1.41	)	$	(2.12	)
Weighted-average shares, basic and diluted		31,990			31,145			31,791			31,089

IRHYTHM TECHNOLOGIES, INC. Reconciliation of GAAP to Non-GAAP Financial Information (in thousands, except per share data) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Adjusted EBITDA reconciliation*
Net loss, as reported¹	$	(14,218	)	$	(20,107	)	$	(44,918	)	$	(65,774	)
Interest expense		3,278			3,312			6,551			6,172
Interest income		(5,321	)		(6,685	)		(10,240	)		(9,742	)
Changes in fair value of strategic investments		(2,152	)		—			(2,995	)		—
Income tax (benefit) provision		(183	)		194			482			226
Depreciation and amortization		5,105			5,160			10,315			10,291
Stock-based compensation		22,827			21,821			46,171			42,812
Impairment charges		2,479			—			2,479			—
Business transformation costs		925			1,296			1,428			1,296
Intellectual property litigation costs²		2,956			—			3,788			—
Loss on extinguishment of debt		—			—			—			7,589
Adjusted EBITDA	$	15,696		$	4,991		$	13,061		$	(7,130	)

Adjusted net loss reconciliation*
Net loss, as reported¹	$	(14,218	)	$	(20,107	)	$	(44,918	)	$	(65,774	)
Impairment charges		2,479			—			2,479			—
Business transformation costs		925			1,296			1,428			1,296
Intellectual property litigation costs²		2,956			—			3,788			—
Changes in fair value of strategic investments		(2,152	)		—			(2,995	)		—
Loss on extinguishment of debt		—			—			—			7,589
Tax effect of adjustments³		(214	)		—			(305	)		—
Adjusted net loss	$	(10,224	)	$	(18,811	)	$	(40,523	)	$	(56,889	)

Adjusted net loss per share reconciliation*
Net loss per share, as reported¹	$	(0.44	)	$	(0.65	)	$	(1.41	)	$	(2.12	)
Impairment charges per share		0.08			—			0.08			—
Business transformation costs per share		0.03			0.04			0.04			0.04
Intellectual property litigation costs per share²		0.09			—			0.12			—
Changes in fair value of strategic investments per share		(0.07	)		—			(0.09	)		—
Loss on extinguishment of debt per share		—			—			—			0.24
Tax effect of adjustments per share³		(0.01	)		—			(0.01	)		—
Adjusted net loss per share	$	(0.32	)	$	(0.61	)	$	(1.27	)	$	(1.84	)
Weighted-average shares, basic and diluted		31,990			31,145			31,791			31,089

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Adjusted operating expenses reconciliation*
Operating expenses, as reported	$	151,565		$	126,452		$	293,337		$	252,106
Impairment charges		(2,479	)		—			(2,479	)		—
Business transformation costs		(925	)		(1,296	)		(1,428	)		(1,296	)
Intellectual property litigation costs²		(2,956	)		—			(3,788	)		—
Adjusted operating expenses	$	145,205		$	125,156		$	285,642		$	250,810

_{*Certain numbers expressed may not sum due to rounding.}
_{¹ Net loss for the three and six months ended June 30, 2025 includes $1.7 million and $2.0 million of acquired in-process research and development expense, respectively.}
_{² Excludes third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc.}
_{³ Income tax impact of Non-GAAP adjustments listed.}

The MIL Network –

August 5, 2025

MIL-OSI: Great Elm Group Announces Strategic Partnership with Kennedy Lewis Investment Management

Source: GlobeNewswire (MIL-OSI)

– Purchases 4.9% of Great Elm Group’s Common Stock; $150 Million Debt Investment in Monomoy Properties REIT to Accelerate Industrial Real Estate Platform Expansion –

– Company to Host Conference Call at 8:30 a.m. ET on August 1, 2025 –

Transaction Highlights:

Certain funds affiliated with Kennedy Lewis Investment Management LLC (“KLIM”) purchase 4.9% of Great Elm Group, Inc’s (“GEG”) outstanding common stock at market price, approximately $2.11 per share.
$150 million of term loans in total strategic financing for Monomoy Properties REIT, LLC (“Monomoy REIT”) from KLIM to catalyze growth across the Monomoy industrial real estate platform recently consolidated under Great Elm Real Estate Ventures, LLC (“Real Estate Ventures”)
KLIM appoints board representatives at both GEG and Monomoy REIT, underscoring its commitment to a long-term partnership

PALM BEACH GARDENS, Fla., July 31, 2025 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“we,” “us,” “our,” “GEG” or “Great Elm,”) (NASDAQ: GEG), a publicly traded alternative asset manager, today announced a transformational strategic partnership with KLIM, an institutional alternative investment firm focused on opportunistic credit strategies including real estate with over $30 billion in assets under management. This partnership delivers up to $150 million in leverageable capital to support continued growth across Great Elm’s real estate platform, which includes Monomoy REIT, Monomoy CRE (MCRE), Monomoy Construction Services (MCS), and Monomoy BTS (MBTS) (together “Monomoy”). Monomoy offers a full-service suite of project management, procurement, construction management, asset management, market analysis and feasibility services for its industrial real estate tenants.

Under the terms of the transaction, KLIM is providing an initial $100 million term loan to Monomoy REIT, and the option for an additional $50 million in future capital. Additionally, KLIM is purchasing 4.9% of GEG’s common stock at market price, approximately $2.11 a share, and will hold an initial 15% profits interest (which may be increased to 20% under certain circumstances) in the newly formed Great Elm Real Estate Ventures, LLC, which consolidates GEG’s real estate subsidiaries: MCRE, MCS, and MBTS.

“KLIM’s investment strengthens our position as a full-spectrum real estate enterprise,” said Jason Reese, Chief Executive Officer of Great Elm. “Their deep sector expertise, alignment with our long-term vision, and capital commitment empower us to deliver superior value to Monomoy’s tenants and clients as well as our shareholders.”

KLIM is also appointing a board representative at each of Great Elm and Monomoy REIT, underscoring its role as a long-term partner.

“We are excited to partner with Great Elm and support the continued expansion of its industrial real estate platform,” said David Chene, Co-Founder of KLIM. “The integrated strategy being executed through Monomoy is exactly the kind of scalable, opportunity-rich platform we seek to support. We look forward to working closely with the leadership team to unlock the full potential of this business.”

About the Monomoy Platform

Monomoy Properties REIT, LLC (REIT) is a private real estate investment trust with approximately $400 million of diversified net leased IOS assets. Backed by disciplined investment principles and a long-term view, the REIT provides investors with exposure to mission-critical facilities occupied by high-quality tenants. The REIT offers investors returns through dividends and long-term capital appreciation.

Great Elm Real Estate Ventures (Real Estate Ventures), a newly created entity comprised of wholly owned subsidiaries of GEG, brings together a vertically integrated group of real estate-focused businesses, each playing a strategic role in delivering best-in-class industrial outdoor storage (IOS) properties across the United States. The wholly owned subsidiaries of GEG include the following:

Monomoy CRE, LLC (MCRE) serves as the real estate asset manager at the core of the Monomoy platform. MCRE is responsible for executing Monomoy Properties REIT’s day-to-day investment strategy while also sourcing and identifying prime IOS real estate opportunities for development by BTS. With deep market expertise and a proactive approach, MCRE ensures seamless coordination across acquisition, development, and asset management functions.

Monomoy BTS Corp. (BTS) focuses on acquiring land and developing custom-built IOS properties tailored to tenant needs. Each project is executed with precision, supporting business growth and operational efficiency for its clients.

Monomoy Construction Services, LLC (MCS) offers full-service procurement and construction management. MCS serves the REIT, BTS, and select third-party clients, ensuring consistent delivery, quality, cost control, and timely execution.

Together, these entities create a powerful, end-to-end real estate platform that combines deep market insight, professional asset management services investment expertise, and turnkey execution capabilities to generate long-term value for tenants and investors alike.

Transforming Into a Full-Service Real Estate Platform

This capital injection represents a major milestone in the continued growth and ongoing evolution of Great Elm’s real estate business. This structure enables Great Elm Real Estate Ventures to serve its tenants as a comprehensive, value-added real estate partner, enhancing delivery of real estate solutions from acquisition through development and management.

Strategic and Financial Impact

The KLIM financing substantially improves Monomoy REIT’s cost of capital and allows for the refinancing of existing convertible debt and repayment of key credit facilities. The capital will also be used to fund new acquisitions and further scale Monomoy’s operations.

Great Elm Real Estate Ventures Conference Call & Webcast Information

When: Friday, August 1, 2025, 8:30 a.m. Eastern Time (ET)

Call: All interested parties are invited to participate in the conference call by dialing +1 (877) 407-0752; international callers should dial +1 (201) 389-0912. Participants should enter the Conference ID 13755229 if asked.

Webcast: The conference call will be webcast simultaneously and can be accessed here. A copy of the slide presentation accompanying the conference call, can be found here.

About Kennedy Lewis Investment Management, LLC

Kennedy Lewis is a credit focused alternative investment manager founded in 2017 by David K. Chene and Darren L. Richman with over $30 billion under management. The firm and its affiliates manage private funds, a publicly traded REIT focused on landbanking (Millrose Properties, Inc.), a non-exchange traded business development company (Kennedy Lewis Capital Company), and collateralized loan obligations (Generate Advisors, LLC).

About Great Elm Group, Inc.

Great Elm Group, Inc. (NASDAQ: GEG) is an alternative asset manager focused on building a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. GEG manages Great Elm Capital Corp. (NASDAQ: GECC), a publicly-traded business development company, Monomoy Properties REIT, LLC, an industrial outdoor storage-focused real estate investment trust along with its growing real estate services platform through Monomoy CRE, MBTS, and MCS. Learn more at www.greatelmgroup.com.

About Great Elm Real Estate Ventures

Great Elm Real Estate Ventures, a wholly owned subsidiary of GEG, consolidates the Monomoy real estate platform comprised of Monomoy CRE, LLC (MCRE), Monomoy Construction Services, LLC (MCS), and Monomoy BTS Corp (MBTS). Great Elm Real Estate Ventures operates as a full-service industrial outdoor space (IOS) enterprise that provides solutions for our tenants through property management, real estate investments, construction and development. Through the Monomoy platform, Real Estate Ventures invests in build-to-suit and existing Class A, B, and C single-tenant industrial properties across the US, focusing on equipment rental, building supply, materials, manufacturing, warehousing, distribution, and logistics, while specifically targeting critical markets with economic growth.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release that are “forward-looking” statements, including statements regarding expected benefits from the transaction, growth, profitability, acquisition opportunities involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent GEG’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and GEG’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from GEG’s expectations, please see GEG’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to GEG’s financial position and results of operations is also contained in GEG’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.

This press release does not constitute an offer of any securities for sale.

Media & Investor Contact:
Investor Relations
geginvestorrelations@greatelm.com

The MIL Network –

August 5, 2025

MIL-OSI: Bimini Capital Management Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

VERO BEACH, Fla., July 31, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended June 30, 2025.

Second Quarter 2025 Highlights

Net income of approximately $43 thousand, or $0.00 per common share
Book value per share of $0.74
Company to discuss results on Friday, August 1, 2025, at 10:00 AM ET

Management Commentary

Commenting on the second quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “When we announced our first quarter results, the second quarter of 2025 was off to a very rough start. Markets were in turmoil as a result of the extensive reciprocal tariffs announced by the Trump administration. While these conditions abated gradually, all the companies in the mortgage REIT sector that have reported second quarter earnings to date reported losses for the quarter. Our MBS segment produced a loss of $1.3 million as well but our advisory services segment generated earnings of $1.9 million and Bimini as a whole generated modest net income of approximately $43 thousand. For the six months ended June 30, 2025, Bimini recorded net income of $0.6 million, or $0.06 per share, representing a return on stockholders’ equity of 8.7%, unannualized.

“Our advisory service revenues for the quarter and six months ended June 30, 2025 increased by 20% and 21%, respectively, over the comparable 2024 periods. While we sold $9.8 million of MBS early in the second quarter in response to the adverse market conditions mentioned above, our interest revenues for the quarter and six months ended June 30, 2025 increased 23% and 24%, respectively, over the comparable 2024 periods. As our cash positions have increased over the past few months, we anticipate resuming growth of the RMBS portfolio in the near-term.

“As the third quarter unfolds markets are considerably calmer than when the second quarter was starting, and Agency RMBS are still trading at attractive levels. Market conditions generally are quite favorable for RMBS – a positive development for both Bimini and Orchid Island as well. As long as we have no new adverse developments with respect to reciprocal tariffs and interest rate volatility remains low, the sector should perform well. With respect to the macroeconomic backdrop, the economy has remained surprisingly resilient, but in the event that conditions deteriorate, the Federal Reserve appears likely to act and reduce over-night rates, which should buttress the economy.”

Details of Second Quarter 2025 Results of Operations

Orchid reported a net loss for the second quarter of 2025 of $33.6 million and generated a (4.66)% return on its book value for the quarter – not annualized. Orchid also raised $139.4 million during the quarter and its stockholders’ equity increased from $855.9 million at March 31, 2025 to $912.0 million at June 30, 2025. As a result, Bimini’s advisory service revenues of approximately $3.8 million represented a 20% increase over the second quarter of 2024 and a 6% increase over the first quarter of 2025.

Royal Palm sold approximately $9.8 million of its MBS portfolio in the second quarter of 2025 after increasing its MBS holdings throughout 2024. Interest revenue increased 23% over the second quarter of 2024, but decreased 9% from the first quarter of 2025. With funding costs down as a result of Fed rates cuts late in 2024, net interest income, inclusive of dividends from holdings of Orchid common shares, increased approximately 78% over the second quarter of 2024, but decreased by approximately 7% from the first quarter of 2025 owing primarily to the sale of assets in the MBS portfolio. These amounts represent the net interest income from the investment portfolio and do not include interest charges on our trust preferred or other long-term debt.

Interest charges on the trust preferred and other long-term debt of $0.54 million were virtually unchanged from the first quarter of 2025 and were down 11% from the second quarter of 2024. Expenses of $2.82 million decreased by 4% from the first quarter of 2025 and increased by 1% over the second quarter of 2024. Bimini recorded an income tax provision of $6.5 thousand for the second quarter of 2025.

Management of Orchid Island Capital, Inc.

Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of a management agreement, our subsidiary, Bimini Advisors, provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid, which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended June 30, 2025, Bimini’s statement of operations included a fair value adjustment of $(0.3) million and dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended June 30, 2025, Bimini recorded $3.8 million in advisory services revenue for managing Orchid’s portfolio, consisting of $3.0 million of management fees, $0.6 million in overhead reimbursement, and $0.2 million in repurchase, clearing and administrative fees.

Book Value Per Share

The Company’s book value per share on June 30, 2025 was $0.74. The Company computes book value per share by dividing total stockholders’ equity by the total number of outstanding shares of the Company’s Class A Common Stock. At June 30, 2025, the Company’s stockholders’ equity was $7.4 million, with 10,005,457 Class A Common shares outstanding.

Capital Allocation and Return on Invested Capital

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio and the structured MBS portfolio, consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

Portfolio Activity for the Quarter
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Market Value – March 31, 2025	$	118,704,355		$	2,252,898		$	7,871		$	2,260,769		$	120,965,124
Securities purchased		–			–			–			–			–
Securities sold		(9,786,053	)		–			–			–			(9,786,053	)
(Losses) gains on sales		(178,140	)		–			–			–			(178,140	)
Return of investment		n/a			(79,850	)		(379	)		(80,229	)		(80,229	)
Pay-downs		(3,198,435	)		n/a			n/a			n/a			(3,198,435	)
Discount accreted due to pay-downs		(42,251	)		n/a			n/a			n/a			(42,251	)
Mark to market (losses) gains		(65,709	)		10,292			(970	)		9,322			(56,387	)
Market Value – June 30, 2025	$	105,433,767		$	2,183,340		$	6,522		$	2,189,862		$	107,623,629

The tables below present the allocation of capital between the respective portfolios at June 30, 2025 and March 31, 2025, and the return on invested capital for each sub-portfolio for the three-month period ended June 30, 2025. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

Capital Allocation
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
June 30, 2025
Market value	$	105,433,767		$	2,183,340		$	6,522		$	2,189,862		$	107,623,629
Cash equivalents and restricted cash		6,583,906			–			–			–			6,583,906
Repurchase agreement obligations		(101,742,000	)		–			–			–			(101,742,000	)
Total	$	10,275,673		$	2,183,340		$	6,522		$	2,189,862		$	12,465,535
% of Total		82.4	%		17.5	%		0.1	%		17.6	%		100.0	%
March 31, 2025
Market value	$	118,704,355		$	2,252,898		$	7,871		$	2,260,769		$	120,965,124
Cash equivalents and restricted cash		5,500,438			–			–			–			5,500,438
Repurchase agreement obligations		(115,510,999	)		–			–			–			(115,510,999	)
Total	$	8,693,794		$	2,252,898		$	7,871		$	2,260,769		$	10,954,563
% of Total		79.4	%		20.5	%		0.1	%		20.6	%		100.0	%

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately (4.1)% and 1.9%, respectively, for the three months ended June 30, 2025. The combined portfolio generated a return on invested capital of approximately (2.9)%.

Returns for the Quarter Ended June 30, 2025
				Structured Security Portfolio
							Inverse
	Pass			Interest-			Interest-
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Interest income (net of repo cost)	$	357,713		$	33,052		$	23		$	33,075		$	390,788
Realized and unrealized losses (gains)		(286,100	)		10,292			(970	)		9,322			(276,778	)
Hedge losses		(430,791	)		n/a			n/a			n/a			(430,791	)
Total Return	$	(359,178	)	$	43,344		$	(947	)	$	42,397		$	(316,781	)
Beginning capital allocation	$	8,693,794		$	2,252,898		$	7,871		$	2,260,769		$	10,954,563
Return on invested capital for the quarter⁽¹⁾		(4.1	)%		1.9	%		(12.0	)%		1.9	%		(2.9	)%

(1) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

Prepayments

For the second quarter of 2025, the Company received approximately $3.3 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 9.9%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

	PT	Structured
	MBS Sub-	MBS Sub-	Total
Three Months Ended	Portfolio	Portfolio	Portfolio
June 30, 2025	10.3	7.3	9.9
March 31, 2025	7.5	6.2	7.3
December 31, 2024	10.9	12.5	11.1
September 30, 2024	6.3	6.7	6.3
June 30, 2024	10.9	5.5	10.0
March 31, 2024	18.0	9.2	16.5

Portfolio

The following tables summarize the MBS portfolio as of June 30, 2025 and December 31, 2024:

($ in thousands)
									Weighted
			Percentage						Average
			of			Weighted			Maturity
	Fair		Entire			Average			in		Longest
Asset Category	Value		Portfolio			Coupon			Months		Maturity
June 30, 2025
Fixed Rate MBS	$	105,434		98.0	%		5.60	%		333		1-Aug-54
Structured MBS		2,190		2.0	%		2.87	%		277		15-May-51
Total MBS Portfolio	$	107,624		100.0	%		5.25	%		332		1-Aug-54
December 31, 2024
Fixed Rate MBS	$	120,056		98.1	%		5.60	%		341		1-Jan-55
Structured MBS		2,292		1.9	%		2.85	%		281		15-May-51
Total MBS Portfolio	$	122,348		100.0	%		5.26	%		340		1-Jan-55

($ in thousands)
	June 30, 2025					December 31, 2024
			Percentage of					Percentage of
Agency	Fair Value		Entire Portfolio			Fair Value		Entire Portfolio
Fannie Mae	$	30,700		28.5	%	$	32,692		26.7	%
Freddie Mac		76,924		71.5	%		89,656		73.3	%
Total Portfolio	$	107,624		100.0	%	$	122,348		100.0	%

	June 30, 2025		December 31, 2024
Weighted Average Pass Through Purchase Price	$	102.99	$	102.72
Weighted Average Structured Purchase Price	$	4.48	$	4.48
Weighted Average Pass Through Current Price	$	100.84	$	99.63
Weighted Average Structured Current Price	$	14.01	$	13.71
Effective Duration ⁽¹⁾		2.931		3.622

(1)

Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 2.931 indicates that an interest rate increase of 1.0% would be expected to cause a 2.931% decrease in the value of the MBS in the Company’s investment portfolio at June 30, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

Financing and Liquidity

As of June 30, 2025, the Company had outstanding repurchase obligations of approximately $101.7 million with a net weighted average borrowing rate of 4.49%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $107.8 million. At June 30, 2025, the Company’s liquidity was approximately $5.7 million, consisting of unpledged MBS and cash and cash equivalents.

We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at June 30, 2025.

($ in thousands)
Repurchase Agreement Obligations
						Weighted			Weighted
	Total					Average			Average
	Outstanding		% of			Borrowing			Maturity
Counterparty	Balances		Total			Rate			(in Days)
Marex Capital Markets Inc.	$	22,925		22.6	%		4.47	%		53
DV Securities, LLC Repo		18,420		18.1	%		4.48	%		28
Mirae Asset Securities (USA) Inc.		18,238		17.9	%		4.53	%		136
South Street Securities, LLC		15,806		15.5	%		4.47	%		85
Clear Street LLC		15,696		15.4	%		4.48	%		84
Mitsubishi UFJ Securities (USA), Inc.		10,657		10.5	%		4.52	%		15
	$	101,742		100.0	%		4.49	%		69

Summarized Consolidated Financial Statements

The following is a summarized presentation of the unaudited consolidated balance sheets as of June 30, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the six and three month periods ended June 30, 2025 and 2024. Amounts presented are subject to change.


BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited – Amounts Subject to Change)

	June 30, 2025		December 31, 2024
ASSETS
Mortgage-backed securities	$	107,623,629	$	122,348,170
Cash equivalents and restricted cash		6,583,906		7,422,746
Orchid Island Capital, Inc. common stock, at fair value		3,989,188		4,427,372
Accrued interest receivable		525,593		601,640
Deferred tax assets, net		15,743,570		15,930,953
Other assets		4,281,649		4,122,776
Total Assets	$	138,747,535	$	154,853,657

LIABILITIES AND STOCKHOLDERS’ EQUITY
Repurchase agreements	$	101,742,000	$	117,180,999
Long-term debt		27,357,495		27,368,158
Other liabilities		2,231,331		3,483,093
Total Liabilities		131,330,826		148,032,250
Stockholders’ equity		7,416,709		6,821,407
Total Liabilities and Stockholders’ Equity	$	138,747,535	$	154,853,657
Class A Common Shares outstanding		10,005,457		10,005,457
Book value per share	$	0.74	$	0.68


BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited – Amounts Subject to Change)

	Six Months Ended June 30,						Three Months Ended June 30,
	2025			2024			2025			2024
Advisory services	$	7,393,135		$	6,096,316		$	3,810,846		$	3,167,055
Interest and dividend income		3,733,656			3,091,156			1,786,616			1,492,191
Interest expense		(3,575,435	)		(3,577,794	)		(1,731,415	)		(1,762,116	)
Net revenues		7,551,356			5,609,678			3,866,047			2,897,130
Other (expense) income		(1,025,540	)		646,728			(997,795	)		(280,003	)
Expenses		5,743,131			5,811,971			2,818,974			2,782,576
Net income (loss) before income tax provision		782,685			444,435			49,278			(165,449	)
Income tax provision		187,383			505,172			6,546			108,396
Net income (loss)	$	595,302		$	(60,737	)	$	42,732		$	(273,845	)

Basic and Diluted Net (Loss) Income Per Share of:
CLASS A COMMON STOCK	$	0.06		$	(0.01	)	$	0.00		$	(0.03	)
CLASS B COMMON STOCK	$	0.06		$	(0.01	)	$	0.00		$	(0.03	)

	Three Months Ended June 30,
Key Balance Sheet Metrics	2025			2024
Average MBS⁽¹⁾	$	114,294,375		$	87,539,021
Average repurchase agreements⁽¹⁾		108,626,500			83,737,499
Average stockholders’ equity⁽¹⁾		7,395,343			8,203,927

Key Performance Metrics
Average yield on MBS⁽²⁾		5.54	%		5.88	%
Average cost of funds⁽²⁾		4.39	%		5.53	%
Average economic cost of funds⁽³⁾		3.97	%		5.32	%
Average interest rate spread⁽⁴⁾		1.15	%		0.35	%
Average economic interest rate spread⁽⁵⁾		1.57	%		0.56	%

(1)	Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
(2)	Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
(3)	Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
(4)	Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
(5)	Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

About Bimini Capital Management, Inc.

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

Forward Looking Statements

Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by applicable law.

Earnings Conference Call Details

An earnings conference call and live audio webcast will be hosted Friday, August 1, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BI93827b97dab34b2f8cabd3a04f5bddd5. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/jgk2gti4 or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

CONTACT:
Bimini Capital Management, Inc.
Robert E. Cauley, 772-231-1400
Chairman and Chief Executive Officer
https://ir.biminicapital.com

The MIL Network –

August 5, 2025

MIL-OSI: AppFolio Names Tim Eaton as Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

SANTA BARBARA, Calif., July 31, 2025 (GLOBE NEWSWIRE) — AppFolio (NASDAQ:APPF), the technology leader powering the future of the real estate industry, today announced that its Board of Directors has appointed Tim Eaton as the Chief Financial Officer of AppFolio, effective July 30, 2025.

Eaton’s appointment follows a distinguished tenure at AppFolio, where he most recently served as Interim Chief Financial Officer since October 2024. Since joining AppFolio in 2020, he has also held other key positions including Chief of Staff to the CEO and various other leadership roles. Before joining AppFolio, Eaton built a strong foundation through his work in financial, strategic, and operational positions at Visa, Google, and Goldman Sachs. He earned his M.B.A. in finance and entrepreneurship from the Wharton School at the University of Pennsylvania, a B.S. in Business Management from Brigham Young University, and is a CFA charterholder.

“Tim’s appointment reflects his impactful leadership in positioning AppFolio for long-term growth and success,” said Shane Trigg, CEO of AppFolio. “I look forward to continuing to partner with Tim as we drive AppFolio’s path forward, focused on creating even greater value for our customers, our people, and our shareholders.”

“AppFolio’s future is bright, and I am deeply proud to be part of an organization that values continuous innovation, close customer partnerships, and building trust every day,” said Eaton. “We are building the platform where the real estate industry comes to do business, and I am honored to fully embrace the CFO role and help lead our exceptional team as we power the future of the real estate industry.”

About AppFolio
AppFolio is the technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit appfolio.com.

For more information, please contact:
Stephanie Mitchell
pr@appfolio.com

Lori Barker
ir@appfolio.com

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future’” “predicts, “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to future operating results and financial position, including the Company’s fiscal year 2025 financial outlook, anticipated future expenses and investments, the Company’s business opportunities, the impact of the Company’s strategic actions and initiatives, the effect of the Company’s 2025 Share Repurchase Program, the potential benefits and effect of the Company’s resident experience related services, including FolioSpace, and their impact on the Company’s plans, objectives, expectations and capabilities.

Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include those risks, uncertainties and other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 6, 2025, as such risk factors may be updated from time to time in our subsequent filings with the SEC, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in the Company’s other filings with the SEC. You should read this press release with the understanding that the Company’s actual future results may be materially different from the results expressed or implied by these forward-looking statements.

The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/898e150a-0354-4ac2-8326-f803d579ccd2

The MIL Network –

August 5, 2025

MIL-OSI: AppFolio, Inc. Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SANTA BARBARA, Calif., July 31, 2025 (GLOBE NEWSWIRE) — AppFolio, Inc. (NASDAQ: APPF) (“AppFolio” or the “Company”), a technology leader powering the future of the real estate industry, today announced its financial results for the second quarter ended June 30, 2025.

“Our second quarter results reflect that we continue to win in the market,” said Shane Trigg, President and CEO, AppFolio. “Our customers are seeing tangible performance benefits by adopting our central, AI-native platform, with 96% of customers having used one or more of our AI-powered solutions. AppFolio is proving to be a competitive advantage for ambitious property management businesses.”

Financial Highlights for Second Quarter of 2025

Revenue grew 19% year-over-year to $236 million.
Total units under management grew 6% year-over-year to 8.9 million.
GAAP operating income was $41 million, or 17.2% of revenue, compared to operating income of $36 million, or 18.3% of revenue in Q2 2024.
Non-GAAP operating income was $62 million, or 26.2% of revenue, compared to non-GAAP operating income of $51 million, or 26.0% of revenue, in Q2 2024.
Net cash provided by operating activities was $53 million, or 22.3% of revenue, compared to $51 million, or 25.8% of revenue, in Q2 2024.

Financial Outlook
Based on information available as of July 31, 2025, AppFolio’s outlook for fiscal year 2025 follows:

Full year revenue is expected to be in the range of $935 million to $945 million.
Full year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 24.5% to 26.5%.
Diluted weighted average shares outstanding are expected to be approximately 37 million for the full year.

Conference Call Information
As previously announced, the Company will host a conference call today, July 31, 2025, at 2:00 p.m. Pacific Time (PT), 5:00 p.m. Eastern Time (ET), to discuss the Company’s second quarter financial results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/ijgr58yt. To access the call by phone, please go to the following link: https://register-conf.media-server.com/register/BIdccd543a8ef7485c8f06cd2837c68ea9, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on AppFolio’s Investor Relations website at https://ir.appfolioinc.com/news-events/events.

The Company also provides announcements regarding its financial results and other matters, including SEC filings, investor events, and press releases, on its Investor Relations website at https://ir.appfolioinc.com/, as a means of disclosing material nonpublic information and for complying with AppFolio’s disclosure obligations under Regulation FD.

About AppFolio
AppFolio is a technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit ir.appfolioinc.com.

Investor Relations Contact:
Lori Barker
ir@appfolio.com

Use of Non-GAAP Financial Measures
Reconciliations of current and historical non-GAAP financial measures to AppFolio’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables entitled “Statement Regarding the Use of Non-GAAP Financial Measures.”

AppFolio is unable, at this time, to provide GAAP equivalent guidance measures on a forward-looking basis for non-GAAP operating margin because certain items that impact this measure are uncertain, out of our control, or cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future’” “predicts, “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to future operating results and financial position, including the Company’s fiscal year 2025 financial outlook, anticipated future expenses and investments, the Company’s business opportunities, the impact of the Company’s strategic actions and initiatives, the potential benefits and effect of the Company’s AI-powered solutions, and their impact on the Company’s plans, objectives, expectations and capabilities.

Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include those risks, uncertainties and other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 6, 2025, as such risk factors may be updated from time to time in our subsequent filings with the SEC, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in the Company’s other filings with the SEC. You should read this press release with the understanding that the Company’s actual future results may be materially different from the results expressed or implied by these forward-looking statements.

The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)

	June 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	73,478	$	42,504
Investment securities—current		54,088		235,745
Accounts receivable, net		32,543		24,346
Prepaid expenses and other current assets		37,026		32,807
Total current assets		197,135		335,402
Property and equipment, net		22,641		24,483
Operating lease right-of-use assets		16,464		17,472
Capitalized software development costs, net		12,414		15,429
Goodwill		96,410		96,410
Intangible assets, net		43,942		49,057
Deferred income taxes		90,095		76,910
Long-term investments		77,033		2,033
Other long-term assets		11,269		9,482
Total assets	$	567,403	$	626,678
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	3,254	$	2,378
Accrued employee expenses		25,784		30,157
Accrued expenses		18,103		14,658
Other current liabilities		20,448		16,087
Total current liabilities		67,589		63,280
Operating lease liabilities		35,180		37,476
Other liabilities		8,988		6,632
Total liabilities		111,757		107,388
Stockholders’ equity		455,646		519,290
Total liabilities and stockholders’ equity	$	567,403	$	626,678

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⁽¹⁾	$	235,575		$	197,375	$	453,277	$	384,805
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)⁽²⁾		83,827			69,601		163,325		134,247
Sales and marketing⁽²⁾		36,776			27,300		67,833		51,755
Research and product development⁽²⁾		46,674			39,522		90,432		77,417
General and administrative⁽²⁾		21,936			20,254		45,287		41,386
Depreciation and amortization		5,850			4,670		12,105		9,882
Total costs and operating expenses		195,063			161,347		378,982		314,687
Income from operations		40,512			36,028		74,295		70,118
Other (loss)/income, net		(11	)		—		45		—
Interest income, net		1,466			3,476		4,419		6,468
Income before provision for income taxes		41,967			39,504		78,759		76,586
Provision for income taxes		5,987			9,839		11,396		8,258
Net income	$	35,980		$	29,665	$	67,363	$	68,328
Net income per common share:
Basic	$	1.00		$	0.82	$	1.87	$	1.89
Diluted	$	0.99		$	0.81	$	1.85	$	1.86
Weighted average common shares outstanding
Basic		35,922			36,241		36,111		36,164
Diluted		36,204			36,742		36,425		36,720

⁽¹⁾ The following table presents our revenue categories:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Core solutions	$	52,473	$	44,024	$	101,986	$	86,944
Value Added Services		180,145		151,620		344,851		293,951
Other		2,957		1,731		6,440		3,910
Total revenue	$	235,575	$	197,375	$	453,277	$	384,805

⁽²⁾ Includes stock-based compensation expense as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	1,419	$	1,175	$	2,706	$	2,135
Sales and marketing		3,045		1,703		5,893		3,213
Research and product development		8,176		6,472		15,107		12,154
General and administrative		5,659		5,444		10,964		10,766
Total stock-based compensation expense	$	18,299	$	14,794	$	34,670	$	28,268

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Cash from operating activities
Net income	$	35,980		$	29,665		$	67,363		$	68,328
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,850			4,670			12,105			9,881
Amortization of operating lease right-of-use assets		507			530			1,008			1,053
Amortization of costs capitalized to obtain revenue contracts, net		2,699			2,485			5,419			4,985
Deferred income taxes		(7,644	)		—			(13,185	)		—
Stock-based compensation, including as amortized		18,299			14,795			34,670			28,269
Other		(131	)		(2,181	)		(1,048	)		(4,005	)
Changes in operating assets and liabilities:
Accounts receivable		(5,081	)		488			(8,197	)		(4,982	)
Prepaid expenses and other assets		(5,966	)		(6,177	)		(11,426	)		172
Accounts payable		(1,694	)		(296	)		852			437
Operating lease liabilities		(1,051	)		(943	)		(2,102	)		(1,418	)
Accrued expenses and other liabilities		10,875			7,833			5,649			(8,897	)
Net cash provided by operating activities		52,643			50,869			91,108			93,823
Cash from investing activities
Purchases of available-for-sale investments		(1,732	)		(94,377	)		(64,034	)		(151,539	)
Proceeds from sales of available-for-sale investments		99,944			—			202,662			—
Proceeds from maturities of available-for-sale investments		1,670			57,785			43,820			94,455
Purchases of property and equipment		(275	)		(38	)		(505	)		(1,458	)
Capitalization of software development costs		(842	)		(1,404	)		(1,478	)		(2,529	)
Purchases of long-term investments		(75,000	)		—			(75,000	)		—
Cash paid in business acquisition, net of cash acquired		—			—			(906	)		—
Net cash used in investing activities		23,765			(38,034	)		104,559			(61,071	)
Cash from financing activities
Proceeds from stock option exercises		117			24			128			3,898
Tax withholding for net share settlement		(10,020	)		(12,434	)		(19,098	)		(26,520	)
Purchase of common stock		(49,960	)		—			(145,723	)		—
Net cash used in financing activities		(59,863	)		(12,410	)		(164,693	)		(22,622	)
Net decrease in cash, cash equivalents and restricted cash		16,545			425			30,974			10,130
Cash, cash equivalents and restricted cash
Beginning of period		57,183			59,464			42,754			49,759
End of period	$	73,728		$	59,889		$	73,728		$	59,889

		RECONCILIATION FROM GAAP TO NON-GAAP RESULTS (UNAUDITED) (in thousands, except per share data)

			Three Months Ended June 30,						Six Months Ended June 30,
				2025			2024			2025			2024
Costs and operating expenses:
	GAAP cost of revenue (exclusive of depreciation and amortization)		$	83,827		$	69,601		$	163,325		$	134,247
		Stock-based compensation expense		(1,419	)		(1,175	)		(2,706	)		(2,135	)
	Non-GAAP cost of revenue (exclusive of depreciation and amortization)		$	82,408		$	68,426		$	160,619		$	132,112
	GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue			36	%		35	%		36	%		35	%
	Non-GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue			35	%		35	%		35	%		34	%

	GAAP sales and marketing		$	36,776		$	27,300		$	67,833		$	51,755
		Stock-based compensation expense		(3,045	)		(1,703	)		(5,893	)		(3,213	)
	Non-GAAP sales and marketing		$	33,731		$	25,597		$	61,940		$	48,542
	GAAP sales and marketing as a percentage of revenue			16	%		14	%		15	%		13	%
	Non-GAAP sales and marketing as a percentage of revenue			14	%		13	%		14	%		13	%

	GAAP research and product development		$	46,674		$	39,522		$	90,432		$	77,417
		Stock-based compensation expense		(8,176	)		(6,472	)		(15,107	)		(12,154	)
	Non-GAAP research and product development		$	38,498		$	33,050		$	75,325		$	65,263
	GAAP research and product development as a percentage of revenue			20	%		20	%		20	%		20	%
	Non-GAAP research and product development as a percentage of revenue			16	%		17	%		17	%		17	%

	GAAP general and administrative		$	21,936		$	20,254		$	45,287		$	41,386
		Stock-based compensation expense		(5,659	)		(5,444	)		(10,964	)		(10,766	)
	Non-GAAP general and administrative		$	16,277		$	14,810		$	34,323		$	30,620
	GAAP general and administrative as a percentage of revenue			9	%		10	%		10	%		11	%
	Non-GAAP general and administrative as a percentage of revenue			7	%		8	%		8	%		8	%

	GAAP depreciation and amortization		$	5,850		$	4,670		$	12,105		$	9,882
		Amortization of stock-based compensation capitalized in software development costs		(241	)		(471	)		(482	)		(989	)
		Amortization of purchased intangibles		(2,558	)		(118	)		(5,115	)		(237	)
	Non-GAAP depreciation and amortization		$	3,051		$	4,081		$	6,508		$	8,656
	GAAP depreciation and amortization as a percentage of revenue			2	%		2	%		3	%		3	%
	Non-GAAP depreciation and amortization as a percentage of revenue			1	%		2	%		1	%		2	%

			Three Months Ended June 30,						Six Months Ended June 30,
				2025			2024			2025			2024
Income from operations:
	GAAP income from operations		$	40,512		$	36,028		$	74,295		$	70,118
		Stock-based compensation expense		18,299			14,794			34,670			28,268
		Amortization of stock-based compensation capitalized in software development costs		241			471			482			989
		Amortization of purchased intangibles		2,558			118			5,115			237
	Non-GAAP income from operations		$	61,610		$	51,411		$	114,562		$	99,612

Operating margin:
	GAAP operating margin			17.2	%		18.3	%		16.4	%		18.2	%
		Stock-based compensation expense as a percentage of revenue		7.8			7.4			7.7			7.3
		Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue		0.1			0.2			0.1			0.3
		Amortization of purchased intangibles as a percentage of revenue		1.1			0.1			1.1			0.1
	Non-GAAP operating margin			26.2	%		26.0	%		25.3	%		25.9	%

Net income (loss):
	GAAP net income		$	35,980		$	29,665		$	67,363		$	68,328
		Stock-based compensation expense		18,299			14,794			34,670			28,268
		Amortization of stock-based compensation capitalized in software development costs		241			471			482			989
		Amortization of purchased intangibles		2,558			118			5,115			237
		Income tax effect of adjustments		(7,257	)		(3,883	)		(13,599	)		(18,262	)
	Non-GAAP net income		$	49,821		$	41,165		$	94,031		$	79,560

Net income per share, basic:
	GAAP net income per share, basic		$	1.00		$	0.82		$	1.87		$	1.89
		Non-GAAP adjustments to net income		0.39			0.32			0.73			0.31
	Non-GAAP net income per share, basic		$	1.39		$	1.14		$	2.60		$	2.20

Net income per share, diluted:
	GAAP net income per share, diluted		$	0.99		$	0.81		$	1.85		$	1.86
		Non-GAAP adjustments to net income		0.39			0.31			0.73			0.31
	Non-GAAP net income per share, diluted		$	1.38		$	1.12		$	2.58		$	2.17

	Weighted-average shares used in GAAP and non-GAAP per share calculation
		Basic		35,922			36,241			36,111			36,164
		Diluted		36,204			36,742			36,425			36,720

Statement Regarding the Use of Non-GAAP Financial Measures

We use the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Non-GAAP presentation of income from operations, costs and operating expenses, operating margin, net income, and net income per share. These measures exclude certain non-cash or non-recurring items, including stock-based compensation expense, amortization of stock-based compensation capitalized in software development costs, amortization of purchased intangibles, and the related income tax effect of these adjustments, as applicable and described below. Non-GAAP operating margin is calculated as non-GAAP operating income from operations as a percentage of revenue.

We use each of these non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these non-GAAP financial measures also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods.

In particular, we believe these non-GAAP financial measures are useful to investors and others in assessing our operating performance due to the following factors:

Stock-based compensation expense and amortization of stock-based compensation capitalized in software development costs. We utilize stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of our stockholders while ensuring long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.
Amortization of purchased intangibles. We view amortization of purchased intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period.
Income tax effects of adjustments. We utilize a fixed long-term projected tax rate in our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of other non-GAAP adjustments. The projected rate, which we have determined to be 21% and 25% for 2025 and 2024, respectively, considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We periodically re-evaluate this tax rate, as necessary, for significant events, based on relevant tax law changes, and material changes in the forecasted geographic earnings mix.

Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

The MIL Network –

August 5, 2025

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 –

August 5, 2025

MIL-OSI: iRhythm and Lucem Health Partner to Introduce Predictive AI Solution for Early Detection of Arrhythmias in Patient Populations with Comorbid Conditions

Source: GlobeNewswire (MIL-OSI)

Partnership aims to utilize predictive AI to help identify arrhythmias earlier in patient populations with an elevated risk for arrhythmias to enable timely care for millions who remain undiagnosed
Commercial offering from this collaboration designed to support scalable population health and value-based care strategies

SAN FRANCISCO, July 31, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a digital health leader focused on creating trusted solutions that detect, predict, and prevent disease, today announced a strategic partnership with Lucem Health, a leader in AI-driven early disease detection, to accelerate early identification of undiagnosed arrhythmias in patient populations with an elevated risk for arrhythmias.

“Healthcare is entering an era where the goal is no longer just to detect disease, but to predict it,” said Quentin Blackford, iRhythm President and CEO. “Together with Lucem Health, iRhythm is helping lead a new way forward in care, with the goal of reaching patients before symptoms surface and before complications arise. This is a bold step toward predictive, preventive, and precise care powered by AI, informed by data, and designed for scale. We believe more than 27 million people in the U.S. alone could benefit from proactive cardiac monitoring¹ — and this is just the beginning.”

Traditional care models often rely on reactive diagnosis and can leave arrhythmias undetected until stroke, hospitalization, or worse. This partnership brings together Lucem Health’s Reveal AI powered early disease detection platform and iRhythm’s proven diagnostic service to shift that paradigm. By identifying risk earlier and enabling targeted cardiac monitoring, the goal is to help clinicians intervene sooner, improve outcomes across patient populations with elevated arrhythmia risk, and support scalable, data-driven strategies for health systems focused on value-based care.

“Each day, clinicians find themselves reacting to the circumstances of the patients in their exam rooms — they often don’t have the time or the information they need to deliver truly proactive care,” said Sean Cassidy, founder and CEO of Lucem Health. “Together with iRhythm, we’re bringing predictive intelligence to healthcare’s front lines — enabling earlier action, smarter resource allocation, and better outcomes for patients.”

This strategic partnership, supported by iRhythm’s direct investment in Lucem Health, reflects a shared commitment to advancing predictive innovation for population-level impact.

Introducing a Predictive AI Solution for Smarter, Earlier Arrhythmia Detection

The first commercial offering from the collaboration is an exclusive, AI-powered solution that analyzes subtle patterns in clinical and electronic health record (EHR) data to help identify elevated arrhythmia risk in individuals with Type 2 diabetes (T2D), chronic kidney disease (CKD), chronic obstructive pulmonary disease (COPD), and coronary artery disease (CAD) — individuals who may otherwise not be flagged as candidates for ambulatory cardiac monitoring. This offering enables healthcare organizations to proactively pinpoint patients with one or more specifically diagnosed or undiagnosed clinical conditions who could benefit from earlier cardiac monitoring and intervention.

Once identified, appropriate patients can be monitored using iRhythm’s clinically proven Zio^® ECG monitors and service. The Zio ECG device is worn for up to 14 days, enabling continuous, uninterrupted heart rhythm monitoring, and the end-to-end service, powered by an advanced FDA-cleared AI algorithm, delivers actionable insights, reviewed and curated by qualified cardiac technicians, to help clinicians make the right diagnosis the first time and support timely care.

By integrating predictive AI, the new offering builds on iRhythm’s existing proactive monitoring programs deployed with healthcare systems focused on population health management and should enable even earlier arrhythmia risk identification and targeted intervention. The solution is designed to support accountable care organizations (ACOs), integrated health systems, payviders, and other managed care organizations that take on financial responsibility for the cost and quality of care as they pursue scalable value-based care strategies.

Early pilot testing conducted by iRhythm, in collaboration with Lucem Health, suggests promising improvement in targeting patient populations with elevated arrhythmia risk and enabling earlier clinical engagement with greater precision. Both organizations anticipate that use of the AI-powered predictive tool will increase arrhythmia detection among an estimated 27 million undiagnosed patients in the U.S. alone,¹ helping reduce healthcare resource utilization (HCRU) and costs, and improve patient outcomes.

The Cost of Missed Arrhythmias and the Case for Earlier Detection

Cardiac arrhythmias, conditions in which the heart beats too fast, too slow, or irregularly,² affect roughly 1 in 20 U.S. adults³. Left undetected and untreated, they can lead to stroke, heart failure, hospitalization, or death,⁴ making early identification and intervention critical. Yet in many care pathways for individuals with T2D and/or other comorbid conditions, arrhythmias are not routinely screened for, despite elevated risk.⁵

A growing body of evidence highlights the opportunity to detect arrhythmias earlier in at-risk populations — particularly around key clinical turning points in disease progression, as seen in recent data on patients with T2D.

New research presented at the American Diabetes Association’s 85th Scientific Sessions (ADA 2025), based on a real-world study of more than 30 million U.S. adults, found that arrhythmias — often asymptomatic — frequently cluster around key moments in disease progression, particularly in T2D patients. Many arrhythmias were identified just before or shortly after diagnoses of CKD or major adverse cardiovascular events (MACE) such as stroke or heart failure.⁶

Additional findings reinforce the broader clinical and economic impact of arrhythmias across chronic conditions like T2D and COPD, and the value of earlier detection and monitoring.

Data presented at the American Heart Association’s 2024 Scientific Sessions revealed that patients with T2D and/or COPD who develop arrhythmias experience up to 2x higher hospitalization rates, 35–50% higher emergency care costs, and an average of $46,000 in annual healthcare expenses — compared to $30,000 for those without arrhythmias.⁷

Adding to this evidence, new research presented at the American Thoracic Society (ATS) International 2025 conference, based on a real-world study of more than 2.5 million U.S. adults, found that COPD patients with arrhythmia have greater HCRU and costs compared to those without arrhythmia. However, among COPD patients with arrhythmia, those who were monitored had lower HCRU and costs compared to those who were never monitored.⁸

Together, these findings underscore the clinical and economic impact of earlier, smarter detection — and the opportunity for predictive solutions like this initial offering from the iRhythm–Lucem Health collaboration to support value-based care models, reduce unnecessary healthcare utilization, and improve outcomes at scale for patient populations with elevated arrhythmia risk.

Predictive AI-Powered Solution for Population Health and Value-Based Care
U.S.-based innovative care delivery organizations, accountable care organizations (ACOs), integrated health systems, payviders, and other managed care organizations that assume financial responsibility for the cost and quality of care can learn more about the predictive AI solution⁹ and how it may support their population health strategies and value-based care goals by visiting iRhythm’s Value-Based Care page to connect with the iRhythm team.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘will,’ ‘project,’ ‘plan,’ ‘believe,’ ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these include statements regarding market opportunity, ability to penetrate the market and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about July 31, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

About iRhythm Technologies
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining our Zio^® wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, our vision at Rhythm is to deliver better data, better insights, and better health for all.

About Lucem Health
Lucem Health helps healthcare providers accelerate disease detection and treatment using practical, responsible AI, so they can improve patients’ lives and increase the clinical and financial yield from today’s scarce care delivery resources. We envision a world in which clinicians detect problems before they become life-threatening and patients get world-class care, everywhere. Learn more at www.lucemhealth.com.

Media Contact
Kassandra Perry
irhythm@highwirepr.com

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

iRhythm internal estimate based on analysis of public and proprietary sources, including U.S. Census Bureau data, CDC healthcare utilization data, Medicare Public Use Files, IQVIA, Komodo Health, Definitive Healthcare, and peer-reviewed literature on arrhythmia prevalence, symptom presentation, and diagnostic pathways. Full source list available upon request.
What is an arrhythmia? National Heart Lung and Blood Institute, 2022. https://www.nhlbi.nih.gov/health/arrhythmias
Desai et al. Arrhythmias. StatPearls [Internet], 2023. https://www.ncbi.nlm.nih.gov/books/NBK558923/
Ataklte et al. Meta-analysis of ventricular premature complexes and their relation to cardiac mortality in general populations. The American Journal of Cardiology, 2013.
Bhave, P. D., & Soliman, E. Z. (2024). Should patients with diabetes be routinely screened for atrial fibrillation? Expert Review of Cardiovascular Therapy, 22(1–3), 5–6. https://doi.org/10.1080/14779072.2024.2328645
Russo P, Nathan R, Pfeffer D, Kamdar S, Wright B, Boyle K. Incidence and Timing of Major Arrhythmias in T2D and CKD: A Real-World Analysis [poster presentation]. Presented at: American Diabetes Association (ADA) 85th Scientific Sessions; June 20–23, 2025; Chicago, IL, USA.
Russo P, Nathan R, Pfeffer D, Kamdar S, Wright B, Boyle K. Real-World Evidence on Health Care Resource Utilization and Economic Burden of Arrhythmias in Patients with Diabetes and COPD [poster presentation]. Presented at: American Heart Association (AHA) Scientific Sessions; November 16-18, 2024; Chicago, IL. Available at: https://s205.q4cdn.com/296879096/files/doc_events/2024/11/1/120-001752-003_DA_2024-AHA-Poster-iRhythmtech_RWE-HCRU-Arrhythmias_v2.pdf
Russo P, Nathan R, Pfeffer D, Poh J, Jha V, Singh H, Wright B, Boyle K. Real-World Evidence on Health Care Resource Utilization and Economic Burden of Arrhythmias in Patients with COPD [poster presentation]. Presented at: American Thoracic Society (ATS) 2025 International Conference; May 16–21, 2025; San Francisco, CA, USA.
The predictive-AI solution does not represent the functionality of any Zio branded medical device.

The MIL Network –

August 5, 2025

MIL-OSI: Ready Capital Corporation Announces Second Quarter 2025 Results and Webcast Call

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its second quarter 2025 financial results after the New York Stock Exchange closes on Thursday, August 7, 2025. Management will host a webcast and conference call on Friday, August 8, 2025 at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter ended June 30, 2025.

Webcast:
The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

Dial-in:
The conference call can be accessed by dialing 877-407-0792 (domestic) or 201-689-8263 (international).

Replay:
A replay of the call will also be available on the Company’s website approximately two hours after the live call through August 22, 2025. To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 13753253.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

The MIL Network –

August 5, 2025

MIL-OSI USA: Congressman Auchincloss: New CBO Analysis Shows Trump Cuts to R&D Programs Will Harm the U.S. Economy

Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

July 30, 2025

Washington, D.C. – As the Trump Administration continues to attack federal research and development (R&D) investments, new analysis from the nonpartisan Congressional Budget Office (CBO) confirms that these investments spur economic growth and reduce the long-term cost of innovation.

This analysis, requested by Congressman Jake Auchincloss (MA-04) and House Budget Committee Ranking Member Brendan F. Boyle (PA-02), demonstrates that increasing federal investment in nondefense R&D over the next 10 years would boost the nation’s real economic output over the next three decades due to increased innovation and higher productivity. The increased federal investment would also reduce the cumulative federal deficit over the next 30 years. CBO’s analysis also indicates that cutting federal R&D investments would have the opposite effect, reducing economic growth.

“Funding science is a good investment. Every dollar spent returns multiples from which all Americans benefit, through higher standard of living, healthier families, and national defense,” said Congressman Auchincloss. “I am encouraged that the CBO is quantifying the bounty of science, as it will support Congress in investing in our future.”

“Federal R&D investments drive innovation, create jobs, and help keep America competitive,” said Ranking Member Boyle. “In Philadelphia, we see the impact every day through cutting-edge medical research and a growing R&D sector that supports good-paying, stable jobs. This report makes clear that these investments strengthen our economy and reduce the cost of innovation. It also shows that Trump’s cuts to R&D programs are short-sighted and harmful. They stall progress, threaten jobs, and put our future at risk.”

Read CBO’s new analysis here.

MIL OSI USA News –

August 5, 2025

MIL-OSI Africa: Improved taxation systems key to reducing Libya’s dependence on oil revenues

Source: APO – Report:

.

The ECA office for North Africa concluded in Tunisia a four-day capacity building workshop on Modernizing Libya’s Tax System focusing on E-Taxation Services. The training aimed to enhance the Libyan tax authority’s practical knowledge of international best practices in e-taxation and strengthen their ability to set an efficient e-taxation system.

“This training has been an opportunity for our team to share with Libya its extensive experience in building and sustaining sound tax systems to support economic development and improve public revenue,” said Adam Elhiraika, Director of the ECA Office for North Africa. “It also allowed us to contribute to the promotion of South-South cooperation between our member countries thanks to the valuable contributions of trainers provided by the Egyptian Taxation Administration,” he added.

The training brought together senior managers, supervisors, and IT personnel involved in the development and implementation of e-taxation systems in Libya. Participants enhanced their skills in areas such as taxpayer registration, electronic filing, return processing, and data analytics, with special attention to the needs of large taxpayers. The training also deepened their understanding of international best practices in e-taxation and the legal, organizational, and technical requirements for a successful digital transformation of tax operations.

Libya’s economy currently remains highly dependent on oil production, making it vulnerable to fluctuations in production levels and global oil prices. These disruptions can have significant impacts on government revenues when they happen.

To address this issue, the Libyan government has been working to diversify public revenues and reduce the national economy’s reliance on hydrocarbons by increasing tax collections and promoting non-oil exports. However, tax revenue mobilization has remained weak so far due to issues such as widespread tax evasion, a narrow tax base, and low levels of taxpayer compliance.

This initiative comes in support to the Libyan Tax Authority 2021 strategy which aims to modernize income tax administration and advance the digital transformation of tax processes alongside reforms in legislation, institutional structure, infrastructure, and human resources.

– on behalf of United Nations Economic Commission for Africa (ECA).

MIL OSI Africa –

August 5, 2025

MIL-OSI Africa: Eswatini’s Digital Transformation Crucial to Unlocking Growth, Jobs, and Economic Resilience

Source: APO – Report:

.

Eswatini needs to digitalize, strengthen public finances and address structural economic constraints to sustain growth, according to the latest edition of the Eswatini Economic Update (EEU) launched by the World Bank Group (WBG) today, titled: Harnessing the Potential of Digital Technologies for Eswatini’s Growth and Job Creation. The report also provides analysis of the country’s recent economic performance and prospects for the medium term.

Eswatini’s economy is projected to grow by about 5% in 2025 through a combination of policies and supportive conditions amid global economic uncertainty. An increase in public and private investment is projected to contribute to economic activity. The challenge will be to maintain this economic momentum and ensure growth is more inclusive over the medium term. The nation faces pressing needs to digitalize and address structural constraints, diversify its economy and strengthen public finances.

The second edition of the EEU identifies digitalization as a key transformative strategy for the country, particularly as it addresses significant challenges such as a 35.4% unemployment rate and structural inefficiencies in vital sectors including agriculture, trade, and services. By accelerating digital transformation, Eswatini can boost productivity, create sustainable new jobs, and increase domestic revenue helping to reduce reliance on volatile revenues.

“This report aligns with the Kingdom of Eswatini’s 2024-2028 digital strategy. We welcome the World Bank’s insights on how digital transformation can contribute to accelerating our ongoing efforts to boost inclusive economic growth and domestic revenues and in so doing reduce reliance on SACU transfers,” said Honorable Thambo Gina, Minister for Economic Planning and Development for the Kingdom of Eswatini at the report’s launch in Mbabane.

Eswatini is making progress in expanding digital access, with nearly 95% of the population now covered by 4G networks. However, only about 58% of people are using the internet. One of the main reasons is the high cost of data, which takes up 3.47% of GNI per capita – above what is considered affordable in the region. To boost digital adoption and attract greater investment, the report recommends reforming the telecom market, including restructuring the telecom State-Owned Enterprise, adopting open access policies to ensure that all service providers can use the same network infrastructure on fair and equal terms, and update regulatory frameworks to promote competition and lower costs. In addition, with almost half of the country’s Small and Medium Enterprises facing digital adoption barriers, targeted efforts in skills development and entrepreneurship support, including linkages to public procurement, are essential to drive job creation and innovation.

“Eswatini’s digital transformation presents an opportunity to drive inclusive growth. Realizing this will require bold reforms to unlock the full potential of digital technologies, including the restructuring of Eswatini Posts and Telecommunications Corporation (EPTC),” said Satu Kahkonen, World Bank Division Director for Eswatini. “In addition, strengthening coordination across government initiatives, accelerating digital skills development, and fostering innovation will be key to unlocking this potential. Addressing these challenges will enable the country to capture the full benefits of a digital economy.”

To unlock Eswatini’s digital potential for higher economic growth and job creation, the EEU recommends three core policy pillars:

(i) Enhance resilience through effective macroeconomic management;

(ii) Stimulate job creation through private sector development by improving the enabling environment;

(iii) Provide better and more affordable services through efficient public spending.

The policy options include strengthening digital governance through clearer institutional roles and a national change management program; accelerating Eswatini Post and Telecommunications Corporation (EPTC) reforms to enhance operational efficiency and introduce open access; investing in digital public infrastructure, including a modern digital ID system; developing a National Digital Skills Action Plan aligned with labor market needs; and fostering a competitive innovation ecosystem through regulatory reforms, financing access, and support for startups via public procurement opportunities.

Addressing these priorities will position Eswatini to harness digital transformation for broader economic inclusion and growth.

– on behalf of The World Bank Group.

MIL OSI Africa –

August 5, 2025

MIL-OSI: QUAINT OAK BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS

Source: GlobeNewswire (MIL-OSI)

Southampton, PA , July 31, 2025 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net income for the quarter ended June 30, 2025 of $272,000, or $0.10 per basic and diluted share, compared to net income of $100,000, or $0.04 per basic and diluted share, for the same period in 2024. Net income for the six months ended June 30, 2025 was $189,000, or $0.07 per basic and diluted share, compared to net income of $973,000, or $0.39 per basic and diluted share, for the same period in 2024.

Robert T. Strong, Chief Executive Officer stated, “I am pleased to report that our earnings for the second quarter ended June 30, 2025, were measurably improved over the prior quarter. We anticipate that we have generally stabilized expenses except for certain one-time costs expected to be incurred during the second half of 2025 as we rectify and complete the build out of our business lines.”

Mr. Strong added, “Uncertainties in national and international economics continue. However, compared to our first quarter report, and despite the housing market still not thriving, our mortgage banking company improved in its performance. Our SBA production is now generally on target, along with commercial loan sales becoming more productive.”

Mr. Strong continued, “Loan closings are more consistent while asset growth is well contained as a result of regular loan sales into a secondary market.”

Mr. Strong commented, “We have been reporting weakness in the small business sector of our loan portfolio which still exists. However, our asset quality ratios have improved. Our non-performing assets as a percent of total assets are reported at 0.89%, our non-performing loans as a percentage of total loans receivable, net is reported at 1.10% both as of June 30, 2025. Additionally, our Texas Ratio is reported at 9.24% as of June 30, 2025.”

Mr. Strong concluded, “As always, our current and continued business strategy focuses on long term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.”

Comparison of Quarter-over-Quarter Operating Results

Net income amounted to $272,000 for the three months ended June 30, 2025, an increase of $172,000, or 172.0%, compared to net income of $100,000 for the three months ended June 30, 2024. The increase in net income on a comparative quarterly basis was primarily the result of a decrease in interest expense of $1.1 million, and an increase in non-interest income of $643,000, partially offset by a decrease in interest and dividend income of $703,000, an increase in the provision for credit losses of $478,000, an increase in non-interest expense of $297,000, and an increase in the net provision for income taxes from continuing operations of $127,000.

The $703,000, or 6.5%, decrease in interest and dividend income for the quarter was primarily due to a $66.2 million decrease in the average balance of due from banks – interest earning, which decreased from $103.9 million for the three months ended June 30, 2024 to $37.7 million for the three months ended June 30, 2025, and had the effect of decreasing interest income $960,000, a decrease in the average balance of loans receivable, net, which decreased $15.9 million from $605.3 million for the three months ended June 30, 2024 to $589.4 million for the three months ended June 30, 2025 and had the effect of decreasing interest income $245,000, and a decrease in the average yield on due from banks – interest earning, which decreased from 5.80% for the three months ended June 30, 2024 to 4.21% for the three months ended June 30, 2025 and had the effect of decreasing interest income $150,000. Partially offsetting the decrease in interest and dividend income was a 42 basis point increase in the average yield on loans receivable, net from 6.16% for the three months ended June 30, 2024 to 6.58% for the three months ended June 30, 2025, and had the effect of increasing interest income $622,000.

The $1.1 million, or 16.6%, decrease in interest expense for the three months ended June 30, 2025 over the comparable period in 2024 was driven by a $1.6 million, or 25.5%, decrease in interest expense on deposits, which was primarily attributable to a decrease in average balances of interest-bearing deposits as a result of reduced correspondent banking activity and reduction in a money market deposit through a deposit placement agreement. Also contributing to the decrease in interest expense for the three months ended June 30, 2025 was a $320,000, or 65.6%, decrease in interest expense on subordinated debt. These decreases in interest expense were partially offset by a $481,000, or 288.0%, increase in the interest expense on Federal Home Loan Bank borrowings due to a $38.3 million, or 212.1%, increase in the average balance of Federal Home Loan Bank borrowings which increased from $18.0 million for the three months ended June 30, 2024 to $56.3 million for the three months ended June 30, 2025, and a $275,000 increase in interest expense on senior debt. The average interest rate spread increased from 1.57% for the three months ended June 30, 2024 to 2.19% for the three months ended June 30, 2025 and the net interest margin increased from 2.28% for the three months ended June 30, 2024 to 2.85% for the three months ended June 30, 2025.

The $478,000, or 1,165.9%, increase in the provision for credit losses for the three months ended June 30, 2025 over the three months ended June 30, 2024 was primarily due to an increase in charge-offs during the three months ended June 30, 2025, partially offset by a decrease in loans receivable, net.

The $643,000, or 49.3%, increase in non-interest income for the three months ended June 30, 2025 over the comparable period in 2024 was primarily attributable to a $485,000, or 86.5%, increase in net gain on sale of loans, a $413,000, or 421.4%, increase in gain on sale of SBA loans, a $97,000, or 53.0%, increase in mortgage banking, equipment lending and title abstract fees, and a $20,000, or 11.4%, increase in insurance commissions. These increases were partially offset by a $359,000, or 149.6%, decrease in other fees and service charges, and a $16,000, or 100.0%, decrease in real estate sales commissions, net. The reduction in other fees and service charges is attributable to reduced correspondent banking activities.

The $297,000, or 5.7%, increase in non-interest expense for the three months ended June 30, 2025 over the comparable period in 2024 was primarily due to a $152,000, or 39.8%, increase in other expense, a $128,000, or 41.2%, increase in data processing expense, a $27,000, or 37.0%, increase in advertising expense, an $18,000, or 11.5%, increase in professional fees, a $16,000, or 3.9%, increase in occupancy and equipment expense, and a $15,000, or 30.0%, increase in directors’ fees and expenses. These increases were partially offset by a $31,000, or 0.8%, decrease in salaries and employee benefits expense, and a $28,000, or 17.2%, decrease in FDIC deposit insurance assessment.

The provision for income tax from continuing operations increased $127,000, or 153.01%, from $83,000 for the three months ended June 30, 2024 to $210,000 for the three months ended June 30, 2025 due primarily to an increase in pre-tax income.

Comparison of Six-Month Operating Results

Net income amounted to $189,000 for the six months ended June 30, 2025, a decrease of $784,000, or 80.6%, compared to net income of $973,000 for the six months ended June 30, 2024. The decrease in net income on a comparative quarterly basis was primarily the result of a decrease in interest and dividend income of $2.9 million, an increase in non-interest expense of $716,000, and a decrease in net income from discontinued operations of $406,000, partially offset by a decrease in interest expense of $2.1 million, an increase in non-interest income of $821,000, a decrease in the provision for credit losses of $217,000, and a decrease in the net provision for income taxes from continuing operations of $135,000.

The $2.9 million, or 12.6%, decrease in interest and dividend income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $42.8 million from $631.9 million for the six months ended June 30, 2024 to $589.1 million for the six months ended June 30, 2025 and had the effect of decreasing interest income $1.4 million, a $49.7 million decrease in the average balance of due from banks – interest earning, which decreased from $86.8 million for the six months ended June 30, 2024 to $37.1 million for the six months ended June 30, 2025, and had the effect of decreasing interest income $1.3 million, and a 124 basis point decrease in the average yield on due from banks – interest earning from 5.27% for the six months ended June 30, 2024 to 4.03% for the six months ended June 30, 2025, and had the effect of decreasing interest income $230,000.

The $2.1 million, or 15.2%, decrease in interest expense for the six months ended June 30, 2025 over the comparable period in 2024 was driven by a $2.8 million, or 23.3%, decrease in interest expense on deposits, which was primarily attributable to a decrease in the average balance of interest-bearing deposits as a result of reduced correspondent banking activity and reduction in a money market deposit through a deposit placement agreement. Also contributing to the decrease in interest expense for the six months ended June 30, 2025 was a $352,000, or 36.2% decrease in interest expense on subordinated debt. These decreases in interest expense were partially offset by $479,000 increase in the interest expense on Federal Home Loan Bank borrowings due to a $29.1 million, or 135.1%, increase in the average balance of Federal Home Loan Bank borrowings which increased from $21.6 million for the six months ended June 30, 2024 to $50.7 million for the six months ended June 30, 2025, and a $391,000 increase in interest expense on senior debt. The average interest rate spread increased from 1.81% for the six months ended June 30, 2024 to 2.13% for the six months ended June 30, 2025 while the net interest margin increased from 2.62% for the six months ended June 30, 2024 to 2.74% for the six months ended June 30, 2025.

The $217,000, or 19.8%, decrease in the provision for credit losses for the six months ended June 30, 2025 over the six months ended June 30, 2024 was primarily due to a decrease in loans receivable, net, partially offset by an increase in charge-offs during the six months ended June 30, 2025.

The $821,000, or 28.4%, increase in non-interest income for the six months ended June 30, 2025 over the comparable period in 2024 was primarily attributable to a $691,000, or 544.1%, increase in gain on sale of SBA loans, a $607,000, or 40.6%, increase in net gain on sale of loans, a $53,000, or 16.2%, increase in insurance commissions, and a $36,000, or 9.2%, increase in mortgage banking, equipment lending and title abstract fees. These increases were partially offset by a $553,000, or 118.7%, decrease in other fees and service charges, and a $20,000, or 100.0%, decrease in real estate sales commissions, net.

The $716,000, or 6.9%, increase in non-interest expense for the six months ended June 30, 2025 over the comparable period in 2024 was primarily due to a $268,000, or 46.8%, increase in data processing expense, a $206,000, or 23.7%, increase in other expense, a $197,000, or 29.6%, increase in occupancy and equipment expense, a $100,000, or 33.7%, increase in professional fees, a $39,000, or 24.4%, increase in advertising expense, and a $29,000, or 28.7%, increase in directors’ fees and expenses. These increases were partially offset by an $80,000, or 23.8%, decrease in FDIC deposit insurance assessment, and a $43,000, or 0.6%, decrease in salaries and employee benefits expense.

The provision for income tax from continuing operations decreased $135,000, or 38.9%, from $347,000 for the six months ended June 30, 2024 to $212,000 for the six months ended June 30, 2025 due primarily to a decrease in pre-tax income.

Comparison of Financial Condition

The Company’s total assets at June 30, 2025 were $670.8 million, a decrease of $14.4 million, or 2.1%, from $685.2 million at December 31, 2024. This decrease in total assets was primarily due to a $14.1 million, or 22.4%, decrease in cash and cash equivalents, an $8.3 million, or 12.9%, decrease in loans held for sale, and a $430,000, or 25.8%, decrease in investment securities available for sale. Also contributing to the decrease in assets was a $45,000, or 2.8%, decrease in premises and equipment, net, and a $24,000, or 31.2%, decrease in other intangible, net of accumulated amortization. Partially offsetting the decrease in total assets was a $7.0 million, or 1.3%, increase in loans receivable, net of allowance for credit losses, a $694,000, or 17.5%, increase in accrued interest receivable, a $477,000, or 21.5%, increase in investment in Federal Home Loan Bank stock, at cost, a $228,000, or 2.9%, increase in prepaid expenses and other assets, and a $61,000, or 1.4%, increase in bank-owned life insurance. The largest increases within the loan portfolio occurred in one-to-four family owner occupied loans which increased $10.9 million, or 42.0%, home equity loans which increased $3.0 million, or 52.1%, construction loans which increased $1.9 million, or 10.3%, and commercial real estate loans, which increased $372,000, or 0.1%. Partially offsetting these increases were multi-family residential loans which decreased $4.0, or 8.7%, commercial business loans which decreased $3.9 million, or 3.4%, and one-to-four family non-owner occupied loans which decreased $2.1 million, or 6.1%.

Loans held for sale decreased $8.3 million, or 12.9%, from $64.3 million at December 31, 2024 to $56.0 million at June 30, 2025 as the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $55.3 million of one-to-four family residential loans during the six months ended June 30, 2025 and sold $51.2 million of loans in the secondary market. The Bank’s commercial real estate subsidiary, Oakmont Commercial, LLC, originated $19.0 million of commercial real estate loans during the six months ended June 30, 2025 and sold $28.7 million of loans in the secondary market during this same period. Additionally, the Bank originated $6.0 million of SBA loans and sold $8.7 of SBA loans in the secondary market in the same period.

Total deposits decreased $21.1 million, or 3.8%, to $532.2 million at June 30, 2025 from $553.3 million at December 31, 2024. This decrease in deposits was primarily attributable to a decrease of $40.8 million, or 25.1%, in money market accounts, and a decrease of $22.8 million, or 47.7%, in interest bearing checking accounts as the Company exited one of its correspondent banking relationships. These decreases in deposits were partially offset by an increase of $29.6 million, or 10.5%, in certificates of deposit, an increase of $12.6 million, or 21.2%, in non-interest bearing checking accounts, and a $268,000, or 54.5%, increase in savings accounts.

Total Federal Home Loan Bank (FHLB) borrowings increased $12.1 million, or 25.4%, to $60.0 million at June 30, 2025 from $47.9 million at December 31, 2024 as the Bank utilized a portion of its borrowing capacity for liquidity purposes.

Senior debt, net of unamortized debt issuance costs, increased $9.5 million from none at December 31, 2024 as the Company entered into a Senior Unsecured Note Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Senior Debt Notes”) in a private placement. The Company issued to an accredited individual investor an additional $250,000 in principal amount of the Senior Debt Notes as of March 4, 2025 for a total of $10.0 million in aggregate principal amount. The Senior Debt Notes bear interest at a fixed annual rate of 11.00%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning September 1, 2025. The maturity date of the Senior Debt Notes is March 1, 2028.

Subordinated debt, net of unamortized debt issuance costs, decreased $14.0 million, or 63.6%, to $8.0 million at June 30, 2025 from $22.0 million at December 31, 2024 as the Company used the net proceeds from the sale of the Senior Debt Notes to repay a portion of the outstanding $14.0 million aggregate principal amount of its 8.5% Fixed Rate Subordinated Notes upon their maturity on March 15, 2025.

Total stockholders’ equity from continuing operations decreased $360,000, or 0.7%, to $52.3 million at June 30, 2025 from $52.6 million at December 31, 2024. Contributing to the decrease were dividends paid of $683,000, and purchase of treasury stock of $31,000. The decrease in stockholders’ equity was partially offset by net income for the six months ended June 30, 2025 of $189,000, amortization of stock awards and options under our stock compensation plans of $121,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $40,000, and other comprehensive income, net of $4,000.

Non-performing loans at June 30, 2025 totaled $5.9 million, or 1.10%, of total loans receivable, net of allowance for credit losses, consisting of $4.8 million of loans on non-accrual status and $1.2 million of loans 90-days or more delinquent. Non-accrual loans consist of one one-to-four family residential owner occupied loan, nine commercial real estate loans, and 18 commercial business loans. Included in the 18 commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan, one one-to-four family residential non-owner occupied loan, and four commercial business loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the six months ended June 30, 2025, 16 commercial business loans totaling $1.0 million that were previously on non-accrual were charged-off through the allowance for credit losses. Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses.

Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loan, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

QUAINT OAK BANCORP, INC.

Consolidated Balance Sheets

(In Thousands)

		At June 30,		At December 31,
		2025		2024
		(Unaudited)		(Unaudited)
Assets
Cash and cash equivalents	$	48,891	$	62,989
Investment in interest-earning time deposits		912		912
Investment securities available for sale at fair value		1,236		1,666
Loans held for sale		56,013		64,281
Loans receivable, net of allowance for credit losses (2025: $6,326; 2024: $6,476)		541,690		534,693
Accrued interest receivable		4,655		3,961
Investment in Federal Home Loan Bank stock, at cost		2,691		2,214
Bank-owned life insurance		4,508		4,447
Premises and equipment, net		1,581		1,626
Goodwill		515		515
Other intangible, net of accumulated amortization		53		77
Prepaid expenses and other assets		8,015		7,787
Total Assets	$	670,760	$	685,168
Liabilities and Stockholders’ Equity
Liabilities
Non-interest bearing	$	97,432	$	59,783
Interest-bearing		434,744		493,469
Total deposits		532,176		553,252
Federal Home Loan Bank borrowings		60,000		47,855
Senior debt, net of unamortized costs		9,531		–
Subordinated debt		8,000		22,000
Accrued interest payable		1,026		937
Advances from borrowers for taxes and insurance		2,915		3,122
Accrued expenses and other liabilities		4,855		5,385
Total Liabilities		618,503		632,551
Total Stockholders’ Equity		52,257		52,617
Total Liabilities and Stockholders’ Equity	$	670,760	$	685,168

QUAINT OAK BANCORP, INC.
Consolidated Statements of Income
(In Thousands, except share data)

		For the Three						For the Six
		Months Ended						Months Ended
		June 30,						June 30,
		2025			2024			2025			2024
		(Unaudited)						(Unaudited)
Interest and Dividend Income
Interest on loans, including fees	$	9,695		$	9,317		$	19,218		$	20,550
Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock		499			1,580			902			2,469
Total Interest and Dividend Income		10,194			10,897			20,120			23,019
Interest Expense
Interest on deposits		4,598			6,168			9,328			12,154
Interest on FHLB borrowings		648			167			1,132			409
Interest on senior debt		275			–			391			–
Interest on subordinated debt		168			488			620			972
Total Interest Expense		5,689			6,823			11,471			13,535

Net Interest Income	$	4,505		$	4,074		$	8,649		$	9,484
Provision for Credit Losses – Loans		464			–			790			1,084
(Recovery of) Provision for Credit Losses – Unfunded Commitments		(27	)		(41	)		88			11
Total Provision for (Recovery of) Credit Losses		437			(41	)		878			1,095
Net Interest Income after Provision for Credit Losses		4,068			4,115			7,771			8,389

Non-Interest Income
Mortgage banking, equipment lending and title abstract fees		280			183			426			390
Real estate sales commissions, net		–			16			–			20
Insurance commissions		196			176			381			328
Other fees and services charges		(119	)		240			(87	)		466
Net loan servicing income		1			2			5			3
Income from bank-owned life insurance		32			28			62			57
Net gain on sale of loans		1,046			561			2,102			1,495
Gain on the sale of SBA loans		511			98			818			127
Total Non-Interest Income		1,947			1,304			3,707			2,886

Non-Interest Expense
Salaries and employee benefits		3,642			3,673			7,292			7,335
Directors’ fees and expenses		65			50			130			101
Occupancy and equipment		432			416			863			666
Data processing		439			311			841			573
Professional fees		174			156			397			297
FDIC deposit insurance assessment		135			163			256			336
Advertising		100			73			199			160
Amortization of other intangible		12			12			24			24
Other		534			382			1,075			869
Total Non-Interest Expense		5,533			5,236			11,077			10,361
Income from Continuing Operations Before Income Taxes	$	482		$	183		$	401		$	914
Income Taxes		210			83			212			347
Net Income from Continuing Operations	$	272		$	100		$	189		$	567
Income from Discontinued Operations		–			–			–			564
Income Taxes		–			–			–			158
Net Income from Discontinued Operations	$	–		$	–		$	–			406
Net Income	$	272		$	100		$	189		$	973


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2025		2024		2025		2024
		(Unaudited)				(Unaudited)
Per Common Share Data:
Earnings per share from continuing operations – basic	$	0.10	$	0.04	$	0.07	$	0.23
Earnings per share from discontinued operations – basic	$	–	$	–	$	–	$	0.16
Earnings per share, net – basic	$	0.10	$	0.04	$	0.07	$	0.39
Average shares outstanding – basic		2,630,585		2,600,346		2,628,786		2,525,580
Earnings per share from continuing operations – diluted	$	0.10	$	0.04	$	0.07	$	0.23
Earnings per share from discontinued operations – diluted	$	–	$	–	$	–	$	0.16
Earnings per share, net – diluted	$	0.10	$	0.04	$	0.07	$	0.39
Average shares outstanding – diluted		2,630,585		2,600,346		2,628,786		2,525,580
Book value per share, end of period	$	19.83	$	19.54	$	19.83	$	19.54
Shares outstanding, end of period		2,635,866		2,629,289		2,635,866		2,629,289

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Unaudited)						(Unaudited)
Selected Operating Ratios:
Average yield on interest-earning assets		6.45	%		6.11	%		6.38	%		6.37	%
Average rate on interest-bearing liabilities		4.26	%		4.54	%		4.25	%		4.55	%
Average interest rate spread		2.19	%		1.57	%		2.13	%		1.81	%
Net interest margin		2.85	%		2.28	%		2.74	%		2.62	%
Average interest-earning assets to average interest-bearing liabilities		118.42	%		118.78	%		116.86	%		121.59	%
Efficiency ratio		85.75	%		97.37	%		89.65	%		80.97	%

Asset Quality Ratios (1):
Non-performing loans as a percent of total loans receivable, net		1.10	%		1.46	%		1.10	%		1.46	%
Non-performing assets as a percent of total assets		0.89	%		1.24	%		0.89	%		1.24	%
Allowance for credit losses as a percent of non-performing loans		106.39	%		85.12	%		106.39	%		85.12	%
Allowance for credit losses as a percent of total loans receivable, net		1.15	%		1.23	%		1.15	%		1.23	%
Texas Ratio (2)		9.24	%		13.25	%		9.24	%		13.25	%

(1) Asset quality ratios are end of period ratios.
(2) Total non-performing assets divided by tangible common equity plus the allowance for loan losses.

The MIL Network –

August 5, 2025

MIL-OSI: Riot Platforms Reports Second Quarter 2025 Financial Results, Current Operational and Financial Highlights

Source: GlobeNewswire (MIL-OSI)

CASTLE ROCK, Colo., July 31, 2025 (GLOBE NEWSWIRE) — Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a Bitcoin-driven industry leader in the development of large-scale data centers for high performance computing and bitcoin mining applications, reported financial results for the three-month period ended June 30, 2025. The accompanying presentation materials are available on Riot’s website.

“I am pleased to announce Riot’s results for the second quarter of 2025,” said Jason Les, CEO of Riot. “Strong tailwinds in the price of bitcoin contributed to Riot achieving a record $219.5 million in net income and $495.3 million in adjusted EBITDA, representing exceptionally strong results for the quarter.

“We are immensely proud of our evolution over the past several years, having built world-class capabilities in power procurement, Bitcoin mining at global scale, and infrastructure engineering, culminating in a strong position to control our destiny and maximize shareholder value. Our strategy centers on optimizing our ready-for-service power portfolio – anchored by flagship sites in Rockdale and Corsicana – while progressively shifting capacity toward high-value data centers, bolstered by our addition of hyperscale expertise through recent hires, in particular Jonathan Gibbs as Chief Data Center Officer. With a robust balance sheet, battle-hardened teams, and significant access to capital markets, we are uniquely positioned at the intersection of surging high performance computing demand and Bitcoin growth to maximize utilization of our significant power capacity, expand thoughtfully, and drive compelling long-term value for our shareholders.”

Second Quarter 2025 Financial and Operational Highlights

Key financial and operational highlights for the second quarter include:

Total revenue of $153.0 million, as compared to $70.0 million for the same three-month period in 2024. The increase was primarily driven by a $85.1 million increase in Bitcoin Mining revenue.
Produced 1,426 bitcoin, as compared to 844 during the same three-month period in 2024.
The average cost to mine bitcoin, excluding depreciation, was $48,992 in the quarter, as compared to $25,329 per bitcoin in the same three-month period in 2024. The increase was primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 45% increase in the average global network hash rate as compared to the same period in 2024.
Bitcoin Mining revenue of $140.9 million for the quarter, as compared to $55.8 million for the same three-month period in 2024, primarily driven by higher average bitcoin prices and an increase in operational hash rate, partially offset by the block subsidy ‘halving’ event and an increase in the average global network hash rate.
Engineering revenue of $10.6 million for the quarter, as compared to $9.6 million for the same three-month period in 2024. Riot has benefited from $18.5 million in capex savings alone since the acquisition of ESS Metron in December 2021, representing a key advantage of the Company’s vertical integration strategy.
Maintained industry-leading financial position, with $141.1 million in working capital, including $255.4 million in unrestricted cash on hand, $74.9 million in restricted cash, and $62.5 million in marketable equity securities.
Held 19,273 bitcoin (of which 3,300 is currently held as collateral), equating to approximately $2.1 billion based on a market price for one bitcoin on June 30, 2025, of $107,174.

About Riot Platforms, Inc.

Riot’s (NASDAQ: RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform.

Our mission is to positively impact the sectors, networks and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas.

For more information, visit www.riotplatforms.com.

Safe Harbor

Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements relating to the Company’s development of its facilities and the Company’s plans, projections, objectives, expectations, and intentions about future events and trends that it believes may affect the Company’s financial condition, results of operations, business strategy, short-term and long- term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation: risks related to the Company’s growth, the anticipated demand for AI/HPC uses, the feasibility of developing the Company’s power capacity for AI/HPC uses, competition in the markets in which the Company operates, market growth, the Company’s ability to innovate and expand into new markets, the Company’s ability to realize benefits from its implementation of new strategies into its business, estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the development of our mining facilities in Texas, Kentucky and elsewhere; our expected schedule of new miner deliveries; our access to electrical power; the impact of weather events on our operations and results; our ability to successfully deploy new miners; the variance in our mining pool rewards may negatively impact our results of Bitcoin production; our megawatt capacity under development; risks related to the Company’s inability to realize the anticipated benefits from immersion cooling; the inability to integrate acquired businesses successfully, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; or the failure of the Company to otherwise realize anticipated efficiencies and strategic and financial benefits from our business strategies. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward- looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.

For further information, please contact:

Investor Contact:
Phil McPherson
303-794-2000 ext. 110
IR@Riot.Inc

Media Contact:
Alexis Brock
303-794-2000 ext. 118
PR@Riot.Inc

Non-U.S. GAAP Measures of Financial Performance

In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA.” EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a performance measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We exclude impairments and gains or losses on sales or exchanges of Bitcoin from our calculation of Adjusted EBITDA for all periods presented.

We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.

Adjusted EBITDA is provided in addition to, and should not be considered to be a substitute for, or superior to, net income, the most comparable measure under GAAP for Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider such measures either in isolation or as substitutes for analyzing our results as reported under GAAP.

The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial measure:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Net income (loss)	$	219,454		$	(84,449	)	$	(76,913	)	$	127,328
Interest income		(3,334	)		(8,466	)		(6,731	)		(16,655	)
Interest expense		6,093			314			8,401			698
Income tax expense (benefit)		320			55			757			33
Depreciation and amortization		83,197			37,326			161,123			69,669
EBITDA		305,730			(55,220	)		86,637			181,073

Adjustments:
Stock-based compensation expense		30,120			32,135			59,696			64,135
Acquisition-related costs		111			—			187			—
Change in fair value of derivative asset		42,747			(27,484	)		853			(47,716	)
Change in fair value of contingent consideration		(9,390	)		—			(17,642	)		—
Loss (gain) on equity method investment – marketable securities		(6,143	)		(24,462	)		57,095			(24,462	)
Loss (gain) on sale/exchange of equipment		350			68			479			68
Casualty-related charges (recoveries), net		(119	)		(187	)		(119	)		(2,487	)
Loss on contract settlement		158,137			—			158,137			—
Gain on acquisition post-close dispute settlement		(26,007	)		—			(26,007	)		—
Other (income) expense		(244	)		(33	)		(337	)		(41	)
License fees		(24	)		(24	)		(48	)		(48	)
Adjusted EBITDA	$	495,268		$	(75,207	)	$	318,931		$	170,522

The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.

	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2025				2024				2025				2024
Cost of power for self-mining operations	$	62,170			$	26,465			$	123,999			$	54,463
Other direct cost of revenue for self-mining operations⁽¹⁾⁽²⁾, excluding bitcoin miner depreciation		16,005				8,810				28,994				17,361
Cost of revenue for self-mining operations, excluding bitcoin miner depreciation		78,175				35,275				152,993				71,824
Less: power curtailment credits⁽³⁾		(8,313	)			(13,897	)			(16,114	)			(19,028	)
Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation		69,862				21,378				136,879				52,796
Bitcoin miner depreciation⁽⁴⁾⁽⁵⁾		60,252				26,377				117,314				48,816
Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation	$	130,114			$	47,755			$	254,193			$	101,612

Quantity of bitcoin mined		1,426				844				2,956				2,208
Production value of one bitcoin mined⁽⁶⁾	$	98,800			$	66,069			$	95,991			$	57,591

Cost to mine one bitcoin, excluding bitcoin miner depreciation	$	48,992			$	25,329			$	46,305			$	23,911
Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined		49.6		%		38.3		%		48.2		%		41.5		%

Cost to mine one bitcoin, including bitcoin miner depreciation	$	91,244			$	56,582			$	85,992			$	46,020
Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined		92.4		%		85.6		%		89.6		%		79.9		%

(1) Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax.

(2) During the three and six months ended June 30, 2025 and 2024, we paid cash of approximately $92.3 million and $190.9 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing nor did the Company borrow from a third-party to purchase the miners.

(3) Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized outside of cost of revenue in Power curtailment credits on our Condensed Consolidated Statements of Operations, but they significantly reduce our overall cost to mine bitcoin.

(4) We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time the miners are expected to generate bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners since depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above.

(5) The following table presents the future depreciation expense of all of our bitcoin miners:

Remainder of 2025														125,435
2026														209,009
2027														150,214
2028														15,198
Total													$	499,856

(6) Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b7dca734-235b-4d1a-92de-b5e4353c92ab

The MIL Network –

August 5, 2025

MIL-OSI: Trupanion to Participate in the Canaccord Genuity 45th Annual Growth Conference

Source: GlobeNewswire (MIL-OSI)

SEATTLE, July 31, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, announced today that Margi Tooth, Chief Executive Officer and President, will participate in a fireside chat at the Canaccord Genuity 45th Annual Growth Conference in Boston, Massachusetts on Wednesday, August 13, 2025 at 9:30 a.m. ET and will participate in meetings with investors throughout the day.

The presentation will be webcast live and can be accessed on Trupanion’s Investor Relations website at http://investors.trupanion.com.

About Trupanion

Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, and certain countries in Continental Europe with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada or GPIC Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. For more information, please visit trupanion.com.

Contacts

Laura Bainbridge, Senior Vice President, Corporate Communications
Gil Melchior, Director, Investor Relations
Investor.Relations@trupanion.com

The MIL Network –

August 5, 2025

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Synovus Financial Corp. (NYSE: SNV)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) —

Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Synovus Financial Corp. (NYSE: SNV) related to its merger with Pinnacle Financial Partner. Upon the terms of the proposed transaction, the shares of Synovus and Pinnacle shareholders will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. Upon closing of the proposed transaction, Synovus shareholders will own approximately 48.5% of the combined company. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/synovus-financial-corp/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –

August 5, 2025

MIL-OSI USA: Hawley Urges Boeing to Take Action to Remedy Latest Toxic Chemical Spill

US Senate News:

Source: United States Senator Josh Hawley (R-Mo)

Today, U.S. Senator Josh Hawley (R-Mo.) sent a letter to the Boeing Company’s President and CEO Robert Ortberg urging him to take further action following reports of a chemical leak at a Boeing facility in north St. Louis.

“I write concerning new reports that a Boeing facility in north St. Louis leaked up to a thousand gallons of toxic nitric acid into Coldwater Creek. As you know, nitric acid is a caustic industrial agent that can cause burns and respiratory problems, and in high enough concentrations, death. You must continue to work to remedy this latest spill and ensure it never happens again,” Senator Hawley said.

And this is not the first time Boeing has polluted Coldwater Creek with toxic waste. In June 2023, a Boeing industrial wastewater treatment plant released high levels of hexavalent chromium—a carcinogen—into the creek.

Residents in this region have also suffered from nuclear contamination in the creek bed due to Manhattan Project-related activities. Senator Hawley fought for years to secure financial compensation for the victims of this radiation exposure provided through the passage of his RECA Act.

Senator Hawley continues to fight to protect the residents of this region and is calling on Boeing to answer the following questions by August 15, 2025:

Have Missourians been harmed by the July 25, 2025 toxic spill into Coldwater Creek?
If so, what actions have you taken or will you take to remedy such harms?
What actions have you taken or will you take to ensure that similar leakages of toxic chemicals do not occur in the future?

Read the full letter here or below.

July 31, 2025

Robert K. Ortberg
President & CEO
The Boeing Company

Jeff Shockey
EVP of Government Operations, Global Public Policy, & Corporate Strategy
The Boeing Company

Mr. Ortberg:

I write concerning new reports that a Boeing facility in north St. Louis leaked up to a thousand gallons of toxic nitric acid into Coldwater Creek. As you know, nitric acid is a caustic industrial agent that can cause burns and respiratory problems, and in high enough concentrations, death. You must continue to work to remedy this latest spill and ensure it never happens again.

The spill threatens the lives and health of residents in my state. And this is not the first time. In June 2023, a Boeing industrial wastewater treatment plant released high levels of hexavalent chromium—a carcinogen—into Coldwater Creek. As you may know, residents of this region have also suffered for years from the presence of nuclear contamination in the creek bed due to Manhattan Project-related activities. That remediation is still ongoing. It is disappointing that corporate neglect is following government neglect when it comes to the safety of my constituents who live near Coldwater Creek.

Your company has stated that, “the situation was safely resolved.” Missourians deserve to know more. Since this is the second time your company has possibly endangered residents, you must take remedial actions. Please answer the following questions by August 15, 2025:

Have Missourians been harmed by the July 25, 2025 toxic spill into Coldwater Creek?
If so, what actions have you taken or will you take to remedy such harms?
What actions have you taken or will you take to ensure that similar leakages of toxic chemicals do not occur in the future?Thank you for your attention to this matter.

Thank you for your attention to this matter.

Sincerely,

Josh Hawley
United States Senator

MIL OSI USA News –

August 5, 2025

MIL-OSI: authID to Report Second Quarter 2025 Financial Results on August 14, 2025

Source: GlobeNewswire (MIL-OSI)

DENVER, July 31, 2025 (GLOBE NEWSWIRE) — authID^® (Nasdaq: AUID) (“authID”), a leading provider of biometric identity verification and authentication solutions, today announced the Company will report financial results for the second quarter ended June 30, 2025, on Thursday, August 14, 2025, after the market close. Following issuance of the earnings release, authID Chief Executive Officer Rhon Daguro and Chief Financial Officer Ed Sellitto will host a webcast at 5:00 p.m. ET to discuss the financial results and provide a corporate update.

To participate on the live conference call, please access this registration link and you will be provided with dial-in details. To avoid delays, participants are encouraged to dial into the conference call 15 minutes ahead of the scheduled start time. A live webcast of the call will also be available here and on the “Events & Presentations” page of the Company’s website at investors.authid.ai. Only participants on the live conference call will be able to ask questions.

A replay of the event and a copy of the presentation will also be available for 90 days at authID’s Investor Relations Events.

About authID Inc.
authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented biometric identity platform. authID powers biometric identity proofing in 700ms, biometric authentication in 25ms, and account recovery with a fast, accurate, user-friendly experience. With our ground-breaking PrivacyKey solution, authID provides a 1-to-1-billion false match rate, while storing no biometric data. authID stops fraud at onboarding, blocks deepfakes, prevents account takeover, and eliminates password risks and costs, through the fastest, most frictionless, and most accurate user identity experience demanded by today’s digital ecosystem.

For further information please visit authid.ai.

Media Contacts
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com

Investor Relations Contact
Investor-Relations@authid.ai

The MIL Network –

August 5, 2025

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Pinnacle Financial Partners (NASDAQ: PNFP)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) —

Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Pinnacle Financial Partners (NASDAQ: PNFP) related to its merger with Synovus Financial Corp. Upon the terms of the proposed transaction, the shares of Synovus and Pinnacle shareholders will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. Upon closing of the proposed transaction, Pinnacle shareholders will own approximately 51.5% of the combined company. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/pinnacle-financial-partners/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –

August 5, 2025

MIL-Evening Report: How can I tell if I am lonely? What are some of the signs?

Source: The Conversation (Au and NZ) – By Marlee Bower, Senior Research Fellow, Matilda Centre for Research in Mental Health and Substance Use, University of Sydney

gremlin/Getty Images

Without even realising it, your world sometimes gradually gets smaller: less walking, fewer days in the office, cancelling on friends. Watching plans disintegrate on the chat as friends struggle to settle on a date or place for a catch-up.

You might start to feel a bit flat or disconnected. Subtle changes in habit and mood take hold. Could you be … lonely?

It’s not a label many of us identify with easily, especially if you know you’ve got friends, or are in a happy relationship.

But loneliness can happen to us all from time to time – and identifying it is the first step to fixing it.

So, what is loneliness?

Loneliness is the distress we feel when our relationships don’t meet our needs – in quality or quantity.

It’s not the same as being objectively alone (otherwise known as “social isolation”).

You can feel deeply lonely even while surrounded by friends, or totally content on your own.

Loneliness is subjective; many people don’t realise they’re lonely until the feeling becomes persistent.

What are some of the signs to look for?

You may feel a physical coldness, emptiness or hollowness (I’ve heard it described as feeling like you are missing an organ). Some research shows social pain is experienced similarly in the brain to physical pain.

Behavioural signs may include:

changes in routine
trouble getting to sleep or staying asleep
changed appetite (maybe you’re eating more or less than you normally would, or have less variety in your diet)
withdrawing from plans you would usually enjoy (perhaps you’re skipping a regular exercise class, or going to shows or sports events less often).

Emotionally, you may feel:

a persistent sadness
tired
disconnected
like you don’t belong, even when you are with others.

You may also feel more sensitive to rejection or criticism.

Sometimes, your world shrinks so gradually you barely notice it – until things get quite bad.
francescoch/Getty Images

But you’re not alone and you’re not broken.

Loneliness is a normal response to disconnection.

The late US neuroscientist John Cacioppo described loneliness as an evolutionary alarm system.

In the past, being separated from your tribe meant danger and risk from predators, so our brains developed a way to push us back towards connection.

The pain of loneliness is designed to keep us connected and safe.

Why is it often hard to recognise loneliness?

Sadly, there’s still a lot of stigma around admitting loneliness, especially for men.

Many people resist identifying as lonely, or feel this marks them as a “loser”.

But this silence can make the problem worse.

When no one talks about it, it becomes harder to break the cycle of loneliness, and the stigma remains.

While passing loneliness is normal, chronic or persistent loneliness can hurt our health.

Research shows chronic loneliness is associated with:

depression
anxiety
weakened immunity
heart disease
earlier death.

Loneliness can also become self-reinforcing. When loneliness feels normal, it can start to shape how you see the world: you expect rejection, withdraw more and the cycle deepens.

The earlier you notice you’re lonely, the easier it is to break.

But I’m in a relationship, have loads of friends and a rewarding job

Yes, but you can still be lonely.

Most of us need different kinds of relationships to thrive. It’s not about how many people you know, but whether you feel connected and have a meaningful role in these relationships.

You may feel lonely even with strong friendships if you are lacking deeper connection, shared identity or a sense of community.

This doesn’t mean you’re ungrateful, or a bad friend.

It just means you need more or different kinds of connection.

OK, I’ve realised I am lonely. Now what?

Start by asking yourself: what kind of connection am I missing?

Is it one-to-one friendships? A partner? Casual social interactions? A shared purpose or community?

Then reflect on what’s helped you feel more connected in the past. For some, it’s joining a choir, a book club or a sports group. For others, it may be volunteering or just saying “yes” to small social moments, like chatting with your local barista or learning the name of the local butcher.

If you’re still struggling, a psychologist can help with tailored strategies for building connection.

The structural causes of loneliness

It’s also important to remember loneliness is often not because of personal failings or overall mental health.

My own research shows loneliness is often shaped by structural factors, such as poor planning in our local neighbourhood environments, financial inequality, work pressures, social norms, or even long-term effects of restrictions from the COVID pandemic.

We are also learning more about how climate change can disrupt social connection and worsen loneliness due to, for example, higher temperatures or bushfires.

Loneliness is normal, common, human and completely solvable.

Start by noticing it in yourself and reach out if you can.

Let’s start talking about it more, so others can feel less alone too.

Marlee Bower receives funding from the Henry Halloran Urban and Regional Research Initiative, the BHP Foundation, AHURI and NHMRC. She is affiliated with the University of Sydney Matilda Centre for Research in Mental Health and Substance Use and Australia’s Mental Health Think Tank.

– ref. How can I tell if I am lonely? What are some of the signs? – https://theconversation.com/how-can-i-tell-if-i-am-lonely-what-are-some-of-the-signs-261262

MIL OSI Analysis – EveningReport.nz –

August 5, 2025

MIL-Evening Report: Colombia is producing more cocaine than ever – and more is reaching Australian shores

Source: The Conversation (Au and NZ) – By Cesar Alvarez, Lecturer in Terrorism and Security Studies, Charles Sturt University

Members of the Colombian anti-narcotics police test cocaine after a drug bust. RAUL ARBOLEDA/AFP via Getty Images

Imagine an area larger than the Australian Capital Territory, nearly twice the size of London and four times that of New York City covered in coca plantations.

That’s the scale of Colombia’s coca cultivation, according to an estimate from the United Nations Office of Drugs and Crime (UNODC).

Colombia produces an estimated 2,664 metric tonnes of cocaine annually. That is enough to fill 20 Boeing 747 cargo planes per year.

Not even during the darkest days of Pablo Escobar’s infamous empire did Colombia cultivate as much coca or produce as much cocaine as it does today.

In the past year alone, coca crops expanded by 10% and production capacity soared more than 50%.

So how did it come to this?

A worrying mix

Colombia did not arrive at this point overnight, nor by chance. A complex mix of radical and failed policy shifts, scientific innovation and global demand, among other factors, has shaped this trajectory.

For example, in 2015, Colombia’s Constitutional Court suspended aerial fumigation and banned the use of glyphosate. Despite the herbicide’s effectiveness in killing coca plants, the court cited concerns over its health risks and environmental impact.

Aerial spraying had allowed the government to reduce the risk that manual eradication brigades were exposed to over large areas.

In 2016, then-president Juan Manuel Santos introduced a scheme to substitute coca with non-illicit plants. Incentives were offered to farmers. However, it ended up encouraging many peasants who had never grown coca before to begin cultivating it, simply to qualify for the new subsidies.

It is no surprise that during Santos’ second term (2014–18), Colombia’s coca crops nearly doubled, from 96,000 hectares to more than 170,000.

This was all in an effort to secure a peace deal with the narco-terrorist group Revolutionary Armed Forces of Colombia (FARC).

More recently, in 2022, President Gustavo Petro announced his Paz Total (Total Peace) policy. This was designed to bring trafficking organisations – including Colombia’s second largest narco-terrorist group, the National Liberation Army (ELN) – to the negotiation table.

Ironically, and paradoxically, Colombia is now producing more drugs than ever. It is also experiencing a sharp increase in violence by non-state armed groups.

The impact on Australia

What happens in Colombia matters to Australia because criminal innovation is fuelling greater cocaine volumes and higher purity. This means more is flowing towards Australian shores.

Colombia’s coca production is being reshaped by enhanced cultivation techniques, more secure and autonomous smuggling methods, and an increasingly fragmented criminal landscape.

Production is now more efficient and profitable than ever. Growers are planting improved coca leaf varieties and achieve more harvest cycles per year with higher alkaloid yields per kilo.

Smuggling methods have also evolved.

Semi-submersibles or narco-submarines are increasing in storage capacity. Recent seizures show manned vessels with four to five tonnes of capacity are now the rule rather than the exception.

Some networks are also transitioning from manned to unmanned operations.

Also, the growing presence and operational influence of Mexican cartels in Colombia has amplified the scope and scale of alliances between transnational organised crime groups across Europe, Asia and Oceania. International police investigations are even more complex.

Like much of the world, there is a growing demand for and increasing use of cocaine in Australia.

Despite record-high seizure numbers and total volumes intercepted, Australia is still among the most attractive destination markets for drug trafficking organisations because of the high price users pay for the drugs.

Unless something radically changes in Colombia, Australia continues to face growing risks from maritime trafficking routes. There is also an increased threat of being used as a transit and money laundering hub in the global drug economy.

Some possible solutions

Even if conditions in Colombia were to change swiftly and drastically, supply-focused strategies alone are insufficient to mitigate the risks facing Australia.

After all, Colombia cannot simply fumigate its way out of this cocaine crisis, just as Australia cannot arrest its way out of it.

However, continued collaboration between the Australian Federal Police and the National Police of Colombia remains essential to keep drugs at bay.

The appointment of Colombia’s first police attaché to Australia will be a welcome and meaningful step forward. (While not yet formally announced, the Colombian embassy in Australia has informed me and several other experts the country is appointing the attaché.)

Both countries must deepen this relationship and collectively engage meaningfully and frequently to help solve the problem.

Cesar Alvarez 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. Colombia is producing more cocaine than ever – and more is reaching Australian shores – https://theconversation.com/colombia-is-producing-more-cocaine-than-ever-and-more-is-reaching-australian-shores-261745

MIL OSI Analysis – EveningReport.nz –

August 5, 2025

MIL-Evening Report: Industrial-scale deepfake abuse caused a crisis in South Korean schools. Here’s how Australia can avoid the same fate

Source: The Conversation (Au and NZ) – By Joel Scanlan, Senior Lecturer in Health Information Management, University of Tasmania

South Korea’s deepfake crisis triggered a wave of protests in 2024. Anthony WALLACE / AFP

Australian schools are seeing a growing number of incidents in which students have created deepfake sexualised imagery of their classmates. The eSafety Commissioner has urged schools to monitor the situation.

In 2024, the problem of deepfakes became a crisis in South Korea: more than 500 schools and universities were targeted in a coordinated wave of deepfake sexual abuse.

AI-generated sexualised images of students — mostly girls — were circulated in encrypted Telegram groups. The perpetrators were often classmates of the victims.

A new report from global child-protection group ECPAT with funding from the UK-based Churchill Fellowship takes a close look at what happened in Korea, so other countries can understand and avoid similar crises. Here’s what Australia can learn.

A glimpse into our future?

The events in South Korea were not just about deepfake technology. They were about how the technology was used.

Perpetrators created groups on the Telegram messaging platform to identify mutual acquaintances in local schools or universities. They then formed “Humiliation Rooms” to gather victims’ photos and personal information so they could create deepfake sexual images.

Rooms for more than 500 schools and universities have been identified, often with thousands of members. The rooms were filled with deepfake imagery, created from photos on social media and the school yearbook.

Bots within the app allowed users to generate AI nudes in seconds. One such bot had more than 220,000 subscribers. The bot gave users two deepfake images for free, with additional images available for the equivalent of one Australian dollar.

Telegram screenshots show an automated deepfake bot that charges users to produce images.
Telegram

This wasn’t the dark web. It was happening on a mainstream platform, used by millions.

And it wasn’t just adult predators. More than 80% of those arrested were teenagers. Many were described as “normal boys” by their teachers — students who had never shown signs of violent behaviour before.

The abuse was gamified. Users earned rewards for inviting friends, sharing images, and escalating the harm. It was social, yet anonymous.

Could this happen in Australia?

We have already seen smaller, less organised deepfake incidents in Australian schools. However, the huge scale and ease of use of the Korean abuse system should be cause for alarm.

The Australian Centre to Counter Child Exploitation recorded 58,503 reports of pictures and videos of online child abuse in the 2023–24 financial year. This is an average of 160 reports per day (4,875 reports a month), a 45% increase from the previous year.

This increase is likely to continue. In response to these risks, the Australian government, through the eSafety Commissioner, is applying the existing Basic Online Safety Expectations to generative AI services. This creates a clear expectation these services must work proactively to prevent the creation of harmful deepfake content.

Internationally, the European Union’s AI Act has set a precedent for regulating high-risk AI applications, including those that affect children. In the United States, the proposed Take It Down Act aims to criminalise the publication of non-consensual intimate images, including AI-generated deepfakes.

These are a start, but a lot more work remains to be done to provide a safe online environment for young people. The Korean experience shows how easily things can escalate when these tools are used at scale, especially in peer-to-peer abuse among adolescents.

5 lessons from Korea

The South Korean crisis holds several lessons for Australia.

1. Prevention must start early. Korea’s crisis involved children as young as 12 (and even younger in some primary schools targeted). We need comprehensive digital ethics and consent education in primary schools, not just in high schools.

2. Law enforcement needs AI tools of their own to keep up. Just as offenders are using AI to scale up abuse, police must be equipped with AI to detect and investigate it. This may include facial recognition, content detection, and automated triage systems, all governed by strict privacy protocols.

3. Platforms must also be held accountable. Telegram only began cooperating with South Korean authorities after immense public pressure. Australia must enforce safety-by-design principles and ensure encrypted platforms are not safe havens for abuse.

4. Support services must be scaled up. Korea’s crisis caused trauma for entire communities. Victims often had to continuing going to school with perpetrators in the same classrooms. Australia must invest in trauma-informed support systems that can respond to both individual and collective harm.

5. We must listen to victims and survivors. Policy must be shaped by those who have experienced digital abuse. Their insights are crucial to designing effective and compassionate responses.

The Korean crisis didn’t happen overnight. The warning signs were there: in 2023 Korea produced more than half the world’s celebrity deepfakes). This has been accompanied by rising misogyny online and the proliferation of AI tools. But they were ignored until it was too late. Australia mustn’t make the same mistake.

Joel Scanlan 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. Industrial-scale deepfake abuse caused a crisis in South Korean schools. Here’s how Australia can avoid the same fate – https://theconversation.com/industrial-scale-deepfake-abuse-caused-a-crisis-in-south-korean-schools-heres-how-australia-can-avoid-the-same-fate-262322

MIL OSI Analysis – EveningReport.nz –

August 5, 2025

MIL-OSI Russia: NPC Standing Committee Chairman Calls for High-Level Development of Innovative Strategic Partnership with Switzerland

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

GENEVA, July 31 (Xinhua) — Zhao Leji, chairman of the Standing Committee of the National People’s Congress of China, called for jointly promoting the high-level development of the China-Switzerland innovative strategic partnership. He made the call during an official goodwill visit to Switzerland from July 28 to 31.

As Zhao Leji noted during talks with Maja Riniker, President of the National Council of the Federal Assembly (lower house of parliament) of Switzerland, and Andrea Caroni, President of the Council of States of the Federal Assembly (upper house of parliament) of Switzerland, Switzerland became one of the first Western countries to establish diplomatic relations with the People’s Republic of China.

According to the NPC Standing Committee chairman, in the 75 years since the establishment of diplomatic relations, the two countries have jointly nurtured a spirit of cooperation characterized by “equality, innovation and win-win”, creating a model of cooperation between countries with different social systems, stages of development and territorial sizes.

Zhao Leji pointed out that China is willing to work with Switzerland to implement the important agreements reached by the leaders of the two countries and promote the high-level development of the China-Swiss innovative strategic partnership.

Noting that mutual respect and mutual trust are important foundations for the long-term and sustainable development of bilateral relations, he said China hopes to maintain the positive momentum of high-level exchanges with Switzerland and welcomes more Swiss leaders and parliamentarians to visit the country so that they can experience the real, multifaceted and diverse China.

Respecting each other’s core interests and major concerns is a valuable experience and the right path for China-Switzerland relations, Zhao Leji stressed, adding that the Chinese side highly values Switzerland’s commitment to expanding cooperation with China and hopes to strengthen exchanges and cooperation so as to accumulate more positive energy for the development of bilateral relations.

The Chairman of the NPC Standing Committee pointed out that Switzerland was the first country in continental Europe to sign a free trade agreement with China, and noted the rapid development of bilateral economic and trade cooperation since the document came into effect. He expressed hope for joint advancement of negotiations on updating the free trade agreement and high-quality financial cooperation, and welcomed the expansion of Swiss capital investment in China.

Zhao Leji called for expanding cooperation in the arts, sports, education and at the local level to consolidate the foundation of public and popular support for China-Swiss friendship.

He expressed the hope that China and Switzerland, as two important peace-loving and multilateralist forces, will continue to strengthen coordination in multilateral forums, jointly oppose unilateralism and protectionism, safeguard international trade rules and the world economic order, and promote fairer and more reasonable global governance.

Zhao Leji noted that the NPC and the Swiss Federal Assembly have maintained long-standing friendly ties and made positive contributions to the development of China-Swiss relations and practical cooperation.

As the chairman of the NPC Standing Committee noted, the two sides should continue to enhance friendly exchanges between their legislative organs, carry out mutual exchanges of experience in lawmaking and supervision, promptly formulate, revise and approve legal documents that promote bilateral cooperation, and strengthen communication and cooperation within multilateral mechanisms such as the Inter-Parliamentary Union.

M. Riniker, for her part, pointed out that this year marks the 75th anniversary of the establishment of bilateral diplomatic relations between the two countries. Based on mutual respect, openness and goodwill, Swiss-Chinese relations are developing steadily and yielding fruitful results, she emphasized.

According to M. Riniker, the National Council intends to strengthen cooperation with the NPC to play an active role in promoting the renewal of the free trade agreement between the two countries and promoting their sustainable development.

A. Caroni noted that both countries firmly adhere to the goals and principles of the UN Charter and resolutely defend multilateralism.

Strengthening cooperation with China is of strategic importance for Switzerland, stressed A. Caroni, adding that the Council of States hopes to further increase exchanges and dialogue with the Chinese side to improve mutual understanding and promote joint development. –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 –

August 5, 2025

MIL-OSI USA News: Fact Sheet: President’s Council on Sports, Fitness, and Nutrition, and the Reestablishment of the Presidential Fitness Test

Source: US Whitehouse

RESTORING HEALTH AND FITNESS FOR AMERICA’S YOUTH: Today, President Donald J. Trump signed an Executive Order revitalizing the President’s Council on Sports, Fitness, and Nutrition, and reestablishing the Presidential Fitness Test.

The Order reestablishes the President’s Council on Sports, Fitness, and Nutrition to develop bold and innovative fitness goals for young Americans with the aim of fostering a new generation of healthy, active citizens.
The Order directs the Council to create school-based programs that reward excellence in physical education and develop criteria for a Presidential Fitness Award.
The Order reestablishes the Presidential Fitness Test, which shall be administered by the Secretary of Health and Human Services.
This Order ensures American youth will have opportunities at the global, national, State, and local levels that emphasize the importance of an active lifestyle, good nutrition, American sports, and military readiness.
The Order instructs the Council to partner with professional athletes, sports organizations, and influential figures.

MAINTAINING A STRONG AND VITAL AMERICA: President Trump is addressing the widespread epidemic of declining health and physical fitness with a time-tested approach celebrating the exceptionalism of America’s sports and fitness traditions.

Rates of obesity, chronic disease, inactivity, and poor nutrition are at crisis levels, particularly among our children.
These trends weaken our economy, military readiness, academic performance, and national morale.
President Eisenhower recognized this issue when he created the President’s Council on Youth Fitness in response to reports on the poor state of youth fitness in America.
President Trump is creating a national culture of strength, vitality, and excellence for the next generation by promoting the physical, mental, and civic benefits of exercise and good nutrition.

MAKING AMERICA ACTIVE AGAIN: President Trump is taking action to end the nationwide health crisis and restore urgency in improving the health of all Americans.

In 2018, President Trump originally revitalized the Council, renaming it the “President’s Council on Sports, Fitness, and Nutrition.”
In 2019, The Trump Administration launched the National Youth Sports Strategy to unify U.S. youth sports culture around a shared vision that one day all youth will have the opportunity, motivation, and access to play sports.
In May 2025, President Trump proclaimed May 2025 as National Physical Fitness and Sports Month.
Over the next three years, America will host the Ryder Cup, the President’s Cup, the FIFA World Cup, and the Olympic Games –- the world’s premiere sporting competitions.
In 2026, we will celebrate the 250th anniversary of our great Nation, honor the 70th anniversary of the original President’s Council on Youth Fitness, and showcase America’s continued global dominance in sports.

MIL OSI USA News –

August 5, 2025

MIL-OSI Canada: More Than $53 Million for Southwest and Area Highway Improvements Move Export Based Economy

Source: Government of Canada regional news

Released on July 31, 2025

Today, the Government of Saskatchewan provided an update about more than $53 million of highway investments this year in the southwest and area that keep Saskatchewan’s export-based economy moving.

“These projects are a snapshot of our provincial government’s ongoing commitment and investment to maintain, improve and upgrade our highways,” Education Minister and Swift Current MLA Everett Hindley said on behalf of Highways Minister David Marit. “Our road network is a key link in getting Saskatchewan goods and products throughout the province, across Canada and around the world to support our economy to maintain our quality of life. We appreciate the patience and understanding of all motorists during road construction. Drivers are reminded to be cautious, alert and obey all signage and flag persons when approaching work zones as highway crews and contractors do this important work. We want everyone to get home safely.”

Provincial highway work includes paving, culvert replacements, grading and various maintenance.

“The Swift Current and District Chamber of Commerce sincerely appreciates the provincial government’s investment in highways and related infrastructure in the southwest,” Swift Current and District Chamber of Commerce CEO Corla Rokochy said. “Continued investment in our transportation network helps local businesses grow, supports tourism and ensures that communities across southwest Saskatchewan remain connected. We value the Government of Saskatchewan’s ongoing commitment to building and maintaining the infrastructure that drives economic opportunity in our region.”

“Infrastructure investments like those being made in southwest Saskatchewan are vital to the success of our industry,” Saskatchewan Trucking Association Executive Director Susan Ewart said. “Enhancing key trade routes, such as the Trans-Canada Highway, strengthens supply chains, supports innovation through modern vehicle configurations and ensures goods move safely and efficiently. The Saskatchewan Trucking Association welcomes these improvements and the continued commitment to growing our province’s economic backbone.”

Some of the projects in the southwest in the Swift Current and Kindersley areas include:

An estimated $12.2 million toward Trans-Canada Highway 1 east of Swift Current to pave about 25 km and to upgrade five culverts. The culverts are under Highway 1 eastbound between Waldeck and 7 km west. The paving portions are in the westbound lanes of Highway 1 from west of the Herbert Access Road to about 3 km east of its junction with Highway 4. Work began in April and was completed in July.

About $4.5 million to micro-surface more than 95 km of Highway 1 west of Swift Current. Work is expected to begin around mid-August and be completed this fall.

An estimated $14 million for daily routine maintenance from spring to fall this year in the southwest. Examples of that maintenance work, which can occur over a day or two include: shoulder work on Highway 37 from its junction with Highway 18 north to Shaunavon and spot sealing west of Cadillac on Highway 13 earlier this year.

An estimated $15.9 million to grade and replace culverts toward upgrading work on more than 24 km of Highway 51 west of Biggar. Work began in July and is expected to be finished by late 2026. Paving for the project has yet to be tendered.

An estimated $3.4 million toward improving the driving surface of about a 4.5 km segment of Highway 44 between Glidden and Eston. Work began in May and will be completed this summer.

About $3.5 million for surface mixing and paving on approximately 10 km of Highway 13 west of Cadillac. The work is anticipated to start in summer of 2025.

The start and completion dates of all projects are subject to weather.

Motorists are reminded to check the Highway Hotline before heading out. Saskatchewan’s provincial road information service provides details about construction zones, ferry crossings, closures and incidents related to wildfires.

Since 2008, the Government of Saskatchewan has invested more than $13.8 billion in transportation infrastructure, improving over 21,800 kilometres of highways across the province.

-30-

For more information, contact:

Dan Palmer
Highways
Regina
Phone: 306-787-3179
Email: dan.palmer@gov.sk.ca

MIL OSI Canada News –

August 5, 2025

MIL-OSI: Brief Presentation Examines Potential August 13 Announcement of Elon Musk’s Starlink “Super-IPO”

Source: GlobeNewswire (MIL-OSI)

Baltimore, MD, July 31, 2025 (GLOBE NEWSWIRE) — A prediction released by tech entrepreneur James Altucher explores what he calls “a trillion-dollar technological revolution” involving Elon Musk’s Starlink network and predicts an announcement could arrive as soon as August 13, 2025.

Evidence Mounts for a Historic Reveal

The presentation outlines three pieces of what Altucher calls “smoking gun” evidence that Starlink is preparing for a major public move:

Direct Comments from Elon Musk:
Musk previously stated he planned to take Starlink public once its cash flow became predictable. “The company has now officially crossed that milestone,” Altucher states
Financial Drivers:
He then cites Barron’s coverage: “What Musk really needs is another publicly traded company that would allow him to unlock some of his wealth and take the pressure off Tesla”
Bloomberg Reporting:
Reports note that “SpaceX is discussing an initial public offering for its fast-growing Starlink satellite business as soon as late 2024… in a bid to capitalize on robust demand for communications via space”

Altucher argues that these developments, combined with “a major industry conference scheduled for August 13, 2025,” point to what he calls “a likely venue for a historic announcement.”

A Radical Shift in Global Internet Access

The presentation highlights Starlink as a transformative leap in communications technology. Altucher describes it as “the radical new future of the internet” that beams “fast, reliable, unlimited internet through the air… directly to your device” without traditional networks or towers.

“For consumers like you and I, Elon’s Starlink is a godsend… for the $2.18 trillion telecom industry, it’s their worst nightmare,” he states.

Altucher suggests the technology could connect “billions of previously un-connected people” to the global economy, calling it “one of the greatest innovations of the 21st century.”

Economic and Technological Stakes

The briefing compares Starlink’s industry-disrupting potential to previous inflection points in internet history:

AOL’s early internet access, which “soared a rare, massive 81,844% in about seven years”
EarthLink’s DSL rollout, which “shot up 6,638% over the next three years”
Comcast’s cable internet expansion, where shares “catapulted 46,222%” between 1980 and 2017

“These examples demonstrate the extreme, life-changing potential when you get into the right technology at the right time,” Altucher explains

About James Altucher

James Altucher is a tech entrepreneur, venture capitalist, and Wall Street Journal bestselling author known for identifying major technology shifts ahead of the curve. He has been recognized as “one of the best venture capitalists, angel investors, and tech entrepreneurs in the world.”

Altucher was an early backer of companies such as TicketFly and Buddy Media and has been a public voice on breakthrough trends including video streaming, social media, and cryptocurrency. He is the founder of Altucher’s Investment Network and host of The James Altucher Show, downloaded more than 40 million times worldwide.

The MIL Network –

August 5, 2025

MIL-OSI: FLINT Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — FLINT Corp. (“FLINT” or the “Company”) (TSX: FLNT) today announced its results for the three and six months ended June 30, 2025. All amounts are in Canadian dollars and expressed in thousands of dollars unless otherwise noted.

“EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.

“Our continued commitment to quality execution and disciplined business optimization was once again evident this quarter. Despite a year over year decline in revenues, we delivered improved operating results, demonstrating the resilience of our operating model and the strength of our team,” said Barry Card, Chief Executive Officer.

“Second quarter revenues, gross profit, and Adjusted EBITDAS all increased compared to the first quarter of 2025. Activity levels were slightly lower than the same period last year, with revenues down approximately 10% in that timeframe. At the same time, gross profit in the second quarter of 2025 reached $18.5 million, and Adjusted EBITDAS was $9.6 million, representing increases of 3% and 16%, respectively, over the second quarter of 2024. Given the current economic and geopolitical landscape, we are seeing delays in the timing of work awarded and executed by our customers. As a result, we anticipate activity levels for the remainder of 2025 to remain broadly consistent with the first half of the year,” added Mr. Card.

SECOND QUARTER HIGHLIGHTS

Revenue for the three months ended June 30, 2025 was $148.3 million, representing a decrease of $16.6 million or 10.1% from the same period in 2024 and an increase of $10.4 million or 7.6% from the first quarter of 2025.
Gross profit for the three months ended June 30, 2025 was $18.5 million, representing an increase of $0.5 million or 2.9% from the same period in 2024 and an increase of $4.1 million or 28.5% from the first quarter of 2025.
Gross profit margin for the three months ended June 30, 2025 was 12.5%, as compared to 10.9% in the same period in 2024 and 10.4% in the first quarter of 2025.
Adjusted EBITDAS for the three months ended June 30, 2025 was $9.6 million, representing an increase of $1.3 million or 16.1% from the same period in 2024 and an increase of $4.5 million or 88.3% from the first quarter of 2025.
Adjusted EBITDAS margin was 6.5% for the three months ended June 30, 2025, representing an increase of 1.5% from the same period in 2024 and an increase of 2.8% from the first quarter of 2025.
Selling, general and administrative (“SG&A”) expenses for the three months ended June 30, 2025 were $9.4 million, representing a decrease of $0.8 million or 7.5% from the same period in 2024 and was consistent with the first quarter of 2025. As a percentage of revenue, SG&A expenses for the three months ended June 30, 2025 was 6.3%, as compared to 6.2% in the same period in 2024 and 6.8% in the first quarter of 2025.
Liquidity, including cash and available credit facilities, was $97.4 million at June 30, 2025, as compared to $41.7 million from the same period in 2024, representing an increase of $55.7 million or 133.5%.
New contract awards and renewals totaled approximately $56.8 million for the three months ended June 30, 2025 and $8.8 million for the first three weeks of July. Approximately 68% of the work is expected to be completed in 2025.

SECOND QUARTER FINANCIAL RESULTS

($ thousands, except per share amounts)	Three months ended June 30,					Six months ended June 30,
($ thousands, except per share amounts)	2025	2024		% Change		2025		2024		% Change

Revenue ($)	148,302	164,922		(10.1	)	286,183		311,785		(8.2	)

Gross Profit ($)	18,508	17,978		2.9		32,909		30,988		6.2
Gross Profit Margin (%)	12.5	10.9		1.6		11.5		9.9		1.6

Adjusted EBITDAS ⁽¹⁾	9,639	8,305		16.1		14,757		11,493		28.4
Adjusted EBITDAS Margin (%)	6.5	5.0		1.5		5.2		3.7		1.5

SG&A ($)	9,416	10,181		(7.5	)	18,777		20,237		(7.2	)
SG&A Margin (%)	6.3	6.2		0.1		6.6		6.5		0.1

Net income (loss) from continuing operations ($)	1,106	(588	)	288.1		(2,226	)	(5,374	)	58.6
Net income (loss) ($)	1,100	(606	)	281.5		(2,241	)	(5,618	)	60.1

Basic and Diluted:
Net income (loss) per share from continuing operations ($)	0.01	0.00		—		(0.02	)	(0.05	)	59.5
Net income (loss) per share ($)	0.01	0.00		—		(0.02	)	(0.05	)	59.5
^{(1) EBITDAS and Adjusted EBITDAS are not standard}^{measures under IFRS and they are defined in the section “Advisory regarding Non-GAAP Financial Measures”}

Revenue for the three and six months ended June 30, 2025 was $148,302 and $286,183 compared to $164,922 and $311,785 for the same periods in 2024, representing a decrease of 10.1% and 8.2%. The decrease in revenue was primarily due to the timing of construction and maintenance work as compared to the same periods in 2024.

Gross profit for the three and six months ended June 30, 2025 was $18,508 and $32,909 compared to $17,978 and $30,988 for the same periods in 2024, representing an increase of 2.9% and 6.2%. Gross profit margin for three and six months ended June 30, 2025 was 12.5% and 11.5%, compared to 10.9% and 9.9% for the same periods in 2024. The increase in gross profit, both on an absolute basis and as a percentage of revenue, was primarily due to the mix of work compared to the same periods in 2024.

SG&A expenses for the three and six months ended June 30, 2025 were $9,416 and $18,777, in comparison to $10,181 and $20,237 for the same periods in 2024, representing a decrease of 7.5% and 7.2%. As a percentage of revenue, SG&A expenses for the three and six months ended June 30, 2025 were 6.3% and 6.6% compared to 6.2% and 6.5% for the same periods in 2024. The decrease in SG&A expenses is primarily driven by reduced personnel expenses.

For the three and six months ended June 30, 2025, Adjusted EBITDAS was $9,639 and $14,757 compared to $8,305 and $11,493 for the same periods in 2024. As a percentage of revenue, Adjusted EBITDAS was 6.5% and 5.2% for the three and six months ended June 30, 2025 compared to 5.0% and 3.7% for the same periods in 2024.

Income from continuing operations for the three and six months ended June 30, 2025 was income of $1,106 and a loss of $2,226 compared to a loss of $588 and a loss of $5,374 for the same periods in 2024. The variance was driven primarily by the increase in gross profit and lower SG&A expenses.

LIQUIDITY AND CAPITAL RESOURCES

FLINT has an asset-based revolving credit facility (the “ABL Facility”) providing for maximum borrowings of up to $50.0 million with a Canadian chartered bank. The amount available under the ABL Facility will vary from time to time based on the borrowing base determined with reference to the accounts receivable of FLINT and certain of its subsidiaries. The maturity date of the ABL Facility is April 14, 2027.

The Company anticipates that its liquidity (cash on hand and available credit facilities) and cash flows from operations will be sufficient to meet its short-term contractual obligations. To maintain compliance with its financial covenants through June 30, 2026, the Company can request approval from the holder of the Senior Secured Debentures to pay interest on the Senior Secured Debentures in kind.

As at June 30, 2025, the issued and outstanding share capital included 110,001,239 Common Shares, 127,732 Series 1 Preferred Shares, and 40,100 Series 2 Preferred Shares.

The Series 1 Preferred Shares (having an aggregate value of $127.732 million) are convertible at the option of the holder into Common Shares at a price of $0.35/share and the Series 2 Preferred Shares (having an aggregate value of $40.100 million) are convertible into Common Shares at a price of $0.10/share.

The Series 1 and Series 2 Preferred Shares have a 10% fixed cumulative preferential cash dividend payable when the Company has sufficient monies to be able to do so, including under the provisions of applicable law and contracts affecting the Company. The Board of Directors of the Company does not intend to declare or pay any cash dividends until the Company’s balance sheet and liquidity position supports the payment. As at June 30, 2025, the accrued and unpaid dividends on the Series 1 and Series 2 shares totaled $118.6 million. Any accrued and unpaid dividends are convertible in certain circumstances at the option of the holder into additional Series 1 and Series 2 Preferred Shares.

CORPORATE UPDATES

The annual meeting of holders of common shares of the Corporation was held on June 24, 2025. At the meeting, shareholders approved the election of Sean McMaster, Barry Card, H. Fraser Clarke, Katrisha Gibson, Karl Johannson and Dean MacDonald as directors and the appointment of Ernst & Young LLP as auditors.

ADDITIONAL INFORMATION

Our unaudited condensed interim financial statements for the three and six months ended June 30, 2025 and the related Management’s Discussion and Analysis of the operating and financial results can be accessed on our website at www.flintcorp.com and will be available shortly through SEDAR+ at www.sedarplus.ca.

About FLINT Corp.

With a legacy of excellence and experience stretching back more than 100 years, FLINT provides solutions for the Energy and Industrial markets including: Oil & Gas (upstream, midstream and downstream), Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction, wear technology and environmental services that help our customers bring their resources to our world. For more information about FLINT, please visit www.flintcorp.com or contact:

Barry Card		Jennifer Stubbs
Chief Executive Officer		Chief Financial Officer
FLINT Corp.		FLINT Corp.
(587) 318-0997
investorrelations@flintcorp.com

Advisory regarding Forward-Looking Information

Certain information included in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specifically, this press release contains forward-looking information relating to: our business plans, strategies and objectives; the sufficiency of our liquidity and cash flow from operations to meet our short-term contractual obligations and maintain compliance with our financial covenants through to June 30, 2026; the payment of interest owing on the Senior Secured Debentures in kind; the Company’s approach to dividends; and that we anticipate activity levels for the remainder of 2025 to remain broadly consistent with the first half of 2025.

Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, compliance with debt covenants, access to credit facilities and other sources of capital for working capital requirements and capital expenditure needs, availability of labour, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory change, weather and risks related to the integration of acquired businesses. These factors should not be considered exhaustive. Risks and uncertainties about FLINT’s business are more fully discussed in FLINT’s disclosure materials, including its annual information form and management’s discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available on SEDAR+ at www.sedarplus.ca. In formulating the forward-looking information, management has assumed that business and economic conditions affecting FLINT will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward-looking information is based on what management of FLINT consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management’s assumptions may prove to be incorrect.

This forward-looking information is made as of the date of this press release, and FLINT does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Advisory regarding Non-GAAP Financial Measures

The terms ‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively, the ‘‘Non-GAAP Financial Measures’’) are financial measures used in this press release that are not standard measures under IFRS. FLINT’s method of calculating the Non-GAAP Financial Measures may differ from the methods used by other issuers. Therefore, the Non-GAAP Financial Measures, as presented, may not be comparable to similar measures presented by other issuers.

EBITDAS refers to income (loss) from continuing operations in accordance with IFRS, before depreciation and amortization, interest expense, income tax expense (recovery) and long-term incentive plan expense. EBITDAS is used by management and the directors of FLINT as well as many investors to determine the ability of an issuer to generate cash from operations. Management believes that in addition to income (loss) from continuing operations and cash provided by operating activities, EBITDAS is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures and income taxes. FLINT has provided a reconciliation of income (loss) from continuing operations to EBITDAS below.

Adjusted EBITDAS refers to EBITDAS excluding restructuring expense, gain on sale of property, plant and equipment, other income and one-time incurred expenses. FLINT has used Adjusted EBITDAS as the basis for the analysis of its past operating financial performance. Adjusted EBITDAS is a measure that management believes (i) is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures, and income taxes, and (ii) facilitates the comparability of the results of historical periods and the analysis of its operating financial performance which may be useful to investors. FLINT has provided a reconciliation of income (loss) from continuing operations to Adjusted EBITDAS below.

Investors are cautioned that the Non-GAAP Financial Measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return on the shares. These Non-GAAP Financial Measures should only be used with reference to FLINT’s consolidated interim and annual financial statements, which are available on SEDAR+ at www.sedarplus.ca or on FLINT’s website at www.flintcorp.com.

(In thousands of Canadian dollars)	Three months ended June 30,				Six months ended June 30,
(In thousands of Canadian dollars)	2025		2024		2025		2024

Income (loss) from continuing operations	1,106		(588	)	(2,226	)	(5,374	)
Add:
Amortization of intangible assets	64		67		129		135
Depreciation expense	2,635		2,715		5,400		5,332
Long-term incentive plan expense	900		775		1,900		1,375
Interest expense	4,715		4,733		9,244		9,315
EBITDAS	9,420		7,702		14,447		10,783
Add (deduct):
Gain on sale of property, plant and equipment	(398	)	(274	)	(712	)	(443	)
Restructuring expenses	314		581		868		976
Other income	(171	)	(106	)	(327	)	(421	)
One-time incurred expenses	474		402		481		598
Adjusted EBITDAS	9,639		8,305		14,757		11,493

The MIL Network –

August 5, 2025

MIL-OSI: Firm Capital Property Trust Announces Positive Amendments to Distribution Reinvestment Plan Including Discount on Units Issued From Treasury

Source: GlobeNewswire (MIL-OSI)

TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (TSX: FCD.UN) (“FCPT” or the “Trust”) is pleased to announce positive amendments to the Trust’s Distribution Reinvestment Plan (the “DRIP”) including the implementation of a discount on Trust Units issued from treasury.

Currently, the Trust’s DRIP contemplates that the floor price for Trust Units issued from treasury is $8.00 per Trust Unit and no discount is applied to Trust Units issued from treasury should the Average Market Price (as defined in the DRIP) exceed $8.00 per Trust Unit. Effective the July 2025 distribution (payable on or about August 15, 2025), the Trust’s DRIP floor price will be lowered from $8.00 per Trust Unit to $7.40 per Trust Unit. Furthermore, if the Average Market Price of the Trust Units exceeds $7.40 per Trust Unit, then the Trust will issue from treasury its Trust Units at the Average Market Price less a 3% discount.

Currently, the Trust is distributing $0.04333 per Trust Unit (approximately $0.52 per Trust Unit annually) that equates to an 8.6% distribution yield. Given that approximately 65% of the Trust’s distributions for 2025 are expected to be Return of Capital, this equates to an effective 11.9% pre-tax distribution yield (assuming the highest marginal income tax rates). The policy of FCPT is to pay cash distributions on or about the 15th day of each month to Unitholders of record on the last business day of the preceding month.

Further information about the Trust can be found by selecting the Firm Capital Property Trust link at www.firmcapital.com.

ABOUT FIRM CAPITAL PROPERTY TRUST (TSX: FCD.UN)

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders. The Trust’s plan is to own as well as to co-own a diversified property portfolio of multi-residential, flex industrial, and net lease convenience retail. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.

FORWARD LOOKING INFORMATION

This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

Neither TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Robert McKee
President & Chief Executive Officer
(416) 635-0221

Sandy Poklar
Chief Financial Officer
(416) 635-0221

For Investor Relations information, please contact:

Victoria Moayedi
Director, Investor Relations
(416) 635-0221

The MIL Network –

August 5, 2025

MIL-OSI: Fairfax India Holdings Corporation: Second Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

(*Note*:		All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS^®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)

TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces net earnings of $278.1 million ($2.06 net earnings per diluted share) in the second quarter of 2025, compared to net earnings of $254.1 million in the second quarter of 2024 ($1.88 net earnings per diluted share). The company’s book value per share increased 10.4% to $21.43 at June 30, 2025 from $19.41 at March 31, 2025 ($20.96 at December 31, 2024), primarily due to unrealized gains recorded on the company’s publicly listed investments.

Highlights for the second quarter of 2025 included the following:

Net change in unrealized gains on investments of $330.9 million principally arose from increases in the fair values of the company’s publicly listed investments of $329.1 million, including IIFL Capital ($129.2 million), IIFL Finance ($110.2 million), CSB Bank ($73.3 million), Fairchem Organics ($11.4 million) and 5paisa ($5.0 million), and private company investments of $0.8 million including BIAL ($6.3 million) and Seven Islands ($3.5 million), partially offset by unrealized losses on the company’s investment in Sanmar ($12.3 million).
The company continued to buy back shares under its normal course issuer bid and during the second quarter of 2025 purchased for cancellation 28,758 subordinate voting shares at a net cost of $0.4 million ($15.19 per subordinate voting share).

Fairfax India is in strong financial health, with cash and marketable securities at June 30, 2025 of $107.0 million and $79.2 million available under its revolving credit facility.

There were 134.8 million and 135.2 million weighted average common shares outstanding during the second quarters of 2025 and 2024, respectively. At June 30, 2025 there were 104,810,704 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed second quarter report can be accessed at its website www.fairfaxindia.ca.

Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

For further information, contact:	John Varnell, Vice President, Corporate Affairs (416) 367-4755

CONSOLIDATED BALANCE SHEETS
as at June 30, 2025 and December 31, 2024
(unaudited – US$ thousands except per share amounts)

	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents		20,216		59,322
Bonds		110,134		180,507
Common stocks		3,738,804		3,381,206
Total cash and investments		3,869,154		3,621,035

Interest and dividends receivable		3,173		8,849
Income taxes refundable		174		174
Other assets		582		722
Total assets		3,873,083		3,630,780

Liabilities
Accounts payable and accrued liabilities		1,019		1,300
Accrued interest expense		9,004		8,611
Income taxes payable		844		5,379
Payable to related parties		10,572		10,099
Payable for securities purchased		170,850		—
Deferred income taxes		163,039		149,780
Borrowings		498,610		498,349
Total liabilities		853,938		673,518

Equity
Common shareholders’ equity		2,888,397		2,826,495
Non-controlling interests		130,748		130,767
Total equity		3,019,145		2,957,262
		3,873,083		3,630,780


Book value per share	$	21.43	$	20.96

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
for the three and six months ended June 30, 2025 and 2024
(unaudited – US$ thousands except per share amounts)

	Second quarter					First six months
		2025			2024		2025		2024
Income
Interest		1,814			4,730		5,010		9,768
Dividends		274			489		3,272		7,538
Net realized gains on investments		83			101,400		699		218,324
Net change in unrealized gains (losses) on investments		330,883			183,812		108,021		(227,115	)
Net foreign exchange gains (losses)		(2,129	)		364		1,116		(12	)
		330,925			290,795		118,118		8,503
Expenses
Investment and advisory fees		10,643			10,122		20,042		19,606
General and administration expenses		1,363			2,108		3,011		4,644
Interest expense		7,232			6,381		13,987		12,761
		19,238			18,611		37,040		37,011

Earnings (loss) before income taxes		311,687			272,184		81,078		(28,508	)
Provision for income taxes		33,128			18,037		13,986		10,554
Net earnings (loss)		278,559			254,147		67,092		(39,062	)

Attributable to:
Shareholders of Fairfax India		278,113			254,142		66,889		(39,362	)
Non-controlling interests		446			5		203		300
		278,559			254,147		67,092		(39,062	)

Net earnings (loss) per basic and diluted share	$	2.06		$	1.88	$	0.50	$	(0.29	)
Shares outstanding (weighted average)		134,813,388			135,152,447		134,826,353		135,259,190

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
for the three and six months ended June 30, 2025 and 2024
(unaudited – US$ thousands)

	Second quarter				First six months
	2025		2024		2025		2024

Net earnings (loss)	278,559		254,147		67,092		(39,062	)
Other comprehensive loss, net of income taxes
Item that may be subsequently reclassified to net earnings (loss)
Unrealized foreign currency translation losses, net of income taxes of nil (2024 – nil)	(6,843	)	(633	)	(4,797	)	(6,341	)
Comprehensive income (loss)	271,716		253,514		62,295		(45,403	)

Attributable to:
Shareholders of Fairfax India	271,705		253,486		62,314		(45,440	)
Non-controlling interests	11		28		(19	)	37
	271,716		253,514		62,295		(45,403	)

This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES

Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

Cash and marketable securities – The company uses this measure to monitor short term liquidity risk. This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds.

The MIL Network –

August 5, 2025

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