Category: Technology

  • MIL-OSI: Astrocade Rolls Out AI Agent-Powered Game Creation Experience; Opening the Door for Everyone to Create – and Remix – Games in minutes

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, July 30, 2025 (GLOBE NEWSWIRE) — Astrocade, the AI-powered social gaming platform on a mission to make game creation as effortless as a wish, today announced the public launch of its completely re-imagined product experience. The new Astrocade introduces AI-guided brainstorming, bespoke in-game editors, and deep remix capabilities, turning the spark of an idea into a playable, shareable game faster than ever before.

    Founded by CEO Amir Sadeghian, PhD, Stanford’s AI Lab, CTO Ali Sadeghian, PhD, ex Google Research, and Fei-Fei Li, Co-Director of Stanford’s Human-Centered AI Institute, Astrocade is an entirely new form of interactive engagement never before accessible to casual gamers.

    “My brother and I moved around a lot as kids, from country to country, and we always found each new place filled with excitement, new adventures, and new people. These experiences enriched and changed us for the better, and became the inspiration for Astrocade,” said Amir Sadeghian. “We wanted to make it possible for people to build and share their dream interactive worlds.”

    Astrocade’s overhaul directly addresses the biggest barrier facing aspiring creators: the dreaded blank page. A new AI Brainstorming Flow sparks ideas from scratch or refines half-formed concepts into rich game blueprints. Once a vision is set, Astrocade generates a customized edit mode. A tailor-made toolset specific to each game’s unique needs, so creators can iterate with laser-focused simplicity.

    Building on the platform’s “TikTok-for-games” ethos, Astrocade now embraces remix culture at its core. Every game can be cloned, tweaked, and re-shared, letting creators riff on friends’ projects, birth new genres, and push interactive storytelling in unexpected directions. Enhanced creator profiles act as living portfolios, showcasing each user’s growing universe of original and remixed games and helping them build a following within the community.

    “Astrocade’s new release tears down the final wall between inspiration and creation,” said Amir Sadeghian, PhD, Co-Founder and CEO of Astrocade. “By pairing specialized AI agents, handling everything from visuals to moment-to-moment gameplay feel, with tools that adapt to each creator’s vision, we’re empowering anyone to make and share interactive worlds in minutes.”

    Key product highlights

    • AI-Guided Brainstorming: Jump-start creativity with conversational ideation that transforms a spark into a ready-to-build concept.
    • Game-Specific Editors: Astrocade’s AI assembles the perfect toolkit for each individual game, streamlining iteration.
    • One-Tap Remixing: Clone, modify, and re-publish any public game, fueling a virtuous cycle of community-driven innovation.
    • Specialized AI Agent Team: Dedicated agents collaborate in real time to craft art, UI, narrative, audio, and mechanics.
    • Upgraded Creator Profiles: Showcase creations, grow audiences, and establish a recognizable creative voice.

    Series A on the horizon

    Astrocade also confirmed it is in the final stages of closing its Series A financing, following last year’s $12 million seed round led by AME Cloud Ventures, NVIDIA, Venture Reality Fund, Chaac Ventures, and industry luminaries including Eric Schmidt and Niccolo De Masi. Additional details on the Series A will be shared soon.

    Availability

    The redesigned Astrocade experience is available now at www.astrocade.com. New creators can sign up today and begin crafting their first game, no coding required.

    About Astrocade

    Astrocade is an AI-powered social gaming platform that lets anyone create, iterate, remix, and share games with friends and a global community. It was founded in late 2022 by Amir Sadeghian, Ali Sadeghian, and Fei-Fei Li and head quartered in Los Altos. For more information, please visit www.astrocade.com.

    The MIL Network

  • MIL-OSI Canada: Minister Solomon to participate in an event hosted by the Foundation for Black Communities in Toronto

    Source: Government of Canada News

    The Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario, will deliver remarks at the Black Ideas Grant (B.I.G) 2.0 event in Toronto.

    Minister Solomon is attending on behalf of the Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario.

    Please note that all details are subject to change.

    Date:       Thursday, July 31, 2025

    Time:       
    12:45 p.m. EDT

    Place:       
    Rwanda Canadian Healing Centre
                      339 Queen Street East
                      Toronto, Ontario

    Notes for media:

    To register, contact communications@forblackcommunities.org with your name and media outlet.

    – 30 –

    MIL OSI Canada News

  • MIL-OSI Asia-Pac: President Lai meets delegation from US National Endowment for Democracy

    Source: Republic of China Taiwan

    Details
    2025-07-24
    President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam  
    On the morning of July 24, President Lai Ching-te met with a delegation led by Republic of Somaliland Minister of Foreign Affairs and International Cooperation Abdirahman Dahir Adam. In remarks, President Lai thanked the Somaliland government for its longstanding, staunch support for Taiwan-Somaliland relations. The president mentioned that this year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices and that our exchanges in various areas have yielded significant results. He expressed hope for continuing to deepen our partnership, advancing our bilateral friendship and fruitful cooperation. A translation of President Lai’s remarks follows: I warmly welcome all of our guests to Taiwan. This is the first visit to Taiwan for Minister Adam, Minister Khadir Hussein Abdi, and Admiral Ahmed Hurre Hariye. I thank you for your high regard and support for Taiwan. I also very much appreciate that Lead Advisor Mohamed Omar Hagi Mohamoud, who served as representative of Somaliland to Taiwan during the past five years, continues deepening Taiwan-Somaliland ties in his new role. Somaliland is renowned as a beacon of democracy in the Horn of Africa. I want to once again congratulate Somaliland on successfully holding presidential and political party elections last November, which garnered praise from the international community. At that time, I appointed Deputy Minister of Foreign Affairs François Chihchung Wu (吳志中) to serve as special envoy and lead a delegation to attend the inauguration of President Abdirahman Mohamed Abdullahi, demonstrating that Taiwan would work closely with Somaliland’s new government to write a new chapter in our friendship. Recently, authoritarian regimes have continued to apply new forms of coercion as they intensify suppression of Taiwan’s and Somaliland’s international participation. In response, our two sides must continue to deepen our partnership and demonstrate the resilience of democratic alliances, as well as our staunch commitment to defending our values.  This year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices. Through our joint efforts, we have continued to expand exchanges in various areas, yielding significant results. This afternoon, we will also sign an agreement on coast guard cooperation, launching bilateral cooperation in maritime affairs. Regarding President Abdullahi’s focus on maritime security, the blue economy, and other policy objectives, we can strengthen our bilateral partnership moving forward. In addition, we also hope to work together with like-minded countries such as the United States, and through trilateral or multilateral cooperation platforms, realize the strategic goal of a non-red Somaliland coastline. I want to thank the Somaliland government once more for its longstanding, staunch support for Taiwan-Somaliland relations. I look forward to working with all of you to continue to advance our bilateral friendship and fruitful cooperation. In closing, I once again welcome Minister Adam and the delegation. I have every confidence that, in addition to advancing bilateral cooperation, this trip will allow you to experience Taiwan’s natural beauty and diverse culture. Minister Adam then delivered remarks, thanking the government and people of Taiwan for the warm hospitality they have received since their arrival. He stated that Taiwan is a peaceful nation and that it shares with Somaliland the value of democracy. He stated that we also share the goal of obtaining recognition, so he is glad that the Taiwan-Somaliland relationship is growing by the day. Minister Adam pointed out that there is much pressure that we are both facing in our relationship, but he reassured President Lai that no amount of pressure can change Somaliland’s strong ties with Taiwan. He also thanked the Taiwan government for the help it has proffered to Somaliland, adding that our relationship will only get better. Minister Adam said that Taiwan and Somaliland can cooperate in many areas and that there is more opportunity in Somaliland than any other country, adding that Somaliland is open for investment from Taiwan. Noting that our countries can also collaborate in other areas such as education and maritime security, the minister said that he is glad they will be signing a cooperative agreement in maritime security with Taiwan. He then said he is looking forward to a better relationship in the future. The delegation was accompanied to the Presidential Office by Somaliland Representative to Taiwan Mahmoud Adam Jama Galaal.  

    Details
    2025-07-22
    President Lai meets cross-party Irish Oireachtas delegation
    On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: NREL Transportation Researchers Recognized for Leadership, Innovativeness, and Collaboration at Vehicle Technologies Office Annual Merit Reviews

    Source: US National Renewable Energy Laboratory


    Transportation researchers from NREL received awards at the 2025 Annual Merit Review meeting for the U.S. Department of Energy’s (DOE’s) Vehicle Technologies Office (VTO).

    Each year, VTO presents awards to individuals from partner institutions for contributions to overall program efforts and to recognize research, development, demonstration, and deployment achievements in specific areas.

    VTO Lifetime Distinguished Achievement Award – Margo Melendez

    Margo Melendez, NREL’s chief transportation technology deployment and integration engineer, was recognized for her dedication to VTO’s Technology Integration (TI) program and her commitment to the Clean Cities and Communities mission. The award noted that “her leadership has formed an essential connection between DOE, NREL, and stakeholders across a wide range of alternative fuel and advanced transportation fields.”

    NREL’s Margo Melendez, recipient of a VTO Lifetime Distinguished Achievement Award, with VTO Director Austin Brown and VTO Technology Integration manager Mark Smith.

    Clean Cities and Communities (CC&C) is a DOE partnership that fosters collaboration and innovation to advance transportation energy choices nationwide. More than 75 DOE-designated CC&C coalitions work in urban, suburban, and rural areas to deliver objective technical expertise based on a unique understanding of local markets. DOE’s VTO facilitates the administration of CC&C through its TI program.

    Melendez was recognized by VTO for her more than two decades of serving as a leader in the TI and CC&C national laboratory team. The award honored her work in guiding NREL teams that provide critical technical assistance to the CC&C partnership.

    She was also recognized for managing projects as part of a multimillion-dollar effort funded jointly by DOE, the California Energy Commission, and the South Coast Air Quality Management District to advance the state of technology for natural gas vehicles.

    “In addition to the technical projects, the partnership among funding agencies to come together to establish common goals was unique,” Melendez said.

    She credited the many engineers and researchers at VTO for her success. “Their vision for innovation is inspiring, and their leadership has helped so many Americans, from researchers to vehicle operators,” she said.

    VTO Team Award – RouteE and FASTSim

    The NREL teams that developed Route Energy Prediction (RouteE) modeling tools and the Future Automotive Systems Technology Simulator (FASTSim) were recognized by VTO for their “remarkable ingenuity, collaboration, impactful contributions, and outstanding technical expertise.” RouteE and FASTSim can be used to minimize energy consumption, simulate powertrains, and estimate the impact of technology improvements on light-, medium-, and heavy-duty vehicles.

    The tool development teams were recognized this year for having integrated new research approaches and continued collaborations with external partners, including Google Maps. The team’s work enabled Google Maps’ eco-routing feature.

    The award recognized a number of NREL transportation and mobility analysis researchers, including Chad Baker, Robin Steuteville, Nick Reinicke, Jeff Gonder, Shashi Peddireddy, Balashanmuga Priyan Rajamohan, Ananta Shrestha, Kyle Carow, Jake Holden, Rob Fitzgerald, and Josh Hoshiko and former NREL intern Natalie Schultz.

    VTO Team Award – Cooperative Driving Automation

    Two multilab Cooperative Driving Automation (CDA) projects were awarded VTO Team Awards, including one that involved NREL, Oak Ridge National Laboratory, and Argonne National Laboratory. These CDA projects were recognized for outstanding collaboration between laboratories and projects “to advance the understanding and implementation of CDA.”

    In these projects, researchers developed novel software, algorithms, and hardware needed to quantify the energy impacts and the sensitivity on different communication frameworks, as well as for specific CDA and active traffic management (ATM) applications.

    CDA enables multiple automobiles or other road vehicles and road users to communicate with one another and take cooperative actions to increase safety and smoothness of travel. The CDA project teams were recognized in particular for their current work on a shared scenario to demonstrate specific CDA controls.

    The NREL researchers recognized as part of these projects were transportation energy transition analysis researcher Nick Reinicke and computational science researcher Qichao Wang.

    Learn more about NREL’s transportation and mobility research. And sign up for NREL’s transportation and mobility research newsletter, Mobility Matters, to stay current on the latest news.

    MIL OSI USA News

  • MIL-OSI USA: 07.30.2025 Sens. Cruz, Scott Lead Bill to Stop Federal Reserve from Paying Interest on Bank Reserves

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – Today, U.S. Sens. Ted Cruz (R-Texas) and Rick Scott (R-Fla.) introduced the Fiscal Accountability for Interest on Reserves (FAIR) Act to eliminate the Federal Reserve’s authority to pay interest on bank reserves.
    Sen. Cruz said, “The Federal Reserve’s authority to pay interest on reserves rewards big banks—including large foreign banks—at the expense of all Americans. The FAIR Act replaces this authority—reducing the deficit, allowing more small businesses to access capital, and putting the Fed back on a path of fiscal responsibility. The Fed should not be in the business of increasing foreign banks’ profits, and I strongly urge my colleagues to pass this bill without delay.”
    Sen. Scott said, “The Federal Reserve under Jay Powell’s leadership has been a failure to the American people – it has failed to provide stability, transparency or accountability Americans deserve from the central bank, and has failed to use dollars in the best interests of the American people. Our bill, the FAIR Act, is a great step to refocusing the Fed on American families by stopping their ability to pay interests to banks on reserves when these dollars could be used to fund the government, benefit American families, and pay down the nation’s $37 trillion debt crisis. Jay Powell has already downplayed inflation, rubber-stamped reckless policies, and has fostered a culture of corruption and mismanagement costing taxpayers trillions, while putting the interests of all others before American families. We must force change at the Federal Reserve to put families’ best interest first, bring accountability to the Federal Reserve, and restore fiscal sanity to the nation – my FAIR Act is a great step and I urge my colleagues to pass this ASAP.”
    Read the full text of the bill here.
    Companion legislation was introduced in the House by Rep. Warren Davidson (R-Ohio-08).
    Rep. Davidson said, “The Federal Reserve should not pay interest on banks’ reserves. It robs the Treasury, and perhaps worse, it distorts markets. If banks want returns, they should deploy their capital by making loans. Market economies need capital, not central planning. I’m glad to sponsor the House version of the Fiscal Accountability for Interest on Reserves Act to end this nonsensical practice.”
    BACKGROUND

    Since 2008, the Federal Reserve’s policy of paying interest on bank reserves has resulted in more than $580 billion in payouts to banks.
    Nearly three-quarters of those interest costs accrued during the Biden administration. In 2024 alone, the Fed paid more than $186 billion in interest payments to banks.
    These payments primarily flowed to the largest banks, which hold the most in reserves at the Fed. At any given time, foreign banks have received between 40 and 50 percent of the Federal Reserve’s total interest payments.

    MIL OSI USA News

  • MIL-OSI: MemoCore Supplement Official Launch | Memory, Focus & Natural Memo core Drops Support

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 30, 2025 (GLOBE NEWSWIRE) —

    MemoCore proudly announces the official launch of its revolutionary new product, MemoCore Drops, a natural brain support supplement designed to enhance memory, focus, and overall cognitive health. Developed after extensive research and testing, MemoCore Drops arrives at a time when more individuals than ever are seeking natural, stimulant-free ways to combat mental fatigue, sharpen their focus, and support long-term brain vitality.

    A Timely Solution for a Growing Concern

    Across the world, millions struggle with memory lapses, brain fog, and reduced concentration due to age, stress, digital overload, and modern lifestyle challenges. MemoCore Drops was created in direct response to this rising need for effective, non-invasive solutions that nourish the brain naturally.

    Unlike many synthetic no tropics that rely heavily on stimulants, MemoCore Drops focuses on long-term support through plant-based compounds, vitamins, and brain-healthy nutrients. The goal is not a quick burst of energy but rather sustainable improvement in clarity, recall, and cognitive resilience. Click Here to Support Your Memory & Focus Naturally

    The Vision Behind MemoCore Drops

    The MemoCore development team included neuroscientists, nutrition experts, and health specialists who dedicated more than a year to formulating a supplement that supports brain performance naturally. Their mission was clear:

    • Deliver real, sustainable cognitive support without relying on harsh stimulants.
    • Provide a clean-label product free from proprietary blends, ensuring transparency.
    • Support not just mental performance in the short term but also long-term brain health and protection.
    • Make the supplement easy to use and accessible for people of all ages.

    MemoCore Drops was born out of this vision, offering a solution tailored to meet the demands of today’s fast-paced, high-stress world.

    What Sets MemoCore Supplement Apart

    MemoCore Drops distinguishes itself from the crowded supplement market through a blend of science-backed ingredients and strict quality standards. The formulation combines time-tested botanicals with essential nutrients known to play a role in cognitive support.

    Some key highlights include:

    • A non-stimulant formula that avoids jitters, crashes, or dependency.
    • A once-daily use design that fits seamlessly into busy lifestyles.
    • Production in Good Manufacturing Practices (GMP)-certified facilities, ensuring quality and safety.
    • Transparent labeling, with no hidden blends or undisclosed ingredients.

    This commitment to transparency and safety positions MemoCore Drops as a supplement consumers can feel confident about.

    Inside the MemoCore Supplement Formula

    MemoCore Drops includes a carefully selected blend of botanicals and nutrients, each chosen for its potential benefits in supporting memory, clarity, and focus.

    • Bacopa Monnieri: A revered Ayurvedic herb linked to improved memory formation, reduced anxiety, and enhanced learning ability.
    • Ginkgo Biloba: Believed to increase cerebral blood flow, helping to support sharper thinking and clearer focus.
    • Phosphatidylserine: A crucial phospholipid that supports healthy brain cell communication and may enhance memory performance.
    • B-Vitamins: Vital for energy metabolism and nerve function, helping sustain mental clarity and reduce cognitive fatigue.

    This blend works synergistically to provide gradual, long-term benefits rather than relying on artificial energy boosts.

    Click Here to Support Your Memory & Focus Naturally

    Who Can Benefit from MemoCore Supplement Drops

    MemoCore Drops is designed to serve a wide range of individuals, making it a versatile supplement for anyone seeking cognitive support.

    • Older Adults: Helps maintain memory and clarity as part of healthy aging.
    • Students: Provides natural focus support during study sessions and exams without stimulant crashes.
    • Busy Professionals: Supports sharp decision-making and concentration during long workdays.
    • Remote Workers: Helps combat digital fatigue and maintain productivity in high-demand environments.
    • Wellness Enthusiasts: Complements holistic health routines with natural brain support.

    The simple once-daily format ensures convenience without disrupting daily routines.

    Early Reception and Market Buzz

    Since its soft introduction to select markets, MemoCore Drops has already begun generating buzz. Wellness blogs and nutrition-focused publications have praised its transparent formula and clean-label promise. Many early users have reported feeling sharper, more focused, and less mentally fatigued after consistent use.

    At the same time, Memo Core’s marketing has sparked debate. While some applaud its strong branding and professional presentation, others caution consumers to remain vigilant and look beyond advertising claims. MemoCore Supplement Drops positions itself as a serious player in the cognitive health market, but industry experts agree that long-term credibility will depend on continued transparency and clinical validation.

    Pros of MemoCore Drops

    • Non-Stimulant Formula – Provides brain support without caffeine, jitters, or crashes.
    • Scientifically Chosen Ingredients – Uses Bacopa, Ginkgo, Phosphatidylserine, and B-vitamins, all linked to cognitive health benefits.
    • Transparent Labeling – No hidden blends or undisclosed ingredients; consumers know exactly what they’re taking.
    • Supports Long-Term Brain Health – Designed for gradual improvements in memory, focus, and mental clarity.
    • Convenient Usage – Once-daily format makes it easy to integrate into any routine.
    • Made in GMP-Certified Facilities – Ensures quality, safety, and consistency with every batch.
    • Suitable for All Adults – Can be used by seniors, students, professionals, and wellness enthusiasts alike.
    • No Artificial Additives – Clean-label approach without unnecessary fillers or chemicals.
    • Supports Mental Energy and Clarity – Helps reduce brain fog and promotes clearer thinking.
    • Encourages Healthy Aging – Provides nutrients beneficial for maintaining cognitive resilience over time.

    Cons of MemoCore Drops

    • Lack of Clinical Trials – No published independent studies confirming its effectiveness.
    • Not FDA Approved – Like most supplements, it is not approved to diagnose, treat, or cure diseases.
    • Marketing Concerns – Some critics note aggressive advertising tactics that may feel exaggerated.
    • Results May Vary – Some users may notice benefits quickly, while others may need several weeks.
    • Requires Consistency – Not a quick-fix solution; effects build gradually over time.
    • Limited User Reviews – Being a newly launched product, real-world feedback is still minimal.
    • Potential Interactions – Individuals on medication or with medical conditions should consult a doctor before use.
    • No Guarantee of Results – As with most natural supplements, outcomes differ based on individual health and lifestyle.

    Strengths of MemoCore Drops

    MemoCore Drops offers several advantages that appeal to today’s health-conscious consumer:

    • No artificial stimulants: Supports clarity without jittery side effects.
    • Clean, transparent labeling: Allows users to understand exactly what they are taking.
    • Convenience: Easy daily use that integrates into any lifestyle.
    • Scientific formulation: Ingredients chosen based on established research.
    • Broad appeal: Suitable for a wide demographic, from students to seniors.

    Click Here to Support Your Memory & Focus Naturally

    Addressing Consumer Questions

    Is MemoCore Drops FDA Approved?

    MemoCore Drops is manufactured in FDA-registered facilities and follows strict GMP guidelines. However, like most dietary supplements, it is not FDA-approved and is not intended to diagnose, treat, cure, or prevent any disease.

    How Long Before Results Are Noticed?

    Most users are advised to take MemoCore Drops consistently for several weeks before noticing improvements. Because it is non-stimulant based, effects tend to build gradually over time.

    Are There Side Effects?

    MemoCore Drops is made with natural ingredients and is considered safe for most adults. However, individuals with existing medical conditions or those taking other medications should consult a healthcare provider before use.

    The Road Ahead for MemoCore Supplement Drops

    The launch of MemoCore Drops marks just the beginning of the company’s long-term vision. Plans are already underway to:

    • Expand distribution to international markets.
    • Collaborate with research institutions for further clinical studies.
    • Continue refining the formula based on consumer feedback and emerging science.
    • Build stronger educational campaigns around cognitive health and lifestyle synergy.

    By focusing on evidence-based improvements and ethical marketing, MemoCore aims to establish itself as a trusted name in brain health supplementation.

    Why MemoCore Drops Matters

    In today’s world, where mental performance is as crucial as physical well-being, MemoCore Drops offers an appealing solution. It provides natural support without resorting to synthetic stimulants or questionable quick fixes. By encouraging gradual, sustainable improvements in clarity and focus, MemoCore positions itself as a supplement for those who value long-term brain health as much as short-term performance.

    For consumers tired of overhyped energy boosters and questionable “miracle pills,” MemoCore Drops stands out as a refreshing and thoughtful alternative.

    Conclusion

    The official launch of MemoCore Drops signals an exciting chapter in the cognitive health supplement market. With its transparent formula, natural ingredients, and commitment to quality, MemoCore is poised to attract consumers seeking safe and effective brain support.

    While questions remain about its long-term impact and the need for more clinical validation, the brand’s mission to deliver sustainable cognitive wellness solutions has already begun resonating with health-conscious audiences worldwide.

    MemoCore Drops is more than a supplement; it’s a symbol of a growing movement toward holistic brain care—one that blends traditional wisdom, modern science, and consumer transparency.

    Media Contact:

    Project name: Memo Core

     Tel.: +1 (434) 425-7300

     Company Number: 306178201

     Full Name: Harry Bailey

     Website: https://getmemocore.com/

     Email: support@Memocore.com

    Attachment

    The MIL Network

  • MIL-OSI: Sleep Lean 2025: How SleepLean Supplement Helps You To Lose Weight While Sleeping – Here’s What Sleep Lean Reports Say

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 30, 2025 (GLOBE NEWSWIRE) — As the connection between quality sleep and body composition becomes more widely recognized, a new supplement is drawing attention for its unique nighttime approach: Sleep Lean. Early adopters and wellness insiders alike are calling it a promising advancement in aligning sleep patterns with body balance goals — all without disrupting rest.

    In recent years, wellness has become more than just daytime habits and fitness trackers — it’s now encompassing what happens after dark. This evolving awareness has led to increased interest in nighttime formulations like Sleep Lean, which offer support during one of the body’s most crucial regenerative phases: sleep.
    Historically, weight-related products were focused on daytime activity — with emphasis on energy output, dietary routines, or caloric adjustment. However, new insights into circadian biology and hormonal cycles have made it clear: what happens during sleep profoundly affects how the body functions during the day.
    This is where Sleep Lean enters the discussion. It’s not a quick-action formula or a disruptive sleep aid. Instead, it’s designed to work alongside the body’s built-in rhythm — allowing rest, regulation, and renewal to occur without interruption.
    Industry analysts are watching this space closely. According to wellness trend trackers, the demand for evening-based supplements has surged over the past 18 months, especially among those in midlife wellness communities. As interest in sleep as a foundational pillar of health continues to grow, products like Sleep Lean are no longer fringe — they’re becoming central to how people manage body balance over time.

    Why Sleep Lean Is Drawing Attention in 2025: A New Take on Rest and Body Balance

    As the global wellness industry continues to evolve, a quiet but significant shift is underway: people are starting to value sleep not just for energy restoration, but as a critical window for internal balance. At the center of this shift is Sleep Lean, a new entry into the nighttime support space that’s gaining traction among individuals seeking a gentler, more natural path to wellness.

    Unlike traditional approaches that rely on daytime energy enhancers or restrictive regimens, Sleep Lean offers something different — support that works in harmony with the body’s natural overnight functions. Early interest in the product isn’t coming from hype alone; it’s being driven by word-of-mouth, wellness forums, and growing reports of improved rest patterns combined with subtle body recalibration.

    Wellness professionals are calling this the “rest revolution” — a shift from doing more to doing smarter. Sleep Lean taps directly into this trend by focusing on metabolic support when the body is already designed to recover: during sleep.

    With interest growing across the U.S. and abroad, Sleep Lean is emerging not as a fad, but as a reflection of changing priorities. In a market crowded with overstimulating solutions, this product is helping users reconnect with one of the most powerful — and often overlooked — tools in wellness: sleep itself.

    Visit Official Website To Get More Information

    The Science of Sleep and Metabolism: Why Nighttime May Be the Missing Piece

    Modern research continues to affirm that sleep and metabolism are deeply interconnected — yet the wellness space has traditionally focused on daytime strategies. This is precisely where Sleep Lean finds its relevance in 2025: bridging the overlooked link between restorative rest and internal balance.

    During sleep, the body doesn’t shut down — it shifts gears. Hormonal activity changes, repair functions intensify, and energy regulation mechanisms subtly adjust. Growth hormone, for instance, is more active during deep sleep, supporting tissue recovery and nutrient distribution. Cortisol, the hormone tied to stress and fat storage, also resets itself during the night — particularly in well-rested individuals.

    Poor sleep disrupts these processes, leading to imbalances that can affect energy levels, cravings, and weight patterns. Sleep Lean is formulated to work with — not against — these rhythms. It supports deeper rest while allowing internal systems the environment they need to function optimally.

    By prioritizing nighttime support, Sleep Lean aligns with a growing body of research that recognizes the rest window as a critical opportunity for wellness. This new approach resonates with users looking for more than short-term fixes — they want alignment with how the body naturally operates.

    How Sleep Lean Works Without Relying on Harsh Stimulants

    Sleep Lean has entered the spotlight for one reason: it focuses on supporting natural processes during rest hours. While most wellness products operate during active hours, Sleep Lean’s formulation is built around the concept of restorative metabolism — the body’s subtle overnight balancing mechanisms.

    Rather than rely on intense energy boosters or crash-inducing compounds, Sleep Lean offers a gentler path. Its ingredients are designed to help users fall asleep more easily while also nudging internal systems that manage how nutrients are processed and stored.

    This dual-action approach — supporting both restful sleep and metabolic function — is gaining traction among individuals who prefer non-disruptive solutions. Early consumer feedback highlights improved sleep quality alongside gradual body composition improvements.

    Wellness professionals monitoring this trend note that sleep remains a critical yet overlooked factor in metabolic health. With Sleep Lean, that gap may finally be addressed.

    Visit Official Website To Get More Information including pricing and availability

    What Are the Key Ingredients Behind Sleep Lean’s Growing Popularity?

    Behind the rising interest in Sleep Lean lies a carefully formulated combination of ingredients designed to support both restorative rest and overnight metabolic activity — without overstimulation.

    One of the core components includes natural adaptogens, known for helping the body stay balanced during stressful cycles. These adaptogens are included not to sedate but to promote a smoother transition into rest, creating an optimal environment for the body to carry out internal maintenance.

    Alongside that, Sleep Lean incorporates amino acid compounds that are closely linked to neurotransmitter function. These compounds work quietly in the background, helping regulate the body’s natural circadian patterns and enabling deeper rest phases. During these phases, the body is better able to support internal processes such as nutrient breakdown and energy management.

    Another noteworthy inclusion is a botanical complex rich in antioxidant properties. This complex is selected not only for its calming effects but also for its role in supporting the body’s nightly recovery and renewal efforts.

    Together, these ingredients do not force a sedative effect. Instead, they align with the body’s inherent rhythm — a key reason why Sleep Lean is being welcomed by those looking for non-disruptive, holistic nighttime support.

    What Makes Sleep Lean Different from Daytime Weight Support Products?

    According to official website, While most wellness supplements focus on energy, thermogenesis, or appetite control during the day, Sleep Lean takes a contrasting path. It works while the user is at rest, aligning its support with the body’s natural recovery window — nighttime.

    Daytime formulations often aim to stimulate. They’re crafted to deliver short bursts of energy or heightened alertness, which may help with motivation but can also interfere with rest if taken late. Sleep Lean avoids this entirely. There are no jitter-causing compounds, no sharp crashes, and no impact on the body’s cortisol curve.

    Instead, the formulation is structured to support what the body is naturally inclined to do after sundown: reset, repair, and rebalance. Reports suggest that during sleep, the body engages in complex metabolic activities — including nutrient utilization and cellular housekeeping. Sleep Lean is designed to assist those processes, not override them.

    This difference is why Sleep Lean is increasingly favored by individuals seeking long-term wellness support without compromising sleep quality. It doesn’t compete with energy levels — it complements circadian biology. In a world where overstimulation is common, a nighttime-focused strategy is refreshing — and increasingly embraced.

    Who Is Using Sleep Lean in 2025? A Look at the Growing Audience

    Across wellness communities in 2025, a quiet shift is taking place. Individuals are no longer viewing rest as passive downtime — but as a key component of overall body harmony. This shift is reflected in the growing user base of Sleep Lean.

    The audience ranges widely. Professionals facing long workdays are turning to it as part of their evening routine to promote deeper rest and balance. Individuals navigating midlife changes — particularly where sleep patterns and metabolism begin to shift — are adopting Sleep Lean for its gentle support. Even younger wellness enthusiasts, who once overlooked nighttime supplementation, are exploring its benefits as part of a more rounded approach to daily self-care.

    Social media conversations and wellness podcasts are increasingly referencing the “rest and reset” model. Rather than chasing overnight transformations, users are aligning with strategies that feel sustainable. Sleep Lean fits into this narrative — a non-intrusive, steady companion that works behind the scenes.

    What unites this diverse group is a shared value: consistency without compromise. In a marketplace full of products promising instant shifts, Sleep Lean appeals to those who prefer subtle, sustainable progress grounded in how the body naturally works.

     Visit Official Website To Get More Information

    Is Sleep Lean Safe for Nighttime Use? What the Formulation Tells Us

    In 2025, safety remains a top priority for consumers — especially with supplements taken before rest. Sleep Lean has garnered attention not only for its unique purpose but also for how it approaches nighttime support responsibly.

    The formulation is developed without ingredients that commonly disrupt rest, such as high-dose stimulants, synthetic relaxants, or habit-forming agents. Instead, its blend focuses on naturally derived compounds known for their role in regulating circadian patterns, nervous system balance, and gentle metabolic support.

    Each ingredient has been selected for its compatibility with evening use. Instead of triggering abrupt physiological shifts, the goal is to support a smoother transition into deeper rest. Reports from users highlight feelings of calm without grogginess the next morning — a rare balance in this product category.

    In addition, the product’s composition avoids artificial dyes, major allergens, and unnecessary additives. This makes Sleep Lean a viable option for a wide range of wellness-conscious individuals looking to integrate a nighttime formula without compromising safety or quality.

    As interest in sleep-focused metabolic support grows, Sleep Lean positions itself as a responsible entry in this space — prioritizing harmony over force.

    Where to Buy Sleep Lean in 2025: Access, Authenticity & Advisory Notes

    Due to its rising popularity, questions about where to safely access Sleep Lean are becoming more common. The official source for authentic supply remains the product’s official website — a secure platform that ensures formula integrity, proper storage, and full customer support.

    Purchasing directly not only guarantees that users receive the original formulation, but also provides access to updated information, current usage guidelines, and any ongoing offers. Given the emergence of unauthorized listings and imitations on third-party marketplaces, wellness advisors encourage consumers to verify sourcing before purchase.

    Another key reason to go through official channels is safety. With wellness products, particularly those taken during rest, quality control is non-negotiable. Temperature-sensitive ingredients and precise dosing require careful handling from manufacturer to doorstep — something not always ensured by unverified resellers.

    For those considering adding Sleep Lean to their routine, the brand also offers structured packages that support consistent use over several weeks — often preferred by those looking for longer-term body balance support.

    What Wellness Experts Are Saying About Sleep Lean

    As interest in restorative wellness continues to grow, health advisors and holistic practitioners are taking note of formulations like Sleep Lean that emphasize rhythm, not force. While traditional daytime supplements still have a role, the wellness industry is beginning to recognize that rest itself is an active part of balance.

    Experts observing the market see Sleep Lean’s success as part of a wider shift. More individuals are choosing supplements based not only on ingredients, but on when and how they work in the body. With its nighttime focus, Sleep Lean offers a fresh alternative to solutions that rely on daytime energy expenditure.

    Several nutrition consultants have remarked that the ingredients used in Sleep Lean are aligned with current understanding of safe, non-sedating nighttime support. The absence of synthetic relaxants or high-intensity stimulants is frequently mentioned as a key differentiator.

    Sleep Lean appears to have positioned itself not just as a supplement, but as a tool in the broader strategy of metabolic support through rest.

    Final Insights: Where Sleep Lean Fits in 2025’s Wellness Landscape

    With thousands of supplements entering the wellness space each year, only a few manage to break through and redefine how people think about body balance. Sleep Lean, in 2025, is emerging as one of those few — not because of bold promises, but because of its timely alignment with how consumers are rethinking wellness.

    It doesn’t try to overtake the body’s systems. It doesn’t fight biology. Instead, Sleep Lean works in tandem with how the body is naturally designed to recover — quietly, gently, and during rest.

    Its rise reflects a shift in mindset. More individuals are embracing long-view approaches. They are seeking out options that fit into their lives, not products that demand dramatic lifestyle changes. With Sleep Lean, this integration is simple — a capsule, a routine, a commitment to restful evenings and balanced mornings.

    As awareness grows, Sleep Lean’s role in the wellness landscape becomes clearer: it isn’t about chasing faster outcomes, but supporting smarter habits. And in an increasingly overstimulated world, that calm, supportive approach may be what sets it apart.

    For the most accurate and current product details, including pricing and availability, always refer to the official product website.

    Contact: SleepLean
    Address: Jetpack 285 Northeast Ave Tallmadge,
    OH 44278
    United States

    Support Email: info@sleeplean.net 
    Website: www.sleeplean.net
    Disclaimer and Disclosure
    The information presented in this article is for informational and educational purposes only and is not intended as a substitute for advice from a qualified healthcare professional. No material in this content is intended to diagnose, treat, cure, or prevent any disease or health condition. Individuals should always consult with a physician or other licensed healthcare provider before starting any new dietary supplement, wellness program, or health regimen, particularly if they are pregnant, nursing, have a known medical condition, or are taking medications.
    All product details, including pricing, ingredients, availability, and usage instructions, are subject to change by the manufacturer at any time without notice. While the article aims to provide accurate and up-to-date information at the time of publication, there is no guarantee that the content is free from typographical errors, outdated details, or other inaccuracies. Readers are encouraged to verify all information directly with the official product website or the manufacturer.
    The publisher, writers, syndication partners, and all affiliated distribution platforms disclaim any liability for any loss, harm, or adverse effects resulting from the use or misuse of any product or information presented herein. The content is published as-is and without warranties of any kind-either expressed or implied.
    By reading this content, the reader acknowledges full responsibility for their own health decisions and agrees not to hold the publisher or any affiliated parties liable for outcomes related to the information presented.

    Attachment

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

    Presale Stage 1: Early Access at $0.05

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

    Transforming Arbitrage with AI and Cross-Chain Access

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

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

    Governance, Utility, and Security Empower $LYNO Token Holders

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

    Presale Participation

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

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

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

    Contact
    LYNO AI
    contact@lyno.ai

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

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

    Photos accompanying this announcement are available at

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

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

    The MIL Network

  • MIL-OSI: SuRo Capital Corp. to Report Second Quarter 2025 Financial Results on Wednesday, August 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — SuRo Capital Corp. (“SuRo Capital”) (Nasdaq: SSSS) today announced that it will report its financial results for the quarter ended June 30, 2025 after the close of the U.S. market on Wednesday, August 6, 2025.

    Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S. participants is 866-580-3963, and the conference call access number for participants outside the U.S. is +1 786-697-3501. The conference ID number for both access numbers is 0912554. Additionally, interested parties can listen to a live webcast of the call from the “Investor Relations” section of SuRo Capital’s website at www.surocap.com. An archived replay of the webcast will also be available for 12 months following the live presentation.

    A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on August 13, 2025 by dialing 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 0912554.

    About SuRo Capital Corp.

    SuRo Capital Corp. (Nasdaq: SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. Since inception, SuRo Capital has served as the public’s gateway to venture capital, offering unique access to some of the world’s most innovative and sought-after private companies before they become publicly traded. SuRo Capital’s diverse portfolio encompasses high-growth sectors including AI infrastructure, emerging consumer brands, and cutting-edge software solutions for both consumer and enterprise markets, among others. SuRo Capital is headquartered in New York, NY and has an office in San Francisco, CA. Connect with the company on X, LinkedIn, and at www.surocap.com.

    Contact
    SuRo Capital Corp.
    (212) 931-6331
    IR@surocap.com

    Media Contact
    Deborah Kostroun
    Zito Partners
    SuRoCapitalPR@zitopartners.com

    The MIL Network

  • MIL-OSI: Reliance Global Group Reports Second Quarter 2025 Financial Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    Reduces Debt by 50%, Strengthens Balance Sheet, and Refocuses Strategic Priorities

    Company to Host Conference Call Today at 4:30 PM Eastern Time

    LAKEWOOD, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the quarter ended June 30, 2025.

    “During the second quarter, we made meaningful progress toward our long-term strategic objectives, continuing to execute with discipline across both operational and financial fronts,” said Ezra Beyman, Chairman and CEO of Reliance Global Group. “While revenue was modestly lower compared to the prior year period, this was primarily due to a shift in our medical/health client base but offset by an 8% increase in our property and casualty (P&C) revenue stream. Importantly, our core business remained stable, and we continued to drive improvements across the organization. A key pillar of our transformation remains our OneFirm strategy, which unifies our agency operations under a cohesive, integrated model. We believe this approach is driving greater internal efficiency, enhancing collaboration across our teams, and delivering improved service experiences for clients and agents alike. It also positions us to scale more effectively and expand margins as we grow.”

    “As part of this strategy, the recent sale of Fortman Insurance Services marked a key step in streamlining our portfolio. By monetizing this asset, we’ve not only strengthened our balance sheet but also reinforced our focus on tech-enabled, high-growth areas that align with our long-term vision for sustainable, innovation-driven growth.”

    “From the sale proceeds, we took a major step to strengthen our financial position by repaying approximately $5.6 million—about half of our long-term debt, which reduced our annual debt service by over $1.8 million and meaningfully improved our cash flow and financial flexibility.”

    “Another exciting development this quarter was the launch of RELI Auto Leasing, which empowers our RELI Exchange Agency Partners to connect their clients with great auto leasing options. This unique platform not only creates a new revenue stream for our agents—who earn commissions on both the leasing referral and the accompanying insurance—but also delivers a high-convenience experience for consumers, with nationwide delivery available. By integrating leasing solutions into the RELI Exchange platform, we are continuing to strengthen our value proposition and expand the tools our agents can use to grow their businesses,” concluded Mr. Beyman.

    2025 Second Quarter Financial Highlights

    (approximate figures)

    • Commission income was $3.1 million in Q2 2025, compared to $3.2 million in Q2 2024. The swing was primarily due to a shift in our medical/health client base but offset by an 8% increase in our property and casualty (P&C) revenue stream.
    • Commission expense was $989,000 in Q2 2025, compared to $886,000 in Q2 2024 with the swing primarily attributed to the 8% growth in P&C revenues.
    • Salaries and wages were $2.6 million in Q2 2025, compared to $2.0 million in Q2 2024, with the increase due to non-cash share-based compensation, offset by OneFirm efficiencies and overall leaner operations.
    • General and administrative expenses were $1.5 million in Q2 2025, compared to $1.0 million in Q2 2024, with the flux being driven by acquisition related cash and non-cash costs offset by OneFirm efficiencies and overall leaner operations.
    • Net loss for the quarter was $2.7 million, compared to $1.5 million in Q2 2024, reflecting the impacts of non-cash equity compensation and acquisition cash and non-cash related costs.
    • Adjusted EBITDA (“AEBITDA”) (Non-GAAP measure) loss for the quarter was $382,000 compared to $178,000 in Q2 2024. The increase was driven primarily by the fluctuations affecting the commission income and commission expense accounts offset by improvements in the general expense accounts pursuant to OneFirm efficiencies and overall leaner operations.

    “Following the sale of Fortman Insurance Services, we expect to recognize a gain on sale of approximately $3.0 million in the third quarter,” said Joel Markovits, Chief Financial Officer of Reliance Global Group. “Combined with our debt reduction efforts, we’ve significantly deleveraged our balance sheet and lowered our annual debt service obligations by approximately 61%. Our outlook remains strong as we continue to move forward with a focus on disciplined financial management, whilst making strides forward in our pursuit of innovation and expansion of our market footprint.”

    Conference Call

    Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2025, as well as the Company’s corporate progress and other developments.

    The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 627850. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/52790 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/.

    A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through May 13, 2026. A telephone replay of the call will be available approximately one hour following the call, through May 27, 2025, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 52473.

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding:

    • Our expectations regarding the financial and operational benefits of our recent debt reduction, including reduced annual debt service obligations, improved cash flow, and enhanced financial flexibility;
    • Our belief that the OneFirm strategy is enhancing internal efficiency, enabling scalability, and positioning us for sustainable margin expansion;
    • Our intention to continue realigning our portfolio and operations around high-growth, tech-enabled assets, including through the sale of Fortman Insurance Services and the expansion of the RELI Exchange platform;
    • Our expectation that RELI Auto Leasing will generate new revenue opportunities for our agency partners and increase customer convenience and engagement;
    • Our outlook regarding the anticipated gain on the Fortman sale and our ability to continue deleveraging and improving our financial condition; and
    • Other statements relating to our future growth, financial performance, business strategy, and operational execution.

    These forward-looking statements are based on a number of assumptions, including that our OneFirm strategy will continue to drive efficiencies, the RELI Exchange and RELI Auto Leasing platforms will gain market traction as expected, the anticipated gain on the Fortman sale will be recognized, and market, economic, and regulatory conditions will remain favorable. There can be no assurance that these assumptions will prove accurate.

    Actual results could differ materially from those anticipated due to a variety of risks and uncertainties, including: our ability to successfully integrate new business initiatives such as RELI Auto Leasing; challenges in realizing anticipated cost savings, cash flow improvements, or strategic benefits from our restructuring efforts; competitive pressures in the InsurTech and insurance agency markets; adverse economic or regulatory developments; and other factors described under “Risk Factors” in our Annual Report on Form 10-K and other filings made with the Securities and Exchange Commission.

    You are encouraged to carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, as well as other SEC filings, for a more complete discussion of these and other risks and uncertainties. Except as required by law, Reliance Global Group, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:

    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com

    INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE

    The Company believes certain financial measures which meet the definition of non-GAAP financial measures, as defined in Regulation G of the SEC rules, provide important supplemental information. Namely our key financial performance metric Adjusted EBITDA (“AEBITDA”) is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with GAAP. “AEBITDA” is defined as earnings before interest, taxes, depreciation, and amortization (EBITDA) with additional adjustments as further outlined below, to result in Adjusted EBITDA (“AEBITDA”). The Company considers AEBITDA an important financial metric because it provides a meaningful financial measure of the quality of the Company’s operational, cash impacted and recurring earnings and operating performance across reporting periods. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure to other companies in the industry. AEBITDA is used by management in addition to and in conjunction (and not as a substitute) with the results presented in accordance with GAAP. Management uses AEBITDA to evaluate the Company’s operational performance, including earnings across reporting periods and the merits for implementing cost-cutting measures. We have presented AEBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Consistent with Regulation G, a description of such information is provided below herein and tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained below.

    We exclude the following items when calculating Adjusted EBITDA, and the following items define our non-GAAP financial measure “AEBITDA”:

    • Interest and related party interest expense: Unrelated to core Company operations and excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Depreciation and amortization: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Goodwill and/or asset impairments: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Equity-based compensation: Non-cash compensation provided to employees and service providers, excluded to provide more meaningful supplemental information regarding the Company’s core cash impacted operational performance.
    • Change in estimated acquisition earn-out payables: An earn-out liability is a liability to the seller upon an acquisition which is contingent on future earnings. These liabilities are valued at each reporting period and the changes are reported as either a gain or loss in the change in estimated acquisition earn-out payables account in the consolidated statements of operations. The gain or loss is non-cash, can be highly volatile and overall is not deemed relevant to ongoing operations, thus, it is excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Recognition and change in fair value of warrant liabilities: This account includes changes to derivative warrant liabilities which are valued at each reporting period and could result in either a gain or loss. The period changes do not impact cash, can be highly volatile, and are unrelated to ongoing operations, and thus are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Other income (expense), net: Includes certain non-routine income or expenses and other individually de minimis items and is thus excluded as unrelated to core operations of the company.
    • Transactional costs: This includes expenses related to mergers, acquisitions, financings and refinancings, and amendments or modification to indebtedness. These costs are unrelated to primary Company operations and are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Non-standard costs: This account includes non-standard non-operational items, related to costs incurred for a legal suit the Company has filed against one of the third parties involved in the discontinued operations and was excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Loss from discontinued operations before tax: This account includes the net results from discontinued operations, and since discontinued, are unrelated to the Company’s ongoing operations and thus excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.

    The following table provides a reconciliation from net loss to AEBITDA for the 3 month and 6 month periods ended June 30, 2025 and 2024, respectively:

                             
      The Period Ended June 30,
      Six Months Ended June 30,
     
      2025   2024   2025   2024  
            As reported on10-Q2’24           As reported on10-Q2’24    
    Net income (loss) (2,710,901 )   (1,489,395 )   (4,447,786 )   (6,836,057 )  
    Adjustments:                        
    Interest and related party interest expense 318,988     403,495     644,230     813,780    
    Depreciation and amortization 346,151     469,788     706,746     1,003,941    
    Asset impairment             3,922,110    
    –                     
    Share based compensation employees directors and third parties 1,479,557     333,897     2,504,542     488,808    
    Change in estimated acquisition earn-out payables             47,761    
    Other (income) expense, net     (11 )   24,598     (22 )  
    Transactional costs 248,049     119,203     391,236     373,096    
    Non-standard costs (63,534 )   45,724     (35,254 )   90,963    
    Recognition and change in fair value of warrant liabilities     (60,667 )       (156,000 )  
    Total adjustments 2,329,211     1,311,429     4,236,098     6,584,437    
                             
    AEBITDA  (381,690 )   (177,966 )   (211,688 )   (251,620 )  
                             
                             

    The MIL Network

  • MIL-OSI: Climb Global Solutions Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the second quarter ended June 30, 2025.

    Second Quarter 2025 Summary vs. Same Year-Ago Quarter

    • Net sales increased 73% to $159.3 million.
    • Net income increased 74% to $6.0 million or $1.30 per diluted share.
    • Adjusted net income (a non-GAAP financial measure defined below) increased 68% to $6.4 million or $1.39 per diluted share.
    • Adjusted EBITDA (a non-GAAP financial measure defined below) increased 64% to $11.4 million.
    • Gross billings (a key operational metric defined below) increased 39% to $500.6 million. Distribution segment gross billings increased 40% to $477.0 million, and Solutions segment gross billings increased 19% to $23.5 million.

    Management Commentary

    “We continued to execute on our core initiatives in Q2, resulting in another period of exceptional performance with material increases across all key financial metrics,” said CEO Dale Foster. “During the quarter, we generated double-digit organic growth by strengthening relationships with key customers, bolstering our line card with new, innovative vendors, and growing our market share in both the U.S. and Europe. We also benefited from the incremental contribution and seasonal strength of Douglas Stewart Software & Services, LLC (“DSS”), which typically sees higher demand from education customers as they ramp ahead of the next school year.

    “Looking ahead, we will continue to build on the momentum established in the first half of the year, with a clear focus on driving sustainable growth and operational execution. With our ERP system now fully implemented, we expect to capture operational efficiencies that will enhance scalability and drive operating leverage across our global platform. We also remain focused on identifying strategic acquisition opportunities that can enhance our capabilities and complement our existing footprint. These initiatives, coupled with our robust balance sheet and demonstrated track record of success, will enable us to deliver on both our organic and inorganic growth objectives in 2025 and beyond.”

    Dividend

    Subsequent to quarter end, on July 29, 2025, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on August 15, 2025, to shareholders of record on August 11, 2025.

    Second Quarter 2025 Financial Results

    Net sales in the second quarter of 2025 increased 73% to $159.3 million compared to $92.1 million for the same period in 2024. This reflects double digit organic growth from new and existing vendors, as well as contribution from the Company’s acquisition of DSS on July 31, 2024. In addition, gross billings in the second quarter of 2025 increased 39% to $500.6 million compared to $359.8 million in the year-ago period.

    Gross profit in the second quarter of 2025 increased 42% to $26.3 million compared to $18.6 million for the same period in 2024. The increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contribution from DSS.

    Selling, general, and administrative (“SG&A”) expenses in the second quarter of 2025 were $16.4 million compared to $13.0 million in the year-ago period. DSS represented $0.9 million of the increase. SG&A as a percentage of gross billings decreased to 3.3% for the second quarter of 2025 compared to 3.6% in the year-ago period.

    Net income in the second quarter of 2025 increased 74% to $6.0 million or $1.30 per diluted share, compared to $3.4 million or $0.75 per diluted share for the same period in 2024. Adjusted net income increased 68% to $6.4 million or $1.39 per diluted share, compared to $3.8 million or $0.83 per diluted share for the year-ago period.

    Adjusted EBITDA in the second quarter of 2025 increased 64% to $11.4 million compared to $6.9 million for the same period in 2024. The increase was primarily driven by organic growth from both new and existing vendors, as well as contribution from the Company’s acquisition of DSS. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, increased 600 basis points to 43.3% compared to 37.3% for the same period in 2024.

    On June 30, 2025, cash and cash equivalents were $28.6 million compared to $29.8 million on December 31, 2024, while working capital increased by $12.2 million during this period. The decrease in cash was primarily attributed to the timing of receivable collections and payables. Climb had $0.5 million of outstanding debt on June 30, 2025, with no borrowings outstanding under its $50 million revolving credit facility.

    For more information on the non-GAAP financial measures discussed in this press release, please see the section titled, “Non-GAAP Financial Measures,” and the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

    Conference Call

    The Company will conduct a conference call tomorrow, July 31, 2025, at 8:30 a.m. Eastern time to discuss its results for the second quarter ended June 30, 2025.

    Climb management will host the conference call, followed by a question-and-answer period.

    Date: Thursday, July 31, 2025
    Time: 8:30 a.m. Eastern time
    Toll-free dial-in number: (800) 225-9448
    International dial-in number: (203) 518-9708
    Conference ID: CLIMB
    Webcast: Climb’s Q2 2025 Conference Call

    If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the U.S., Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting www.climbglobalsolutions.com.

    Non-GAAP Financial Measures

    Climb Global Solutions uses non-GAAP financial measures, including adjusted net income and adjusted EBITDA, as supplemental measures of the performance of the Company’s business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Climb’s financial results under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The attached tables provide definitions of these measures and a reconciliation of each non-GAAP financial measure to the most nearly comparable measure under U.S. GAAP.

    Key Operational Metric

    Gross Billings

    Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, includes amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

    Forward-Looking Statements

    The statements in this release, other than statements of historical fact, are “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 (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, our ability to recognize the anticipated benefits of the acquisition of Douglas Stewart Software & Services, LLC, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful integration of acquisitions, contribution of key vendor relationships and support programs, inflation, import and export tariffs, interest rate risk and impact thereof, as well as factors that affect the software industry in general. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time in the Company’s filings with the Securities and Exchange Commission.

    Company Contact

    Matthew Sullivan
    Chief Financial Officer
    (732) 847-2451
    MatthewS@ClimbCS.com

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

             
    CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
      (Unaudited)
    (Amounts in thousands, except share and per share amounts)
             
        June 30,
    2025
      December 31,
    2024
             
    ASSETS
             
    Current assets      
      Cash and cash equivalents $ 28,587     $ 29,778  
      Accounts receivable, net of allowance for doubtful accounts of $693 and $588, respectively   289,083       341,597  
      Inventory, net   3,349       2,447  
      Prepaid expenses and other current assets   9,164       6,874  
    Total current assets   330,183       380,696  
             
    Equipment and leasehold improvements, net   13,626       12,853  
    Goodwill   37,270       34,924  
    Other intangibles, net   35,718       36,550  
    Right-of-use assets, net   1,509       1,965  
    Accounts receivable long-term, net   1,209       1,174  
    Other assets   649       824  
    Deferred income tax assets   527       193  
             
    Total assets $ 420,691     $ 469,179  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY
             
    Current liabilities      
      Accounts payable and accrued expenses $ 307,715     $ 370,397  
      Lease liability, current portion   727       654  
      Term loan, current portion   474       560  
    Total current liabilities   308,916       371,611  
             
      Lease liability, net of current portion   1,116       1,685  
      Deferred income tax liabilities   5,101       4,723  
      Term loan, net of current portion         191  
      Non-current liabilities   381       381  
             
    Total liabilities   315,514       378,591  
             
             
    Stockholders’ equity      
      Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares      
      issued, and 4,617,206 and 4,601,302 shares outstanding, respectively   53       53  
      Additional paid-in capital   40,043       37,977  
      Treasury stock, at cost, 667,294 and 683,198 shares, respectively   (14,266 )     (13,337 )
      Retained earnings   76,904       68,787  
      Accumulated other comprehensive gain (loss)   2,443       (2,892 )
    Total stockholders’ equity   105,177       90,588  
    Total liabilities and stockholders’ equity $ 420,691     $ 469,179  
             
    CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)
    (Amounts in thousands, except per share data)
                       
          Six months ended   Three months ended
          June 30,   June 30,
           2025     2024     2025     2024 
                       
    Net Sales   $ 297,328     $ 184,498     $ 159,284     $ 92,076  
                       
    Cost of sales     247,624       148,921       132,976       73,518  
                       
    Gross profit     49,704       35,577       26,308       18,558  
                       
                       
    Selling, general and administrative expenses     33,112       25,496       16,357       12,974  
    Depreciation & amortization expense     3,720       1,736       1,982       865  
    Acquisition related costs     139       592       13       469  
    Total selling, general and administrative expenses     36,971       27,824       18,352       14,308  
                       
    Income from operations     12,733       7,753       7,956       4,250  
                       
    Interest, net     337       557       151       354  
    Foreign currency transaction loss     (567 )     (246 )     14       (162 )
    Change in fair value of acquisition contingent consideration   (515 )           (379 )      
    Income before provision for income taxes     11,988       8,064       7,742       4,442  
    Provision for income taxes     2,338       1,903       1,774       1,012  
                       
    Net income   $ 9,650     $ 6,161     $ 5,968     $ 3,430  
                       
    Income per common share – Basic   $ 2.11     $ 1.35     $ 1.30     $ 0.75  
    Income per common share – Diluted   $ 2.11     $ 1.35     $ 1.30     $ 0.75  
                       
    Weighted average common shares outstanding – Basic     4,509       4,449       4,521       4,461  
    Weighted average common shares outstanding – Diluted     4,509       4,449       4,521       4,461  
                       
    Dividends paid per common share   $ 0.34     $ 0.34     $ 0.17     $ 0.17  
                       
              
    Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)            
    (Amounts in thousands, except per share data)                
                       
      The table below presents net income reconciled to adjusted EBITDA (Non-GAAP) (1):
                       
          Six months ended   Three months ended
          June 30,   June 30,   June 30,   June 30,
           2025     2024     2025     2024 
                       
    Net income   $ 9,650     $ 6,161     $ 5,968     $ 3,430  
      Provision for income taxes     2,338       1,903       1,774       1,012  
      Depreciation and amortization     3,720       1,736       1,982       865  
      Interest expense     159       161       90       60  
    EBITDA     15,867       9,961       9,814       5,367  
      Share-based compensation     2,496       1,906       1,173       1,084  
      Acquisition related costs     139       592       13       469  
      Change in fair value of acquisition contingent consideration   515             379        
    Adjusted EBITDA   $ 19,017     $ 12,459     $ 11,379     $ 6,920  
                       
                       
          Six months ended   Three months ended
          June 30,   June 30,   June 30,   June 30,
    Components of interest, net    2025     2024     2025     2024 
                       
      Amortization of discount on accounts receivable with extended payment terms   $ (23 )   $ (17 )   $ (11 )   $ (11 )
      Interest income     (473 )     (701 )     (230 )     (403 )
      Interest expense     159       161       90       60  
    Interest, net   $ (337 )   $ (557 )   $ (151 )   $ (354 )
                       
    (1) We define adjusted EBITDA, as net income, plus provision for income taxes, depreciation, amortization, share-based compensation, interest, acquisition related costs and change in fair value of acquisition contingent consideration. We define effective margin as adjusted EBITDA as a percentage of gross profit. We provided a reconciliation of adjusted EBITDA to net income, which is the most directly comparable US GAAP measure. We use adjusted EBITDA as a supplemental measure of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results. Adjusted EBITDA is also a component to our financial covenants in our credit facility. Our use of adjusted EBITDA has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under US GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, or similarly titled measures differently, which may reduce their usefulness as comparative measures.          
                       
      The table below presents net income reconciled to adjusted net income (Non-GAAP) (2):
                       
          Six months ended   Three months ended
        June 30,   June 30,   June 30,   June 30,
         2025     2024     2025     2024 
                       
      Net income   $ 9,650     $ 6,161     $ 5,968     $ 3,430  
      Acquisition related costs, net of income taxes     104       444       10       352  
      Change in fair value of acquisition contingent consideration   515             379        
      Adjusted net income   $ 10,269     $ 6,605     $ 6,357     $ 3,782  
                       
      Adjusted net income per common share – diluted   $ 2.25     $ 1.45     $ 1.39     $ 0.83  
                       
    (2) We define adjusted net income as net income excluding acquisition related costs, net of income taxes and the change in fair value of acquisition contingent consideration. We provided a reconciliation of adjusted net income to net income, which is the most directly comparable U.S. GAAP measure. We use adjusted net income and adjusted net income per common share as supplemental measures of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that adjusted net income and adjust net income per common share provide useful information to investors and others in understanding and evaluating our operating results. Our use of adjusted net income has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. In addition, other companies, including companies in our industry, might calculate adjusted net income, or similarly titled measures differently, which may reduce their usefulness as comparative measures.
                       
      The table below presents the operational metric of gross billings by segment (3):
                       
          Six months ended   Three months ended
        June 30,   June 30,   June 30,   June 30,
         2025     2024     2025     2024 
                       
      Distribution gross billings   $ 930,619     $ 674,704     $ 477,043     $ 340,067  
      Solutions gross billings     44,531       40,406       23,510       19,774  
      Total gross billings   $ 975,150     $ 715,110     $ 500,553     $ 359,841  
                       
    (3) Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, include amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

    The MIL Network

  • MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    FAIR LAWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $12.3 million, or $0.12 per basic and diluted share, for the quarter ended June 30, 2025, as compared to $4.5 million, or $0.04 per basic and diluted share, for the quarter ended June 30, 2024. Earnings for the quarter ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, higher non-interest income and a decrease in non-interest expense, partially offset by higher income tax expense.

    For the six months ended June 30, 2025, the Company reported net income of $21.2 million, or $0.21 per basic and diluted share, as compared to $3.4 million, or $0.03 per basic and diluted share, for the six months ended June 30, 2024. Earnings for the six months ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, a decrease in provision for credit losses and higher non-interest income, and a decrease in non-interest expense, partially offset by higher income tax expense.

    Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “We are pleased with our results for the second quarter of 2025, which reflect a substantial increase in earnings and the continued expansion of our net interest margin resulting from our previously announced strategies. During the quarter, we also experienced solid loan growth, complemented by the purchase of approximately $130.9 million in commercial equipment finance loans. Assets and deposits continued to increase throughout the 2025 period, and we reduced our overall operating costs.”

    Results of Operations for the Three Months Ended June 30, 2025 and June 30, 2024

    Net income of $12.3 million was recorded for the quarter ended June 30, 2025, an increase of $7.8 million, as compared to net income of $4.5 million for the quarter ended June 30, 2024. The increase in net income was primarily attributable to a $9.6 million increase in net interest income, a $993,000 increase in non-interest income and a $1.3 million decrease in non-interest expense, partially offset by a $3.9 million increase in income tax expense.

    Net interest income was $53.7 million for the quarter ended June 30, 2025, an increase of $9.6 million, or 21.8%, from $44.1 million for the quarter ended June 30, 2024. The increase in net interest income was primarily attributable to a $3.2 million increase in interest income and a $6.4 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended June 30, 2025. Prepayment penalties, which are included in interest income on loans, totaled $615,000 for the quarter ended June 30, 2025, compared to $436,000 for the quarter ended June 30, 2024.

    The average yield on loans for the quarter ended June 30, 2025 increased 3 basis points to 4.96%, as compared to 4.93% for the quarter ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended June 30, 2025 increased 66 basis points to 3.55%, as compared to 2.89% for the quarter ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the quarter ended June 30, 2025 decreased 114 basis points to 5.16%, as compared to 6.30% for the quarter ended June 30, 2024, mainly due to a 150 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.

    Total interest expense was $62.8 million for the quarter ended June 30, 2025, a decrease of $6.4 million, or 9.3%, from $69.2 million for the quarter ended June 30, 2024. The decrease in interest expense was primarily attributable to a 19 basis point decrease in the average cost of interest-bearing deposits along with a 52 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits decreased $482,000, or 1.0%, and interest expense on borrowings decreased $5.9 million, or 30.6% for the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024.

    The Company’s net interest margin for the quarter ended June 30, 2025 increased 38 basis points to 2.19% when compared to 1.81%, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 11 basis points to 4.75% for the quarter ended June 30, 2025 as compared to 4.64% for the quarter ended June 30, 2024. The average cost of interest-bearing liabilities decreased 31 basis points to 3.18% for the quarter ended June 30, 2025 as compared to 3.49% for the quarter ended June 30, 2024.

    Non-interest income was $10.2 million for the quarter ended June 30, 2025, an increase of $993,000, or 10.8%, from $9.2 million for the quarter ended June 30, 2024. The increase was primarily attributable to an increase of $425,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $366,000 in loan fees and service charges related to swap income, gains on securities transactions of $336,000, and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $693,000 in other non-interest income. The gain on the sale of other real estate owned resulted from the sale of a commercial real estate property acquired by foreclosure in 2024 with a book value of $1.3 million which was sold in June 2025.

    Non-interest expense was $44.9 million for the quarter ended June 30, 2025, a decrease of $1.3 million, or 2.9%, from $46.2 million for the quarter ended June 30, 2024. The decrease was primarily attributable to a decrease in professional fees of $1.0 million, as legal, regulatory, and compliance-related costs were higher in the 2024 period, a decrease in merger-related expenses of $692,000, and a decrease in other non-interest expense of $798,000.

    Income tax expense was $4.2 million for the quarter ended June 30, 2025, an increase of $3.9 million, as compared to income tax expense of $279,000 for the quarter ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.4% and 5.8% for the quarters ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences.

    Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024

    Net income of $21.2 million was recorded for the six months ended June 30, 2025, an increase of $17.8 million, or 526.4%, compared to net income of $3.4 million for the six months ended June 30, 2024. The increase in net income was primarily attributable to a $17.7 million increase in net interest income, a $2.1 million decrease in provision for credit losses, a $2.0 million increase in non-interest income and a $3.2 million decrease in non-interest expense, partially offset by a $7.2 million increase in income tax expense.

    Net interest income was $104.0 million for the six months ended June 30, 2025, an increase of $17.7 million, or 20.6%, from $86.3 million for the six months ended June 30, 2024. The increase in net interest income was primarily attributable to a $6.7 million increase in interest income and a $11.0 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in the average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the six months ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest rates paid on new and repricing deposits and borrowings during the six months ended June 30, 2025. The decrease in interest expense on borrowings was also impacted by a decrease in the average balance of borrowings and the decrease in the cost of new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $872,000 for the six months ended June 30, 2025, compared to $703,000 for the six months ended June 30, 2024.

    The average yield on loans for the six months ended June 30, 2025 increased 6 basis points to 4.92%, as compared to 4.86% for the six months ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the six months ended June 30, 2025 increased 73 basis points to 3.50%, as compared to 2.77% for the six months ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the six months ended June 30, 2025 decreased 72 basis points to 5.47%, as compared to 6.19% for the six months ended June 30, 2024, due to lower dividends received on Federal Home Loan Bank stock.

    Total interest expense was $124.6 million for the six months ended June 30, 2025, a decrease of $11.0 million, or 8.1%, from $135.6 million for the six months ended June 30, 2024. The decrease in interest expense was primarily attributable to a 10 basis point decrease in the average cost of interest-bearing deposits along with a 53 basis point decrease in the average cost of borrowings coupled with a decrease in the average balance of borrowings. Interest expense on deposits increased $1.2 million, or 1.3%, and interest expense on borrowings decreased $12.3 million, or 32.8% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

    The Company’s net interest margin for the six months ended June 30, 2025 increased 37 basis points to 2.15%, when compared to 1.78% for the six months ended June 30, 2024. The net interest margin increased for the six months ended June 30, 2025, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 15 basis points to 4.72% for the six months ended June 30, 2025, as compared to 4.57% for the six months ended June 30, 2024. The average cost of interest-bearing liabilities decreased 25 basis points to 3.19% for the six months ended June 30, 2025, as compared to 3.44% for the six months ended June 30, 2024.

    The provision for credit losses for the six months ended June 30, 2025 was $5.4 million, a decrease of $2.1 million, or 27.7% from $7.5 million for the six months ended June 30, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $4.1 million for the six months ended June 30, 2025 as compared to $5.5 million for the six months ended June 30, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions.

    Non-interest income was $18.6 million for the six months ended June 30, 2025, an increase of $2.0 million, or 12.1%, from $16.6 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase in gain on securities transactions of $1.6 million, an increase of $900,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $461,000 in loan fees and service charges related to swap income and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $2.0 million in other non-interest income.

    Non-interest expense was $88.8 million for the six months ended June 30, 2025, a decrease of $3.2 million, or 3.4% from $91.9 million for the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in federal deposit insurance premiums of $615,000, a decrease in professional fees of $3.1 million, a decrease in merger-related expenses of $714,000 and a decrease in other non-interest expense of $1.3 million, partially offset by an increase in compensation and employee benefits expense of $2.3 million. Professional fees for legal, regulatory and compliance-related costs decreased in the 2025 period.

    Income tax expense was $7.3 million for the six months ended June 30, 2025, an increase of $7.2 million, as compared to income tax expense of $150,000 for the six months ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.6% and 4.2% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was impacted by permanent income tax differences.

    Balance Sheet Summary

    Total assets increased $263.5 million, or 2.5%, to $10.7 billion at June 30, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $31.0 million, and an increase in loans receivable, net, of $254.1 million, partially offset by a decrease in cash and cash equivalents of $41.0 million.

    Cash and cash equivalents decreased $41.0 million, or 14.2%, to $248.2 million at June 30, 2025 from $289.2 million at December 31, 2024. The decrease was primarily attributable to purchases of securities of $159.3 million, purchases of loans of $150.9 million and the origination of loans receivable, partially offset by proceeds from principal repayments on securities of $98.5 million, and repayments on loans receivable.

    Debt securities available for sale increased $31.0 million, or 3.0%, to $1.1 billion at June 30, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $126.0 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $22.1 million, partially offset by maturities on securities of $28.5 million, repayments on securities of $73.6 million, and the sale of securities of $15.7 million.

    Loans receivable, net, increased $254.1 million, or 3.2%, to $8.1 billion at June 30, 2025 from $7.9 billion at December 31, 2024. Multifamily loans, commercial real estate loans and commercial business loans increased $118.1 million, $177.8 million, and $104.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $81.6 million, $58.2 million, and $2.6 million, respectively. The increase in commercial business loans was primarily due to the purchase of $130.9 million in equipment finance loans from a third party in May 2025, at a $3.2 million discount, which included $5.1 million of purchased credit deteriorated loans (“PCD”). The principal balance of the PCD loans was charged-off by $3.2 million. The allowance for credit losses for loans increased $4.5 million to $64.5 million at June 30, 2025 from $60.0 million at December 31, 2024, primarily due to an increase in the outstanding balance of loans.

    Total liabilities increased $223.2 million, or 2.4%, to $9.6 billion at June 30, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $39.3 million, or 0.5%, and an increase in borrowings of $192.0 million, or 17.8%, partially offset by a decrease in other liabilities of $12.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $1.9 million, $114.0 million, and $80.2 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $149.0 million and $7.7 million, respectively. The $192.0 million increase in borrowings was driven by a net increase in short-term borrowings of $122.0 million, coupled with new long-term borrowings of $130.0 million, partially offset by repayments of $60.0 million in maturing long-term borrowings. Proceeds from borrowings were utilized to fund the purchase of $130.9 million in equipment finance loans from a third party in May 2025.

    Total stockholders’ equity increased $40.3 million, or 3.7%, with a balance of $1.1 billion at both June 30, 2025 and December 31, 2024. The increase in total stockholders’ equity was primarily attributable to net income of $21.2 million, and an increase of $15.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income.

    Asset Quality

    The Company’s non-performing loans at June 30, 2025 totaled $39.5 million, or 0.49% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $17.8 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $2.6 million, an increase in non-performing commercial real estate loans of $7.5 million, and an increase in non-performing commercial business loans of $1.3 million. The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 43 loans at June 30, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December 31, 2024 to 14 loans at June 30, 2025. The increase in non-performing commercial business loans was due to an increase in the number of loans from 11 non-performing loans at December 31, 2024 to 16 loans at June 30, 2025. Non-performing assets as a percentage of total assets totaled 0.37% at June 30, 2025, as compared to 0.22% at December 31, 2024.

    For the quarter ended June 30, 2025, net charge-offs totaled approximately $3.2 million, as compared to $533,000 in net charge-offs recorded for the quarter ended June 30, 2024. For the six months ended June 30, 2025, net charge-offs totaled $4.1 million as compared to $5.5 million in net charge-offs recorded for the six months ended June 30, 2024. Charge-offs for the three and six months ended June 30, 2025 included $3.2 million in charge-offs related to PCD loans included in the equipment finance loan purchase noted above.

    The Company’s allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June 30, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

    About Columbia Financial, Inc.

    The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

    Forward Looking Statements

    Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

    Non-GAAP Financial Measures

    Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

    A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.

           
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Consolidated Statements of Financial Condition
    (In thousands)
           
      June 30,   December 31,
      2025   2024
    Assets (Unaudited)    
    Cash and due from banks $ 248,113     $ 289,113  
    Short-term investments   111       110  
    Total cash and cash equivalents   248,224       289,223  
           
    Debt securities available for sale, at fair value   1,056,950       1,025,946  
    Debt securities held to maturity, at amortized cost (fair value of $368,232, and $350,153 at June 30, 2025 and December 31, 2024, respectively)   402,159       392,840  
    Equity securities, at fair value   7,253       6,673  
    Federal Home Loan Bank stock   68,663       60,387  
           
    Loans receivable   8,175,499       7,916,928  
    Less: allowance for credit losses   64,467       59,958  
    Loans receivable, net   8,111,032       7,856,970  
           
    Accrued interest receivable   41,161       40,383  
    Office properties and equipment, net   82,176       81,772  
    Bank-owned life insurance   278,756       274,908  
    Goodwill and intangible assets   120,003       121,008  
    Other real estate owned         1,334  
    Other assets   322,651       324,049  
    Total assets $ 10,739,028     $ 10,475,493  
           
    Liabilities and Stockholders’ Equity      
    Liabilities:      
    Deposits $ 8,135,483     $ 8,096,149  
    Borrowings   1,272,578       1,080,600  
    Advance payments by borrowers for taxes and insurance   49,525       45,453  
    Accrued expenses and other liabilities   160,734       172,915  
    Total liabilities   9,618,320       9,395,117  
           
    Stockholders’ equity:      
    Total stockholders’ equity   1,120,708       1,080,376  
    Total liabilities and stockholders’ equity $ 10,739,028     $ 10,475,493  
           
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Consolidated Statements of Income
    (In thousands, except per share data)
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
      2025   2024   2025   2024
    Interest income: (Unaudited)   (Unaudited)
    Loans receivable $ 99,646     $ 95,252     $ 194,756     $ 188,201  
    Debt securities available for sale and equity securities   10,301       9,241       20,043       17,026  
    Debt securities held to maturity   2,922       2,502       5,733       4,871  
    Federal funds and interest-earning deposits   2,443       4,459       5,301       8,022  
    Federal Home Loan Bank stock dividends   1,179       1,832       2,821       3,793  
    Total interest income   116,491       113,286       228,654       221,913  
    Interest expense:              
    Deposits   49,344       49,826       99,489       98,244  
    Borrowings   13,444       19,380       25,137       37,389  
    Total interest expense   62,788       69,206       124,626       135,633  
                   
    Net interest income   53,703       44,080       104,028       86,280  
                   
    Provision for credit losses   2,468       2,194       5,401       7,472  
                   
    Net interest income after provision for credit losses   51,235       41,886       98,627       78,808  
                   
    Non-interest income:              
    Demand deposit account fees   2,015       1,590       3,903       3,003  
    Bank-owned life insurance   1,990       1,804       3,849       3,584  
    Title insurance fees   861       744       1,507       1,247  
    Loan fees and service charges   1,744       1,378       2,800       2,339  
    Gain (loss) on securities transactions   336             336       (1,256 )
    Change in fair value of equity securities   272       101       580       452  
    (Loss) gain on sale of loans   (15 )     181       500       366  
    Gain on sale of other real estate owned   281             281        
    Other non-interest income   2,689       3,382       4,888       6,897  
    Total non-interest income   10,173       9,180       18,644       16,632  
                   
    Non-interest expense:              
    Compensation and employee benefits   28,933       27,659       57,516       55,172  
    Occupancy   5,968       6,054       12,153       12,027  
    Federal deposit insurance premiums   1,739       1,879       3,619       4,234  
    Advertising   563       661       1,094       1,287  
    Professional fees   3,519       4,509       6,034       9,143  
    Data processing and software expenses   4,103       3,914       8,164       7,881  
    Merger-related expenses         692             714  
    Other non-interest expense, net   81       879       171       1,447  
    Total non-interest expense   44,906       46,247       88,751       91,905  
                   
    Income before income tax expense   16,502       4,819       28,520       3,535  
                   
    Income tax expense   4,197       279       7,315       150  
                   
    Net income $ 12,305     $ 4,540     $ 21,205     $ 3,385  
                   
    Earnings per share-basic $ 0.12     $ 0.04     $ 0.21     $ 0.03  
    Earnings per share-diluted $ 0.12     $ 0.04     $ 0.21     $ 0.03  
    Weighted average shares outstanding-basic   101,985,784       101,651,511       101,898,636       101,699,126  
    Weighted average shares outstanding-diluted   101,985,784       101,651,511       101,898,636       101,804,386  
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Average Balances/Yields
       
      For the Three Months Ended June 30,
      2025   2024
      Average
    Balance
      Interest
    and
    Dividends
      Yield / Cost   Average
    Balance
      Interest
    and
    Dividends
      Yield / Cost
      (Dollars in thousands)
    Interest-earnings assets:                      
    Loans $ 8,059,332     $ 99,646       4.96 %   $ 7,774,052     $ 95,252       4.93 %
    Securities   1,493,913       13,223       3.55 %     1,633,801       11,743       2.89 %
    Other interest-earning assets   281,611       3,622       5.16 %     401,633       6,291       6.30 %
    Total interest-earning assets   9,834,856       116,491       4.75 %     9,809,486       113,286       4.64 %
    Non-interest-earning assets   860,948               871,525          
    Total assets $ 10,695,804             $ 10,681,011          
                           
    Interest-bearing liabilities:                      
    Interest-bearing demand $ 1,938,459     $ 10,898       2.25 %   $ 1,948,389     $ 13,708       2.83 %
    Money market accounts   1,332,835       9,424       2.84 %     1,220,774       8,323       2.74 %
    Savings and club deposits   645,167       1,114       0.69 %     674,793       1,370       0.82 %
    Certificates of deposit   2,788,547       27,908       4.01 %     2,545,967       26,425       4.17 %
    Total interest-bearing deposits   6,705,008       49,344       2.95 %     6,389,923       49,826       3.14 %
    FHLB advances   1,218,442       13,303       4.38 %     1,576,514       19,219       4.90 %
    Junior subordinated debentures   7,045       141       8.03 %     7,023       161       9.22 %
    Total borrowings   1,225,487       13,444       4.40 %     1,583,537       19,380       4.92 %
    Total interest-bearing liabilities   7,930,495     $ 62,788       3.18 %     7,973,460     $ 69,206       3.49 %
                           
    Non-interest-bearing liabilities:                      
    Non-interest-bearing deposits   1,443,627               1,416,047          
    Other non-interest-bearing liabilities   215,390               260,107          
    Total liabilities   9,589,512               9,649,614          
    Total stockholders’ equity   1,106,292               1,031,397          
    Total liabilities and stockholders’ equity $ 10,695,804             $ 10,681,011          
                           
    Net interest income     $ 53,703             $ 44,080      
    Interest rate spread           1.57 %             1.15 %
    Net interest-earning assets $ 1,904,361             $ 1,836,026          
    Net interest margin           2.19 %             1.81 %
    Ratio of interest-earning assets to interest-bearing liabilities   124.01 %             123.03 %        
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Average Balances/Yields
       
      For the Six Months Ended June 30,
      2025   2024
      Average
    Balance
      Interest
    and
    Dividends
      Yield / Cost   Average
    Balance
      Interest
    and
    Dividends
      Yield / Cost
      (Dollars in thousands)
    Interest-earnings assets:                      
    Loans $ 7,977,402     $ 194,756       4.92 %   $ 7,788,459     $ 188,201       4.86 %
    Securities   1,485,771       25,776       3.50 %     1,588,767       21,897       2.77 %
    Other interest-earning assets   299,424       8,122       5.47 %     383,989       11,815       6.19 %
    Total interest-earning assets   9,762,597       228,654       4.72 %     9,761,215       221,913       4.57 %
    Non-interest-earning assets   866,499               861,632          
    Total assets $ 10,629,096             $ 10,622,847          
                           
    Interest-bearing liabilities:                      
    Interest-bearing demand $ 1,999,157     $ 22,438       2.26 %   $ 1,973,569     $ 27,092       2.76 %
    Money market accounts   1,307,676       18,662       2.88 %     1,227,857       17,093       2.80 %
    Savings and club deposits   647,201       2,221       0.69 %     681,664       2,607       0.77 %
    Certificates of deposit   2,772,808       56,168       4.08 %     2,531,145       51,452       4.09 %
    Total interest-bearing deposits   6,726,842       99,489       2.98 %     6,414,235       98,244       3.08 %
    FHLB advances   1,140,113       24,857       4.40 %     1,511,830       37,067       4.93 %
    Junior subordinated debentures   7,041       280       8.02 %     7,020       322       9.22 %
    Total borrowings   1,147,154       25,137       4.42 %     1,518,850       37,389       4.95 %
    Total interest-bearing liabilities   7,873,996     $ 124,626       3.19 %     7,933,085     $ 135,633       3.44 %
                           
    Non-interest-bearing liabilities:                      
    Non-interest-bearing deposits   1,438,262               1,404,161          
    Other non-interest-bearing liabilities   218,314               248,514          
    Total liabilities   9,530,572               9,585,760          
    Total stockholders’ equity   1,098,524               1,037,087          
    Total liabilities and stockholders’ equity $ 10,629,096             $ 10,622,847          
                           
    Net interest income     $ 104,028             $ 86,280      
    Interest rate spread           1.53 %             1.13 %
    Net interest-earning assets $ 1,888,601             $ 1,828,130          
    Net interest margin           2.15 %             1.78 %
    Ratio of interest-earning assets to interest-bearing liabilities   123.99 %             123.04 %        
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Components of Net Interest Rate Spread and Margin
       
      Average Yields/Costs by Quarter
      June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
    Yield on interest-earning assets:                  
    Loans   4.96 %     4.89 %     4.88 %     5.00 %     4.93 %
    Securities   3.55       3.45       2.99       2.90       2.89  
    Other interest-earning assets   5.16       5.75       6.00       6.72       6.30  
    Total interest-earning assets   4.75 %     4.69 %     4.61 %     4.70 %     4.64 %
                       
    Cost of interest-bearing liabilities:                  
    Total interest-bearing deposits   2.95 %     3.01 %     3.13 %     3.21 %     3.14 %
    Total borrowings   4.40       4.44       4.65       4.87       4.92  
    Total interest-bearing liabilities   3.18 %     3.21 %     3.38 %     3.52 %     3.49 %
                       
    Interest rate spread   1.57 %     1.48 %     1.23 %     1.18 %     1.15 %
    Net interest margin   2.19 %     2.11 %     1.88 %     1.84 %     1.81 %
                       
    Ratio of interest-earning assets to interest-bearing liabilities   124.01 %     123.96 %     124.02 %     123.06 %     123.03 %
                                           
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Selected Financial Highlights
       
      June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
    SELECTED FINANCIAL RATIOS (1):                  
    Return on average assets   0.46 %     0.34 %   (0.79 )%     0.23 %     0.17 %
    Core return on average assets   0.47 %     0.35 %     0.42 %     0.23 %     0.20 %
    Return on average equity   4.46 %     3.31 %   (7.86 )%     2.32 %     1.77 %
    Core return on average equity   4.58 %     3.37 %     4.09 %     2.29 %     2.06 %
    Core return on average tangible equity   5.14 %     3.78 %     4.74 %     2.58 %     2.34 %
    Interest rate spread   1.57 %     1.48 %     1.23 %     1.18 %     1.15 %
    Net interest margin   2.19 %     2.11 %     1.88 %     1.84 %     1.81 %
    Non-interest income to average assets   0.38 %     0.33 %   (0.88 )%     0.33 %     0.35 %
    Non-interest expense to average assets   1.68 %     1.68 %     1.73 %     1.60 %     1.74 %
    Efficiency ratio   70.30 %     74.57 %     205.17 %     78.95 %     86.83 %
    Core efficiency ratio   69.41 %     74.20 %     73.68 %     79.14 %     85.34 %
    Average interest-earning assets to average interest-bearing liabilities   124.01 %     123.96 %     124.02 %     123.06 %     123.03 %
    Net charge-offs to average outstanding loans (2)   0.04 %     0.04 %     0.07 %     0.14 %     0.03 %
                       
    (1) Ratios are annualized when appropriate.
    (2) The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.
     
    ASSET QUALITY DATA:  
      June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      (Dollars in thousands)
                       
    Non-accrual loans $ 39,545     $ 24,856     $ 21,701     $ 28,014     $ 25,281  
    90+ and still accruing                            
    Non-performing loans   39,545       24,856       21,701       28,014       25,281  
    Real estate owned         1,334       1,334       1,974       1,974  
    Total non-performing assets $ 39,545     $ 26,190     $ 23,035     $ 29,988     $ 27,255  
                       
    Non-performing loans to total gross loans   0.49 %     0.31 %     0.28 %     0.36 %     0.33 %
    Non-performing assets to total assets   0.37 %     0.25 %     0.22 %     0.28 %     0.25 %
    Allowance for credit losses on loans (“ACL”) $ 64,467     $ 62,034     $ 59,958     $ 58,495     $ 57,062  
    ACL to total non-performing loans   163.02 %     249.57 %     276.29 %     208.81 %     225.71 %
    ACL to gross loans   0.79 %     0.78 %     0.76 %     0.75 %     0.73 %
                                           
    LOAN DATA:  
      June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      (In thousands)
    Real estate loans:          
    One-to-four family $ 2,629,372     $ 2,676,566     $ 2,710,937     $ 2,737,190     $ 2,764,177  
    Multifamily   1,578,733       1,567,862       1,460,641       1,399,000       1,409,316  
    Commercial real estate   2,517,693       2,429,429       2,339,883       2,312,759       2,316,252  
    Construction   415,403       437,081       473,573       510,439       462,880  
    Commercial business loans   726,526       614,049       622,000       586,447       554,768  
    Consumer loans:                  
    Home equity loans and advances   256,384       253,439       259,009       261,041       260,427  
    Other consumer loans   2,602       2,547       3,404       2,877       2,689  
    Total gross loans   8,126,713       7,980,973       7,869,447       7,809,753       7,770,509  
    Purchased credit deteriorated loans   11,998       10,395       11,686       11,795       12,150  
    Net deferred loan costs, fees and purchased premiums and discounts   36,788       35,940       35,795       35,642       36,352  
    Allowance for credit losses   (64,467 )     (62,034 )     (59,958 )     (58,495 )     (57,062 )
    Loans receivable, net $ 8,111,032     $ 7,965,274     $ 7,856,970     $ 7,798,695     $ 7,761,949  
                                           
      At June 30, 2025
      (Dollars in thousands)
      Balance   % of Gross Loans   Weighted Average
    Loan to Value Ratio
      Weighted
    Average
    Debt Service
    Coverage
    Multifamily Real Estate $ 1,578,733       19.8 %     59.0 %     1.86 x
                       
    Owner Occupied Commercial Real Estate $ 686,005       8.6 %     53.1 %     2.23 x
                       
    Investor Owned Commercial Real Estate:                  
    Retail / Shopping centers $ 544,476       6.8 %     54.2 %     1.45 x
    Mixed Use   209,619       2.6       58.5       2.52  
    Industrial / Warehouse   435,261       5.5       54.4       1.60  
    Non-Medical Office   167,986       2.1       51.6       1.69  
    Medical Office   98,801       1.2       61.0       1.49  
    Single Purpose   43,332       0.5       60.7       1.44  
    Other   332,213       4.2       50.4       1.85  
    Total $ 1,831,688       23.0 %     54.3 %     1.70 x
                       
    Total Multifamily and Commercial Real Estate Loans $ 4,096,426       51.3 %     55.9 %     1.85  
                                   
    DEPOSIT DATA:  
      June 30, 2025   March 31, 2025   December 31, 2024
      Balance   Weighted
    Average Rate
      Balance   Weighted
    Average Rate
      Balance   Weighted
    Average Rate
      (Dollars in thousands)
           
    Non-interest-bearing demand $ 1,439,951       %   $ 1,490,243       %   $ 1,438,030       %
    Interest-bearing demand   1,872,265       2.03       1,935,384       2.08       2,021,312       2.19  
    Money market accounts   1,355,682       2.79       1,333,668       2.84       1,241,691       2.82  
    Savings and club deposits   644,761       0.70       651,713       0.70       652,501       0.75  
    Certificates of deposit   2,822,824       3.96       2,783,927       4.08       2,742,615       4.24  
    Total deposits $ 8,135,483       2.36 %   $ 8,194,935       2.40 %   $ 8,096,149       2.47 %
                                                   
    CAPITAL RATIOS:      
      June 30,   December 31,
      2025 (1)   2024
    Company:      
    Total capital (to risk-weighted assets)   14.18 %     14.20 %
    Tier 1 capital (to risk-weighted assets)   13.35 %     13.40 %
    Common equity tier 1 capital (to risk-weighted assets)   13.27 %     13.31 %
    Tier 1 capital (to adjusted total assets)   10.37 %     10.02 %
           
    Columbia Bank:      
    Total capital (to risk-weighted assets)   14.40 %     14.41 %
    Tier 1 capital (to risk-weighted assets)   13.53 %     13.56 %
    Common equity tier 1 capital (to risk-weighted assets)   13.53 %     13.56 %
    Tier 1 capital (to adjusted total assets)   9.95 %     9.64 %
           
    (1) Estimated ratios at June 30, 2025      
           
    Reconciliation of GAAP to Non-GAAP Financial Measures
           
    Book and Tangible Book Value per Share
      June 30,   December 31,
      2025   2024
      (Dollars in thousands)
       
    Total stockholders’ equity $ 1,120,708     $ 1,080,376  
    Less: goodwill   (110,715 )     (110,715 )
    Less: core deposit intangible   (7,933 )     (8,964 )
    Total tangible stockholders’ equity $ 1,002,060     $ 960,697  
           
    Shares outstanding   104,927,137       104,759,185  
           
    Book value per share $ 10.68     $ 10.31  
    Tangible book value per share $ 9.55     $ 9.17  
                   
    Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
                   
    Reconciliation of Core Net Income              
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (In thousands)
                   
    Net income $ 12,305     $ 4,540     $ 21,205     $ 3,385  
    Less/add: (gain) loss on securities transactions, net of tax   (251 )           (251 )     1,130  
    Add: FDIC special assessment, net of tax         97             490  
    Add: severance expense, net of tax   354             517       67  
    Add: merger-related expenses, net of tax         652             672  
    Add: litigation expenses, net of tax   242             242        
    Core net income $ 12,650     $ 5,289     $ 21,713     $ 5,744  
                                   
    Return on Average Assets              
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (Dollars in thousands)
                   
    Net income $ 12,305     $ 4,540     $ 21,205     $ 3,385  
                   
    Average assets $ 10,695,804     $ 10,681,011     $ 10,629,096     $ 10,622,847  
                   
    Return on average assets   0.46 %     0.17 %     0.40 %     0.06 %
                   
    Core net income $ 12,650     $ 5,289     $ 21,713     $ 5,744  
                   
    Core return on average assets   0.47 %     0.20 %     0.41 %     0.11 %
                                   
    Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
                   
    Return on Average Equity              
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (Dollars in thousands)
                   
    Total average stockholders’ equity $ 1,106,292     $ 1,031,397     $ 1,098,524     $ 1,037,087  
    Less/add: (gain)loss on securities transactions, net of tax   (251 )           (251 )     1,130  
    Add: FDIC special assessment, net of tax         97             490  
    Add: severance expense, net of tax   354             517       67  
    Add: merger-related expenses, net of tax         652             672  
    Add: litigation expenses, net of tax   242             242        
    Core average stockholders’ equity $ 1,106,637     $ 1,032,146     $ 1,099,032     $ 1,039,446  
                   
    Return on average equity   4.46 %     1.77 %     3.89 %     0.66 %
                   
    Core return on core average equity   4.58 %     2.06 %     3.98 %     1.11 %
                                   
    Return on Average Tangible Equity        
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (Dollars in thousands)
                   
    Total average stockholders’ equity $ 1,106,292     $ 1,031,397     $ 1,098,524     $ 1,037,087  
    Less: average goodwill   (110,715 )     (110,715 )     (110,715 )     (110,715 )
    Less: average core deposit intangible   (8,241 )     (10,381 )     (8,511 )     (10,668 )
    Total average tangible stockholders’ equity $ 987,336     $ 910,301     $ 979,298     $ 915,704  
                   
    Core return on average tangible equity   5.14 %     2.34 %     4.47 %     1.26 %
                                   
    Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
                   
    Efficiency Ratios              
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (Dollars in thousands)
                   
    Net interest income $ 53,703     $ 44,080     $ 104,028     $ 86,280  
    Non-interest income   10,173       9,180       18,644       16,632  
    Total income $ 63,876     $ 53,260     $ 122,672     $ 102,912  
                   
    Non-interest expense $ 44,906     $ 46,247     $ 88,751     $ 91,905  
                   
    Efficiency ratio   70.30 %     86.83 %     72.35 %     89.30 %
                   
    Non-interest income $ 10,173     $ 9,180     $ 18,644     $ 16,632  
    Less /add: (gain) loss on securities transactions   (336 )           (336 )     1,256  
    Core non-interest income $ 9,837     $ 9,180     $ 18,308     $ 17,888  
                   
    Non-interest expense $ 44,906     $ 46,247     $ 88,751     $ 91,905  
    Less: FDIC special assessment, net         (103 )           (565 )
    Less: severance expense   (475 )           (695 )     (74 )
    Less: merger-related expenses         (692 )           (714 )
    Less: litigation expenses   (325 )           (325 )      
    Core non-interest expense $ 44,106     $ 45,452     $ 87,731     $ 90,552  
                   
    Core efficiency ratio   69.41 %     85.34 %     71.71 %     86.93 %
                                   

    Columbia Financial, Inc.
    Investor Relations Department
    (833) 550-0717

    The MIL Network

  • MIL-OSI: Robinhood Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Revenues up 45% year-over-year to $989 million
    Net Deposits were $13.8 billion, and Robinhood Gold Subscribers reached a record 3.5 million
    Diluted EPS up 100% year-over-year to $0.42

    MENLO PARK, Calif., July 30, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the second quarter of 2025, which ended June 30, 2025.

    “We delivered strong business results in Q2 driven by relentless product velocity, and we launched tokenization—which I believe is the biggest innovation our industry has seen in the past decade,” said Vlad Tenev, Chairman and CEO of Robinhood.

    “Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp and remained disciplined on expenses,” said Jason Warnick, Chief Financial Officer of Robinhood. “And Q3 is off to a great start in July, as customers accelerated their net deposits to around $6 billion and leaned in with strong trading across categories.”

    Second Quarter Results

    • Total net revenues increased 45% year-over-year to $989 million.
      • Transaction-based revenues increased 65% year-over-year to $539 million, primarily driven by options revenue of $265 million, up 46%, cryptocurrencies revenue of $160 million, up 98%, and equities revenue of $66 million, up 65%.
      • Net interest revenues increased 25% year-over-year to $357 million, primarily driven by growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates.
      • Other revenues increased 33% year-over-year to $93 million, primarily due to increased Robinhood Gold subscribers.
    • Net income increased 105% year-over-year to $386 million.
    • Diluted earnings per share (EPS) increased 100% year-over-year to $0.42.
    • Total operating expenses increased 12% year-over-year to $550 million.
      • Adjusted Operating Expenses and Share-Based Compensation (SBC) (non-GAAP) increased 6% year-over-year to $522 million, which includes costs related to Bitstamp.
    • Adjusted EBITDA (non-GAAP) increased 82% year-over-year to $549 million.
    • Funded Customers increased by 2.3 million, or 10%, year-over-year to 26.5 million.
      • Investment Accounts increased by 2.6 million, or 10%, year-over-year to 27.4 million.
    • Total Platform Assets increased 99% year-over-year to $279 billion, driven by continued Net Deposits, acquired assets, and higher equity and cryptocurrency valuations.
    • Net Deposits were $13.8 billion, an annualized growth rate of 25% relative to Total Platform Assets at the end of Q1 2025. Over the past twelve months, Net Deposits were $57.9 billion, a growth rate of 41% relative to Total Platform Assets at the end of Q2 2024.
    • Average Revenue Per User (ARPU) increased 34% year-over-year to $151.
    • Robinhood Gold Subscribers increased by 1.5 million, or 76%, year-over-year to 3.5 million.
    • Cash and cash equivalents totaled $4.2 billion compared with $4.5 billion at the end of Q2 2024.
    • Share repurchases were $124 million, representing 3 million shares of our Class A common stock at an average price per share of $41.52. Over the past twelve months, share repurchases were $703 million, representing 21 million shares of our Class A common stock at an average price per share of $34.24.

    Highlights

    Industry-leading product velocity and global expansion drive strong business results as Robinhood delivers on core focus areas

    • A Powerful Platform For Active Traders – Robinhood continues to deliver cutting-edge trading tools, including expanding Robinhood Legend availability to all customers in the UK, and capabilities with strong adoption among active traders. In June 2025, the company hosted its first ever product spotlight livestream, announcing Robinhood Legend charts on mobile and options simulated returns pre-trade. Looking ahead, we will host active traders at HOOD Summit 2025 this September—Robinhood’s second annual active trader event—to explore the latest in trading technology.
    • Serving a New Generation of Investors’ Financial Needs – Robinhood continues to grow its share of wallet as it extends into new categories. Since rolling out in March 2025, Robinhood Strategies, our digital advisory offering, is now managing over $0.5 billion in assets and serving over 100 thousand customers; Robinhood Retirement AUC is now over $20 billion, up 50 percent year-to-date; Robinhood Gold has continued to grow after reaching a record 3.5 million subscribers in Q2, an adoption rate of over 13 percent; and the Gold Card, Robinhood’s credit card, is now in the hands of more than 300,000 customers. Together Robinhood is demonstrating continued momentum in serving far more customer assets and needs.
    • Robinhood Accelerates Global Crypto Expansion – At our recent event Robinhood Presents: To Catch a Token in June 2025, the company unveiled a suite of new crypto products, expanded into 30 European countries, launched Stock Tokens in Europe on over 200 US stocks and ETFs, and offered Crypto staking to eligible US customers. Also in June 2025, Robinhood closed its acquisition of Bitstamp Ltd., a cryptocurrency exchange with over 50 active licenses and registrations globally, and significantly expanded Robinhood’s institutional business. Robinhood has also entered into an agreement to acquire WonderFi, a Canadian leader in digital asset products and services. The transaction is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals.

    Additional Q2 2025 Operating Data

    • Robinhood Retirement AUC increased 118% year-over-year to a record $19.0 billion.
    • Cash Sweep increased 56% year-over-year to a record $32.7 billion.
    • Margin Book increased 90% year-over-year to a record $9.5 billion.
    • Equity Notional Trading Volumes increased 112% year-over-year to a record $517 billion.
    • Options Contracts Traded increased 32% year-over-year to a record 515 million.
    • Robinhood App Crypto Notional Trading Volumes increased 32% year-over-year to $28 billion.
    • Bitstamp Exchange Crypto Notional Trading Volumes were $7 billion following the closing of the acquisition of Bitstamp in June 2025.

    Conference Call and Livestream Information

    Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, July 30, 2025. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp, on Vlad Tenev’s X.com account, @vladtenev, as well as in the Robinhood App.

    Following the call, a replay and transcript will also be available at investors.robinhood.com.

    Financial Outlook

    The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025.

    Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our prior outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 provided at Q1 2025 Earnings (April 30, 2025) was $2.085 billion to $2.185 billion, which did not include expenses related to our acquisition of Bitstamp. As a result of the acquisition closing in the second quarter, we are updating our outlook to $2.15 billion to $2.25 billion to include $65 million of anticipated costs related to Bitstamp as previously announced. This expense outlook does not include provision for credit losses, costs related to our pending acquisition of WonderFi, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.

    Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood, through its subsidiaries, lets you trade stocks, options, futures (which includes event contracts), and crypto, invest for retirement, earn with Robinhood Gold, and access an expert-managed portfolio with Robinhood Strategies. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investors:
    ir@robinhood.com
    Press:
    press@robinhood.com
     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     
      December 31,   June 30,
    (in millions, except share and per share data)   2024       2025  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 4,332     $ 4,162  
    Cash, cash equivalents, and securities segregated under federal and other regulations   4,724       8,939  
    Receivables from brokers, dealers, and clearing organizations   471       374  
    Receivables from users, net   8,239       9,685  
    Securities borrowed   3,236       6,159  
    Deposits with clearing organizations   489       720  
    User-held fractional shares   2,530       3,083  
    Held-to-maturity investments   398       134  
    Prepaid expenses   75       108  
    Deferred customer match incentives   100       124  
    Other current assets   509       345  
    Total current assets   25,103       33,833  
    Property, software, and equipment, net   139       149  
    Goodwill   179       383  
    Intangible assets, net   38       191  
    Non-current deferred customer match incentives   195       267  
    Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $15 as of June 30, 2025   533       501  
    Total assets $ 26,187     $ 35,324  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable and accrued expenses $ 397     $ 369  
    Payables to users   7,448       10,511  
    Securities loaned   7,463       12,640  
    Fractional shares repurchase obligation   2,530       3,083  
    Other current liabilities   266       519  
    Total current liabilities   18,104       27,122  
    Other non-current liabilities   111       130  
    Total liabilities   18,215       27,252  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and June 30, 2025.          
    Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024; 21,000,000,000 shares authorized, 771,931,128 shares issued and outstanding as of June 30, 2025.          
    Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024; 700,000,000 shares authorized, 116,286,427 shares issued and outstanding as of June 30, 2025.          
    Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and June 30, 2025.          
    Additional paid-in capital   12,008       11,378  
    Accumulated other comprehensive income (loss)   (1 )     7  
    Accumulated deficit   (4,035 )     (3,313 )
    Total stockholders’ equity   7,972       8,072  
    Total liabilities and stockholders’ equity $ 26,187     $ 35,324  
                   
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
                   
      Three Months Ended
    June 30,
      YOY%
    Change
      Three Months Ended March 31,   QOQ%
    Change
    (in millions, except share, per share, and percentage data) 2024   2025     2025 
    Revenues:                  
    Transaction-based revenues $ 327   $ 539   65%   $ 583   (8)%
    Net interest revenues   285     357   25%     290   23%
    Other revenues   70     93   33%     54   72%
    Total net revenues   682     989   45%     927   7%
                       
    Operating expenses(1)(2):                  
    Brokerage and transaction   40     48   20%     50   (4)%
    Technology and development   209     214   2%     214   —%
    Operations   28     29   4%     31   (6)%
    Provision for credit losses   18     28   56%     24   17%
    Marketing   64     99   55%     105   (6)%
    General and administrative   134     132   (1)%     133   (1)%
    Total operating expenses   493     550   12%     557   (1)%
                       
    Other income, net   2     3   50%     1   200%
    Income before income taxes   191     442   131%     371   19%
    Provision for income taxes   3     56   NM     35   60%
    Net income $ 188   $ 386   105%   $ 336   15%
    Net income attributable to common stockholders:                  
    Basic $ 188   $ 386       $ 336    
    Diluted $ 188   $ 386       $ 336    
    Net income per share attributable to common stockholders:                  
    Basic $ 0.21   $ 0.44       $ 0.38    
    Diluted $ 0.21   $ 0.42       $ 0.37    
    Weighted-average shares used to compute net income per share attributable to common stockholders:                  
    Basic   881,076,624     882,149,402         884,577,603    
    Diluted   904,490,572     909,127,658         909,241,619    
     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
        Six Months Ended
    June 30,
      YOY%
    Change
    (in millions, except share, per share, and percentage data)   2024   2025  
    Revenues:            
    Transaction-based revenues   $ 656   $ 1,122   71%
    Net interest revenues     539     647   20%
    Other revenues     105     147   40%
    Total net revenues     1,300     1,916   47%
                 
    Operating expenses(1)(2):            
    Brokerage and transaction     75     98   31%
    Technology and development     405     428   6%
    Operations     56     60   7%
    Provision for credit losses     34     52   53%
    Marketing     131     204   56%
    General and administrative     252     265   5%
    Total operating expenses     953     1,107   16%
                 
    Other income, net     6     4   (33)%
    Income before income taxes     353     813   130%
    Provision for income taxes     8     91   NM
    Net income   $ 345   $ 722   109%
    Net income attributable to common stockholders:            
    Basic   $ 345   $ 722    
    Diluted   $ 345   $ 722    
    Net income per share attributable to common stockholders:            
    Basic   $ 0.39   $ 0.82    
    Diluted   $ 0.38   $ 0.79    
    Weighted-average shares used to compute net income per share attributable to common stockholders:            
    Basic     878,198,015     883,356,794    
    Diluted     900,026,613     911,013,005    
     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

    ____________
    (1)  The following table presents operating expenses as a percent of total net revenues:

     
      Three Months Ended
    June 30,
      Three Months Ended
    March 31,
      Six Months Ended
    June 30,
      2024   2025   2025   2024   2025
    Brokerage and transaction 5 %   5 %   6 %   6 %   5 %
    Technology and development 31 %   22 %   23 %   31 %   22 %
    Operations 4 %   3 %   3 %   4 %   3 %
    Provision for credit losses 3 %   3 %   3 %   3 %   3 %
    Marketing 9 %   10 %   11 %   10 %   11 %
    General and administrative 20 %   13 %   14 %   19 %   14 %
    Total operating expenses 72 %   56 %   60 %   73 %   58 %

    (2)  The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:

      Three Months Ended
    June 30,
      Three Months Ended
    March 31,
      Six Months Ended
    June 30,
    (in millions) 2024   2025   2025   2024   2025
    Brokerage and transaction $ 3   $ 3   $ 2   $ 5     5
    Technology and development   52     39     44     96     83
    Operations   2     2     1     4     3
    Marketing   1     2     2     3     4
    General and administrative   28     32     24     40     56
    Total SBC $ 86   $ 78   $ 73   $ 148   $ 151
     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
    (in millions) 2024   2025   2024   2025
    Operating activities:              
    Net income $ 188     $ 386     $ 345     $ 722  
    Adjustments to reconcile net income to net cash provided by (used in) operating activities:              
    Depreciation and amortization   18       21       35       41  
    Provision for credit losses   18       28       34       52  
    Share-based compensation   86       78       148       151  
    Other   (1 )     4       (1 )     8  
    Changes in operating assets and liabilities:              
    Securities segregated under federal and other regulations   145       (198 )     (547 )     199  
    Receivables from brokers, dealers, and clearing organizations   58       (94 )     (60 )     112  
    Receivables from users, net   (742 )     (389 )     (1,538 )     (1,300 )
    Securities borrowed   (110 )     (2,045 )     (615 )     (2,923 )
    Deposits with clearing organizations   34       (79 )     (213 )     (231 )
    Current and non-current prepaid expenses   (20 )     (11 )     (20 )     (24 )
    Current and non-current deferred customer match incentives   (122 )     (40 )     (196 )     (96 )
    Other current and non-current assets   (45 )           (128 )     351  
    Accounts payable and accrued expenses   20       12       (26 )     (112 )
    Payables to users   (285 )     2,280       692       1,948  
    Securities loaned   876       3,542       1,544       5,177  
    Other current and non-current liabilities   (64 )     14       (23 )     76  
    Net cash provided by (used in) operating activities   54       3,509       (569 )     4,151  
    Investing activities:              
    Purchases of property, software, and equipment         (8 )     (2 )     (10 )
    Capitalization of internally developed software   (7 )     (10 )     (14 )     (19 )
    Consideration transferred for business acquisitions   (6 )     (224 )     (6 )     (399 )
    Cash, cash equivalents, and segregated cash acquired in business acquisitions         1,168             1,193  
    Purchases of held-to-maturity investments   (131 )           (302 )      
    Proceeds from maturities of held-to-maturity investments   135       58       289       266  
    Purchases of credit card receivables by Credit Card Funding Trust   (41 )     (979 )     (70 )     (1,528 )
    Collections of purchased credit card receivables   37       835       48       1,346  
    Asset acquisition, net of cash acquired               (3 )      
    Other   1       (8 )     1       (8 )
    Net cash provided by (used in) investing activities   (12 )     832       (59 )     841  
    Financing activities:              
    Proceeds from exercise of stock options   4       4       8       11  
    Proceeds from issuance of common stock under the Employee Share Purchase Plan   10       15       10       15  
    Taxes paid related to net share settlement of equity awards   (59 )     (252 )     (99 )     (372 )
    Repurchase of Class A common stock         (124 )           (446 )
    Draws on credit facilities   11       1       11       1  
    Repayments on credit facilities   (11 )     (1 )     (11 )     (1 )
    Borrowings by the Credit Card Funding Trust         80       17       104  
    Change in principal collected from customers due to Coastal Bank   4       (9 )     7       1  
    Repayments on borrowings by the Credit Card Funding Trust   (1 )           (1 )      
    Payments of debt issuance costs               (14 )     (16 )
    Net cash used in financing activities   (42 )     (286 )     (72 )     (703 )
    Effect of foreign exchange rate changes on cash and cash equivalents         7             8  
    Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash         4,062       (700 )     4,297  
    Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period   8,646       8,930       9,346       8,695  
    Cash, cash equivalents, segregated cash, and restricted cash, end of the period $ 8,646     $ 12,992     $ 8,646     $ 12,992  
                   
    Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
    Cash and cash equivalents, end of the period $ 4,524     $ 4,162     $ 4,524     $ 4,162  
    Segregated cash and cash equivalents, end of the period   4,037       8,740       4,037       8,740  
    Restricted cash in other current assets, end of the period   69       72       69       72  
    Restricted cash in other non-current assets, end of the period   16       18       16       18  
    Cash, cash equivalents, segregated cash and restricted cash, end of the period $ 8,646     $ 12,992     $ 8,646     $ 12,992  
    Supplemental disclosures:              
    Cash paid for interest $ 1     $ 3     $ 8     $ 12  
    Cash paid for income taxes, net of refund received $ 4     $ 53     $ 6     $ 82  
     
    Reconciliation of GAAP to Non-GAAP Results
    (Unaudited)
     
        Three Months Ended
    June 30,
      Three Months Ended
    March 31,
      Six Months Ended
    June 30,
    (in millions, except for percentage data)   2024   2025   2025   2024   2025
    Net income   $ 188     $ 386     $ 336     $ 345     $ 722  
    Net margin     28 %     39 %     36 %     27 %     38 %
    Add:                    
    Interest expenses related to credit facilities     6       8       6       12       14  
    Provision for income taxes     3       56       35       8       91  
    Depreciation and amortization     18       21       20       35       41  
    EBITDA (non-GAAP)     215       471       397       400       868  
    Add:                    
    SBC     86       78       73       148       151  
    Adjusted EBITDA (non-GAAP)   $ 301     $ 549     $ 470     $ 548     $ 1,019  
    Adjusted EBITDA Margin (non-GAAP)     44 %     56 %     51 %     42 %     53 %
      Three Months Ended
    June 30,
      Three Months Ended
    March 31,
      Six Months Ended
    June 30,
    (in millions) 2024   2025   2025   2024   2025
    Total operating expenses (GAAP) $ 493     $ 550     $ 557     $ 953     $ 1,107  
    Less:                  
    SBC   86       78       73       148       151  
    Provision for credit losses(1)         28       24             52  
    Adjusted Operating Expenses (non-GAAP) $ 407     $ 444     $ 460     $ 805     $ 904  
      Three Months Ended
    June 30,
      Three Months Ended
    March 31,
      Six Months Ended
    June 30,
    (in millions) 2024   2025   2025   2024   2025
    Total operating expenses (GAAP) $ 493     $ 550     $ 557     $ 953     $ 1,107  
    Less:                  
    SBC   86       78       73       148       151  
    Provision for credit losses(1)         28       24             52  
    Adjusted Operating Expenses (non-GAAP)   407       444       460       805       904  
    Add:                  
    SBC   86       78       73       148       151  
    Adjusted Operating Expenses and SBC (non-GAAP) $ 493     $ 522     $ 533     $ 953     $ 1,055  

    ____________

    (1) Starting in Q1 2025, Adjusted Operating Expenses and Adjusted Operating Expenses and SBC no longer include provision for credit losses.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that we believe tokenization is the biggest innovation our industry has seen in the past decade; that Robinhood continues to deliver cutting-edge trading tools and capabilities with strong adoption among active traders; that looking ahead, traders will convene at HOOD Summit 2025 this September to explore the latest in trading technology; that Robinhood continues to grow its share of wallet as it extends into new categories; that Robinhood is demonstrating continued momentum in serving far more customer assets and needs; that the acquisition of WonderFi is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals; and all statements and information under the heading “Financial Outlook”. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; operational and regulatory risks and expenditures prior to and following closing of our acquisitions and investments; the difficulty of complying with an extensive, complex, and changing regulatory environment, the risk of monetary and other penalties for noncompliance, and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the regulatory, litigation, contractual, operational, and reputational risks associated with our introduction of new products such as Robinhood Stock Tokens in the European Economic Area and our staking services offered in the U.S.; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which we expect to be available on July 31, 2025, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this press release are made as of the date of this press release, July 30, 2025, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect.

    Non-GAAP Financial Measures

    We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income, and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Operating Expenses, and Adjusted Operating Expenses and SBC. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this press release.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net income, excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results.

    The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted EBITDA Margin

    Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income divided by total net revenues). We believe Adjusted EBITDA Margin provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA Margin is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted Operating Expenses

    Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) provision for credit losses, (iii) significant legal and tax settlements and reserves, and (iv) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses no longer includes provision for credit losses.

    Adjusted Operating Expenses and SBC

    Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) provision for credit losses, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC. We believe Adjusted Operating Expense and SBC provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses and SBC no longer includes provision for credit losses.

    Key Performance Metrics

    In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

    Assets Under Custody

    We define Assets Under Custody as the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), and cash held by users in their accounts, net of receivables from users, as of a stated date or period end on a trade date basis. As previously disclosed in Q1 2025, we introduced a new Key Performance Metric called Total Platform Assets, which includes Assets Under Custody and is defined below. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp.

    Funded Customers

    We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer. Starting in Q1 2025, individuals who are customers of Registered Investment Advisors (RIAs) that use the TradePMR platform, and, starting in June 2025, customers of Bitstamp, are also considered Funded Customers.

    Total Platform Assets

    We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR’s platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in any given period. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp.

    Net Deposits

    We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses, and lending and staking rewards by Bitstamp) received by customers, net of reversals, customer cash withdrawals, margin interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Starting in June 2025, Net Deposits include results from Bitstamp. Due to data limitations, we have not included TradePMR client figures in our Net Deposits key performance metric.

    Average Revenue Per User (“ARPU”)

    We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this press release represent ARPU annualized for each three-month period presented.

    Robinhood Gold Subscribers

    We define a Robinhood Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.

    Additional Operating Metrics

    Robinhood Retirement AUC

    We define Robinhood Retirement AUC as the total Assets Under Custody in traditional individual retirement accounts (“IRAs”) and Roth IRAs. This does not include accounts with an RIA using TradePMR’s platform.

    Cash Sweep

    We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR’s platform.

    Margin Book

    We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR’s platform.

    Notional Trading Volume

    We define Notional Trading Volume for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class on our platforms over a specified period of time. Robinhood App Crypto Notional Trading Volume represents the dollar value of executed trades on the Robinhood platform over a specified period of time. Starting in June 2025, Bitstamp Exchange Crypto Notional Trading Volume represents the dollar value of executed trades on the Bitstamp platform over a specified period of time. For example, each $1 of transaction value executed between a buyer and seller is counted as $1 of transaction value in the relevant period, rather than $2 if counted for each of the buyer and seller.

    Options Contracts Traded

    We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.

    Glossary Terms

    Investment Accounts

    We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded IRA, or an account with an RIA using TradePMR’s platform. As of June 30, 2025, a Funded Customer can have up to five Investment Accounts – individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, Roth IRA, and RIA custody account using TradePMR’s platform. Does not include Bitstamp as such accounts are not brokerage or other Investment Accounts.

    Robinhood Gold Adoption Rate

    We define the Robinhood Gold adoption rate as end of period Robinhood Gold Subscribers divided by end of period Funded Customers.

    Growth Rate and Annualized Growth Rate with respect to Net Deposits

    Growth rate is calculated as aggregate Net Deposits over a specified 12-month period, divided by Total Platform Assets for the fiscal quarter that immediately precedes such 12-month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by Total Platform Assets for the immediately preceding quarter.

    The MIL Network

  • MIL-OSI: SPS Commerce Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Company delivers 98th consecutive quarter of topline growth

    Second quarter 2025 revenue grew 22% and recurring revenue grew 24% from the second quarter of 2024

    MINNEAPOLIS, July 30, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the second quarter ended June 30, 2025.

    Financial Highlights

    Second Quarter 2025 Financial Highlights

    • Revenue was $187.4 million in the second quarter of 2025, compared to $153.6 million in the second quarter of 2024, reflecting 22% growth.
    • Recurring revenue grew 24% from the second quarter of 2024.
    • Net income was $19.7 million or $0.52 per diluted share, compared to net income of $18.0 million or $0.48 per diluted share in the second quarter of 2024.
    • Non-GAAP income per diluted share was $1.00, compared to non-GAAP income per diluted share of $0.80 in the second quarter of 2024.
    • Adjusted EBITDA for the second quarter of 2025 increased 27% to $56.1 million compared to the second quarter of 2024.
    • Share repurchases in the second quarter of 2025 totaled $20.0 million.

    “SPS Commerce is the only full-service EDI solution on the market uniquely positioned to help suppliers effortlessly maintain EDI compliance with retailers’ frequently changing requirements,” said Chad Collins, CEO of SPS Commerce. “Our product portfolio enables a stronger collaboration between trading partners, unlocking greater efficiency, cost savings, and shared success. These are dynamics that we believe position SPS for long-term growth.”

    “We delivered strong second-quarter performance, and we remain confident in our full-year 2025 outlook,” said Kim Nelson, CFO of SPS Commerce. “In the long term, we are well positioned to capitalize on the growth opportunities across our large addressable market, while we continue to demonstrate strong operating leverage and the resilience of our business model.”

    Guidance

    Third Quarter 2025 Guidance

    • Revenue is expected to be in the range of $191.7 million to $193.2 million, representing 17% to 18% year-over-year growth.
    • Net income per diluted share is expected to be in the range of $0.50 to $0.54, with fully diluted weighted average shares outstanding of 38.5 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $0.96 to $1.00.
    • Adjusted EBITDA is expected to be in the range of $57.9 million to $59.9 million.
    • Non-cash, share-based compensation expense is expected to be $16.0 million, depreciation expense is expected to be $5.6 million, and amortization expense is expected to be $9.5 million.

    Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $759.0 million to $763.0 million, representing 19% to 20% growth over 2024.
    • Net income per diluted share is expected to be in the range of $2.17 to $2.22, with fully diluted weighted average shares outstanding of 38.3 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $3.99 to $4.04.
    • Adjusted EBITDA is expected to be in the range of $230.7 million to $233.7 million, representing 24% to 25% growth over 2024.
    • Non-cash, share-based compensation expense is expected to be $60.9 million, depreciation expense is expected to be $21.8 million, and amortization expense is expected to be $37.1 million.

    The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

    Quarterly Conference Call

    To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q2 2025 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 50,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 98 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries. 

    SPS-F

    Use of Non-GAAP Financial Measures

    To supplement our condensed consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

    Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

    These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

    Adjusted EBITDA Measures:

    Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the three months ended June 30, 2025 included the expense impact from disposals of certain capitalized internally developed software and for the six months ended June 30, 2025 included the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs. Net income is the comparable GAAP measure of financial performance.

    Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

    Non-GAAP Income Per Share Measure:

    Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the three months ended June 30, 2025 the expense impact from disposals of certain capitalized internally developed software and for the six months ended June 30, 2025 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the third quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk & Lisa Laukkanen
    SPSC@blueshirtgroup.com
    415-217-4962

     
    SPS COMMERCE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except shares)
     
      June 30,
    2025
      December 31,
    2024
    ASSETS (unaudited)    
    Current assets      
    Cash and cash equivalents $ 107,603     $ 241,017  
    Accounts receivable   72,798       56,214  
    Allowance for credit losses   (5,286 )     (4,179 )
    Accounts receivable, net   67,512       52,035  
    Deferred costs   66,809       65,342  
    Other assets   27,453       23,513  
    Total current assets   269,377       381,907  
    Property and equipment, net   40,150       37,547  
    Operating lease right-of-use assets   7,395       8,192  
    Goodwill   543,514       399,180  
    Intangible assets, net   237,105       181,294  
    Other assets      
    Deferred costs, non-current   21,095       20,572  
    Deferred income tax assets   645       505  
    Other assets, non-current   1,823       2,033  
    Total assets $ 1,121,104     $ 1,031,230  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $ 11,604     $ 8,577  
    Accrued compensation   38,708       47,160  
    Accrued expenses   12,710       12,108  
    Deferred revenue   79,198       74,256  
    Operating lease liabilities   5,749       4,583  
    Total current liabilities   147,969       146,684  
    Other liabilities      
    Deferred revenue, non-current   5,477       6,189  
    Operating lease liabilities, non-current   5,049       7,885  
    Deferred income tax liabilities   12,533       15,541  
    Other liabilities, non-current   296       241  
    Total liabilities   171,324       176,540  
    Commitments and contingencies      
    Stockholders’ equity      
    Common stock   40       40  
    Treasury stock   (122,096 )     (99,748 )
    Additional paid-in capital   693,113       627,982  
    Retained earnings   378,028       336,099  
    Accumulated other comprehensive gain (loss)   695       (9,683 )
    Total stockholders’ equity   949,780       854,690  
    Total liabilities and stockholders’ equity $ 1,121,104     $ 1,031,230  
     
    SPS COMMERCE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited; in thousands, except per share amounts)
        
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Revenues $ 187,400     $ 153,596     $ 368,949     $ 303,172  
    Cost of revenues   59,826       52,018       116,740       103,505  
    Gross profit   127,574       101,578       252,209       199,667  
    Operating expenses              
    Sales and marketing   43,434       35,691       85,068       72,123  
    Research and development   17,271       14,366       34,710       30,375  
    General and administrative   30,890       23,516       61,908       49,423  
    Amortization of intangible assets   9,509       4,840       18,097       9,178  
    Total operating expenses   101,104       78,413       199,783       161,099  
    Income from operations   26,470       23,165       52,426       38,568  
    Other income, net   773       4,056       2,980       7,188  
    Income before income taxes   27,243       27,221       55,406       45,756  
    Income tax expense   7,510       9,189       13,477       9,721  
    Net income $ 19,733     $ 18,032     $ 41,929     $ 36,035  
                   
    Net income per share              
    Basic $ 0.52     $ 0.49     $ 1.10     $ 0.97  
    Diluted $ 0.52     $ 0.48     $ 1.10     $ 0.96  
                   
    Weighted average common shares used to compute net income per share              
    Basic   37,965       37,078       37,978       37,063  
    Diluted   38,099       37,683       38,132       37,690  
     
    SPS COMMERCE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited; in thousands)
     
      Six Months Ended
    June 30,
        2025       2024  
    Cash flows from operating activities      
    Net income $ 41,929     $ 36,035  
    Reconciliation of net income to net cash provided by operating activities      
    Deferred income taxes   (5,914 )     (8,172 )
    Depreciation and amortization of property and equipment   9,948       9,377  
    Amortization of intangible assets   18,097       9,178  
    Provision for credit losses   4,111       3,646  
    Stock-based compensation   28,865       31,512  
    Other, net   274       (907 )
    Changes in assets and liabilities, net of effects of acquisitions      
    Accounts receivable   (13,713 )     (11,407 )
    Deferred costs   (412 )     (1,996 )
    Other assets and liabilities   (2,258 )     1,899  
    Accounts payable   2,082       (1,450 )
    Accrued compensation   (11,006 )     (10,763 )
    Accrued expenses   (1,833 )     1,489  
    Deferred revenue   3,012       5,965  
    Operating leases   (876 )     (900 )
    Net cash provided by operating activities   72,306       63,506  
    Cash flows from investing activities      
    Purchases of property and equipment   (12,815 )     (8,592 )
    Purchases of investments         (78,994 )
    Maturities of investments         105,000  
    Acquisition of business, net   (142,628 )     (29,343 )
    Net cash used in investing activities   (155,443 )     (11,929 )
    Cash flows from financing activities      
    Repurchases of common stock   (59,558 )     (37,483 )
    Net proceeds from exercise of options to purchase common stock   2,406       2,314  
    Net proceeds from employee stock purchase plan activity   5,426       5,219  
    Net cash used in financing activities   (51,726 )     (29,950 )
    Effect of foreign currency exchange rate changes   1,449       (476 )
    Net increase (decrease) in cash and cash equivalents   (133,414 )     21,151  
    Cash and cash equivalents at beginning of period   241,017       219,081  
    Cash and cash equivalents at end of period $ 107,603     $ 240,232  
     
    SPS COMMERCE, INC.
    NON-GAAP RECONCILIATIONS
    (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)
     
    Adjusted EBITDA
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Net income $ 19,733     $ 18,032     $ 41,929     $ 36,035  
    Income tax expense   7,510       9,189       13,477       9,721  
    Depreciation and amortization of property and equipment   4,991       4,683       9,948       9,377  
    Amortization of intangible assets   9,509       4,840       18,097       9,178  
    Stock-based compensation expense   14,998       11,494       28,865       31,512  
    Realized gain from investments held and foreign currency impact on cash and investments   (107)       (1,255)       (473)       (1,559)  
    Investment income   (688)       (2,794)       (2,537)       (5,673)  
    Other   106             1,119        
    Adjusted EBITDA $ 56,052     $ 44,189     $ 110,425     $ 88,591  
    Adjusted EBITDA Margin
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Revenue $ 187,400     $ 153,596     $ 368,949     $ 303,172  
                                   
    Net income   19,733       18,032       41,929       36,035  
    Margin   11 %     12 %     11 %     12 %
                                   
    Adjusted EBITDA   56,052       44,189       110,425       88,591  
    Adjusted EBITDA Margin   30 %     29 %     30 %     29 %
    Non-GAAP Income per Share
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Net income $ 19,733     $ 18,032     $ 41,929     $ 36,035  
    Stock-based compensation expense   14,998       11,494       28,865       31,512  
    Amortization of intangible assets   9,509       4,840       18,097       9,178  
    Realized gain from investments held and foreign currency impact on cash and investments   (107 )     (1,255 )     (473 )     (1,559 )
    Other   106             1,119        
    Income tax effects of adjustments   (6,285 )     (3,066 )     (13,570 )     (12,620 )
    Non-GAAP income $ 37,954     $ 30,045     $ 75,967     $ 62,546  
                                   
    Shares used to compute net income and non-GAAP income per share                              
    Basic   37,965       37,078       37,978       37,063  
    Diluted   38,099       37,683       38,132       37,690  
                                   
    Net income per share, basic $ 0.52     $ 0.49     $ 1.10     $ 0.97  
    Non-GAAP adjustments to net income per share, basic   0.48       0.32       0.90       0.72  
    Non-GAAP income per share, basic $ 1.00     $ 0.81     $ 2.00     $ 1.69  
                                   
    Net income per share, diluted $ 0.52     $ 0.48     $ 1.10     $ 0.96  
    Non-GAAP adjustments to net income per share, diluted   0.48       0.32       0.89       0.70  
    Non-GAAP income per share, diluted $ 1.00     $ 0.80     $ 1.99     $ 1.66  

    The annual per share amounts may not cross-sum due to rounding.

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $247.3 million, up 12% year-over-year.
    • Calculated current billings of $238.6 million, up 8% year-over-year.
    • GAAP operating margin of (3)%; Non-GAAP operating margin of 19%.
    • Net cash provided by operating activities of $42.5 million; Unlevered free cash flow of $44.3 million.
    • Announced a $250 million expansion of our existing stock repurchase program.

    COLUMBIA, Md., July 30, 2025 (GLOBE NEWSWIRE) — Tenable Holdings, Inc. (“Tenable”) (Nasdaq: TENB), the exposure management company, today announced financial results for the quarter ended June 30, 2025.

    “We beat all of our guided metrics during the quarter, delivering 12% revenue growth and 19% operating margin,” said Steve Vintz, Co-CEO of Tenable. “Our outperformance was driven by the adoption of our exposure management platform, as customers are becoming more strategic with their security investments, prioritizing preemptive measures and seeking a unified view of their attack surface to reduce risk.”

    “This quarter showcased the exceptional value Tenable One delivers, as we saw major expansions across industries and secured strong wins against major players,” said Mark Thurmond, Co-CEO of Tenable. “Our leadership in exposure management uniquely positions us to help customers address their complex security challenges.”

    Second Quarter 2025 Financial Highlights

    • Revenue was $247.3 million, a 12% increase year-over-year.
    • Calculated current billings was $238.6 million, an 8% increase year-over-year.
    • GAAP loss from operations was $7.4 million, compared to $8.8 million in the second quarter of 2024.
    • Non-GAAP income from operations was $47.7 million, compared to $42.8 million in the second quarter of 2024.
    • GAAP net loss was $14.7 million, compared to $14.6 million in the second quarter of 2024.
    • GAAP net loss per share was $0.12, consistent with the second quarter of 2024.
    • Non-GAAP net income was $41.4 million, compared to $38.2 million in the second quarter of 2024.
    • Non-GAAP diluted earnings per share was $0.34, compared to $0.31 in the second quarter of 2024.
    • Cash and cash equivalents and short-term investments were $386.5 million at June 30, 2025, compared to $577.2 million at December 31, 2024.
    • Net cash provided by operating activities was $42.5 million, compared to $31.4 million in the second quarter of 2024.
    • Unlevered free cash flow was $44.3 million, compared to $36.5 million in the second quarter of 2024.
    • Repurchased 2.0 million shares of our common stock for $65.0 million.

    Recent Business Highlights

    • Added 367 new enterprise platform customers and 76 net new six-figure customers.
    • Announced a $250 million expansion of our existing stock repurchase program.
    • Completed our acquisition of Apex Security, which is expected to strengthen our industry-leading exposure management platform to help organizations secure both the AI they use and the AI they build.
    • Launched Tenable One connectors and advanced risk dashboards, which are designed to seamlessly combine data from third-party security tools with our native sensor data for a comprehensive and actionable view of organizational risk.
    • Named a “Major Player” in IDC’s inaugural MarketScape report for Cloud-Native Application Protection Platforms (CNAPP).
    • Published the 2025 Cloud Security Risk Report, delivering in-depth, real-world insights into the most pressing security challenges organizations face.
    • Awarded two AI-powered security awards from the 2025 Globee Awards and 2025 Cybersecurity Excellence Awards.

    Financial Outlook

    For the third quarter of 2025, we currently expect:

    • Revenue in the range of $246.0 million to $248.0 million.
    • Non-GAAP income from operations in the range of $52.0 million to $54.0 million.
    • Non-GAAP net income in the range of $44.0 million to $46.0 million, assuming interest expense of $7.2 million, interest income of $3.3 million and a provision for income taxes of $3.4 million.
    • Non-GAAP diluted earnings per share in the range of $0.36 to $0.37.
    • 123.0 million diluted weighted average shares outstanding.

    For the year ending December 31, 2025, we currently expect:

    • Calculated current billings in the range of $1.038 billion to $1.048 billion.
    • Revenue in the range of $981.0 million to $987.0 million.
    • Non-GAAP income from operations in the range of $205.0 million to $215.0 million.
    • Non-GAAP net income in the range of $179.0 million to $189.0 million, assuming interest expense of $28.5 million, interest income of $15.6 million and a provision for income taxes of $12.8 million.
    • Non-GAAP diluted earnings per share in the range of $1.45 to $1.53.
    • 123.5 million diluted weighted average shares outstanding.
    • Unlevered free cash flow in the range of $265.0 million to $275.0 million.

    Conference Call Information

    Tenable will host a conference call on July 30, 2025 at 4:30 p.m. Eastern Time to discuss its financial results. The conference call can be accessed at 877-407-9716 (U.S.) and 201-493-6779 (international). A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. An archived replay of the live broadcast will be available on the Investor Relations page of the website following the call.

    About Tenable

    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

    Contact Information

    Investor Relations
    investors@tenable.com

    Media Relations
    tenablepr@tenable.com

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our platform’s ability to help protect enterprises from security exposure and streamline vulnerability analysis and response, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings that we make from time to time with the SEC, which are available on the SEC’s website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance the overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. We include these non-GAAP financial measures to present our financial performance using a management view and because we believe that these measures provide an additional comparison of our core financial performance over multiple periods with other companies in our industry.

    Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

    Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.

    Free Cash Flow and Unlevered Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment and capitalized software development costs, for investment in our business and to make acquisitions. We believe that free cash flow is useful as a liquidity measure because it measures our ability to generate cash. We define unlevered free cash flow as free cash flow plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, costs related to the intra-entity asset transfers resulting from the internal restructuring of legal entities, and amortization of acquired intangible assets. Acquisition-related expenses include transaction and integration expenses, as well as costs related to the intercompany transfer of acquired intellectual property. Restructuring expenses include non-ordinary course severance, employee related benefits, and other charges to reorganize business operations. We believe that the exclusion of these expenses provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude restructuring expenses.

    Non-GAAP Net Income and Non-GAAP Earnings Per Share: We define non-GAAP net income as GAAP net loss, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses and amortization of acquired intangible assets, including the applicable tax impacts. In addition, we exclude the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin: We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue.

    Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define these non-GAAP measures as their respective GAAP measures, excluding stock-based compensation, acquisition-related expenses and costs related to intra-entity asset transfers resulting from the internal restructuring of legal entities.

    TENABLE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
      Three Months Ended June 30,   Six Months Ended June 30,
    (in thousands, except per share data)   2025       2024       2025       2024  
    Revenue $ 247,295     $ 221,241     $ 486,432     $ 437,202  
    Cost of revenue(1)   54,434       48,798       106,894       97,730  
    Gross profit   192,861       172,443       379,538       339,472  
    Operating expenses:              
    Sales and marketing(1)   107,091       101,129       210,273       200,954  
    Research and development(1)   59,236       45,149       112,459       88,876  
    General and administrative(1)   33,982       30,302       81,965       61,320  
    Restructuring         4,681             6,070  
    Total operating expenses   200,309       181,261       404,697       357,220  
    Loss from operations   (7,448 )     (8,818 )     (25,159 )     (17,748 )
    Interest income   4,080       5,974       9,007       11,598  
    Interest expense   (7,139 )     (8,073 )     (14,150 )     (16,185 )
    Other income (expense), net   25       93       499       (1,217 )
    Loss before income taxes   (10,482 )     (10,824 )     (29,803 )     (23,552 )
    Provision for income taxes   4,224       3,748       7,838       5,406  
    Net loss $ (14,706 )   $ (14,572 )   $ (37,641 )   $ (28,958 )
                   
    Net loss per share, basic and diluted $ (0.12 )   $ (0.12 )   $ (0.31 )   $ (0.25 )
    Weighted-average shares used to compute net loss per share, basic and diluted   120,979       118,681       120,533       118,111  

    _______________

    (1) Includes stock-based compensation as follows:

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024       2025       2024  
    Cost of revenue $ 3,460     $ 3,288     $ 6,775     $ 6,270  
    Sales and marketing   17,818       16,276       34,448       31,576  
    Research and development   15,300       11,799       28,267       22,960  
    General and administrative(2)   9,948       10,035       32,939       20,311  
    Total stock-based compensation $ 46,526     $ 41,398     $ 102,429     $ 81,117  

    _______________

    (2) Stock-based compensation in the six months ended June 30, 2025 includes $14.6 million of expense related to the accelerated vesting of equity awards in Q1 for our late CEO.

    TENABLE HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
     
      June 30, 2025   December 31, 2024
    (in thousands, except per share data) (unaudited)    
    Assets      
    Current assets:      
    Cash and cash equivalents $ 175,025     $ 328,647  
    Short-term investments   211,489       248,547  
    Accounts receivable (net of allowance for doubtful accounts of $691 and $525 at June 30, 2025 and December 31, 2024, respectively)   181,114       258,734  
    Deferred commissions   50,785       51,791  
    Prepaid expenses and other current assets   54,079       53,026  
    Total current assets   672,492       940,745  
    Property and equipment, net   42,577       39,265  
    Deferred commissions (net of current portion)   64,274       67,914  
    Operating lease right-of-use assets   36,880       45,139  
    Acquired intangible assets, net   128,860       94,461  
    Goodwill   697,769       541,292  
    Other assets   13,720       13,303  
    Total assets $ 1,656,572     $ 1,742,119  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable and accrued expenses $ 18,828     $ 19,981  
    Accrued compensation   55,574       55,784  
    Deferred revenue   624,548       650,372  
    Operating lease liabilities   7,138       6,801  
    Other current liabilities   7,179       5,154  
    Total current liabilities   713,267       738,092  
    Deferred revenue (net of current portion)   173,261       182,815  
    Term loan, net of issuance costs (net of current portion)   355,439       356,705  
    Operating lease liabilities (net of current portion)   54,059       56,224  
    Other liabilities   9,847       8,329  
    Total liabilities   1,305,873       1,342,165  
           
    Stockholders’ equity:      
    Common stock (par value: $0.01; 500,000 shares authorized; 127,352 and 122,371 shares issued at June 30, 2025 and December 31, 2024, respectively)   1,274       1,224  
    Additional paid-in capital   1,489,379       1,374,659  
    Treasury stock (at cost: 6,365 and 2,673 shares at June 30, 2025 and December 31, 2024, respectively)   (241,239 )     (114,911 )
    Accumulated other comprehensive income   262       318  
    Accumulated deficit   (898,977 )     (861,336 )
    Total stockholders’ equity   350,699       399,954  
    Total liabilities and stockholders’ equity $ 1,656,572     $ 1,742,119  
    TENABLE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
     
      Six Months Ended June 30,
    (in thousands)   2025       2024  
    Cash flows from operating activities:      
    Net loss $ (37,641 )   $ (28,958 )
    Adjustments to reconcile net loss to net cash provided by operating activities:    
    Depreciation and amortization   20,680       15,864  
    Stock-based compensation   102,429       81,117  
    Net accretion of discounts and amortization of premiums on short-term investments   (1,975 )     (4,378 )
    Amortization of debt issuance costs   707       662  
    Restructuring         4,528  
    Other   1,496       2,184  
    Changes in operating assets and liabilities:      
    Accounts receivable   79,766       40,462  
    Prepaid expenses and other assets   5,092       18,105  
    Accounts payable, accrued expenses and accrued compensation   (4,120 )     (20,162 )
    Deferred revenue   (43,107 )     (24,807 )
    Other current and noncurrent liabilities   6,543       (2,867 )
    Net cash provided by operating activities   129,870       81,750  
           
    Cash flows from investing activities:      
    Purchases of property and equipment   (10,901 )     (1,191 )
    Capitalized software development costs   (1,323 )     (4,767 )
    Purchases of short-term investments   (83,338 )     (160,405 )
    Sales and maturities of short-term investments   122,314       147,778  
    Proceeds from other investments   664       3,512  
    Purchases of other investments         (250 )
    Business combinations, net of cash acquired   (196,182 )     (29,162 )
    Net cash used in investing activities   (168,766 )     (44,485 )
           
    Cash flows from financing activities:      
    Payments on term loan   (1,875 )     (1,875 )
    Proceeds from stock issued in connection with the employee stock purchase plan   9,712       9,878  
    Proceeds from the exercise of stock options   2,187       4,135  
    Payments for taxes related to net share settlement of equity awards   (1,329 )      
    Purchase of treasury stock   (124,999 )     (49,991 )
    Net cash used in financing activities   (116,304 )     (37,853 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   1,578       (3,077 )
    Net decrease in cash and cash equivalents and restricted cash   (153,622 )     (3,665 )
    Cash and cash equivalents and restricted cash at beginning of period   328,647       237,132  
    Cash and cash equivalents and restricted cash at end of period $ 175,025     $ 233,467  
    TENABLE HOLDINGS, INC.
    REVENUE COMPONENTS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (unaudited)
     
    Revenue Three Months Ended June 30,   Six Months Ended June 30,
    (in thousands)   2025       2024       2025       2024  
    Subscription revenue $ 228,031     $ 202,538     $ 448,474     $ 400,173  
    Perpetual license and maintenance revenue   11,411       12,016       22,963       24,172  
    Professional services and other revenue   7,853       6,687       14,995       12,857  
    Revenue(1) $ 247,295     $ 221,241     $ 486,432     $ 437,202  

    _______________

    (1) Recurring revenue, which includes revenue from subscription arrangements for software (both recognized ratably over the subscription term and upon delivery) and cloud-based solutions and maintenance associated with perpetual licenses, represented 96% of revenue in the three and six months ended June 30, 2025 and 2024.

    Calculated Current Billings Three Months Ended June 30,   Six Months Ended June 30,
    (in thousands)   2025       2024       2025       2024  
    Revenue $ 247,295     $ 221,241     $ 486,432     $ 437,202  
    Deferred revenue (current), end of period   624,548       562,587       624,548       562,587  
    Deferred revenue (current), beginning of period(1)   (633,258 )     (562,683 )     (657,035 )     (580,887 )
    Calculated current billings $ 238,585     $ 221,145     $ 453,945     $ 418,902  

    ________________
    (1) Deferred revenue (current), beginning of period for the three months ended June 30, 2025 and 2024, and the six months ended June 30, 2025 and 2024 includes $0.1 million, $0.1 million, $6.7 million and $0.1 million, respectively, related to acquired deferred revenue.

    Remaining Performance Obligations June 30,   Change
    (in thousands)   2025       2024     %
    Remaining performance obligations, short-term $ 641,918     $ 572,015       12 %
    Remaining performance obligations, long-term   247,225       175,526       41 %
    Remaining performance obligations $ 889,143     $ 747,541       19 %
    Free Cash Flow and Unlevered Free Cash Flow Three Months Ended June 30,   Six Months Ended June 30,
    (in thousands)   2025       2024       2025       2024  
    Net cash provided by operating activities $ 42,463     $ 31,424     $ 129,870     $ 81,750  
    Purchases of property and equipment   (4,348 )     (526 )     (10,901 )     (1,191 )
    Capitalized software development costs   (699 )     (2,235 )     (1,323 )     (4,767 )
    Free cash flow   37,416       28,663       117,646       75,792  
    Cash paid for interest and other financing costs   6,859       7,839       13,433       15,450  
    Unlevered free cash flow $ 44,275     $ 36,502     $ 131,079     $ 91,242  

    Free cash flow and unlevered free cash flow for the periods presented were impacted by:

      Three Months Ended June 30,   Six Months Ended June 30,
    (in thousands)   2025       2024       2025       2024  
    Employee stock purchase plan activity $ 4,923     $ 3,702     $ (490 )   $ (2,630 )
    Acquisition-related expenses   (1,630 )     (197 )     (4,819 )     (663 )
    Restructuring         (1,597 )           (5,419 )
    Non-GAAP Income from Operations and Non-GAAP Operating Margin Three Months Ended June 30,   Six Months Ended June 30,
    (dollars in thousands)   2025       2024       2025       2024  
    Loss from operations $ (7,448 )   $ (8,818 )   $ (25,159 )   $ (17,748 )
    Stock-based compensation   46,526       41,398       102,429       81,117  
    Acquisition-related expenses   2,081       763       6,702       924  
    Restructuring         4,681             6,070  
    Amortization of acquired intangible assets   6,537       4,760       12,401       9,429  
    Non-GAAP income from operations $ 47,696     $ 42,784     $ 96,373     $ 79,792  
    Operating margin   (3 )%     (4 )%     (5 )%     (4 )%
    Non-GAAP operating margin   19 %     19 %     20 %     18 %
    Non-GAAP Net Income and Non-GAAP Earnings Per Share Three Months Ended June 30,   Six Months Ended June 30,
    (in thousands, except per share data)   2025       2024       2025       2024  
    Net loss $ (14,706 )   $ (14,572 )   $ (37,641 )   $ (28,958 )
    Stock-based compensation   46,526       41,398       102,429       81,117  
    Tax impact of stock-based compensation(1)   1,041       1,175       1,896       98  
    Acquisition-related expenses(2)   2,081       763       6,702       924  
    Restructuring(2)         4,681             6,070  
    Amortization of acquired intangible assets(2)   6,537       4,760       12,401       9,429  
    Tax impact of acquisitions   (42 )     (43 )     (100 )     (78 )
    Non-GAAP net income $ 41,437     $ 38,162     $ 85,687     $ 68,602  
                   
    Net loss per share, diluted $ (0.12 )   $ (0.12 )   $ (0.31 )   $ (0.25 )
    Stock-based compensation   0.38       0.35       0.85       0.69  
    Tax impact of stock-based compensation(1)   0.01       0.01       0.02        
    Acquisition-related expenses(2)   0.02             0.05       0.01  
    Restructuring(2)         0.04             0.05  
    Amortization of acquired intangible assets(2)   0.05       0.04       0.10       0.08  
    Tax impact of acquisitions                      
    Adjustment to diluted earnings per share(3)         (0.01 )     (0.02 )     (0.02 )
    Non-GAAP earnings per share, diluted $ 0.34     $ 0.31     $ 0.69     $ 0.56  
                   
    Weighted-average shares used to compute GAAP net loss per share, diluted   120,979       118,681       120,533       118,111  
                   
    Weighted-average shares used to compute non-GAAP earnings per share, diluted   122,875       123,056       123,516       123,161  

    ________________

    (1) The tax impact of stock-based compensation is based on the tax treatment for the applicable tax jurisdictions.
    (2) The tax impact of acquisition-related expenses, restructuring and the amortization of acquired intangible assets are not material.
    (3) An adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin Three Months Ended June 30,   Six Months Ended June 30,
    (dollars in thousands)   2025       2024       2025       2024  
    Gross profit $ 192,861     $ 172,443     $ 379,538     $ 339,472  
    Stock-based compensation   3,460       3,288       6,775       6,270  
    Amortization of acquired intangible assets   6,537       4,760       12,401       9,429  
    Non-GAAP gross profit $ 202,858     $ 180,491     $ 398,714     $ 355,171  
    Gross margin   78 %     78 %     78 %     78 %
    Non-GAAP gross margin   82 %     82 %     82 %     81 %
    Non-GAAP Sales and Marketing Expense Three Months Ended June 30,   Six Months Ended June 30,
    (dollars in thousands)   2025       2024       2025       2024  
    Sales and marketing expense $ 107,091     $ 101,129     $ 210,273     $ 200,954  
    Less: Stock-based compensation   17,818       16,276       34,448       31,576  
    Less: Acquisition-related expenses   258       49       1,312       49  
    Non-GAAP sales and marketing expense $ 89,015     $ 84,804     $ 174,513     $ 169,329  
    Non-GAAP sales and marketing expense % of revenue   36 %     38 %     36 %     39 %
    Non-GAAP Research and Development Expense Three Months Ended June 30,   Six Months Ended June 30,
    (dollars in thousands)   2025       2024       2025       2024  
    Research and development expense $ 59,236     $ 45,149     $ 112,459     $ 88,876  
    Less: Stock-based compensation   15,300       11,799       28,267       22,960  
    Less: Acquisition-related expenses   532             1,771       (20 )
    Non-GAAP research and development expense $ 43,404     $ 33,350     $ 82,421     $ 65,936  
    Non-GAAP research and development expense % of revenue   18 %     15 %     17 %     15 %
    Non-GAAP General and Administrative Expense Three Months Ended June 30,   Six Months Ended June 30,
    (dollars in thousands)   2025       2024       2025       2024  
    General and administrative expense $ 33,982     $ 30,302     $ 81,965     $ 61,320  
    Less: Stock-based compensation   9,948       10,035       32,939       20,311  
    Less: Acquisition-related expenses   1,291       714       3,619       895  
    Non-GAAP general and administrative expense $ 22,743     $ 19,553     $ 45,407     $ 40,114  
    Non-GAAP general and administrative expense % of revenue   9 %     9 %     9 %     9 %

    The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast. As a result, actual adjustments and GAAP results may differ materially.

    Forecasted Non-GAAP Income from Operations Three Months Ending
    September 30, 2025
      Year Ending
    December 31, 2025
    (in millions) Low   High   Low   High
    Forecasted loss from operations $ (3.1 )   $ (1.1 )   $ (25.8 )   $ (15.8 )
    Forecasted stock-based compensation   47.6       47.6       197.5       197.5  
    Forecasted acquisition-related expenses   0.7       0.7       7.3       7.3  
    Forecasted amortization of acquired intangible assets   6.8       6.8       26.0       26.0  
    Forecasted non-GAAP income from operations $ 52.0     $ 54.0     $ 205.0     $ 215.0  
    Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per Share Three Months Ending
    September 30, 2025
      Year Ending
    December 31, 2025
    (in millions, except per share data) Low   High   Low   High
    Forecasted net loss(1) $ (12.0 )   $ (10.0 )   $ (55.4 )   $ (45.4 )
    Forecasted stock-based compensation   47.6       47.6       197.5       197.5  
    Forecasted tax impact of stock-based compensation   1.0       1.0       3.8       3.8  
    Forecasted acquisition-related expenses   0.7       0.7       7.3       7.3  
    Forecasted amortization of acquired intangible assets   6.8       6.8       26.0       26.0  
    Forecasted tax impact of acquisitions   (0.1 )     (0.1 )     (0.2 )     (0.2 )
    Forecasted non-GAAP net income $ 44.0     $ 46.0     $ 179.0     $ 189.0  
                   
    Forecasted net loss per share, diluted(1) $ (0.10 )   $ (0.08 )   $ (0.46 )   $ (0.38 )
    Forecasted stock-based compensation   0.39       0.39       1.63       1.63  
    Forecasted tax impact of stock-based compensation   0.01       0.01       0.03       0.03  
    Forecasted acquisition-related expenses   0.01       0.01       0.06       0.06  
    Forecasted amortization of acquired intangible assets   0.06       0.06       0.21       0.21  
    Forecasted tax impact of acquisitions                      
    Adjustment to diluted earnings per share(2)   (0.01 )     (0.02 )     (0.02 )     (0.02 )
    Forecasted non-GAAP earnings per share, diluted $ 0.36     $ 0.37     $ 1.45     $ 1.53  
                   
    Forecasted weighted-average shares used to compute GAAP net loss per share, diluted   121.0       121.0       121.0       121.0  
    Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted   123.0       123.0       123.5       123.5  

    ________________
    (1) The forecasted GAAP net loss assumes income tax expense of $4.3 million and $16.4 million in the three months ending September 30, 2025 and year ending December 31, 2025, respectively.

    (2) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

    Forecasted Free Cash Flow and Unlevered Free Cash Flow Year Ending
    December 31, 2025
    (in millions) Low   High
    Forecasted net cash provided by operating activities $ 254.0     $ 264.0  
    Forecasted purchases of property and equipment   (13.0 )     (13.0 )
    Forecasted capitalized software development costs   (3.0 )     (3.0 )
    Forecasted free cash flow   238.0       248.0  
    Forecasted cash paid for interest and other financing costs   27.0       27.0  
    Forecasted unlevered free cash flow $ 265.0     $ 275.0  

    The MIL Network

  • MIL-OSI USA: Coons, Schumer, Murray, Shaheen, Reed, Warner, Schatz, Kaine, Duckworth, Kelly, Bennet, Slotkin, Kim release joint statement to raise alarm about President Trump’s steep concessions to Beijing

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – Today, Ranking Senate Defense Appropriator Chris Coons (D-Del.), Senate Minority Leader Chuck Schumer (D-N.Y.), Senate Appropriations Vice Chair Patty Murray (D-Wash.), Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), Senate Armed Services Ranking Member Jack Reed (D-R.I.), Senate Intelligence Committee Vice Chairman Mark Warner (D-Va.), Senate Appropriations Subcommittee on State and Foreign Operations Ranking Member Brian Schatz (D-Hawaii), Senate Foreign Relations Committee member Tim Kaine (D-Va.), Senate Foreign Relations Committee member Tammy Duckworth (D-Ill.), Senate Armed Services Committee member Mark Kelly (D-Ariz.), Senate Intelligence Committee member Michael Bennet (D-Colo.), Senate Armed Services Committee member Elissa Slotkin (D-Mich.), and Senate Subcommittee on National Security and International Trade and Finance Ranking Member Andy Kim (D-N.J.) released the following statement about public reporting that President Trump is pausing export controls on critical technology sold to China as part of an effort to secure a trade deal with Beijing:

    “President Trump has spent the past six months eroding our advantages over China, but recent developments make clear how willing his administration is to sacrifice American economic and technological leadership for symbolic “wins” with China in its self-inflicted trade war.

    “In just the last two days, we have seen reporting that the Trump administration has cancelled a long-planned high-level security dialogue with Taiwan and denied the president of Taiwan the ability to transit the United States—a longstanding tradition respected by administrations of both parties. These developments come right on the heels of a decision to pave the way for the sale of advanced AI chips to China and to freeze export controls on additional American technologies enabling them to now flow to China, even as Beijing tightens export controls on the United States. Independent media reports today suggest these moves are an attempt to secure trade concessions, curry favor with President Xi Jinping, and ensure President Trump gets a visit to China. The president is demonstrating to Beijing that he can be cajoled into giving up America’s core interests.

    “In the face of lackluster domestic economic forecasts and anemic interest from Beijing in achieving a real breakthrough in talks, President Trump and his economic team have ceded leverage and negotiating power to Beijing in a desperate attempt to lure President Xi to a meeting with President Trump. Even more dangerously, they risk putting American national security, technological advantage, and economic prosperity on the chopping block in order to do so.

    “President Trump is handing our primary geopolitical adversary the keys to the castle of 21st century global technological dominance. Doing so will enable Chinese leadership in artificial intelligence, infusing the Chinese military with the technological advantage it needs to continue hostile operations across the globe. He is signaling his ambivalence about standing with Taiwan, our long-term partner in the region and a powerhouse of the global economy. And he is emboldening Beijing to take aggressive actions and seek even more aggressive concessions in whatever trade negotiations may follow.

    “President Trump and this administration must reset their dangerously weak approach to China and make clear they will no longer accept symbolic wins in exchange for steep American concessions. An administration convinced it can renegotiate the world order needs to stop negotiating against itself.”

    MIL OSI USA News

  • MIL-OSI United Nations: Haitians in ‘despair’ following abrupt suspension of US humanitarian support

    Source: United Nations 2

    The cancellation of most US funding in January means many services to the most vulnerable people have been cut or put on hold.

    Multiple political, security and socio-economic crises have led to 5.7 million people suffering from a lack of food and have forced 1.3 million people to flee their homes.

    With a dramatic reduction in funding Haiti faces a crucial “turning point.”

    UN News spoke to OCHA’s country director, Modibo Traore, about the current situation.

    UN News: What is the current state of humanitarian funding in Haiti?

    Humanitarian funding in Haiti is going through a critical phase, marked by a growing gap between the needs and available resources. As of 1 July, only around 8 per cent of the $908 million required had been mobilized.

    This partial coverage only allows a fraction of the 3.6 million people targeted to be reached.

    © UNICEF/Maxime Le Lijour

    UN aid agencies continue to support Haitian people with humanitarian aid.

    The sectors most affected are food security, access to drinking water, primary healthcare, education and protection.

    This contraction in international support is part of a global context of multiple competing crises – Ukraine, Gaza, Sudan – but also reflects a loss of political interest in the Haitian issue.

    UN News: What conditions in Haiti have led to such significant funding needs?

    The growing humanitarian needs observed in Haiti are the result of an accumulation of structural and cyclical factors. On the socioeconomic front, multidimensional poverty affects a large part of the population.

    Haiti’s exposure to natural hazards is an aggravating factor.

    The country has experienced several major hurricanes that struck the southern region less than a week after an earthquake that severely affected the area, not to mention repeated droughts that have had a major impact on agriculture and livestock farming.

    © UNOCHA/Giles Clarke

    The downtown area of Port-au-Prince remains extremely dangerous due to gang activity.

    Since 2019, a new dimension has emerged; chronic insecurity caused by the proliferation of armed groups, particularly in the capital, Port-au-Prince, and now in the Centre and Artibonite departments.

    In 2024, the multidimensional crisis that has been shaking Haiti for years has become catastrophic.

    The level of violence and insecurity remains high, with devastating consequences for the population, including massive displacement of people who were already in vulnerable situations.

    UN News: How has the growing control of armed groups affected donor confidence?

    The rise of armed groups in Haiti and their increasing control of strategic locations, particularly major roads and ports of entry to the capital, is a major obstacle to the safe and efficient delivery of humanitarian aid.

    This dynamic has an impact on the risk perception of international donors, who now assess Haiti as a high-threat environment for intervention. Access to beneficiaries has become irregular in many areas.

    The deterioration of the security situation represents a major challenge for mobilizing and maintaining financial commitments.

    Donors have expressed concerns about operational risks, particularly regarding securing supply chains, preventing exploitation and ensuring accountability.

    The operational cost of aid has also increased.

    UN News: What is the impact of the new approach taken by the US administration?

    On 20 January, 2025, President Donald Trump signed Executive Order 14169, which imposed an immediate suspension of all new foreign funding by US federal agencies, including humanitarian programs run by USAID and multilateral partners.

    In the case of Haiti, the effects were felt through the sudden halt of approximately 80 per cent of US-funded programmes. NGO partner staff were laid off, payments were suspended, and supply chains were disrupted.

    © WFP/Theresa Piorr

    US food aid is prepared for delivery following floods in Haiti in 2022.

    Beyond the structural effects, this suspension created profound uncertainty in the Haitian humanitarian system. This situation not only weakened the continuity of essential services but also affected trust between beneficiary communities and humanitarian actors.

    UN News: To what extent is the current situation unprecedented?

    The year 2025 marks a turning point in humanitarian aid in Haiti. This crisis is not the result of a single or isolated event, but rather a series of deteriorating situations in the context of gradually waning international attention.

    The interruption of US programmes has acted as a catalyst for the crisis. USAID’s technical partners, many of whom managed community health programmes in vulnerable neighbourhoods, have ceased operations, depriving hundreds of thousands of people of vital services.

    US-co-funded health centres have closed, leaving pregnant women and children without assistance.

    The current crisis demonstrates the country’s growing isolation.

    While previous crises had prompted rapid international solidarity, the humanitarian response to the situation in 2025 has been slow and partial.

    UN News: What difficult decisions have had to be made regarding cutting aid?

    The interruption of funding has forced humanitarian organizations to make ethically complex and often painful trade-offs.

    In the area of protection, for example, safe spaces for women and girls have been drastically reduced.

    © MINUSTAH/Logan Abassi

    The long-term development of Haiti is at risk as funding decreases.

    Cash transfer programmes, widely used in urban areas since 2021, have also been suspended. These programmes enabled vulnerable households to maintain a minimum level of food security. Their suspension has led to a resurgence of coping mechanisms such as child labour, less food and children being taken out of school.

    Resilience-building activities have also been affected. Programmes combining food security, urban agriculture, and access to water—often co-financed by USAID and UN funds—have been frozen.

    This compromises not only the immediate response but also the development of medium-term solutions.

    UN News: How are Haitians being affected?

    Children are among the hardest hit. UNICEF and its partners have treated more than 4,600 children suffering from severe acute malnutrition, representing only 3.6 per cent of the 129,000 children expected to need treatment this year.

    The proportion of institutional maternal deaths has also increased from 250 to 350 per 100,000 live births between February 2022 and April 2025.

    © PAHO/WHO/David Lorens Mentor

    A survivor of rape rests at a site for internally displaced people in Port-au-Prince.

    In terms of security, the effects are equally worrying. Gender-based sexual violence (GBV) has increased in neighbourhoods controlled by armed groups.

    In short, the withdrawal of US funding has led to a multidimensional regression in the rights of women and girls in Haiti, with consequences that are likely to last for several years.

    UN News: How have people in Haiti reacted?

    Beneficiaries expressed a sense of despair at the sudden suspension of the services.

    In working-class neighbourhoods of Port-au-Prince as well as in remote rural areas, the cessation of food distributions, community healthcare, and cash transfers was experienced as a breach of the moral contract between communities and humanitarian institutions.

    Humanitarian partners communicate transparently about the reduction of support, so communities are, to some extent, aware of the financial constraints.

    MIL OSI United Nations News

  • MIL-OSI: Orange County Bancorp, Inc. Announces Record Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Net Income increased $2.3 million, or 27.4%, to $10.5 million for the quarter ended June 30, 2025 from $8.2 million for the quarter ended June 30, 2024
    • Net Interest Income grew $1.0 million, or 4.2%, to $25.1 million for the quarter ended June 30, 2025, as compared to $24.1 million for the quarter ended June 30, 2024
    • Total Deposits rose $123.4 million, or 5.7%, to $2.3 billion at June 30, 2025, from $2.2 billion at year-end 2024
    • Total Loans increased $102.1 million, or 5.6%, to $1.9 billion at June 30, 2025, from $1.8 billion at year-end 2024
    • Book value per share increased $2.55, or 15.6%, to $18.90 at June 30, 2025, from $16.35 at December 31, 2024
    • Trust and investment advisory income rose 14.8%, to $3.4 million for the quarter ended June 30, 2025, from $3.0 million for the quarter ended June 30, 2024

    MIDDLETOWN, N.Y., July 30, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Company (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $10.5 million, or $0.87 per basic and diluted share, for the three months ended June 30, 2025. This compares with net income of $8.2 million, or $0.73 per basic and diluted share, for the three months ended June 30, 2024. The increase in earnings per share, basic and diluted, was due primarily to increases in net interest income and total noninterest income partially offset by an increase in non-interest expense during the current period. For the six months ended June 30, 2025, net income reached $19.2 million, or $1.64 per basic and diluted share, as compared to $17.5 million, or $1.55 per basic and diluted share, for the six months ended June 30, 2024.

    Book value per share rose $2.55, or 15.6%, from $16.35 at December 31, 2024, to $18.90 at June 30, 2025. Tangible book value per share increased $2.65, or 16.8%, from $15.80 at December 31, 2024, to $18.45 at June 30, 2025 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were due to increased earnings during the six months ended June 30, 2025 and a reduction of unrealized losses in the available for sale securities (“AFS”) portfolio coupled with net proceeds of approximately $43 million from completion of a follow-on common stock offering during the second quarter of 2025.

    “I am pleased to report Orange County Bank had a very productive and successful second quarter,” said Company President and CEO Michael Gilfeather. “Nearly every segment of the Bank turned in strong financial performance, yielding $10.5 million of net income for the period, a $2.3 million, or 27% increase over the same quarter last year. These results include several one-time gains but also reflect continued strength in financial performance as we execute on our full-service, business banking strategy.

    We also completed a $46 million follow-on common stock offering during the quarter, strengthening our financial position and giving us the flexibility to continue to expand our lending business in a prudent manner while improving trading liquidity in our stock. On a per share basis, we earned $0.87 a share for the quarter ended June 30, 2025, versus $0.73 for the same quarter last year.

    Key to our strong financial performance was continued growth of our loan portfolio. Year to date, total loans increased $102.1 million, or 5.6%, to $1.9 billion at quarter end. Despite uncertainty surrounding tariff policy, loan demand and economic activity in the communities we serve remains strong, but we continue to exercise prudence in underwriting. Year-to-date, we have grown our loan portfolio without a significant change in loan yields. The average yield on our loan portfolio was 6.02% for the first half of 2025, down modestly from 6.06% for the first half of the prior year.

    Deposit growth also remains robust, with total deposits up $123.4 million year-to-date to $2.3 billion, a 5.7% increase over year end 2024. These new deposits were organically sourced, enabling us to replace $74 million of higher cost brokered deposits with lower cost Bank client funds. Our cost of deposits for the three months ended June 30, 2025 was 1.30%. We consider our low-cost deposit base a key competitive advantage of the Bank, and while there is some seasonality to these numbers, we have been highly intentional in growing this important driver of our success.

    Given that rates on both deposits and loans remained largely unchanged through the first half of the year, it stands to reason net interest margin remained stable as well. For the three months ended June 30, 2025, our net interest margin stood at an impressive 4.06%.

    Our Wealth Management division also continued its run of increasing contributions to performance with nearly 15% growth, to $3.4 million for the current quarter from $3.0 million for the same period last year. Earnings from Wealth Management, which is comprised of Trust and Investment Advisory Services, is an important source of revenue for the Company. Orange Wealth Management represents a value-added expansion of our traditional banking business which provides greater service and leads to the creation of more fees and revenues per client. In addition, many of the group’s clients are also borrowers and/or depositors of the Bank.

    Given our successful capital raise and further growth in loans, deposits, and wealth management, we had a strong second quarter. I want to once again acknowledge that none of this could happen without the experience, expertise and commitment from our employees. I thank them and our customers and shareholders for their continued confidence and support.”

    Second Quarter 2025 Financial Review

    Net Income

    Net income for the second quarter of 2025 was $10.5 million, an increase of $2.3 million, or 27.4%, from net income of $8.2 million for the second quarter of 2024. The increase represents a combination of increased net interest income and non-interest income over the same quarter last year. Net income for the six months ended June 30, 2025 was $19.2 million, as compared to $17.5 million for the same period in 2024. The increase reflects the effect of net interest income growth combined with increased non-interest income during the first six months of 2025 as compared to the prior year period. These improvements were partially offset by higher provision for credit losses in the first half of 2025 as compared to a $1.9 million recovery recognized through the provision during the first half of 2024 and associated with Signature Bank subordinated debt. The increase in non-interest income includes the recognition of gain associated with the sale of a branch location coupled with a Bank Owned Life Insurance gain related to policy proceeds from a death benefit.

    Net Interest Income

    For the three months ended June 30, 2025, net interest income rose $1.0 million, or 4.2%, to $25.1 million, versus $24.1 million during the same period last year. The increase was driven primarily by a $712 thousand increase in interest and fees combined with a $309 thousand reduction in interest expense during the current period. For the six months ended June 30, 2025, net interest income reached $48.8 million representing an increase of $3.0 million, or 6.7%, over the first half of 2024.

    Total interest income rose $712 thousand, or 2.2%, to $33.2 million for the three months ended June 30, 2025, compared to $32.5 million for the three months ended June 30, 2024. The increase was driven mainly by 5.0% growth in interest and fees associated with loans. For the six months ended June 30, 2025, total interest income rose $1.6 million, or 2.4%, to $65.1 million as compared to $63.6 million for the six months ended June 30, 2024.

    Total interest expense decreased $309 thousand during the second quarter of 2025, to $8.1 million, as compared to $8.4 million in the second quarter of 2024. The decrease was primarily due to the reduction of interest costs associated with FHLB advances and borrowings as a result of increased deposit levels during the quarter. Interest expense associated with FHLB advances drawn and other borrowings during the current quarter totaled $375 thousand as compared to $890 thousand during the second quarter of 2024. During the six months ended June 30, 2025, total interest expense fell $1.5 million, to $16.4 million, as compared to $17.9 million for the same period last year.

    Provision for Credit Losses

    The Company recognized a provision for credit losses of $2.1 million for the three months ended June 30, 2025, as compared to $2.2 million for the three months ended June 30, 2024. This current quarter provision was primarily driven by reserves associated with a specific non-accrual loan as well as the impact of the methodology associated with estimated lifetime losses and the types of loans closed during the quarter. The allowance for credit losses to total loans was 1.48% as of June 30, 2025 versus 1.44% as of December 31, 2024. For the six months ended June 30, 2025, the provision for credit losses totaled $2.3 million as compared to $570 thousand, net of recovery, for the six months ended June 30, 2024. No reserves for investment securities were recorded during the first half of 2025 or 2024, respectively.

    Non-Interest Income

    Non-interest income rose $3.5 million, or 92.2%, to $7.3 million for the three months ended June 30, 2025 as compared to $3.8 million for the three months ended June 30, 2024. The growth included the continued increased fee income within each of the Company’s fee income categories, including investment advisory income, trust income, and service charges on deposit accounts, as well as certain one-time items during the quarter. These items represented the recognition of a $1.2 million gain associated with the sale of a branch location and approximately $2.4 million of income associated with BOLI payments related to a death benefit offset by a tactical loss of approximately $727 thousand recorded on the sale of certain securities to reposition a small portion of the portfolio and replace with higher yielding securities. For the six months ended June 30, 2025, non-interest income increased approximately $4.2 million, to $11.7 million, as compared to $7.5 million for the six months ended June 30, 2024.

    Non-Interest Expense

    Non-interest expense was $16.8 million for the second quarter of 2025, reflecting an increase of $1.3 million, or 8.2%, as compared to $15.5 million for the same period in 2024. The increase in non-interest expense for the current three-month period continues to reflect the Company’s commitment to growth. This investment consists primarily of increases in occupancy costs, information technology, and professional fees. Our efficiency ratio improved to 51.6% for the three months ended June 30, 2025, from 55.5% for the same period in 2024. For the six months ended June 30, 2025, our efficiency ratio decreased to 55.0% from 57.9% for the same period in 2024. Non-interest expense for the six months ended June 30, 2025 reached $33.3 million, reflecting a $2.5 million increase over non-interest expense of $30.8 million for the six months ended June 30, 2024.

    Income Tax Expense

    Provision for income taxes for the three months ended June 30, 2025 was $3.1 million, compared to $2.0 million for the same period in 2024. The increase was directly related to provisions associated with higher levels of pre-tax income as well as the effect of certain tax adjustments for the quarter. For the six months ended June 30, 2025, the provision for income taxes was $5.7 million as compared to $4.3 million for the six months ended June 30, 2024. Our effective tax rate for the three-month period ended June 30, 2025 was 23.0%, as compared to 19.7% for the same period in 2024. Our effective tax rate for the six-month period ended June 30, 2025 was 23.0%, as compared to 19.9% for the same period in 2024.

    Financial Condition

    Total consolidated assets increased $96.3 million, or 3.8%, to $2.6 billion at June 30, 2025 from $2.5 billion at December 31, 2024. The growth of the balance sheet included increases in cash, loans, and deposits as well as paydowns of borrowings during the current six-month period.

    Total cash and due from banks increased from $150.3 million at December 31, 2024, to $175.6 million at June 30, 2025, an increase of approximately $25.3 million, or 16.8%. This increase resulted primarily from higher levels of deposit balances and the completion of the common stock offering which increased cash and due from banks.

    Total investment securities fell $37.1 million, or 8.2%, from $453.5 million at December 31, 2024 to $416.4 million at June 30, 2025. The decrease was driven primarily by investment maturities during the first six months of 2025 combined with the sale of approximately $15.0 million in securities at quarter end. The portfolio sale was a strategic initiative to offset a portion of the increases in non-interest income and replaced the investments with higher yielding securities.

    Total loans increased $102.1 million, or 5.6%, from $1.8 billion at December 31, 2024 to $1.9 billion at June 30, 2025. The increase was driven by $72.4 million of growth in commercial real estate loans, $30.5 million of increased commercial real estate construction loans, $6.5 million of increased commercial and industrial loans, and $1.8 million of growth in home equity loans. These increases were offset by decreases within the residential real estate and consumer loan segments.

    Total deposits increased $123.4 million, to $2.3 billion at June 30, 2025, from $2.2 billion at December 31, 2024. This increase was due primarily to $36.0 million of growth in noninterest-bearing demand accounts; $98.2 million of growth in interest bearing demand accounts; $14.1 million of growth in money market accounts; and $51.8 million of growth in savings accounts. The increases in deposit accounts were offset by a $76.7 million decrease in certificates of deposit, mainly associated with brokered deposits utilized by the Bank for short term funding purposes. Deposit composition at June 30, 2025 included 49.0% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 43% of total deposits at June 30, 2025 as compared to 39% of total deposits at December 31, 2024.

    FHLBNY short-term borrowings were $21.0 million at June 30, 2025 down from $113.5 million at December 31, 2024. The decrease in borrowings continues to be driven by increased deposits which outpaced loan growth during the first half of 2025 and allowed for paydowns of borrowings while maintaining higher levels of cash at June 30, 2025. The decrease in borrowings reflects a strategic decision to manage liquidity sources and take advantage of opportunities to reduce funding costs.

    Stockholders’ equity experienced an increase of approximately $67.1 million during the first half of 2025, reaching $252.6 million at June 30, 2025 from $185.5 million at December 31, 2024. The increase was due to the combination of a completed common stock offering which netted approximately $43 million, earnings of approximately $19.2 million, and a decrease in unrealized losses of approximately $6.3 million on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) (“AOCI”), net of taxes.

    At June 30, 2025, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital to average assets ratio was 12.40%, both common equity and Tier 1 capital to risk weighted assets were 16.36%, and total capital to risk weighted assets was 17.61%.

    Wealth Management

    At June 30, 2025, our Wealth Management Division, which includes trust and investment advisory, totaled $1.8 billion in assets under management or advisory, a 2.5% increase over December 31, 2024. Trust and investment advisory income for the quarter ended June 30, 2025 reached $3.4 million, a $437 thousand, or 14.8%, increase as compared to $3.0 million for the quarter ended June 30, 2024.

    The breakdown of trust and investment advisory assets as of June 30, 2025 and December 31, 2024, respectively, is as follows:

     
    ORANGE COUNTY BANCORP, INC.
    SUMMARY OF AUM/AUA
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Investment Assets Under Management & Advisory $ 1,170,808   64.05 %   $ 1,105,143   61.99 %
    Trust Asset Under Administration & Management   657,181   35.95 %     677,723   38.01 %
    Total $ 1,827,989   100.00 %   $ 1,782,866   100.00 %
                   

    Loan Quality

    At June 30, 2025, the Bank had total non-performing loans of $11.7 million, or 0.61% of total loans. Total non-accrual loans represented approximately $11.7 million at June 30, 2025 compared to $6.3 million at December 31, 2024. The increase in non-accrual loans represents several different loans that have experienced payment disruption during the quarter and are at various stages of collection.

    Liquidity

    Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of June 30, 2025, the Bank’s cash and due from banks totaled $175.6 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, corporate bonds, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of June 30, 2025, the Bank’s investment in securities available for sale was $410.8 million, of which $66.8 million was not pledged as collateral and additional $74.3 million with the Federal Reserve which is not specifically designated to any borrowings. Additionally, as of June 30, 2025, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $628.2 million, of which $76.4 million was used to collateralize municipal deposits and $10.0 million was utilized for long term advances. As of June 30, 2025, the Bank’s unused borrowing capacity at the FHLBNY was $541.8 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At June 30, 2025, the Bank also held $74.3 million of collateral at the Federal Reserve Bank which could be utilized to provide additional funding through the discount window.

    The Bank also considers brokered deposits an element of its deposit strategy. As of June 30, 2025, the Bank had brokered deposit arrangements with various terms totaling $106.5 million.

           
    Non-GAAP Financial Measure Reconciliations      
    The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
           
      June 30, 2025   December 31, 2024
      (Dollars in thousands except for share data)
    Tangible Common Equity:      
    Total stockholders’ equity $ 252,589     $ 185,531  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (678 )     (821 )
    Tangible common equity $ 246,552     $ 179,351  
    Common shares outstanding   13,362,912       11,350,158  
    Book value per common share $ 18.90     $ 16.35  
    Tangible book value per common share $ 18.45     $ 15.80  
           
    Tangible Assets      
    Total assets $ 2,606,263     $ 2,509,927  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (678 )     (821 )
    Tangible assets $ 2,600,226     $ 2,503,747  
    Tangible common equity to tangible assets   9.48 %     7.16 %
           
    NOTE: Share data and related information has been adjusted for the effect of the 2 for 1 stock split in January 2025
           

    About Orange County Bancorp, Inc

    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

    Forward Looking Statements

    Certain statements contained herein are “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. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, tariffs, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

    The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    For further information:
    Michael Lesler
    EVP & Chief Financial Officer
    mlesler@orangebanktrust.com
    Phone: (845) 341-5111

     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
           
      June 30, 2025   December 31, 2024
           
    ASSETS      
           
    Cash and due from banks $ 175,606     $ 150,334  
    Investment securities – available-for-sale   410,814       443,775  
    (Amortized cost $478,824 at June 30, 2025 and $519,567 at December 31, 2024)    
    Restricted investment in bank stocks   5,618       9,716  
    Loans   1,917,802       1,815,751  
    Allowance for credit losses   (28,408 )     (26,077 )
    Loans, net   1,889,394       1,789,674  
           
    Premises and equipment, net   14,949       15,808  
    Accrued interest receivable   10,465       6,680  
    Bank owned life insurance   35,398       42,257  
    Goodwill   5,359       5,359  
    Intangible assets   678       821  
    Other assets   57,982       45,503  
           
    TOTAL ASSETS $ 2,606,263     $ 2,509,927  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
           
    Deposits:      
    Noninterest bearing $ 687,120     $ 651,135  
    Interest bearing   1,589,603       1,502,224  
    Total deposits   2,276,723       2,153,359  
           
    FHLB advances, short term   21,000       113,500  
    FHLB advances, long term   10,000       10,000  
    Subordinated notes, net of issuance costs   19,626       19,591  
    Accrued expenses and other liabilities   26,325       27,946  
           
    TOTAL LIABILITIES   2,353,674       2,324,396  
           
    STOCKHOLDERS’ EQUITY      
           
    Common stock, $0.25 par value; 30,000,000 shares authorized;
    13,370,929 and 11,366,608 issued; 13,362,912 and 11,350,158 outstanding,
    at June 30, 2025 and December 31, 2024, respectively
      3,343       2,842  
    Surplus   164,752       120,896  
    Retained Earnings   146,129       129,919  
    Accumulated other comprehensive income (loss), net of taxes   (61,436 )     (67,751 )
    Treasury stock, at cost; 8,017 and 16,450 shares at June 30,
    2025 and December 31, 2024, respectively
      (199 )     (375 )
    TOTAL STOCKHOLDERS’ EQUITY   252,589       185,531  
           
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,606,263     $ 2,509,927  
           
           
    Share data has been adjusted to reflect the effect of the two-for-one stock split paid during January 2025
           
     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      For Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024       2025       2024  
    INTEREST INCOME              
    Interest and fees on loans $ 28,103     $ 26,778       55,417     $ 52,392  
    Interest on investment securities:              
    Taxable   2,731       3,105       5,395       6,331  
    Tax exempt   561       581       1,137       1,149  
    Interest on Federal funds sold and other   1,829       2,048       3,182       3,713  
                   
    TOTAL INTEREST INCOME   33,224       32,512       65,131       63,585  
                   
    INTEREST EXPENSE              
    Savings and NOW accounts   5,256       5,158       10,150       9,735  
    Time deposits   2,222       2,114       4,446       4,528  
    FHLB advances and borrowings   375       890       1,306       3,141  
    Subordinated notes   231       231       461       461  
    TOTAL INTEREST EXPENSE   8,084       8,393       16,363       17,865  
                   
    NET INTEREST INCOME   25,140       24,119       48,768       45,720  
                   
    Provision (recovery) for credit losses – investments                     (1,900 )
    Provision for credit losses – loans   2,113       2,210       2,315       2,470  
    NET INTEREST INCOME AFTER              
    PROVISION FOR CREDIT LOSSES   23,027       21,909       46,453       45,150  
                   
    NONINTEREST INCOME              
    Service charges on deposit accounts   334       232       624       467  
    Trust income   1,573       1,309       3,247       2,621  
    Investment advisory income   1,823       1,650       3,589       3,225  
    Investment securities gains(losses)   (727 )           (727 )      
    Earnings on bank owned life insurance   234       270       493       512  
    Gain on sale of assets   3,635             3,635        
    Other   444       346       811       668  
    TOTAL NONINTEREST INCOME   7,316       3,807       11,672       7,493  
                   
    NONINTEREST EXPENSE              
    Salaries   6,813       6,873       13,718       13,611  
    Employee benefits   2,338       2,304       4,788       4,426  
    Occupancy expense   1,299       1,164       2,576       2,325  
    Professional fees   1,666       1,337       3,013       2,773  
    Directors’ fees and expenses   319       (125 )     625       197  
    Computer software expense   2,117       1,430       4,099       2,665  
    FDIC assessment   330       350       660       768  
    Advertising expenses   481       438       870       802  
    Advisor expenses related to trust income   22       32       44       65  
    Telephone expenses   203       188       410       375  
    Intangible amortization   72       71       143       143  
    Other   1,094       1,425       2,302       2,647  
    TOTAL NONINTEREST EXPENSE   16,754       15,487       33,248       30,797  
                   
    Income before income taxes   13,589       10,229       24,877       21,846  
                   
    Provision for income taxes   3,128       2,016       5,712       4,343  
    NET INCOME $ 10,461     $ 8,213       19,165     $ 17,503  
                   
    Basic and diluted earnings per share $ 0.87     $ 0.73     $ 1.64     $ 1.55  
                   
    Weighted average shares outstanding   11,994,815       11,282,868       11,665,181       11,276,370  
                   
                   
    Share data has been adjusted to reflect the effect of the two-for-one stock split paid during January 2025
                   
     
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Three Months Ended June 30,
        2025       2024  
      Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                      
    Loans Receivable (net of PPP) $ 1,879,606     $ 28,100   6.00 %   $ 1,728,195 $ 26,778   6.21 %
    PPP Loans   152       3   7.92 %     197         0.00 %
    Investment securities   432,657       3,083   2.86 %     467,308       3,364   2.89 %
    Due from banks   167,987       1,829   4.37 %     160,498       2,048   5.12 %
    Other   5,773       209   14.52 %     5,343       322   24.17 %
    Total interest earning assets   2,486,175       33,224   5.36 %     2,361,541       32,512   5.52 %
    Non-interest earning assets   104,019               99,032          
    Total assets $ 2,590,194             $ 2,460,573          
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $ 397,476     $ 489   0.49 %   $ 394,697     $ 485   0.49 %
    Money market accounts   702,607       3,721   2.12 %     666,460       3,796   2.28 %
    Savings accounts   301,586       1,046   1.39 %     254,188       877   1.38 %
    Certificates of deposit   221,363       2,222   4.03 %     184,363       2,114   4.60 %
    Total interest-bearing deposits   1,623,032       7,478   1.85 %     1,499,708       7,272   1.94 %
    FHLB Advances and other borrowings   34,341       375   4.38 %     76,923       890   4.64 %
    Subordinated notes   19,615       231   4.72 %     19,544       231   4.74 %
    Total interest bearing liabilities   1,676,988       8,084   1.93 %     1,596,175       8,393   2.11 %
    Non-interest bearing demand accounts   670,150               667,455          
    Other non-interest bearing liabilities   27,436               25,717          
    Total liabilities   2,374,574               2,289,347          
    Total shareholders’ equity   215,620               171,226          
    Total liabilities and shareholders’ equity $ 2,590,194             $ 2,460,573          
                           
    Net interest income     $ 25,140           $ 24,119    
    Interest rate spread1         3.43 %           3.41 %
    Net interest margin2         4.06 %           4.10 %
    Average interest earning assets to interest-bearing liabilities   148.3 %             148.0 %        
                           
    Notes:                      
    1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2Net interest margin is the annualized net interest income divided by average interest-earning assets          
                           
     
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Six Months Ended June 30,
        2025       2024  
      Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                      
    Loans Receivable (net of PPP) $ 1,854,899     $ 55,411   6.02 %   $ 1,733,197 $ 52,389   6.06 %
    PPP Loans   157       6   7.71 %     203       3   2.96 %
    Investment securities   437,191       6,205   2.86 %     474,419       6,796   2.87 %
    Due from banks   157,381       3,182   4.08 %     155,047       3,713   4.80 %
    Other   6,871       327   9.60 %     8,119       684   16.90 %
    Total interest earning assets   2,456,499       65,131   5.35 %     2,370,985       63,585   5.38 %
    Non-interest earning assets   102,995               96,839          
    Total assets $ 2,559,494             $ 2,467,824          
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $ 377,378     $ 891   0.48 %   $ 377,492     $ 922   0.49 %
    Money market accounts   694,263     $ 7,356   2.14 %     643,244       7,151   2.23 %
    Savings accounts   285,393     $ 1,903   1.34 %     245,009       1,662   1.36 %
    Certificates of deposit   222,173       4,446   4.04 %     197,003       4,528   4.61 %
    Total interest-bearing deposits   1,579,207       14,596   1.86 %     1,462,748       14,263   1.96 %
    FHLB Advances and other borrowings   59,536       1,306   4.42 %     122,203       3,141   5.15 %
    Subordinated notes   19,606       461   4.74 %     19,535       461   4.73 %
    Total interest bearing liabilities   1,658,349       16,363   1.99 %     1,604,486       17,865   2.23 %
    Non-interest bearing demand accounts   668,864               667,947          
    Other non-interest bearing liabilities   28,665               27,081          
    Total liabilities   2,355,878               2,299,514          
    Total shareholders’ equity   203,616               168,310          
    Total liabilities and shareholders’ equity $ 2,559,494             $ 2,467,824          
                           
    Net interest income     $ 48,768           $ 45,720    
    Interest rate spread1         3.36 %           3.15 %
    Net interest margin2         4.00 %           3.87 %
    Average interest earning assets to interest-bearing liabilities   148.1 %             147.8 %        
                           
    Notes:                      
    1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2Net interest margin is the annualized net interest income divided by average interest-earning assets            
                           
     
    ORANGE COUNTY BANCORP, INC.
    SELECTED RATIOS AND OTHER DATA
    (UNAUDITED)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Performance Ratios:              
    Return on average assets (1) 1.62 %   1.34 %   1.50 %   1.42 %
    Return on average equity (1) 19.41 %   19.19 %   18.82 %   20.80 %
    Interest rate spread (2) 3.43 %   3.41 %   3.36 %   3.15 %
    Net interest margin (3) 4.06 %   4.10 %   4.00 %   3.87 %
    Dividend payout ratio (4) 14.91 %   15.80 %   15.83 %   14.82 %
    Non-interest income to average total assets 1.13 %   0.62 %   0.91 %   0.61 %
    Non-interest expenses to average total assets 2.59 %   2.52 %   2.60 %   2.50 %
    Average interest-earning assets to average interest-bearing liabilities 148.25 %   147.95 %   148.13 %   147.77 %
                     
        At   At        
        June 30, 2025   June 30, 2024        
    Asset Quality Ratios:              
    Non-performing assets to total assets 0.45 %   0.64 %        
    Non-performing loans to total loans 0.61 %   0.92 %        
    Allowance for credit losses to non-performing loans   242.51 %   173.95 %        
    Allowance for credit losses to total loans 1.48 %   1.60 %        
                     
    Capital Ratios (5):              
    Total capital (to risk-weighted assets) 17.61 %   15.09 %        
    Tier 1 capital (to risk-weighted assets) 16.36 %   13.84 %        
    Common equity tier 1 capital (to risk-weighted assets) 16.36 %   13.84 %        
    Tier 1 capital (to average assets) 12.40 %   10.04 %        
                     
    Notes:              
    (1)  Annualized for the three and six month periods ended June 30, 2025 and 2024, respectively.
    (2)  Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
    (3)  The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
    (4)  The dividend payout ratio represents dividends paid per share divided by net income per share.
    (5)  Ratios are for the Bank only.
                     
     
    ORANGE COUNTY BANCORP, INC.
    SELECTED OPERATING DATA
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
    Interest income $ 33,224   $ 32,512   $ 65,131   $ 63,585
    Interest expense   8,084     8,393     16,363     17,865
    Net interest income   25,140     24,119     48,768     45,720
    Provision for credit losses   2,113     2,210     2,315     570
    Net interest income after provision for credit losses   23,027     21,909     46,453     45,150
    Noninterest income   7,316     3,807     11,672     7,493
    Noninterest expenses   16,754     15,487     33,248     30,797
    Income before income taxes   13,589     10,229     24,877     21,846
    Provision for income taxes   3,128     2,016     5,712     4,343
    Net income $ 10,461   $ 8,213   $ 19,165   $ 17,503
                   
    Basic and diluted earnings per share $ 0.87   $ 0.73   $ 1.64   $ 1.55
    Weighted average common shares outstanding   11,994,815     11,282,868     11,665,181     11,276,370
                   
      At   At        
      June 30, 2025   December 31, 2024        
    Book value per share $ 18.90   $ 16.35        
    Net tangible book value per share (1) $ 18.45   $ 15.80        
    Outstanding common shares   13,362,912     11,350,158        
                   
    Notes:              
    (1)  Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $678, and $821 in other intangible assets for June 30, 2025 and December 31, 2024, respectively.
                   
     
    ORANGE COUNTY BANCORP, INC.
    LOAN COMPOSITION
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Commercial and industrial (a) $ 248,838   12.98 %   $ 242,390   13.35 %
    Commercial real estate   1,434,414   74.79 %     1,362,054   75.01 %
    Commercial real estate construction   111,483   5.81 %     80,993   4.46 %
    Residential real estate   71,169   3.71 %     74,973   4.13 %
    Home equity   19,142   1.00 %     17,365   0.96 %
    Consumer   32,756   1.71 %     37,976   2.09 %
    Total loans   1,917,802   100.00 %     1,815,751   100.00 %
    Allowance for loan losses   28,408         26,077    
    Total loans, net $ 1,889,394       $ 1,789,674    
                   
    (a) – Includes PPP loans of: $ 147       $ 170    
                   
     
    ORANGE COUNTY BANCORP, INC.
    DEPOSITS BY ACCOUNT TYPE
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Average Rate   Amount   Percent   Average Rate
    Noninterest-bearing demand accounts $ 687,120   30.18 %   0.00 %   $ 651,135   30.24 %   0.00 %
    Interest bearing demand accounts   429,330   18.86 %   0.52 %     331,115   15.38 %   0.42 %
    Money market accounts   693,148   30.44 %   2.08 %     679,082   31.54 %   2.15 %
    Savings accounts   322,832   14.18 %   1.40 %     271,014   12.59 %   1.25 %
    Certificates of Deposit   144,293   6.34 %   3.69 %     221,013   10.26 %   3.97 %
    Total $ 2,276,723   100.00 %   1.17 %   $ 2,153,359   100.00 %   1.31 %
                           
     
    ORANGE COUNTY BANCORP, INC.
    NON-PERFORMING ASSETS
    (UNAUDITED)
    (Dollar Amounts in thousands)
           
      June 30, 2025   December 31, 2024
           
    Non-accrual loans:      
    Commercial and industrial $ 2,372     $ 293  
    Commercial real estate   8,414       6,000  
    Commercial real estate construction          
    Residential real estate   100       6  
    Home equity   828        
    Consumer          
    Total non-accrual loans   11,714       6,299  
    Accruing loans 90 days or more past due:      
    Commercial and industrial          
    Commercial real estate          
    Commercial real estate construction          
    Residential real estate          
    Home equity          
    Consumer          
    Total loans 90 days or more past due          
    Total non-performing loans   11,714       6,299  
    Other real estate owned          
    Other non-performing assets          
    Total non-performing assets $ 11,714     $ 6,299  
           
    Ratios:      
    Total non-performing loans to total loans   0.61 %     0.35 %
    Total non-performing loans to total assets   0.45 %     0.25 %
    Total non-performing assets to total assets   0.45 %     0.25 %
    Net-chargeoffs to total loans, YTD   0.01 %     0.48 %
           

    The MIL Network

  • MIL-OSI USA: Casten, 92 House Democrats Demand Oversight Into Humanitarian Efforts in Gaza Amid Starvation Crisis

    Source: United States House of Representatives – Representative Sean Casten (IL-06)

    July 30, 2025

    Washington, D.C. — U.S. Congressman Sean Casten (IL-06) led 92 House Democrats in a letter to Secretary of State Marco Rubio demanding an investigation into the ownership structure and operation of the Gaza Humanitarian Foundation (GHF), a private, unqualified U.S.-linked aid organization at the center of the worsening starvation and humanitarian crisis in Gaza.

    A copy of the letter can be found here.

    GHF is a U.S.-linked aid organization with no prior experience in humanitarian aid and operates under opaque funding arrangements. GHF received a $30 million grant from the State Department, despite significant internal objections from USAID officials that the group’s funding plan failed to meet the “minimum technical or budgetary standards.” In their letter, the lawmakers criticize the organization’s lack of qualifications, noting that neither of the private firms contracted by GHF to manage distribution sites in Gaza has prior experience in humanitarian work, nor does GHF Executive Chairman Johnnie Moore, who is a close ally of President Donald Trump.

    “We have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza,” the lawmakers wrote. “…Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace.”

    In July 2025, the Integrated Food Security Phase Classification, a panel developed by the United Nations’ Food and Agriculture Organization, issued a report warning that “the worst-case scenario of Famine is currently playing out in the Gaza Strip.” Netanyahu’s blockade and GHF’s dangerously mismanaged aid sites are directly contributing to the starvation crisis.

    The lawmakers also expressed concern regarding disturbing violence at GHF distribution sites, where flawed distribution methods have caused mass panic and mass casualties.

    GHF operates only four aid distribution sites in Gaza using a reckless first-come, first-served model that has resulted in deadly chaos. At least 1,000 Palestinians have reportedly been killed while attempting to access aid near GHF sites, with reports describing Israeli soldiers and U.S. contractors opening fire on desperate civilians. One former contractor said he was instructed to “shoot to kill and ask questions later.”

    “Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis,” the lawmakers continued. “As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity.”

    In addition to Rep. Casten, the letter was signed by Amo, Gabe; Ansari, Yassamin; Balint, Becca; Barragán, Nanette; Bera, Ami; Bonamici, Suzanne; Brownley, Julia; Brown, Shontel; Carbajal, Salud; Carson, André; Carter, Troy; Castro, Joaquin; Chu, Judy; Cleaver, Emanuel; Cohen, Steve; Courtney, Joe; Craig, Angie; Crow, Jason; Davis, Danny; Dean, Madeleine; DeGette, Diana; DeLauro, Rosa; Deluzio, Christopher; DeSaulnier, Mark; Dexter, Maxine; Dingell, Debbie; Doggett, Lloyd; Escobar, Veronica; Fields, Cleo; Foster, Bill; Foushee, Valerie; Frost, Maxwell; Garcia, Robert; Garcia, Sylvia; Green, Al; Harder, Josh; Hayes, Jahana; Houlahan, Chrissy; Hoyle, Val; Huffman, Jared; Jackson, Jonathan; Jacobs, Sara; Johnson, Henry; Kaptur, Marcy; Keating, William; Kelly, Robin; Khanna, Ro; Larsen, Rick; Larson, John; Leger Fernandez, Teresa; Lofgren, Zoe; Lynch, Stephen; Magaziner, Seth; Matsui, Doris; McBride, Sarah; McClellan, Jennifer; McCollum, Betty; McGovern, James; Moore, Gwen; Mullin, Kevin; Nadler, Jerrold; Norton, Eleanor; Ocasio-Cortez, Alexandria; Panetta, Jimmy; Pappas, Chris; Pelosi, Nancy; Pettersen, Brittany; Pingree, Chellie; Pocan, Mark; Pressley, Ayanna; Quigley, Mike; Randall, Emily; Ruiz, Raul; Salinas, Andrea; Schakowsky, Janice; Schrier, Kim; Scott, Robert; Smith, Adam; Sorensen, Eric; Stansbury, Melanie; Swalwell, Eric; Takano, Mark; Thompson, Bennie; Thompson, Mike; Tokuda, Jill; Tonko, Paul; Trahan, Lori; Underwood, Lauren; Vasquez, Gabe; Velázquez, Nydia; Watson Coleman, Bonnie; and Williams, Nikema.

    A copy of the letter can be found here. Text of the letter can be found below.

    Dear Secretary Rubio:

    As supporters of a strong U.S.-Israel relationship and advocates for humanitarian assistance to the people of Gaza, we write to seek clarity on the ownership structure and operation of the Gaza Humanitarian Foundation (GHF).

    More than two million people in Gaza currently face “critical levels” of hunger. We welcome efforts to facilitate the entry of humanitarian aid and share the objective of ensuring that Hamas does not divert such aid. However, we have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza. We agree that delivering aid promptly and securely is crucial. However, GHF’s practices and finances require increased transparency and oversight to ensure aid reaches the intended beneficiaries effectively, safely, and in accordance with international standards.

    On June 24, 2025, the Department of State (DOS) approved a $30 million grant for GHF. Jeremy Lewin, a current DOS official and former Department of Government Efficiency (DOGE) employee, reportedly moved forward with the grant’s approval despite 58 internal objections that U.S. Agency for International Development (USAID) staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required “minimum technical or budgetary standards.” As lawmakers entrusted with the authority to appropriate taxpayer funds, which were undoubtedly used for GHF’s grant, we find this troubling.

    Moreover, GHF has not published a complete list of its sponsors. Registered in Delaware in February 2025, GHF also established an office in Geneva, Switzerland (which the Swiss government has since announced is to be dissolved) with the explicit intent of accommodating donors that “prefer to participate outside of the U.S. structure.” The foundation has publicly stated that it has received at least $119 million from “other government donors.” Furthermore, despite its public denial, the Israeli government has reportedly covertly contributed approximately $280 million USD to the new aid mechanism run by GHF. Full disclosure of GHF’s funding sources is imperative.

    GHF runs four aid distribution sites in Gaza. It contracts two American private firms, Safe Reach Solutions (SRS) and UG Solutions (UGS), to provide security and logistics, with some pricing models reportedly provided by Boston Consulting Group consultants, who reportedly regularly met with Israeli officials in connection with the consultants’ role in helping develop ideas for GHF’s operations. None of the groups have prior humanitarian experience, nor does GHFExecutive Chairman Johnnie Moore, a close ally of President Trump. As a result, these distribution centers appear to operate at a reduced capacity at an exorbitant cost, significantly exceeding the current operating costs of experienced humanitarian organizations.

    We are further alarmed at the widespread violence at GHF distribution centers. As of July 23, 2025, there have reportedly been at least 1,000 people killed while trying to access critical aid near GHF sites. Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis. As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity. A former security contractor stated that he was instructed, “if you feel threatened, shoot – shoot to kill and ask questions later.” GHF centers offer desperately needed lifelines to those who receive aid without experiencing violence. However, the risk of violence, long wait times, and limited aid availability appear to force hundreds of thousands to choose between risking their lives or going without food.

    The operations of the GHF sites are widely criticized by experienced humanitarian organizations as being inefficient and dangerous, and violating internationally agreed-upon humanitarian principles. Notably, GHF’s inaugural Executive Director and former Marine, Jake Wood, resigned from the organization, citing that the organization no longer aligned with “humanitarian principles.”

    Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace. To address our concerns, we respectfully request responses to the following questions no later than August 14th, 2025:

    1. From which congressionally appropriated account does DOS’s $30 million grant for the GHF originate?

    2. What specific oversight mechanisms are in place to ensure that the GHF operates in accordance with U.S. and international humanitarian law and humanitarian principles of neutrality and impartiality?

    3. The DOS reportedly stated that GHF is subject to “rigorous oversight, including of GHF’s operations and finances.”

      1. What is DOS’s role in monitoring the daily operations and financial practices of GHF, and what is the reporting mechanism?

      2. Are the GHF and the private security contractors that it partners with to distribute assistance in compliance with U.S. standards (legal, regulatory, technical, budgetary, or otherwise) for humanitarian organizations?

    4. The $30 million grant to GHF was approved despite 58 internal objections that USAID staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required ‘minimum technical or budgetary standards.’ What were the details of their objections or concerns, and why were they overridden?

    5. What makes GHF more qualified than other humanitarian organizations with years of experience and the operational expertise needed to handle such a complex situation?

      1. What makes the newly appointed Executive Chairman, Rev. Johnnie Moore Jr., a man with no prior humanitarian experience, but a close relationship with President Trump, the right person to lead GHF?

    6. What steps is the U.S. government taking to address concerns about militarization at GHF’s aid sites, particularly regarding the involvement of U.S. private contractors and Israeli security forces?

    7. Is there a formal agreement or memo of understanding between the U.S. and GHF that outlines the foundation’s operational guidelines, transparency, and accountability measures? If so, please provide a copy or summary of these terms.

    8. Was the DOS involved in the decision-making processes that led to the establishment of only four aid distribution centers in Gaza to date? If so, please provide details of that communication.

    9. GHF refuses to publish its sources of funding, including the $119 million it received from “other government donors.” What is the complete and most current list of GHF’s donors?

    10. What are the details of the contracts between GHF, its contractors, Safe Reach Solutions (SRS), UGSolutions (UGS), and its aid providers?

      1. What does GHF pay per diem for security and logistics to SRS and UGS?

      2. Where does GHF source its aid packages from? How much does it pay for them?

    11. Has the U.S. conducted any oversight or reviews of GHF’s operations in light of recent criticisms related to overcrowding, militarization, and security concerns? If so, what were the findings?

    12. The Trump Administration is reportedly considering an additional $500 million grant to GHF using USAID funds. According to U.S. law, all NGO recipients of USAID grants are subject to a responsibility determination that certifies the NGO’s “necessary management competence…and that the applicant will practice mutually agreed upon methods of accountability for funds and other assets provided by USAID.”

      1. Will this funding be approved?

      2.  If so, what account will this funding come from?

    13. What steps will be taken to conduct the required “responsibility determination” certifying GHF’s competence and accountability?

    14. What specific benefits has GHF’s aid distribution model or operations provided for U.S. and Israeli interests that the U.S. government assesses may justify some of the apparent drawbacks of the GHF model and operations?

    15. Looking ahead, what information can the Administration share about the likely roles and potential roles of GHF and other humanitarian assistance providers in Gaza, respectively, under various scenarios (ceasefire, intensified conflict, post-conflict transition)? 

      1. What are the sources of this information?

      2. What factors will the Administration use to determine whether and how to provide U.S. support to GHF and/or other providers, while actively monitoring their compliance with applicable legal and other standards?

    16. How, if at all, will GHF coordinate with other humanitarian organizations already working in Gaza? Will GHF work within the already established coordinating mechanisms, and if so, how does it plan to do so?

    Thank you for your attention to this critical matter.

    Sincerely,

    ###

    MIL OSI USA News

  • MIL-OSI: Duos Technologies Group, Inc. Announces Proposed Public Offering of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    JACKSONVILLE, Fla., July 30, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) a provider of adaptive, versatile and streamlined Edge Data Center (“EDC”) solutions tailored to meet evolving needs in any environment, today announced that it is commencing an underwritten public offering of shares of its common stock (or common stock equivalents). The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

    The net proceeds from the offering will be used to expand, accelerate, and further commercialize the Company’s Edge Data Center business. With this funding, the Company is expected to be fully capitalized to execute on its substantial backlog and advance to Stage 2 of its EDC strategy, which is the development and deployment of more than 65 edge data centers.

    Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

    The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-272603) filed with the Securities and Exchange Commission (“SEC”) on June 12, 2023, and declared effective by the SEC on June 21, 2023.

    A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.

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

    About Duos Technologies Group, Inc.
    Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.

    Forward-Looking Statements
    This news release includes 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, regarding, among other things our expectations regarding the completion, terms, size, and timing of the public offering, and with respect to granting the underwriters a 30-day option to purchase additional shares, in addition to our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. 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. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

    This press release was published by a CLEAR® Verified individual.

    The MIL Network

  • MIL-OSI: Ozak AI Enters Stage 4 of Presale at $0.005 After Raising Over $1.5 Million in Early Rounds

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, July 30, 2025 (GLOBE NEWSWIRE) — Ozak AI has officially launched Stage 4 of its presale, pricing the $OZ token at $0.005 following strong momentum from previous rounds. With over $1.5 million already raised and more than 60 million tokens sold, the project is drawing increasing attention for its real-world AI utility and decentralized infrastructure model. The growing presale demand reflects investor confidence in Ozak AI’s ability to merge artificial intelligence with blockchain through practical applications in sectors such as finance, logistics, and automation.

    The model pricing has also drawn the attention of early adopters and intelligent investors, with a total of more than $1.50 million raised so far. Valuable upwards momentum, well-defined utility potential, and an ever-increasing interest of both retail and institutional communities of investors are making the presale of Ozak AI quite a trending subject.

    Real Utility vs. Demand: The Driving Force Behind Real-World Demand is Real Utility

    Ozak AI combines blockchain and artificial intelligence through a decentralized infrastructure network (DePIN), emphasizing real-time AI services and secure data handling. This innovative platform addresses practical challenges in finance, logistics, data security and automation by delivering decentralized AI solutions with real-world impact.

    The commitment to tangible utility has attracted strong investor interest during Ozak AI’s presale. The platform offers advanced features such as Prediction Agents (PAs), the Ozak Stream Network (OSN), EigenLayer AVS, Arbitrum Orbit integration, Ozak Data Vaults, AI-powered prediction agents, real-time data analytics, smart contract execution and more. These capabilities enable companies to scale efficiently, reduce costs, and make data-driven decisions—bringing AI functionality to where it is needed most.

    Youtube embed:

    Next 500X AI Altcoin

    Enthusiastic Demand Speculates on Increased Confidence

    Ozak AI appears to be on the right track, with its strategic long-term growth approach resonating increasingly with investors. The token price has risen from $0.001 to $0.005 during the presale phases, marking a 400% increase so far. With a $1 target price, early investors could see a potential return on investment (ROI) of 20,000%. The $OZ token presale has already raised over $1.50 million, with more than 60.76 million $OZ tokens sold, reflecting strong demand and growing confidence even before the token is listed on exchanges.

    Every price level during the presale introduces more urgency to the presale, impelling people to participate early. Investors know that even at this stage (Stage 4: $0.005), the potential has a great way to go up, as additional exchange listings in the future will come up. The value promise is evident but convincing based on the idea that Ozak AI is all about providing working toolsets and platforms of AI in the real world. It is not a speculation that can be exciting, but a belief in products and their relevance in the market.

    What is So Special About Ozak AI That it May Bring Better ROI as Compared to Many Altcoins?

    The uniqueness of the Ozak AI is that it is hybrid in its utility. This project allows for the formation of a decentralized ecosystem of smart contracts, predictive algorithms, and autonomous apps by using both AI and blockchain. This is a synergy between the two most progressive technologies that will enable Ozak AI to perform even better than the traditional altcoins, which are based on the concept of single utility.

    Conclusion

    Ozak AI is proving to be more than just another blockchain project—it’s a real-world solution provider with a clear technological edge. From its low-cost, high-reward Stage 1 entry point of $0.001 to its current presale pricing of $0.005, every phase of its rollout reflects strong demand and purposeful growth. As the platform bridges the gap between AI and decentralized infrastructure, investor enthusiasm continues to rise.

    For more information about Ozak AI, visit the links below:

    Website: https://ozak.ai/
    Twitter/X: https://x.com/OzakAGI
    Telegram: https://t.me/OzakAGI

    Media Contact: 
    Andres Brinc 
    media@ozak.ai

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5a7b4e2-8424-43d4-9ed8-64195f1e6b86

    The MIL Network

  • MIL-OSI: Inoxoft Launches Offline AI Tool for On-Device Text Classification

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, July 30, 2025 (GLOBE NEWSWIRE) — Inoxoft, a custom software development company, has announced the release of WhiteLightning, an open-source CLI tool that enables developers to train and run fast, lightweight text classifiers entirely offline. This tool doesn’t rely on cloud APIs or large LLMs at runtime.

    Built over a year by Inoxoft’s AI and ML engineering team, WhiteLightning was created to address a growing need: delivering intelligent, privacy-safe NLP to edge devices, embedded systems, and offline environments. Using a novel teacher-student approach, the tool distills LLM-generated synthetic data into compact ONNX models under 1 MB in size, ready to run anywhere.

    “We built WhiteLightning to give developers full control over NLP and without the usual trade-offs,” said Liubomyr Pohreliuk, CEO at Inoxoft. “You don’t need a 175B model on standby. You need something that works offline, fast, and reliably, something you can ship.”

    Why it matters

    • Drastically lower cost. The tool uses LLMs just once for training (around one cent per task), avoiding ongoing per-query API fees.
    • Compact model size. It’s small enough to fit inside mobile apps, routers, or embedded devices.
    • Runs on minimal hardware. WhiteLightning is made for edge environments like Raspberry Pi or older phones.
    • Fast and efficient. The solution processes thousands of inputs per second on standard CPUs.
    • Cross-platform ready. This means consistent output across Python, Rust, Swift, and more.
    • Truly offline. There are no cloud dependencies, data leaks, or vendor lock-in.

    Under the hood

    • LLM-to-edge distillation. Converts task prompts into synthetic data, then a fast ONNX model.
    • CLI-first experience. Simple Docker-based tool, one command to generate classifiers.
    • Multi-language runtime compatibility. Supports Rust, Swift, Node.js, Dart, and more.
    • GitHub-native DevOps. CI/CD with Flake8, Pytest, pre-commit hooks, test matrix in GitHub Actions
    • Secure by design – No local Python dependencies, environment-variable-based API handling.

    WhiteLightning is not a hosted SaaS. It’s a production-grade CLI utility aimed at engineers who want precise, controllable, local-first AI capabilities without extra infrastructure.

    Built and backed by Inoxoft

    WhiteLightning is developed and actively maintained by Inoxoft’s ML engineers and OSS team:

    • Open-source license. GPL-3.0 for the tool, MIT for generated models.
    • Community-led roadmap. Feature discussions and dev chat on Discord.
    • Deployment-ready Docker image. ghcr.io/inoxoft/whitelightning
    • Public CI/CD. All PRs tested through GitHub Actions, cross-runtime validations included

    Try it yourself

    WhiteLightning is available on GitHub with full documentation, test examples, and deployment templates.

    Explore the Repo
    Read the Docs

    For developers who need real-world NLP—fast, free, and fully offline—WhiteLightning offers a clean, powerful alternative to hosted LLMs.

    Contact:
    pr@inoxoft.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31f97979-3089-48c3-b2ab-7a1217a7dfa0

    The MIL Network

  • MIL-OSI USA: Warner and Colleagues Release Joint Statement to Raise Alarm about President Trump’s Steep Concessions to Beijing

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, Senate Intelligence Committee Vice Chairman Mark Warner (D-Va.), Ranking Senate Defense Appropriator Chris Coons (D-Del.), Senate Minority Leader Chuck Schumer (D-N.Y.), Senate Appropriations Vice Chair Patty Murray (D-Wash.), Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), Senate Armed Services Ranking Member Jack Reed (D-R.I.), Senate Appropriations Subcommittee on State and Foreign Operations Ranking Member Brian Schatz (D-Hawaii), Senate Foreign Relations Committee member Tim Kaine (D-Va.), Senate Foreign Relations Committee member Tammy Duckworth (D-Ill.), Senate Armed Services Committee member Mark Kelly (D-Ariz.), Senate Intelligence Committee member Michael Bennet (D-Colo.), Senate Armed Services Committee member Elissa Slotkin (D-Mich.), and Senate Subcommittee on National Security and International Trade and Finance Ranking Member Andy Kim (D-N.J.) released the following statement about public reporting that President Trump is pausing export controls on critical technology sold to China as part of an effort to secure a trade deal with Beijing: 

    “President Trump has spent the past six months eroding our advantages over China, but recent developments make clear how willing his administration is to sacrifice American economic and technological leadership for symbolic “wins” with China in its self-inflicted trade war. 

    “In just the last two days, we have seen reporting that the Trump administration has cancelled a long-planned high-level security dialogue with Taiwan and denied the president of Taiwan the ability to transit the United States—a longstanding tradition respected by administrations of both parties. These developments come right on the heels of a decision to pave the way for the sale of advanced AI chips to China and to freeze export controls on additional American technologies enabling them to now flow to China, even as Beijing tightens export controls on the United States. Independent media reports today suggest these moves are an attempt to secure trade concessions, curry favor with President Xi Jinping, and ensure President Trump gets a visit to China. The president is demonstrating to Beijing that he can be cajoled into giving up America’s core interests.

    “In the face of lackluster domestic economic forecasts and anemic interest from Beijing in achieving a real breakthrough in talks, President Trump and his economic team have ceded leverage and negotiating power to Beijing in a desperate attempt to lure President Xi to a meeting with President Trump. Even more dangerously, they risk putting American national security, technological advantage, and economic prosperity on the chopping block in order to do so. 

    “President Trump is handing our primary geopolitical adversary the keys to the castle of 21st century global technological dominance. Doing so will enable Chinese leadership in artificial intelligence, infusing the Chinese military with the technological advantage it needs to continue hostile operations across the globe. He is signaling his ambivalence about standing with Taiwan, our long-term partner in the region and a powerhouse of the global economy. And he is emboldening Beijing to take aggressive actions and seek even more aggressive concessions in whatever trade negotiations may follow.

    “President Trump and this administration must reset their dangerously weak approach to China and make clear they will no longer accept symbolic wins in exchange for steep American concessions. An administration convinced it can renegotiate the world order needs to stop negotiating against itself.” 

    MIL OSI USA News

  • MIL-OSI Economics: Microsoft Cloud and AI strength fuels fourth quarter results

    Source: Microsoft

    Headline: Microsoft Cloud and AI strength fuels fourth quarter results

      Three Months Ended June 30,  
     ($ in millions, except per share amounts) Revenue Operating Income Net Income Diluted Earnings per Share
    2024 As Reported (GAAP) $64,727 $27,925 $22,036 $2.95
    2025 As Reported (GAAP) $76,441 $34,323 $27,233 $3.65
    Percentage Change Y/Y (GAAP) 18% 23% 24% 24%
    Constant Currency Impact $619 $326 $356 $0.05
    Percentage Change Y/Y Constant Currency 17% 22% 22% 22%
      Twelve Months Ended June 30,  
     ($ in millions, except per share amounts) Revenue Operating Income Net Income Diluted Earnings per Share
    2024 As Reported (GAAP) $245,122 $109,433 $88,136 $11.80
    2025 As Reported (GAAP) $281,724 $128,528 $101,832 $13.64
    Percentage Change Y/Y (GAAP) 15% 17% 16% 16%
    Constant Currency Impact $(485) $(351) $56 $0.01
    Percentage Change Y/Y Constant Currency 15% 18% 15% 16%

      Three Months Ended June 30,
     ($ in millions) Productivity and Business Processes Intelligent Cloud More Personal Computing
    2024 As Reported (GAAP) $28,627 $23,785 $12,315
    2025 As Reported (GAAP) $33,112 $29,878 $13,451
    Percentage Change Y/Y (GAAP) 16% 26% 9%
    Constant Currency Impact $368 $184 $67
    Percentage Change Y/Y Constant Currency 14% 25% 9%

      Three Months Ended June 30, 2025
    Percentage Change Y/Y (GAAP) Constant Currency Impact Percentage Change Y/Y Constant Currency
    Microsoft Cloud 27% (2)% 25%
    Microsoft 365 Commercial products and cloud services 16% (1)% 15%
    Microsoft 365 Commercial cloud 18% (2)% 16%
    Microsoft 365 Consumer products and cloud services 21% 0% 21%
    Microsoft 365 Consumer cloud 20% 0% 20%
    LinkedIn 9% (1)% 8%
    Dynamics products and cloud services 18% (1)% 17%
    Dynamics 365 23% (2)% 21%
    Server products and cloud services 27% 0% 27%
    Azure and other cloud services 39% 0% 39%
    Windows OEM and Devices 3% 0% 3%
    Xbox content and services 13% (1)% 12%
    Search and news advertising excluding traffic acquisition costs 21% (1)% 20%

    MIL OSI Economics

  • MIL-OSI Banking: Microsoft Cloud and AI strength fuels fourth quarter results

    Source: Microsoft

    Headline: Microsoft Cloud and AI strength fuels fourth quarter results

    Microsoft Cloud and AI Strength Fuels Fourth Quarter Results

    REDMOND, Wash. — July 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2025, as compared to the corresponding period of last fiscal year:

    ·        Revenue was $76.4 billion and increased 18% (up 17% in constant currency)

    ·        Operating income was $34.3 billion and increased 23% (up 22% in constant currency)

    ·        Net income was $27.2 billion and increased 24% (up 22% in constant currency)

    ·        Diluted earnings per share was $3.65 and increased 24% (up 22% in constant currency)

    “Cloud and AI is the driving force of business transformation across every industry and sector,” said Satya Nadella, chairman and chief executive officer of Microsoft. “We’re innovating across the tech stack to help customers adapt and grow in this new era, and this year, Azure surpassed $75 billion in revenue, up 34 percent, driven by growth across all workloads.”

    “We closed out the fiscal year with a strong quarter, highlighted by Microsoft Cloud revenue reaching $46.7 billion, up 27% (up 25% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

    Business Highlights

    Revenue in Productivity and Business Processes was $33.1 billion and increased 16% (up 14% in constant currency), with the following business highlights:

    ·        Microsoft 365 Commercial products and cloud services revenue increased 16% (up 15% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 18% (up 16% in constant currency)

    ·        Microsoft 365 Consumer products and cloud services revenue increased 21% driven by Microsoft 365 Consumer cloud revenue growth of 20%

    ·        LinkedIn revenue increased 9% (up 8% in constant currency)

    ·        Dynamics products and cloud services revenue increased 18% (up 17% in constant currency) driven by Dynamics 365 revenue growth of 23% (up 21% in constant currency)

    Revenue in Intelligent Cloud was $29.9 billion and increased 26% (up 25% in constant currency), with the following business highlights:

    ·        Server products and cloud services revenue increased 27% driven by Azure and other cloud services revenue growth of 39%

    Revenue in More Personal Computing was $13.5 billion and increased 9%, with the following business highlights:

    ·        Windows OEM and Devices revenue increased 3%

    ·        Xbox content and services revenue increased 13% (up 12% in constant currency)

    ·        Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 20% in constant currency)

    Microsoft returned $9.4 billion to shareholders in the form of dividends and share repurchases in the fourth quarter of fiscal year 2025.

    Fiscal Year 2025 Results

    Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2025, as compared to the corresponding period of last fiscal year:

    ·        Revenue was $281.7 billion and increased 15%

    ·        Operating income was $128.5 billion and increased 17% (up 18% in constant currency)

    ·        Net income was $101.8 billion and increased 16% (up 15% in constant currency)

    ·        Diluted earnings per share was $13.64 and increased 16%

    Business Outlook

    Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

    Quarterly Highlights, Product Releases, and Enhancements 

    Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

    Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

    Webcast Details

    Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on July 30, 2026.

    Constant Currency

    Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

    Financial Performance Constant Currency Reconciliation

     

    Three Months Ended June 30,

     

     ($ in millions, except per share amounts)

    Revenue

    Operating Income

    Net Income

    Diluted Earnings per Share

    2024 As Reported (GAAP)

    $64,727

    $27,925

    $22,036

    $2.95

    2025 As Reported (GAAP)

    $76,441

    $34,323

    $27,233

    $3.65

    Percentage Change Y/Y (GAAP)

    18%

    23%

    24%

    24%

    Constant Currency Impact

    $619

    $326

    $356

    $0.05

    Percentage Change Y/Y Constant Currency

    17%

    22%

    22%

    22%

     

     

    Twelve Months Ended June 30,

     

     ($ in millions, except per share amounts)

    Revenue

    Operating Income

    Net Income

    Diluted Earnings per Share

    2024 As Reported (GAAP)

    $245,122

    $109,433

    $88,136

    $11.80

    2025 As Reported (GAAP)

    $281,724

    $128,528

    $101,832

    $13.64

    Percentage Change Y/Y (GAAP)

    15%

    17%

    16%

    16%

    Constant Currency Impact

    $(485)

    $(351)

    $56

    $0.01

    Percentage Change Y/Y Constant Currency

    15%

    18%

    15%

    16%

     

    Segment Revenue Constant Currency Reconciliation

     

    Three Months Ended June 30,

     ($ in millions)

    Productivity and Business Processes

    Intelligent Cloud

    More Personal Computing

    2024 As Reported (GAAP)

    $28,627

    $23,785

    $12,315

    2025 As Reported (GAAP)

    $33,112

    $29,878

    $13,451

    Percentage Change Y/Y (GAAP)

    16%

    26%

    9%

    Constant Currency Impact

    $368

    $184

    $67

    Percentage Change Y/Y Constant Currency

    14%

    25%

    9%

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

     

     

     

    Selected Product and Service Revenue Constant Currency Reconciliation           

     

    Three Months Ended June 30, 2025

    Percentage Change Y/Y (GAAP)

    Constant Currency Impact

    Percentage Change Y/Y Constant Currency

    Microsoft Cloud

    27%

    (2)%

    25%

    Microsoft 365 Commercial products and cloud services

    16%

    (1)%

    15%

    Microsoft 365 Commercial cloud

    18%

    (2)%

    16%

    Microsoft 365 Consumer products and cloud services

    21%

    0%

    21%

    Microsoft 365 Consumer cloud

    20%

    0%

    20%

    LinkedIn

    9%

    (1)%

    8%

    Dynamics products and cloud services

    18%

    (1)%

    17%

    Dynamics 365

    23%

    (2)%

    21%

    Server products and cloud services

    27%

    0%

    27%

    Azure and other cloud services

    39%

    0%

    39%

    Windows OEM and Devices

    3%

    0%

    3%

    Xbox content and services

    13%

    (1)%

    12%

    Search and news advertising excluding traffic acquisition costs

    21%

    (1)%

    20%

     

    About Microsoft

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    Forward-Looking Statements

    Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

    ·        intense competition in all of our markets that could adversely affect our results of operations;

    ·        focus on cloud-based and AI services presenting execution and competitive risks;

    ·        significant investments in products and services that may not achieve expected returns;

    ·        acquisitions, joint ventures, and strategic alliances that could have an adverse effect on our business;

    ·        cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

    ·        disclosure and misuse of personal data that could cause liability and harm to our reputation;

    ·        the possibility that we may not be able to protect information in our products and services from use by others;

    ·        abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

    ·        products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

    ·        issues about the use of AI in our offerings that may result in reputational or competitive harm, or liability;

    ·        excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

    ·        supply or quality problems;

    ·        potential consequences of new, existing, and evolving legal and regulatory requirements;

    ·        claims against us that could result in adverse outcomes in legal disputes;

    ·        uncertainties relating to our business with government customers;

    ·        additional tax liabilities;

    ·        an inability to protect and utilize our intellectual property may harm our business and operating results;

    ·        claims that Microsoft has infringed the intellectual property rights of others;

    ·        damage to our reputation or our brands that may harm our business and results of operations;

    ·        adverse economic or market conditions that could harm our business;

    ·        catastrophic events or geopolitical conditions, such as the COVID-19 pandemic, that could disrupt our business;

    ·        exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

    ·        the dependence of our business on our ability to attract and retain talented employees.

    For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

    All information in this release is as of June 30, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

    For more information, press only:

    Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

    For more information, financial analysts and investors only:

    Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

    Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.

     


     

    MICROSOFT CORPORATION

    INCOME STATEMENTS

    (In millions, except per share amounts) (Unaudited)

    Three Months Ended

     June 30,

    Twelve Months Ended

     June 30,

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue:

    Product

     $17,136

     $13,217

     $63,946

     $64,773

    Service and other

    59,305

     

    51,510

     

    217,778

     

    180,349

    Total revenue

    76,441

     

    64,727

     

    281,724

     

    245,122

    Cost of revenue:

    Product

    3,314

    1,438

    13,501

    15,272

    Service and other

    20,700

     

    18,246

     

    74,330

     

    58,842

    Total cost of revenue

    24,014

     

    19,684

     

    87,831

     

    74,114

    Gross margin

    52,427

    45,043

    193,893

    171,008

    Research and development

    8,829

    8,056

    32,488

    29,510

    Sales and marketing

    7,285

    6,816

    25,654

    24,456

    General and administrative

    1,990

    2,246

    7,223

    7,609

    Operating income

    34,323

     

    27,925

     

    128,528

     

    109,433

    Other expense, net

    (1,707)

     

    (675)

     

    (4,901)

     

    (1,646)

    Income before income taxes

    32,616

    27,250

    123,627

    107,787

    Provision for income taxes

    5,383

     

    5,214

     

    21,795

     

    19,651

    Net income

     $27,233

     

     $22,036

     

     $101,832

     

     $88,136

    Earnings per share:

    Basic

     $3.66

     $2.96

     $13.70

     $11.86

    Diluted

     $3.65

     $2.95

     $13.64

     $11.80

    Weighted average shares outstanding:

    Basic

    7,432

    7,433

    7,433

    7,431

    Diluted

    7,461

     

    7,472

     

    7,465

     

    7,469

     


     

    COMPREHENSIVE INCOME STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     June 30,

    Twelve Months Ended

     June 30,

     

    2025

     

    2024

     

    2025

     

    2024

    Net income

     $27,233

     

     $22,036

     

     $101,832

     

     $88,136

    Other comprehensive income (loss), net of tax:

    Net change related to derivatives

    (9)

    (4)

    (5)

    24

    Net change related to investments

    444

    88

    1,574

    957

    Translation adjustments and other

    1,051

     

    (239)

     

    674

     

    (228)

    Other comprehensive income (loss)

    1,486

     

    (155)

     

    2,243

     

    753

    Comprehensive income

     $28,719

     

     $21,881

     

     $104,075

     

     $88,889

     


     

    BALANCE SHEETS

    (In millions) (Unaudited)

     

    June 30,

    2025

    June 30,

     2024

    Assets

    Current assets:

    Cash and cash equivalents

     $30,242

     $18,315

    Short-term investments

    64,323

    57,228

    Total cash, cash equivalents, and short-term investments

    94,565

    75,543

    Accounts receivable, net of allowance for doubtful accounts of $944 and $830

    69,905

    56,924

    Inventories

    938

    1,246

    Other current assets

    25,723

    26,021

    Total current assets

    191,131

    159,734

    Property and equipment, net of accumulated depreciation of $93,653 and $76,421

    204,966

    135,591

    Operating lease right-of-use assets

    24,823

    18,961

    Equity and other investments

    15,405

    14,600

    Goodwill

    119,509

    119,220

    Intangible assets, net

    22,604

    27,597

    Other long-term assets

    40,565

    36,460

    Total assets

     $619,003

     $512,163

    Liabilities and stockholders’ equity

    Current liabilities:

    Accounts payable

     $27,724

     $21,996

    Short-term debt

    0

    6,693

    Current portion of long-term debt

    2,999

    2,249

    Accrued compensation

    13,709

    12,564

    Short-term income taxes

    7,211

    5,017

    Short-term unearned revenue

    64,555

    57,582

    Other current liabilities

    25,020

    19,185

    Total current liabilities

    141,218

    125,286

    Long-term debt

    40,152

    42,688

    Long-term income taxes

    25,986

    27,931

    Long-term unearned revenue

    2,710

    2,602

    Deferred income taxes

    2,835

    2,618

    Operating lease liabilities

    17,437

    15,497

    Other long-term liabilities

    45,186

    27,064

    Total liabilities

    275,524

    243,686

    Commitments and contingencies

    Stockholders’ equity:

    Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434

    109,095

    100,923

    Retained earnings

    237,731

    173,144

    Accumulated other comprehensive loss

    (3,347)

    (5,590)

    Total stockholders’ equity

    343,479

    268,477

    Total liabilities and stockholders’ equity

     $619,003

     $512,163

     


     

    CASH FLOWS STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     June 30,

    Twelve Months Ended

     June 30,

     

    2025

     

    2024

     

    2025

     

    2024

    Operations

    Net income

     $27,233

     $22,036

     $101,832

     $88,136

    Adjustments to reconcile net income to net cash from operations:

    Depreciation, amortization, and other

    11,203

    6,380

    34,153

    22,287

    Stock-based compensation expense

    3,073

    2,696

    11,974

    10,734

    Net recognized losses on investments and derivatives

    56

    44

    609

    305

    Deferred income taxes

    (2,221)

    (1,145)

    (7,056)

    (4,738)

    Changes in operating assets and liabilities:

    Accounts receivable

    (16,179)

    (13,246)

    (10,581)

    (7,191)

    Inventories

    (81)

    55

    309

    1,284

    Other current assets

    (3,686)

    (2,528)

    (3,044)

    (1,648)

    Other long-term assets

    418

    (1,240)

    (2,950)

    (6,817)

    Accounts payable

    (652)

    4,204

    569

    3,545

    Unearned revenue

    18,361

    15,657

    5,438

    5,348

    Income taxes

    1,043

    (806)

    (38)

    1,687

    Other current liabilities

    5,346

    4,652

    5,922

    4,867

    Other long-term liabilities

    (1,267)

     

    436

     

    (975)

     

    749

    Net cash from operations

    42,647

     

    37,195

     

    136,162

     

    118,548

    Financing

    Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net

    0

    (1,142)

    (5,746)

    5,250

    Proceeds from issuance of debt

    0

    197

    0

    24,395

    Repayments of debt

    0

    (13,065)

    (3,216)

    (29,070)

    Common stock issued

    548

    534

    2,056

    2,002

    Common stock repurchased

    (4,546)

    (4,210)

    (18,420)

    (17,254)

    Common stock cash dividends paid

    (6,169)

    (5,574)

    (24,082)

    (21,771)

    Other, net

    (677)

     

    (303)

     

    (2,291)

     

    (1,309)

    Net cash used in financing

    (10,844)

     

    (23,563)

     

    (51,699)

     

    (37,757)

    Investing

    Additions to property and equipment

    (17,079)

    (13,873)

    (64,551)

    (44,477)

    Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets

    (1,743)

    (1,342)

    (5,978)

    (69,132)

    Purchases of investments

    (21,631)

    (2,831)

    (29,775)

    (17,732)

    Maturities of investments

    4,618

    1,557

    16,079

    24,775

    Sales of investments

    2,621

    2,023

    9,309

    10,894

    Other, net

    2,642

    (382)

    2,317

    (1,298)

    Net cash used in investing

    (30,572)

     

    (14,848)

     

    (72,599)

     

    (96,970)

    Effect of foreign exchange rates on cash and cash equivalents

    183

     

    (103)

     

    63

     

    (210)

    Net change in cash and cash equivalents

    1,414

    (1,319)

    11,927

    (16,389)

    Cash and cash equivalents, beginning of period

    28,828

     

    19,634

     

    18,315

     

    34,704

    Cash and cash equivalents, end of period

     $30,242

     

     $18,315

     

     $30,242

     

     $18,315


     


    SEGMENT REVENUE AND OPERATING INCOME

    (In millions) (Unaudited)

     

    Three Months Ended

     June 30,

     

    Twelve Months Ended

     June 30,

     

     

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue

     

     

     

     

     

     

     

    Productivity and Business Processes

    $33,112

     

    $28,627

     

    $120,810

     

    $106,820

    Intelligent Cloud

    29,878

     

    23,785

     

    106,265

     

    87,464

    More Personal Computing

    13,451

     

    12,315

     

    54,649

     

    50,838

    Total

    $76,441

     

    $64,727

     

    $281,724

     

    $245,122

    Operating Income

     

     

     

     

     

     

     

    Productivity and Business Processes

    $18,993

     

    $15,706

     

     $69,773

     

     $59,661

    Intelligent Cloud

    12,140

     

    9,835

     

    44,589

     

    37,813

    More Personal Computing

    3,190

     

    2,384

     

    14,166

     

    11,959

    Total

    $34,323

     

    $27,925

     

    $128,528

     

    $109,433

     

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

     

    MIL OSI Global Banks

  • MIL-OSI: JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, July 30, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (the “CECONOMY Shares”) for a cash consideration of EUR 4.60 per share (the “Takeover Offer”).

    The Bidder and CECONOMY have also signed an investment agreement regarding the Takeover Offer and their intended cooperation after completion of the Takeover Offer. Furthermore, regarding their future cooperation, the Bidder and CECONOMY’s largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, “Convergenta”) entered into a shareholders’ agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold 25.35% of the CECONOMY Shares, reducing its current shareholding in CECONOMY from 29.16% by an irrevocable undertaking to accept the Takeover Offer with respect to 3.81% of the CECONOMY Shares. The Bidder has also entered into agreements with several shareholders of CECONOMY, under which those shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of JD.com’s future partner Convergenta ahead of the launch of the Takeover Offer.

    CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY’s growth as a stand-alone business and accelerate CECONOMY’s transformation into Europe’s leading omni-channel consumer electronics platform. JD.com, renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY’s capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY’s Supervisory Board and Management Board fully support the public Takeover Offer.

    “This partnership with CECONOMY will build Europe’s leading next-generation consumer electronics platform,” said JD.com CEO Sandy Xu. “CECONOMY’s market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY’s ongoing transformation. Our goal is to further grow CECONOMY’s platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.”

    CECONOMY CEO Dr. Kai-Ulrich Deissner said, “With JD.com’s outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don’t just want to keep pace with the transformation in European retail – we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values.”

    “We fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,” said Jürgen Kellerhals of anchor shareholder Convergenta. “The management team of CECONOMY has a clear strategic vision, and JD.com brings the resources and expertise required to accelerate the company’s (CECONOMY’s) next phase of growth. The technological expertise of JD.com is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.”

    The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company’s cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026.

    The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the internet at the website www.green-offer.com.

    This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, 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. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. 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: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network

  • MIL-Evening Report: The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic

    Source: The Conversation (Au and NZ) – By Gregory Ferris, Senior Lecturer, Media Arts & Production, University of Technology Sydney

    LMPC via Getty Images

    A cinematic firecracker of a film exploded onto international screens 50 years ago this week, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger.

    From its audacious visual style; to its complex, life-threatening stunts; to its pioneering status as an international co-production, Brian Trenchard-Smith’s The Man from Hong Kong has solidified its place as a cult classic.

    The plot is deceptively simple. A Sydney-based crime lord’s activities come under the scrutiny of a determined Hong Kong detective, Inspector Fang Sing Leng. A fiery East-meets-West martial arts showdown explodes across the Australian landscape, pushing both sides to their limits.

    Jimmy Wang Yu (known at the time as Asia’s Steve McQueen) plays Inspector Fang Sing Leng. Fang delivers justice with his fists and uses his wits navigating greater Sydney, with help from the local constabulary and its adoring female population.

    The movie is a playful pastiche that confidently combines martial arts action, police procedurals, spy thrillers, and Westerns, all filtered through a distinctly Australian “crash-zoom” lens.

    An Australia–Hong Kong co-production

    The Man from Hong Kong was the first official Australia–Hong Kong co-production, uniting Hong Kong’s Golden Harvest studio with Australian producer John Fraser.

    This model would pave the way for numerous future collaborations – the film demonstrating that Australia was open for international (film) business, albeit with some constraints, such as shooting locales.

    In The Man from Hong Kong’s case, the financial arrangement was 50/50. As a result, half of the film had to be shot in Hong Kong, despite 85% of the storyline being set in Australia. Many of the interiors were filmed in Hong Kong studios to meet this production requirement.

    An example of this is the interrogation scene, which alternates between its Sydney exteriors and a fight scene taking place in the interior film set shot thousands of miles away at the Golden Harvest studios.

    In a genius bit of montage, the scene jumps from a shot of a kick in the crotch to a close-up of pool balls breaking on a table.

    A film of cunning stunts

    The Man from Hong Kong served as a reunion of sorts for many of the cast and crew, either starring in Stone (1974) or featuring in Trenchard-Smith’s documentary about martial arts films, Kung Fu Killers (1974).

    The film was an influence to Quentin Tarantino and paved the way for films such as Mad Max (1979), particularly in what Trenchard-Smith and his partner in film, stunt legend Grant Page, might call its “cunning stunts”.

    The elaborate car chases and explosive stunt setups in The Man from Hong Kong served as prototypes for iconic sequences that would inspire the Mad Max films, among others, a testament to a bygone era of practical effects and thrill seeking audacity.

    Car crashes and other explosive stunts were executed without permits or road closures. This sense of chaos is heightened by the stunts being performed by the actors themselves, adding a sense of immediacy and peril.

    An example of this is set on the cliffs at Stanwell Park. Wang Yu drives at speed towards the waiting Caroline, executing a precision gravel slide that misses Caroline’s car by under a metre, the shot continuing as he exits the car to greet her.

    Part character, and part tourism advert

    Trenchard-Smith’s script wasn’t shy in its depiction of culture clash, especially when it came to the racist attitudes of the Australian characters.

    But as Trenchard-Smith recalls:

    Our lead character, a Chinese Dirty Harry/James Bond upends these racial stereotypes by being smarter, sexier, and tougher than his opponents.

    Cinematographer Russell Boyd brings a sharp, dynamic (did I mention the crash-zooms?) visual style to the film that deftly matches the on-screen action.

    The film’s Australian setting is part character and part tourism advert – from the “Ayers Rock” (Uluru) cold opener, to the cafe scene on the Opera House forecourt.

    Pure cinema

    Stunt legend Grant Page appears in multiple villainous roles throughout the film, with the martial arts choreography handled by the legendary director Sammo Hung, who also played the role of Win Chan.

    The cast was a fascinating mix of talent and personality. Wang Yu, a martial arts icon, was also an established film director, leading to creative clashes on set with Trenchard-Smith.

    Playing the film’s villain is George Lazenby, whose casting added another layer of meta-textual intrigue, positioning him as an antagonist to a character who was explicitly a Bond villain archetype.

    The Man from Hong Kong remains an exhilarating piece of pure cinema, despite its relatively small budget. It’s an exemplar (and occasional cautionary tale) for filmmakers in terms of international co-production, its cunning stunts, and genre blending.

    The film is a testament to a moment when Australian cinema was confidently looking outwards, ready to take on the world, one explosive car crash at a time.

    Gregory Ferris 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. The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic – https://theconversation.com/the-man-from-hong-kong-at-50-how-the-first-ever-australian-hong-kong-co-production-became-a-cult-classic-260306

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Banking: Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

    Source: Independent Petroleum Association of America

    Headline: Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

    Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

    WASHINGTON — A group of eight oil and natural gas trade associations today highlighted their strong support for the bipartisan “Standardized Permitting and Expediting Development Act” (SPEED Act). In a letter, the group wrote that the bill introduced by House Natural Resources Committee Chairman Bruce Westerman (R-Ark.) and Rep. Jared Golden (D-Maine) “makes many significant changes that would positively impact our members’ ability to produce energy in America.”

    The coalition is comprised of the Independent Petroleum Association of America, Energy Workforce & Technology Council, Gulf Energy Alliance, International Association of Drilling Contractors, National Ocean Industries Association, Texas Alliance of Energy Producers, U.S. Oil & Gas Association, and Western Energy Alliance. Combined, these groups represent over 80 percent of domestic oil and natural gas production in the United States.

    The group’s letter details how the scope of the National Environmental Policy Act (NEPA) requirements and applications have grown since its enactment 50 years ago and the courts, Presidential directives, and agencies’ implementation of NEPA regulations have made NEPA unworkable and far more complicated than its original intent. The federal government’s “paper chase” hinders efforts to find innovative solutions to protect the environment, unlock investment and create jobs. The SPEED Act addresses many of the most pressing issues surrounding NEPA delays and will provide durable solutions to help expedite much needed infrastructure projects across the country.

    Earlier in July the coalition called on lawmakers in the U.S. House of Representatives to “take swift action on permitting reform.” In a letter to Chairman Westerman ahead of an oversight hearing held by the Natural Resources Committee.

    The following are statements from members of the coalition on support for the SPEED Act:

    • Dan Naatz, COO and EVP of the Independent Petroleum Association of America: “American energy producers appreciate Chairman Westerman and Congressman Golden’s efforts to address delays the NEPA process has brought to building out much-needed energy infrastructure. The Independent Petroleum Association of America supports the SPEED Act – the legislation’s reforms to our nation’s permitting system provide a balanced effort of environmental stewardship and the timely decision making needed for economic investment.”
    • Tim Tarpley, president of Energy Workforce & Technology Council: “The SPEED Act is a win for American energy and infrastructure. By cutting red tape, reducing frivolous lawsuits, and restoring common sense to NEPA, this bill ensures projects get built on time and on budget. Steps taken by the SPEED Act are especially critical for the energy services sector, where permitting delays stall job creation, investment, and innovation. Energy Workforce & Technology Council supports this legislation because it delivers the certainty needed to power our economy and keep America competitive.”
    • Erik Milito, president of the National Ocean Industries Association: “We commend Representatives Westerman and Golden for their bipartisan leadership on the SPEED Act, a timely and serious step toward modernizing America’s permitting system. Offshore energy companies are ready to invest and innovate across oil and gas, wind, carbon capture, deep sea mining, and emerging technologies. But outdated, unpredictable permitting continues to delay progress and deter investment, especially in one of the most complex regulatory environments in the world. The SPEED Act lays a strong foundation for reform, recognizing that energy development and environmental stewardship go hand in hand. We look forward to working with Congress to strengthen the bill and deliver the reliable, durable permitting system our energy future requires.”
    • Karr Ingham, Economist, president, Texas Alliance of Energy Producers: “The Alliance applauds Chairman Westerman’s leadership in this bipartisan effort to reduce barriers to energy production.  The need is especially acute in Texas, where access to markets for Texas and U.S.-produced crude oil and natural gas is critical and has long been hampered by abuses in the permitting process.  Additional pipeline and export capacity, including new LNG export facilities, is required to support the extraordinary growth in production accomplished by the U.S. domestic oil and gas industry.  Furthermore, moving products to domestic and global markets more quickly meets growing energy needs at home and abroad, meets those needs in much cleaner fashion compared to non-U.S. production, and reduces the need to flare natural gas. Enactment of the SPEED Act will go a very long way toward enhancing development of cost effective projects that will expand delivery of high quality energy in Texas, the US, and around the world.”
    • Tim Stewart, president of the U.S. Oil & Gas Association: “It’s not a lack of interest or capital, knowhow or need holding American industry back, it is an artificial legal and regulatory morass which has been built up over decades.  Federal agencies now prioritize process over outcome. The SPEED Act cuts through all that.   If America wants to start building things again, we need to do this.”
    • Melissa Simpson, president of Western Energy Alliance: “The Alliance has been in court for a decade now defending oil and natural gas producers targeted by activist groups who use perceived NEPA deficiencies to halt federal leasing. It shouldn’t take that long to work through what the U.S. Supreme Court unanimously agreed is a procedural requirement, not a roadblock, to inform federal agencies and the public. We appreciate Chairman Westerman for prioritizing reasonable limits to judicial reviews on NEPA and courtroom obstructionism in the SPEED Act.”

    The full letter to Chairman Westerman supporting the SPEED Act is available here.

    # # #

    MIL OSI Global Banks

  • MIL-OSI USA: Beta-HPV can directly cause skin cancer in immunocompromised people

    Source: US Department of Health and Human Services – 2

    Wednesday, July 30, 2025

    NIH case study finds virus drives creation of cancer cells in context of defective T cells.
    Researchers at the National Institutes of Health (NIH) have shown for the first time that a type of human papillomavirus (HPV) commonly found on the skin can directly cause a form of skin cancer called cutaneous squamous cell carcinoma (cSCC) when certain immune cells malfunction. cSCC is one of the most common cancers in the United States and worldwide. Previously, scientists believed HPV merely facilitated the accumulation of DNA mutations caused by ultraviolet (UV) radiation, usually the primary driver of cSCC. The findings were published today in The New England Journal of Medicine.
    “This discovery could completely change how we think about the development, and consequently the treatment, of cSCC in people who have a health condition that compromises immune function,” said Andrea Lisco, M.D., Ph.D., of NIH’s National Institute of Allergy and Infectious Diseases (NIAID). “It suggests that there may be more people out there with aggressive forms of cSCC who have an underlying immune defect and could benefit from treatments targeting the immune system.”
    There are many different types of HPV, each tending to infect cells in a particular tissue and part of the body. The types of HPV found mostly on the skin—beta-HPV—are considered benign members of the skin microbiome that typically do not integrate into the DNA of skin cells. This contrasts with the alpha types of HPV, known to integrate into the DNA of mucous membrane cells and directly cause cancer of the genitals, anus, head and neck.
    The NIH researchers made their discovery in a 34-year-old woman who came to the NIH Clinical Center for evaluation and treatment of recurrent cSCC on her forehead. She had undergone multiple surgeries and a round of immunotherapy to try to remove or kill the tumor, but it repeatedly grew back. Her local doctors thought this was due to an inherited inability to repair DNA damaged by UV radiation plus an impairment in immune cells called T cells. The tumor was one of many progressively worsening HPV-related diseases the woman was experiencing.
    Through a sophisticated genetic analysis, the NIH researchers discovered that a beta-HPV had integrated into the cellular DNA of the woman’s well-established tumor and was extensively producing viral proteins there. This contradicted the prevailing theory that beta-HPV only facilitates the establishment of cSCC without integrating into cellular DNA and plays no role in maintaining the cancer. Further genetic analysis of the woman’s cells showed they were fully capable of repairing DNA damage from UV radiation, suggesting the virus alone had caused cSCC.
    To understand how beta-HPV could take the unusual steps of integrating into the woman’s skin-cell DNA and multiplying there unchecked, the investigators studied the woman’s inherited immune disorder. They found that her genetic mutations greatly hampered T cells from activating in response to skin-cell infection by beta-HPV. This suggested that the immune disorder itself was responsible for the woman’s worsening HPV-related diseases, including the beta-HPV cSCC on her forehead, and that treating this disorder might cure all of them. 
    Accordingly, NIH investigators developed a personalized plan to give the woman a stem cell transplant to replace her defective T cells with healthy ones. The process required extreme care because she was immunocompromised even before treatment began. The transplant proceeded without complications. Afterward, all her HPV-related diseases including the recurrent, aggressive cSCC resolved and have not recurred during the more than three years since the transplant. This confirms that the woman’s inherited disorder had prevented her T cells from keeping beta-HPV in check, allowing the virus to directly cause and sustain cSCC.
    “This discovery and successful outcome would not have been possible without the combined expertise of virologists, immunologists, oncologists and transplant specialists, all working under the same roof of the NIH Clinical Center,” said Dr. Lisco.
    According to the study authors, their finding suggests that other people with defective T-cell responses may also be susceptible to cancer caused directly by beta-HPV.
    NIAID conducts and supports research—at NIH, throughout the United States, and worldwide—to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID website.
    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
    NIH…Turning Discovery Into Health®

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    National Institute of Allergy and Infectious Diseases (NIAID)

    Contact

    NIH Office of Communications and Public Liaison
    301-496-5787

    MIL OSI USA News

  • MIL-OSI USA: Acting Chairman Pham Lauds Presidential Working Group Recommendations to Usher in Golden Age of Crypto in the U.S.

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The President’s Working Group on Digital Asset Markets today released a multi-agency report on recommendations to strengthen American leadership in digital financial technology. The report included input from multiple federal agencies, including the Commodity Futures Trading Commission.
    “Under President Trump’s leadership, the federal government is outlining a long-overdue roadmap to embrace cutting-edge technology that will revolutionize financial services, empower entrepreneurs, and once again cement American dominance as the cradle of innovation.
    “I want to thank President Trump for taking decisive action to prioritize digital assets and write a new chapter in American ingenuity and global competitiveness. I also want to thank Special Advisor on AI and Crypto David Sacks, Treasury Secretary Scott Bessent, Attorney General Pam Bondi, Securities and Exchange Commission Chairman Paul Atkins, Working Group Executive Director Bo Hines, all the members of the President’s working group, their staffs and all who worked so diligently to make this possible. I particularly want to thank Meghan Tente, Brigitte Weyls and Harry Jung from the CFTC.
    “This report represents a unified approach under the Trump Administration to usher in a golden age of crypto, and the CFTC stands ready to fulfill our mission to promote responsible innovation, safeguard our markets and ensure they remain the envy of the world.”

    MIL OSI USA News