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Category: KB

  • MIL-OSI Banking: Secretary-General of ASEAN delivers online lecture for Hiroshima University on “ASEAN 2045: Charting the Future of Community Building”

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this afternoon delivered an online lecture for the IDEC Institute at Hiroshima University on the future of ASEAN Community-building, focusing on the ASEAN Community Vision 2045 and its four Strategic Plans. Dr. Kao also exchanged views virtually with students and faculty members on regional and global issues as well as ASEAN-Japan relations.

    The post Secretary-General of ASEAN delivers online lecture for Hiroshima University on “ASEAN 2045: Charting the Future of Community Building” appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Heathrow expansion is a “flightmare on Downing Street” say Greens

    Source: Green Party of England and Wales

    by Green Party

    Responding to the release of detailed proposals for Heathrow Airport expansion, Green Party MP, Ellie Chowns, reiterated the Green Party’s opposition to airport expansion, saying,

    “Heathrow Airport expansion is a flightmare on Downing Street for people and planet. On one hand, this government is saying they’re taking the climate crisis seriously, and on the other, they’re backing a project that will release a reported 4.4m tonnes of CO2 a year. These expansion plans would see the number of flights at Heathrow Airport go up to 720,000 from their current capped number of 480,000 a year.

    These expansion plans are, at their heart, aimed to deliver profit for shareholders to enable a small group of people to fly more and more. In the UK we have a few frequent flyers that make up less than 3% of the UK population but take 30% of all journeys. On top of this, they seem oblivious to the impact that these plans will have on the communities currently living around Heathrow. Government must be grounded in reality and look hard at the climate science. No credible net-zero plan can include rampant airport expansion, and it’s time Labour looked to the many, many alternative ways to create high-paid green jobs.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Myanmar announces formation of new union government

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    YANGON, July 31 (Xinhua) — Myanmar’s National Defence and Security Council on Thursday formed a new union government and a National Security and Peace Commission, state broadcaster MRTV reported.

    The Union Government is headed by Nyo Soe as Prime Minister and the National Security and Peace Commission is led by Senior General Min Aung Hlaing, the statement said.

    According to the report, the National Defense and Security Council also decided to cancel the order to transfer powers to the commander-in-chief of the armed forces.

    Myanmar State Administrative Council spokesman Zaw Min Tun said on Thursday that the National Defence and Security Council had decided to lift the state of emergency to hold a general election.

    In February 2021, Myanmar’s then-acting President Myint Swe declared a one-year state of emergency and handed over supreme power to the Commander-in-Chief of the Armed Forces. The Office of the Commander-in-Chief of the Armed Forces subsequently formed the State Administrative Council, chaired by Min Aung Hlaing. Myanmar’s National Defense and Security Council has repeatedly extended the state of emergency for six months, until July 31 this year. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI China: National conference calls for decisive measures to fight Chikungunya fever

    Source: People’s Republic of China Ministry of Health

    BEIJING — China on Tuesday held a national conference on the prevention and treatment of Chikungunya fever, a mosquito-borne viral disease, calling for decisive measures to fight against it.

    The meeting stressed that strengthened efforts should be made to assess epidemic risks, resolutely safeguard people’s health, and ensure overall economic and social stability, according to a statement released on the website of the National Health Commission Wednesday.

    The meeting called for monitoring and issuing early warnings concerning the disease via multiple channels to prevent its further spread and relevant imported cases.

    It emphasized efforts to enhance environmental sanitation and disinfection in high-risk locations, as well as scientific and effective measures for mosquito prevention and repellent strategies.

    Hospitals and health institutions are urged to strengthen quality control of relevant testing and management of outpatient and emergency services to ensure early detection and proper treatment of the disease and to minimize possible severe cases or deaths.

    It also stressed sound public health education and information release to boost people’s confidence in the fight.

    Chikungunya fever is an acute infectious disease caused by the Chikungunya virus, with clinical symptoms including fever, rashes and joint pains. The virus is transmitted to humans through bites from infected mosquitoes.

    From July 20 to 26, a total of 2,940 new local cases have been reported in South China’s Guangdong province. The reported cases have been mild, with no severe or fatal cases seen to date, according to the province’s disease control and prevention authority on Sunday.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Digital Policy Office introduces initiatives to promote cybersecurity in second half 2025 (with photos)

    Source: Hong Kong Government special administrative region

    Digital Policy Office introduces initiatives to promote cybersecurity in second half 2025  
    The Commissioner for Digital Policy, Mr Tony Wong, said that with rapid developments in the digital era, cybersecurity threats have grown increasingly severe. The Government is adopting a multipronged strategy to continuously enhance the cybersecurity resilience of Hong Kong. Reviewing the DPO’s work on cybersecurity in the first half of the year, Mr Wong stated that in addition to co-ordinating with the HKIRC to launch the Cybersec One Programme to support small and medium-sized enterprises (SMEs), schools, and non-governmental organisations in strengthening their cybersecurity protection level, the DPO also worked closely with the CSTCB, the HKCERT and various stakeholders to organise a range of awareness campaigns and cybersecurity drills to raise cybersecurity awareness and response capabilities among government departments and the public. In the second half of the year, the DPO will continue to launch a variety of initiatives, including co-ordinating with the HKCERT to implement the Cybersecurity Service Providers Connect Programme, leading the organising of the second Hong Kong Cybersecurity Attack and Defence Drill, and hosting a series of activities to fully support the annual China Cybersecurity Week. These initiatives will further promote cross-sectoral and cross-regional collaboration, strengthen the local cybersecurity ecosystem, and drive the sustainable development of Hong Kong’s digital economy.
     
    At the briefing, the Chief Superintendent of the CSTCB, Mr Lam Cheuk-ho, announced the technology crime figures recorded in the first half of 2025. A total of 16 262 cases were recorded, with financial losses exceeding $3 billion, mainly attributable to substantial losses from online investment fraud, with both figures representing an increase of 0.5 per cent and 14.7 per cent respectively compared to the same period last year. Among these cases, there were only 42 incidents involving destructive hacking, a 22 per cent decrease compared to the same period last year. Mr Lam emphasised that in the face of escalating cybersecurity threats, the Police are intensifying law enforcement while actively strengthening the development of Hong Kong’s cybersecurity ecosystem from multiple dimensions through raising public awareness, nurturing professionals and enhanced public-private partnerships to comprehensively solidify the city’s cybersecurity defence.
     
    The Chief Executive Officer of the HKIRC, Mr Wilson Wong, shared the latest security scan findings, which revealed that around 65 per cent of websites belonging to SMEs, educational and social welfare organisations are at risk of data leakage, reminding organisations to act proactively by patching vulnerabilities and strengthening cybersecurity measures. He encouraged enterprises and organisations to leverage the services of the Cybersec One Programme, including free website risk assessments, vulnerability identifications, staff training and phishing email drills in order to foster a cybersecurity culture and comprehensively improve defence capabilities.
     
    The Chief Digital Officer of the Hong Kong Productivity Council, Mr Edmond Lai, speaking on behalf of the HKCERT, highlighted findings from the 2024 Hong Kong Enterprise Cyber Security Readiness Index and AI Security Survey, noting that nearly 70 per cent of surveyed businesses had experienced cyberattacks, underscoring the urgent need for companies to continue strengthening cybersecurity measures to confront increasingly complex and frequent threats. He added that the Cybersecurity Service Providers Connect Programme launched by the HKCERT will effectively connect cybersecurity service providers with local enterprises and organisations to help them find suitable solutions. The Programme is now open for applications, and the classified and vetted service providers will be showcased on a dedicated platform.
     
    In conclusion, Mr Tony Wong emphasised the theme of “Cybersecurity for the People, Cybersecurity relies on the People”, and maintained that cybersecurity requires the joint efforts of the whole society. Several large-scale major events will take place in Hong Kong in the second half of this year, including the 15th National Games and the Legislative Council general election, etc. These events extensively utilise information technology, and cybersecurity is critical to ensure the smooth execution of the large-scale events. The DPO will continue to partner with all sectors to launch diverse activities and training to continuously enhance Hong Kong’s overall capabilities to tackle risks in cybersecurity, and he appealed for media support in jointly disseminating the importance of cybersecurity and the building of a safer and more resilient digital future.
    Issued at HKT 18:38

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Economy grows 3.1% in Q2

    Source: Hong Kong Information Services

    Hong Kong’s economy in the second quarter increased 3.1% year-on-year, picking up from the 3% growth in the preceding quarter.

     

    The Census & Statistics Department announced the figures today as it released its advance estimates on gross domestic product for the second quarter.

     

    According to the estimates, private consumption expenditure increased 1.9% in real terms in the second quarter.

     

    Government consumption expenditure grew 2.5% year-on-year.

     

    Gross domestic fixed capital formation rose 2.9% year-on-year.

     

    Over the same period, exports of goods increased 11.5%, accelerated further from the growth of 8.4% in the first quarter. Imports of goods grew 12.7%, higher than the increase of 7.2% in the first quarter.

     

    Compared with a year earlier, exports of services rose 7.5% in the second quarter, while imports of services went up 7%.

     

    Commenting on the figures, the Government said that during the second quarter, total exports of goods saw accelerated growth, as the external demand was resilient and the temporary easing of US tariff measures led to some rush shipments.

     

    Exports of services continued to expand notably, thanks to strong growth in inbound tourism, further expansion in cross-boundary traffic, and vibrant financial and related business service activities amid the buoyant local stock market.

     

    Domestically, private consumption expenditure resumed moderate growth after four consecutive quarters of decline, as supported by the stabilisation in the domestic consumption market. Meanwhile, overall investment expenditure increased further alongside the economic expansion.

     

    Hong Kong’s economy exhibited remarkable resilience in the first half of 2025.

     

    Looking ahead, steady economic growth in Asia, particularly in the Mainland, combined with the Government’s various measures to bolster consumption sentiment, attract investment, diversify markets, and promote economic growth, will continue to provide steadfast support for various segments of the Hong Kong economy.

     

    Nevertheless, uncertainties in the external environment remain elevated. The US’ renewed tariff hikes of late will exert pressure on global trade flows as well as its domestic economic activity and inflation. The uncertain pace of US interest rate cuts will also affect investment sentiment.

     

    Moreover, the “rush shipment” effect is expected to fade later this year.

     

    Hong Kong’s economic performance going forward will, to a certain extent, depend on how these factors evolve, the Government added.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Real Matters Reports Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    (all amounts are expressed in millions of U.S. dollars, excluding per share amounts and unless otherwise stated)

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the third quarter ended June 30, 2025.

    “Consolidated revenues increased 22% sequentially in the third quarter to $45.4 million, in line with a seasonal uptick in U.S. Appraisal purchase mortgage market volumes and double-digit revenue growth in all three segments. We posted positive consolidated Adjusted EBITDA(A) of $0.3 million, up from a loss of $1.9 million in the second quarter of 2025,” said Real Matters Chief Executive Officer Brian Lang.

    “We continued to launch new clients in the third quarter across all three of our segments and performed at the top of lender scorecards. Subsequent to quarter end, we also went live with our second Tier 1 lender in U.S. Title and added a new top-15 lender in U.S. Appraisal,” added Lang. “Overall, we remain on track with the execution of our strategy which is focused on growing market share and readying the business to scale up when mortgage market volumes normalize.”

    “The number of mortgages being originated at higher interest rates continues to rise, steadily expanding the pool of potential refinance candidates,” concluded Lang. “Currently, nearly 12 million mortgages have rates above 6%, and approximately 8 million of those mortgages have rates above 6.5%. This presents a significant opportunity for us once the rate environment begins to shift – and we are strategically positioned to capitalize on it.”

    Q3 2025 Summary

    • Consolidated revenue of $45.4 million, down 8% year-over-year as increased revenue in our U.S. Title segment was offset by lower year-over-year U.S. Appraisal revenue
    • Consolidated Adjusted EBITDA(A) of $0.3 million compared with $1.7 million in Q3’24
    • Net loss of $4.9 million, down from net income of $1.7 million in Q3’24 primarily due to an increase of $5.6 in net foreign exchange loss
    • Launched four new clients
    • Real Matters’ U.S. Appraisal mortgage origination volumes were down 16% year-over-year mainly due to lower purchase origination volumes
    • Real Matters’ U.S. Title mortgage origination volumes up 52% year-over-year due to net market share gains with clients and higher refinance origination market volumes
    • Cash and cash equivalents of $43.8 million and no outstanding debt as at June 30, 2025

    Financial and Operational Summary

        Quarter ended       Nine months ended   %
      2025   2025   2025   2024   2024   % Change1   2025   2024   Change1
        Q3   Q2   Q1   Q4   Q3   Quarter
    over
    Quarter    		 Year
    over
    Year    		   June 30 June 30   Year
    over
    Year
    Consolidated                                        
    Revenue $ 45.4   $ 37.3   $ 41.0   $ 45.6   $ 49.5     22%   -8%     $ 123.7   $ 127.1     -3%  
    Net Revenue(A) $ 11.9   $ 10.1   $ 10.9   $ 12.0   $ 13.1     18%   -10%     $ 32.8   $ 34.3     -5%  
    Adjusted EBITDA(A) $ 0.3   $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7     116%   -82%     $ (3.2 ) $ 1.3     -351%  
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     -119%   -386%     $ (4.8 ) $ 0.2     -2855%  
    Net (loss) income per diluted share $ (0.07 ) $ (0.03 ) $ 0.03   $ 0.00   $ 0.02     -133%   -450%     $ (0.06 ) $ 0.00     0%  
    Adjusted Net (loss) income(A) $ (0.5 ) $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7     58%   -129%     $ (2.0 ) $ 1.8     -211%  
    Adjusted Net (loss) income(A) per diluted share $ (0.01 ) $ (0.02 ) $ 0.00   $ 0.01   $ 0.02     50%   -150%     $ (0.03 ) $ 0.02     -250%  
                                             
    U.S. Appraisal segment                                        
    Revenue $ 32.6   $ 26.7   $ 29.4   $ 33.8   $ 37.5     22%   -13%     $ 88.6   $ 96.9     -8%  
    Net Revenue(A) $ 8.5   $ 7.3   $ 7.8   $ 9.0   $ 10.3     17%   -17%     $ 23.6   $ 27.0     -13%  
    Net Revenue(A) margin   26.2%     27.3%     26.5%     26.7%     27.6%             26.6%     27.9%      
    Adjusted EBITDA(A) $ 4.0   $ 2.6   $ 2.4   $ 4.1   $ 5.5     58%   -26%     $ 9.1   $ 12.6     -28%  
    Adjusted EBITDA(A) margin   47.7%     35.4%     30.9%     45.2%     53.2%             38.4%     46.6%      
                                             
    U.S. Title segment                                        
    Revenue $ 2.8   $ 2.3   $ 2.5   $ 2.4   $ 2.1     23%   30%     $ 7.6   $ 6.2     22%  
    Net Revenue(A) $ 1.5   $ 1.2   $ 1.4   $ 1.2   $ 0.9     24%   57%     $ 4.0   $ 2.8     43%  
    Net Revenue(A) margin   52.6%     52.1%     53.4%     49.8%     43.6%             52.7%     45.0%      
    Adjusted EBITDA(A) $ (1.7 ) $ (2.1 ) $ (1.8 ) $ (1.6 ) $ (1.9 )   19%   12%     $ (5.6 ) $ (5.2 )   -8%  
    Adjusted EBITDA(A) margin   -117.7%     -179.6%     -132.3%     -131.4%     -209.8%             -140.9%     -187.3%      
                                             
                                             
    Canadian segment                                        
    Revenue $ 10.0   $ 8.3   $ 9.1   $ 9.4   $ 9.9     19%   1%     $ 27.5   $ 24.0     14%  
    Net Revenue(A) $ 1.9   $ 1.6   $ 1.7   $ 1.8   $ 1.9     18%   0%     $ 5.2   $ 4.5     14%  
    Net Revenue(A) margin   18.7%     19.0%     18.9%     18.9%     19.0%             18.9%     18.9%      
    Adjusted EBITDA(A) $ 1.3   $ 1.0   $ 1.1   $ 1.2   $ 1.3     21%   -3%     $ 3.4   $ 2.9     19%  
    Adjusted EBITDA(A) margin   67.6%     65.7%     66.1%     67.7%     69.3%             66.5%     63.7%      
                                             
    Corporate segment                                        
    Adjusted EBITDA(A) $ (3.3 ) $ (3.4 ) $ (3.4 ) $ (3.1 ) $ (3.2 )   2%   -4%     $ (10.1 ) $ (9.0 )   -13%  
                                                                 

    Note 1 – Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

    Conference Call and Webcast
    A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, July 31, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

    To access the call:

    • Participants can dial-in to the conference call; however, pre-registration is required. To register, visit: https://register-conf.media-server.com/register/BI798e8af4ea274111bfa0efe3766760a2.
    • Once registered, you will receive an email including dial-in details and a unique access code required to join the live call.
    • Please ensure you have registered at least 10 minutes prior to the conference call start time.

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

    (A) Non-GAAP Measures
    The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three and nine months ended June 30, 2025 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

    Real Matters financial results for the three and nine months ended June 30, 2025 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

    Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Operating expenses   11.9     12.1     12.7     12.6     11.8       36.5     34.6  
    Amortization   0.7     0.7     0.7     0.8     0.8       2.1     2.4  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.3     0.3  
    Interest income   (0.4 )   (0.5 )   (0.5 )   (0.5 )   (0.5 )     (1.3 )   (1.3 )
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Income tax (recovery) expense   (0.6 )   (0.9 )   (0.4 )   (0.2 )   0.2       (1.9 )   (0.6 )
    Net Revenue $ 11.9   $ 10.1   $ 10.9   $ 12.0   $ 13.1     $ 32.8   $ 34.3  
                                                 

    Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Stock-based compensation expense   0.3     0.1     0.1     1.2     0.4       0.5     1.6  
    Amortization   0.7     0.7     0.7     0.8     0.8       2.1     2.4  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.3     0.3  
    Interest income   (0.4 )   (0.5 )   (0.5 )   (0.5 )   (0.5 )     (1.3 )   (1.3 )
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Income tax (recovery) expense   (0.6 )   (0.9 )   (0.4 )   (0.2 )   0.2       (1.9 )   (0.6 )
    Adjusted EBITDA $ 0.3   $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7     $ (3.2 ) $ 1.3  
                                                 

    The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Stock-based compensation expense   0.3     0.1     0.1     1.2     0.4       0.5     1.6  
    Amortization of intangibles   0.4     0.4     0.4     0.5     0.4       1.2     1.2  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Related tax effects   (1.4 )   (0.3 )   0.9     –     0.2       (0.8 )   0.1  
    Adjusted Net (Loss) Income $ (0.5 ) $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7     $ (2.0 ) $ 1.8  
                                                 

    Forward-Looking Information
    This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

    The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

    The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

    Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network –

  • MIL-OSI: Brazil’s Grupo Petrópolis Uses Descartes Routing Solution to Optimize Nationwide Beverage Distribution

    Source: GlobeNewswire (MIL-OSI)

    SÃO PAULO and ATLANTA, July 31, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Brazil’s Grupo Petrópolis is using Descartes’ routing and fleet management solution to enhance its nationwide beverage distribution operations using approximately 2,900 vehicles. The Descartes solution helped Grupo Petrópolis achieve an on-time delivery rate of 98%, reduce overtime hours by 9% and decrease fuel consumption by 5%. These improvements reflect more efficient and sustainable fleet operations.

    “To better meet customer needs, we wanted a fleet management platform to enhance on-time performance, improve service in case of returns or customer concerns and advance sustainability goals by reducing carbon emissions,” said Luís Moura, Manager at Grupo Petrópolis. “The Descartes solution gives us a new level of control and visibility into our large distribution network. Across 160 locations, routes are now more intelligent and efficient, and we track all routes in real-time. If a driver goes off a planned route, the system immediately signals the detour so our team can respond quickly, which is critical to providing reliable service. And, because we can act with much more delivery precision and agility, we have lowered fuel and maintenance costs, gained visibility into idle vehicles and overcome challenges with product and delivery traceability.”

    Part of Descartes’ routing, mobile and telematics solution suite, the Descartes routing and fleet management solution helps retail food and beverage distribution companies, like Grupo Petrópolis, manage routes for optimal efficiency and minimize the impact of unforeseen events on customer service levels, mileage and costs. By continually re-optimizing route plans based on real-time traffic data and other variables, the solution enhances customer service by improving on-time delivery performance, lowers mileage by guiding drivers through shorter route paths, and decreases total route time and costs by helping drivers navigate through heavy traffic with alternate routes and stop sequences. The solution also monitors planned vs. actual deliveries, product traceability, journey control (including lunch breaks, overnights and overtime), route deviations, unplanned stops and departure or arrival delays.

    “Our collaboration with Grupo Petrópolis highlights how advanced routing solutions can help transform complex distribution environments into highly efficient, sustainable, and customer-focused logistics operations,” said Douglas Alves, Sales Executive at Descartes. “As food and beverage distributors look for opportunities to enhance last mile performance, our solution suite can help rebalance distribution networks; improve route productivity, execution and sustainability; respond more dynamically to demand; and accelerate cash flow with electronic proof-of-delivery.”

    Learn more about Descartes’ route execution and fleet performance management solutions and its Routing, Mobile and Telematics solution suite.

    About Grupo Petrópolis

    Grupo Petrópolis is the only major company in the beer sector with 100% Brazilian capital. It produces the beer brands Itaipava, Crystal, Petra, Black Princess, Cacildis, Cabaré, Lokal, and Weltenburger; the vodkas Blue Spirit Ice and Nordka; Cabaré Ice; the energy drinks TNT Energy Drink and Magneto; the liquid dietary supplement TNT Sports Drink; Petra mineral water; Petra tonic; and the soft drink It!. Through environmental projects, it promotes the planting and maintenance of thousands of trees, as well as sustainability initiatives and environmental education projects for public schools. Learn more at www.grupopetropolis.com.br and on LinkedIn.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    Tel: 226-750-8050                                 
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ routing, mobile and telematics solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network –

  • MIL-OSI: CSW Industrials Reports Record Fiscal 2026 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, July 31, 2025 (GLOBE NEWSWIRE) — CSW Industrials, Inc. (NYSE: CSW or the “Company”) today reported record results for the fiscal 2026 first quarter period ended June 30, 2025.

    Fiscal 2026 First Quarter Highlights (comparisons to fiscal 2025 first quarter)

    • Total revenue increased 16.6% to a first quarter record of $263.6 million, driven by the recent acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks
    • Net income attributable to CSW of $40.9 million, increased 6.0% to a first quarter record, compared to $38.6 million
    • Earnings per diluted share (“EPS”) of $2.43, decreased 1.9% when compared to $2.47
    • Adjusted EPS of $2.85, excluding the amortization of acquisition-related intangible assets, increased 2.5% when compared to $2.78
    • EBITDA grew 5.3% to a first quarter record of $68.7 million
    • Paid down $40 million of debt at quarter-end, strengthening the balance sheet after borrowing $135 million for the Aspen Manufacturing acquisition during the quarter, resulting in a net leverage ratio (net Debt to EBITDA), in accordance with our credit facility, of 0.2x

    Comments from the Chairman, President, and Chief Executive Officer

    Joseph B. Armes, CSW Industrials’ Chairman, President, and Chief Executive Officer, commented, “I am very pleased to announce record revenue, net income, EBITDA, and adjusted EPS for the fiscal first quarter. These results were driven by the outstanding performance of our strategic acquisitions of PSP Products, PF WaterWorks, and, most recently, Aspen Manufacturing, which added complimentary, US manufactured, repair-focused air handlers and evaporator coils to the attractive HVAC/R end market. As we have demonstrated over the past decade, our disciplined allocation of capital to acquisitions of innovative products fuels additional future organic revenue growth by adding vitality to our product portfolio while increasing our market share.”

    Armes continued, “Organic volumes were down in the quarter off a challenging comparison, mostly driven by softer demand for products tied to weak housing activity. As we discussed on our previous earnings call, we continue to anticipate delivering full year organic growth in revenue and adjusted EBITDA for each segment, along with consolidated EPS growth and stronger operating cash flow, recognizing that timing can create quarterly fluctuations.”

    Fiscal 2026 First Quarter Consolidated Results

    Fiscal first quarter revenue was $263.6 million, a $37.5 million or 16.6% increase over the prior year period. Total revenue growth included $43.7 million or 19.3% inorganic growth contributed by the Aspen Manufacturing, PSP Products, and PF WaterWorks acquisitions, which are all reported within the Contractor Solutions segment, offset by a slight reduction in organic revenue of $6.2 million or 2.8%.

    Gross profit in the fiscal first quarter was $115.4 million, representing 7.5% growth over $107.4 million in the prior year period. Gross margin contracted 370 bps to 43.8%, compared to 47.5% in the prior year period. The gross margin decrease was primarily a result of the inclusion of recent acquisitions, unfavorable quarterly impact of sales mix and volume leverage, and the inflation of some material costs, including the direct and indirect impact from tariffs.

    Operating expenses were $60.6 million in the current fiscal quarter, compared to $52.4 million in the prior fiscal quarter due to additional expenses related to acquired companies. Operating expenses as a percentage of revenue were 23.0%, slightly lower than the prior year period of 23.2%.

    Operating income in the current period was $54.9 million compared to $55.1 million in the prior year period. Operating income as a percentage of revenue was 20.8%, compared to 24.3% in the prior year period. The decrease in operating margin was a result of the previously mentioned contraction in the gross margin.

    Interest expense, net of interest income, was $1.0 million, compared to interest expense of $2.5 million in the prior year period. The $1.5 million decrease in interest expense was a result of reduced average borrowing during the current fiscal quarter and one month of interest income earned on cash balances prior to funding the Aspen acquisition on May 1, 2025.

    Net income attributable to CSW (net of non-controlling interest in the joint venture) increased 6.0% to $40.9 million compared to the prior year period of $38.6 million. EPS was $2.43, compared to $2.47 in the prior period due to the incremental increase in shares outstanding resulting from the follow-on equity offering in September 2025. Adjusted EPS, after excluding the amortization of acquisition-related intangible assets, increased 2.5% to $2.85, compared to $2.78 in the prior year period.

    Fiscal 2026 first quarter EBITDA increased 5.3% to a record $68.7 million, up from $65.3 million in the prior year period. EBITDA margin contracted 280 bps to 26.1%, compared to 28.9% in the prior year period due to the contraction in gross margin offset slightly by leverage on operating expenses.

    The quarterly cash flows from operations of $60.6 million were mostly comparable to $62.7 million in the prior year period, with some routine fluctuations in working capital.

    Free cash flow, defined as cash flow from operations minus capital expenditures, was $57.7 million, as compared to $59.6 million in the prior year period.

    Following quarter-end, the Company announced its twenty-sixth consecutive regular quarterly cash dividend in the amount of $0.27 per share, which will be paid on August 8, 2025, to shareholders of record on July 25, 2025.

    The Company’s effective tax rate for the fiscal first quarter was 24.3%, as compared to 26.4% in the prior year period.

    Fiscal 2026 First Quarter Segment Results

    Contractor Solutions segment revenue was $196.7 million, a $36.3 million or 22.6% increase over the prior year period, comprised of inorganic growth of $43.7 million from the recent acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks, offset by a 4.6% or $7.4 million reduction in organic revenue from decreased unit volumes. Organic unit volumes were down in the current quarter due to soft housing activity, a one-time stock up of inventory in the prior year period for a customer’s added distribution center network, higher preseason sales in our fiscal fourth quarter ended March 31, 2025, and consumers’ shift to repair of HVAC units versus replacement. As compared to the prior year period, net revenue growth was driven by the HVAC/R, electrical, and plumbing end markets. Segment operating income improved to $52.8 million compared to $49.9 million in the prior year period. The incremental profit resulted from the inclusion of recently acquired businesses and was partially offset by the impact of lower organic sales, as well as unfavorable volume leverage and sales mix. Segment operating income margin for the fiscal first quarter was 26.8% compared to 31.1% in the prior year period primarily due to the gross margin impact of recent acquisitions on our overall profit margin. Segment EBITDA in the fiscal first quarter increased 11.6% to $65.0 million, or 33.0% of revenue, compared to $58.3 million, or 36.3% of revenue in the prior year period.

    Specialized Reliability Solutions segment revenue was $36.8 million, flat to revenue reported in the prior year period. Revenue increased in the mining and energy end markets and declined in the general industrial and rail transportation end markets. Segment operating income was $5.2 million, as compared to $7.2 million in the prior year period, a decrease of 26.7%. Segment operating income margin for the fiscal first quarter was 14.2%, compared to the prior year period of 19.4% as a result of an escalation in commodity pricing, one-time expenses associated with the consolidation of a manufacturing facility, and unfavorable sales mix. Segment EBITDA in the fiscal first quarter was $6.5 million, or 17.7% of revenue, compared to $8.5 million, or 23.1% of revenue in the prior year period.

    Engineered Building Solutions segment revenue was $31.9 million, a 3.2% increase compared to $30.9 million in the prior year period. Segment operating income was $4.0 million, or 12.5% of revenue, as compared to the prior year period of $5.7 million, or 18.5% of revenue. The reduction in operating income was driven by the inflation of some project costs due to tariffs, as well as growth investment in the sales team and R&D to pursue prospective revenue opportunities. Segment EBITDA and EBITDA margin in the fiscal first quarter were $4.4 million and 13.9%, respectively, compared to $6.2 million and 20.1%, respectively, in the prior year period.

    All percentages are calculated based upon the attached financial statements. Share counts used in determining the diluted EPS are based on a weighted average of outstanding shares throughout the reporting period.

    Conference Call Information

    The Company will host a conference call today at 10:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. A live webcast of the call can be accessed at https://cswindustrials.gcs-web.com/. To access the call, participants may dial 1-877-407-0784, international callers may use 1-201-689-8560, and request to join the CSW Industrials earnings call.

    A telephonic replay will be available shortly after the conclusion of the call and until Thursday, August 14, 2025. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13754759. The call will also be available for replay via webcast link on the Investors portion of the CSW website www.cswindustrials.com.

    Safe Harbor Statement

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations, and financial performance and condition.

    The forward-looking statements included in this press release are based on our current expectations, projections, estimates, and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

    All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

    Non-GAAP Financial Measures

    This press release includes an analysis of adjusted diluted earnings per share attributable to CSW, adjusted net income attributable to CSW, adjusted effective tax rate, adjusted operating income and free cash flows, which are non-GAAP financial measures of performance. Attributable to CSW is defined to exclude the income attributable to the non-controlling interest in the Whitmore JV.

    CSW utilizes adjusted EBITDA (earnings before interest, tax, depreciation and amortization) as an additional consolidated, non-GAAP financial measure, which consists of consolidated net income including income attributable to the non-controlling interest in the Whitmore JV, adjusted to remove the impact of income taxes, interest expense, depreciation, amortization and impairment, and significant nonrecurring items.

    For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release.

    About CSW Industrials, Inc.

    CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CSW provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit www.cswindustrials.com.

    Investor Relations

    Alexa Huerta
    Vice President, Investor Relations and Treasurer
    214-489-7113
    alexa.huerta@cswindustrials.com


    CSW INDUSTRIALS, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited)
        Three Months Ended
    June 30,
    (Amounts in thousands, except per share amounts)     2025       2024  
    Revenues, net   $ 263,646     $ 226,177  
    Cost of revenues     (148,204 )     (118,756 )
    Gross profit     115,442       107,421  
    Selling, general and administrative expenses     (60,566 )     (52,361 )
    Operating income     54,876       55,060  
    Interest expense, net     (1,022 )     (2,520 )
    Other income, net     528       260  
    Income before income taxes     54,382       52,800  
    Provision for income taxes     (13,211 )     (13,950 )
    Net income     41,171       38,850  
    Less: Income attributable to redeemable noncontrolling interest     (246 )     (259 )
    Net income attributable to CSW Industrials, Inc.   $ 40,925     $ 38,591  
             
    Net income per share attributable to CSW Industrials, Inc.        
    Basic   $ 2.43     $ 2.48  
    Diluted   $ 2.43     $ 2.47  
             
    Weighted average number of shares outstanding:        
    Basic     16,808       15,534  
    Diluted     16,863       15,596  
    CSW INDUSTRIALS, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited)
    (Amounts in thousands, except for per share amounts)   June 30, 2025   March 31, 2025
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 37,990     $ 225,845  
    Accounts receivable, net of allowance for expected credit losses of $869 and $1,137, respectively     179,409       155,651  
    Inventories, net     217,671       194,876  
    Prepaid expenses and other current assets     15,962       16,489  
    Total current assets     451,032       592,861  
    Property, plant and equipment, net of accumulated depreciation of $117,394 and $113,219, respectively     99,742       93,415  
    Goodwill     365,412       264,092  
    Intangible assets, net     536,418       357,910  
    Other assets     83,315       70,787  
    Total assets   $ 1,535,919     $ 1,379,065  
             
    LIABILITIES AND EQUITY        
    Current liabilities:        
    Accounts payable   $ 64,560     $ 54,767  
    Accrued and other current liabilities     93,336       92,435  
    Total current liabilities     157,896       147,202  
    Long-term debt     95,000       —  
    Retirement benefits payable     1,072       1,083  
    Other long-term liabilities     151,690       138,347  
    Total liabilities     405,658       286,632  
    Commitments and contingencies (See Note 13)        
    Redeemable noncontrolling interest     20,433       20,187  
    Equity:        
    Common shares, $0.01 par value     178       177  
    Additional paid-in capital     509,100       501,286  
    Treasury shares, at cost (1,042 and 1,027 shares, respectively)     (130,111 )     (122,125 )
    Retained earnings     741,404       705,035  
    Accumulated other comprehensive loss     (10,743 )     (12,127 )
    Total equity     1,109,828       1,072,246  
    Total liabilities, redeemable noncontrolling interest and equity   $ 1,535,919     $ 1,379,065  
    CSW INDUSTRIALS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
        Three Months Ended June 30,
    (Amounts in thousands)     2025       2024  
    Cash flows from operating activities:        
    Net income   $ 41,171     $ 38,850  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation     3,929       3,622  
    Amortization of acquisition-related intangible assets & inventory step-up     9,411       6,312  
    Amortization of deferred financing fees     322       191  
    Provision for inventory reserves     242       517  
    Provision for credit losses     72       378  
    Share-based compensation     4,037       3,746  
    Net gain on disposals of property, plant and equipment     —       (13 )
    Net pension benefit     17       16  
    Net deferred taxes     790       2,084  
    Changes in operating assets and liabilities:        
    Accounts receivable     (7,788 )     (998 )
    Inventories     7,641       (6,766 )
    Prepaid expenses and other current assets     656       3,438  
    Other assets     43       28  
    Accounts payable and other current liabilities     6       10,923  
    Retirement benefits payable and other liabilities     92       327  
    Net cash provided by operating activities     60,641       62,655  
    Cash flows from investing activities:        
    Capital expenditures     (2,904 )     (3,101 )
    Proceeds from sale of assets     —       13  
    Cash paid for investments     —       (500 )
    Cash paid for acquisitions, net of cash received     (323,814 )     (50 )
    Proceeds from acquisitions’ true-up     —       470  
    Net cash used in investing activities     (326,718 )     (3,168 )
    Cash flows from financing activities:        
    Borrowings on line of credit     135,000       7,723  
    Repayments of line of credit     (40,000 )     (58,723 )
    Payments of deferred loan costs     (2,835 )     —  
    Purchase of treasury shares     (9,091 )     (7,891 )
    Payments of contingent consideration     (113 )     (113 )
    Dividends     (4,537 )     (3,262 )
    Net cash provided by (used in) financing activities     78,424       (62,266 )
    Effect of exchange rate changes on cash and equivalents     (202 )     (525 )
    Net change in cash and cash equivalents     (187,855 )     (3,304 )
    Cash and cash equivalents, beginning of period     225,845       22,156  
    Cash and cash equivalents, end of period   $ 37,990     $ 18,852  


    Reconciliation of Non-GAAP Measures

    We use adjusted earnings per share attributable to CSW, adjusted net income attributable to CSW, adjusted operating income, adjusted effective tax rate, and adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue, cost of revenue, operating expense, operating income and net income attributable to CSW, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations less capital expenditures. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-recurring items. In the following tables, there could be immaterial differences in amounts presented due to rounding.

    CSW INDUSTRIALS, INC.
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CSW TO ADJUSTED NET INCOME ATTRIBUTABLE TO CSW
    (Unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net income attributable to CSW   $ 40,925     $ 38,592  
             
    Adjusting items:        
    Amortization of acquisition-related intangible assets and inventory step-up     9,412       6,311  
    Amortization tax effect     (2,325 )     (1,559 )
    Adjusted net income attributable to CSW   $ 48,012     $ 43,344  
             
    Net Income Attributable to CSW per diluted common share   $ 2.43     $ 2.47  
             
    Adjusting Items, per dilutive common share:        
    Amortization of acquisition-related intangible assets and inventory step-up     0.56       0.40  
    Amortization tax effect     (0.14 )     (0.10 )
    Adjusted net income attributable to CSW per dilutive common share   $ 2.85     $ 2.78  
    CSW INDUSTRIALS, INC.
    Reconciliation of Net Income Attributable to CSW to EBITDA
    (unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net Income attributable to CSW   $ 40,925     $ 38,591  
    Plus: Income attributable to redeemable noncontrolling interest     246       259  
    Net Income   $ 41,171     $ 38,850  
             
    Adjusting Items:        
    Interest expense, net     1,022       2,520  
    Income tax expense     13,212       13,950  
    Depreciation & amortization     13,338       9,932  
    EBITDA   $ 68,742     $ 65,252  
    CSW INDUSTRIALS, INC.
    Reconciliation of Segment Operating Income to Segment EBITDA
    (unaudited)
    (Amounts in thousands)   Three months ended June 30, 2025
        Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Corporate and Other Consolidated
    Revenue, net   $ 196,740   $ 36,806   $ 31,896   $ (1,796 ) $ 263,646  
                 
    Operating Income   $ 52,759   $ 5,241   $ 3,999   $ (7,123 ) $ 54,876  
    % Revenue     26.8 %   14.2 %   12.5 %     20.8 %
                 
    Adjusting Items:            
    Other income (expense), net     698     (76 )   8     (102 )   528  
    Depreciation & amortization     11,540     1,337     416     45     13,338  
    EBITDA   $ 64,996   $ 6,503   $ 4,423   $ (7,180 ) $ 68,742  
    % Revenue     33.0 %   17.7 %   13.9 %     26.1 %
                 
    (Amounts in thousands)   Three months ended June 30, 2024
        Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Corporate and Other Consolidated
    Revenue, net   $ 160,418   $ 36,791   $ 30,893   $ (1,926 ) $ 226,177  
                 
    Operating Income   $ 49,884   $ 7,150   $ 5,723   $ (7,698 ) $ 55,060  
    % Revenue     31.1 %   19.4 %   18.5 %     24.3 %
                 
    Adjusting Items:            
    Other income (expense), net     396     (63 )   (7 )   (66 )   260  
    Depreciation & amortization     7,983     1,423     485     41     9,932  
    EBITDA   $ 58,263   $ 8,511   $ 6,201   $ (7,723 ) $ 65,252  
    % Revenue     36.3 %   23.1 %   20.1 %     28.9 %
    CSW INDUSTRIALS, INC.
    Reconciliation of Operating Cash Flow to Free Cash Flow
    (Unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net cash provided by operating activities   $ 60,641     $ 62,655  
    Less: Capital expenditures     (2,904 )     (3,101 )
    Free cash flow   $ 57,737     $ 59,554  
    EBITDA     68,742       65,252  
    Free cash flow % EBITDA     84.0 %     91.3 %

    The MIL Network –

  • MIL-Evening Report: Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority

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

    As any leader of a political party knows, when you demote people they can become difficult, or worse.

    Among Opposition Leader Sussan Ley’s multiple problems are two very unhappy former frontbenchers. Sarah Henderson, who was opposition education spokeswoman last term, and Jane Hume, who had a high profile in finance, were dumped to the backbench in Ley’s reshuffle.

    There were mixed views about Ley’s judgement. But it was clear neither would take the relegation lying down.

    Henderson at the time declared she found it regrettable that “a number of high-performing Liberal women have been overlooked or demoted”. Hume said, ominously, “there is something very liberating about being on the backbench and being able to speak without having to stick to the party line and without having to stick to talking points”.

    This week, both women used their freedom to freelance.

    On the government’s student debt legislation, Henderson made her presence felt by moving an amendment designed to cap indexation. It got only a handful of votes from the crossbench. The opposition abstained.

    Also in the Senate, Hume put down her marker, on a motion moved by One Nation repudiating the net zero target. Predictably, Matt Canavan (Nationals) and Alex Antic (right-wing South Australian Liberal) voted for the motion. The Liberals’ official position – given they’re in no-man’s land, reviewing their policy – was to abstain. But Hume and Andrew McLachlan (a moderate from South Australia), voted against the motion.

    Hume has kept a regular spot on Sky News Australia, an opportunity to use her “liberated” voice.

    Then there’s Andrew Hastie who, despite being a frontbencher, doesn’t feel under collective discipline. Hastie, whom some see as a possible future leader, didn’t get his wish for a non-security portfolio in the reshuffle. Instead, the former defence spokesman was moved to home affairs, a broad job that presents many opportunities.

    When the Western Australian Liberal council passed a motion rejecting net zero at the weekend, Hastie gave his enthusiastic backing.

    He then got stuck into state Liberal leader Basil Zempilas, who had said the WA parliamentary party supported “the status quo on the net zero targets”.

    Hastie fired off a newsletter to supporters declaring, “This motion – moved and supported by my division of Canning – reflects a growing concern from mainstream Australians about our expensive energy bills, unreliable supply, and the erosion of our national sovereignty.

    “I was therefore disappointed to see [Zempilas] publicly dismiss those concerns.”

    The government was quick to exploit this, with Climate Change Minister Chris Bowen telling parliament on Thursday Hastie “will undermine any opposition leader he can find. He’s taking a practice run in Perth for what he intends to do in Canberra, some time in the next 12 months as we all know. He loves undermining leaders of the opposition.”

    Peter Dutton was a disaster for the Liberals, as the election drubbing showed. But he was (mostly) able to impose substantial unity on the parliamentary party.

    That was seen as a big achievement. But it had two downsides. At the time, it stifled what might have been useful internal debate, or warnings, that could have helped the opposition. And now it has left some Liberals who felt they held their tongues last time determined not to do so again. Even those not aggrieved for specific reasons are likely to be more inclined to be outspoken this term.

    Ley will not be able to impose the degree of discipline that Dutton did.

    Meanwhile, as the aggrieved Liberals were stamping their feet, their colleague James Paterson, new to his post of finance spokesman, was seeking to repair some of the political damage the opposition did by its attacks on the public service.

    The hostility to the public service goes back a long way – some might argue it’s ingrained in the Liberals’ DNA. It was strong during Scott Morrison’s prime ministership.

    Dutton promised massive cuts to the Canberra-based public service, which even the Liberals admit would have been unattainable. Hume’s plan to force public servants back into the office five days a week, a policy the opposition had to drop midway through the election campaign, has also left deep suspicion.

    For the Liberals, attacking the public service has always appeared a ready road to savings. But the political dangers are obvious. It is not the seats directly affected – the ACT always votes Labor. But assaults on the public service can be readily segued by the Coalition’s opponents into code for attacks on government services.

    Paterson, who’s also shadow minister for the public service, told an Australian Financial Review summit on government services, “It is not lost on me that promising significant cuts to the size of the APS or changing the way public servants work from home was poorly received and not just here in Canberra.”

    Paterson said, “I have great respect for public servants, and I recognise the significant contributions they make to our democracy.

    “The Coalition aspires to have a respectful, constructive relationship with the APS. We want a motivated, high-performing public service that works in genuine partnership with government to deliver the services Australians rely on. And we want it to do so as a trusted steward of taxpayer dollars.”

    On the basis of history, the public servants will remain suspicious of the Liberals; Paterson’s aim will be to mitigate that as much as possible.

    In a twist on the working-from-home debate, the secretary of the health department, Blair Comley, this week expressed some concern about the implications of the trend.

    “I don’t think anyone is suggesting we go back to a rigid five days a week and no flexibility,” Comley told the AFR summit. But he was worried about what was happening to “learning, development, mentoring, and what’s happening to the social capital”.

    Knowing the sensitivities of the issue, Comley was extremely careful with his words. Hume, having been burned once, was not putting her hand into this particular fire again. “That is not a policy that the Coalition has now, not a policy that we took to the election”, she said. There is a limit to being liberated.

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

    – ref. Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority – https://theconversation.com/grattan-on-friday-aggrieved-liberals-stamp-their-feet-testing-sussan-leys-authority-262026

    MIL OSI Analysis – EveningReport.nz –

  • Markets end lower amid volatility; FMCG stocks lend support

    Source: Government of India

    Source: Government of India (4)

    Indian equity markets closed marginally lower on Thursday after a volatile trading session marked by global uncertainties. Despite the imposition of tariffs by the United States on Indian imports, domestic indices managed to avert a sharp selloff, buoyed by buying interest in fast-moving consumer goods (FMCG) stocks.

    The benchmark Sensex closed at 81,185.58, shedding 296.28 points or 0.36 per cent. It had opened sharply lower at 80,695.50 following weak global cues but briefly rebounded in the afternoon session, touching an intraday high of 81,803.27 before slipping again in the final hour due to the expiry of monthly derivatives.

    The Nifty 50 settled at 24,768.35, down 86.70 points or 0.35 per cent.

    Market analysts said the indices reflected the underlying strength of the Indian economy, which continues to show resilience amid global headwinds. “Investors gravitated toward domestically oriented, non-discretionary players, especially FMCG, which offered attractive valuations, demand outlook and relative insulation from tariff risks,” analysts noted.

    Hindustan Unilever led the gains on the back of encouraging quarterly results, lifting the Nifty FMCG index by 791 points or 1.44 per cent. ITC, Kotak Mahindra Bank, and Eternal were also among the gainers.

    On the downside, major drag came from heavyweight stocks like Tata Steel, Sun Pharma, NTPC, Reliance, Asian Paints, L&T, and Titan, which contributed to the day’s losses. Most sectoral indices ended in the red. Nifty Auto declined by 89 points, Nifty IT slipped 180 points, and Nifty Bank was down by 188 points.

    The broader market reflected a similar sentiment with the Nifty Midcap 100 falling 0.93 per cent and Nifty Smallcap 100 down 1.05 per cent, indicating profit booking across segments.

    Despite the subdued closing, market experts remain cautiously optimistic, citing strong domestic fundamentals and the rotation of investor interest toward sectors less exposed to global trade tensions.

    -IANS

  • MIL-OSI Security: Defense News in Brief: 101 Critical Days of Summer Mid-Term Update

    Source: United States Navy

    The weekend of July 12-13 marked the midpoint of the 101 Critical Days of Summer. There were seven motorcycle fatalities, two vehicle fatalities and one pedestrian fatality during the first half of the summer and we still have a significant portion of the second half left. These losses are tragic and sobering and remind us that we must double down on our efforts to apply the principles of risk management in all our efforts and mitigate the risks we identify.

    MIL Security OSI –

  • MIL-OSI Security: Defense News in Brief: Navy and Marine Corps Commence Large Scale Exercise 2025

    Source: United States Navy

    NORFOLK, Va. – Sailors and Marines from across 22 time zones, six component commands, and seven U.S. numbered Fleets are now participating in Large Scale Exercise (LSE) 2025, as the Navy and Marine Corps officially kick off one of their largest global training events, July 30.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Latest data shows measles cases remain high

    Source: United Kingdom – Executive Government & Departments

    News story

    Latest data shows measles cases remain high

    Measles activity has increased since April 2025 and the UKHSA is continuing to oversee the public health risk assessment.

    The UK Health Security Agency (UKHSA) is today urging parents to prioritise vaccine catch-up appointments during the summer break, with latest data showing continued high levels of measles cases amid fears of a further surge once the new school term begins.

    Measles activity has increased since April 2025 and the UKHSA is continuing to oversee the public health risk assessment and working with local partners on the response.

    The latest monthly update on measles cases in England published today shows that an additional 145 measles cases have been reported since the last publication on July 3. Cases continue to predominantly be in children under the age of 10 years with London and parts of the North West driving the increase most.

    The latest measles epidemiology report on the UKHSA Data Dashboard today reports:

    • since 1 January, there have been 674 laboratory confirmed measles cases reported in England, an increase of 145 cases since the last report on 3 July 2025

    • 48% (322/674) of these cases have been in London, 16% (111 out of 674) in the North West, and 10% (65/674) in the East of England

    There has also been a global increase in measles cases, including Europe, over the last year. UKHSA is concerned that holiday travel and international visits to see family this summer could lead to rising measles cases in England when the new school term begins.

    Dr Vanessa Saliba, UKHSA Consultant Epidemiologist, said:

    The summer months offer parents an important opportunity to ensure their children’s vaccinations are up to date, giving them the best possible protection when the new school term begins. It is never too late to catch up. Do not put it off and regret it later.

    Measles spreads very easily and can be a nasty disease, leading to complications like ear and chest infections and inflammation of the brain with some children tragically ending up in hospital and suffering life-long consequences.

    Two doses of the MMR vaccine is the best way to protect yourself and your family from measles. Babies under the age of 1 and some people who have weakened immune systems cannot have the vaccine and are at risk of more serious complications if they get measles. They rely on the rest of us getting the vaccine to protect them.

    Dr Amanda Doyle, National Director for Primary Care and Community Services at NHS England, said:

    Vaccination is the best protection against measles, which is highly contagious and can cause serious health problems. The MMR vaccine is provided free by the NHS and I would urge all parents to check their child’s vaccination records before the new school year or summer travel, particularly as Europe is reporting the highest number of measles cases in 25 years.

    While the NHS delivered tens of thousands of additional MMR vaccinations last year, too many eligible children remain unvaccinated, and we are working with local authorities and the UK Health Security Agency to reach more youngsters, with enhanced vaccination offers in areas with higher cases, including vaccination buses and community catch-up sessions.

    The first MMR vaccine is offered to infants when they turn one year old and the second dose to pre-school children when they are around 3 years and 4 months old. 

    Around 99% of those who have 2 doses will be protected against measles and rubella. Although mumps protection is slightly lower, cases in vaccinated people are much less severe. 

    Anyone, whatever age, who has not had 2 doses can contact their GP surgery to book an appointment.

    Read more information on measles, mumps and rubella.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Dr Simone Lowthe-Thomas reappointed to The National Lottery Community Fund

    Source: United Kingdom – Executive Government & Departments

    News story

    Dr Simone Lowthe-Thomas reappointed to The National Lottery Community Fund

    The Secretary of State has reappointed Dr Simone Lowthe-Thomas as Board Member to The National Lottery Community Fund and Chair of the Wales Committee for 4 years from 1 July 2025 to 30 June 2029.

    Dr Simone Lowthe-Thomas

    Starting life as an ecologist and then working on sustainable energy, community

    regeneration and sustainable development, Simone has been working with communities, businesses, government and academia for over 25 years. Currently Director for Nature and Climate at Bannau Brycheiniog (Brecon Beacons) National Park, Simone is working in partnership to accelerate a response to our climate, water and nature crises, in a way that works for both people and the natural world.

    Previous experience and roles include CEO at Severn Wye Energy Agency (a Fuel Poverty and Sustainable Energy Charity), Vice-President of Fedarene (European Federation of Energy Agencies), Founding Member of Community Energy Wales and as a Research Associate and Manager of Wales Biomass Centre (Cardiff University Research Centre on Bioenergy).

    Simone brings a very practical community based background and expertise in developing approaches to engagement and involvement having supported and developed some of the first community owned energy schemes, ‘Cynefin’ a Welsh Government Programme which demonstrate co-production and place-based approaches, and working with the Wellbeing of Future Generations Commissioners Office to develop guidance for the ways of working (Sustainable Development Principles).She has held voluntary roles including as Chair of Governors and has been a STEM Ambassador for 25 years.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Island youth shine at cricket skills festival 31 July 2025 Island youth shine at Chance to Shine Cricket Skills Festival

    Source: Aisle of Wight

    The final event of the Isle of Wight’s ‘Chance to Shine Cricket Skills Festival’ saw more than 100 children take part in a day of fun, teamwork and cricket at Newclose County Cricket Ground.

    Young players from across the Island came together for a packed schedule of cricket-based activities and games, with children showing off everything from powerful batting to diving catches.

    Andy Day, event coordinator, said: “This festival isn’t just about cricket, it’s about building confidence, encouraging teamwork, and creating a love for the game from a young age, especially for those who might not otherwise get the chance.”

    The event was the last of four free festivals held this summer at cricket grounds across the Island, all part of a national programme designed to bring cricket into more state schools. Every Island primary school is invited to take part.

    Councillor Ian Dore, chair of the Isle of Wight Council, who supported the event, said: “It was a truly joyous event, beautifully organised and a real celebration of everything cricket has to offer young people.

    “Cricket encourages physical fitness through regular activity, building strength, coordination, and endurance. Just as importantly, it instils discipline, patience, and teamwork, nurturing social skills and mutual respect.

    “I believe this may have been a first for the Chair — being asked to wear the chain with sports kit! Sadly, it didn’t improve my cricketing ability, which was certainly outshone by the impressive talent on display.”

    A team of young leaders from Carisbrooke College helped run this final festival, having completed the Chance to Shine Young Leaders programme earlier this term alongside students from The Bay, Ryde Academy, and The Island Free School.

    Chance to Shine has worked with over 7 million young people across the UK since 2005, introducing many to the sport for the very first time through coaching, competition, and leadership training.

    Councillor Dore added: “The Island is clearly leading the way in this, and participation in cricket helps foster a strong sense of belonging and community. 

    “Cricket can also open doors to further education and professional opportunities. Most importantly, it’s fun! It offers children a chance to enjoy healthy, structured physical activity in a supportive environment.

    “If your child is interested in trying cricket outside of school, visit the Isle of Wight Cricket Board to find out more.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The CSR discussed how platform employment regulation will develop

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    The Center for Strategic Research held a round table entitled “Platform Employment in the New Conditions: What Changes After the Law on the Platform Economy.” Together with representatives of the Ministry of Economic Development, the State Duma, the expert and academic community, as well as leading digital platforms, they discussed the adopted law on the platform economy and future regulatory detailing at the level of by-laws.

    According to the participants, the adopted law was an important step in the formation of a basic regulatory framework, but it is now that the most subtle and meaningful part of the work begins – filling this framework with tools, concepts and mechanisms.

    The moderator of the round table, CEO of the CSR Pavel Smelov noted: “Russia is one of the few countries where digital platforms have become a truly systemic part of the economy. We have not just implemented technologies, we have created our own model – and this is a serious competitive advantage. Now our task is not to lose our leadership, to take the next step – to turn the platform economy into a full-fledged export model. It is no longer just about technologies, but about a new logic of the economic structure that can be transmitted beyond the country’s borders.”

    Also, in his opinion, the key direction of the next stage is the issue of platform employment: “We are already living in a new reality: there is a platform, there is a platform economy, and we still continue to hold on to the old model of social security, as if nothing has changed. The social security system needs to be revised taking into account how the employment market is actually structured today. People are developing other principles of financial stability: investments, a safety net, additional income. Therefore, it is important not only to protect, but also to educate – to help people navigate modern work formats and make informed decisions. Especially when it comes to those for whom the platform is not their main, but additional employment.”

    The Ministry of Economic Development emphasized that the implementation of the law will require a flexible and consistent approach, especially in terms of employment. The main focus in the coming months is work on by-laws, the launch of a digital platform registry mechanism, and the preparation of clarifications.

    “Russia has made great strides in developing the platform economy: we already have our own effectively functioning models that are of interest abroad. But it is important not to stop there. Platforms are developing rapidly, and regulation should not slow down, but rather accompany this process, be flexible and targeted. We see that citizens make decisions based not only on the logic of the future, but also on current circumstances — and pensions and social guarantees are not always perceived as real values. Therefore, the platform can become a channel through which we will rethink social policy — at the level of product, convenience, and trust. We have examples when digital, platform services became a necessary tool for performers to legalize and comply with legal requirements, including the calculation and payment of taxes. Platform tools have proven their convenience and demand. In turn, this approach provides additional opportunities to ensure control by the state. Our task today is not to go to extremes, but to maintain an open dialogue, flexibility, and thoughtfulness. This is precisely the strength of the platform economy,” said Vladimir Voloshin, Director of the Department of Digital Development and Data Economy at the Ministry of Economic Development.

    State Duma Deputy Stanislav Naumov reported that an expert council will be created under the Committee on Economic Policy, which will undertake in-depth study of unresolved issues.

    “In September, we are ready to move on. For me personally, there are three priorities today. The first is export orientation: platforms should help Russian businesses enter foreign markets, and not just regulate access of foreign players to ours. The second is the development of internal B2B interaction, where online platforms can become a full-fledged infrastructure for cooperation between suppliers. And the third is the use of platforms to improve the efficiency of state and municipal procurement,” he said.

    As for platform employment, according to the deputy, this is not just a regulatory issue – it is a question of filling the social fund and, as a result, a real opportunity to increase the minimum level of pensions in those regions where it is objectively insufficient today. “This is how I understand the social task of regulation,” he concluded.

    Business supported the general vector, but drew attention to the need for a differentiated approach. Industry representatives emphasized that uniform standards for platforms with fundamentally different models — from marketplaces to service aggregators — could result in risks for flexibility and employment.

    “The platform economy has already changed the market, and the self-employed regime has proven that people are ready to come out of the shadows if they are offered transparent and convenient conditions. Let’s not abolish what works, but rebuild the old – so that the economy, employment and the contribution system develop synchronously,” said Anton Danilov-Danilyan, Deputy Chairman of Delovaya Rossiya, head of the working group of transport service aggregators at the Russian Union of Industrialists and Entrepreneurs. According to Yuri Bogdanov, General Director of the Association of Digital Platforms, “it is digitalization, platform development and the tax regime on professional income that give the state a chance to oust gray practices through transparency.”

    “Platform employment is being formed to a greater extent in industries with high demand for flexible types of employment, allowing for the expansion of participation of various groups of the population in the economy. Therefore, it is important not just to offer them standard social benefits, but to understand what they really need and what they are ready to use,” noted Rimma Chichakyan, Director of Legal Affairs and Government Relations at Yandex Taxi.

    Ozon representative Alexander Vasiliev supported this position. “We are no longer living in an industrial economy, but in a post-industrial economy, and regulation should take this into account. At the same time, it is important to maintain a choice between different employment formats and not limit new models,” he noted.

    The participants of the discussion agreed that the development of the platform economy does not require strict regulation, but rather fine-tuning and careful attention to specifics. Among the priority areas, the participants highlighted the need to clarify the criteria for the integrity of platforms, the formation of mechanisms for distinguishing employment from shadow schemes, as well as work on the status of the performer and protection tools. Particular attention was paid to the creation of a sustainable format for dialogue between the state, business and experts – both on the parliamentary platform and within the framework of the implementation of the law in practice.

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Recommendations for financial market participants on the conceptual design of the “Reference and Master Data” process

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    The development of modern technologies, the increase in the amount of data, the emergence of new financial products and the digitalization of traditional ones require financial market participants to create and improve data management systems.

    The main tasks of data management systems development:

    improving the quality and reliability of data, increasing their efficiency, transparency of data preparation processes for regulatory reporting, increasing flexibility and speed of response to changes in regulation, increasing the efficiency of core business processes.

    The Bank of Russia believes that data management systems of individual financial institutions are important for maintaining the quality of data in the country’s financial system as a whole. Proper data management is also necessary for the timely and complete provision of regulatory reporting, on the basis of which supervisory decisions are made, among other things.

    The conditions for the development of data management systems are created by the Bank of Russia taking into account global experience, the current level of development of financial organizations, current restrictions on technologies and general challenges facing the domestic financial market.

    In 2024, the regulator created a working group on the development of data management systems for financial market participants, which includes representatives of the Bank of Russia’s structural divisions and the director of data management for financial institutions. The head of the working group is Deputy Chairman of the Bank of Russia Valery Kazarin. The working group includes subgroups to develop a methodology for assessing the maturity of data management systems for financial market participants and to develop methodological recommendations for the development of data management systems for financial market participants.

    The working group has developed recommendations for the development of data management systems for financial market participants and a methodology for self-assessing the maturity of data management systems for financial market participants.

    Market participants are encouraged to regularly conduct self-assessments of the maturity level of data management systems, which will improve the quality of data and analytics, optimize information management processes, and more quickly adapt to regulatory changes. Based on the results of the self-assessment, a market participant can take advantage of recommendations of the working group to improve the efficiency of their processes and technological solutions.

    Responsible structural unit: Department of Data, Projects and Processes

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Recommendations for financial market participants on the conceptual design of the “Metadata Management” process

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    The development of modern technologies, the increase in the amount of data, the emergence of new financial products and the digitalization of traditional ones require financial market participants to create and improve data management systems.

    The main tasks of data management systems development:

    improving the quality and reliability of data, increasing their efficiency, transparency of data preparation processes for regulatory reporting, increasing flexibility and speed of response to changes in regulation, increasing the efficiency of core business processes.

    The Bank of Russia believes that data management systems of individual financial institutions are important for maintaining the quality of data in the country’s financial system as a whole. Proper data management is also necessary for the timely and complete provision of regulatory reporting, on the basis of which supervisory decisions are made, among other things.

    The conditions for the development of data management systems are created by the Bank of Russia taking into account global experience, the current level of development of financial organizations, current restrictions on technologies and general challenges facing the domestic financial market.

    In 2024, the regulator created a working group on the development of data management systems for financial market participants, which includes representatives of the Bank of Russia’s structural divisions and the director of data management for financial institutions. The head of the working group is Deputy Chairman of the Bank of Russia Valery Kazarin. The working group includes subgroups to develop a methodology for assessing the maturity of data management systems for financial market participants and to develop methodological recommendations for the development of data management systems for financial market participants.

    The working group has developed recommendations for the development of data management systems for financial market participants and a methodology for self-assessing the maturity of data management systems for financial market participants.

    Market participants are encouraged to regularly conduct self-assessments of the maturity level of data management systems, which will improve the quality of data and analytics, optimize information management processes, and more quickly adapt to regulatory changes. Based on the results of the self-assessment, a market participant can take advantage of recommendations of the working group to improve the efficiency of their processes and technological solutions.

    Responsible structural unit: Department of Data, Projects and Processes

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

    .

    MIL OSI Russia News –

  • MIL-OSI USA: ICYMI: The Countdown is on for Huge Health Insurance Price Increases Following Republican Passage of Trump’s “One Big Beautiful Bill”

    Source: United States House of Representatives – Congresswoman Kim Schrier, M.D. (WA-08)

    IN CASE YOU MISSED IT: Donald Trump and Republicans’ “One Big Beautiful Bill” contains the most significant and devastating cuts to healthcare in American history, ripping away coverage from 15 million Americans, slashing Medicaid, and allowing for the expiration of critical tax credits that have helped stabilize premiums for millions who rely on Affordable Care Act policies. 

    As a result, millions of Americans and hundreds of thousands of Washingtonians will see the cost of their healthcare skyrocket or will potentially lose their coverage altogether once these premium hikes take effect at the end of this year. 

    Congresswoman Schrier addresses her constituents about forthcoming health insurance price hikes.

    In response to this price hike, Congresswoman Schrier stated: “It is unacceptable and morally bankrupt that Donald Trump and Congressional Republicans are giving tax breaks to billionaires at the expense of working families across my district. Their Big Ugly Bill will enact devastating price hikes on essential healthcare for hundreds of thousands of Washingtonians at a time when so many are already struggling to make ends meet. I will continue to fight to reverse these actions and ensure all Americans can access affordable and comprehensive healthcare.”

    In the coming months, Congresswoman Schrier will continue to focus on hearing from her constituents about how these skyrocketing costs will impact their lives, taking those stories to the other Washington, and seeking comprehensive solutions to keep health insurance costs down and keep people insured ahead of the December 31, 2025, expiration of these credits. 

    You can follow Congresswoman Schrier’s social media and this webpage for updates and a countdown to track when premiums will soar pending action from Republicans in Congress. As open enrollment gets underway, she has asked constituents to report changes in their premiums, co-pays, and deductibles.

    MIL OSI USA News –

  • MIL-OSI: Toobit Simplifies Crypto Purchases with Credit/Debit Card Payment Feature

    Source: GlobeNewswire (MIL-OSI)

    GEORGE TOWN, Cayman Islands, July 31, 2025 (GLOBE NEWSWIRE) — Toobit, the award-winning global cryptocurrency exchange, today announces its new credit/debit card payment feature, making it easier and faster for users to buy digital currencies using fiat.

    The new feature allows users to seamlessly purchase popular cryptocurrencies like USDT, BTC, ETH, ADA, and USDC directly with Visa and Mastercard credit/debit cards. Supporting a wide array of fiat currencies, including USD, EUR, GBP, JPY, and more, Toobit is making crypto more accessible to a broad international audience.

    To ensure robust security and reliability for these transactions, Toobit has partnered with industry leaders Simplex (a Nuvei company) and AdvCash. These collaborations leverage advanced fraud prevention technologies, offering users peace of mind for their crypto purchases.

    “The future of finance is digital, but the path to entry must be simple and secure for everyone,” said Mike Williams, Chief Communication Officer at Toobit. “Our new credit/debit card payment feature is a bridge designed to empower the next wave of crypto adopters. By eliminating complexity and maximizing trust, we are confident this will accelerate mainstream engagement with the digital economy.”

    How to purchase crypto via credit/debit card on Toobit

    1. Log in to your Toobit account or register if you are a new user.
    2. Navigate to the “Buy crypto” section.
    3. Choose your preferred fiat currency and the cryptocurrency you wish to receive.
    4. Enter the purchase amount and link your bank card by providing the required details.
    5. Confirm the transaction and wait for your crypto to be credited to your account.

    This development comes amid a period of explosive growth in the cryptocurrency sector. The worldwide market is on a clear growth trajectory, with projected revenues expected to hit US$85.7 billion in 2025. Looking ahead, the market is forecast to expand at a compound annual growth rate (CAGR) of 11.01%, pushing its total value to an estimated US$95.1 billion by 2026.

    Furthermore, the global market for fiat-to-crypto on-ramp solutions, which facilitates purchases like those offered by Toobit, is projected to reach USD 23.4 billion by 2033. This underscores the increasing demand for accessible pathways into the digital economy.

    About Toobit

    Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

    For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

    Contact: Davin C.

    Email: market@toobit.com

    Website: www.toobit.com

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

    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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e1edc9cd-17c3-4125-82e3-317fd94da86b

    The MIL Network –

  • MIL-OSI: Bitcoin Swift Launches Stage 2 of Presale With Programmable Staking Rewards and Audited Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    LUXEMBOURG, July 31, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift (BTC3), a modular blockchain protocol built for programmable finance, has officially entered Stage 2 of its 64-day presale. The project introduces smart contract automation, zero-knowledge privacy systems, and real-time staking rewards starting from day one.

    Unlike traditional blockchain protocols that depend on static systems, Bitcoin Swift incorporates embedded AI agents into its smart contracts. These contracts adjust to network conditions and participant behavior, optimizing outcomes over time. The technology stack includes a WASM engine, zk-SNARK-based privacy, and decentralized identity (DID) tools, creating a platform that combines user privacy with regulatory adaptability.

    Presale Participation Includes Real-Time Staking Rewards

    Participants in the presale can access programmable staking rewards through Bitcoin Swift’s Proof-of-Yield (PoY) system. This system moves beyond static emission models by dynamically adjusting rewards based on user activity and environmental performance. These features are live and integrated at the protocol level, with no requirement to wait for future updates.

    Currently in Stage 2 of its 64-day presale, Bitcoin Swift is gaining momentum across both crypto-native and institutional communities. Backed by KYC verification and audits from SpyWolf and SolidProof, the project is building trust while delivering innovation.

    Key Features of the Bitcoin Swift Protocol:

    • AI-powered smart contracts that evolve over time using reinforcement learning
    • zk-SNARK-based privacy architecture allowing for confidential yet auditable transactions
    • DID-based identity layer enabling selective disclosure and reputation-based governance
    • Hybrid consensus mechanism optimized for scalability and regulatory alignment

    Ecosystem Development and Market Reception

    As Bitcoin Swift gains attention, the project is engaging with the broader crypto community to explain its technical innovations. Influencers and ecosystem participants have highlighted the protocol’s integrated reward system, privacy tools, and modular structure as notable developments during the current market cycle.

    The team plans to release further updates during the presale window, including testnet onboarding and early adopter tutorials to support long-term engagement.

    Influencers Are Taking Notice

    Crypto influencers are already spotlighting BTC3 as a unique presale opportunity. Their coverage points to the chain’s advanced tech and early-stage reward structure.

    • Token Empire explains why programmable PoY rewards are attracting investors
    • Crypto Infinity highlights the power of AI-driven automation
    • Crypto Sister breaks down the privacy mechanics and governance system

    About Bitcoin Swift

    Bitcoin Swift (BTC3) is a next-generation blockchain protocol focused on programmable finance, privacy infrastructure, and adaptive smart contracts. Designed for flexible governance and compliant integration, the platform supports early reward distribution and long-term value alignment.

    For more information, visit: https://bitcoinswift.com

    Contact:
    Luc Schaus
    support@bitcoinswift.com

    Disclaimer: This content is provided by Bitcoin Swift. 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
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    The MIL Network –

  • MIL-OSI: CMG Announces the Acquisition of SeisWare International Inc.

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG) today announced the acquisition of SeisWare International Inc. (“SeisWare”), a software company specializing in geoscience solutions.

    Based in Calgary, Alberta, SeisWare develops geoscience interpretation and field development software to support subsurface exploration and development projects. SeisWare’s intuitive platform offers powerful tools for seismic interpretation, attribute analysis, geological mapping and 3D well design.

    “SeisWare reflects our disciplined approach in expanding our capabilities by acquiring high-quality software solutions,” stated Pramod Jain, CEO of CMG. “The company has earned a strong reputation and loyal customer base in Canada by delivering powerful, integrated geoscience tools alongside responsive and highly technical customer support. SeisWare is a platform acquisition for CMG which further builds out our seismic interpretation solutions and underscores our commitment to investing in businesses with the potential to deliver strong returns and long-term value.”

    In the twelve months ended March 31, 2025, SeisWare had unaudited revenue of approximately US$3.4 million consisting of all recurring software revenue.

    Total purchase price is estimated to be US$6.6 million and is subject to customary closing adjustments.

    The company is also pleased to announce that Herman Nieuwoudt, who joined the company as President of Bluware in November 2024, has been promoted to Executive Vice President and President, Seismic Solutions. In his new role, he will oversee all of the company’s seismic technologies and he will formally join the executive leadership team. SeisWare’s team of over 40 employees, located in Calgary and Houston, will join this seismic solutions group. Murray Brack, CEO of SeisWare, will join CMG as General Manager, SeisWare, reporting to Mr. Nieuwoudt.

    Commenting on the transaction, Murray Brack, CEO of SeisWare stated “Joining CMG is a natural next step for us, grounded in our shared Canadian roots and a mutual dedication to exceptional customer support. What makes it truly exciting is how well our values and vision align around our commitment to developing specialized, technical software that meets the evolving needs of the energy industry.”

    For more information on SeisWare, visit the website.

    About CMG

    CMG (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. CMG is headquartered in Calgary, AB, with offices in Houston, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, Kuala Lumpur, Oslo, Stavanger, and Kaiserslautern. For more information, please visit www.cmgl.ca.

    This press release contains “forward-looking statements”. Forward-looking statements can be identified by words such as: “aims”, “intend”, “can”, “goal”, “seek”, “believe”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will”, and similar references to future periods.

    Forward-looking statements are neither historical facts nor assurances of future performance. They are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies’ public filings.

    Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    The MIL Network –

  • MIL-OSI: AMG Reports Financial and Operating Results for the Second Quarter and First Half of 2025

    Source: GlobeNewswire (MIL-OSI)

    • Positive net client cash flows of more than $8 billion, driven by ongoing momentum in private markets and liquid alternatives 
    • New partnership with Montefiore Investment further diversifies AMG’s business and expands its participation in private markets
    • Economic Earnings per share of $5.39 for the quarter, an increase of 15% relative to prior-year quarter
    • Repurchased ~$100 million in common stock, bringing total share repurchases to ~$273 million in the first half of the year

    WEST PALM BEACH, Fla., July 31, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the second quarter and six months ended June 30, 2025.

    Jay C. Horgen, Chief Executive Officer of AMG, said:
    “In the second quarter, AMG reported growth of 15% in Economic Earnings per share relative to the year-ago quarter, reflecting the disciplined execution of our capital allocation strategy and the increasing momentum in our business. Net client cash flows of more than $8 billion firmwide were driven by record flows into alternatives, reflecting ongoing strength in private markets fundraising and growing client demand for liquid alternative strategies.

    “Through strong ongoing execution of our strategy, we are accelerating the evolution of AMG’s business toward areas of secular growth. AMG’s Affiliates managing private markets and liquid alternative strategies generated net client inflows of approximately $33 billion in the first half of the year, reflecting the ongoing demand for our Affiliates’ specialized strategies. In addition, we recently announced a new partnership with Montefiore, a leading European private equity firm focused on the services sector. So far in 2025, we have announced four new partnerships with firms collectively managing approximately $24 billion in alternative strategies, underscoring the ongoing demand for AMG’s unique approach, which magnifies the competitive advantages of partner-owned firms while also preserving their independence.

    “With our excellent capital position and distinct competitive advantages, including our worldwide reputation as a collaborative strategic partner to the highest-quality independent firms, we are uniquely positioned to execute on our opportunity set. We remain confident in our ability to generate meaningful additional shareholder value over time, as we invest in new and existing Affiliates while also returning excess capital to shareholders within our disciplined capital allocation framework.”

    FINANCIAL HIGHLIGHTS     Three Months Ended       Six Months Ended  
    (in millions, except as noted and per share data)     6/30/2024   6/30/2025       6/30/2024   6/30/2025  
    Operating Performance Measures                        
    AUM (at period end, in billions)     $ 701.0   $ 771.0       $ 701.0     $ 771.0  
    Average AUM (in billions)       693.1     736.6         686.5       724.3  
    Net client cash flows (in billions)       0.9     8.1         (2.9 )     7.7  
    Aggregate fees       1,098.1     1,173.5         2,569.7       2,443.9  
    Financial Performance Measures                        
    Net income (controlling interest)     $ 76.0   $ 84.3       $ 225.8     $ 156.6  
    Earnings per share (diluted)(1)       2.26     2.80         6.49       5.01  
    Supplemental Performance Measures(2)                        
    Adjusted EBITDA (controlling interest)     $ 217.5   $ 219.7       $ 477.3     $ 447.9  
    Economic net income (controlling interest)       155.9     159.2         342.6       317.9  
    Economic earnings per share       4.67     5.39         10.06       10.58  
                                       

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the second quarter of 2025, the Company repurchased approximately $100 million in common stock, bringing total share repurchases to approximately $273 million in the first half of the year, and announced a second-quarter cash dividend of $0.01 per share of common stock, payable August 25, 2025 to stockholders of record as of the close of business on August 11, 2025.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of June 30, 2025, AMG’s aggregate assets under management were approximately $771 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

             

    Conference Call, Replay, and Presentation Information
    A conference call will be held with AMG’s management at 11:00 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13754341. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Investor and Media Relations: Patricia Figueroa
    +1 (617) 747-3300
    ir@amg.com
    pr@amg.com

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENTS OF CHANGES (in billions) 

      Alternatives   Differentiated Long-Only  
    BY STRATEGY – QUARTER TO DATE Private
    Markets    		   Liquid
    Alternatives    		     Equities   Multi-
    Asset &
    Fixed
    Income    		   Total  
    AUM, March 31, 2025 $ 140.3   $ 154.8     $ 302.1   $ 115.0   $ 712.2  
    Client cash inflows and commitments   7.8     16.8       10.7     5.0     40.3  
    Client cash outflows   (0.0 )   (5.3 )     (21.2 )   (5.7 )   (32.2 )
    Net client cash flows   7.8     11.5       (10.5 )   (0.7 )   8.1  
    New investments   —     12.4       —     —     12.4  
    Market changes   1.3     1.3       24.0     3.8     30.4  
    Foreign exchange   0.7     2.9       5.4     1.1     10.1  
    Realizations and distributions (net)   (0.7 )   (0.1 )     (0.0 )   (0.1 )   (0.9 )
    Other   —     (1.1 )     (0.0 )   (0.2 )   (1.3 )
    AUM, June 30, 2025 $ 149.4   $ 181.7     $ 321.0   $ 118.9   $ 771.0  
                                     
      Alternatives   Differentiated Long-Only  
    BY STRATEGY – YEAR TO DATE Private
    Markets    		   Liquid
    Alternatives    		     Equities   Multi-
    Asset &
    Fixed
    Income    		   Total  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
    Client cash inflows and commitments   11.3     32.7       19.5     9.8     73.3  
    Client cash outflows   (0.1 )   (11.0 )     (43.7 )   (10.8 )   (65.6 )
    Net client cash flows   11.2     21.7       (24.2 )   (1.0 )   7.7  
    New investments   1.7     12.4       —     —     14.1  
    Market changes   1.8     3.6       22.0     3.5     30.9  
    Foreign exchange   0.9     4.4       7.1     1.4     13.8  
    Realizations and distributions (net)   (1.6 )   (0.0 )     (0.1 )   (0.3 )   (2.0 )
    Other   —     (1.1 )     0.0     (0.3 )   (1.4 )
    AUM, June 30, 2025 $ 149.4   $ 181.7     $ 321.0   $ 118.9   $ 771.0  
                                     

    CONSOLIDATED STATEMENTS OF INCOME

      Three Months Ended
    (in millions, except per share data) 6/30/2024   6/30/2025
    Consolidated revenue $ 500.3     $ 493.2  
           
    Consolidated expenses:      
    Compensation and related expenses   215.3       263.7  
    Selling, general and administrative   89.4       95.7  
    Intangible amortization and impairments   7.3       6.3  
    Interest expense   33.5       34.5  
    Depreciation and other amortization   3.1       2.5  
    Other expenses (net)   10.8       10.0  
    Total consolidated expenses   359.4       412.7  
           
    Equity method income (net)(3)   18.1       65.6  
    Investment and other income   19.3       25.5  
    Income before income taxes   178.3       171.6  
           
    Income tax expense   43.3       35.7  
    Net income   135.0       135.9  
           
    Net income (non-controlling interests)   (59.0 )     (51.6 )
    Net income (controlling interest) $ 76.0     $ 84.3  
           
    Average shares outstanding (basic)   31.5       28.5  
    Average shares outstanding (diluted)   35.3       31.4  
           
    Earnings per share (basic) $ 2.42     $ 2.96  
    Earnings per share (diluted)(1) $ 2.26     $ 2.80  
                   

    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)

      Three Months Ended
    (in millions, except per share data) 6/30/2024   6/30/2025
    Net income (controlling interest) $ 76.0     $ 84.3  
    Intangible amortization and impairments   65.6       31.0  
    Intangible-related deferred taxes   14.7       14.6  
    Other economic items(4)   (0.4 )     29.3  
    Economic net income (controlling interest) $ 155.9     $ 159.2  
           
    Average shares outstanding (adjusted diluted)   33.4       29.5  
    Economic earnings per share $ 4.67     $ 5.39  
           
    Net income (controlling interest) $ 76.0     $ 84.3  
    Interest expense   33.5       34.4  
    Income taxes   42.3       35.1  
    Intangible amortization and impairments   65.6       31.0  
    Other items(4)   0.1       34.9  
    Adjusted EBITDA (controlling interest) $ 217.5     $ 219.7  
                   

    See Notes for additional information.

    CONSOLIDATED STATEMENTS OF INCOME

      Six Months Ended
    (in millions, except per share data) 6/30/2024   6/30/2025
    Consolidated revenue $ 1,000.3     $ 989.8  
           
    Consolidated expenses:      
    Compensation and related expenses   455.7       494.1  
    Selling, general and administrative   181.1       190.4  
    Intangible amortization and impairments   14.5       89.6  
    Interest expense   63.4       68.6  
    Depreciation and other amortization   6.1       5.3  
    Other expenses (net)   19.9       21.6  
    Total consolidated expenses   740.7       869.6  
           
    Equity method income (net)(3)   135.7       140.9  
    Investment and other income   37.2       37.1  
    Income before income taxes   432.5       298.2  
           
    Income tax expense   98.7       63.1  
    Net income   333.8       235.1  
           
    Net income (non-controlling interests)   (108.0 )     (78.5 )
    Net income (controlling interest) $ 225.8     $ 156.6  
           
    Average shares outstanding (basic)   32.1       28.9  
    Average shares outstanding (diluted)   36.0       32.3  
           
    Earnings per share (basic) $ 7.02     $ 5.43  
    Earnings per share (diluted)(1) $ 6.49     $ 5.01  
                   

    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)

      Six Months Ended
    (in millions, except per share data) 6/30/2024   6/30/2025
    Net income (controlling interest) $ 225.8     $ 156.6  
    Intangible amortization and impairments   91.2       116.8  
    Intangible-related deferred taxes   30.9       13.9  
    Other economic items(4)   (5.3 )     30.6  
    Economic net income (controlling interest) $ 342.6     $ 317.9  
           
    Average shares outstanding (adjusted diluted)   34.0       30.0  
    Economic earnings per share $ 10.06     $ 10.58  
           
    Net income (controlling interest) $ 225.8     $ 156.6  
    Interest expense   63.4       68.5  
    Income taxes   99.7       65.4  
    Intangible amortization and impairments   91.2       116.8  
    Other items(4)   (2.8 )     40.6  
    Adjusted EBITDA (controlling interest) $ 477.3     $ 447.9  
                   

    See Notes for additional information.

    CONSOLIDATED BALANCE SHEETS

      Period Ended
    (in millions) 12/31/2024   6/30/2025
    Assets      
    Cash and cash equivalents $ 950.0     $ 361.0  
    Receivables   409.7       571.0  
    Investments   595.6       644.1  
    Goodwill   2,504.9       2,537.6  
    Acquired client relationships (net)   1,777.8       1,716.1  
    Equity method investments in Affiliates (net)   2,246.6       2,618.3  
    Fixed assets (net)   57.6       56.7  
    Other assets   288.7       302.8  
    Total assets $ 8,830.9     $ 8,807.6  
           
    Liabilities and Equity      
    Payables and accrued liabilities $ 639.1     $ 692.4  
    Debt   2,620.2       2,621.2  
    Deferred income tax liability (net)   520.5       544.3  
    Other liabilities   402.4       474.9  
    Total liabilities   4,182.2       4,332.8  
           
    Redeemable non-controlling interests   350.5       336.1  
    Equity:      
    Common stock   0.6       0.6  
    Additional paid-in capital   733.1       701.2  
    Accumulated other comprehensive loss   (163.6 )     (125.0 )
    Retained earnings   6,899.8       7,055.9  
        7,469.9       7,632.7  
    Less: treasury stock, at cost   (4,124.6 )     (4,394.0 )
    Total stockholders’ equity   3,345.3       3,238.7  
    Non-controlling interests   952.9       900.0  
    Total equity   4,298.2       4,138.7  
    Total liabilities and equity $ 8,830.9     $ 8,807.6  
                   

     

    Notes
       
    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.

    We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.

    We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.

    The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
       
        Three Months Ended   Six Months Ended
      (in millions) 6/30/2024   6/30/2025   6/30/2024   6/30/2025
      Numerator              
      Net income (controlling interest) $ 76.0     $ 84.3     $ 225.8     $ 156.6  
      Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes   0.3       0.3       0.7       (1.5 )
      Interest expense on junior convertible securities, net of taxes   3.4       3.4       6.7       6.7  
      Net income (controlling interest), as adjusted $ 79.7     $ 88.0     $ 233.2     $ 161.8  
      Denominator              
      Average shares outstanding (basic)   31.5       28.5       32.1       28.9  
      Effect of dilutive instruments:              
      Stock options and restricted stock units   1.9       1.0       1.9       1.1  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   0.2       0.2       0.3       0.6  
      Junior convertible securities   1.7       1.7       1.7       1.7  
      Average shares outstanding (diluted)   35.3       31.4       36.0       32.3  
                                     
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.

    Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.

    Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.

    Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.

    The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
       

       

        Three Months Ended   Six Months Ended
      (in millions) 6/30/2024   6/30/2025   6/30/2024   6/30/2025
      Average shares outstanding (diluted) 35.3     31.4     36.0     32.3  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests (0.2 )   (0.2 )   (0.3 )   (0.6 )
      Junior convertible securities (1.7 )   (1.7 )   (1.7 )   (1.7 )
      Average shares outstanding (adjusted diluted) 33.4     29.5     34.0     30.0  
                             
    (3) The following table presents pre-tax equity method earnings, equity method intangible amortization and impairments, and equity method income tax, which in aggregate form Equity method income (net):
       
        Three Months Ended   Six Months Ended
      (in millions) 6/30/2024   6/30/2025   6/30/2024   6/30/2025
      Pre-tax equity method earnings $ 80.3     $ 94.1     $ 222.8     $ 193.6  
      Equity method intangible amortization and impairments   (60.8 )     (27.0 )     (81.6 )     (45.6 )
      Equity method income tax   (1.4 )     (1.5 )     (5.5 )     (7.1 )
      Equity method income (net) $ 18.1     $ 65.6     $ 135.7     $ 140.9  
                                     
    (4) For the three and six months ended June 30, 2025, other economic items and other items include a one-time expense of $30.5 million which resulted from a modification of Affiliate equity which, consistent with the definitions of our non-GAAP performance measures, has been added back to Economic net income (controlling interest) and Adjusted EBITDA (controlling interest).
       

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This press release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    The MIL Network –

  • MIL-OSI: QuantaSing Announces Further Investments into Letsvan

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, July 31, 2025 (GLOBE NEWSWIRE) — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider empowering adults to live better and longer, today announced that it will undertake further steps to acquire all of the remaining equity interests in Shenzhen Yiqi Culture Co., Ltd. (深圳市熠起文化有限公司) (“Letsvan”) from the other investors with a combination of cash and stock consideration (the “Transactions”).

    Through a series of previous transactions from December 2024 to March 31, 2025, the Company invested in Letsvan, a PRC-based company primarily engaged in IP incubation and discovery, IP operation, copyright commercialization, and the promotion and sales of pop toys and other cultural products for global artists. By March 31, 2025, the Company had obtained control over and was able to consolidate the results of Letsvan into the Company’s consolidated financial statements. Upon the consummation of the Transactions, Letsvan will become a wholly-owned subsidiary of the Company.

    In furtherance of the Transactions and by way of private placement, the Company will issue an aggregate of 18,219,330 Class A ordinary shares of the Company to Mr. Huiyu Zhan (Zack) (“Mr. Zhan”), the founder and chief executive officer and a director of Letsvan, as consideration for his remaining interests in Letsvan. The share issuance will take place in three installments and be subject to certain restrictions and limitations, including respective vesting schedules and lock-up requirements. To promote the development and integration of Letsvan as part of the Company’s strategies in the consumer sector, the Company also intends to appoint Mr. Zhan as a member of its board of directors, effective upon August 1, 2025. Mr. Zhan is a seasoned entrepreneur with profound experience in the consumer sector. Prior to founding Letsvan in 2020, he had been engaged in continuous entrepreneurship in the cultural gifts and pop toys sectors. He had also served at Walmart (Shenzhen), Hong Kong Weiya Group, and CITIC Health, among others, with extensive experience in sales and management.

    The Company believes that the Transactions will further integrate the resources of both the Company and Letsvan, seamlessly aligning their business opportunities to create a more powerful synergy and reinforcing its competitive advantages in the pop toy segment and strategic positioning in the consumer sectors, and also enhance the platform capabilities of the Company.

    Safe Harbor Statements

    This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    About QuantaSing Group Limited

    QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users’ wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline. For more information, please visit: https://ir.quantasing.com.

    Contact

    Investor Relations
    Leah Guo
    QuantaSing Group Limited
    Email: ir@quantasing.com
    Tel: +86 (10) 6493-7857

    Robin Yang, Partner
    ICR, LLC
    Email: QuantaSing.IR@icrinc.com
    Phone: +1 (212) 537-0429

    The MIL Network –

  • MIL-OSI: BitMart Releases 2025 Mid-Year Report: Surpasses 12M Users Amid Market Challenges Through Innovation-Led Growth

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles, July 31, 2025 (GLOBE NEWSWIRE) — Global crypto exchange BitMart has unveiled its 2025 Mid-Year Report, showcasing impressive growth driven by cutting-edge technology, smart product expansion, and a strong focus on emerging assets. Despite a broader industry slowdown marked by fragmented liquidity and tempered user growth, BitMart bucked the trend—crossing 12 million registered users globally and maintaining a top-tier position in trading volume and market share through consistent innovation and strategic development.

    As of the end of June 2025, BitMart’s global registered users surpassed 12 million, with market share and trading volumes continuing to rank among the top global exchanges.

    Technological Innovation Drives Growth

    In the first half of 2025, BitMart launched its third-generation trading system, designed around speed, stability, and scalability. The new system reduces order processing time to 2 milliseconds and supports up to 80,000 orders per second, ensuring uninterrupted, stable operations even during periods of high volatility. Its modular and scalable architecture not only supports rapid growth in trading volumes but also lays a solid foundation for future innovations such as AI-driven trading and intelligent analytics.

    Powered by a series of technological upgrades and product optimizations, BitMart achieved strong growth against market headwinds. Global registered users surpassed 12 million, up 20% from the previous period. Average daily spot trading volume rose by more than 120% over the previous half-year, with May alone posting a 128% surge — the fastest growth among major global exchanges. Futures trading volume also increased by 52%, further consolidating BitMart’s leading position in the derivatives market.

    Deepening Asset Discovery: A Hub for High-Quality Projects

    BitMart has consistently leveraged a rigorous asset screening process and deep industry insights to offer users a wide range of opportunities. In the first half of 2025, the platform listed 538 quality assets spanning sectors such as MEME, AI, RWA, DePIN, and GameFi, including 341 first launches, which accounted for 63%. These new listings delivered strong market performance, with 24 tokens gaining over 1,000%, 46 rising by more than 500%, and 154 increasing by over 100%; notably, 19 of the top 20 best-performing tokens were first launched on BitMart.

    In May, BitMart launched the BM Discovery Zone, dedicated to early-stage, high-potential on-chain projects. Combining real-time data and dynamic risk control, the zone offers users a secure and efficient way to access early assets. By the end of June, it had listed 50 tokens, attracted over 300,000 participants, and recorded trading volumes of more than 300 million USDT, highlighting BitMart’s strong capabilities in asset discovery.

    A Diversified Product Matrix Enhancing User Experience

    In the first half of 2025, BitMart not only made breakthroughs in its trading system and asset offerings but also carried out a comprehensive upgrade of its product matrix and service ecosystem, expanding across derivatives, wealth management, fiat services, and Web3 and AI innovations to deliver a richer and more efficient trading experience.

    In derivatives, supported by an advanced matching engine and deep liquidity, BitMart’s futures trading volume continued to grow, with 468 tokens now available. In May, the platform launched three major initiatives: a Slippage Protection Program that lowered the compensation threshold to 0.02%, an Elite Trader Program to incentivize top traders, and a Community Partner Program to expand global engagement. Combining strong technical infrastructure with incentive mechanisms, these programs have created a flywheel driven by technology, ecosystem, and liquidity, helping BitMart capture high-value opportunities in the derivatives market.

    In wealth management, BitMart introduced new products including a dedicated Wealth Zone and a Crypto Loans service, while optimizing the user interface and launching joint campaigns to offer users a variety of asset growth options. As a result, wealth management products have become increasingly attractive, with AUM rising 266% since the beginning of the year. Going forward, BitMart will continue to innovate and refine its wealth management offerings, empowering more users to achieve stable asset growth.

    Fiat services also saw rapid growth. P2P trading has been continuously optimized, with transaction volume up 253%, orders up 67%, and the share of first-time buyers increasing by 54%. The newly launched card purchase service supports Visa, MasterCard and other major payment channels, covering 40+ countries and regions and supporting 20+ local fiat currencies. In the first half of the year, transaction volume grew more than 4.6 times, with both first-purchase and repeat-purchase rates showing significant improvement. As more local payment and fiat channels are added, BitMart will continue to expand in regulated markets and improve the payment experience, enabling global users to enter the market with zero barriers.

    In the area of Web3 and AI innovation, BitMart launched DEX+, overcoming the limitations of traditional single-chain DEX platforms and complex operations by supporting real-time discovery and convenient trading across multiple chains. Meanwhile, new AI-powered tools such as X Insight and Beacon have also been introduced, making investment decisions more efficient and intelligent.

    Expansion of the BMX Ecosystem

    BitMart’s platform token BMX continued to advance across multiple dimensions, including operational strategies, product integration, and community development, driving steady growth of the platform’s ecosystem. With the ongoing deflationary mechanism, BMX’s circulation structure has been further optimized and overall trading activity remains stable. Through regular trading competitions, VIP flash sales, anniversary campaigns and other initiatives, BMX’s use cases and user engagement have been continuously enhanced. At the same time, BitMart plans to expand additional features around payments and wallet ecosystems, such as cashback rewards and staking yields, to further strengthen the financial attributes and ecosystem value of BMX.

    Steady Progress in Global Compliance

    In the first half of 2025, building on its global presence, BitMart further increased investment in compliance development and reached strategic partnerships with leading local compliance service providers worldwide, aiming to build a more robust, transparent, and sustainable compliance framework. This cooperation covers clearing, custody, trading, and licensing compliance, aiming to provide higher compliance standards for the platform. The related systems have now entered the integration testing phase and are expected to officially launch services for major regulated markets worldwide by the end of this year. This will mark an important milestone in BitMart’s global compliance strategy and represent a critical step toward connecting global users with compliant markets.

    Building Long-Term Competitiveness

    With strong innovation and deep market insight, BitMart achieved significant breakthroughs in the first half of 2025. From rapid global user growth to deeper asset discovery and issuance capabilities, as well as the introduction of innovative products and major technology upgrades, BitMart has consistently maintained a leading position. Looking ahead, BitMart will continue to deepen technological innovation, enhance platform products, and provide smarter and more personalized services to meet the increasingly diverse needs of global users, contributing to the sustained growth and prosperity of the ecosystem.

    Full Report: https://bitmart.zendesk.com/hc/en-us/articles/39435771069211

    About BitMart

    BitMart is a premier global digital asset trading platform with more than 12 million users worldwide. Consistently ranked among the top crypto exchanges on CoinGecko, BitMart offers over 1,700 trading pairs with competitive fees. Committed to continuous innovation and financial inclusivity, BitMart empowers users globally to trade seamlessly. Learn more about BitMart at Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. Download BitMart App to trade anytime, anywhere.

    Disclaimer:

    The information provided is for informational purposes only and should not be considered a recommendation to buy, sell, or hold any financial assets. All information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of such information.

    All crypto investments, including earnings, are highly speculative in nature and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results. The value of digital currencies can go up or down and there can be a substantial risk in buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial circumstances, and risk tolerance. BitMart does not provide any investment, legal or tax advice.

    The MIL Network –

  • MIL-OSI: Media Advisory: BTCS to participate in upcoming fireside chat

    Source: GlobeNewswire (MIL-OSI)

    SILVER SPRING, Md., July 31, 2025 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, short for Blockchain Technology Consensus Solutions, is pleased to be participating in an upcoming event.

    What:   Fireside chat between BTCS CEO Charles Allen and Water Tower Research Analyst John Roy
    When:   August 6, 2025 at 1 p.m. ET
    Where:   Media and Investors are invited to register to attend the virtual event here.
         

    A replay will be available here following the session.

    About BTCS:
    BTCS Inc. (“BTCS” or the “Company”), short for Blockchain Technology Consensus Solutions, is a U.S.-based Ethereum-first blockchain technology company committed to driving scalable revenue and ETH accumulation through its hallmark strategy, the DeFi/TradFi Accretion Flywheel, an integrated approach to capital formation and blockchain infrastructure. By combining decentralized finance (“DeFi”) and traditional finance (“TradFi”) mechanisms with its blockchain infrastructure operations, comprising NodeOps (staking) and Builder+ (block building), BTCS offers one of the most sophisticated opportunities for leveraged ETH exposure, driven by scalable revenue generation and a yield-focused ETH accumulation strategy. Discover how BTCS offers operational and financial leveraged exposure to Ethereum through the public markets at www.btcs.com.

    For more information follow us on:
    Twitter: https://x.com/NasdaqBTCS
    LinkedIn: https://www.linkedin.com/company/nasdaq-btcs
    Facebook: https://www.facebook.com/NasdaqBTCS

    Investor Relations:
    Charles Allen – CEO
    X (formerly Twitter): @Charles_BTCS
    Email: ir@btcs.com

    The MIL Network –

  • MIL-OSI: Glasswing Ventures Expands Exclusive Advisory Network to Accelerate AI-Native Portfolio Success

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, July 31, 2025 (GLOBE NEWSWIRE) — Glasswing Ventures, a first capital-in investor in startups applying AI and frontier technology to the enterprise and cybersecurity markets, today announced the appointment of 12 distinguished business and security leaders to its Connect and Protect Advisory Councils. The appointments bring the firm’s exclusive advisor count to 62, reinforcing Glasswing’s position as the definitive catalyst for founders building the next generation of intelligent enterprise and security solutions.

    The AI-Native & Vertical AI Advantage
    Glasswing Ventures invests in AI-native companies — companies that build AI into their core, leveraging proprietary models, deep workflow intelligence, and unique data access to unlock new revenue models and customer ROI that is unattainable with traditional SaaS models. Glasswing portfolio companies deliver purpose-built platforms designed to execute complex, multi-step tasks that redefine how enterprises operate across critical verticals, including supply chain orchestration, threat intelligence, procurement optimization, and data productivity acceleration.

    ABI Research projects that the AI market will surge to $467 billion by 2030. As demand for enterprise automation accelerates, vertical AI agents are emerging as critical differentiators that seamlessly integrate industry expertise with advanced automation capabilities. This convergence creates unprecedented opportunities for startups that understand both the technology and the domain-specific challenges they are solving.

    The Collective Advisor Impact
    Glasswing’s Advisory Councils are an exclusive, curated network of technologists, AI visionaries, successful entrepreneurs, and Fortune 500 executives who share strategic insight and operational expertise with the firm. Advisors include technology leaders and go-to-market executives from companies such as Google, Meta, and Salesforce, and academics from top-tier universities like the Massachusetts Institute of Technology, Harvard Business School, and the University of California, Berkeley.

    Glasswing advisors have founded 48 companies, secured 305 patents, and published 4,582 papers, culminating in an unmatched depth of intellectual property and thought leadership in AI and frontier technologies.

    “We invest in exceptional entrepreneurs who aren’t just applying AI—they are harnessing it to revolutionize enterprise and security software across vertical industries, delivering superior customer value that creates sustainable competitive advantages,” said Rudina Seseri, Founder and Managing Partner of Glasswing Ventures. “The appointment of our 12 additional Advisory Council members reinforces our commitment to maintaining a leadership position in the AI and frontier tech investment space, ensuring portfolio companies have access to the strategic guidance and industry connections necessary to transform their respective markets.”

    Beyond Capital: The Glasswing Multiplier Effect
    As prototypical end users for many of the firm’s portfolio companies, Glasswing’s advisors serve as a critical resource for accelerating the adoption of new AI and frontier tech products. They help founders prioritize the right product improvements, foster connections within the industry, and drive revenue. This hands-on approach creates a multiplier effect, where portfolio companies benefit from the combined decades of industry experience and extensive professional networks.

    “Our commitment to our companies extends beyond capital,” said Rick Grinnell, Founder and Managing Partner, Glasswing Ventures. “We aim to be our founders’ most trusted resource, fostering alignment and mutual success. Through our deep advisor relationships, we provide unparalleled access to customers, talent, and expertise, enabling our portfolio companies to achieve their full potential as they reinvent entire industries.”

    Glasswing Ventures’ Advisory Councils
    Glasswing’s advisors serve as an extension of the firm, providing tactical and nuanced guidance throughout every phase of the startup journey. They include:

    • Connect Council: Business leaders, academics, and AI pioneers providing expertise across business functions, from go-to-market strategy to breakthrough technological innovation.
    • Protect Council: Cybersecurity, regulatory compliance, and risk management leaders dedicated to leveraging frontier technology to secure enterprise organizations.

    Advisor Executive Appointments:

    • Wendy Batchelder, Senior Vice President & Chief Data Officer, Centene Corporation
    • Anand Devendran, Chief Growth Officer, Inrupt
    • Didi Dotan, Senior Director of Engineering, Cisco
    • Derya Isler, Vice President, AI Applications, Salesforce
    • Michael Israel, Chief Information & Technology Officer, The Kraft Group & Affiliates
    • Rich James, Senior Staff Software Engineer, Google
    • Jigar Kadakia, SVP, Head of Information and Data Security, GeneDx
    • Jayanthi Pillutla, SVP of Data, AI/ML, Engineering, Stitch Fix
    • Alyssa Robinson, Chief Information Security Officer, HubSpot
    • Kevin Routhier, Former Founder, President & CEO, Coretelligent
    • Dwayne Smith, Senior Vice President, Information Security and Global Chief Information Security Officer, Vensure Employer Solutions
    • Aaron Weismann, Chief Information Security Officer, Main Line Health

    “Glasswing’s advisors consistently go above and beyond in helping us navigate the complexities of our business environment, from refining our data strategies to identifying innovative solutions aligned with our goals and providing introductions to key decision-makers,” said Scott Matthews, CEO of Verusen, an AI platform purpose-built to optimize inventory spend and risk for asset-intensive manufacturers’ MRO (maintenance, repair and operations) supply chain. “Their expertise is pivotal to addressing today’s key challenges, particularly leveraging new technology and fostering meaningful partnerships that drive growth and operational excellence.”

    “The contributions from Glasswing’s Protect Council advisors have been transformative,” said Paul Paget, CEO of Black Kite, the AI-native platform for cyber risk detection and response in companies’ supply chains. “The advisors have introduced us to more than a dozen enterprises and large prospects, the majority of whom have become customers.”

    About Glasswing Ventures:
    Glasswing Ventures is a first-capital-in venture capital firm dedicated to investing in startups applying AI and frontier technology to enterprise and cybersecurity markets. The firm was founded by visionary partners with decades of experience in these markets, a disciplined investment approach, and a strong track record of industry-leading returns. Glasswing leverages its deep domain expertise and world-leading advisory councils to invest in exceptional founders who transform markets and revolutionize industries. Visit Glasswing Ventures for more information.

    PR Contact:
    Ilona Mohacsi
    PenVine for Glasswing Ventures
    ilonam@penvine.com
    +1 631 764 3729

    The MIL Network –

  • MIL-OSI: Audacity Capital Brings Tailored Features to Prop Contests and Trading with DXtrade

    Source: GlobeNewswire (MIL-OSI)

    London, UK, July 31, 2025 (GLOBE NEWSWIRE) — Leading prop trading firm, Audacity Capital, has announced its licensing of DXtrade, the flagship trading platform from global software developer for the capital markets, Devexperts.

    Audacity Capital, which partners with disciplined, high-performance traders to unlock global market opportunities, will now offer its traders the option to trade using DXtrade, giving them access to a range of tailored features designed to enhance the trading experience. 

    With over 300,000 traders funded since 2012 and offering funded accounts up to $2m, Audacity Capital focuses on developing fast scaling programs and payout structures with a view to being a long term partner in trader success. The firm places an emphasis on transparency, personalization, and bespoke support.

    With DXtrade, which is available off-the-shelf in partly or fully customizable form, Audacity Capital will be able to deliver on these aims by providing its traders with a comprehensive suite of tools and features to enhance their prop trading experience, including an easy-to-navigate and intuitive interface with trading layout customization optionality; a performance dashboard to analyze performance, risk / reward ratios, win rates, and winning / losing trade holding times; an embedded trading journal, economic calendar, and multi-view watchlists; advanced charting library with responsive charting functionality; and all necessary order risk management settings.

    Traders can also benefit from Stop Loss and Take Profit settings, as well as order types and execution methods for all trading styles.

    Through its licensing of DXtrade, Audacity Capital will also be able to benefit from a variety of risk management capabilities to help manage traders and day-to-day activities. These include maximum drawdown and profit target, as well as real-time performance and rule adherence monitoring; support for group management; and integrated trading contest software, with fully adjustable settings along with leaderboards and shareable results.

    DXtrade also offers turnkey integration with any payment provider; custom prop plan, rules and metrics functionality; and full CRM connectivity.

    Karim Yousfi, CEO of Audacity Capital, says: “We’re excited to partner with DXtrade to bring our traders a powerful, flexible platform tailored to the demands of modern trading. This collaboration enhances our ability to support ambitious traders with the best tools available.”

    Jon Light, Head of OTC Platform at Devexperts, says: “Audacity Capital has built a strong reputation for finding and partnering with talented traders for the long term. We similarly look to build long-term relationships with our clients and know that offering an excellent service is a vital factor in doing so. We are therefore very pleased that Audacity has opted to license DXtrade and its comprehensive range of features designed to optimize the prop trading experience for firm and trader alike. As Audacity continues to grow, we look forward to our ongoing work together to deliver an intuitive and seamless experience. ”

    About Audacity Capital

    Founded in 2012, Audacity Capital is one of the longest standing and most trusted proprietary trading firms in the industry. With a mission to empower skilled traders globally, we offer fully funded accounts, no risk trading models, and tailored support to help traders reach their full potential. Having funded over 300,000 traders across 100+ countries, we’ve built a reputation for transparency, performance, and long term trader success.

    About Devexperts

    Devexperts has been developing software for the capital markets since 2002. The company’s flagship solution is DXtrade, a multi-asset platform for banks, brokerages, and wealth managers, serving customers across stocks, options, futures, ETFs, mutual bonds, FX, CFDs, and margin and spot crypto. With headquarters in Ireland, Devexperts’ development team consists of 800+ engineers located in offices in the USA, Germany, Bulgaria, Singapore, Portugal, Turkey, and Georgia. Learn more at: https://devexperts.com.

    The MIL Network –

  • MIL-OSI: Commerce Announces Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Commerce.com, Inc. (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced financial results for its second quarter ended June 30, 2025. Earlier this morning, BigCommerce announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, the Company will change its ticker to the symbol “CMRC” on the Nasdaq Global Market effective on or about August 1, 2025.

    “The second quarter was a defining period for our company, and today we mark an important milestone as we reintroduce ourselves as Commerce,” said Travis Hess, CEO of Commerce. “The strategy, product and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth.”

    Second Quarter Financial Highlights:

    • Total revenue was $84.4 million, up 3% compared to the second quarter of 2024.
    • Total annual revenue run-rate (“ARR”) as of June 30, 2025 was $354.6 million, up 3% compared to June 30, 2024.
    • Subscription solutions revenue was $63.7 million, up 3% compared to the second quarter of 2024.
    • ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $269.3 million as of June 30, 2025, up 6% from June 30, 2024.
    • ARR from Enterprise Accounts as a percent of total ARR was 76% as of June 30, 2025, compared to 73% as of June 30, 2024.
    • GAAP gross margin was 79%, compared to 76% in the second quarter of 2024. Non-GAAP gross margin was 80%, compared to 77% in the second quarter of 2024.

    Other Key Business Metrics

    • Number of enterprise accounts was 5,803, down 3% compared to the second quarter of 2024.
    • Average revenue per account (“ARPA”) of enterprise accounts was $46,403, up 9% compared to the second quarter of 2024.
    • Revenue in the United States grew by 3% compared to the second quarter of 2024.
    • Revenue in EMEA grew by 7% and revenue in APAC declined by 4% compared to the second quarter of 2024.

    Loss from Operations and Non-GAAP Operating Income (Loss)

    • GAAP loss from operations was ($6.8) million, compared to ($13.5) million in the second quarter of 2024.
    • Included in GAAP loss from operations was a restructuring charge of $1.6 million.
    • Non-GAAP operating income was $4.8 million, compared to $1.9 million in the second quarter of 2024.

    Net Income (Loss) and Earnings Per Share

    • GAAP net loss was ($8.4) million, compared to ($11.3) million in the second quarter of 2024.
    • Non-GAAP net income was $3.2 million or 4% of revenue, compared to $4.1 million or 5% of revenue in the second quarter of 2024.
    • GAAP basic net loss per share was ($0.10) based on 80.1 million shares of common stock, compared to ($0.15) based on 77.5 million shares of common stock in the second quarter of 2024.
    • Non-GAAP basic net income per share was $0.04 based on 80.1 million shares of common stock, compared to $0.05 based on 77.5 million shares of common stock in the second quarter of 2024.

    Adjusted EBITDA

    • Adjusted EBITDA was $5.7 million, compared to $3.0 million in the second quarter of 2024.

    Cash

    • Cash, cash equivalents, restricted cash, and marketable securities totaled $135.6 million as of June 30, 2025.
    • For the three months ended June 30, 2025, net cash provided by operating activities was $13.6 million, compared to $11.7 million provided by operating activities for the same period in 2024. We reported free cash flow of $11.9 million in the three months ended June 30, 2025.

    Business Highlights:

    Corporate Highlights

    • Former Adobe Fellow and Vice President of Technology Anil Kamath joined the Company’s Board of Directors.
    • In July, BigCommerce scored 24 out of 24 total medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions) for the third consecutive year. The Company advanced its rankings in five categories in both Editions and achieved more Gold medals in Midmarket than other platforms.
    • In July, BigCommerce also announced the launch of the B2B Quick Start Accelerator, a partner-led implementation program built to help mid-market B2B sellers launch faster, reduce risk and realize ROI sooner.
    • TrustRadius recognized Commerce with a 2025 Top Rated Award for ecommerce, based on the Company’s strong customer reviews.

    Customer Highlights

    • Minerva Beauty, a large salon and spa equipment showroom in the United States, launched a new storefront in partnership with Commerce agency partner Forix, featuring a custom shipping app that improves service and transparency for clients.
    • Great Star Tools, a leading manufacturer of innovative hand and power tools, used Commerce’s Multi-Storefront functionality to build B2B and B2C sites for its companies Primeline Parts and Arrow Tool Group.
    • Belami e-Commerce, a fast-growing online retailer and ecommerce services provider launched three storefronts on Catalyst and Makeswift using Commerce’s Multi-Storefront functionality and leveraging Commerce’s integration with PayPal Fastlane.
    • NanoTemper Technologies, a manufacturer of high-quality biophysical instruments and solutions that deliver reliable, precise results to customers, primarily laboratories, across Europe and the United States, launched a new storefront using Commerce’s B2B Edition.
    • Bright SG, a software company that provides cloud-based solutions for accounting, payroll, and HR to businesses across the UK and Ireland, worked with Commerce partner Brave Bison to implement a custom recurring payment solution using Stripe and Bright’s ERP system, Maxio, along with a custom WordPress integration.

    Partner Highlights

    • In June, Commerce announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results. Commerce now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.
    • In July, Commerce announced a deepened partnership with Google Cloud to accelerate merchant performance using Google Cloud’s next-generation AI tools.
    • In July, Commerce announced the launch of a powerful ecommerce accelerator purpose-built for the UK building materials industry. Developed in collaboration with leading digital agency Brave Bison, Product Information Management technology provider Pimberly, and construction industry consultant The Journey, the “Branch of the Future” accelerator provides building merchants with a comprehensive toolkit to digitize operations, meet the expectations of next-generation buyers and future-proof their businesses.

    Q3 and 2025 Financial Outlook:

    For the third quarter of 2025, we currently expect:

    • Total revenue between $85 million to $87 million.
    • Non-GAAP operating income is expected to be between $2.3 million to $3.3 million.

    For the full year 2025, we currently expect:

    • Total revenue between $339.6 million and $346.6 million.
    • Non-GAAP operating income between $19 million and $25 million.

    Our third quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

    We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

    Conference Call Information

    The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from Commerce’s investor relations website at http://investors.bigcommerce.com.

    Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

    About Commerce

    Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q3 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Use of Non-GAAP Financial Measures

    We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

    Annual Revenue Run-Rate

    We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

    Enterprise Account Metrics

    To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

    Average Revenue Per Account

    We calculate average revenue per account (“ARPA”) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of gross merchandise volume (“GMV”) processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

    Adjusted EBITDA

    We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

    Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

    Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

    Depreciation includes depreciation expenses related to the Company’s fixed assets.

    The most directly comparable GAAP measure is net loss.

    Non-GAAP Operating Income (Loss)

    We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

    Non-GAAP Net Income (Loss)

    We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

    Non-GAAP Basic and Dilutive Net Income (Loss) per Share

    We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

    Free Cash Flow

    We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

    BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

    Media Relations Contact Investor Relations Contact
    Brad Hem Tyler Duncan
    PR@Commerce.com InvestorRelations@Commerce.com
     
    Commerce.com, Inc.

    Condensed Consolidated Balance Sheets
    (in thousands)
     
        June 30,     December 31,  
        2025     2024  
        (unaudited)        
    Assets            
    Current assets            
    Cash and cash equivalents   $ 46,265     $ 88,877  
    Restricted cash     1,164       1,479  
    Marketable securities     88,190       89,283  
    Accounts receivable, net     51,767       48,117  
    Prepaid expenses and other assets, net     14,722       14,641  
    Deferred commissions     7,556       8,822  
    Total current assets     209,664       251,219  
    Property and equipment, net     8,983       9,128  
    Operating lease, right-of-use-assets     7,114       1,993  
    Prepaid expenses and other assets, net of current portion     5,797       3,146  
    Deferred commissions, net of current portion     4,143       5,559  
    Intangible assets, net     14,906       17,317  
    Goodwill     51,927       51,927  
    Total assets   $ 302,534     $ 340,289  
    Liabilities and stockholders’ equity            
    Current liabilities            
    Accounts payable   $ 8,775     $ 7,018  
    Accrued liabilities     3,464       3,194  
    Deferred revenue     55,738       46,590  
    Operating lease liabilities     1,766       2,438  
    Other liabilities     28,538       28,766  
    Total current liabilities     98,281       88,006  
    Convertible notes     157,545       216,466  
    Operating lease liabilities, net of current portion     6,709       1,680  
    Other liabilities, net of current portion     1,233       768  
    Total liabilities     263,768       306,920  
    Stockholders’ equity            
    Common stock     7       7  
    Additional paid-in capital     669,068       654,905  
    Accumulated other comprehensive income     114       145  
    Accumulated deficit     (630,423 )     (621,688 )
    Total stockholders’ equity     38,766       33,369  
    Total liabilities and stockholders’ equity   $ 302,534     $ 340,289  
     
    Commerce.com, Inc.

    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
     
        For the three months ended June 30,     For the six months ended June 30,  
        2025     2024     2025     2024  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
    Cost of revenue (1)     17,739       19,811       34,723       38,250  
    Gross profit     66,694       62,018       132,080       123,939  
    Operating expenses:                        
    Sales and marketing(1)     35,071       34,425       65,437       66,857  
    Research and development(1)     18,310       20,287       37,516       40,275  
    General and administrative(1)     15,855       15,436       29,499       30,365  
    Amortization of intangible assets     2,520       2,452       4,855       4,919  
    Acquisition related costs     111       334       444       667  
    Restructuring charges     1,614       2,572       3,526       2,572  
    Total operating expenses     73,481       75,506       141,277       145,655  
    Loss from operations     (6,787 )     (13,488 )     (9,197 )     (21,716 )
    Gain on convertible note extinguishment     0       0       3,931       0  
    Interest income     1,171       3,196       2,471       6,374  
    Interest expense     (2,522 )     (720 )     (5,065 )     (1,440 )
    Other expense     (23 )     (111 )     (130 )     (443 )
    Loss before provision for income taxes     (8,161 )     (11,123 )     (7,990 )     (17,225 )
    Provision for income taxes     (221 )     (132 )     (745 )     (422 )
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )
    Basic net loss per share   $ (0.10 )   $ (0.15 )   $ (0.11 )   $ (0.23 )
    Shares used to compute basic net loss per share     80,122       77,456       79,482       77,041  
                         

    (1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

        For the three months ended June 30,     For the six months ended June 30,  
        2025     2024     2025     2024  
    Cost of revenue   $ 720     $ 1,028     $ 1,466     $ 1,684  
    Sales and marketing     1,820       3,138       3,595       5,005  
    Research and development     2,740       3,273       5,782       6,749  
    General and administrative     2,045       2,582       1,901       5,174  
     
    Commerce.com, Inc.

    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Three months ended June 30,     Six months ended June 30,  
      2025     2024     2025     2024  
                           
    Cash flows from operating activities                      
    Net loss $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                      
    Depreciation and amortization expense   3,845       3,512       8,126       6,998  
    Amortization of discount on convertible notes   165       497       352       994  
    Amortization of premium on convertible notes   (408 )     0       (810 )     0  
    Stock-based compensation expense   7,236       10,009       12,445       18,397  
    Provision for expected credit losses   1,598       850       2,528       1,713  
    Gain on convertible notes extinguishment   0       0       (3,931 )     0  
    Other   0       (37 )     0       (37 )
    Changes in operating assets and liabilities:                      
    Accounts receivable   (9,005 )     (6,790 )     (5,985 )     (9,378 )
    Prepaid expenses and other assets   2,159       3,935       (2,925 )     (1,025 )
    Deferred commissions   747       (402 )     2,682       (191 )
    Accounts payable   444       (356 )     1,122       (1,245 )
    Accrued and other liabilities   8,078       4,168       (59 )     (433 )
    Deferred revenue   7,080       7,607       9,148       10,175  
    Net cash provided by operating activities   13,557       11,738       13,958       8,321  
    Cash flows from investing activities:                      
    Cash paid for website domain name   0       0       (2,444 )     0  
    Cash paid for acquisition   0       (100 )     0       (100 )
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software   (1,651 )     (1,064 )     (2,476 )     (1,870 )
    Maturity of marketable securities   13,000       62,525       41,579       91,965  
    Purchase of marketable securities   (32,572 )     (1,037 )     (40,517 )     (36,602 )
    Net cash provided by (used in) investing activities   (21,223 )     60,324       (3,858 )     53,393  
    Cash flows from financing activities:                      
    Proceeds from exercise of stock options   1,973       271       3,069       1,245  
    Taxes paid related to net share settlement of stock options   (126 )     0       (1,351 )     (1,325 )
    Payment of convertible note issuance costs   0     0       (217 )   0  
    Repayment of convertible notes and financing obligation   0       (137 )     (54,528 )     (271 )
    Net cash provided by (used in) financing activities   1,847       134       (53,027 )     (351 )
    Net change in cash and cash equivalents and restricted cash   (5,819 )     72,196       (42,927 )     61,363  
    Cash and cash equivalents and restricted cash, beginning of period   53,248       62,012       90,356       72,845  
    Cash and cash equivalents and restricted cash, end of period $ 47,429     $ 134,208     $ 47,429     $ 134,208  
    Supplemental cash flow information:                      
    Cash paid for interest $ 0     $ 6     $ 5,685     $ 445  
    Cash paid for taxes $ 259     $ 42     $ 479     $ 182  
    Right-of-use asset obtained in exchange for new operating lease liability $ 0     $ 0     $ 5,516     $ 0  
    Noncash investing and financing activities:                      
    Capital additions, accrued but not paid $ 735     $ 117     $ 735     $ 117  
    Fair value of shares issued as consideration for acquisition $ 0     $ 248     $ 0     $ 248  
     
    Commerce.com, Inc.

    Disaggregation of Revenue
     
    Disaggregated Revenue:
     
        Three months ended June 30,     Six months ended June 30,  
    (in thousands)   2025     2024     2025     2024  
    Subscription solutions   $ 63,656     $ 61,796     $ 125,769     $ 122,755  
    Partner and services     20,777       20,033       41,034       39,434  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
    Revenue by Geography:
     
        Three months ended June 30,     Six months ended June 30,  
    (in thousands)   2025     2024     2025     2024  
    Revenue:                        
    United States   $ 64,405     $ 62,428     $ 127,026     $ 123,567  
    EMEA     9,889       9,281       19,854       18,473  
    APAC     6,118       6,343       12,043       12,597  
    Rest of World     4,021       3,777       7,880       7,552  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
     
    Commerce.com, Inc

    Reconciliation of GAAP to Non-GAAP Results
    (in thousands, except per share amounts)
    (unaudited)
     
    Reconciliation of loss from operations to Non-GAAP operating income:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Loss from operations   $ (6,787 )   $ (13,488 )   $ (9,197 )   $ (21,716 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Non-GAAP operating income   $ 4,783     $ 1,891     $ 12,372     $ 5,054    
    Non-GAAP operating income as a percentage of revenue     5.7   %   2.3   %   7.4   %   3.1   %
     
    Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Gain on convertible notes extinguishment     0       0       (3,931 )     0    
    Non-GAAP net income   $ 3,188     $ 4,124     $ 8,903     $ 9,123    
    Basic net loss per share   $ (0.10 )   $ (0.15 )   $ (0.11 )   $ (0.23 )  
    Non-GAAP basic net income per share   $ 0.04     $ 0.05     $ 0.11     $ 0.12    
    Non-GAAP diluted net income per share   $ 0.04     $ 0.05     $ 0.11     $ 0.12    
    Shares used to compute basic net loss per share and basic Non-GAAP net income per share     80,122       77,456       79,482       77,041    
    Shares used to compute diluted Non-GAAP net income per share     80,988       79,291       80,660       79,085    
    Non-GAAP net income as a percentage of revenue     3.8   %   5.0   %   5.3   %   5.6   %
     
    Reconciliation of net loss to adjusted EBITDA:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Depreciation     946       1,060       2,190       2,079    
    Gain on convertible notes extinguishment     0       0       (3,931 )     0    
    Interest income     (1,171 )     (3,196 )     (2,471 )     (6,374 )  
    Interest expense     2,522       720       5,065       1,440    
    Other expenses     23       111       130       443    
    Provision for income taxes     221       132       745       422    
    Adjusted EBITDA   $ 5,729     $ 2,951     $ 14,562     $ 7,133    
    Adjusted EBITDA as a percentage of revenue     6.8   %   3.6   %   8.7   %   4.4   %
     
    Reconciliation of Cost of revenue to Non-GAAP cost of revenue:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Cost of revenue   $ 17,739     $ 19,811     $ 34,723     $ 38,250    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     720       1,028       1,466       1,684    
    Non-GAAP cost of revenue   $ 17,019     $ 18,783     $ 33,257     $ 36,566    
    As a percentage of revenue     20.2   %   23.0   %   19.9   %   22.5   %
     
    Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Sales and marketing   $ 35,071     $ 34,425     $ 65,437     $ 66,857    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     1,820       3,138       3,595       5,005    
    Non-GAAP sales and marketing   $ 33,251     $ 31,287     $ 61,842     $ 61,852    
    As a percentage of revenue     39.4   %   38.2   %   37.1   %   38.1   %
     
    Reconciliation of Research and development expense to Non-GAAP research and development expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Research and development   $ 18,310     $ 20,287     $ 37,516     $ 40,275    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     2,740       3,273       5,782       6,749    
    Non-GAAP research and development   $ 15,570     $ 17,014     $ 31,734     $ 33,526    
    As a percentage of revenue     18.4   %   20.8   %   19.0   %   20.7   %
     
    Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    General & administrative   $ 15,855     $ 15,436     $ 29,499     $ 30,365    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     2,045       2,582       1,901       5,174    
    Non-GAAP general & administrative   $ 13,810     $ 12,854     $ 27,598     $ 25,191    
    As a percentage of revenue     16.4   %   15.7   %   16.5   %   15.5   %
     
    Reconciliation of net cash provided by operating activities to free cash flow:
     
        Three months ended June 30,     Six months ended June 30,  
        2025     2024     2025     2024  
    (in thousands)                        
    Net cash provided by operating activities   $ 13,557     $ 11,738     $ 13,958     $ 8,321  
    Cash paid for website domain name     0       0       (2,444 )     0  
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software     (1,651 )     (1,064 )     (2,476 )     (1,870 )
    Free cash flow   $ 11,906     $ 10,674     $ 9,038     $ 6,451  

    The MIL Network –