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Category: Finance

  • MIL-OSI USA: Warner & Kaine Ask Navy for Answers Regarding Death of Seaman Angelina Resendiz

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine, Ranking Member of the Senate Armed Services Subcommittee on Seapower, (both D-VA) sent a letter to Secretary of the Navy John Phelan asking the U.S. Navy for answers regarding the death of Seaman Angelina P. Resendiz, who was found dead on June 9 in Norfolk after being reported missing since May 29. Resendiz was assigned to the destroyer James E. Williams at Naval Station Norfolk. In the letter, the senators request a briefing from the Navy and more information about the period of Resendiz’s disappearance and death and the Navy’s adherence to policies and procedures. They also express concerns regarding public accounts of the condition of Seaman Resendiz’s remains upon arrival in Texas.

    “We write to inquire about the Navy’s handling of the tragic death of Seaman Angelina P. Resendiz,” wrote the senators. “While we acknowledge the Navy’s engagement with congressional offices to date, ongoing questions and concerns related to the period of her disappearance, the circumstances leading to her death, and the Navy’s policies and procedures throughout, demand answers.”

    The senators continued, “As the Navy continues its investigation, it is critical that you provide Congress with significantly greater detail about the circumstances of Seaman Resendiz’s disappearance and death, including a more fulsome accounting of the Navy’s engagement with Seaman Resendiz’s loved ones and fellow sailors who had raised concerns about her well-being.”

    “We urge you to provide clarity around the actions taken by the Navy upon first learning of Seaman Resendiz’s absence, and Navy leaders’ adherence to a range of protocols and procedures … we ask for detail on what investigative steps were taken, and when, by the Navy and its Naval Criminal Investigative Service (NCIS), as well as the interactions with local and Virginia State Police,” the senators wrote. “We have serious questions as to what policies and procedures govern dignified transfer of remains after an investigation, and whether those were followed in this instance.”

    Full text of the letter is available here and below:

    Dear Secretary Phelan,

    We write to inquire about the Navy’s handling of the tragic death of Seaman Angelina P. Resendiz. While we acknowledge the Navy’s engagement with congressional offices to date, ongoing questions and concerns related to the period of her disappearance, the circumstances leading to her death, and the Navy’s policies and procedures throughout, demand answers. We urge the swift and thorough completion of the criminal investigation, and an associated administrative investigation as the service examines the circumstances of Seaman Resendiz’s death.

    In response to our engagement, along with that of broader congressional colleagues, the Navy has provided some initial information related to this tragic case. As the Navy continues its investigation, it is critical that you provide Congress with significantly greater detail about the circumstances of Seaman Resendiz’s disappearance and death, including a more fulsome accounting of the Navy’s engagement with Seaman Resendiz’s loved ones and fellow sailors who had raised concerns about her well-being. This information is vital in helping to fully understand the response from the Navy, as well as state and local law enforcement.

    Additionally, we urge you to provide clarity around the actions taken by the Navy upon first learning of Seaman Resendiz’s absence, and Navy leaders’ adherence to a range of protocols and procedures, including those outlined in MILPERSMAN 1600-040, which governs absent enlisted and officer personnel. Furthermore, we ask for detail on what investigative steps were taken, and when, by the Navy and its Naval Criminal Investigative Service (NCIS), as well as the interactions with local and Virginia State Police. Finally, we reiterate our concern over the public accounts from the family about the grief and anger caused by the condition of Seaman Resendiz’s remains upon arrival in Texas. We have serious questions as to what policies and procedures govern dignified transfer of remains after an investigation, and whether those were followed in this instance.

    As you must surely understand, your timely response on these matters is especially important to community advocates, Seaman Resendiz’s loved ones, the broader Navy family, and Members of Congress. As such, we request a briefing from relevant Navy and installation leadership by August 14, 2025, in order to further address a range of questions and concerns about the case – from the initial reports of Seaman Resendiz’s missing status, up to and including the return of her remains to Texas.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: July 30th, 2025 Heinrich, Rounds, Tillis, Kim Reintroduce Legislation Supporting AI Innovation in Financial Services

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senators Martin Heinrich (D-N.M.), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), and Andy Kim (D-N.J.) reintroduced bipartisan legislation to promote artificial intelligence (AI) innovation in the financial services industry. The Unleashing AI Innovation in Financial Services Act will establish regulatory guardrails at financial regulatory agencies for regulated entities to test AI projects, allowing them to experiment with cutting-edge technologies in a safe way.

    “To unlock AI’s full potential and ensure it is deployed responsibly, we need regulatory guardrails that are informed by real-life use cases,” said Heinrich. “Our Unleashing AI Innovation in Financial Services Act does exactly this by enabling the private sector and government agencies to work together and encourage innovation that protects consumers.”

    The Unleashing AI Innovation in Financial Services Act establishes regulatory innovation labs for AI test projects at the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA). Regulated entities would apply through their primary regulator and must be able to demonstrate the project will serve the public interest (including consumer projection), enhance efficiency or increase competitiveness and not present a systemic risk to the financial system.

    The legislation is led by U.S. Representatives French Hill (R-Ark.), Ritchie Torres (D-N.Y.), Bryan Steil (R-Wis.), and Josh Gottheimer (D-N.J.) in the House.

    The full text of the bill is here.

    MIL OSI USA News –

  • MIL-OSI Canada: More classroom spaces on the way | Un plus grand nombre de places en salles de classe à venir

    To support schools in managing the growing number of students, Alberta’s government is investing $50 million to add 62 pre-made classrooms this fall. Through previous Budget 2025 commitments, a total $100 million will deliver 109 new modular classrooms, creating space for 2,725 students and relocating 575 more.

    “Alberta’s government is moving quickly to build new schools and create more classroom spaces, so our students continue to have room to grow and thrive. This additional funding for modular classrooms will help us get much-needed spaces to some of our busiest schools, while we work as quickly as possible to open the doors to more than 130 school projects underway in the province.”

    Demetrios Nicolaides, Minister of Education and Childcare

    “Rocky View Schools welcomes these additional modular classrooms to help ease current enrolment pressures while we await completion of the seven much-needed new schools approved in budgets 2024 and 2025. RVS has experienced years of unprecedented enrolment growth and appreciates the Government of Alberta’s recognition of the urgent need for more student spaces in our fast-growing communities. We remain committed to working with the government to ensure new school and modular approvals keep pace with student enrolment growth across RVS.”

    Fiona Gilbert, board chair, Rocky View Schools

    Alberta’s government is also providing $1 million in planning funding to advance four new charter school projects. The funds are being provided to New Horizons Charter Academy, New Humble Community School, Suzuki Charter School and Thrive Charter School to finalize planning details such as programming needs and the size and type of classrooms needed in each school. When completed, these new charter schools will contribute more than 2,400 new or updated student spaces.

    “The Thrive Charter School Society is excited about this opportunity to advance efforts in addressing opportunity gaps for students in Edmonton. This investment paves the way to serve more students and their families with the programming and supports necessary to truly thrive.”

    Michael Hladun, vice-chair, Thrive Charter School Society

    Alberta’s government is looking to the future by providing $610,000 in pre-planning funding for 13 potential future school projects. Pre-planning funding helps school boards begin planning for school projects they believe will become priorities within the next three to five years. Examples of pre-planning activities include project scoping and community engagement and outreach. Although it is an important first step, pre-planning funding does not guarantee a school project will be built.

    These investments in modulars and school planning are all part of the province’s Schools Now program, which includes a generational investment of $8.6 billion to build and update more than 100 schools across the province and create more classroom spaces now. Over seven years, Schools Now will create more than 200,000 student spaces, helping school boards manage class sizes and bringing learning closer to home for more Alberta students and families.

    Quick facts

    • Alberta’s student population rose from about 735,000 in 2020-21 to nearly 826,000 in 2024-25 – and counting.
    • The most recent $50-million investment supports the purchase of 62 modular classrooms, three washroom units and the relocation of four units.
      • The pre-made classrooms will start to be manufactured this summer and will be installed throughout the 2025-26 school year.
    • The $50 million invested in modular classrooms earlier in the year supported the purchase of 47 new modular classrooms, three washroom units and 19 relocations.
    • With the addition of four new charter school projects, there are now seven charter school projects underway in Alberta. When complete, these projects will contribute more than 4,400 student spaces.
    • The province also invested $140 million towards modular classrooms in 2024.? 

    2025-26 Modular Classroom Program in-year approvals ($50 million)

    School boards

    New modulars

    Relocations

    Demolitions

    Black Gold School Division

    4

    –

    4

    Calgary Board of Education

    13

    –

    –

    Calgary Catholic School District

    4

    4

    –

    Chinook’s Edge School Division

    2

    –

    –

    Christ the Redeemer Catholic Schools

    1

    –

    –

    Connect Charter School

    1

    –

    –

    Conseil scolaire Centre-Nord

    2 + 1 washroom

    –

    –

    Edmonton Catholic Schools

    2 + 1 washroom

    –

    Edmonton Public Schools

    11

    –

    –

    Elk Island Public Schools

    2

    –

    –

    Fort McMurray Public School Division

    2

    –

    –

    Fort McMurray Catholic Schools

    3

    –

    –

    Grande Prairie and District Catholic Schools

    –

    –

    14

    Lethbridge School Division

    1

    –

    –

    Parkland School Division

    3

    –

    –

    Rocky View Schools

    5

    –

    –

    St. Albert Public Schools

    4

    –

    4

    St. Thomas Aquinas Roman Catholic Schools

    2 + 1 washroom

    –

    –

    Total

    62 classrooms + 3 washroom units

    4

    22

    Planning funding (4 projects):   

    Community

    Charter school

    Edmonton (2)

    Suzuki Charter School

    Thrive Charter School

    Leduc County

    New Humble Community School

    Sherwood Park

    New Horizons School

    Pre-planning funding (13 projects):   

    Community

    School board

    Blackfoot/Kitscoty

    Buffalo Trail Public Schools

    Calgary

    Connect Charter School

    Edmonton (4)

    Edmonton Catholic Schools

    Edmonton Public Schools (2)

    STEM Collegiate Canada

    Fort Saskatchewan

    Elk Island Public Schools

    Lacombe

    Wolf Creek Public Schools

    Okotoks

    Christ the Redeemer Catholic Schools

    Oyen

    Prairie Rose School Division

    Paddle Prairie

    Northland School Division

    Red Deer

    Red Deer Public Schools

    Stettler

    East Central Catholic Schools

    Related information

    • Planning and building schools
    • Schools Now
    • Student population statistics

    Related news

    • Fast-tracking more school projects (May 21, 2025)
    • Money for school project planning (April 4, 2025)

    À l’approche de l’année scolaire 2025-2026, le gouvernement de l’Alberta continue d’investir dans la création de nouvelles places en salles de classe.

    Afin d’appuyer les écoles à gérer le nombre croissant d’élèves, le gouvernement de l’Alberta investit 50 millions de dollars pour ajouter 62 nouvelles salles de classe modulaires cet automne. Avec les engagements précédents dans le cadre du budget 2025, cela représente un total de 100 millions de dollars qui permettront de construire 109 nouvelles salles de classe modulaires, créant ainsi 2 725 places pour les élèves, et d’en déplacer 575 autres.

    « Le gouvernement de l’Alberta agit rapidement pour construire de nouvelles écoles et augmenter le nombre de places en salles de classe afin que nos élèves continuent d’avoir l’espace nécessaire pour grandir et s’épanouir. Ce financement supplémentaire pour les salles de classe modulaires nous aidera à fournir les places dont ont tant besoin certaines de nos écoles les plus surutilisées, pendant que nous travaillons aussi vite que possible pour terminer plus de 130 projets d’écoles en cours dans la province. »

    Demetrios Nicolaides, ministre de l’Éducation et de la Garde d’enfants

    « Rocky View Schools se réjouit de l’arrivée de ces salles de classe modulaires supplémentaires qui permettront d’alléger la pression actuelle sur les inscriptions, en attendant l’achèvement des sept nouvelles écoles indispensables approuvées dans le cadre des budgets 2024 et 2025. RVS connait depuis des années une croissance sans précédent du nombre d’inscriptions et apprécie que le gouvernement de l’Alberta reconnaisse le besoin urgent de créer davantage de places pour les élèves dans nos communautés en pleine expansion. Nous restons déterminés à travailler avec le gouvernement pour veiller à ce que les autorisations de construction de nouvelles écoles et de salles de classe modulaires suivent le rythme de la croissance des inscriptions dans l’ensemble des écoles de Rocky View Schools. »

    Fiona Gilbert, présidente, Rocky View Schools

    Le gouvernement de l’Alberta fournit également un million de dollars de financement pour la planification qui fera avancer quatre projets de nouvelles écoles à charte dans la province. Ces fonds sont attribués aux écoles New Horizons Charter Academy, New Humble Community School, Suzuki Charter School et Thrive Charter School afin de finaliser les détails de planification, tels que les besoins en matière de programmation et la taille et le type de salles de classe nécessaires pour chaque école. Lorsqu’elles ouvriront leurs portes, ces nouvelles écoles à charte ajouteront plus de 2 400 places nouvelles ou modernisées.

    « La Thrive Charter School Society se réjouit de cette occasion qui lui est offerte de faire progresser les efforts visant à combler les écarts en matière d’occasions pour les élèves d’Edmonton. Cet investissement ouvre la voie à la prise en charge d’un plus grand nombre d’élèves et de leurs familles grâce à des programmes et à des soutiens nécessaires à leur épanouissement. »

    Michael Hladun, vice-président, Thrive Charter School Society

    Le gouvernement de l’Alberta pense à l’avenir en accordant un financement de 610 000 de dollars pour la planification préliminaire de 13 projets d’écoles potentiels. Le financement pour la planification préliminaire permet aux autorités scolaires de commencer à planifier des projets d’école qui, selon elles, deviendront des priorités dans les trois à cinq prochaines années. Les activités admissibles dans le cadre du financement pour la planification préliminaire comprennent, entre autres, la détermination de la portée du projet, ainsi que la consultation et la sensibilisation auprès de la communauté. Bien qu’il s’agisse d’une première étape importante, l’approbation du financement pour la planification préliminaire ne garantit pas la construction d’une école.

    Ces investissements dans les salles de classe modulaires et la planification d’écoles s’inscrivent dans le cadre du programme « Des écoles dès maintenant » (Schools Now) du gouvernement de l’Alberta, un investissement générationnel de 8,6 milliards de dollars pour bâtir et moderniser plus de 100 écoles dans la province et créer dès maintenant un plus grand nombre de places en salles de classe. Au cours des sept prochaines années, le programme « Des écoles dès maintenant » créera plus de 200 000 places pour les élèves, ce qui aidera les autorités scolaires à gérer la taille des classes et à faire en sorte qu’un plus grand nombre d’élèves et de familles albertaines aient accès à un lieu d’apprentissage plus près de chez eux.

    En bref

    • La population étudiante de l’Alberta est passée d’environ 735 000 en 2020-2021 à près de 826 000 en 2024-2025, et elle continue d’augmenter.
    • Le plus récent investissement, au montant de 50 millions de dollars, permettra d’acheter trois toilettes et 62 salles de classe modulaires, ainsi que d’en déménager quatre autres.
      • La fabrication des nouvelles salles de classe modulaires débutera cet été et les salles de classe seront installées tout au long de l’année scolaire 2025-2026.
    • Les 50 millions de dollars investis plus tôt cette année dans le programme de salles de classe modulaires ont permis d’acheter trois toilettes et 47 nouvelles salles de classe modulaires, ainsi que d’en déménager 19 autres.
    • Avec l’ajout de quatre nouveaux projets d’écoles à charte, on compte maintenant sept projets d’écoles à charte en cours de réalisation en Alberta. Une fois achevés, ces projets créeront plus de 4 400 places pour les élèves.
    • La province a également investi 140 millions de dollars dans le programme de salles de classe modulaires en 2024.

    Approbations en cours d’exercice pour le programme de salles de classe modulaires 2025-2026 (50 millions de dollars)

    Autorités scolaires

    Nouvelles salles de classe modulaire

    Déménagement

    Démolition

    Black Gold School Division

    4

    –

    4

    Calgary Board of Education

    13

    –

    –

    Calgary Catholic School District

    4

    4

    –

    Chinook’s Edge School Division

    2

    –

    –

    Christ the Redeemer Catholic Schools

    1

    –

    –

    Connect Charter School

    1

    –

    –

    Conseil scolaire Centre-Nord

    2 + 1 toilette

    –

    –

    Edmonton Catholic Schools

    2 + 1 toilette

    –

    Edmonton Public Schools

    11

    –

    –

    Elk Island Public Schools

    2

    –

    –

    Fort McMurray Public School Division

    2

    –

    –

    Fort McMurray Catholic Schools

    3

    –

    –

    Grande Prairie and District Catholic Schools

    –

    –

    14

    Lethbridge School Division

    1

    –

    –

    Parkland School Division

    3

    –

    –

    Rocky View Schools

    5

    –

    –

    St. Albert Public Schools

    4

    –

    4

    St. Thomas Aquinas Roman Catholic Schools

    2 + 1 toilette

    –

    –

    Total

    62 salles de classe + 3 toilettes

    4

    22

     

    Financement pour la planification (4 projets)   

    Collectivité

    École à charte

    Edmonton

    Suzuki Charter School

    Thrive Charter School

    Leduc County

    New Humble Community School

    Sherwood Park

    New Horizons School

     

    Financement pour la planification préliminaire (13 projets)  

    Collectivité

    Autorité scolaire

    Blackfoot/Kitscoty

    Buffalo Trail Public Schools

    Calgary

    Connect Charter School

    Edmonton (4)

    Edmonton Catholic Schools

    Edmonton Public Schools (2)

    STEM Collegiate Canada

    Fort Saskatchewan

    Elk Island Public Schools

    Lacombe

    Wolf Creek Public Schools

    Okotoks

    Christ the Redeemer Catholic Schools

    Oyen

    Prairie Rose School Division

    Paddle Prairie

    Northland School Division

    Red Deer

    Red Deer Public Schools

    Stettler

    East Central Catholic Schools

    Renseignements connexes

    • Planification et construction d’écoles
    • Des écoles dès maintenant
    • Statistiques sur la population étudiante (en anglais seulement)

    Nouvelles connexes

    • Accélérer un plus grand nombre de projets d’écoles (21 mai 2025)
    • Des fonds pour la planification d’écoles (4 avril 2025)

    MIL OSI Canada News –

  • MIL-OSI: Hawthorn Bancshares Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSON CITY, Mo., July 30, 2025 (GLOBE NEWSWIRE) — Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, reported second quarter 2025 net income of $6.1 million, or earnings per diluted share (“EPS”) of $0.88.

    Second Quarter 2025 Results

    • Net income improved $1.5 million, or 31.8%, to $6.1 million from the second quarter 2024 (the “prior year quarter”) and the efficiency ratio improved to 62.32% compared to 66.24% for the prior year quarter
    • EPS of $0.88, an improvement of $0.22 per share, or 33%, from the prior year quarter
    • Net interest margin, fully taxable equivalent (“FTE”) improved in the second quarter 2025 to 3.89% compared to 3.67% for first quarter 2025 (the “prior quarter”)
    • Provision for credit losses were $0.3 million higher than the prior quarter and $0.5 million lower than the prior year quarter
    • Return on average assets and equity of 1.36% and 15.85%, respectively
    • Loans decreased $7.4 million, or 0.5%, and deposits decreased $25.9 million, or 1.7%, compared to the prior quarter
    • Investments increased $2.8 million, or 1.2%, compared to the prior quarter
    • Credit quality remained strong with non-performing assets to total loans of 0.35% improving from 0.54% in the prior year quarter
    • Remained well capitalized with total risk-based capital of 15.12%
    • Book Value per share increased $2.83 to $22.53, or 14.3%, compared to the prior year quarter

    Brent Giles, Chief Executive Officer of Hawthorn Bancshares, Inc. commented, “As a team, during the second quarter, I am proud of what we accomplished towards our strategic goals. The contributions across the Bank truly embodied our “One Hawthorn” spirit. I am also pleased with our financial results for the second quarter. Managing our net interest margin in highly competitive markets and controlling expenses were top initiatives during the quarter. Our strong results reflect the focus on these areas.”

    (unaudited)
    $000, except per share data
     
      June 30,   March 31,   June 30,
        2025       2025       2024  
    Balance sheet information          
    Total assets $         1,877,417     $         1,883,423     $         1,847,810  
    Loans held for investment           1,462,898               1,470,323               1,498,504  
    Investment securities           229,392               226,581               191,159  
    Deposits           1,517,986               1,543,888               1,550,250  
    Total stockholders’ equity $         156,823     $         153,411     $         138,241  
               
    Market and per share data          
    Book value per share $         22.53     $         21.97     $         19.71  
    Market price per share $         29.14     $         28.23     $         19.80  
    Diluted earnings per share (QTR) $         0.88     $         0.77     $         0.66  


    Financial Results for the Second Quarter

    Earnings

    Net income for the second quarter 2025 was $6.1 million, an increase of $0.7 million, or 13.3%, from the prior quarter, and an increase of $1.5 million, or 31.8%, from the prior year quarter. EPS improved to $0.88 for the second quarter 2025 compared to $0.77 for the prior quarter and $0.66 for the prior year quarter.

    Net income for the six months ended June 30, 2025 was $11.5 million, or $1.65 per diluted share, an increase of $2.4 million compared to $9.1 million, or $1.29 per diluted share, for the six months ended June 30, 2024.

    Net Interest Income and Net Interest Margin

    Net interest income for the second quarter 2025 was $16.1 million, an increase of $0.8 million from the prior quarter, and an increase of $2.0 million from the prior year quarter. Net interest income for the six months ended June 30, 2025 was $31.4 million, an increase of $2.5 million compared to $28.9 million for the six months ended June 30, 2024.

    Interest income increased $0.4 million in the current quarter compared to the prior year quarter, driven primarily by higher rates on earning assets, while interest expense decreased $1.6 million compared to the prior year quarter due to lower costs on deposits. Net interest margin, on an FTE basis, was 3.89% for the current quarter, compared to 3.67% for the prior quarter, and 3.33% for the prior year quarter.

    The yield earned on average loans held for investment increased to 5.98%, on an FTE basis, for the second quarter 2025, compared to 5.89% for the prior quarter and 5.75% for the prior year quarter.

    The average cost of deposits was 2.35% for the second quarter 2025, compared to 2.44% for the prior quarter and 2.69% for the prior year quarter. Non-interest bearing demand deposits as a percent of total deposits was 27.7% as of June 30, 2025, compared to 27.7% and 25.9% at March 31, 2025 and June 30, 2024, respectively.

    Non-interest Income

    Total non-interest income for the second quarter 2025 was $3.5 million, an increase of $0.1 million, or 2.4%, from the prior quarter, and a decrease of $0.5 million, or 11.3%, from the prior year quarter. Non-interest income was consistent at $7.0 million for both the six months ended June 30, 2025 and 2024, respectively.

    Non-interest Expense

    Total non-interest expense for the second quarter 2025 was $12.3 million, a decrease of $0.2 million, or 1.8%, from the prior quarter, and an increase of $0.2 million, or 2.0%, from the prior year quarter. For the six months ended June 30, 2025, non-interest expense was $24.8 million, an increase of $0.2 million as compared to $24.6 million for the six months ended June 30, 2024.

    The second quarter 2025 efficiency ratio was 62.32% compared to 66.64% and 66.24% for the prior quarter and prior year quarter, respectively. The improvement in the current quarter compared to the prior quarter was primarily due to higher net interest margin and lower non-interest expenses in the current quarter.

    Loans

    Loans held for investment decreased $7.4 million, or 0.5%, to $1.5 billion as of June 30, 2025 compared to March 31, 2025, and decreased $35.6 million, or 2.4% annualized, from June 30, 2024.

    Investments

    Investments increased $2.8 million, or 1.2%, to $229.4 million as of June 30, 2025 compared to March 31, 2025, and increased $38.2 million, or 20.0%, from June 30, 2024.

    Asset Quality

    Non-performing assets to total loans was 0.35% at June 30, 2025, compared to 0.21% and 0.54% at March 31, 2025 and June 30, 2024, respectively. Non-performing assets totaled $5.2 million at June 30, 2025, compared to $3.1 million and $8.1 million at March 31, 2025 and June 30, 2024, respectively. The increase in non-performing assets in the current quarter compared to the prior quarter was the result of the Company closing an operational center and moving the property to other real estate owned.

    In the second quarter 2025, the Company had net loan charge-offs of $0.05 million, or 0.01% annualized, of average loans, compared to net loan charge-offs of $0.02 million, or 0.00% of average loans, and $1.98 million, or 0.53% annualized, of average loans, in the prior quarter and prior year quarter, respectively.

    The Company released provision for credit losses of $0.1 million for the second quarter 2025 compared to a release of provision of $0.3 million in the prior quarter, and providing a provision of $0.5 million for the prior year quarter.

    The allowance for credit losses at June 30, 2025 was $21.6 million, or 1.47% of outstanding loans, and 781.24% of non-performing loans. At March 31, 2025, the allowance for credit losses was $21.8 million, or 1.48% of outstanding loans, and 885.01% of non-performing loans. At June 30, 2024, the allowance for credit losses was $22.0 million, or 1.47% of outstanding loans, and 495.38% of non-performing loans. The allowance for credit losses represents management’s best estimate of expected losses inherent in the loan portfolio and is commensurate with risks in the loan portfolio as of June 30, 2025 as determined by management.

    Deposits

    Total deposits at June 30, 2025 were $1.5 billion, a decrease of $25.9 million, or 1.7%, from March 31, 2025, and a decrease of $32.3 million, or 2.1% annualized, from June 30, 2024. The decrease in deposits at June 30, 2025 as compared to June 30, 2024 was primarily a result of an decrease in savings, interest checking and money market accounts.

    Capital

    The Company maintains its “well capitalized” regulatory capital position. At June 30, 2025, capital ratios were as follows: total risk-based capital to risk-weighted assets 15.12%; tier 1 capital to risk-weighted assets 13.87%; tier 1 leverage 11.87%; and common equity to assets 8.35%.

    Pursuant to the Company’s Repurchase Plan, management is given discretion to determine the number and pricing of the shares to be purchased under the plan, as well as the timing of any such purchases. The Board Directors amended the plan on June 3, 2025 and approved increasing the authorized repurchase limit to $10 million. The Company repurchased 79,777 common shares under the repurchase plan during the first and second quarter of 2025 at an average cost of $27.62 per share totaling $2.2 million. As of June 30, 2025, $9.0 million remains available for share repurchases pursuant to the plan.

    On July 30, 2025, the Company’s Board of Directors approved a quarterly cash dividend of $0.20 per common share, payable October 1, 2025 to shareholders of record at the close of business on September 15, 2025.

    [Tables follow]

     
    FINANCIAL SUMMARY
    (unaudited)
    $000, except per share data
     
      Three Months Ended
      June 30,   March 31,   June 30,
    Statement of income information:   2025       2025       2024  
    Total interest income $         23,911     $         23,458     $         23,556  
    Total interest expense           7,769               8,164               9,384  
    Net interest income           16,142               15,294               14,172  
    (Release of) provision for credit losses           (51 )             (340 )             457  
    Non-interest income           3,545               3,463               3,996  
    Investment securities (losses) gains, net           (1 )             (2 )             (15 )
    Non-interest expense           12,269               12,499               12,034  
    Pre-tax income           7,468               6,596               5,662  
    Income taxes           1,367               1,213               1,033  
    Net income $         6,101     $         5,383     $         4,629  
    Earnings per share:            
    Basic: $         0.88     $         0.77     $         0.66  
    Diluted: $         0.88     $         0.77     $         0.66  
               
          Six Months Ended
          June 30,
    Statement of income information:       2025       2024  
    Total interest income     $         47,369     $         47,608  
    Total interest expense               15,933               18,688  
    Net interest income               31,436               28,920  
    (Release of) provision for credit losses               (391 )             227  
    Non-interest income               7,008               7,015  
    Investment securities losses, net               (3 )             (15 )
    Non-interest expense               24,768               24,609  
    Pre-tax income               14,064               11,084  
    Income taxes               2,580               1,999  
    Net income     $         11,484     $         9,085  
    Earnings per share:          
    Basic:     $         1.65     $         1.29  
    Diluted:     $         1.65     $         1.29  
     
    FINANCIAL SUMMARY (continued)
    (unaudited)
    $000
     
      As of or for the three months ended
      June 30,   March 31,   June 30,
       2025    2025    2024
    Performance Ratios          
    Return on average assets           1.36   %             1.20   %             1.02   %
    Return on average common equity           15.85   %             14.29   %             13.75   %
    Net interest margin (FTE)           3.89   %             3.67   %             3.33   %
    Efficiency ratio           62.32   %             66.64   %             66.24   %
               
    Asset Quality Ratios          
    Non-performing loans (a) $         2,761       $         2,461       $         4,437    
    Non-performing assets $         5,186       $         3,129       $         8,062    
    Net charge-offs $         51       $         (18 )     $         1,977    
    Net Charge-offs to Average Loans (b)           0.01   %             0.00   %             0.53   %
    Allowance for credit losses to total loans           1.47   %             1.48   %             1.47   %
    Non-performing loans to total loans           0.19   %             0.17   %             0.30   %
    Non-performing assets to loans           0.35   %             0.21   %             0.54   %
    Non-performing assets to total assets           0.28   %             0.17   %             0.44   %
    Allowance for credit losses on loans to non-performing loans           781.24   %             885.01   %             495.38   %
               
    Capital Ratios          
    Average stockholders’ equity to average total assets           8.56   %             8.42   %             7.40   %
    Period-end stockholders’ equity to period-end assets           8.35   %             8.15   %             7.48   %
    Total risk-based capital ratio           15.12   %             14.94   %             14.30   %
    Tier 1 risk-based capital ratio           13.87   %             13.69   %             12.94   %
    Common equity Tier 1 capital           10.82   %             10.64   %             10.02   %
    Tier 1 leverage ratio           11.87   %             11.64   %             10.94   %
     
    (a)   Non-performing loans include loans 90-days past due and accruing and non-accrual loans.
    (b)   Annualized


    About Hawthorn Bancshares
    Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 150 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.

    Contact:

    Hawthorn Bancshares, Inc.
    Brent M. Giles
    Chief Executive Officer
    TEL: 573.761.6100
    www.HawthornBancshares.com

    The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. Statements made in this press release that suggest the Company’s or management’s intentions, hopes, beliefs, expectations, or predictions of the future include “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the Company’s quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.

    The MIL Network –

  • MIL-OSI Africa: ExxonMobil Partners with African Energy Week (AEW) 2025 as Diamond Sponsor – Showcasing Major Investments, Youth Science, Technology, Engineering and Mathematics (STEM) Africa Initiatives, and Highlighting Women in Energy

    Source: APO

    As a Diamond Sponsor at AEW, ExxonMobil reaffirms its long-standing commitment to Africa’s energy future through ambitious new investments, frontier exploration and impactful educational programs. The company will take a central role in shaping dialogue on the continent’s upstream outlook, LNG development and the transition to more inclusive energy systems.

    As the world’s largest publicly listed, private integrated energy company, ExxonMobil continues to be a leader in the frontier exploration space and deepen its footprint in Africa through a series of forward-looking, high-impact initiatives. In Nigeria, the company looks to make significant investment in the deepwater as part of a broader strategy to help increase national output. This comes on the heels of sustained production efforts at the Erha and Owowo fields, underlining the company’s strategic focus on optimizing existing deepwater assets.

    Further south, ExxonMobil is maintaining production from the prolific Kizomba deepwater development in Angola’s Block 15, where it recently signed a Production Sharing Contract (PSC) extension with the Angolan National Agency of Petroleum, Gas and Biofuels (ANPG), extending operations until 2037. The company also renewed its PSC for Block 17, in partnership with TotalEnergies to ensure continued production from key offshore Block 17 fields.

    In East Africa, ExxonMobil is making headway with the long-anticipated Rovuma LNG project in Mozambique’s Area 4. The project – expected to reach a final investment decision in 2026 – aims to bring an additional 18 million tons per annum (MTPA) of LNG to market, building on Mozambique’s emergence as a key global gas supplier.

    Beyond upstream operations, ExxonMobil is also investing in long-term capacity-building through the ExxonMobil Foundation’s STEM Africa program. Launched in 2024, the program partners with Junior Achievement Africa to deliver immersive science, technology, engineering and mathematics (STEM) education to students in Nigeria, Namibia, Angola and Mozambique. In its first year alone, the program reached over 3,000 students – 96% of whom expressed interest in pursuing STEM careers. In recognition of its impact, STEM Africa was awarded the Local Impact Award at the Big Five Board Awards in London earlier this month.

    “ExxonMobil’s role as a Diamond Sponsor at AEW 2025 is a testament to their bold, future-focused investments – from revitalizing offshore oilfields in Nigeria and Angola to advancing LNG capacity in Mozambique and exploring new frontiers in Africa’s Atlantic Coast,” states NJ Ayuk, Executive Chairman of the African Energy Chamber. “Their STEM Africa initiative demonstrates an equally strong commitment to building local talent and empowering young Africans to lead tomorrow’s energy industry. This is the kind of strategic partnership Africa needs.”

    AEW 2025: Invest in African Energies will provide a premier platform for ExxonMobil to engage with African governments, investors, and stakeholders as the continent accelerates toward energy security and industrial growth. With a broad and growing portfolio, ExxonMobil continues to lead Africa into its next era of energy development.

    Distributed by APO Group on behalf of African Energy Chamber.

    About African Energy Week:
    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Remarks at press conference on “Report on Hong Kong’s Business Environment: Unique Strengths under ‘One Country, Two Systems’” (with photos/video)

    Source: Hong Kong Government special administrative region – 4

         The Financial Secretary, Mr Paul Chan; the Secretary for Commerce and Economic Development, Mr Algernon Yau; and the Acting Government Economist, Dr Cecilia Lam, held a press conference on the “Report on Hong Kong’s Business Environment: Unique Strengths under ‘One Country, Two Systems’” this afternoon (July 30). Following are their remarks:

    Reporter: I have some questions. First of all, this report seems that it is a wrapping up of all the measures over the past few years. So, what is the significance of this report to Hong Kong’s future development? Also, amid the rising challenges such as the tariff increases, how are you going to convince foreign chambers or investors to invest in Hong Kong? The last question is about the reports of the developer of 11 Skies of the Airport City project, with some reports saying that the developer has intended to sell this mega project, because of lack of tenants and also lacklustre prospects. So what is your take on the proposal of selling 11 Skies to other parties? Thank you.
     
    Financial Secretary: Thank you. First, the significance of this report. Over the past few years, because of COVID, a lot of overseas visitors didn’t have the opportunity to visit Hong Kong. Given the geopolitical landscape, there has been some misperception about the situation of Hong Kong in the western world. . We are trying very hard to reach out to the international community, to explain to them what is really happening here in Hong Kong by sharing facts and data. The purpose of this report is to recap our developments in a concise report for distribution to them, and this report will be made available online, accessible to anyone who is interested.
     
         On the question of tariffs, on the question of the China-US geopolitical tension, of course, there are challenges, for example, in terms of exports, but there are also opportunities in respect of the international financial centre status of Hong Kong. For challenges on export, the direct impact is minimal because Hong Kong is basically a service economy; we don’t have much manufacturing. On the other hand, the indirect impact could be significant, because we re-export for the Mainland. But over the years, we have seen a number of trends. One of them is Mainland companies realigning their industry bases and supply chains across Southeast Asia. For exports to certain markets, such as the US, a lot of the exports come from those regions. When you look at the figures – the export figures from the Mainland to the US, or from the Mainland via Hong Kong to the US – the share of US in Mainland’s total export has been declining.
     
         From our standpoint, we are adjusting our position. In addition to doing re-export, we have shifted to provide high-value supply chain management and the related trade finance and professional services. That is our response. For opportunities, I think we should not underestimate them. Given the geopolitical landscape, it is increasingly difficult for Mainland companies to go to the US for listing. These companies, would naturally want to come to Hong Kong for listing, because by coming to Hong Kong, they can access both international and Mainland capital. This is a very interesting value proposition to them, and has been demonstrated by the figures so far this year. In fact, we have over 200 companies in the pipeline waiting for listing. But the opportunities are more than the IPO market. Say in asset and wealth management, residents in the GBA (Guangdong-Hong Kong-Macao Greater Bay Area) are interested in having certain assets allocated offshore. Naturally, Hong Kong is the destination. The recent improvement in February last year to the GBA Wealth Management Connect – with the implementation of those measures, we have seen significant inflow of capital from the GBA into Hong Kong. In addition, we also have observed capital flow from the Middle East and ASEAN in the asset and wealth management sector. We are quite confident that, by the year 2027 and 2028 the latest – we will overtake Switzerland in cross-border wealth management.

         Another dimension is Hong Kong’s role as a “super connector” and “super value-adder” under the current geopolitical situation. We have observed Mainland companies’ keen interest to go global. First, this is national policy, i.e. high-level two-way opening up. Second, there is also a need, because these companies want to utilise the production capacity they have and do more exports. What we have been pitching to them is that the best way to do it is to come to Hong Kong, set up a company, use Hong Kong as a platform  as well as a brand to go overseas. In our experience in engaging the Middle East and ASEAN, the value of the “Hong Kong brand” is very much respected. This is one way in which we can help them. In the process, Our professional services and other service providers will benefit.
     
         Finally, on 11 Skies, I won’t comment on individual projects. But overall, the attitude of the Government is that, given the economic transition, and given the challenges currently in the non-domestic property market, banks should be supportive to their clients and help them ride through challenges. In the Hong Kong Monetary Authority, HKMA, a working group has been set up between the Hong Kong Association of Banks and the HKMA. This working group deals with individual cases with a view to helping the communication between the banks and borrowers, so that the lenders can extend a more accommodative and facilitative approach to help borrowers who have a viable business model and have a genuine interest in carrying on their business, but are just facing a liquidity crunch. That is the overall attitude of the Government. Thank you.
     
    Reporter: Hi Mr Chan. So, I just want to follow up on the previous question first. So what’s the significance of issuing the report now, like after the previous issuance of four years ago? Like, why does the Government choose to issue the new report at present? And also, you mentioned a lot of positive signs in the markets, like the stock markets booming, and Hong Kong also saw a record capital inflows in the first half of the year. So why does the Government still remain quite conservative over an uptick of the annual GDP (Gross Domestic Product) growth target for the whole year? And also, how do you see the sustainability of such momentum moving forward? And second question I also want to ask about four sectors that are facing structural changes, like you mentioned, to the retail and catering. Do you see the need to further enhance the support measures besides helping them achieve digital transformation? And finally, about the tariff truce, so the Chinese and US (United States) officials just reached agreements to extend their tariff suspension. So how do you assess the impacts on local business, and would the Government take any steps to help, perhaps exports or local businesses to take this opportunity? Thank you.
     
    Financial Secretary: Thank you. Well, the last report was published in 2021. Over the past few years, because of COVID, a lot of overseas travellers hadn’t come to Hong Kong. Given the geopolitical landscape, the perception about Hong Kong in the Western world is not entirely factual and correct. There are some misconceptions. So the purpose of this report is to show to them the current situation in Hong Kong, so that they will be able to better understand what is happening in this city. If they are interested, they are welcome to visit us to see for themselves what it is really like here and the tremendous opportunities available.
     
         As regards the question about the GDP estimate for the whole year, the GDP growth for the first half of this year has been positive. For the first quarter, the growth was 3.1 per cent; for the second quarter, we have maintained the momentum. But given the geopolitical landscape, there are enormous uncertainty and volatility. At this stage, we think it would be prudent to keep the current GDP estimate. There is in fact a mechanism, a defined timetable for reviewing the GDP estimate regularly. On a published timeline, the Government Economist will share with the community the economic situation, and determine at that time whether to make any revision. It’s better to follow that established practice as it provides certainty to the market.
     
         As to supporting the retail and catering sector, we will keep an open mind. I have elaborated on the situation and how we have been trying to help, but we will continue to closely monitor the situation and if necessary, roll out measures. At this stage, we think the current support measures should stay. Let us observe for a longer time. We have been providing various support measures such as the BUD Fund (Dedicated Fund on Branding, Upgrading and Domestic Sales) for marketing development and e-commerce.  Algernon would share more about that.
     
    Before passing to Algernon, I would say the recent discussions leading to the temporary suspension of tariff rise is, of course, a positive sign. But on the other hand, we are conscious of the fact that things can change overnight. There is still tremendous uncertainty, and consequently, volatility. So for our work, first, we need to ensure financial stability and financial security. On the other hand, stay on course, focus on what we have set out to do, and be persistent with our efforts. That includes reinforcing our relationship with traditional markets like Europe and the US, and at the same time, opening up new markets and new capital sources from the Middle East and Southeast Asia. Thank you, Algernon please.
     
    Secretary for Commerce and Economic Development: Regarding the challenges facing the retail and food and beverage sectors, we have different measures and funding helping the retail sector, such as the BUD Fund. We are also encouraging the sectors to look for changes and transformation, and e-commerce is one of the measures that we promote. Just today, we are going to launch the Hong Kong Shopping Festival for cross-border e-commerce to allow the retail sector to do more e-commerce business. For the maximum cumulative funding of $7 million per enterprise under the BUD Fund, they can apply for $1 million for e-commerce business to arrange for promotion and advertising for e-commerce business across the border.
     
    There are also measures to encourage tourists to come to Hong Kong. Actually, the number of tourists coming to Hong Kong is increasing. It is a positive sign that would help the retail sector. But most importantly, as mentioned by the Financial Secretary, it is time for transformation. We have to look at customer behaviour and their needs, and how we can satisfy customer demand. It is one of the major issues that we have to jointly resolve with enterprises. I have met with different chambers and associations of the retail sector. We had very good discussions on helping them to tackle the challenging situation. As mentioned by the Financial Secretary, we will keep an open mind to look at the situation and to see whether there is a need to introduce further measures to help the retail and food and beverage sectors. Thank you.
     
    Financial Secretary: We should be very confident in Hong Kong’s attractiveness as a hub for foreign businesses and talent. Over the past few years, I’ve been travelling a lot and also heavily engaged with the foreign business community in Hong Kong. I can summarise three key reasons why people should choose Hong Kong. First is, of course, for business reasons. Hong Kong has the proximity and sometimes priority access to the Mainland market. Depending on which sector you are in – if you are in the tech sector, say in the biotech sector, Hong Kong has an additional advantage because of our proximity to Shenzhen, and we are part of the GBA (Guangdong-Hong Kong-Macao Greater Bay Area) which is a technology hub. The Shenzhen-Hong Kong-Guangzhou cluster is very competitive in innovation.
     
        Apart from that, it is the capital market and the full range of funding options available here. For companies at different development stages, whether they are start-ups or others, we welcome them. In Hong Kong, we have around 4,700 start-ups, and the number represents a significant increase compared to that a few years ago. About 20 per cent of their founders come from overseas, and they come here for funding, professional advice, mentoring, and opportunities. In my discussions with the start-ups in Hong Kong Science Park and Cyberport, they value these as well as the innovation ecosystem very much. For start-ups, what they need are application scenarios, professional advice and funding support, and they are all available here. In Hong Kong, we have set up the Hong Kong Investment Corporation Limited, which provides patient capital. This means that if enterprises are engaged in cutting-edge technologies, we are willing to support them from small, and help them grow and connect them with fund managers to raise funds.
     
    The second reason is for their families and children. It is well recognised Hong Kong’s law and order is excellent. We are a very safe city. Education here is also outstanding. Moreover, this is an open and multicultural society, and it is very free. We have gathered a lot of overseas professionals and foreign businessmen here.
     
    Finally, it is about our lifestyle. Whether it is city life, F&B (food and beverage) or our countryside. So with all these, I think if we play our cards right, Hong Kong’s opportunities in the future are tremendous. Thank you for attending this conference. I appreciate your time. Thank you.
     
    (Please also refer to the Chinese portion of the remarks.)

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – Access to the technologies and intellectual property rights of third-country participants in projects funded by the European Defence Fund – E-003012/2025

    Source: European Parliament

    Question for written answer  E-003012/2025
    to the Commission
    Rule 144
    Marc Botenga (The Left)

    Investigate Europe and Reporters United have revealed that the European Defence Fund is subsidising Intracom Defense, a Greek company. However, according to Intracom’s financial reports, since 2023 it has actually been controlled by Israel Aerospace Industries (IAI), an Israeli state-owned company, which holds 94.5 % of its shares and 100 % of its voting rights[1].

    The technologies and results of EU projects could thus end up in the hands of a government-owned company of a third country. The Commission’s response was that the projects could not be controlled by, or transferred to, a third-country government, neither while they were in progress nor after they had ended[2].

    • 1.Does this ban apply to non-EU public companies, such as IAI, which are owned or controlled by the government of a third country?
    • 2.Intracom is currently developing technologies as part of the ACTUS project. Given that Intracom is controlled by IAI, a non-EU state-owned company, can the Commission guarantee that the latter has absolutely no access to the technologies developed, and if so, how is it able to give that guarantee?
    • 3.Who will own the intellectual property rights for the results of the ACTUS project?

    Submitted: 18.7.2025

    • [1] https://www.investigate-europe.eu/posts/european-defence-fund-millions-benefiting-israeli-state-owned-drone-manufacturer
    • [2] https://agenceurope.eu/fr/bulletin/article/13657/18
    Last updated: 30 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Spain: Regional Resilience Fund provides €230 million to finance agreement signed by EIB with A&G and Urbania Alpha to promote affordable housing, urban development and sustainable tourism

    Source: European Investment Bank

    EIB

    • The two financing agreements have been signed thanks to the backing of the Regional Resilience Fund financed by NextGenerationEU and implemented by the Spanish Ministry of Economy, Trade and Enterprise with EIB support.
    • The EIB will allocate €130 million to A&G and €100 million to Urbania Alpha (which holds the AEXX Capital brand) for investments throughout Spain.
    • These agreements mark a further step forward in rolling out the Regional Resilience Fund – specifically the instrument designed to promote urban development and sustainable tourism – with €640 million already signed to support investments under this instrument.

    The European Investment Bank (EIB) has signed agreements with A&G and Urbania Alpha (which holds the AEXX Capital brand) to channel a total of €230 million to new urban development projects (including those promoting affordable housing) and others related to sustainable tourism.

    The agreements were made possible by a contribution from the Regional Resilience Fund, part of Spain’s Recovery, Transformation and Resilience Plan, and financed by NextGenerationEU. More specifically, this was facilitated by the new instrument launched by the EIB to channel financing via financial intermediaries. Thanks to this instrument, agreements totalling €640 million have already been signed to back investments in urban development and sustainable tourism.

    As with the first agreements signed by the EIB under this instrument, A&G Banco and Urbania Alpha/AEXX Capital will assess investment opportunities across the country to promote projects in areas such as affordable housing, education, healthcare, social and cultural infrastructure, sustainable mobility, waste and water management, energy efficiency and sustainable tourism.

    A&G has been allocated €130 million by the EIB, which it will channel through A&G Real Estate Sustainable Developments, SICC SA. Urbania Alpha/AEXX Capital has been allocated €100 million to be channelled through AEXX Impact Investments I, SICC SA. Both are regulated vehicles set up specifically for this purpose. A&G will invest in equity, while Urbania Alpha/AEXX Capital will finance projects through equity and loans, or a combination of both. The maximum allocation per project is €22 million while maximum recovery periods are 15 years for equity investments and 20 years for debt. The investment period runs until December 2030.

    “With these two new financing agreements, the EIB continues to accelerate the deployment of the Regional Resilience Fund while boosting investment in urban development, affordable housing, and sustainable tourism in Spain. Public-private partnerships—such as those signed today with A&G and Urbania Alpha/AEXX Capital—help unlock the capital needed to make housing more accessible, foster an environmentally responsible tourism model, and adapt our cities to the evolving needs of citizens.” said EIB Director General – Head of Lending and Advisory Operations within the European Union Jean-Christophe Laloux

    “The signing of these agreements consolidates the implementation of the Regional Resilience Fund’s intermediated instrument, extending its scope to new specialised financial intermediaries. This is an important step in continuing to channel European funding towards projects with a real impact in key areas such as affordable housing, urban regeneration and sustainable tourism,’ said Inés Carpio, Director General of International Financing at the Treasury, Spanish Ministry of Economy, Trade and Enterprise

    Alejandro Nuñez, Managing Partner of Alternative Investments at A&G added, “We appreciate the trust placed in us by an investor of such exceptional prestige as the EIB to mobilize a significant portion of the Regional Resilience Fund. We believe that A&G is in a privileged position to manage public-private capital that effectively contributes to urban regeneration and sustainable tourism projects in Spain. Over the last few years, A&G has managed to create a highly regarded real estate investment platform in Spain. The mandate granted by the EIB gives us the opportunity to channel key resources into promoting affordable rental housing, while also supporting sustainable initiatives and local job creation.”

    Background information

    EIB

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

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

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

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

    High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.

    Regional Resilience Fund

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

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

    The initial phase of the RRF includes the activation of up to €3.4 billion in financing via:

    • a direct financing mechanism, to co-finance EIB-supported operations in sectors like renewable energy, clean transport and sustainable infrastructure;
    • an intermediated mechanism managed by financial intermediaries selected by the EIB, to support projects in urban development and sustainable tourism;
    • two instruments intermediated by the European Investment Fund that will facilitate SME financing for innovation, sustainability and competitiveness.

    About A&G and A&G Global Investors

    A&G was founded in 1987 and is a leading independent financial services group with offices in Spain and Luxembourg. At the end of June 2025, the group’s total assets under management (AuMs) exceeded €15.5 billion. The group’s capabilities in alternative investments are focused on real estate, energy transition (with strategies dedicated to investing in infrastructure assets and growing technology companies) and private equity investments, grouped under the A&G Global Investors brand.

    www.aygglobalinvestors.com

    Urbania Alpha/AEXX Capital

    Urbania Alpha/AEXX Capital is a European alternative asset management platform. The firm provides debt, equity, and hybrid capital solutions to address a broad range of financing needs for real asset owners. To execute this strategy, AEXX has developed deep geographic and asset-class expertise across European markets through its offices in Spain, Italy, the UK, Germany, and Portugal.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Investor communications – E-002969/2025

    Source: European Parliament

    Question for written answer  E-002969/2025
    to the Commission
    Rule 144
    Moritz Körner (Renew)

    In its official investor presentation entitled ‘EU Investor Presentation – Investing in EU-Bonds & EU-Bills’, published on 24 June 2025, the Commission presents the EU as a reliable and democratically legitimate issuer of common debt. In particular, it highlights the EU’s ‘institutional framework that includes the European Parliament – a directly elected EU body’ as a key pillar of this legitimacy and governance structure.

    At the same time, the Commission repeatedly sidelines Parliament when it comes to fundamental decisions on EU debt instruments, such as the instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) or the planned Security Action for Europe (SAFE) initiative. Decisions on the scope, purpose and governance of these debt instruments are typically taken between the Commission and the Council, without meaningful parliamentary involvement.

    • 1.Why does the Commission not want to involve Parliament in the decision-making process on EU debt and give it a substantive role in decision-making on EU debt instruments?
    • 2.How does the Commission justify materially misleading its investors by misrepresenting Parliament’s role in its official investor communications?

    Submitted: 17.7.2025

    Last updated: 30 July 2025

    MIL OSI Europe News –

  • MIL-OSI United Nations: Call for participation: Resilient futures foresight sprint

    Source: UNISDR Disaster Risk Reduction

    Join Us in Shaping the Future of National Resilience!

    Are you passionate about creating a sustainable and resilient future?

    We invite you to participate in our upcoming Resilience Investment Foresight Sprint, where we will collaboratively develop national foresight scenarios that guide strategic investments in resilience and reduce the risk of disaster.

    Why Participate?

    • Influence National Policy: Contribute your insights and expertise to shape scenarios that could be useful for your National Disaster Risk Management, Climate or Development Agency or the Ministry of Finance. Your scenario will be publicly available on PreventionWeb.
    • Collaborate with Experts: Work alongside leading thinkers, and students from other disciplines.
    • Drive Impactful Change: Help design actionable pathways that address key challenges and opportunities in resilience investment. You never know who will pick it up.

    Who Should Participate?

    We are looking for diverse participants, including but not limited to:

    • Students with disaster risk management, foresight or risk communication background
    • Students with development background who want to learn more about foresight and resilience building
    • Students with background that would benefit from foresight and risk management, such as architecture, civil engineering, agriculture, education, health …
    • Professors ready to lead a group of students through the exercise on behalf if their university

    Timeline

    • July 2025: Invitation email goes out to specific universities in the UNDRR and UNU networks, while a general call for universities to participate in the foresight sprint will be published via PreventionWeb.
    • Mid-August to end of August 2025: Universities select their teams.
    • By end-August 2025: Universities respond to invitation and are officially included in the foresight sprint.
    • Early September 2025: UNDRR and UNU send out welcome information packs to all participating universities
    • Mid-September 2025: University Teams start thinking about a risk or cascading risks they want to address in the scenario. They also start to identify national and local risk information on the risk they have selected for their scenario.
    • 20 September: A virtual foresight sprint welcome session will be organized by UNDRR and UNU, and recordings will be made available to all registered participants.
    • 20 September – 6 October: Participating universities will develop their foresight scenario and create a submission like a video or one-pager to be shared on 13 October

    How to Apply

    Interested university teams are encouraged to apply by 31 August 2025.

    Please submit your application through email to Rhea Katsanakis ([email protected]) copied to Laura Willis ([email protected]), with a brief statement of interest and your relevant experience.

    Please also enclose a list of the participating students, the contact details of the focal point who will coordinate the sprint on behalf of the university and will be responsible for timely preparation and final delivery of the scenario video and one-page summary.

    Join us in this transformative journey to build a resilient future for all. Your insights and expertise can make a significant difference!

    Attachments

    Links last checked: 30 July 2025

    MIL OSI United Nations News –

  • MIL-OSI Security: Jacksonville Convicted Child Sex Offender Indicted for Using the Internet to Access Child Sexual Abuse Materials

    Source: US FBI

    Jacksonville, Florida – United States Attorney Gregory W. Kehoe announces that Matthew Eric Baumgardner (49, Jacksonville) has been arrested and charged by indictment for using the internet to access child sexual abuse materials. If convicted, Baumgardner faces a minimum penalty of 10 years, up to 20 years, in federal prison and a potential lifetime term of supervised release. He was arrested on July 28, 2025, and has been ordered detained pending trial.

    Baumgardner is a registered child sex offender who was convicted in 2017 of possessing photographs depicting the sexual performance by a child, traveling to meet a minor for unlawful activity, and unlawful use of a two-way communication device.

    This case was investigated by the Jacksonville Sheriff’s Office and the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney D. Rodney Brown.

    An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

    This is another case brought as part of Project Safe Childhood, a nationwide initiative launched in 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify, rescue, and seek justice for child victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc. 

    MIL Security OSI –

  • MIL-OSI: Advantage Solutions to Participate in The Canaccord Annual Growth Conference on August 12, 2025

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, July 30, 2025 (GLOBE NEWSWIRE) — Advantage Solutions Inc. (NASDAQ GS: ADV) announced today that Dave Peacock, Chief Executive Officer, and Chris Growe, Chief Financial Officer, will participate in the Canaccord Genuity 45th Annual Growth Conference in Boston on Aug. 12, 2025. A live fireside chat with Dave Peacock will be held at noon EDT. The listen-only webcast can be accessed from the Advantage Solutions website at ir.youradv.com. For more details, contact your Canaccord Genuity representative.

    About Advantage Solutions

    Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit youradv.com.

    Investor Contacts: 
    Ruben Mella
    investorrelations@youradv.com    

    Media Contacts: 
    Jeff Levine
    press@youradv.com    

    The MIL Network –

  • MIL-OSI NGOs: Israel-OPT: ‘Cold-blooded’ killing of prominent Palestinian West-Bank activist Awda Al-Hathaleen demands justice and accountability

    Source: Amnesty International –

    ‘Awda Al-Hathaleen’s killing is not the first, but it must be the last’ – Erika Guevara Rosas

    Reacting to the killing of Awda Al-Hathaleen, Amnesty International’s Senior Director for Research, Advocacy, Policy and Campaigns, Erika Guevara Rosas, said:  

    “The cold-blooded killing of Awda, a dedicated human rights defender and father of three young children, is a devastating tragedy and a brutal reminder of the relentless violence faced by Palestinian communities in the occupied West Bank.  

    “Awda Al-Hathaleen, who had recently warned UK Members of Parliament about threats to his life, was entitled to protection. His killing is the cruel consequence of Israel’s sustained policy of forcibly expulsing on of Palestinian communities in the occupied West Bank, including Masafer Yatta.  

    “The deliberate failure of Israeli authorities to conduct genuine and impartial investigations into settler attacks against Palestinians demands immediate and independent international investigations into this killing and other such attacks against Palestinians in the occupied West Bank, including East Jerusalem. Investigations must address the role of Israeli authorities, such as the Israeli police and military who directly contribute to or enable settler violence and routinely fail to prevent killings, assaults and other violations of Palestinians’ human rights. 

    “We demand justice for Awda Al-Hathaleen and an end to the systemic and deeply entrenched impunity that Israeli settlers and state authorities have enjoyed for far too long. Impunity for state-backed settler violence is fuelling further violence against Palestinians, who are left with no protection and no justice. Awda Al-Hathaleen’s killing is not the first, but it must be the last.” 

    Israeli settler violence

    Yesterday, Awda was fatally shot. The incident occurred as state-backed settlers, accompanied by a bulldozer, were destroying a sewage pipeline and running over olive trees in Umm Al-Kheir in Massafer Yatta. When residents attempted to intervene, another resident of the village was injured by the same bulldozer, causing him severe concussion.  

    Today, Yinon Levy, a settler from an illegal outpost in the occupied West Bank and on EU and UK sanctions lists was arrested in relation to his alleged responsibility for the killing – after a court hearing, he was released to house-arrest. An initial Amnesty investigation had indicated that Levy was seen threatening residents with his gun, while armed Israeli police and soldiers were present. It remains unclear if others who may bear responsibility, including as accomplices in the killing have also been subject to investigation or arrest.  

    Since 7 October 2023, settler violence in the occupied West Bank has significantly increased, with human rights organisations consistently documenting the Israeli authorities’ failure to protect Palestinians and hold perpetrators accountable. This coercive environment, characterised by violence and institutionalised discrimination, deliberately drives Palestinians off their land, constituting the war crime of unlawful transfer. International leaders must exert pressure on Israel to cease its unlawful occupation and dismantle its system of apartheid against Palestinians, ensuring those who perpetuate crimes under international law and other human violations are held accountable. 

    MIL OSI NGO –

  • MIL-OSI USA: ICE Philadelphia arrests Mexican national with warrant for rape in Pennsylvania

    Source: US Immigration and Customs Enforcement

    PHILADELPHIA — U.S. Immigration and Customs Enforcement’s Enforcement and Removal Operations Philadelphia and Homeland Security Investigations Philadelphia, IRS Philadelphia and ATF Philadelphia arrested Silvestre Herrera-Vasquez, a 48-year-old citizen of Mexico, in Malvern July 28.

    “The arrest of dangerous criminal illegal aliens like Herrera-Vasquez demonstrates ICE’s absolute commitment to ensuring the safety and security of our communities,” said ERO Philadelphia Field Office Director Brian McShane. “I commend our partner agencies for continuing to collaborate with ERO in finding, arresting and removing these individuals. By working together, we are able to leverage our collective resources and expertise to apprehend dangerous criminals and uphold the law. Our partnerships are essential in our mission to protect the public and maintain the integrity of our immigration system.”

    Herrera-Vasquez entered the United States at an unknown date and time.

    The Philadelphia Police Department arrested him May 15, 2011, under the alias “Alex Acosta,” for retail theft. He was convicted on Aug. 17, 2011, and fined. On Jan. 10, 2014, the Philadelphia Police Department issued a warrant for Herrera-Vasquez under the alias “Marcos Garcia-Reyes” for strongarm rape.

    Herrera-Vasquez will be processed for expedited removal and will remain in ICE custody pending removal proceedings.

    Members of the public with information can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE Philadelphia’s mission to increase public safety in our Pennsylvania, Delaware and West Virginia communities on X at @EROPhiladelphia.

    MIL OSI USA News –

  • MIL-OSI Security: Dauphin County Man Sentenced To 115 Months’ Imprisonment For Firearm Offense

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Philip Shearer, age 49, of Harrisburg, Pennsylvania, was sentenced on July 14, 2025, to 115 months’ imprisonment and three years of supervised release by United States District Judge Karoline Mehalchick for one count of possession of an unregistered firearm.

    According to Acting United States Attorney John Gurganus, Shearer previously pled guilty to possession of an unregistered firearm—specifically, a privately-manufactured short-barrel rifle.  Shearer further admitted to possessing over 1,000 rounds of ammunition, several high-capacity magazines, and other tactical gear including night vision goggles and a ghillie suit, all of which were found in Shearer’s Harrisburg home. Shearer had 14 prior criminal convictions, including five driving under the influence convictions, an indecent assault conviction, and a domestic violence conviction. Shearer also attempted to purchase a firearm twice but was denied based on his background check. He then turned to making the firearms himself.

    “The sentencing of Philip Shearer emphasizes the serious dangers posed by felons who unlawfully possess and manufacture firearms,” said Special Agent in Charge of HSI Philadelphia Edward V. Owens. “Homeland Security Investigations is dedicated to collaborating with our law enforcement partners, like ATF and the U.S. Attorney’s Office for the Middle District of Pennsylvania, to ensure that dangerous criminals with a history of violence are not allowed to possess firearms.”

    “Protecting our communities from dangerous criminals like Philip Shearer is a top ATF priority,” said Eric DeGree, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Philadelphia Field Division. “With 14 criminal convictions, including multiple driving under the influence, indecent assault, and a domestic violence conviction, the law duly prohibits him from owning the unregistered short-barrel rifle he manufactured for himself after he was prevented from buying a firearm. Working with Homeland Security Investigations and the United States Attorney’s Office, we are making our communities safer one case at a time.”

    The matter was investigated by Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives.  Assistant United States Attorney Stephen Dukes prosecuted the case.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline), a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Two Sentenced in Fentanyl Drug Trafficking Organization

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    MARTINSBURG, WEST VIRGINIA – Two people have been sentenced for their roles in an Eastern Panhandle drug trafficking organization.

    The indictment, returned in January 2024 against Gary Brown, Jr. and eighty-one others, charged that the defendants caused substantial amounts of fentanyl, methamphetamine, and cocaine to be distributed in Berkeley and Jefferson Counties.

    Darien Jacob Horton, also known as “Dee Jae,”, age 25, of Shenandoah Junction, West Virginia, was sentenced to 135 months in federal prison. Horton was one of the distributors in the operation, purchasing large quantities of fentanyl capsules and other drugs for redistribution. Horton has prior convictions of attempted murder, firearms violations, and domestic battery.

    Jennifer Nicole Barthlow, age 41, of Charles Town, West Virginia, was sentenced to 27 months in federal prison. Barthlow was one of Brown’s distributors.

    Of the 82 defendants, 81 have been convicted. Including this week’s two, 74 defendants have been sentenced. Brown, Jr. was sentenced to 327 months in federal prison in May 2025.

    Assistant U.S. Attorneys Lara Omps-Botteicher and Kyle Kane prosecuted the cases on behalf of the government.

    U.S. District Judge Gina M. Groh presided.

    Investigative agencies include the Federal Bureau of Investigation (Pittsburgh Field Division and Baltimore Field Division); the Drug Enforcement Administration; the U.S. Department of Homeland Security Investigations; the United States Postal Inspection Service; the Bureau of Alcohol, Tobacco, Firearms, and Explosives; the United States Marshals Service;  the Eastern Panhandle Drug Task Force, a HIDTA-funded initiative; the West Virginia State Police; the West Virginia Air National Guard; the Jefferson County Sheriff’s Office; the Berkeley County Sheriff’s Office; Ranson Police Department; Martinsburg Police Department; Charles Town Police Department; the Berkeley County Prosecuting Attorney’s Office; Stafford County Sheriff’s Office (Virginia); Frederick County Sheriff’s Office (Maryland); Frederick County Sheriff’s Office (Virginia); Winchester Police Department; and the Clarke County Sheriff’s Office (Virginia).

    This investigation is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: Titusville Resident Indicted on Child Exploitation Charges

    Source: US FBI

    ERIE, Pa. – A resident of Titusville, Pennsylvania, has been indicted by a federal grand jury in Erie on charges of violating federal laws relating to the sexual exploitation of children, Acting United States Attorney Troy Rivetti announced today.

    The four-count Indictment named David Garrett Struchen, 20, as the sole defendant.

    According to the Indictment, in and around June and July of 2024, Struchen induced a minor to engage in sexually explicit conduct for the purpose of producing a depiction of such conduct. Struchen also possessed these depictions and distributed them to the minor victim.

    The law provides for a total sentence of up to 30 years in prison, a fine of up to $500,000, or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

    Assistant United States Attorney Christian A. Trabold is prosecuting this case on behalf of the government.

    The Federal Bureau of Investigation and the Titusville Police Department conducted the investigation leading to the Indictment.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.

    MIL Security OSI –

  • MIL-OSI USA: Hawley Advances PELOSI Act to Ban Congressional Stock Trading Out of Committee 

    US Senate News:

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

    Wednesday, July 30, 2025

    Today, U.S. Senator Josh Hawley (R-Mo.), along with members of the Senate Homeland Security and Governmental Affairs Committee, voted to advance the Preventing Elected Leaders from Owning Securities and Investments(PELOSI) Act, which would ban members of Congress from trading or holding individual stocks. 

    “Americans have watched politicians earn a fortune using information not available to the general public while the average family struggles to get by. It’s just wrong,” Senator Hawley said. “Members of Congress should be focused on delivering results for their constituents, not returns on investments. It’s time to find out where members stand. It’s time we restore trust in Congress and ban all members from trading and holding stocks.” 

    The PELOSI Act would ban lawmakers and their spouses from purchasing, selling or holding individual stocks for the duration of the lawmaker’s time in office. Lawmakers would be allowed to invest in diversified mutual funds, exchange-traded funds, or U.S. Treasury bonds while in office.

    MIL OSI USA News –

  • MIL-OSI USA: 07.29.2025 Sen. Cruz Introduces Bill to Establish Drone Manufacturing in Texarkana

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – Today, U.S. Sen. Ted Cruz (R-Texas), joined by Sens. John Cornyn (R-Texas), Tom Cotton (R-Ark.), and John Boozman (R-Ark.), introduced the SkyFoundry Act of 2025 to establish a drone production facility, SkyFoundry, at the Red River Army Depot (RRAD) in Texarkana, Texas. This bill will allow RRAD to develop, produce, and field drones for the Department of Defense.
    Sen. Cruz said, “Establishing a drone manufacturing facility at the Red River Army Depot will help ensure that the United States remains at the forefront of drone production. I’m proud to see the Lone Star State continuing to lead in defense innovation, and I look forward to working with my colleagues in Congress to swiftly pass this legislation.”
    Sen. Cornyn said, “Russia and China are currently outpacing America in scalable drone production and investment, making us vulnerable to national security threats if left unmatched. This legislation seeks to close this gap and help ensure America remains competitive with our foreign adversaries by establishing a new innovation and production facility that would rapidly improve our ability to develop, test, and mass-produce small unmanned aircraft systems.”
    Sen. Cotton said, “Large-scale manufacturing of small drones is critical to the Army’s current and future operational capability. This bill is a win for national security and for Arkansas as the Skyfoundry program presents a unique opportunity to more fully utilize the Army’s organic industrial base by positioning Red River Army Depot to meet the Army’s emerging requirements.”
    Sen. Boozman said, “The men and women of the Red River Army Depot are committed to providing our servicemembers with the tools they need to defend our nation. With unmanned aircraft systems playing an increasingly prominent role in modern warfare, tasking them with developing and sustaining an adequate supply of drone systems would be a win for this skilled workforce and our armed forces. I am pleased to join my colleagues to champion this effort and the Arkansans whose vital contributions to Red River support our national security and local economy.”
    Companion legislation was introduced in the House by Rep. Pat Harrigan (R-N.C.-10).
    Rep. Harrigan said, “The future of warfare is cheap, fast, and scalable—and right now, America is none of those things. The SkyFoundry Act changes that. It creates a fully American pipeline to design, test, and mass-produce FPV drones at scale, decoupled from Chinese supply chains and driven by U.S. innovation. This initiative doesn’t just build drones; it rebuilds our defense industrial base to meet the demands of modern conflict.”
    Read the full text of the bill here.
    The Texarkana Chamber of Commerce, TexAmericas Center, and the City Manager of the City of Texarkana support the bill.
    Robin Hickerson, President & CEO of the Texarkana Chamber of Commerce said, “The Texarkana USA Regional Chamber of Commerce thanks Senators Ted Cruz, John Boozman, Tom Cotton, and John Cornyn for sponsoring the SkyFoundry Act of 2025, which supports the rapid development and production of small unmanned aircraft systems and emphasizes the use of existing Army Depot facilities. Red River Army Depot is well positioned to meet the criteria outlined in the bill, with over 15,000 acres, 8 million square feet of facilities, and a central location near four states. The Chamber commends RRAD for its flexibility and readiness to support future innovation in defense manufacturing. RRAD has long been a vital economic engine for the Texarkana region. This legislation reinforces its strategic value and opens the door for even greater impact on jobs, innovation, and national security. The Chamber stands ready to support the SkyFoundry Program and advocate for continued investment in Red River Army Depot.”
    Scott Norton, Executive Director & CEO of the TexAmericas Center said, “TexAmericas Center thanks Senator Cruz and his staff for all their efforts with the SkyFoundry Act of 2025. Utilizing a location such as Red River Army Depot for the annual production of 1,000,000 unmanned aircraft systems, and other associated systems, allows the Department of Defense to collaborate employee training and program enhancements with Texas A&M University – Texarkana, University of Arkansas Hope-Texarkana, and Texarkana College. Investing in the dedicated organic industrial base workforce emphasizes the value of the current and future workforce at Red River Army Depot and demonstrates value of our defense community to our nation’s defense. We look forward to the passing of the SkyFoundry Act of 2025 and the continued expansion of workload at Red River Army Depot.”
    David Orr, City Manager of the City of Texarkana, Texas said, “The SkyFoundry Act of 2025 represents a forward-thinking investment in advanced manufacturing of unmanned aircraft systems and workforce development that aligns with the Texarkana region’s long-standing commitment to economic growth and regional opportunity. We appreciate Senator Cruz’s leadership in advancing legislation that strengthens our national defense and the industries that power our future.”

    BACKGROUND
    The SkyFoundry Act of 2025 will:

    Establish a production facility and innovation facility for the production and development of small unmanned aircraft systems.
    Utilize a Government-Owned, Government-Operated Contractor Augmented (GOGO/CA) model, blending military, civilian, and contract personnel.
    Encourage public-private partnerships with industry, academia, and nonprofits.

    RRAD supports 3,500 direct jobs and over 9,100 total jobs, providing an economic impact of at least $1.6 billion annually to the region.

    MIL OSI USA News –

  • MIL-OSI USA: Wyden Calls for Investigation Into Reported Diversion of Resources From Child Exploitation and Human Trafficking Investigations By Department of Homeland Security

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    July 30, 2025

    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., called for an immediate investigation of reports the Department of Homeland Security (DHS) has drastically diverted resources away from investigations into serious crimes against children, including child sexual abuse and human trafficking, in order to devote more resources to rounding up immigrants.

    “Instead of locking up rapists, child predators and other violent criminals, Trump appears to be diverting investigators to target cooks, farm workers and students. Congress and the American people will not tolerate the Trump administration ignoring the ongoing sexual abuse of vulnerable children,” wrote Wyden in the letter to DHS Inspector General Joseph Cuffari.

    Homeland Security Investigations (HSI) at DHS is responsible for investigating serious crimes, and is one of the leading agencies charged with investigating child sexual abuse materials online. The 7,000 HSI agents are supposed to focus on investigating drug smuggling, human trafficking, and child sex trafficking, among other crossborder criminal activities. According to DHS, HSI arrested over 3,000 individuals for crimes against children and rescued over 1,000 victims of child exploitation in 2020 alone.

    Wyden’s letter cites a recent report published by the Atlantic, which stated that HSI “supervisors have waved agents off new cases so they have more time to make immigration-enforcement arrests,” and quoted one agent describing the impact: “No drug cases, no human trafficking, no child exploitation.” 

    Wyden has been a staunch advocate in the Senate for increasing resources for investigating sex trafficking and prosecuting predators to protect vulnerable children. In January 2024, Wyden introduced bipartisan legislation to protect children from online exploitation. In June 2024, he released information from his investigation into child abuse and neglect in youth residential treatment facilities across the United States. In September 2024, he urged existing authorities to protect and strengthen services for children susceptible to abuse enrolled in Medicaid in the child welfare program.

    The full text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Crawford Call on Director Patel to Review Untapped Information Ignored by FBI in Clinton Email Investigation

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and House Permanent Select Committee on Intelligence Chairman Rick Crawford (R-Ark.) recently sent a letter to Federal Bureau of Investigation (FBI) Director Kash Patel requesting the FBI review unevaluated material related to Hillary Clinton’s use of a private email server and mishandling of highly classified information during her time as Secretary of State.

    This untapped and unreviewed information has lived within thumb drives in the FBI’s custody inside a Northern Virginia offshoot office of the FBI’s Washington Field Office since 2018. This letter was sent in response to Chairman Grassley’s efforts to get the appendix to the Department of Justice Office of the Inspector General’s (DOJ OIG) June 2018 report reviewing the DOJ and FBI’s handling of the Clinton investigation, also known as the “Clinton annex,” declassified.

    “The revelations contained in the declassified OIG appendix are at the heart of why the Federal Bureau of Investigation (FBI) became distrusted by so many under your agency’s prior directors: a failure to impartially conduct its law enforcement and intelligence mission. Concerning the issue at hand, Comey’s FBI shockingly failed to review and exploit evidence in its own possession, even though they admitted in written memos the information was necessary to conduct a ‘thorough and complete investigation.’ The FBI also failed to review and exploit other foreign intelligence information,” Grassley and Crawford wrote.

    “Therefore, we now write to stress the importance that this material be immediately dug out from hiding and properly assessed. How evidence which purportedly includes information related to ‘former President Barack Obama’s emails’ and ‘network infrastructure diagrams for U.S. government classified networks,’ remained unreviewed by the preeminent law enforcement agency in the world is mind-numbing. We know you will not similarly ignore evidence in your agency’s possession, no matter where its exploitation or conclusions might lead,” Grassley and Crawford continued.

    Read the full letter HERE.

    Notably, the declassified Clinton Annex revealed that:

    • Russian-language reports were also obtained by the FBI of discussions between then-Democratic National Committee (DNC) head, Debbie Wasserman Schultz, and George Soros’ Open Society Foundations, with suggestions concerning the deletion of evidence on Hillary Clinton’s email servers, mention of FBI’s investigation into the Clinton Foundation, and reports suggesting then-Attorney General Loretta Lynch was in contact with Hillary Clinton’s staff.
    • DOJ OIG also relied on the now-debunked Intelligence Community Assessment (ICA) on the Russia collusion hoax during its review, once again shedding light on the damage caused by the ICA’s widely spread tentacles.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Introduces Bipartisan Legislation to Strengthen FBI Whistleblower Protections

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa), co-founder and co-chair of the Whistleblower Protection Caucus, today introduced the Federal Bureau of Investigation (FBI) Whistleblower Protection Enhancement Act. Grassley’s legislation is cosponsored by Sen. Gary Peters (D-Mich.).

    “The Biden-Harris administration’s weaponization of the Justice Department and FBI, as well as its egregious retaliation against whistleblowers, caused great damage to our nation’s federal institutions. Multiple agents who bravely blew the whistle had their security clearances suspended and were placed under investigation with no end in sight, leaving them in professional limbo and causing serious financial harm. While the Trump administration has taken significant steps to undo the damage, Congress must offer a solution to ensure future FBI whistleblowers aren’t subjected to a similar retaliatory playbook,” Grassley said. “My legislation will ensure these patriotic whistleblowers receive the protections they deserve, rather than being treated like skunks at a picnic.”

    The bipartisan bill would provide Federal Bureau of Investigation (FBI) employees with whistleblower protections established by the Grassley-led Whistleblower Protection Act of 1989, and its subsequent amendments. Specifically, the FBI Whistleblower Protection Enhancement Act would:

    • Protect FBI whistleblowers who appeal adverse personnel decisions, or who cooperate in whistleblower investigations;
    • Require the Grassley-authored anti-gag provision to be included in FBI nondisclosure policies, forms and agreements to inform employees of their right to report waste, fraud or abuse, including to Congress;
    • Prohibit the FBI from coercing employees to engage in political activity;
    • Clarify which whistleblower disclosures are legally protected;
    • Require the Attorney General to fully inform FBI employees of their whistleblower protection rights, including challenging retaliatory security clearance suspensions;
    • Implement the Government Accountability Office (GAO) 2024 recommendation to clarify the process for FBI whistleblowers to seek corrective action from the Merit Systems Protection Board;
    • Eliminate the requirement that whistleblowers wait a year before challenging the denial, suspension or revocation of their security clearance; and
    • Require the Director of National Intelligence to ensure agency investigations and adjudications of security clearance denials, suspensions and revocations are free from conflicts of interest.

    The FBI Whistleblower Protection Enhancement Act is supported by multiple whistleblower advocacy groups, including Empower Oversight and the Government Accountability Project.

    “Senator Grassley’s bill represents the culmination of more than four decades of fighting to ensure that those who protect America’s security have the security to speak truth to power. We urge Congress to pass this legislation swiftly and finally deliver justice that’s been delayed far too long,” said Tom Devine, Legal Director of the Government Accountability Project.

    Read the bill text HERE.

    Background:

    During the 101st Congress, the Grassley-led Whistleblower Protection Act became law, requiring the Attorney General to establish whistleblower protections for FBI employees through regulatory action. However, the Department of Justice (DOJ) refused to implement whistleblower protection regulations until 1997, when then-President Bill Clinton issued a memo requiring them to do so.

    Following concerns of continued retaliation, the Grassley-led Whistleblower Protection Enhancement Act of 2012 was signed into law, directing the Attorney General to issue a report reevaluating the 1997 FBI whistleblower protection regulations. Due to the DOJ’s lack of responsiveness, Grassley commissioned the GAO to issue a report, which was published in 2015 and revealed alarming gaps in the FBI’s whistleblower regulations.

    In response to the 2015 GAO report, Grassley introduced the FBI Whistleblower Protection Enhancement Act of 2016, which subsequently became law. This legislation directed the FBI to implement modernized whistleblower protection regulations and codified certain FBI whistleblower protections. Despite Grassley’s bill and his call for the FBI to follow the law, the FBI failed to implement these regulations until 2024 – right before the GAO was set to publish a report evaluating the FBI’s implementation of Grassley’s 2016 law. Much like the 2015 report, the 2024 GAO report revealed significant failings in the FBI’s whistleblower protection regulations.

    Given the FBI’s inability over the last 35-years to effectively implement whistleblower protection regulations, as well as the Biden-Harris administration’s pervasive retaliation against whistleblowers, Grassley is now introducing legislation to cement the much-needed protections into law.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: What They Are Saying: Whistleblowers Laud Grassley’s Advocacy for Transparency and Accountability

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – On National Whistleblower Day, whistleblowers helped by Sen. Chuck Grassley (R-Iowa) expressed their gratitude for his tireless advocacy. Grassley is the co-founder and co-chair of the Whistleblower Protection Caucus.

    In March, the Department of Treasury promoted Internal Revenue Service (IRS) whistleblowers Gary Shapley and Joseph Ziegler after Grassley urged the department to do so. In May, Grassley secured promotions, restored law enforcement credentials and backpay for three Customs and Border Protection (CBP) whistleblowers.

    This month, Grassley spearheaded a resolution marking July 30th as National Whistleblower Appreciation Day. The resolution celebrates whistleblowers who risk their careers, jobs and reputations to report waste, fraud and abuse that can cost billions each year. Grassley also introduced legislation to strengthen whistleblower protections for Federal Bureau of Investigation (FBI) employees and federal contractors, while calling on President Trump to ensure federal downsizing initiatives aren’t used to retaliate against whistleblowers.

    Here’s what the whistleblowers had to say about Grassley’s work:

    “We saw firsthand why Senator Grassley is known as the Patron Saint of Whistleblowers. From the very beginning, he took our concerns seriously and stood by us every step of the way. Just when it felt like all hope was lost, he found a way forward. We are deeply grateful for his unwavering support – not only for us, but for the hundreds of other whistleblowers he’s championed over the years. We will never be able to repay the senator for his unwavering commitment, but we are dedicated to carrying his example forward,” IRS whistleblowers Gary Shapley and Joe Ziegler said.

    “For 7+ years, Senator Grassley and his staff have been the singular unwavering advocate and champion for me as a federal whistleblower. When my elected Congressmen and Senators ignored and dismissed my requests for assistance, Senator Grassley was the lone voice of support. Grassley and his staff fully vetted my whistleblower allegations and engaged with the Biden administration to address the Whistleblower Retaliation. Grassley’s commitment to stay the course has led to positive and meaningful cooperation with President Trump, Secretary Noem and CBP Commissioner Scott. I can attest that Grassley is a true and honorable statesman and an unwavering man of his word. I have confidence in Grassley’s commitment to holding those accountable for their retaliation and remaining with whistleblowers until there is a proper resolution. The words ‘thank you’ are inadequate and cannot express my respect and gratitude for Senator Grassley,” Customs and Border Protection (CBP) whistleblower Mark Jones said.

    “Over seven years ago, my colleagues and I reported an orchestrated, willful obstruction of the law, which facilitated thousands of murders and sexual assaults on U.S. soil. Even after our allegations were clearly substantiated by federal agencies, Customs and Border Patrol committed clear reprisals against us, rewarding the perpetrators while our careers were ruined, and our health and reputations were irreparably harmed. Senator Grassley affected more relief for us in two years than all the other oversight and whistleblower protection entities achieved over the last seven years. One dedicated senator from Iowa did so much more to protect whistleblowers than anyone else. Thank you, Senator Grassley, for defending those whose only interest is serving the public and honoring their oath to the Constitution,” Customs and Border Protection (CBP) whistleblower Mike Taylor said.

    “I am grateful for all the time Senator Grassley and his staff have spent working on our behalf over the past seven years. They’ve helped hold the individuals accountable who retaliated against us for reporting obstruction of a law intended to keep Americans safe. We worked extensively with multiple executive branch agencies whose responsibilities include whistleblower protection, but none were willing or able to advocate on our behalf. In spite of our case being open for over seven years, the senator and his staff met with us on multiple occasions and have never stopped pushing for justice and accountability,” Customs and Border Protection (CBP) whistleblower Fred Wynn said.

    -30-

    MIL OSI USA News –

  • MIL-OSI: LYNO Launches Stage 1 of Token Presale, Introducing AI-Powered Arbitrage Protocol Across 15+ Chains

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, July 30, 2025 (GLOBE NEWSWIRE) — LYNO, a decentralized cross-chain arbitrage protocol powered by artificial intelligence, has officially launched Stage 1 of its token presale. Designed to democratize arbitrage trading through automation and real-time market tracking, LYNO represents a significant step forward in AI-integrated DeFi infrastructure.

    Presale Stage 1: Early Access at $0.05

    The LYNO presale is structured across seven phases, starting with the Community Round – Early Bird stage. This initial stage will offer 16 million tokens at a price of $0.05, representing 3.20% of the total 140 million token supply. The project aims to raise $800,000 during this round. Once this phase concludes, the price will increase to $0.055, rewarding early participation.

    Transforming Arbitrage with AI and Cross-Chain Access

    LYNO’s core protocol enables AI-driven arbitrage across more than fifteen EVM-compatible blockchains, including Ethereum, BNB Chain, Polygon, Arbitrum, and Optimism. Its autonomous engine identifies and acts on price discrepancies between exchanges, enabling continuous and decentralized arbitrage trading.

    Unlike traditional arbitrage systems limited to institutions, LYNO’s model is open to the public. The platform uses zero-knowledge proofs to protect against front-running and MEV attacks, and its smart contracts are audited by Cyberscope to ensure robust security.

    Governance, Utility, and Security Empower $LYNO Token Holders

    $LYNO token holders can participate in governance by proposing and voting on platform upgrades, fee structures, and supported chains. Holders can also benefit from protocol rewards, with up to 60% of fees distributed to stakers. Additional utilities include access to AI arbitrage agents, staking incentives, and liquidity rewards. A strategic buyback and burn mechanism, supported by treasury allocations, aims to reinforce token value over time.

    Presale Participation

    To join the presale, participants must use an Ethereum-compatible wallet via WalletConnect and can purchase tokens using ETH or USDT on the official LYNO website. Purchased tokens will be claimable after the presale concludes.

    This announcement marks the official opening of LYNO’s fundraising efforts and highlights a new era in AI-based decentralized finance. With the presale offering at its initial price point, early participants are positioned at the foundation of a multi-chain arbitrage protocol with wide-reaching DeFi implications.

    Resources
    Website: https://lyno.ai
    Buy Presale: https://lyno.ai/#presale
    Whitepaper: https://lyno.ai/whitepaper.pdf
    Twitter/X: https://x.com/Lyno_AI
    Telegram: https://t.me/lyno_ai

    Contact
    LYNO AI
    contact@lyno.ai

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

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8f0067dc-9fd6-4fb5-946d-da28a2c2c60d

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1b61824b-5274-43fc-a528-8809701f9bcc

    The MIL Network –

  • MIL-OSI: Skyward Specialty Insurance Group Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported second quarter 2025 net income of $38.8 million, or $0.93 per diluted share, compared to $31.0 million, or $0.75 per diluted share, for the same 2024 period. Net income for the first half of 2025 was $80.9 million, or $1.94 per diluted share, compared to $67.8 million, or $1.65 per diluted share, for the same 2024 period.

    Adjusted operating income(1) for the second quarter of 2025 was $37.1 million, or $0.89 per diluted share, compared to $33.0 million, or $0.80 per diluted share, for the same 2024 period. Adjusted operating income(1) for the first half of 2025 was $74.5 million, or $1.78 per diluted share, compared to $63.9 million, or $1.56 per diluted share, for the same 2024 period.

    Highlights for the second quarter included:

    • Gross written premiums of $584.9 million, an increase of 17.9% compared to 2024;
    • Combined ratio of 89.4%;
    • Ex-Cat combined ratio of 88.0%;
    • Annualized return on equity of 19.1% for the six months ended June 30, 2025; and,
    • Book value per share of $22.23, an increase of 12% compared to December 31, 2024.

    (1)See “Reconciliation of Non-GAAP Financial Measures”  

    Skyward Specialty Chairman and CEO Andrew Robinson commented, “Our results for the second quarter and for the first half of the year have been outstanding and reflect the strength of our specialized underwriting and claims capabilities, and our execution excellence. In an increasingly challenging market environment, our 18% growth for the second quarter and best ever 89.4% combined ratio are again a demonstration of the power of our portfolio diversity and our ability to deploy capital to attractive markets that enable us to grow underwriting profitability while managing our volatility. As market conditions continue to evolve, we are confident that the disciplined execution of our “Rule Our Niche” strategy will enable us to continue to deliver top quartile returns to our shareholders.”

    Results of Operations

    Underwriting Results

    Premiums                                  
    ($ in thousands) Three months ended June 30,
    		   Six months ended June 30,
    unaudited 2025   2024   %
    Change    		   2025   2024   %
    Change
    Gross written premiums $      584,914     $ 496,243     17.9 %   $   1,120,240     $ 954,863     17.3 %
    Ceded written premiums $   (245,701 )   $ (199,114 )   23.4 %   $   (437,756 )   $ (370,634 )   18.1 %
    Net retention 58.0 %   59.9 %   NM (1)   60.9 %   61.2 %   NM (1)
    Net written premiums $      339,213     $ 297,129     14.2 %   $      682,484     $ 584,229     16.8 %
    Net earned premiums $      295,542     $ 257,583     14.7 %   $      595,908     $ 493,925     20.6 %
    (1) Not meaningful                                  
                                       
                                       

    The increases in gross written premiums for the second quarter and first half of 2025, when compared to the same 2024 periods, were driven by double-digit premium growth from the agriculture and credit (re)insurance, specialty programs, accident & health and captives divisions. The increases in gross written premiums were partially offset by decreases in the global property and construction & energy solutions divisions.

    Combined Ratio Three months ended June 30,
    		   Six months ended June 30,
    (unaudited) 2025   2024   2025   2024
    Non-cat loss and LAE 59.9 %   60.6 %   60.1 %   60.6 %
    Cat loss and LAE(1) 1.4 %   1.2 %   1.8 %   0.8 %
    Prior accident year development – LPT 0.0 %   (0.1 )%   0.0 %   (0.1 )%
    Loss Ratio 61.3 %   61.7 %   61.9 %   61.3 %
    Net policy acquisition costs 15.1 %   14.0 %   15.0 %   13.7 %
    Other operating and general expenses 13.9 %   15.8 %   13.9 %   15.9 %
    Commission and fee income (0.9 )%   (0.8 )%   (0.8 )%   (0.8 )%
    Expense ratio 28.1 %   29.0 %   28.1 %   28.8 %
    Combined ratio 89.4 %   90.7 %   90.0 %   90.1 %
    Ex-Cat Combined Ratio(2) 88.0 %   89.5 %   88.2 %   89.3 %
                           
    (1) Current accident year
    (2) Defined as the combined ratio excluding cat loss and LAE(1)
                           
                           

    The loss ratio for the second quarter improved 0.4 points and it increased 0.6 points for the first half of 2025, when compared to the same 2024 periods, respectively. Catastrophe losses in the second quarter increased marginally when compared to the same 2024 period, driven by convective storms in the South and Midwest. The first half of 2025 was also impacted by convective storms in the Midwest and the California wildfires.

    The non-cat loss and LAE ratios for the second quarter and first half of 2025 improved 0.7 points and 0.5 points, respectively, when compared to the same 2024 periods, primarily driven by the business mix shift.

    The expense ratios for the second quarter and first half of 2025 improved 0.9 points and 0.7 points, respectively, when compared to the same 2024 periods due to earnings leverage partially offset by higher acquisition costs due to the business mix shift.

    The expense ratios for all periods presented exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

    Investment Results

    Net Investment Income                      
    $ in thousands Three months ended June 30,
    		   Six months ended June 30,
    (unaudited) 2025   2024   2025   2024
    Short-term investments & cash and cash equivalents $               4,574     $ 4,021     $              8,615     $ 9,108  
    Fixed income               17,822     13,786                   34,552     26,264  
    Equities                    531     751                     1,188     1,378  
    Alternative & strategic investments               (4,338 )   3,476                 (6,428 )   3,581  
    Net investment income $            18,589     $ 22,034     $            37,927     $ 40,331  
    Net unrealized (losses) gains on securities still held $           (3,181 )   $ (1,760 )   $               2,310     $ 7,231  
    Net realized gains (losses)                 6,386     (39 )                   7,729     (649 )
    Net investment gains (losses) $               3,205     $ (1,721 )   $            10,039     $ 6,582  
                           
                           

    Net investment income for the second quarter and first half of 2025 decreased $3.4 million and $2.4 million, respectively when compared to the same 2024 periods. The decreases were primarily driven by losses from our alternative & strategic investments portfolio due to the decline in the fair value of limited partnership investments. Partially offsetting the decreases were increases in income from our fixed income portfolio due to a higher yield and larger asset base.

    Stockholders’ Equity

    Stockholders’ equity was $899.9 million at June 30, 2025 which represented an increase of 5.8% when compared to stockholders’ equity of $850.7 million at March 31, 2025. The increase in stockholders’ equity was primarily due to an increase in the market value of our investment portfolio and net income.

    Conference Call

    At 12:00 p.m. eastern time tomorrow, July 31, 2025, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    Non-GAAP Financial Measures

    This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

    We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

    About Skyward Specialty Insurance Group, Inc.

    Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

    Forward-Looking Statements

    Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty’s Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Skyward Specialty Insurance Group, Inc.

    Investor contact:
    Natalie Schoolcraft,
    nschoolcraft@skywardinsurance.com
    614-494-4988

    or

    Media contact:
    Haley Doughty
    hdoughty@skywardinsurance.com
    713-935-4944

               
    Consolidated Balance Sheets
    ($ in thousands, except share and per share amounts)
    (unaudited) June 30,
    2025    		   December 31,
    2024
    Assets          
    Investments:          
    Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $6,150 and $0, respectively) (amortized cost of $1,638,973 and $1,320,266, respectively) $        1,629,464     $ 1,292,218  
    Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $268 and $243, respectively)                35,253     39,153  
    Equity securities, at fair value                58,001     106,254  
    Mortgage loans, at fair value                10,168     26,490  
    Equity method investments                88,804     98,594  
    Other long-term investments                44,479     33,182  
    Short-term investments, at fair value              214,338     274,929  
    Total investments           2,080,507     1,870,820  
    Cash and cash equivalents              136,617     121,603  
    Restricted cash                36,547     35,922  
    Premiums receivable, net              518,441     321,641  
    Reinsurance recoverables, net              925,291     857,876  
    Ceded unearned premium              294,124     203,901  
    Deferred policy acquisition costs              140,903     113,183  
    Deferred income taxes                28,727     30,486  
    Goodwill and intangible assets, net                88,795     87,348  
    Other assets                86,440     86,698  
    Total assets $        4,336,392     $ 3,729,478  
    Liabilities and stockholders’ equity          
    Liabilities:          
    Reserves for losses and loss adjustment expenses $        1,918,753     $ 1,782,383  
    Unearned premiums              814,063     637,185  
    Deferred ceding commission                54,952     40,434  
    Reinsurance and premium payables              299,481     177,070  
    Funds held for others              127,377     102,665  
    Accounts payable and accrued liabilities              102,298     76,206  
    Notes payable              100,000     100,000  
    Subordinated debt, net of debt issuance costs                19,553     19,536  
    Total liabilities           3,436,477     2,935,479  
    Stockholders’ equity          
    Common stock, $0.01 par value, 500,000,000 shares authorized, 40,486,656 and 40,127,908 shares issued and outstanding, respectively                      405     401  
    Additional paid-in capital              724,159     718,598  
    Accumulated other comprehensive loss                (2,666 )   (22,120 )
    Retained earnings              178,017     97,120  
    Total stockholders’ equity              899,915     793,999  
    Total liabilities and stockholders’ equity $        4,336,392     $ 3,729,478  
               
               
    Condensed Consolidated Statements of Operations and Comprehensive Income
    ($ in thousands) Three months ended June 30,
    		   Six months ended June 30,
    (unaudited) 2025   2024   2025   2024
                           
    Revenues:                      
    Net earned premiums $          295,542     $ 257,583     $          595,908     $ 493,925  
    Commission and fee income                 2,560     2,053                     4,536     4,079  
    Net investment income               18,589     22,034                   37,927     40,331  
    Net investment gains (losses)                 3,205     (1,721 )                 10,039     6,582  
    Other income (loss)                         7     (7 )                         20     (7 )
    Total revenues             319,903     279,942                 648,430     544,910  
    Expenses:                      
    Losses and loss adjustment expenses             181,262     159,054                 368,571     302,968  
    Underwriting, acquisition and insurance expenses               85,596     76,679                 172,147     146,453  
    Interest expense                 1,876     2,449                     3,710     5,176  
    Amortization expense                    372     360                        709     748  
    Other expenses                 1,002     1,045                     2,063     2,233  
    Total expenses             270,108     239,587                 547,200     457,578  
    Income before income taxes               49,795     40,355                 101,230     87,332  
    Income tax expense               10,956     9,385                   20,333     19,578  
    Net income $            38,839     $ 30,970     $            80,897     $ 67,754  
    Comprehensive income:                      
    Net income $            38,839     $ 30,970     $            80,897     $ 67,754  
    Other comprehensive income:                      
    Unrealized gains and losses on investments:                      
    Net change in unrealized gains (losses) on investments, net of tax               11,005     (1,451 )                 23,260     (6,869 )
    Reclassification adjustment for losses on securities no longer held, net of tax               (3,624 )   (406 )                 (3,806 )   (1,314 )
    Total other comprehensive income (loss)                 7,381     (1,857 )                 19,454     (8,183 )
    Comprehensive income $            46,220     $ 29,113     $          100,351     $ 59,571  
                           
                           
    Share and Per Share Data                      
    ($ in thousands, except share and per share amounts) Three months ended June 30,
    		   Six months ended June 30,
    (unaudited) 2025   2024   2025   2024
                           
    Weighted average basic shares 40,445,391     39,177,457     40,322,051     39,142,825  
    Weighted average diluted shares 41,871,496     41,168,082     41,771,215     41,110,384  
                           
    Basic earnings per share $            0.96          $ 0.79     $            2.01          $ 1.73  
    Diluted earnings per share $            0.93          $ 0.75     $            1.94          $ 1.65  
    Basic adjusted operating earnings per share $            0.92          $ 0.84     $            1.85          $ 1.64  
    Diluted adjusted operating earnings per share $            0.89          $ 0.80     $            1.78          $ 1.56  
                           
    Annualized ROE (1) 17.7 %   17.5 %   19.1 %   19.6 %
    Annualized adjusted ROE (2) 17.0 %   18.7 %   17.6 %   18.5 %
    Annualized ROTE (3) 19.7 %   20.0 %   21.3 %   22.4 %
    Annualized adjusted ROTE (4) 18.9 %   21.3 %   19.6 %   21.2 %
                           
                  June 30   December 31
                  2025   2024
                           
    Shares outstanding             40,486,656     40,127,908  
    Fully diluted shares outstanding             42,339,395     42,059,182  
                           
    Book value per share             $               22.23     $ 19.79  
    Fully diluted book value per share             $               21.25     $ 18.88  
    Fully diluted tangible book value per share             $               19.16     $ 16.80  
                           
    (1)  Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
    (2) Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
    (3) Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
    (4) Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
                           

    Skyward Specialty Insurance Group, Inc.
    Reconciliation of Non-GAAP Financial Measures

    Adjusted operating income – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.

    ($ in thousands) Three months ended June 30,
    		   Six months ended June 30,
    (unaudited) 2025
    		   2024   2025
    		   2024
      Pre-tax   After-tax   Pre-tax   After-tax   Pre-tax   After-tax   Pre-tax   After-tax
    Income as reported $   49,795     $   38,839     $ 40,355     $ 30,970     $ 101,230     $   80,897     $ 87,332     $ 67,754  
    Less (add):                                              
    Net investment gains (losses)        3,205            2,500     (1,721 )   (1,360 )        10,039            8,023     6,582     5,200  
    Net impact of loss portfolio transfer              —                  —     241     190                  —                  —     482     381  
    Other income (loss) 7     5     (7 )   (6 )   20     16     (7 )   (6 )
    Other expenses      (1,002 )           (782 )   (1,045 )   (826 )        (2,063 )        (1,649 )   (2,233 )   (1,764 )
    Adjusted operating income $   47,585     $   37,116     $ 42,887     $ 32,972     $   93,234     $   74,507     $ 82,508     $ 63,943  
                                                   
                                                   

    Underwriting income – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

    ($ in thousands) Three months ended June 30,
    		   Six months ended June 30,
    (unaudited) 2025   2024   2025   2024
    Income before income taxes $            49,795     $ 40,355     $          101,230     $ 87,332  
    Add:                      
    Interest expense                 1,876     2,449                     3,710     5,176  
    Amortization expense                    372     360                         709     748  
    Other expenses                 1,002     1,045                     2,063     2,233  
    Less (Add):                      
    Net investment income               18,589     22,034                   37,927     40,331  
    Net investment gains (losses)                 3,205     (1,721 )                 10,039     6,582  
    Other income (loss)                         7     (7 )                         20     (7 )
    Underwriting income $            31,244     $ 23,903     $             59,726     $ 48,583  
                           
                           

    Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

    ($ in thousands) June 30,   December 31,
    (unaudited) 2025   2024   2024
    Stockholders’ equity $ 899,915     $ 723,620     $ 793,999  
    Less: Goodwill and intangible assets 88,795     87,868       87,348  
    Tangible stockholders’ equity $ 811,120     $ 635,752     $ 706,651  
                   
                   
    Skyward Specialty Insurance Group, Inc.
    Gross Written Premiums by Underwriting Division (Unaudited)
                                           
      Three months ended June 30,
    		   Six months ended June 30,
    ($ in thousands) 2025
    		   2024   %
    Change    		   2025
    		   2024   %
    Change
    Accident & Health $       60,489     $ 44,088       37.2 %   $    123,658     $ 84,989       45.5 %
    Agriculture and Credit (Re)insurance         71,573     36,592       95.6 %         159,420     79,913       99.5 %
    Captives         76,961     62,099       23.9 %         145,362     130,507       11.4 %
    Construction & Energy Solutions         73,613     78,214       (5.9 )%         149,184     152,436       (2.1 )%
    Global Property         83,992     88,231       (4.8 )%         130,678     145,543       (10.2 )%
    Professional Lines         38,147     38,106       0.1 %           79,313     80,345       (1.3 )%
    Specialty Programs         85,955     59,644       44.1 %         148,630     111,822       32.9 %
    Surety         40,737     37,642       8.2 %           78,535     71,484       9.9 %
    Transactional E&S         53,461     51,609       3.6 %         105,467     97,841       7.8 %
    Total gross written premiums(1) $    584,928     $ 496,225       17.9 %   $ 1,120,247     $ 954,880       17.3 %
    (1) Excludes exited business                                      
                                           
      Twelve months ended June 30,
    ($ in thousands) 2025
    		   % of Total
    Accident & Health $ 211,742       11.1 %
    Agriculture and Credit (Re)insurance 197,578       10.4 %
    Captives 256,757       13.5 %
    Construction & Energy Solutions 293,329       15.4 %
    Global Property 186,930       9.8 %
    Professional Lines 158,753       8.3 %
    Specialty Programs 255,215       13.4 %
    Surety 151,016       7.9 %
    Transactional E&S 197,296       10.3 %
    Total gross written premiums(1) $ 1,908,616       100.0 %
    (1) Excludes exited business            
                 

    The MIL Network –

  • MIL-OSI: OTC Markets Group Announces Second Quarter 2025 Earnings Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM) today announced it will report its financial results for the second quarter ended June 30, 2025, after the close of the U.S. capital markets on Wednesday, August 6, 2025.

    In addition, OTC Markets Group will host a conference call and webcast on Thursday, August 7, 2025, at 8:30 a.m. eastern time, during which management will discuss the financial results in further detail.

    Webcast:
    The conference webcast and management presentation can be accessed at the following link (the replay will be available until August 6, 2026):

    https://edge.media-server.com/mmc/p/waw98toy

    Live Call:
    Participants intending to ask a question during the live call and Q&A session should also register in advance at:

    https://register-conf.media-server.com/register/BI31042b021603457a9584c1a5fd9643b9

    Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a “Call Me” option.

    The Quarterly Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of the OTC Markets Group website at

    www.otcmarkets.com/about/investor-relations.

    About OTC Markets Group Inc.

    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCIDTM Basic Market, and Pink LimitedTM Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Investor Contact:

    Antonia Georgieva
    Chief Financial Officer
    Phone: (212) 220-2215
    Email: ir@otcmarkets.com

    Media Contact:

    OTC Markets Group Inc.
    Phone: (212) 896-4428
    Email: media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Great Elm Capital Corp. (“GECC”) Schedules Second Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH GARDENS, Fla., July 30, 2025 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced that it will release its financial results for the second quarter ended June 30, 2025, after the close of market trading on Monday, August 4, 2025. The results will be discussed in a conference call on Tuesday, August 5, 2025, at 8:30 a.m. ET.

    Date/Time: Tuesday, August 5, 2025 – 8:30 a.m. ET
        
    Participant Dial-In Numbers:  
    (United States): (877) 407-0789
    (International): (201) 689-8562

    To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release.

    Webcast
    The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.

    About Great Elm Capital Corp.
    GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com.

    Media & Investor Contact:
    Investor Relations
    investorrelations@greatelmcap.com

    Source: Great Elm Capital Corp.

    The MIL Network –

  • MIL-OSI: FormFactor, Inc. Reports 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LIVERMORE, Calif., July 30, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2025 ended June 28, 2025. Quarterly revenues were $195.8 million, an increase of 14.3% compared to $171.4 million in the first quarter of fiscal 2025, and a decrease of 0.8% from $197.5 million in the second quarter of fiscal 2024.

    • Anticipated strength in HBM and Foundry & Logic probe cards drove sequentially stronger second-quarter revenue
    • FormFactor is now shipping in volume to all three major HBM manufacturers
    • Closed acquisition of Farmers Branch manufacturing facility, providing significant operational flexibility in lower operating cost region

    “FormFactor reported sequentially stronger second-quarter revenue that exceeded the high end of our outlook range, due to higher-than-anticipated growth in our probe-card business,” said Mike Slessor, CEO of FormFactor, Inc. “Despite this revenue strength, non-GAAP gross margin and overall profitability fell short of our outlook, mainly caused by an unfavorable shift in product mix and unforecasted ramp-up costs for a second HBM DRAM customer.”

    Second Quarter Highlights

    On a GAAP basis, net income for the second quarter of fiscal 2025 was $9.1 million, or $0.12 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $6.4 million, or $0.08 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $19.4 million, or $0.25 per fully-diluted share. Gross margin for the second quarter of 2025 was 37.3%, compared with 37.7% in the first quarter of 2025, and 44.0% in the second quarter of 2024.

    On a non-GAAP basis, net income for the second quarter of fiscal 2025 was $21.2 million, or $0.27 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $18.0 million, or $0.23 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $27.3 million, or $0.35 per fully-diluted share. On a non-GAAP basis, gross margin for the second quarter of 2025 was 38.5%, compared with 39.2% in the first quarter of 2025, and 45.3% in the second quarter of 2024.

    GAAP net cash provided by operating activities for the second quarter of fiscal 2025 was $18.9 million, compared to $23.5 million for the first quarter of fiscal 2025, and $21.9 million for the second quarter of fiscal 2024. Free cash flow for the second quarter of fiscal 2025 was negative $47.1 million, compared to free cash flow for the first quarter of fiscal 2025 of $6.3 million, and free cash flow for the second quarter of 2024 of $14.2 million.

    A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

    Outlook

    Dr. Slessor added, “In the current third quarter, we expect to deliver revenue comparable to the second quarter, with slightly higher gross margin and operating profit.”

    For the third quarter ending September 27, 2025, FormFactor is providing the following outlook*:

        GAAP   Reconciling Items**   Non-GAAP
    Revenue   $200 million +/- $5 million   —   $200 million +/- $5 million
    Gross Margin   38.5% +/- 1.5%   $3 million   40% +/- 1.5%
    Net income per diluted share   $0.14 +/- $0.04   $0.11   $0.25 +/- $0.04
    *This outlook assumes consistent foreign currency rates.
    **Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.
     

    We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

    The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

    Use of Non-GAAP Financial Information:

    To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and six months ended June 28, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

    About FormFactor:

    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    Forward-looking Statements:

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    Revenues $ 195,798     $ 171,356     $ 197,474     $ 367,154     $ 366,199  
    Cost of revenues   122,860       106,833       110,574       229,693       216,561  
    Gross profit   72,938       64,523       86,900       137,461       149,638  
    Operating expenses:                  
    Research and development   28,793       27,800       31,564       56,593       60,191  
    Selling, general and administrative   31,839       33,454       37,874       65,293       70,953  
    Total operating expenses   60,632       61,254       69,438       121,886       131,144  
    Gain on sale of business   —       —       310       —       20,581  
    Operating income   12,306       3,269       17,772       15,575       39,075  
    Interest income, net   2,642       3,317       3,415       5,959       6,571  
    Other income (expense), net   (6 )     890       360       884       880  
    Income before income taxes   14,942       7,476       21,547       22,418       46,526  
    Provision for income taxes   2,372       1,075       2,155       3,447       5,353  
    Loss from equity investment   3,484       —       —       3,484       —  
    Net income $ 9,086     $ 6,401     $ 19,392     $ 15,487     $ 41,173  
    Net income per share:                  
    Basic $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.53  
    Diluted $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.52  
    Weighted-average number of shares used in per share calculations:                
    Basic   77,107       77,345       77,235       77,226       77,343  
    Diluted   77,527       77,884       78,717       77,721       78,746  
                                           
    FORMFACTOR, INC.
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    GAAP Gross Profit $ 72,938     $ 64,523     $ 86,900     $ 137,461     $ 149,638  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   528       542       545       1,070       1,131  
    Stock-based compensation   1,690       2,005       1,932       3,695       3,860  
    Restructuring charges   183       60       39       243       83  
    Non-GAAP Gross Profit $ 75,339     $ 67,130     $ 89,416     $ 142,469     $ 154,712  
                       
    GAAP Gross Margin   37.3 %     37.7 %     44.0 %     37.4 %     40.9 %
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   0.3 %     0.3 %     0.3 %     0.3 %     0.3 %
    Stock-based compensation   0.8 %     1.2 %     1.0 %     1.0 %     1.1 %
    Restructuring charges   0.1 %     — %     — %     0.1 %     — %
    Non-GAAP Gross Margin   38.5 %     39.2 %     45.3 %     38.8 %     42.3 %
                       
    GAAP operating expenses $ 60,632     $ 61,254     $ 69,438     $ 121,886     $ 131,144  
    Adjustments:                  
    Amortization of intangibles   (191 )     (191 )     (191 )     (382 )     (382 )
    Stock-based compensation   (7,701 )     (7,791 )     (8,277 )     (15,492 )     (16,754 )
    Restructuring charges   (195 )     (2,823 )     (49 )     (3,018 )     (98 )
    Costs related to sale and acquisition of businesses   (55 )     (217 )     (43 )     (272 )     (689 )
    Non-GAAP operating expenses $ 52,490     $ 50,232     $ 60,878     $ 102,722     $ 113,221  
                       
    GAAP operating income $ 12,306     $ 3,269     $ 17,772     $ 15,575     $ 39,075  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   719       733       736       1,452       1,513  
    Stock-based compensation   9,391       9,796       10,209       19,187       20,614  
    Restructuring charges   378       2,883       88       3,261       181  
    Gain on sale of business, net of costs and acquisition related expenses   55       217       (267 )     272       (19,892 )
    Non-GAAP operating income $ 22,849     $ 16,898     $ 28,538     $ 39,747     $ 41,491  
                                           
    FORMFACTOR, INC.
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    GAAP net income $ 9,086     $ 6,401     $ 19,392     $ 15,487     $ 41,173  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   719       733       736       1,452       1,513  
    Stock-based compensation   9,391       9,796       10,209       19,187       20,614  
    Restructuring charges   378       2,883       88       3,261       181  
    Gain on sale of business and assets, net of costs and acquisition related expenses   3,460       217       (267 )     3,677       (19,892 )
    Income tax effect of non-GAAP adjustments   (1,812 )     (2,026 )     (2,835 )     (3,838 )     (1,922 )
    Non-GAAP net income $ 21,222     $ 18,004     $ 27,323     $ 39,226     $ 41,667  
                       
    GAAP net income per share:                  
    Basic $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.53  
    Diluted $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.52  
                       
    Non-GAAP net income per share:                  
    Basic $ 0.28     $ 0.23     $ 0.35     $ 0.51     $ 0.54  
    Diluted $ 0.27     $ 0.23     $ 0.35     $ 0.50     $ 0.53  
                       
    GAAP net cash provided by operating activities $ 18,893     $ 23,539     $ 21,878     $ 42,432     $ 54,890  
    Adjustments:                  
    Sale of business and acquisition related payments in working capital   168       1,221       630       1,389       677  
    Cash paid for interest   95       92       101       187       201  
    Capital expenditures   (66,256 )     (18,584 )     (8,398 )     (84,840 )     (21,834 )
    Free cash flow $ (47,100 )   $ 6,268     $ 14,211     $ (40,832 )   $ 33,934  
                       
    GAAP net cash used in investing activities $ (78,553 )   $ (84,660 )   $ (6,140 )   $ (163,213 )   $ (9,960 )
    GAAP net cash used in financing activities $ (4,214 )   $ (2,964 )   $ (4,934 )   $ (7,178 )   $ (19,426 )
                                           
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Six Months Ended
      June 28,
    2025    		   June 29,
    2024
    Cash flows from operating activities:      
    Net income $ 15,487     $ 41,173  
    Selected adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation   17,051       14,563  
    Amortization   1,339       1,280  
    Stock-based compensation expense   19,187       20,614  
    Provision for excess and obsolete inventories   6,695       6,277  
    Loss from equity investment   3,484       —  
    Gain on sale of business and assets   (103 )     (20,581 )
    Non-cash restructuring charges   2,160       —  
    Other activity impacting operating cash flows   (22,868 )     (8,436 )
    Net cash provided by operating activities   42,432       54,890  
    Cash flows from investing activities:      
    Acquisition of property, plant and equipment   (84,840 )     (21,834 )
    Proceeds from sale of business and assets   103       21,585  
    Purchase of equity investment   (67,156 )     —  
    Purchases of marketable securities, net   (11,320 )     (9,711 )
    Net cash used in investing activities   (163,213 )     (9,960 )
    Cash flows from financing activities:      
    Purchase of common stock through stock repurchase program, including excise tax paid   (24,586 )     (20,271 )
    Proceeds from issuances of common stock   21,576       4,948  
    Principal repayments on term loans   (549 )     (534 )
    Tax withholdings related to net share settlements of equity awards   (3,619 )     (3,569 )
    Net cash used in financing activities   (7,178 )     (19,426 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,658       (2,826 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (126,301 )     22,678  
    Cash, cash equivalents and restricted cash, beginning of period   197,206       181,273  
    Cash, cash equivalents and restricted cash, end of period $ 70,905     $ 203,951  
                   
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      June 28,
    2025    		   December 28,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 67,380     $ 190,728  
    Marketable securities   181,949       169,295  
    Accounts receivable, net of allowance for credit losses   115,199       104,294  
    Inventories, net   110,789       101,676  
    Restricted cash   1,061       3,746  
    Prepaid expenses and other current assets   48,884       35,389  
    Total current assets   525,262       605,128  
    Restricted cash   2,464       2,732  
    Operating lease, right-of-use-assets   19,475       22,579  
    Property, plant and equipment, net of accumulated depreciation   259,288       210,230  
    Equity investment   67,264       —  
    Goodwill   200,858       199,171  
    Intangibles, net   9,017       10,355  
    Deferred tax assets   94,795       92,012  
    Other assets   3,185       4,008  
    Total assets $ 1,181,608     $ 1,146,215  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 59,932     $ 62,287  
    Accrued liabilities   38,545       43,742  
    Current portion of term loan, net of unamortized issuance costs   1,121       1,106  
    Deferred revenue   16,450       15,847  
    Operating lease liabilities   7,919       8,363  
    Total current liabilities   123,967       131,345  
    Term loan, less current portion, net of unamortized issuance costs   11,644       12,208  
    Long-term operating lease liabilities   15,231       17,550  
    Deferred grant   18,000       18,000  
    Other liabilities   22,743       19,344  
    Total liabilities   191,585       198,447  
           
    Stockholders’ equity:      
    Common stock   77       77  
    Additional paid-in capital   850,064       837,586  
    Accumulated other comprehensive income (loss)   3,450       (10,840 )
    Accumulated income   136,432       120,945  
    Total stockholders’ equity   990,023       947,768  
    Total liabilities and stockholders’ equity $ 1,181,608     $ 1,146,215  
                   

    About our Non-GAAP Financial Measures:

    We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” included in this press release.

    Investor Contact:
    Stan Finkelstein
    Investor Relations
    (925) 290-4273
    ir@formfactor.com

    Source: FormFactor, Inc.
    FORM-F

    The MIL Network –

  • MIL-OSI: Appointment of Director to the Board

    Source: GlobeNewswire (MIL-OSI)

    Golar LNG Limited (“Golar”) (Nasdaq: “GLNG”) is pleased to announce that effective August 1, 2025, Mr. Stephen J. Schaefer will join its Board of Directors.

    Mr. Schaefer brings extensive experience in the natural gas and electricity markets, having been actively involved in the sector since 1993. Mr. Schaefer currently serves as Chairman of the Board of Talen Energy Corporation, as a member of the Board of Directors for GenOn Energy and as a Senior Advisor of EverGen Power LLC. His previous roles include Chairman of GenOn Energy and Texgen Power LLC and as a member of the Board of Directors for Homer City Holdings LLC and Element Markets LLC. Prior to retiring in 2015, he was a Partner with Riverstone Holdings, a private equity firm focused on energy investing. Previously, Mr. Schaefer was a Managing Director with Huron Consulting Group, where he founded and headed its Energy Practice. From 1998 to 2003 Mr. Schaefer was Managing Director and Vice President of Duke Energy North America, responsible for mergers and acquisitions. Mr. Schaefer is a Chartered Financial Analyst and holds a B.S., magna cum laude, in Finance and Accounting from Northeastern University.

    Commenting on the appointment, Mr. Troim, Chairman of the Board, said: “We are honoured to welcome Mr. Schaefer to the Board. His deep expertise in global energy markets combined with a sharp strategic vision and well-established industry credibility will be instrumental in advancing Golar’s growth ambitions. We look forward to the valuable insights and leadership he will bring.”

    Hamilton, Bermuda
    July 30, 2025

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    The MIL Network –

  • MIL-OSI: Eos Energy Enterprises Delivers Record Quarterly Revenue Nearly Equivalent to Full Year 2024, Reports Second Quarter 2025 Financial Results and Reaffirms 2025 Revenue Outlook

    Source: GlobeNewswire (MIL-OSI)

    • $15.2 million revenue, highest in Company history and nearly equivalent to full year 2024
    • Z3 customer system performance, averaging nearly 88% RTE across multiple cycles and peaking at 89.5% on its highest individual cycle
    • Closed $336 million in concurrent offerings of common stock and convertible senior notes, strengthening the Company’s balance sheet and creating enhanced financial flexibility
    • Received $22.7 million for its second loan advance from the Department of Energy’s (DOE) Loan Programs Office, totaling $91 million in funding since November 2024 loan closing
    • Extended its 26.5% convertible senior notes maturity to September 30, 2034, and reduced interest rate from 26.5% to 7.0%, beginning on June 30, 2026
    • $18.8 billion commercial pipeline increased $3.2 billion vs. prior quarter led by over 10 GWh submitted to the UK Cap & Floor scheme, 15% sequential growth in 8-hour plus duration projects
    • Continuing capacity expansion: sub-assembly automation ramping in third quarter while second state-of-the-art manufacturing line on order
    • One Big Beautiful Bill Act (OBBBA) preserves manufacturing production tax credits with full stackability and transferability through 2029; Eos domestic content exceeds FEOC requirements for customer ITC
    • Reaffirms 2025 full year revenue guidance range of $150 million – $190 million

    EDISON, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”) is an American energy company and the leading innovator in designing, sourcing, manufacturing, and providing zinc-based battery energy storage systems (BESS) manufactured in the United States, today announced its financial results for the second quarter ended June 30, 2025.

    Second Quarter Highlights

    • Record quarterly revenue of $15.2 million, a 46% increase compared to the prior quarter and up 17x from the same period last year, driven by increased production volumes. Factory shipments increased 122% quarter-over-quarter, with 50% of the production volume delivered for a strategic customer project.   
    • Gross loss of $31.0 million, a 32-point margin improvement from the prior quarter, driven by increased production volumes and operational efficiencies partially offset by one-time lower than average selling prices.
    • Operating expenses totaled $32.9 million, a decrease from prior quarter excluding $5.4 million in one-time non-recurring items.
    • $222.9 million net loss attributable to shareholders driven by $151.8 million non-cash changes in fair value tied to mark-to-market adjustments related to the Company’s increased stock price as of June 30, 2025, loss recorded for the repurchase of the Company’s outstanding 2026 convertible notes, and loss recorded as part of the prepayment under the Delayed Draw Term Loan.
    • Adjusted EBITDA loss of $51.6 million, a 75-point margin improvement from prior quarter, driven by improved gross margins and operational leverage.
    • Total cash of $183.2 million, including restricted cash, as of June 30, 2025.
    • Commercial opportunity pipeline of $18.8 billion, an increase of 21% compared to prior quarter and 37% compared to June 30, 2024, with a $672.5 million orders backlog.

    “The team delivered our strongest operational quarter to date – production scaled rapidly prior to subassembly fully coming online, revenue nearly surpassed all of 2024, and Z3 customer field data has been outperforming its initial product specifications for round trip efficiency,” said Joe Mastrangelo, Eos Chief Executive Officer. “We’ve made significant progress in advancing our commercial pipeline, while improving our operating performance. We are continuing to expand our manufacturing capacity to provide our customers with the confidence in Eos’ ability to deliver large scale projects.”

    2025 Outlook

    • For the full year 2025, Eos continues to expect revenue between $150 million and $190 million. Less than two years ago, the Company initiated its manufacturing expansion plan. Last year, it successfully launched its first state-of-the-art manufacturing line with battery modules being produced every 10 seconds. To further increase capacity and drive cost reductions, Eos is now implementing subassembly automation which should more than double the throughput of the battery module line. Together, these two programs allow the Company to ramp production in the second half of 2025 to an annualized rate of 2 GWh per year.

    Recent Business Highlights

    Commercial Growth
    Macro-level trends are driving a secular shift in power demand, with industries such as artificial intelligence and data centers accelerating the need for resilient, scalable energy infrastructure. Meeting this demand will require a diverse mix of energy solutions, and Eos is well-positioned to be a key contributor to America’s energy independence. In the second quarter, the Company added $3.2 billion to its commercial pipeline, bringing the total to $18.8 billion, representing 77 GWh of energy storage capacity with approximately 20% of it being connected to the build out of data centers.

    Eos continues to advance three large Memorandum of Understanding (MOUs) totaling 6.2 GWh along with several emerging large-scale opportunities. Early in the quarter, Eos signed a 5 GWh MOU with Frontier Power, a leading UK developer of energy infrastructure. Since then, Frontier has submitted over 10 GWh of projects using Eos technology to the UK’s Cap and Floor scheme — more than double the original commitment — highlighting strong UK demand for 8-hour plus storage.

    More than half of Eos’ pipeline is now stand-alone energy storage projects as system operators increasingly look for solutions that manage grid volatility, ease congestion, and minimize curtailment across all types of power generating assets. Crucially, stand-alone storage remains fully eligible under Section 48E of the Investment Tax Credit (ITC) under the OBBBA. With over 90% domestic content, Eos is strongly positioned to meet evolving Foreign Entity of Concern (FEOC) requirements offering customers both energy security and the ability to maximize domestic energy incentives.

    Enhanced Liquidity to Accelerate Growth
    During the quarter, Eos executed and closed $336 million in concurrent offerings of common stock and convertible senior notes. The offerings were significantly oversubscribed, demonstrating strong investor confidence in Eos’ growth potential and progress against its strategic plan. These transformative transactions mark a critical inflection point that unlock the financial flexibility required to scale operations and meet long duration energy storage demand.

    The offerings also allowed the Company to restructure key portions of its debt, materially lowering its cost of capital while strengthening its balance sheet, with the overall transaction resulting in approximately $400 million in savings over the prior terms of the Company’s debt.

    Post quarter end, the Company also extended the maturity of its 26.5% convertible senior notes to September 30, 2034, and reduced the interest rate from 26.5% to 7.0% beginning on June 30, 2026. At the same time, an affiliate of Cerberus Capital Management, L.P. (“Cerberus”) granted a no-penalty extension until and through October 31, 2025, for the Company to achieve the last cash receipt milestone under its Delayed Draw Term Loan. This is the last outstanding performance milestone under the Delayed Draw Term Loan facility.

    Earnings Conference Call and Webcast
    Eos will host a conference call to discuss its second quarter 2025 results on July 31, 2025, at 8:30 a.m. ET. The live webcast of the earnings call will be available on the “Investor Relations” page of the Company’s website at Eos Investors or may be accessed using this link (registration link). To avoid delays, we encourage participants to join the conference call fifteen minutes ahead of the scheduled start time.

    The conference call will be available via webcast through Eos’ investor relations website for twelve months following the live presentation. The webcast replay will be available from approximately 11:30 a.m. ET on July 31, 2025, and can be accessed by visiting Eos Investors.

    About Eos Energy Enterprises

    Eos is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. The Company’s BESS features the innovative Znyth™ technology, a proven chemistry with readily available non-precious earth components, that is the pre-eminent safe, non-flammable, secure, stable, and scalable alternative to conventional lithium-ion technology. The Company’s BESS is ideal for utility-scale, microgrid, commercial, and industrial long-duration energy storage applications (i.e., 4 to 16+ hours), and provides customers with significant operational flexibility to effectively address current and future increased grid demand and complexity. For more information about Eos (NASDAQ: EOSE), visit eose.com.

    Forward Looking Statements

    Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, for the fiscal years December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog and opportunity pipeline, statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing line, statements regarding our future expansion and its impact on our ability to scale up operations, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements regarding our expectation that our new comprehensive insurance program will provide increased operational and economic certainty, statements that refer to the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and the information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

    Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

    The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise

    Key Metrics

    Backlog. Our backlog represents the amount of revenue that we expect to realize from existing agreements with our customers for the sale of our battery energy storage systems and performance of services. The backlog is calculated by adding new orders in the current fiscal period to the backlog as of the end of the prior fiscal period and then subtracting the shipments in the current fiscal period. If the amount of an order is modified or cancelled, we adjust orders in the current period and our backlog accordingly, but do not retroactively adjust previously published backlogs. There is no comparable US-GAAP financial measure for backlog. We believe that the backlog is a useful indicator regarding the future revenue of our Company.

    Pipeline. Our pipeline represents projects for which we have submitted technical proposals or non-binding quotes plus letters of intent (“LOI”) or firm commitments from customers. Pipeline does not include lead generation projects.

    Booked Orders. Booked orders are orders where we have legally binding agreements with a Purchase Order (“PO”), or Master Supply Agreement (“MSA”) executed by both parties.

    Non-GAAP Financial Measures

    To provide investors with additional information regarding our financial results, we have disclosed in this earnings release non-GAAP financial measures, including adjusted EBITDA and adjusted EPS, which are non-GAAP financial measures as defined under the rules of the SEC. These non-GAAP financial measures should be considered supplemental to, not a substitute for, or superior to, the financial measures of the Company’s calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes adjusted EBITDA, and adjusted EPS are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

    We believe that non-GAAP financial information, when taken collectively may be helpful to our investors in assessing its operating performance. There are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents. For example, the Company’s definitions of non-GAAP financial measures may differ from non-GAAP financial measures used by other companies. Below is a description of the non-GAAP financial information included herein as well as reconciliations to the most directly comparable GAAP measure. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

    Adjusted EBITDA is defined as earnings (net loss) attributable to Eos adjusted for interest expense, income tax, depreciation and amortization, non-cash stock-based compensation expense, change in fair value of debt and derivatives, debt extinguishment, and other non-cash or non-recurring items as determined by management which it does not believe to be indicative of its underlying business trends. Adjusted EPS is defined as GAAP net loss per common share as adjusted for non-cash stock-based compensation expense change in fair value of debt and derivatives and debt extinguishment per common share.

    EOS ENERGY ENTERPRISES, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (In thousands, except share and per share amounts)
        Three Months Ended June 30,   Six Months Ended June 30,
          2025       2024       2025       2024  
    Revenue   $ 15,236     $ 898     $ 25,693     $ 7,499  
    Cost of goods sold     46,189       14,121       81,185       42,350  
    Gross profit (loss)     (30,953 )     (13,223 )     (55,492 )     (34,851 )
    Operating expenses                
    Research and development expenses     7,201       4,250       14,038       9,450  
    Selling, general and administrative expenses     25,488       11,293       46,483       25,535  
    Loss from write-down of property, plant and equipment     205       271       766       336  
    Total operating expenses     32,894       15,814       61,287       35,321  
    Operating Loss     (63,847 )     (29,037 )     (116,779 )     (70,172 )
    Other (expense) income                
    Interest expense, net     (2,129 )     (3,515 )     (2,293 )     (7,782 )
    Interest expense – related party     (4,510 )     (4,912 )     (10,291 )     (9,763 )
    Change in fair value of debt – related party     31,615       (240 )     25,682       (240 )
    Change in fair value of warrants     (57,936 )     (7,941 )     (12,011 )     (5,041 )
    Change in fair value of derivatives – related parties     (76,455 )     (47,727 )     (41,869 )     (47,193 )
    (Loss) gain on debt extinguishment     (49,063 )     68,478       (49,063 )     68,478  
    Other expense     (606 )     (3,270 )     (1,166 )     (3,134 )
    Loss before income taxes   $ (222,931 )   $ (28,164 )   $ (207,790 )   $ (74,847 )
    Income tax expense     6       8       11       33  
    Net Loss attributable to shareholders   $ (222,937 )   $ (28,172 )   $ (207,801 )   $ (74,880 )
    Remeasurement of Preferred Stock – related party     (21,385 )     (23,671 )     58,612       (23,671 )
    Down round deemed dividend     (4,456 )     —       (4,456 )     —  
    Net Loss attributable to common shareholders   $ (248,778 )   $ (51,843 )   $ (153,645 )   $ (98,551 )
    Other Comprehensive Loss                
    Change in fair value of debt – credit risk – related party   $ (6,224 )   $ —     $ (6,224 )   $ —  
    Foreign currency translation adjustment     14       1       21       (4 )
    Comprehensive Loss attributable to common shareholders   $ (254,988 )   $ (51,842 )   $ (159,848 )   $ (98,555 )
                     
    Basic and diluted Loss per share attributable to common shareholders
    Basic   $ (1.05 )   $ (0.25 )   $ (0.66 )   $ (0.48 )
    Diluted   $ (1.05 )   $ (0.25 )   $ (0.66 )   $ (0.48 )
                     
    Weighted average shares of common stock                
    Basic     237,741,328       211,137,189       231,616,540       206,225,126  
    Diluted     237,741,328       211,137,189       231,616,540       206,225,126  
                                     
    EOS ENERGY ENTERPRISES, INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share and per share amounts)
      June 30,
    2025    		   December 31,
    2024
    Balance sheet data      
    Cash and cash equivalents $ 120,225     $ 74,292  
    Other current assets $ 112,052     $ 105,620  
    Property, plant and equipment, net $ 75,533     $ 45,660  
    Other assets $ 53,185     $ 34,746  
    Total assets $ 360,995     $ 260,318  
    Total liabilities $ 931,693     $ 842,085  
    Mezzanine equity – preferred stock $ 532,269     $ 488,696  
    Total deficit $ (1,102,967 )   $ (1,070,463 )
                   
    EOS ENERGY ENTERPRISES, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands, except share and per share amounts)
      Six Months Ended
    June 30,
        2025       2024  
    Net cash used in operating activities $ (95,046 )   $ (66,807 )
    Net cash used in investing activities   (11,959 )     (10,299 )
    Net cash provided by financing activities   186,820       50,024  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (2 )     (6 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   79,813       (27,088 )
    Cash, cash equivalents and restricted cash, beginning of the period   103,362       84,667  
    Cash, cash equivalents and restricted cash, end of the period $ 183,175     $ 57,579  
                   
    EOS ENERGY ENTERPRISES, INC.
    UNAUDITED RECONCILIATION OF NET LOSS TO EBITDA LOSS AND ADJUSTED EBITDA LOSS
    (In thousands)
      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Net loss $ (222,937 )   $ (28,172 )   $ (207,801 )   $ (74,880 )
    add: Interest expense   6,639       8,427       12,584       17,545  
    add: Income tax expense   6       8       11       33  
    add: Depreciation and amortization   2,935       1,371       5,615       2,568  
    EBITDA loss   (213,357 )     (18,366 )     (189,591 )     (54,734 )
    add: Stock based compensation   7,127       1,857       14,701       4,798  
    add: Change in fair value of derivatives   134,390       55,668       53,880       52,234  
    (deduct) add: Change in fair value of debt   (31,615 )     240       (25,682 )     240  
    add (deduct): (Gain) loss on debt extinguishment   49,063       (68,478 )     49,063       (68,478 )
    add: Other non-cash or non-recurring   2,766       —       2,766       —  
    Adjusted EBITDA loss $ (51,626 )   $ (29,079 )   $ (94,863 )   $ (65,940 )
                                   
    EOS ENERGY ENTERPRISES, INC.
    UNAUDITED RECONCILIATION OF NET LOSS TO ADJUSTED NET LOSS PER SHARE
    (In thousands)
      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Net loss attributable to common shareholders $ (248,778 )   $ (51,843 )   $ (153,645 )   $ (98,551 )
    add: Stock based compensation   7,127       1,857       14,701       4,798  
    add: Change in fair value of derivatives   134,390       55,668       53,880       52,234  
    (deduct) add: Change in fair value of debt   (31,615 )     240       (25,682 )     240  
    add (deduct): (Gain) loss on debt extinguishment   49,063       (68,478 )     49,063       (68,478 )
    add: Other non-cash or non-recurring   2,766       —       2,766       —  
    Adjusted net loss attributable to common shareholders $ (87,047 )   $ (62,556 )   $ (58,917 )   $ (109,757 )
                   
    Basic and diluted loss per share attributable to common shareholders        
    Basic $ (1.05 )   $ (0.25 )   $ (0.66 )   $ (0.48 )
    Diluted $ (1.05 )   $ (0.25 )   $ (0.66 )   $ (0.48 )
                   
    Basic and diluted adjusted loss per share attributable to common shareholders    
    Basic $ (0.37 )   $ (0.30 )   $ (0.25 )   $ (0.53 )
    Diluted $ (0.37 )   $ (0.30 )   $ (0.25 )   $ (0.53 )
                   
    Weighted average shares of common stock              
    Basic   237,741,328       211,137,189       231,616,540       206,225,126  
    Diluted   237,741,328       211,137,189       231,616,540       206,225,126  

    The MIL Network –