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Category: United States of America

  • MIL-OSI USA: Newly Declassified Appendix to Durham Report Sheds Additional Light on Clinton Campaign Plan to Falsely Tie Trump to Russia and FBI’s Failure to Investigate

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) today is making public the formerly Classified Appendix (“Durham annex”) to John Durham’s 2023 Special Counsel report. The Unclassified Report and the Classified Appendix form the entirety of Durham’s Special Counsel Report.

    The Durham annex contains previously classified information exposing a reported Clinton campaign plan to falsely tie President Donald Trump to Russia.

    The annex also goes into further detail on matters discussed in the Unclassified Report, specifically:

    • The FBI’s failure – under the leadership of then-Director James Comey – to investigate intelligence that the Clinton campaign may have created the Russia collusion hoax. Meanwhile the Comey-led FBI used the Steele Dossier – a Clinton campaign creation – to obtain FISA warrants on Carter Page.

    Attorney General Pam Bondi, Federal Bureau of Investigation (FBI) Director Kash Patel and Intelligence Community elements declassified the Durham annex at Grassley’s request. In requesting its declassification, which included declassification of information by the Central Intelligence Agency (CIA) and National Security Agency (NSA), Grassley argued that “the overriding public interest demands the release of this information, and doing so would benefit public transparency and accountability.”

    “Based on the Durham annex, the Obama FBI failed to adequately review and investigate intelligence reports showing the Clinton campaign may have been ginning up the fake Trump-Russia narrative for Clinton’s political gain, which was ultimately done through the Steele Dossier and other means. These intelligence reports and related records, whether true or false, were buried for years. History will show that the Obama and Biden administration’s law enforcement and intelligence agencies were weaponized against President Trump. This political weaponization has caused critical damage to our institutions and is one of the biggest political scandals and cover-ups in American history. The new Trump administration has a tremendous responsibility to the American people to fix the damage done and do so with maximum speed and transparency,” Grassley said.

    “For years, I’ve fought to assemble and publicize all the facts surrounding Durham’s investigation, Crossfire Hurricane and related matters. The American people shouldn’t be shortchanged or strung out on matters of significant public interest, and that firm belief fuels my tireless oversight. It’s been a refreshing change to see Attorney General Bondi and Director Patel’s increased efforts to bring transparency to a very dark corner of the people’s government. I hope that attitude continues, and you can be sure my oversight work will continue as well, because there’s much work yet to be done,” Grassley concluded.

    Read the Durham annex HERE.

    Key Findings of the Durham Annex:

    The Clinton Campaign Plan

    In 2016, the Obama administration obtained intelligence information from a source contained in two separate memoranda – one memorandum from January 2016 and another from March 2016. The two memoranda “described ‘confidential conversations’ between then-Democratic National Committee (DNC) Chair Debbie Wasserman Schultz and two individuals at the [Soros] Open Society Foundations (i) [Leonard] Benardo and (ii) Jeffrey Goldstein.” (Pgs. 2-3)

    • This memo stated, in part, that “[the Democratic Party’s] opposition is focused on discrediting Trump…. [a]mong other things, the Clinton staff, with support from special services, is preparing scandalous revelations of business relations between Trump and the ‘Russian Mafia’”. (Pg. 4)

    • According to the Durham annex, based on an analysis and translation of the intelligence, FBI analysts believed that, at the time, the “special services” in the March 2016 memorandum could refer “to the FBI and the CIA or more broadly to the intelligence and law enforcement communities” in the United States, or, analysts speculated, it could refer to “Trump dossier author Christopher Steele.” (Pg. 5)

    • When the Obama administration received this intelligence in March 2016, Fusion GPS was preparing open source opposition research regarding purported ties between Trump and Russians. The research was paid for by Clinton’s campaign and the DNC. (Pg. 5).

    • Notably, on April 15, 2020, Grassley released Department of Justice Office of the Inspector General (DOJ OIG) footnotes showing that Russian intelligence was aware of Steele’s anti-Trump research in early July 2016. Further, the FBI had reports in hand in 2017 that the Dossier may have Russian sources and was potentially Russian disinformation.

    On March 31, 2016, FBI personnel, including then-Deputy Director Andrew McCabe, shared the intelligence regarding the potential Clinton Campaign Plan with high-ranking career officials at DOJ. (Pg. 5)

    FBI Receipt of Additional Intelligence Information on the Clinton Campaign Plan

    The Durham annex describes that, in July 2016, the FBI received additional intelligence regarding a possible Clinton Campaign Plan, including documents with purported emails allegedly sent by Leonard Benardo, Senior Vice President of Soros’ Open Society Foundations. The intelligence included data providing specificity on the plan and the attempt to smear then-candidate Donald Trump by falsely linking him to Russia, while apparently counting on the support of the FBI to open up an investigation. (Pgs. 7-11)

    The intelligence the FBI received also included information and analysis from purported Leonard Benardo emails that stated, in part:

    • “During the first stage of the campaign, due to lack of direct evidence, it was decided to disseminate the necessary information through the FBI-affiliated…technical structures… in particular, the Crowdstrike and ThreatConnect companies, from where the information would then be disseminated through leading U.S. publications.” (Pg. 8)

    • “The point is making the Russian play a U.S. domestic issue… In absence of direct evidence, Crowdstrike and ThreatConnect will supply the media, and GRU [Russia’s Main Intelligence Directive] will hopefully carry on to give more facts.” (Pg. 11)

    Assessment of Authenticity of the “Benardo Emails” Intelligence

    • The Durham annex states, “Analysts and officers whom [Durham’s team] interviewed, and who were well-versed in the Sensitive Intelligence collection, stated that their best assessment was that the Bernardo emails were likely authentic.” (Pg. 11)

    Durham’s team conducted investigative work to inform their assessment. Per the Durham annex:

    • Communications the Durham team reviewed provided additional support that the Clinton campaign was engaged in a plan to tie Trump to Russia and that the campaign wanted or expected the Office of the Vice President, the FBI or other parts of the Intelligence Community, such as the State Department’s Bureau of Intelligence and Research (INR), to aid that effort. (Pgs. 16-17)

    • The Durham annex states, “The Office’s best assessment is that the … emails that purport to be from Benardo were ultimately a composite of several emails that were obtained through Russian intelligence hacking of the U.S.-based Think Tanks, including the Open Society Foundations, the Carnegie Endowment, and others.” (Pg. 17)

    • The Durham annex concludes, “It is a logical deduction [redacted] [Julianne] Smith was, at minimum, playing a role in the Clinton campaign’s efforts to tie Trump to Russia,” and that the communications it reviewed “certainly lends at least some credence that such a plan existed.” (Pg. 17)

    The Obama-Biden Administration’s Response to Intelligence on the Clinton Campaign Plan

    • According to the Durham annex, following the receipt of this intelligence, multiple high-ranking U.S. officials were briefed on the matter, including an August 3, 2016 briefing in the White House by CIA Director John Brennan to President Obama, Vice President Joe Biden, Director of National Intelligence James Clapper, FBI Director Comey, among others. As described in Durham’s Unclassified Report, ultimately, the CIA sent the FBI an investigative referral that included the “purported Clinton campaign plan.” (Pg. 18)

    • In 2017, the “CIA prepared a written assessment of the authenticity and veracity of the above-referenced intelligence. The CIA stated that it did not assess that the above [redacted] memoranda, or [redacted] hacked U.S. communications, to be the product of Russian fabrications.” (Pg. 19)

    • The Durham annex notes that “FBI was fully alerted to the possibility that at least some of the information it was receiving about the Trump campaign might have its origin either with the Clinton campaign or its supporters, or alternatively, was the product of Russian disinformation.”

    • The Durham annex concludes, in part, that “[d]espite this awareness, the FBI appears to have dismissed the [intelligence information] as not credible without any investigative steps actually having been taken to either corroborate or disprove the allegations.” (Pgs. 22-24)

    The Threat of Foreign Election Influence and Assessment in FISA Renewal Applications

    As the Unclassified Durham Report noted, “[b]eginning in late 2014… the FBI learned from a well-placed Confidential Human Source that a foreign government (“Foreign Government-2”) was planning to send an individual (“Non-U.S. Person-I”) to contribute to Clinton’s anticipated presidential campaign, as a way to gain influence with Clinton should she win the presidency.”

    The Durham annex notes that “Non-U.S.Person-I” was “directly tasked by the leader of Foreign Government-2” with facilitating this plan, but had indicated plans to travel to the U.S. in late 2014.

    • However, as known from the Unclassified Durham Report, the FISA “application lingered because ‘everyone was super more careful’ and ‘scared with the big name [Clinton]’ involved.”

    • Ultimately, after four months, the FISA authority was authorized following a commitment that Clinton and others targeted by Foreign Government-2 would receive defensive briefings. (Pgs. 23-24)

    The remainder of the Durham annex reinforces that the FBI provided false and misleading information to the FISA court in pursuit of FISA renewals, and at least one Confidential Human Source lied to his handlers.

    The information in the Durham annex, taken together with previously released details in the Unclassified Report, reinforce the FBI’s disparate treatment of Trump versus Clinton. Despite lacking probable cause and relying on false information, the FBI secured a FISA warrant and multiple renewals to surveil Carter Page and did not provide Trump a defensive briefing equivalent to Clinton’s briefings.

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    MIL OSI USA News –

  • MIL-OSI USA: Grassley Questions Senior USDA Official on Reorganization Proposal

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a lifelong family farmer and member of the Senate Agriculture Committee, submitted questions for the record to U.S. Department of Agriculture (USDA) Deputy Secretary Stephen Vaden following a committee hearing on USDA’s reorganization proposal Wednesday.

    In his questions, Grassley asked Vaden to explain why Congress was not notified or consulted about the plan ahead of the announcement. He requested the agency share its view on the role of Congress in the reorganization process, including possible consultation on decisions like USDA hub locations.

    Grassley highlighted the impact of USDA’s presence in Ames, including the Agriculture Research Service’s National Animal Disease Center, which is a world leader in animal health research, and the National Laboratory for Agriculture and The Environment, which leads cutting edge research on watershed management and soil health. Grassley asked if the agency plans to move any positions or projects to Ames.

    Senators submit Questions For the Record (QFRs) to hearing witnesses to receive detailed, written responses.

    The following are Grassley’s questions:

    1. Why was Congress not notified or consulted of plans for the reorganization despite so many in Congress supporting these plans?
    2. Will there be any flexibility for Congress to weigh in on the hubs that have been designated, the movement of positions to certain locations, or the vacating of certain properties such as the Beltsville Agricultural Research Center?
    3. Ames, Iowa is home to the Agriculture Research Service’s National Animal Disease Center and the National Laboratory for Agriculture and The Environment among others. Will USDA move any positions or projects to Ames, Iowa?
    4. What do you see as Congress’s role in this process? Will there be closer consultation with Congress moving forward?

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Grassley Joins America’s Newsroom to Discuss His Release of the Durham Annex

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) today joined “America’s Newsroom” on Fox News to discuss his successful efforts to secure the declassification and release of the formerly Classified Appendix (“Durham annex”) to John Durham’s 2023 Special Counsel report.

    The Durham annex exposes a reported Hillary Clinton campaign plan to falsely tie President Donald Trump to Russia, as well as the Federal Bureau of Investigation’s (FBI) failure to investigate intelligence suggesting the Clinton campaign fabricated the Russia collusion hoax.

    Video and excerpts of Grassley’s remarks follow:

    [embedded content]

    VIDEO

    On the reported Clinton Campaign Plan to generate the Russia collusion hoax:

    “[The Durham annex] gives us information that the FBI had eight to 10 years ago that they never followed up on. It actually brings attention to the fact that there was either a Clinton conspiracy to make this happen, or Russia disinformation. Either way, it was an attempt to stop Trump, and it proves that the FBI had a hand in it.

    “And now, after these eight years, three years of mine trying to get the document, we know that the Steele dossier [was] paid for by the Democrats and the Clinton campaign. That it was all an effort of total distraction and to make it look like Russia was playing a very major role in helping Trump be elected. Now we know none of that was true, and now with this Durham report annex out, it finally proved that the FBI was covering up.”

    On the classified Durham annex being discovered inside burn bags at the FBI:

    “I think it’s evidence of the great depth that the deep state will go to cover up weaponization that was going on in the FBI and the executive branch of government, generally, under the Obama administration.

    “I want to thank Kash Patel of the FBI and Pam Bondi, our Attorney General, for releasing these documents. Because, after eight years – and it took us three years to get this information – but after eight years, I think we need maximum transparency on all the schemes that were going on 10 years ago to either stop Trump from being elected or, after he’s elected, to ruin his presidency. And that’s what this Durham report is all about.”

    On former Central Intelligence Agency Director John Brennan’s and former Director of National Intelligence Director James Clapper’s attempts to cover up their involvement in the Russia collusion hoax:

    “I think that they have been in the news so often recently, along with [former FBI Director James] Comey, [for being] in the center of this conspiracy. They’re trying to cover their hind end.”

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Luján Presses President Trump’s New NTIA Administrator on Day One: Stop Delaying Broadband Funds for New Mexico

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Subcommittee on Telecommunications and Media, called on Arielle Roth, the recently confirmed Administrator of the National Telecommunications and Information Administration (NTIA), to fulfill her responsibility to fully implement programs authorized and funded by Congress – specifically, the Digital Equity Act and the Broadband Equity, Access, and Deployment (BEAD) Program. Senator Luján urged Roth to make her first act as Administrator the immediate restoration of suspended digital equity grants and the release of approved federal funding to connect all New Mexicans to broadband.

    “Now that you have been confirmed as Administrator of the National Telecommunications and Information Administration (NTIA), I urge you to fulfill your commitments to Congress that you will ‘follow the law,’ ‘act impartially,’ and ‘deliver the best broadband service possible for all Americans,’” said Senator Luján. “Your first act as Administrator should be to immediately restore the suspended digital equity grants and swiftly approve and release BEAD funding to states like New Mexico.”

    “Congressionally appropriated funds for the Digital Equity Act and the BEAD program are not optional – they are essential.  They represent not only a historic investment in our infrastructure, but a statutory obligation to the people of New Mexico and every unserved and underserved community across this country,” concluded Senator Luján.

    As Ranking Member of the Commerce Subcommittee on Telecommunications and Media, Senator Luján is a strong champion for 100% broadband connectivity. Senator Luján has  pressed Commerce Secretary Lutnick multiple times and called on President Trump directly to release funding for the BEAD program.

    In the 118th Congress, Senator Luján introduced the bipartisan Tribal Connect Act to make it easier for Tribes to secure high-speed internet access at Tribal Essential Community-Serving Institutions through the Federal Communications Commission’s (FCC) Universal Service Fund (USF) Schools and Libraries Program, or E-Rate program. 

    In the 117th Congress, Senator Luján introduced legislation to help close the homework gap by equipping school buses with Wi-Fi technology and improving financing options for broadband deployment.

    The full letter can be found here or below:

    Dear Ms. Roth: 

    Now that you have been confirmed as Administrator of the National Telecommunications and Information Administration (NTIA), I urge you to fulfill your commitments to Congress that you will “follow the law,” “act impartially,” and “deliver the best broadband service possible for all Americans.”

    This responsibility includes fully implementing programs authorized and funded by Congress under the Bipartisan Infrastructure and Investment and Jobs Act (IIJA), specifically the Digital Equity Act and the Broadband Equity, Access, and Deployment (BEAD) Program. Your first act as Administrator should be to immediately restore the suspended digital equity grants and swiftly approve and release BEAD funding to states like New Mexico. 

    The Digital Equity Act represents a Congressionally mandated $2.75 billion investment to advance digital inclusion for historically underserved populations across this county. New Mexico, a state with deep rural divides, Tribal lands, and persistent poverty, was awarded more than $8 million to launch programs such as digital navigators, workforce development, and cybersecurity training. These funds were designed to reach nearly two million residents who still face significant barriers that prevent them from fully participating in the digital world. 

    As you noted, “[m]aking sure Americans have the resources and skills they need to participate in the digital economy was part of the IIJA and I will follow the law.” 2 You also stated that once confirmed you would “commit to implementing NTIA’s statutory requirements, including with respect to the Digital Equity Act.” 3 Distribution of these digital equity funds is not a discretionary choice, it is a statutory obligation. You must uphold your commitment to follow the law by immediately reinstating and resuming the disbursement of funds awarded under the Digital Equity Act.

    Congress also created the $42.45 billion BEAD Program to finish the job of connecting nearly 25 million Americans that continue to wait for affordable, high-speed, reliable internet service. The BEAD program is our once-in-a-century opportunity to finish closing the digital divide and states have already invested years in developing implementation plans tailored to local needs, technical realities, and the bipartisan intent of Congress. 

    As NTIA Administrator you must uphold the statutory flexibility given to the states. This includes:

    1. No new delays. The BEAD Restructuring Policy Notice should not be used to further delay approvals or revisit established allocations—such as the over $675 million allocated to New Mexico.
    2. A meaningful low-cost service option. Internet service providers that win BEAD funding must offer a low-cost service option that is affordable and high-speed, not just a box checking exercise. 
    3. Deference for local expertise. States are best suited to determine what technology is appropriate for their terrain and therefore must be afforded deference on priority project determinations, so long as they meet the speed, latency and scalability requirements of IIJA.

    Failing to adhere to these statutory requirements and current approval timeline risks setting broadband deployment back by years.

    Moreover, Congress also explicitly authorized states to use BEAD funding for a variety of uses beyond deployment. These uses include data collection, broadband mapping, planning, installation of Internet connections within multifamily residential buildings where low-income residents live, broadband adoption efforts, including programs to provide affordable internet-capable devices, and other uses as determined by the Assistant Secretary. It is important to follow the law and release non-deployment guidance as soon as possible.

    I request that you respond to these questions by August 15, 2025.

    1. The IIJA included $2.75 billion to support three grant programs under the Digital Equity Act to equip individuals and communities with the skills and tools needed for full participation in all aspects of society. Earlier this year, the states’ Capacity Grants were wrongfully terminated as were the Competitive Grant grantees and the others recommended for an award. In accordance with the law, when will you reinstate the grant programs under the Digital Equity Act? Please provide a specific date.
    2. States would already have shovels in the ground if not for the delays this administration introduced with the initial 90 day extension and subsequent June 6th Public Notice. Will you commit to no further delays and approve States’ BEAD Plans within 90 days of submission?
    3. Congress authorized BEAD funds for non-deployment uses, including affordability and adoption. Further guidance from NTIA should not hinder states’ ability to exercise discretion granted by statute to use funds for non-deployment. When will you release the updated guidance for these uses? Please provide a specific date.

    We share the goals of connecting every American to broadband and ensuring that broadband is affordable to low-income Americans. Congressionally appropriated funds for the Digital Equity Act and the BEAD program are not optional – they are essential. They represent not only a historic investment in our infrastructure, but a statutory obligation to the people of New Mexico and every unserved and underserved community across this country. 

    I look forward to your response.

    Respectfully,

    MIL OSI USA News –

  • MIL-OSI USA: Lee Bill Blocks Federal Judges from Appointing U.S. Attorneys

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    WASHINGTON – U.S. Senator Mike Lee (R-UT) introduced legislation today to restore the President’s right to appoint acting United States Attorneys, a power usurped by Democrats and handed to judges under arbitrary time limits, creating conflicts of interest and power imbalances within courts. U.S. Senator Josh Hawley (R-MO) cosponsored the legislation.

    “President Trump deserves to pick the people working for him,” said Senator Mike Lee. “Judges shouldn’t get to choose the US Attorney who will be arguing cases before them, just as they would never let a President name their law clerks. Congress took this provision out once before, and Democrats revived it to hamper the Bush administration almost 20 years ago. It’s time we restored this prerogative to the leader of the Executive Branch.”

    Background

    U.S. Attorneys are appointed by the President and subject to approval by the Senate. While awaiting Senate approval, the Attorney General selects an interim U.S. Attorney to serve for 120 days. If the presidential appointee is not confirmed within those 120 days, current law allows district courts to then select yet another interim U.S. Attorney – an opportunity sometimes exploited for political retaliation.

    This shift of appointment authority away from the executive branch to the courts creates a conflict of interest, weakening the separation of powers by allowing courts to select their own interim U.S. attorneys.

    Senator Lee’s legislation will correct this miscarriage of justice by restoring the authority to make U.S. attorney appointments to the executive branch.

    Read exclusive coverage by The Federalist here.

    Read the full bill text here.

    MIL OSI USA News –

  • MIL-OSI Security: Defense News in Brief: DAF PEO C3BM unveils new strategic framework to counter emerging threats

    Source: United States Airforce

    The Department of the Air Force Program Executive Office for Command, Control, Communications and Battle Management announced new strategic anchors July 30, designed to deliver resilient decision advantage to joint and coalition forces facing evolving challenges.

    MIL Security OSI –

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

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

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

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

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

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

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

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

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

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: Kaptur, Quigley, Pingree Call for Trump Administration to Preserve Legal Status for Ukrainians

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

    Toledo, OH – Today, Congresswoman Marcy Kaptur (OH-09), and Congressman Mike QuigleyCo-Chairs of the Congressional Ukraine Caucus, together with Congresswoman Chellie Pingree (ME-01), led 33 members of Congress in calling on the Trump administration to rapidly address applications for legal status and work authorization by Ukrainians currently in the United States.

     “Murderous Dictator Putin continues his unprovoked war of aggression, unleashing daily barrages of rockets and terror on innocent Ukrainian civilians. The United States and the Free World have a moral obligation to protect those who may yet fall under his murderous rampage. Since the full scale escalation of Russia’s war in Ukraine in February, 2022, more than 270,000 Ukrainians have sought refuge in America. For more than 3 years, Ukrainian refugees have contributed greatly to communities nationwide, including in the greater Toledo and Cleveland areas in my home state of Ohio.” said Congresswoman Marcy Kaptur (OH-09), Co-Founder and Co-Chair of the Congressional Ukraine Caucus. “The success of the U4U program is unquestioned, with more than 175,000 Ukrainian nationals currently in the United States through this program. I was pleased to hear and echo President Trump’s sentiment earlier this week that we must continue to grant them the safety and shelter that prevents them from being forced back into the setting of war. America has long been a refuge for those whose lives are threatened by immediate danger, and we must continue serving as a shining light for Liberty for those fleeing tyranny and terror.” 

    Since Russia invaded Ukraine, tens of thousands of Ukrainians have sought refuge in the United States through the Uniting for Ukraine (U4U) program. Now, many are seeing their statuses lapse as a massive backlog has developed within US Citizenship and Immigration Services. Following President Trump’s recent encouraging comments about the U4U program, the bipartisan group of members is urging the administration to adjudicate outstanding requests for legal status and work authorization and to extend parole for Ukrainians with expiring statuses.

    The members wrote, in part in their letter, “After years of being employed, paying taxes, and contributing to our neighborhoods, Ukrainians in our districts now live in uncertainty–a state of limbo that hurts communities and employers alike who’ve sought to help this population.”

    Other signers of the letter include Representatives: Ukraine Caucus Co-Chair Brian Fitzpatrick (PA-01), Eleanor Holmes Norton (DC-00), Danny Davis (IL-07), Dan Goldman (NY-10), Josh Gottheimer (NJ-05), Hank Johnson (GA-04), Seth Magaziner (RI-02), Pramila Jayapal (WA-07), Eugene Vindman (VA-07), Tom Suozzi (NY-03), Jennifer McClellan (VA-04), Marilyn Strickland (WA-10), Lloyd Doggett (TX-37), Seth Moulton (MA-06), Nikema Williams (GA-05), Eric Swalwell (CA-14), Greg Landsman (OH-01), Steve Cohen (TN-09), Raja Krishnamoorthi (IL-08), Brendan Boyle (PA-02), Adam Smith (WA-09), Dina Titus (NV-01), Joe Morelle (NY-25), Mary Gay Scanlon (PA-05), Rick Larsen (WA-02), Rob Menendez (NJ-08), Bill Keating (MA-09), Chrissy Houlahan (PA-06), Greg Casar (TX-35), Shri Thanedar (MI-13), Jason Crow (CO-06), Maggie Goodlander (NH-02), and Jim Costa (CA-21). 

    A copy of the signed letter is available HERE. The full text of the letter is available below:

    Dear Secretary Noem and Director Edlow,

    We write to express our continued support for Ukrainians who have been granted temporary status in the United States through the Uniting for Ukraine program. We ask your administration to take swift, decisive actions to preserve legal status and work authorization for Ukrainians who have found safety in the United States amid the devastating conflict brought upon their homeland.

    Five months ago, we marked three years since Vladimir Putin launched his full-scale, unprovoked, and illegal invasion of Ukraine. This brutal assault on Ukraine’s sovereignty and democracy has forced millions to flee their homeland in search of safety. Since February 24, 2022, tens of thousands of Ukrainians have sought refuge in the United States. For many of them, the Uniting for Ukraine (U4U) program has provided a vital humanitarian lifeline, offering a pathway to safety, dignity, and hope.

    Many individuals and families from Ukraine received travel authorization to the United States, a lawful status and temporary basis for work authorization through the Uniting for Ukraine program for up to two years. However, Ukrainians in our districts are increasingly seeing their statuses and work authorization lapse under expiring grants of parole offered under the program. After years of being employed, paying taxes, and contributing to our neighborhoods, Ukrainians in our districts now live in uncertainty–a state of limbo that hurts communities and employers alike who’ve sought to help this population. We believe a series of limited, concrete actions within your authority could protect this population as hostilities continue in Ukraine, such as:

    1)      Adjudicate outstanding requests for lawful status, work authorization: Many Ukrainians have applied for re-parole, Temporary Protected Status, and work authorization but have not had their applications adjudicated by U.S. Citizenship and Immigration Services (USCIS) under an administrative hold. We urge USCIS to swiftly adjudicate outstanding employment authorization and other benefits requests from U4U beneficiaries under the June 9 “Adjudication of Requests filed by Parolees Under Specified Parole Programs” memo. Backlog reduction efforts would make a substantial difference in providing certainty and clarity to thousands of Ukrainian individuals and families who sought relief in a timely manner.

    2)      Re-parole and/or parole extensions for Ukrainians with expiring parole: Under the operational lifting of the USCIS administrative pause, DHS should accept, consider, and adjudicate new applications for re-parole from U4U beneficiaries, or deploy a limited parole extension process on a case-by-case basis. These processes would provide an orderly framework for Ukrainians to preserve an expiring status and/or work authorization outside of the backlogged asylum system.

    We are grateful for your administration’s support for peace in Ukraine. Until that is achieved, we ask you to preserve protections for those affected by this terrible war.

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: Carbajal, Cut Flower Caucus Co-Chairs Introduce Bipartisan Bills to Bolster U.S. Flower Growing Industry

    Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

    U.S. Representative Salud Carbajal (D-CA-24) led Congressional Cut Flower Caucus co-chairs Dan Newhouse (R-WA-04), Doug LaMalfa (R-CA-01), Jimmy Panetta (D-CA-20), Chellie Pingree (D-ME-01), and Jeff Hurd (R-CO-03) in introducing the Don Young American Grown Act. 

    The bipartisan bill requires any cut flowers or cut green plants officially on display in public areas of the Executive Office of the President, Department of Defense, or Department of State be grown in the United States, District of Columbia, or a U.S. territory. 

    In addition, the lawmakers introduced a bipartisan resolution to officially recognize the month of July 2025 as “American Grown Flower and Foliage Month’’.

    “California produces nearly three quarters of all American-grown cut flowers, and I’ve seen firsthand the vital role these farms play in supporting local jobs, small businesses, and the long-term strength of our agricultural sector,” said Rep. Carbajal, co-chair of the Congressional Cut Flower Caucus. “The Don Young American Grown Act will uplift domestic cut flower growers, bolster our specialty crop sector, and honor the legacy of the late Congressman Young.”

    “Maine’s flower farmers and the cut flower industry nationwide create jobs, support local economies, and bring natural beauty to our communities,” said Rep. Pingree, co-chair of the Congressional Cut Flower Caucus. “As Co-Chair of the Cut Flower Caucus, I’m proud to reintroduce the Don Young American Grown Act, alongside the resolution designating July as American Grown Flower and Foliage Month. This bipartisan legislation honors Don’s legacy, while ensuring federal agencies lead by example in purchasing American-grown flowers. It’s a commonsense way to support our domestic growers year-round.”

    Representative Don Young of Alaska, who passed away in 2022, was the lead sponsor of the Don Young American Grown Act in both the 116th and 117th Congresses. Senator Dan Sullivan (R-AK) leads companion, bipartisan legislation in the U.S. Senate. 

    The text of the Don Young American Grown Act can be found HERE.

    The text of the American Grown Flower and Foliage Month resolution can be found HERE. Senator Alex Padilla (D-CA) leads a companion resolution in the U.S. Senate. 

    Founded in 2014, the Congressional Cut Flower Caucus was created to help address, support, and represent the economic interests and opportunities facing America’s flower farmers.

    The Congressional Cut Flower Caucus is a bipartisan coalition established to set the agenda and educate Congress on the cultural and economic value of flower and green farms.

    MIL OSI USA News –

  • MIL-OSI Security: Walker County Man Sentenced to Nine Years in Prison on Drug Charge

    Source: Office of United States Attorneys

    TUSCALOOSA, Ala. – A Walker County man has been sentenced for illegally possessing cocaine, announced U.S. Attorney Prim F. Escalona.

    U.S. District Court Judge Anna M. Manasco sentenced Shannon Wayne Herron, 50, of Jasper, Alabama, to 108 months in prison. In February, Herron pleaded guilty to possession with intent to distribute methamphetamine.

    According to the plea agreement, on November 1, 2023, detectives with the Jasper Police Department Narcotics Unit executed a search warrant on a residence in Jasper. During the search, officers recovered 366 grams of pure methamphetamine, marijuana, a digital scale, a ledger containing names with dollar amounts next to the names, four cell phones, and approximately $1,800 in cash.

    The Drug Enforcement Administration investigated the case along with the Jasper Police Department Narcotics Unit.  Assistant U.S. Attorney Kristy Peoples prosecuted the case. 

    MIL Security OSI –

  • MIL-OSI Security: Boston Man Pleads Guilty to Failing to Register as a Sex Offender

    Source: Office of United States Attorneys

    Defendant previously convicted of sodomy and assault with intent to rape a minor under 12

    BOSTON – A Boston man pleaded guilty today in federal court in Boston to failure to register as a sex offender. Defendant served in United States Navy in April 1998 when he was convicted of sodomy, assault and intent to rape a minor under the age of 12.

    Adrian Martinez, 56, pleaded guilty to one count of failing to register as a sex offender before U.S. District Court Judge Leo T. Sorokin who scheduled sentencing for Oct. 28, 2025. In April 2025, Martinez was arrested and charged.

    Martinez is a Level 3 sex offender who was previously convicted while serving in the United States Navy of: committing sodomy with a person under the age of 12; taking indecent liberties upon the body of a female under 12 years of age (4 counts); and assault with intent to rapea person under the age of 12, in violation of Uniformed Code of Military Justice.

    Following his conviction, Martinez was sentenced to a 40-year period of incarceration. Martinez served approximately 11 years of his 40 year sentence and was released from custody in February of 2009. Martinez was required to register as a sex offender and update his registration any time he moved or changed employment. At some point after Sept. 30, 2022, Martinez moved out of his Boston residence and did not notify law enforcement of his change in registered address. Boston Police attempted to contact Martinez but were unsuccessful in their attempts.

    Martinez faces a sentence of up to 10 years in prison, a minimum of five years and up to lifetime supervised release and a fine of $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

    United States Attorney Leah B. Foley and Kevin Neal, Acting United States Marshal for the District of Massachusetts made the announcement today. Assistant U.S. Attorney Luke A. Goldworm, Project Safe Childhood Coordinator and a member of the Major Crimes Unit is prosecuting the case.

    The case is brought as part of Project Safe Childhood. In 2006, the Department of Justice created Project Safe Childhood, a nationwide initiative designed to protect children from exploitation and abuse. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend, and prosecute individuals who exploit children, as well as identify and rescue victims.  For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov/.

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Transaction Highlights:

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

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

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

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

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

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

    About the Monomoy Platform

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

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

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

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

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

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

    Transforming Into a Full-Service Real Estate Platform

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

    Strategic and Financial Impact

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

    Great Elm Real Estate Ventures Conference Call & Webcast Information

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

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

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

    About Kennedy Lewis Investment Management, LLC

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

    About Great Elm Group, Inc.

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

    About Great Elm Real Estate Ventures

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

    Cautionary Statement Regarding Forward-Looking Statements

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights

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

    Management Commentary

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

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

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

    Details of Second Quarter 2025 Results of Operations

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

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

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

    Management of Orchid Island Capital, Inc.

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

    Book Value Per Share

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

    Capital Allocation and Return on Invested Capital

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

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

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

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

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

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


    Prepayments

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

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


    Portfolio

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

    ($ in thousands)                                      
                              Weighted          
              Percentage             Average          
              of     Weighted     Maturity          
      Fair     Entire     Average     in     Longest  
    Asset Category Value     Portfolio     Coupon     Months     Maturity  
    June 30, 2025                                      
    Fixed Rate MBS $ 105,434       98.0 %     5.60 %     333       1-Aug-54  
    Structured MBS   2,190       2.0 %     2.87 %     277       15-May-51  
    Total MBS Portfolio $ 107,624       100.0 %     5.25 %     332       1-Aug-54  
    December 31, 2024                                      
    Fixed Rate MBS $ 120,056       98.1 %     5.60 %     341       1-Jan-55  
    Structured MBS   2,292       1.9 %     2.85 %     281       15-May-51  
    Total MBS Portfolio $ 122,348       100.0 %     5.26 %     340       1-Jan-55  
    ($ in thousands)                              
      June 30, 2025     December 31, 2024  
              Percentage of             Percentage of  
    Agency Fair Value     Entire Portfolio     Fair Value     Entire Portfolio  
    Fannie Mae $ 30,700       28.5 %   $ 32,692       26.7 %
    Freddie Mac   76,924       71.5 %     89,656       73.3 %
    Total Portfolio $ 107,624       100.0 %   $ 122,348       100.0 %
      June 30, 2025     December 31, 2024  
    Weighted Average Pass Through Purchase Price $ 102.99     $ 102.72  
    Weighted Average Structured Purchase Price $ 4.48     $ 4.48  
    Weighted Average Pass Through Current Price $ 100.84     $ 99.63  
    Weighted Average Structured Current Price $ 14.01     $ 13.71  
    Effective Duration (1)   2.931       3.622  
    (1) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 2.931 indicates that an interest rate increase of 1.0% would be expected to cause a 2.931% decrease in the value of the MBS in the Company’s investment portfolio at June 30, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.


    Financing and Liquidity

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

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

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


    Summarized Consolidated Financial Statements

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

     
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited – Amounts Subject to Change)
     
      June 30, 2025     December 31, 2024  
    ASSETS              
    Mortgage-backed securities $ 107,623,629     $ 122,348,170  
    Cash equivalents and restricted cash   6,583,906       7,422,746  
    Orchid Island Capital, Inc. common stock, at fair value   3,989,188       4,427,372  
    Accrued interest receivable   525,593       601,640  
    Deferred tax assets, net   15,743,570       15,930,953  
    Other assets   4,281,649       4,122,776  
    Total Assets $ 138,747,535     $ 154,853,657  
                   
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Repurchase agreements $ 101,742,000     $ 117,180,999  
    Long-term debt   27,357,495       27,368,158  
    Other liabilities   2,231,331       3,483,093  
    Total Liabilities   131,330,826       148,032,250  
    Stockholders’ equity   7,416,709       6,821,407  
    Total Liabilities and Stockholders’ Equity $ 138,747,535     $ 154,853,657  
    Class A Common Shares outstanding   10,005,457       10,005,457  
    Book value per share $ 0.74     $ 0.68  
     
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited – Amounts Subject to Change)
     
      Six Months Ended June 30,     Three Months Ended June 30,  
      2025     2024     2025     2024  
    Advisory services $ 7,393,135     $ 6,096,316     $ 3,810,846     $ 3,167,055  
    Interest and dividend income   3,733,656       3,091,156       1,786,616       1,492,191  
    Interest expense   (3,575,435 )     (3,577,794 )     (1,731,415 )     (1,762,116 )
    Net revenues   7,551,356       5,609,678       3,866,047       2,897,130  
    Other (expense) income   (1,025,540 )     646,728       (997,795 )     (280,003 )
    Expenses   5,743,131       5,811,971       2,818,974       2,782,576  
    Net income (loss) before income tax provision   782,685       444,435       49,278       (165,449 )
    Income tax provision   187,383       505,172       6,546       108,396  
    Net income (loss) $ 595,302     $ (60,737 )   $ 42,732     $ (273,845 )
                                   
    Basic and Diluted Net (Loss) Income Per Share of:                              
    CLASS A COMMON STOCK $ 0.06     $ (0.01 )   $ 0.00     $ (0.03 )
    CLASS B COMMON STOCK $ 0.06     $ (0.01 )   $ 0.00     $ (0.03 )
      Three Months Ended June 30,  
    Key Balance Sheet Metrics 2025     2024  
    Average MBS(1) $ 114,294,375     $ 87,539,021  
    Average repurchase agreements(1)   108,626,500       83,737,499  
    Average stockholders’ equity(1)   7,395,343       8,203,927  
                   
    Key Performance Metrics              
    Average yield on MBS(2)   5.54 %     5.88 %
    Average cost of funds(2)   4.39 %     5.53 %
    Average economic cost of funds(3)   3.97 %     5.32 %
    Average interest rate spread(4)   1.15 %     0.35 %
    Average economic interest rate spread(5)   1.57 %     0.56 %
    (1) Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
    (2) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
    (3) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
    (4) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
    (5) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.


    About Bimini Capital Management, Inc.

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

    Forward Looking Statements

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

    Earnings Conference Call Details

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter Results

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

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

    Review and Outlook

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

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

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

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

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

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

    Financial Review

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

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

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

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

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

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

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

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

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

    Liquidity and Capital Expenditures

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

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

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

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

    Strategic Acquisition of Reservoir Metrics, LLC

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

    Conference Call

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

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

    About NCS Multistage Holdings, Inc.

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

    Forward Looking Statements

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

    Contact

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

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

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

    Non-GAAP Financial Measures 

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

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

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

    NET WORKING CAPITAL

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

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


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

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

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

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


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

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

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

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

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

    _______________________

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


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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    Introducing a Predictive AI Solution for Smarter, Earlier Arrhythmia Detection

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

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

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

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

    The Cost of Missed Arrhythmias and the Case for Earlier Detection

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

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

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

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

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

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

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

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

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

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

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

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

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

    The MIL Network –

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

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

    July 30, 2025

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

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

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

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

    Read CBO’s new analysis here.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Helps Reintroduce John R. Lewis Voting Rights Advancement Act 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) joined U.S. Senator Reverend Raphael Warnock (D-Ga.), Senate Judiciary Ranking Member Dick Durbin (D-Ill.), Senate Minority Leader Chuck Schumer (D-N.Y.) and the entire Senate Democratic caucus in reintroducing the John R. Lewis Voting Advancement Act, legislation that would update and restore critical safeguards of the original Voting Rights Act of 1965 that have been eroded in recent years by federal court rulings. The legislation would strengthen our democracy by reestablishing preclearance for jurisdictions with a pattern of voting rights violations, protecting minority communities subject to discriminatory voting practices, and defending election workers from threats and intimidation. It is named in honor of voting rights champion and former U.S. Congressman John Lewis of Georgia. 
    This legislation is especially relevant in Texas, where, following historic disapproval of Congressional Republicans’ tax bill, Texas state lawmakers are looking to add five additional Republican seats in the House of Representatives. The move comes in direct response to President Trump’s fears that voters may flip the House in the 2026 midterms.  
    “Voting is a sacred freedom, and depriving people of their right to participate in our democratic process is a threat to democracy. Right now, states across the country are violating this fundamental right by enacting discriminatory laws deliberately designed to keep people from the ballot box. The John R. Lewis Voting Rights Advancement Act works to restore crucial protections of the Voting Rights Act to ensure that everyone has a voice in our democratic system,” said Senator Welch. 
    “As I often say, a vote is a kind of prayer for the world we desire for ourselves and our children,” said Senator Reverend Warnock. “Our prayers are stronger when we pray together. Democracy is the political enactment of a spiritual idea that each of us has within ourselves the spark of the divine. We all have value, and if we all have value, we ought to have a voice in the direction of our country; we ought to have a vote.”   
    “There is no freedom more fundamental than the right to vote.  But between the Trump Administration’s executive order on voter registration and state legislatures’ gerrymandering districts, there has been a clear, concerted effort to chip away at the protections guaranteed to every American under the Voting Rights Act,” said Senator Durbin. “In the face of these injustices that target communities of color and their right to vote, we must continue the work of civil rights leaders like John Lewis and strengthen the framework of the Voting Rights Act by passing the John R. Lewis Voting Rights Advancement Act.” 
    “The ‘good trouble’ John Lewis spoke of is not just an inspirational phrase – it’s a challenge to all of us to rise to the occasion and to fight for the ideals that make our country great. I’ve been clear that when it comes to protecting democracy, we must fight fire with fire. We will not stand idly by while Republicans’ revert to Jim Crow era voting restrictions— suppressing votes and people that do not match their ideals. We will fight to protect democracy – the bedrock of our society and the foundation of what makes the American dream possible,” said Democratic Leader Schumer.  
    In the wake of the Supreme Court’s damaging Shelby County decision in 2013—which crippled the federal government’s ability under the Voting Rights Act of 1965 to prevent discriminatory changes to voting laws and procedures—states across the country have unleashed a torrent of voter suppression efforts, including SB 202 in Georgia. The Supreme Court’s decision in Brnovich v Democratic National Committee delivered yet another blow to the Voting Rights Act by making it significantly harder for plaintiffs to win lawsuits under the landmark law against discriminatory voting laws or procedures. 
    In addition to Senator Warnock, Ranking Member Durbin, Leader Schumer, and Senator Welch, the legislation is cosponsored by the entire Democratic caucus. The VRAA is endorsed by 178 organizations. These organizations understand that voting rights are preservative of all other rights and progress on a range of critical issues cannot take place if citizens cannot make their voices heard. The list of endorsing Georgia and national organizations of the John R. Lewis Voting Rights Advancement Act can be found here. 
    Learn more about the John R. Lewis Voting Rights Advancement Act. 
    Read and download the full text of the bill. 

    MIL OSI USA News –

  • MIL-OSI USA: Larsen: Trade War with Canada Harms Washington Families

    Source: United States House of Representatives – Congressman Rick Larsen (2nd Congressional District Washington)

    Larsen: Trade War with Canada Harms Washington Families

    Everett, WA, July 31, 2025

    Today, Representative Rick Larsen (WA-02) released the following statement:

    “President Trump’s unnecessary trade war with Canada is hurting families and businesses in Northwest Washington state.  

    • As of last month, Canadian travelers from B.C. to Washington state via Whatcom County have decreased by 43% compared to 2024.
    • Online purchases from U.S. retailers are down 14% and travel purchases in the U.S. are down 27%.
    • Northwest Yarns, a small business in Bellingham, lost 20% of their sales because of Canadian shoppers choosing to spend their money at home. 
    • Point to Point Parcel, a local Point Roberts shipping company that survived 24 years, closed in May because of the President’s reckless tariffs.
    • An international company shifted manufacturing work from Washington state to Canada and a maritime employer moved a project from Bellingham to Canada because of tariff uncertainty.

    “Instead of a pointless trade war, the President should work with Canada to address the challenges facing both Americans and Canadians. A positive, effective agenda would include rebuilding manufacturing jobs, bringing down the cost of living, building stronger cross-border energy and critical minerals sectors, and confronting unfair competition from non-market economies.

    “With Trump’s arbitrary deadline of August 1st approaching, any deal that locks in U.S. tariffs will cause further harm for families in Northwest Washington state. The Administration should be working with Canada to reduce barriers between our two economies, create jobs and lower prices.”

    Rep. Larsen is a member of the New Democrat Coalition Trade and Tariffs Task Force and has been a leader in opposing the Trump administration’s tariffs.

    ###

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Dynamix Corporation (NASDAQ: DYNX)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Dynamix Corporation (NASDAQ: DYNX) related to its merger with The Ether Reserve LLC. Upon completion of the proposed transaction, each Dynamix shareholder will receive one share of non-voting Class A common stock in the combined company. Is it a fair deal?

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

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

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

    About Monteverde & Associates PC

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

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

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

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

    The MIL Network –

  • MIL-OSI: Trisura Announces Timing of Second Quarter Results Release and Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, announces the timing of second quarter 2025 results release and earnings conference call.

    Trisura will release its second quarter 2025 results after market close on Thursday, August 7th, 2025. The company will host a conference call for analysts and investors on Friday, August 8th, 2025 at 9:00 a.m. ET. Conference call participants will be David Clare, President and Chief Executive Officer and David Scotland, Chief Financial Officer.

    To listen to the call via live audio webcast, please follow the link below:
    https://edge.media-server.com/mmc/p/tta4p4qp

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:
    Name: Bryan Sinclair
    Tel: 416 607 2135
    Email: bryan.sinclair@trisura.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    Comparison of Quarter-over-Quarter Operating Results

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

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

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

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

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

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

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

    Comparison of Six-Month Operating Results

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

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

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

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

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

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

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

    Comparison of Financial Condition

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

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

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

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

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

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

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

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

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

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

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

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

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

          For the Three       For the Six  
          Months Ended       Months Ended  
          June 30,       June 30,  
          2025       2024       2025       2024  
          (Unaudited)       (Unaudited)  
    Interest and Dividend Income                                
      Interest on loans, including fees   $ 9,695     $ 9,317     $ 19,218     $ 20,550  
      Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock     499       1,580       902       2,469  
        Total Interest and Dividend Income     10,194       10,897       20,120       23,019  
    Interest Expense                                
      Interest on deposits     4,598       6,168       9,328       12,154  
      Interest on FHLB borrowings     648       167       1,132       409  
      Interest on senior debt     275       –       391       –  
      Interest on subordinated debt     168       488       620       972  
        Total Interest Expense     5,689       6,823       11,471       13,535  
                                     
    Net Interest Income   $ 4,505     $ 4,074     $ 8,649     $ 9,484  
    Provision for Credit Losses – Loans     464       –       790       1,084  
    (Recovery of) Provision for Credit Losses – Unfunded Commitments     (27 )     (41 )     88       11  
       Total Provision for (Recovery of) Credit Losses     437       (41 )     878       1,095  
       Net Interest Income after Provision for Credit Losses     4,068       4,115       7,771       8,389  
                                     
    Non-Interest Income                                
      Mortgage banking, equipment lending and title abstract fees     280       183       426       390  
      Real estate sales commissions, net     –       16       –       20  
      Insurance commissions     196       176       381       328  
      Other fees and services charges     (119 )     240       (87 )     466  
      Net loan servicing income     1       2       5       3  
      Income from bank-owned life insurance     32       28       62       57  
      Net gain on sale of loans     1,046       561       2,102       1,495  
      Gain on the sale of SBA loans     511       98       818       127  
        Total Non-Interest Income     1,947       1,304       3,707       2,886  
                                     
    Non-Interest Expense                                
      Salaries and employee benefits     3,642       3,673       7,292       7,335  
      Directors’ fees and expenses     65       50       130       101  
      Occupancy and equipment     432       416       863       666  
      Data processing     439       311       841       573  
      Professional fees     174       156       397       297  
      FDIC deposit insurance assessment     135       163       256       336  
      Advertising     100       73       199       160  
      Amortization of other intangible     12       12       24       24  
      Other     534       382       1,075       869  
        Total Non-Interest Expense     5,533       5,236       11,077       10,361  
    Income from Continuing Operations Before Income Taxes   $ 482     $ 183     $ 401     $ 914  
    Income Taxes     210       83       212       347  
        Net Income from Continuing Operations   $ 272     $ 100     $ 189     $ 567  
    Income from Discontinued Operations     –       –       –       564  
    Income Taxes     –       –       –       158  
        Net Income from Discontinued Operations   $ –     $ –     $ –       406  
        Net Income   $ 272     $ 100     $ 189     $ 973  
                     
          Three Months Ended       Six Months Ended  
          June 30,       June 30,  
          2025       2024       2025       2024  
          (Unaudited)       (Unaudited)  
    Per Common Share Data:                                
     Earnings per share from continuing operations – basic   $ 0.10     $ 0.04     $ 0.07     $ 0.23  
     Earnings per share from discontinued operations – basic   $ –     $ –     $ –     $ 0.16  
     Earnings per share, net – basic   $ 0.10     $ 0.04     $ 0.07     $ 0.39  
     Average shares outstanding – basic     2,630,585       2,600,346       2,628,786       2,525,580  
     Earnings per share from continuing operations – diluted   $ 0.10     $ 0.04     $ 0.07     $ 0.23  
     Earnings per share from discontinued operations – diluted   $ –     $ –     $ –     $ 0.16  
     Earnings per share, net – diluted   $ 0.10     $ 0.04     $ 0.07     $ 0.39  
     Average shares outstanding – diluted     2,630,585       2,600,346       2,628,786       2,525,580  
     Book value per share, end of period   $ 19.83     $ 19.54     $ 19.83     $ 19.54  
     Shares outstanding, end of period     2,635,866       2,629,289       2,635,866       2,629,289  
        Three Months Ended
    June 30,    		     Six Months Ended
    June 30,    		  
        2025     2024     2025     2024  
        (Unaudited)     (Unaudited)  
    Selected Operating Ratios:                                
     Average yield on interest-earning assets     6.45 %     6.11 %     6.38 %     6.37 %
     Average rate on interest-bearing liabilities     4.26 %     4.54 %     4.25 %     4.55 %
     Average interest rate spread     2.19 %     1.57 %     2.13 %     1.81 %
     Net interest margin     2.85 %     2.28 %     2.74 %     2.62 %
     Average interest-earning assets to average interest-bearing liabilities     118.42 %     118.78 %     116.86 %     121.59 %
     Efficiency ratio     85.75 %     97.37 %     89.65 %     80.97 %
                                     
    Asset Quality Ratios (1):                                
     Non-performing loans as a percent of total loans receivable, net     1.10 %     1.46 %     1.10 %     1.46 %
     Non-performing assets as a percent of total assets     0.89 %     1.24 %     0.89 %     1.24 %
     Allowance for credit losses as a percent of non-performing loans     106.39 %     85.12 %     106.39 %     85.12 %
     Allowance for credit losses as a percent of total loans receivable, net     1.15 %     1.23 %     1.15 %     1.23 %
     Texas Ratio (2)     9.24 %     13.25 %     9.24 %     13.25 %

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Second Quarter 2025 Financial and Operational Highlights

    Key financial and operational highlights for the second quarter include:

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

    About Riot Platforms, Inc.

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

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

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

    For more information, visit www.riotplatforms.com.

    Safe Harbor

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

    For further information, please contact:

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

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

    Non-U.S. GAAP Measures of Financial Performance

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

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

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

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

        Three Months Ended   Six Months Ended
        June 30,    June 30, 
        2025     2024     2025     2024  
    Net income (loss)   $ 219,454     $ (84,449 )   $ (76,913 )   $ 127,328  
    Interest income     (3,334 )     (8,466 )     (6,731 )     (16,655 )
    Interest expense     6,093       314       8,401       698  
    Income tax expense (benefit)     320       55       757       33  
    Depreciation and amortization     83,197       37,326       161,123       69,669  
    EBITDA     305,730       (55,220 )     86,637       181,073  
                             
    Adjustments:                        
    Stock-based compensation expense     30,120       32,135       59,696       64,135  
    Acquisition-related costs     111       —       187       —  
    Change in fair value of derivative asset     42,747       (27,484 )     853       (47,716 )
    Change in fair value of contingent consideration     (9,390 )     —       (17,642 )     —  
    Loss (gain) on equity method investment – marketable securities     (6,143 )     (24,462 )     57,095       (24,462 )
    Loss (gain) on sale/exchange of equipment     350       68       479       68  
    Casualty-related charges (recoveries), net     (119 )     (187 )     (119 )     (2,487 )
    Loss on contract settlement     158,137       —       158,137       —  
    Gain on acquisition post-close dispute settlement     (26,007 )     —       (26,007 )     —  
    Other (income) expense     (244 )     (33 )     (337 )     (41 )
    License fees     (24 )     (24 )     (48 )     (48 )
    Adjusted EBITDA   $ 495,268     $ (75,207 )   $ 318,931     $ 170,522  
     

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

        Three Months Ended   Six Months Ended
        June 30,    June 30, 
        2025   2024   2025   2024
    Cost of power for self-mining operations   $ 62,170       $ 26,465       $ 123,999       $ 54,463    
    Other direct cost of revenue for self-mining operations(1)(2), excluding bitcoin miner depreciation     16,005         8,810         28,994         17,361    
    Cost of revenue for self-mining operations, excluding bitcoin miner depreciation     78,175         35,275         152,993         71,824    
    Less: power curtailment credits(3)     (8,313 )       (13,897 )       (16,114 )       (19,028 )  
    Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation     69,862         21,378         136,879         52,796    
    Bitcoin miner depreciation(4)(5)     60,252         26,377         117,314         48,816    
    Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation   $ 130,114       $ 47,755       $ 254,193       $ 101,612    
                                     
    Quantity of bitcoin mined     1,426         844         2,956         2,208    
    Production value of one bitcoin mined(6)   $ 98,800       $ 66,069       $ 95,991       $ 57,591    
                                     
    Cost to mine one bitcoin, excluding bitcoin miner depreciation   $ 48,992       $ 25,329       $ 46,305       $ 23,911    
    Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined     49.6   %   38.3   %   48.2   %   41.5   %
                                     
    Cost to mine one bitcoin, including bitcoin miner depreciation   $ 91,244       $ 56,582       $ 85,992       $ 46,020    
    Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined     92.4   %   85.6   %   89.6   %   79.9   %
                                     
    (1)  Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax.                  
                                     
    (2) During the three and six months ended June 30, 2025 and 2024, we paid cash of approximately $92.3 million and $190.9 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing nor did the Company borrow from a third-party to purchase the miners.
                                     
    (3) Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized outside of cost of revenue in Power curtailment credits on our Condensed Consolidated Statements of Operations, but they significantly reduce our overall cost to mine bitcoin.
                                     
    (4) We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time the miners are expected to generate bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners since depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above.
                                     
    (5) The following table presents the future depreciation expense of all of our bitcoin miners:                          
                                     
    Remainder of 2025                               125,435  
    2026                               209,009  
    2027                               150,214  
    2028                               15,198  
    Total                             $ 499,856  
                                     
    (6)  Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.                  
                       

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    About Trupanion

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

    Contacts 

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

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of UY Scuti Acquisition Corp. (NASDAQ: UYSC)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating UY Scuti Acquisition Corp. (NASDAQ: UYSC) related to its merger with Isdera Group Limited. Upon completion of the proposed transaction, each outstanding UY ordinary share will be converted automatically into a one Class A Ordinary Share of the combined company. Is it a fair deal?

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

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

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

    About Monteverde & Associates PC

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

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

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

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

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Norfolk Southern Corporation (NYSE: NSC)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Norfolk Southern Corporation (NYSE: NSC) related to its sale to Union Pacific Corporation for 1.0 Union common stock and $88.82 in cash for each share of Norfolk. Is it a fair deal?

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

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

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

    About Monteverde & Associates PC

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    About Monteverde & Associates PC

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

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

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

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

    The MIL Network –

  • MIL-OSI USA: John James Demands Immediate Action from Canada to Stop Toxic Wildfire Smoke Endangering Michiganders

    Source: United States House of Representatives – Congressman John James (Michigan 10th District)

    MICHIGAN — Congressman John James today authored a letter calling on Canadian leaders to take urgent and decisive action to contain the growing wildfire crisis that is poisoning the air and threatening the health of millions across Michigan and the Midwest.

    The 2023 wildfire season in Canada was catastrophic, releasing an unprecedented 647 teragrams of carbon — the equivalent of running over 500 million cars for a full year. This toxic smoke has blanketed cities from Detroit to Minneapolis, contributing to increased hospitalizations, respiratory illnesses, and premature deaths, especially among vulnerable populations such as children with asthma, dialysis patients, and seniors. 

    For three years running, nearly 70 million acres have burned across Canada, the largest cumulative loss on record, turning major U.S. cities into some of the most polluted urban areas in the world.

    Despite the clear public health crisis, Canadian officials have shown alarming disregard. Manitoba’s Premier Wab Kinew recently dismissed the health risks to Americans as “trivial” adding that Americans “enjoying their summers” is not a priority for Manitoba. This lack of urgency undermines decades of cross-border cooperation and damages the U.S.—Canada relationship.

    “Michigan families deserve clean air and respect. Canada’s failure to control these wildfires is not just an environmental issue, it’s a public health emergency that threatens our communities,” said Congressman James. “Our friendship with Canada is strong, but friendship requires respect. And respect means protecting each other’s health, not dismissing it.”

    With over 69 million residents across the Midwest under air quality alerts, and American firefighting teams deployed to help contain Canadian fires, the status quo is no longer acceptable. Congressmen James is urging Natural Resources Canada and the Canadian Forest Service to reform outdated forest management policies and invest in modern technologies to prevent future disasters.

    Click here to read the full letter.

    ###

    MIL OSI USA News –

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

    US Senate News:

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

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

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

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

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

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

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

    Read the full letter here or below.

    July 31, 2025

    Robert K. Ortberg
    President & CEO
    The Boeing Company

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

    Mr. Ortberg:

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

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

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

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

    Thank you for your attention to this matter.

    Sincerely,

    Josh Hawley
    United States Senator

    MIL OSI USA News –

  • MIL-OSI USA: Castro, Welch, Van Hollen, Jacobs Demand U.S. Security Companies Answer for Deadly Actions in Gaza

    Source: United States House of Representatives – Congressman Joaquin Castro (20th District of Texas)

    July 31, 2025

    Bicameral lawmakers warn Safe Reach Solutions (SRS) and UG Solutions (UG) that they have put American veterans at risk of criminal and civil liability for de facto “military operations” in Gaza

    WASHINGTON, D.C. – Today, U.S. Representatives Joaquin Castro (TX-20) and Sara Jacobs (CA-51) joined U.S. Senators Peter Welch (D-VT) and Chris Van Hollen (D-MD) in leading an effort to demand answers from U.S.-based security companies, Safe Reach Solutions, LLC (SRS) and UG Solutions, LLC (UG) about their activities in Gaza, which according to press reports, include using lethal force against unarmed and starving Palestinian civilians at aid distribution sites.  

    The lawmakers warned SRS and UG that the companies and personnel—many of them American military veterans hired as private security contractors—may be subject to future criminal and civil liability under U.S. laws prohibiting torture, war crimes, and forced deportation. The lawmakers also requested the preservation of all documents and communication related to the security companies’ contracts and work with the Gaza Humanitarian Foundation (GHF). 

    “We were horrified by reporting this week on your companies’ deadly security operations in Gaza. Your operations have exposed hundreds of brave American veterans to future criminal and civil liability under U.S. laws criminalizing war crimes, torture, and forced deportation,” wrote the lawmakers. “Reports and firsthand witnesses have indicated to us that your personnel—American veterans hired as private security contractors—were brought into Israel on tourist visas inappropriate for the intended purpose of their travel, sent to Gaza armed for combat, and ordered by Israeli officials to use lethal force against unarmed and starving Palestinian civilians. We have also learned that under Israeli orders, your personnel are conducting crowd control at food distribution sites by firing live rounds over the heads of civilians and using stun grenades and pepper spray—all in an active military zone under direct supervision by Israeli military officers.” 

    The lawmakers continued: “As a result, we are deeply concerned that you may have failed to alert your personnel—or investors—of the immense legal risks they face for conducting what amounts to military operations on behalf of the Israeli government on land outside of the State of Israel.” 

    Read and download the letter here and below:  

    Mr. Govoni, Mr. Reilly,  

    We were horrified by reporting this week on your companies’ deadly security operations in Gaza. Your operations have exposed hundreds of brave American veterans to future criminal and civil liability under U.S. laws criminalizing war crimes, torture, and forced deportation.  

    Reports and firsthand witnesses have indicated to us that your personnel —American veterans hired as private security contractors—were brought into Israel on tourist visas inappropriate for the intended purpose of their travel, sent to Gaza armed for combat, and ordered by Israeli officials to use lethal force against unarmed and starving Palestinian civilians. We have also learned that under Israeli orders, your personnel are conducting crowd control at food distribution sites by firing live rounds over the heads of civilians and using stun grenades and pepper spray—all in an active military zone under direct supervision by Israeli military officers.  

    As a result, we are deeply concerned that you may have failed to alert your personnel —or investors—of the immense legal risks they face for conducting what amounts to military operations on behalf of the Israeli government on land outside of the State of Israel.   

    Even before the latest revelations, press had reported on Israeli military actions that include the wanton destruction of civilian homes, the use of human shields, rules of engagement resulting in disproportionate civilian casualties, and blockage of medicine and food. More than 50,000 children have already been killed or injured in Gaza, and as we write, infant boys and girls are starving to death. Prime Minister Netanyahu, in response to a question concerning remaining legitimate targets to strike, is reported to have said “I don’t care about the targets” and ordered military officials to “destroy the homes, bomb everything in Gaza. Finance Minister Bezalel Smotrich is reported to have said, “Gaza will be totally destroyed… They will be totally despairing… and will be looking for relocation to begin a new life in other places.” As a result of these actions, U.S. allies have already cut off the supply of offensive weapons to Israel. 

    We, therefore, ask that you urgently respond to the following questions: 

    1. What are the Rules of Engagement currently in effect for your staff in Gaza and what is the nature of their command-and-control relationship with Israeli military officers and government officials? 
    1. Did you inform your investors and staff prior to their departure from the United States that they are subject to U.S. criminal law prohibiting torture, war crimes, and forced deportation, including under the War Crimes Act? And further, that they could be held legally responsible for crimes by Israeli forces when those actions were enabled or facilitated by your operations? 
    1. Did you inform prospective staff and investors that they could face civil suits upon return to the United States under the Torture Prevention Act by Americans and the families of Americans harmed in Gaza? 
    1. Did you inform your staff that the International Criminal Court and third states may exercise jurisdiction over war crimes in Gaza and that they could consider your American staff as combatants for purposes of liability, potentially limiting future freedom of travel to other countries?  
    1. How is your organization documenting activities in Gaza and what happens to that data? We request that you preserve all documents and communications related to your contracts and work with the Gaza Humanitarian Foundation.  

    We respectfully request a response withing two weeks.  

    Sincerely, 

     CC: 

    • Charles J. Africano (“Chuck”/“Joe”), Safe Reach Solutions (SRS) 
    • Kevin Sullivan, UG Solutions 
    • Jennifer C, UG Solutions 
    • Lou Rassey, Chief Executive Officer, McNally Capital, Chicago IL 
    • Ward McNally, Founder, Co-CEO, and Managing Partner, McNally Capital, Chicago IL 
    • Brian Grogan, Chief Financial Officer & Chief Compliance Officer, McNally Capital, Chicago IL 
    • Ravi Shah, Partner, McNally Capital, Chicago IL 
    • Joel Revill, Chief Executive Officer, Two Ocean Trust, Jackson Hole WY  
    • Albert Forkner, Chief Risk and Compliance Officer, Two Ocean Trust, Jackson Hole WY 
    • Dustin Sventy, Chief Investment Officer, Two Ocean Trust, Jackson Hole WY  

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 1663, Veterans Scam and Fraud Evasion Act of 2025

    Source: US Congressional Budget Office

    H.R 1663 would establish a Veterans Scam and Fraud Evasion Officer within the Department of Veterans Affairs (VA). The bill also would reduce the amount of VA pensions the department pays to certain veterans and survivors who reside in nursing homes. Implementing the bill would increase spending subject to appropriation by $12 million and reduce direct spending by $8 million over the 2025-2035 period, CBO estimates. The budgetary effects of the legislation, detailed in Table 1, fall within budget function 550 (health) and 700 (veterans benefits and services).

    Spending Subject to Appropriation

    Under the bill, the Veterans Scam and Fraud Evasion Officer would be responsible for coordinating efforts to protect veterans from frauds and scams. The officer would promote resources for preventing frauds and scams, provide training to department employees, and coordinate with similar efforts of other federal agencies. Using information from VA, CBO estimates the department would require four full-time equivalent employees (the new officer and three support staff) to satisfy the bill’s requirements. Compensation, benefits, and operating expenses would total $1 million in 2026, CBO estimates. Including adjustments for inflation, CBO estimates those costs would total $12 million over the 2025-2035 period. Such spending would be subject to the availability of appropriated funds.

    Table 1.

    Estimated Budgetary Effects of H.R. 1663
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Increases in Spending Subject to Appropriation

    		    

    Estimated Authorization

    0

    1

    1

    1

    1

    1

    1

    1

    1

    2

    2

    5

    12

    Estimated Outlays

    0

    1

    1

    1

    1

    1

    1

    1

    1

    2

    2

    5

    12
     

    Decreases (-) in Direct Spending

    		    

    Estimated Budget Authority

    0

    0

    0

    0

    0

    0

    0

    -8

    0

    0

    0

    0

    -8

    Estimated Outlays

    0

    0

    0

    0

    0

    0

    0

    -8

    0

    0

    0

    0

    -8

    Direct Spending

    Under current law, VA reduces pension payments to veterans and survivors who reside in Medicaid nursing homes to $90 per month. That required reduction expires November 30, 2031. Section 3 of H.R. 1663 would extend that reduction for 61 days, through January 30, 2032. CBO estimates that extending that requirement would reduce VA benefits by $10 million per month. (Those benefits are paid from mandatory appropriations and are therefore considered direct spending.) As a result of that reduction in beneficiaries’ income, Medicaid would pay more of the cost of their care, increasing spending for that program by $6 million per month. Thus, enacting section 3 would reduce net direct spending by $8 million over the 2025-2035 period.

    The CBO staff contact for this estimate is Logan Smith. The estimate was reviewed by Christina Hawley Anthony, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –