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Category: United States of America

  • MIL-OSI: Introducing Commerce, the New Parent Brand of BigCommerce, Feedonomics and Makeswift, Powering an AI-Driven Future

    Source: GlobeNewswire (MIL-OSI)

    Commerce’s open, intelligent ecosystem connects the tools and systems that drive growth and empower businesses to unlock data potential and deliver seamless, personalized experiences at scale

    Commerce unveils unified AI vision to enable every merchant to thrive in the agentic commerce era

    AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (Nasdaq: BIGC), a leading open SaaS ecommerce platform for B2C and B2B businesses, today announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, effective on or about August 1, 2025, the Company’s common stock will begin trading on the Nasdaq Global Market under the ticker symbol “CMRC” and cease trading under “BIGC.” This strategic move introduces a bold vision for the future where AI navigates choices for consumers and businesses adapt with intelligent, composable tools.

    In conjunction with the rebrand, Commerce also unveiled the company’s vision and strategy for powering agentic commerce where AI acts on behalf of consumers to research, recommend and even transact. To support this shift, Commerce is focused on enabling merchants with the data infrastructure and intelligent storefronts needed to thrive in this next chapter of digital commerce.

    “Launching the Commerce brand is about more than a new name and logo,” said Commerce CEO Travis Hess. “It is a clear declaration to our customers, partners, investors and team that we are doubling down on innovation to give brands, retailers, manufacturers, distributors and wholesalers the flexibility, connectivity and care to help them move faster, scale smarter and grow on their terms. Agentic commerce requires a new playbook, and Commerce is here to deliver it with an open ecosystem built for speed, intelligence and flexibility.”

    Unifying Three Market-leading Solutions

    The individual BigCommerce, Feedonomics and Makeswift brands will continue to exist as three powerful solutions with a unified purpose:

    • BigCommerce is the flexible ecommerce platform that grows with merchants. It is trusted by teams that value speed and scalability, empowering innovation without constraint.
    • Feedonomics turns data into a competitive advantage, ensuring every product is AI-ready and optimized across hundreds of global channels.
    • Built for both marketers and developers, Makeswift is the intuitive visual editor that lets whole teams collaborate to create cutting-edge, personalized digital experiences.

    Together, Commerce connects the tools and systems that drive growth, whether it is part of our family of brands or a trusted outside partner. Its open, intelligent ecosystem empowers businesses to unlock data potential and deliver seamless, personalized experiences at scale.

    “Commerce is more than just another ecommerce company,” said Hess. “We are a trusted partner, an innovation engine and a champion that stands behind what we promise, and one of those promises is to provide an AI-driven ecosystem that aligns innovation with outcomes.”

    Delivering AI to Drive Results

    The way consumers discover and purchase products online is undergoing a dramatic transformation. Traditional organic search is rapidly losing ground as the “front door” of the internet. Instead, shoppers are turning to answer engines—AI-powered platforms like ChatGPT, Perplexity, Copilot and Google Cloud with Gemini—to find what they need and even buy it. In this new era, AI agents act on behalf of shoppers, searching, comparing, and even checking out across multiple channels, often without ever visiting a merchant’s website. These AI-driven experiences are seamless, contextual and increasingly the default for how consumers interact with commerce online.

    For large retail brands and technology companies, this means that web traffic is already shifting as the old playbook of SEO and paid ads becomes less effective. The conversation is focused on regaining visibility and relevance in a fundamentally new digital landscape.

    Commerce offers a complete solution for the AI era. Feedonomics optimizes merchant data for every touchpoint and holds strategic partnerships with leading AI platforms. BigCommerce provides the operating system for merchants of record. Makeswift powers AI-optimized storefronts. Every merchant needs an end-to-end strategy with these pillars for success in AI-driven commerce.

    Over the last few weeks, Commerce brands BigCommerce and Feedonomics have expanded partnerships with AI leaders Perplexity and Google Cloud to help businesses capitalize on agentic commerce opportunities to meet consumer expectations and create a competitive advantage.

    “At Commerce, we leverage AI where it delivers real, measurable results: powering personalization, automation and data orchestration across the entire customer journey from discovery to checkout,” said Vipul Shah, chief product officer at Commerce. “By delivering relevant, context-optimized data to digital channels including answer engines, and creating agentic tools to help merchants optimize their operations, Commerce helps businesses adapt in real time and grow intelligently. We’re not just following the AI wave; we’re in the room with the product and engineering teams from the leading AI companies shaping the future of the internet so that we are positioned to help our customers win.”

    Adventure brand Revelyst, the parent company of Bell, Bushnell, CamelBak and Giro; global consumer brand URBN, the parent company of Urban Outfitters, Anthropologie and many others; and Tapestry, the parent company of fashion brands such as Coach and Kate Spade New York; and Dell Technologies are already leveraging Commerce’s product data integrations to improve visibility, protect brand consistency and boost performance across AI-driven search experiences.

    “Since Travis stepped into the CEO role, he has assembled an experienced and visionary leadership team that came together with clarity and conviction to transform the company,” said Ellen Siminoff, executive chair of the board of directors at Commerce. “The launch of Commerce is the culmination of bold thinking, careful planning and hard work during a period of rapid industry change. This transformation positions the company for a return to long-term, sustainable growth. We are proud of our progress thus far and look forward to continuous execution.”

    Conference Call Information

    Commerce will host its first quarterly earnings call under the Commerce name later this morning at 7:00 a.m. CT (8:00 a.m. ET) Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

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

    About Commerce

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

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

    Forward-Looking Statements

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

    Media Contact:
    Brad Hem
    pr@commerce.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e3864e0-299e-4612-a8de-892adb7645e8

    The MIL Network –

  • MIL-OSI: Cenovus announces second-quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its second-quarter 2025 financial and operating results. The company generated approximately $2.4 billion in cash from operating activities, $1.5 billion of adjusted funds flow and $355 million of free funds flow. Total upstream production was 765,900 barrels of oil equivalent per day (BOE/d)1, reflecting planned turnarounds at the Foster Creek and Sunrise oil sands assets, maintenance at offshore facilities and short-term production impacts from wildfire activity at Christina Lake. Downstream crude throughput was 665,800 barrels per day (bbls/d), representing an overall utilization rate of 92% and including the successful completion of a turnaround at the Toledo Refinery 11 days ahead of schedule.

    Highlights

    • Achieved first oil at Narrows Lake in July, with production expected to ramp up to peak incremental rates of 20,000 bbls/d – 30,000 bbls/d by the end of the year.
    • Delivered major milestones on the West White Rose project, with the concrete gravity structure (CGS) installed on the seabed in June and the topsides placed atop the CGS in mid-July. Hookup and commissioning work has commenced, with drilling expected to begin by year end.
    • Advanced the Foster Creek optimization project, with four new boilers brought online in July, which will add approximately 80,000 bbls/d of steam capacity to the facility.
    • Completed major turnarounds at Toledo, Sunrise and Foster Creek in the quarter, with exceptional execution, resulting in production at all assets resuming ahead of schedule.
    • Returned $819 million to shareholders, including $301 million through common share purchases, $368 million through common and preferred share dividends and $150 million through the redemption of Cenovus’s Series 7 preferred shares on June 30, 2025.

    “Operating performance this quarter was exceptional, with turnaround execution exceeding our targets, major project milestones achieved on time and on budget, and our staff safely and efficiently restoring Christina Lake production following disruption from a wildfire,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Through the hard work and determination of our people, we have arrived at an inflection point, nearing completion of numerous growth projects and successfully concluding significant maintenance events. As investment in these initiatives is completed, we expect to generate increasing free funds flow.”

    Financial summary

    ($ millions, except per share amounts) 2025 Q2 2025 Q1 2024 Q2
    Cash from (used in) operating activities 2,374 1,315 2,807
    Adjusted funds flow2 1,519 2,212 2,361
    Per share (diluted)2 0.84 1.21 1.26
    Capital investment 1,164 1,229 1,155
    Free funds flow2 355 983 1,206
    Excess free funds flow2 (306) 373 735
    Net earnings (loss) 851 859 1,000
    Per share (diluted) 0.45 0.47 0.53
    Long-term debt, including current portion 7,241 7,524 7,275
    Net debt 4,934 5,079 4,258


    Production and throughput

    (before royalties, net to Cenovus) 2025 Q2 2025 Q1 2024 Q2
    Oil and NGLs (bbls/d)1 624,000 670,900 656,300
    Conventional natural gas (MMcf/d) 851.4 887.9 867.2
    Total upstream production (BOE/d)1 765,900 818,900 800,800
    Total downstream crude throughput (bbls/d) 665,800 665,400 622,700

    1See Advisory for production by product type and by operating segment.
    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    Second-quarter results

    Operating1

    Cenovus’s total revenues were $12.3 billion in the second quarter, down from $13.3 billion in the first quarter of 2025. Upstream revenues were $6.8 billion, a decrease from $8.3 billion in the previous quarter, while Downstream revenues were $7.7 billion, in line with the previous quarter.

    Total operating margin3 was $2.1 billion, compared with $2.8 billion in the previous quarter. Upstream operating margin4 was $2.1 billion, down from $3.0 billion in the first quarter due to lower benchmark oil prices, as well as lower production and sales volumes. The company had a Downstream operating margin4 shortfall of $71 million compared with a shortfall of $237 million in the previous quarter, benefiting from rising U.S. market crack spreads and a higher Canadian upgrading differential, as well as lower run-rate operating costs, excluding turnarounds, in both businesses. Operating margin in the U.S. Refining segment was a shortfall of $178 million, which included a $62 million inventory holding loss and $238 million of turnaround expenses.

    Total Upstream production was 765,900 BOE/d in the second quarter, a decrease from 818,900 BOE/d in the first quarter. Christina Lake production was 217,900 bbls/d compared with 237,800 bbls/d in the prior quarter, as a wildfire near the facility temporarily impacted production in the second quarter. The field was shut in on May 29 and operations were restarted safely on June 3, with a return to full production about one week later. Foster Creek production was 186,100 bbls/d compared with 202,700 bbls/d in the first quarter, reflecting planned maintenance during the quarter that was successfully completed with production returning earlier than forecasted. Sunrise production was 50,300 bbls/d compared with 52,100 bbls/d in the first quarter due to planned maintenance at the facility.

    Production from the Lloydminster thermal assets was 97,800 bbls/d, a decrease from 109,900 bbls/d in the prior quarter due to an unplanned outage at the Rush Lake facilities in west-central Saskatchewan. The company responded in early May to a steam release from a casing failure in an injection well and as a result, the Rush Lake facilities have been temporarily shut-in. The well has been brought under control, and the company is undertaking an investigation and developing a plan to safely restart production. Lloydminster conventional heavy oil output of 25,000 bbls/d increased from 21,800 bbls/d in the first quarter. Production in the Conventional segment was 119,800 BOE/d, down from 123,900 BOE/d in the previous quarter due in part to third-party outages.

    In the Offshore segment, production was 66,300 BOE/d compared with 68,800 BOE/d in the first quarter. In Asia Pacific, production volumes were 53,800 BOE/d, lower than the 57,200 BOE/d in the previous quarter, primarily due to planned maintenance at the Liwan Gas Project. In the Atlantic region, production was 12,500 bbls/d, an increase from 11,600 bbls/d in the prior quarter, due to a full quarter of production from the White Rose field, offset in part by maintenance at the partner-operated Terra Nova field in June.

    Total Downstream crude throughput in the second quarter was 665,800 bbls/d, up from 665,400 bbls/d in the first quarter. Crude throughput in Canadian Refining was 112,400 bbls/d, representing a utilization rate of 104%, compared with 111,900 bbls/d in the previous quarter.

    In U.S. Refining, crude throughput was 553,400 bbls/d, representing a utilization rate of 90%, compared with 553,500 bbls/d in the first quarter, reflecting early completion of a planned turnaround at the Toledo Refinery. U.S. Refining revenues were $6.5 billion, slightly higher than $6.4 billion in the previous quarter. Adjusted market capture5 in U.S. Refining was 58%, compared with 62% in the first quarter, due primarily to a narrower heavy oil price differential.

    3Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    4Specified financial measure. See Advisory.
    5Adjusted market capture excludes the impact of inventory holding gains or losses. Contains a non-GAAP financial measure. See Advisory.

    Financial

    Cash from operating activities in the second quarter increased to approximately $2.4 billion from $1.3 billion in the first quarter. Adjusted funds flow was $1.5 billion, compared with $2.2 billion in the prior quarter, and excess free funds flow (EFFF) was a shortfall of $306 million, compared with a surplus of $373 million in the first quarter. Net earnings in the second quarter declined slightly to $851 million from $859 million in the previous quarter. Second-quarter financial results were impacted by lower benchmark oil prices, lower Upstream production and higher planned maintenance costs relative to the first quarter.

    Long-term debt, including the current portion, was $7.2 billion as at June 30, 2025. Net debt was $4.9 billion as at June 30, 2025, slightly reduced from the previous quarter, as free funds flow of $355 million and a $923 million release of non-cash working capital more than offset returns to shareholders of $819 million, including the redemption of Cenovus’s Series 7 preferred shares on June 30, 2025 for $150 million. Subsequent to the quarter on July 15, the company repaid its 5.38% unsecured notes with a principal of US$133 million in full. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time, in accordance with its financial framework.

    Growth projects

    In the Oil Sands segment, Narrows Lake achieved first oil in mid-July and will continue ramping up through the remainder of the year. The optimization project at Foster Creek is approximately 87% complete and four new boilers that will add approximately 80,000 bbls/d of steam capacity were brought online in July. The project is expected to produce first oil in early 2026. At Sunrise, one well pad was started up early in the quarter and the drilling program remains on track to increase production and fully utilize the asset’s steam capacity.

    Significant progress has been made on the West White Rose project. The CGS was towed out and installed on the seabed ahead of schedule during the second quarter and the project’s topsides were safely lifted and set in place atop the CGS in mid-July. Hookup and commissioning have commenced, and the project is approximately 92% complete. Drilling is expected to begin by the end of the year and the project remains on schedule to produce first oil in the second quarter of 2026.

    2025 guidance update

    Cenovus has revised its 2025 corporate guidance to reflect the company’s updated outlook for the remainder of the year. It is available on cenovus.com under Investors.

    Changes to the company’s 2025 guidance include:

    • Total upstream production of 805,000 BOE/d to 825,000 BOE/d, a decrease of 10,000 BOE/d at the midpoint. This includes the impacts of the temporary shut in of the Rush Lake facilities.
    • Canadian downstream throughput of 105,000 bbls/d to 110,000 bbls/d, an increase of 5,000 bbls/d at the midpoint, reflecting strong year-to-date performance.
    • Reducing the range of Canadian Refining per-unit operating expenses, excluding turnaround costs, to $11.00/bbl to $12.00/bbl, as a result of higher throughput rates and lower expected costs.
    • Downstream turnaround expenses of $420 million to $450 million have been reduced by $45 million at the midpoint, primarily due to early completion of the Toledo turnaround.

    The company has also updated its commodity price assumptions and guidance range for cash taxes. Cenovus continues to execute its capital program and there has been no change to the expected capital investment range of $4.6 billion to $5.0 billion.

    Sustainability
    Cenovus’s 2024 Corporate Social Responsibility report, highlighting the company’s performance in safety, Indigenous reconciliation, and acceptance and belonging, was released today and is now available on the company’s website.

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on September 29, 2025, to shareholders of record as of September 15, 2025.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1 and Series 2 – payable on October 1, 2025 to shareholders of record as of September 15, 2025, as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 4.374 0.27562

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the second quarter, the company returned $819 million to shareholders, composed of $301 million from its purchase of 17.2 million shares through its normal course issuer bid, $368 million through common and preferred share dividends, and $150 million through the redemption of Cenovus’s Series 7 preferred shares. Subsequent to the quarter, the company purchased 6.6 million common shares through July 28, 2025 for $129 million.

    2025 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

    (MBOE/d or Mbbls/d) Q3 Q4 Annualized impact
    Upstream
    Oil Sands 5 – 7 – 7 – 9
    Offshore 2 – 4 – 1 – 2
    Conventional – – –
    Downstream
    Canadian Refining – – –
    U.S. Refining – 10 – 15 12 – 14


    Potential turnaround expenses

    ($ millions) Q3 Q4 Annualized impact
    Downstream
    Canadian Refining – – –
    U.S. Refining 55 – 70 45 – 60 420 – 450


    Conference call today

    Cenovus will host a conference call today, July 31, 2025, starting at 9 a.m. MT (11 a.m. ET).

    For analysts wanting to join the call, please register in advance.

    To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    An audio webcast will also be available and archived for approximately 30 days.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Product types

    Product type by operating segment Three months ended
    June 30, 2025
    Oil Sands
    Bitumen (Mbbls/d) 552.1
    Heavy crude oil (Mbbls/d) 25.0
    Conventional natural gas (MMcf/d) 16.5
    Total Oil Sands segment production (MBOE/d) 579.8
    Conventional
    Light crude oil (Mbbls/d) 4.5
    Natural gas liquids (Mbbls/d) 20.4
    Conventional natural gas (MMcf/d) 569.2
    Total Conventional segment production (MBOE/d) 119.8
    Offshore
    Light crude oil (Mbbls/d) 12.5
    Natural gas liquids (Mbbls/d) 9.5
    Conventional natural gas (MMcf/d) 265.7
    Total Offshore segment production (MBOE/d) 66.3
    Total Upstream production (MBOE/d) 765.9


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “plan”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt target; returning Excess Free Funds Flow to shareholders; growth plans and projects; maximizing value; production guidance; timing of startup of the Foster Creek optimization project; ramping up production at Narrows Lake; investigating the Rush Lake incident and developing a plan to restart production; the Sunrise drilling program; the hookup and commissioning of, and timing of drilling at the West White Rose project; executing the capital program; 2025 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s updated 2025 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and June 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended June 30, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (6) Downstream (6) Total
    ($ millions) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q1 2025 Q2 2024
    Revenues
    Gross Sales 7,394 9,252 8,715 7,743 7,705 8,750 15,137 16,957 17,465
    Less: Royalties (621) (906) (859) — — — (621) (906) (859)
      6,773 8,346 7,856 7,743 7,705 8,750 14,516 16,051 16,606
    Expenses
    Purchased Product 1,111 1,167 815 6,878 7,082 7,796 7,989 8,249 8,611
    Transportation and Blending 2,621 3,247 3,043 — — — 2,621 3,247 3,043
    Operating 896 893 889 947 854 1,099 1,843 1,747 1,988
    Realized (Gain) Loss on Risk Management 8 (9) 20 (11) 6 8 (3) (3) 28
    Operating Margin 2,137 3,048 3,089 (71) (237) (153) 2,066 2,811 2,936

    6Found in Note 1 of the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements. Revenues and purchased product for Q2 2024 Downstream operations were revised. See Note 21 of our June 30, 2025, interim Consolidated Financial Statements.

    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended
    ($ millions) June 30, 2025 March 31, 2025 June 30, 2024
    Cash From (Used in) Operating Activities (7) 2,374 1,315 2,807
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (68) (36) (48)
    Net Change in Non-Cash Working Capital 923 (861) 494
    Adjusted Funds Flow 1,519 2,212 2,361
    Capital Investment 1,164 1,229 1,155
    Free Funds Flow 355 983 1,206
    Add (Deduct):      
    Base Dividends Paid on Common Shares (364) (327) (334)
    Purchase of Common Shares under Employee Benefit Plan (15) (58) —
    Dividends Paid on Preferred Shares (4) (6) (9)
    Settlement of Decommissioning Liabilities (68) (36) (48)
    Principal Repayment of Leases (94) (83) (75)
    Acquisitions, Net of Cash Acquired (129) (100) (5)
    Proceeds From Divestitures 13 — —
    Excess Free Funds Flow (306) 373 735

    7Found in the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements.

    Adjusted Market Capture

    Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

    The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

    ($ millions) Three months ended
    June 30, 2025    		 Three months ended
    March 31, 2025
    Revenues (8) 6,455 6,423
    Purchased Product (8) 5,838 6,006
    Gross Margin 617 417
    Inventory Holding (Gain) Loss 62 23
    Adjusted Gross Margin 679 440
    Total Processed Inputs (Mbbls/d) 594.2 581.0
    Adjusted Gross Margin ($/bbl) 12.57 8.41
    Operable Capacity (Mbbls/d) 612.3 612.3
    Operable Capacity by Regional Benchmark (percent)
    Chicago 3-2-1 Crack Spread Weighting 81 81
    Group 3 3-2-1 Crack Spread Weighting 19 19
    Benchmark Prices and Exchange Rate
    Chicago 3-2-1 Crack Spread (US$/bbl) 21.64 13.68
    Group 3 3-2-1 Crack Spread (US$/bbl) 23.07 16.48
    RINs (US$/bbl) 6.12 4.76
    US$ per C$1 – Average 0.723 0.697
    Weighted Average Crack Spread, Net of RINs ($/bbl) 21.86 13.58
    Adjusted Market Capture (percent) 58 62

    8Found in Note 1 of the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors
    Investor Relations general line
    403-766-7711

    Media
    Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI USA: Rep. Doggett’s Statement on Republicans’ Gerrymandering Scheme

    Source: United States House of Representatives – Congressman Lloyd Doggett (D-TX)

    Contact: Alexis Torres  

    Washington, D.C.—Today, U.S. Representative Lloyd Doggett (D-Texas) released the following statement: 

    “Trump is taking a hatchet to chop up Austin and our state with the sole objective of maintaining his one-man rule. This is designed to eliminate accessibility, accountability, and a strong voice for our shared values. For years, Republicans have failed in their attempts to use redistricting to get rid of me. If we continue working together, they will fail again. If Trump and his cowardly Republican accomplices get away with rigging Texas, voters in states across America will be at risk. For now, my sole focus is on defeating this Trump-imposed gerrymandering, which relies on crooked lines instead of honest votes. The only ‘What if’ that matters is ‘What if this crooked scheme is approved to give Trump a rubber stamp to do whatever he pleases.’”

    MIL OSI USA News –

  • MIL-OSI Banking: Verizon to redeem debt securities on September 3, 2025

    Source: Verizon

    Headline: Verizon to redeem debt securities on September 3, 2025

    NEW YORK – Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem, in whole, the following notes on September 3, 2025 (the “Redemption Date”):

    I.D. Number

    Title of Security

    NYSE Trading Symbol

    Principal Amount
    Outstanding

    CUSIP: 92343V BW3

    ISIN: XS1030900242

    Common Code: 103090024

    3.25% Notes due 2026 (the “Notes”)

    VZ 26

    €842,980,000

    The redemption price for the Notes will be equal to the greater of (i) 100% of the principal amount of the Notes being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes (exclusive of interest accrued to the Redemption Date), as the case may be, discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate (as defined in the Notes) plus 25 basis points (the “Redemption Price”), plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. The Redemption Price will be calculated in accordance with the terms of the Notes on the third Business Day (as defined in the Notes) preceding the Redemption Date.

    Questions relating to the notice of redemption and related materials should be directed to the paying agent: U.S. Bank Trust Company, Trust Company, National Association, 333 Thornall Street, Edison, New Jersey 08837, United States of America, or via telephone at 1-800-934-6802.

    MIL OSI Global Banks –

  • MIL-OSI USA: CPSC Anchor It! Campaign Marks 10 Years: Fewer Furniture Tip-Overs Lead to Safer American Households

    Source: US Consumer Product Safety Commission

    WASHINGTON, D.C. – The U.S. Consumer Product Safety Commission (CPSC) is marking the 10th anniversary of the Anchor It! campaign, a landmark initiative launched in 2015 to address the deadly hazard of TV and furniture tip-overs. With the help of industry advocates and several parents who lost their children to tip-overs, CPSC started the campaign to educate parents and caregivers about the dangers of falling TVs and furniture amid widespread child injuries and fatalities. Campaign efforts contributed to a nearly 50-percent decline in tip-over-related injuries and deaths in the U.S. 
    The Anchor It! campaign promoted the use of anti-tip devices through video and radio Public Service Announcements, social media, and journalism. It showed consumers that the threat of furniture tip-overs is serious, but anchoring is simple.
    One of the biggest safety improvements of the past decade has been CPSC’s federal mandatory standard, which was directed by Congress through passage of the STURDY (Stop Tip-overs of Unstable, Risky Dressers on Youth) Act. The mandatory standard, which went into effect in September 2023, requires clothing storage units such as dressers and armoires to meet key stability requirements. CPSC continues to work with manufacturers and retailers to recall unsafe dressers and to keep them out of consumers’ homes.
    “CPSC has made great strides in the past 10 years to minimize these hazards and save lives,” said Acting Chairman Peter Feldman. “I am grateful for the work of our dedicated staff, safety advocates, and the American furniture industry, without whose collaboration none of this would be possible.” 
    Kimberly Amato, co-founder of Parents Against Tip-Overs (PAT), shared that the CPSC Anchor It! campaign has been an invaluable partner for PAT over the past decade. “The parents who founded PAT came together in the wake of their personal tragedies with a simple mission: to ensure no other children were injured or killed as the result of a tip-over,” she said. “Collaborating with CPSC to educate parents, grandparents, and caregivers of young children to prevent tip-over tragedies and ensure all communities know why and how to anchor their furniture has contributed to the success of our shared goal.”
    CPSC urges Americans to take essential steps to protect themselves and their families from dangerous tip-over risks:

    Anchor TVs and furniture, such as bookcases and dressers, securely to the wall.
    When anchoring is not possible, place TVs on a sturdy, low base, push the TV back as far as possible, and keep cable cords out of reach.
    Avoid storing appealing items such as toys and remotes where kids may be tempted to climb to reach for them; store heavier items on lower shelves.

    For consumers’ peace of mind, CPSC’s Anchor It! campaign website outlines three simple steps to install an anchoring kit correctly.  
    CPSC’s Anchor It! campaign has marked its 10th anniversary by preparing video testimonials from PAT parents affected by tip-over incidents. Media can download footage of the testimonials here.
    The Anchor It! campaign’s PSA safety video includes real-life footage of children and falling furniture. Media can download the video: “Even When You’re Watching.”

    About the U.S. CPSCThe U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the CPSC was established more than 50 years ago, it has worked to ensure the safety of consumer products, which has contributed to a decline in injuries associated with these products. 
    Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
    For lifesaving information:

    MIL OSI USA News –

  • MIL-OSI USA: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    Source: US Federal Emergency Management Agency

    Headline: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    lass=”text-align-center”>On this World Day Against Trafficking in Persons, Kristi Noem and the Department of Homeland Security continue taking action to disrupt criminal human trafficking organizations
    WASHINGTON – On this year’s World Day Against Trafficking in Persons, the Department of Homeland Security (DHS) is announcing a series of major crack downs against the worst of the worst criminal organizations: human trafficking rings

     
    The previous administration’s open border policies empowered human traffickers and allowed over 450,000 unaccompanied children to be illegally smuggled over the border

     
    Under President Trump and DHS Secretary Kristi Noem, the full weight of the American government is bringing the hammer down on human trafficking rings

      In just the first few months, the Trump administration has developed leads on thousands of human trafficking cases

     
    DHS has also cracked down on the criminal terrorist gang Tren de Aragua, which enriches itself through the sex trafficking of vulnerable young women

      The Trump administration has arrested more than 2,700 members of Tren de Aragua so far

     
    This crisis is fueled by organized crime networks: sophisticated cartels that exploited the weakness of the previous administration, especially its open border and refusal to enforce immigration law, to rake in billions from forced labor, brutal sexual exploitation, coercing innocent people into drug running, and other heinous crimes

     
    “The brave men and women of DHS are the best in the world at going after traffickers

    They are always able to track down those who are trafficking individuals, find the ringleaders, and rip that evil off by its head,” said Secretary Kristi Noem

    “I’m so thankful that I get the chance to lead individuals like that, and agents who get up every day to help save our children and to save women and men from the kind of slavery that we’ve seen

    ” 
    Below are some examples of how DHS is fighting to put human traffickers out of business: 

    July 28, 2025: As part of Operation Apex Predator, a Child Exploitation Investigations Unit initiative with the Cyber Crimes Center, Immigration and Customs Enforcement (ICE) Newark arrested four illegal alien child predators over the course of four days

    All four are registered sex offenders

    July 23, 2025: ICE arrested 243 illegal aliens in the Denver metro area

    Among those arrested were aliens wanted for human trafficking, and several members of transnational criminal organizations (TCOs), including Tren de Aragua (TdA), Los Zetas, and the Sinaloa Cartel

    July 22, 2025: Following an ICE Homeland Security Investigations (HSI) investigation, a resident of Laredo, Texas was sentenced to 63 months in prison for smuggling 101 migrants in a locked trailer

    Among the illegal aliens smuggled were 12 children

    The suspect was sentenced after pleading guilty to conspiracy to transport migrants

    July 21, 2025: As a result of an investigation by ICE HSI Rio Grande Valley, a convicted human smuggler was sentenced to 20 years in prison for possessing images of sexual assaults of prepubescent children

    July 10, 2025: ICE and Customs and Border Protection (CBP) executed criminal warrant operations at marijuana facilities in Carpinteria and Camarillo, California

    In these facilities, at least 14 migrant children were rescued from potential exploitation, forced labor, and human trafficking

    During this operation, federal officers also arrested at least 361 illegal aliens

    Among those arrested were criminals with convictions for kidnapping, rape, attempted rape, and attempted child molestation, among other charges

    July 10, 2025: As the result of an ICE New York investigation, the leader of a Mexican sex trafficking organization was sentenced to 188 months in prison for sex trafficking multiple victims by force, fraud, and coercion

    July 9, 2025: An ICE Del Rio investigation resulted in an illegal Honduran alien being sentenced to 10 years in prison, with three years of supervised release, for his role in smuggling thousands of aliens into the United States for financial gain

    His smuggling conspiracy spanned three years and involved thousands of aliens from 11 different countries

    July 7, 2025: Border Patrol agents assisted the U

    S

    Marshals in executing an arrest warrant on a high-priority target linked to a criminal syndicate operating in human exploitation

    The suspect, a U

    S

    citizen, was wanted for multiple charges, including procurement of persons, placing individuals into prostitution, residing in a house of prostitution, and profiting from the earnings of prostitution

    The suspect was arrested without incident in Yuma, Arizona

     
    June 24, 2025: HSI Nashville identified one child victim and one adult victim of labor trafficking

    During an immigration court proceeding, the child victim revealed that she and her 18-year-old brother had been forced by their sponsor to work to pay off their smuggling fees and to pay for the sponsor’s household expenses

    June 16, 2025: A worksite enforcement operation by ICE HSI targeted employers and subcontractors who knowingly hire illegal aliens

    During this operation, HSI Mobile identified and rescued a child and arrested eight foreign nationals for violating immigration law

    The child was found to be working among adults and was believed to have never attended school since entering the United States two years ago

    June 6, 2025: The Department of Justice (DOJ) indicted Kilmar Abrego Garcia, a Venezuelan illegal alien and member of MS-13 arrested by ICE, on charges of alien smuggling and conspiracy to commit alien smuggling

    Despite the mainstream media insisting for months that Garcia was an innocent “Maryland father,” he is now standing trial after evidence emerged of his involvement in criminal smuggling rings

    June 2, 2025: ICE Rio Grande Valley discovered a stash house in South Texas and subsequently arrested 16 illegal aliens

    The owner of the property admitted to harboring the illegal aliens, who came from five different countries

    A Mexican national was taken in for questioning for his role in human smuggling

    May 28, 2025: HSI New York special agents arrested an adult male from Ecuador at his residence for violations relating to the sexual exploitation of a child

    New York received information regarding a 15-year-old female who was apprehended near El Paso, Texas, after illegally entering the United States

    At that time, she was pregnant with the adult’s child and had been in a relationship with him in Ecuador since the age of thirteen

    The subject organized the smuggling of the teenager across the border to engage in sexual acts

    His mother sponsored her after her illegal entry, and the subject continued his relationship with the children, living with his mother in Harlem

    May 28, 2025: CBP issued a Withhold Release Order against Zhen Fa 7, a Chinese-flagged fishing vessel

    As a result, CBP officers at all U

    S

    ports of entry will detain seafood harvested by Zhen Fa 7 based on reasonable suspicion that the vessel uses forced labor to harvest such seafood

    May 28, 2025: Border Patrol agents in the San Diego Sector prevented an attempt to smuggle two Mexican nationals into the United States

    The attempt involved one United States citizen and one Mexican national, who attempted to smuggle the illegal aliens across the border using a truck

    Inside the truck were three fully loaded firearms, including a “ghost gun

    ” The suspected smugglers face felony charges of bringing in and harboring aliens, and unlawful acts involving firearms

     
    May 12, 2025: HSI Austin identified and rescued a child, arrested two Guatemalan nationals for violating immigration law, and initiated an HSI-led investigation of state and federal charges of human trafficking and statutory rape

    During a welfare check, HSI Agents, assisted by the FBI, identified a pregnant 14-year-old female residing with an unrelated adult male sponsor, later determined to be the biological father of the unborn child

    May 7, 2025: CBP’s Air and Marine Operations (AMO) interdicted a vessel with four illegal aliens from Uzbekistan that were being smuggled into Puerto Rico

    The vessel attempted to enter Puerto Rico on the island of Vieques; onboard were the four illegal aliens from Uzbekistan and three United States citizens

    The Uzbeki nationals did not have any documents for an authorized entry or stay in the United States

    May 4, 2025: Border Patrol agents in the Tucson Sector arrested a United States citizen and two Mexican nationals after a high-speed pursuit

    The United States citizen, who was driving the car and had an extensive criminal history, fled from law enforcement at high speed after failing to stop at an immigration checkpoint

    After crashing into another car, the three occupants fled on foot before being arrested

    The driver faces federal charges that include human smuggling, fleeing law enforcement, and endangering human life

    May 2, 2025: Four Mexican nationals in the United States illegally were charged for their roles in an international human smuggling conspiracy that brought aliens across the Canadian border into the United States for profit

    The smuggling organization had been operating for two years and smuggled hundreds of aliens per week through Canada

    The aliens or their family members would pay thousands of dollars to be smuggled into the United States

    April 29, 2025: CBP officers at the Area Port of San Luis arrested a woman in connection with the failed smuggling attempt of a child

    The suspect, a Mexican citizen, had sedated the child prior to attempting to cross the border

    The suspect also presented a false birth certificate and alleged that she was the mother; the officers discovered that there was no family relationship between the woman and the child

    April 2, 2025: CBP issued a Withhold Release Order against Taepyung Salt Farm, based on information that reasonably indicates the use of forced labor in the production of the company’s sea salt products

    As a result, CBP personnel at all U

    S

    ports of entry will detain sea salt products from Taepyung Salt Farm in South Korea

    March 25, 2025: After an ICE Arizona investigation with law enforcement partners, a human smuggling coordinator was sentenced to 30 months in prison for her role in smuggling over 100 Colombians into the United States

    She had been operating a travel agency in her native country, Colombia, where she would charge the victims a fee to travel to Mexico, with additional bribes required at Mexican airports

    February 14, 2025: Working with the Tennessee Bureau of Investigation, an ICE investigation led to a four-count indictment against eight defendants with ties to Tren de Aragua on charges related to their involvement with a transnational commercial sex enterprise

    Everyone can be part of the fight against human trafficking

    The DHS Blue Campaign can help you recognize human trafficking and provide resources to report suspicious activity to law enforcement

     
    ###

    MIL OSI USA News –

  • MIL-OSI USA: Monroe Canyon Fire Intensifies

    Source: NASA

    The Monroe Canyon fire in central Utah grew quickly in late July 2025 amid a stretch of hot, dry, and windy weather. The blaze, burning near the communities of Richfield, Monroe, and Koosharem, began its rapid expansion the afternoon of July 25, when firefighters reported wind gusts exceeding 60 miles (97 kilometers) per hour. Its extent would more than double to 23,265 acres (9,415 hectares) by the morning of July 28.
    The fire continued to rage that day, when the MODIS (Moderate Resolution Imaging Spectroradiometer) on NASA’s Aqua satellite captured this image. A smoke plume from the blaze drifted hundreds of miles to the northeast, creating hazy skies and degrading air quality in areas downwind.
    Fire activity prompted officials to close a portion of Fishlake National Forest and issue evacuation notices for residences within that area. Several buildings have been destroyed, according to news reports, and firefighters were working to prevent additional structures from being lost. About 1,000 personnel were involved in the firefighting response.

    The OLI (Operational Land Imager) on Landsat 8 captured the false-color image above, showing the Monroe Canyon fire on July 28. This combination of shortwave infrared, near infrared, and visible light (bands 7-5-4) makes it easier to identify unburned, vegetated areas (green) and the recently burned landscape (brown). Bright orange indicates the infrared signature of active burning.
    By the morning of July 30, the fire had grown to 36,637 acres (14,830 hectares) with 11 percent containment. In addition to the fire-conducive weather, officials stated that “record-breaking low fuel moistures” contributed to the intense fire activity. A red flag warning was in effect for central and southern Utah, with low relative humidity and breezy conditions expected to continue.
    NASA Earth Observatory images by Wanmei Liang, using Landsat data from the U.S. Geological Survey and MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Lindsey Doermann.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Releases Opportunity to Boost Commercial Space Tech Development

    Source: NASA

    NASA has released a new proposal opportunity for industry to tap into agency know-how, resources, and expertise. The Announcement of Collaboration Opportunity (ACO), managed by the Space Technology Mission Directorate, enables valuable collaboration without financial exchanges between NASA and industry partners. Instead, companies leverage NASA subject matter experts, facilities, software, and hardware to accelerate their technologies and prepare them for future commercial and government use. 
    On Wednesday, NASA issued a standing ACO announcement for partnership proposals which will be available for five years and will serve as the umbrella opportunity for topic-specific appendix releases. NASA intends to issue appendices every six to 12 months to address evolving space technology needs. The 2025 ACO appendix is open for proposals until Sept. 24.  
    NASA will host an informational webinar about the opportunity and appendix at 2 p.m. EDT on Wednesday, Aug. 6. Interested proposers are encouraged to submit questions which will be answered during the webinar and will be available online after the webinar.   
    NASA teaming with industry isn’t new – decades of partnerships have resulted in ambitious missions that benefit all of humanity. But in recent years, NASA has also played a key role as a technology enabler, providing one-of-a-kind tools, resources, and infrastructure to help commercial aerospace companies achieve their goals.  
    Since 2015, NASA has collaborated with industry on approximately 80 ACO projects. Here are some ways the collaborations have advanced space technology: 

    Blue Origin and NASA worked together on several ACOs to mature the company’s lunar lander design. NASA provided technical reports and assessments and conducted tests at multiple centers to help Blue Origin advance a stacked fuel cell system for a lander’s primary power source. Other Blue Origin ACO projects evaluated high-temperature engine materials and advanced a landing navigation and guidance system. 
    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Throughout a year-long ACO, NASA and SpaceX engineers worked together to perform in-depth computational fluid analysis of proposed propellant transfer methods between two SpaceX Starship spacecraft in low-Earth orbit. The SpaceX-specific analysis utilized Starship flight data and data from previous NASA research and development to identify potential risks and help mitigate them during the early stages of commercial development. NASA also provided inputs as SpaceX developed an initial concept of operations for its orbital propellant transfer missions. 

    SpaceX used the ACO analyses to inform the design of its Starship Human Landing System, which NASA selected in 2021 to put the first Artemis astronauts on the Moon. 

    Advanced Space and NASA partnered to advance the company’s Cislunar Autonomous Positioning System – software that allows lunar spacecraft to determine their location without relying exclusively on tracking from Earth.  

    The CAPSTONE (Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment) spacecraft launched to the Moon in 2022 and continues to operate and collect critical data to refine the software. Under the ACO, Advanced Space was able to use NASA’s Lunar Reconnaissance Orbiter to conduct crosslink experiments with CAPSTONE, helping mature the navigation solution for future missions. The mission’s Cislunar Autonomous Positioning System technology was initially supported through the NASA Small Business Innovation Research program. 

    Sensuron and NASA matured a miniature, rugged fiber optic sensing system capable of taking thermal and shape measurements for multiple applications. Throughout the ACO, Sensuron benefitted from NASA’s expertise in fiber optics and electrical, mechanical, and system testing engineering to design, fabricate, and “shake and bake” its prototype laser. 

    Space missions could use the technology to monitor cryogenic propellant levels and determine a fuel tank’s structural integrity throughout an extended mission. The laser technology also has medical applications on Earth, which ultimately resulted in the Sensuron spinoff company, The Shape Sensing Company. 

    In 2023, Venturi Astrolab began work with NASA under an ACO to test its flexible lunar tire design. The company tapped into testing capabilities unique to NASA, including heat transfer to cold lunar soil, traction, and life testing. The data validated the performance of tire prototypes, helping ready the design to support future NASA missions. 
    In 2024, NASA selected three companies, including Venturi Astrolab, to advance capabilities for a lunar terrain vehicle that astronauts could use to travel around the lunar surface, conducting scientific research on the Moon and preparing for human missions to Mars. 

    The Announcement of Collaboration Opportunity (ACO) is one of many ways NASA enables commercial industry to develop, build, own, and eventually operate space systems. To learn more about these technology projects and more, visit: https://techport.nasa.gov/.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom signs legislation 7.30.25

    Source: US State of California 2

    Jul 30, 2025

    SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:

    • AB 17 by Assemblymember Juan Alanis (R-Modesto) – Elections: precinct maps.
    • AB 377 by Assemblymember David Tangipa (R-Clovis) – High-Speed Rail Authority: business plan: Merced to Bakersfield segment. A signing message can be found here.
    • AB 379 by Assemblymember Nick Schultz (D-Burbank) – Crimes: prostitution.
    • AB 642 by Assemblymember Al Muratsuchi (D-Torrance) – Emergencies proclaimed by the Governor: school employee catastrophic leave.
    • AB 951 by Assemblymember Tri Ta (R-Westminster) – Health care coverage: behavioral diagnoses.
    • AB 1029 by Assemblymember Avelino Valencia (D-Anaheim) – Statements of financial interest: digital financial assets.
    • AB 1051 by Assemblymember Laurie Davies (R-Laguna Niguel) – Route 76: Payómkawish Highway.
    • AB 1114 by Assemblymember Anamarie Ávila Farías (D-Martinez) – Emergency vehicles: fee and toll exemptions.
    • AB 1216 by the Committee on Education – Elementary and secondary education: omnibus.
    • AB 1459 by the Committee on Environmental Safety and Toxic Materials – Hazardous waste: underground storage tanks.
    • SB 251 by Senator Anna Caballero (D-Merced) – Claims against the state: appropriation.
    • SB 428 by Senator John Laird (D-Santa Cruz) – State Auditor: permanent office.
    • SB 521 by Senator Lena Gonzalez (D-Long Beach) – Public employment: disqualification.
    • SB 648 by Senator Lola Smallwood-Cuevas (D-Los Angeles) – Employment: gratitudes: enforcement.
    • SB 652 by Senator Laura Richardson (D-South Bay) – Private security services: security guards: training.
    • SB 693 by Senator Dave Cortese (D-Silicon Valley) – Employees: meal periods.

    For full text of the bills, visit: http://leginfo.legislature.ca.gov.

    Press releases, Recent news

    Recent news

    Jul 30, 2025

    News What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers.  SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of…

    Jul 30, 2025

    News What you need to know: California is taking targeted action to address the mental health crisis among young men and boys today with a new executive order focused on suicide prevention, behavioral health, and helping find purpose through education, family, and…

    Jul 29, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Gerald Tolbert, of La Jolla, has been appointed to the Medical Board of California. Tolbert has been a Clinical Assistant Professor at the Department of Emergency Medicine and Medical…

    MIL OSI USA News –

  • MIL-OSI USA: Trump tariff policy continues to cause chaos in American economy

    Source: US State of California 2

    Jul 30, 2025

    What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers. 

    SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of another lawsuit challenging the Trump administration’s illegal tariff debacle.  The tariffs continue to cause chaos in the national economy, raise prices for American families, and put California’s ongoing economic dominance under threat.

    “Trump’s illegal tariffs are stagnating our economy and hurting American families. Bragging that your unlawful policies are producing ‘BETTER THAN EXPECTED’ results while the economy slowed.  That’s like an F student bragging because they got a D-. We should all expect more from the executive branch. California will continue to stand up against Trump’s unlawful actions on behalf of all Americans.”

    Governor Gavin Newsom

    In the first six months of Trump’s presidency, the US economy slowed as a result of his policies. While Trump celebrates that his administration’s economic performance is “BETTER THAN EXPECTED,” American families continue to feel the pain from the impacts of his failed negotiations and increased prices. 

    Even Fox Business set the record straight on Fox News saying: Let’s be real clear here. Tariffs cost, they’re a tax. That tax often gets passed on to consumers.

    Consumers, retailers and the business economy are bracing for the impacts of Trump’s tariffs going into effect in August. Here’s how Trump’s failed tariff policy is impacting all Americans:

    • Fewer people are buying goods. Consumer spending is down to only a 1.4 percent annual rate in the second quarter — well below the 2.8 percent growth in spending in 2024.
    • Stockpiling in anticipation of price increases. Trump tariffs are expected to raise prices on groceries and even Trump officials have reportedly started stockpiling to prepare for price increases and shortages.
    • Prices are already increasing. Price increases due to tariffs could cost households on average an extra $2,400 in 2025, the Yale Budget Lab predicted in their most recent analysis.
       

    A one-two gut punch for California

    In addition to the national repercussions, Trump’s tariffs are having an outsized impact on California’s economy in recent months:

    • Families and workers will bear the brunt. Tariffs could cost households $25 billion and lead to a loss of over 64,000 jobs across California.
    • Businesses are also paying the price. California firms incurred $11.3 billion in tariff costs from January through May 2025, the highest of any state in the country.
    • Global supply chains will continue to be impacted, especially here at home. Recently, the Port of Los Angeles was operating at only 70% capacity due to ongoing tariffs and Southern California saw a 40% decline in job postings related to trade and logistics.

    Standing up for California 

    On April 16, Governor Newsom and Attorney General Rob Bonta filed a lawsuit arguing that President Trump lacks the authority to unilaterally impose tariffs through the International Economic Emergency Powers Act, creating immediate and irreparable harm to California, the world’s fourth largest economy, and nation’s leading manufacturing and agriculture state. Today’s amicus brief was filed as part of a separate lawsuit filed by private parties, but aligns with California’s arguments. The lawsuit is ongoing.
     

    “As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the D.C. Circuit  to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

    Today’s brief was filed in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA) and argues that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority is unlawful. 

    Recent news

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    MIL OSI USA News –

  • MIL-OSI USA: HIEMA – NEWS RELEASE – ALL CLEAR-TSUNAMI THREAT

    Source: US State of Hawaii

    HIEMA – NEWS RELEASE – ALL CLEAR-TSUNAMI THREAT

    Posted on Jul 30, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    DEPARTMENT OF DEFENSE

    KA ʻOIHANA PILI KAUA

     

    MAJOR GENERAL STEPHEN F. LOGAN

    DIRECTOR OF EMERGENCY MANAGEMENT
     LUNA HOʻOMALU PŌULIA

    HAWAIʻI EMERGENCY MANAGEMENT AGENCY

    KEʻENA HOʻOMALU PŌULIA O HAWAIʻI

    JAMES DS. BARROS

    ADMINISTRATOR OF EMERGENCY MANAGEMENT
    KAHU HOʻOMALU PŌULIA

      

    ALL CLEAR: TSUNAMI THREAT HAS PASSED

    FOR IMMEDIATE RELEASE                                                                                                                                                                            2025-010

    July 30, 2025

    HONOLULU — The Hawaiʻi Emergency Management Agency (HIEMA) announces that the tsunami threat, initially raised during the evening, has been officially lifted. After extensive discussions and monitoring with the Pacific Tsunami Warning Center (PTWC), we are pleased to report that conditions have stabilized, and there is no longer any risk of a tsunami affecting our state. As a result, the Advisory has been formally canceled.

    While HIEMA issues an all-clear, we remind the public that all counties will continue to conduct assessments to ensure community safety. We urge residents to exercise caution and follow any county directives as ocean activities resume, ensuring the safety of all individuals on or near local waters.

    # # #

    Contact:

    Kīelekū Amundson

    Communications Director

    Phone: 808-733-4300 Ext 522

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI Banking: ASEAN Foreign Ministers’ Statement on the Outcome of the Special Meeting Hosted by Malaysia to Address the Current Situation Between Cambodia and Thailand

    Source: ASEAN

    We welcome the outcome of the Special Meeting chaired, hosted and witnessed by Prime Minister Dato’ Seri Anwar Ibrahim of Malaysia as the Chair of ASEAN, to address the situation between Cambodia and Thailand on 28 July 2025 in Putrajaya.

     

    We commend Malaysia’s role in facilitating bilateral dialogue toward ceasefire between Cambodia and Thailand. We are also appreciative of the role of the United States of America in co-organising the Special Meeting and the active participation of the People’s Republic of China, to promote a peaceful resolution to the ongoing situation.

     

    We encourage Cambodia and Thailand to resolve the issue amicably in accordance with international law, and consistent with the principles enshrined in the United Nations (UN) Charter, ASEAN Charter, Treaty of Amity and Cooperation in Southeast Asia, and in the spirit of ASEAN family, unity and good neighbourliness. We hope that the ceasefire agreed by both sides will be fully implemented in good faith.

     

    We are confident that the goodwill demonstrated by both Cambodia and Thailand will result in the full and effective implementation of the ceasefire and all decisions of the Special Meeting. We also express support for Malaysia’s readiness to coordinate an observer team comprising ASEAN Member States to impartially verify and ensure the implementation of the ceasefire.

     
    Download the full statement here.
    The post ASEAN Foreign Ministers’ Statement on the Outcome of the Special Meeting Hosted by Malaysia to Address the Current Situation Between Cambodia and Thailand appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • Markets end lower amid volatility; FMCG stocks lend support

    Source: Government of India

    Source: Government of India (4)

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

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

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

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

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

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

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

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

    -IANS

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

    Source: United States Navy

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

    MIL Security OSI –

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

    Source: United States Navy

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

    MIL Security OSI –

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

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

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

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

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

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

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

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    About Audacity Capital

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

    About Devexperts

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Second Quarter Financial Highlights:

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

    Other Key Business Metrics

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

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

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

    Net Income (Loss) and Earnings Per Share

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

    Adjusted EBITDA

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

    Cash

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

    Business Highlights:

    Corporate Highlights

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

    Customer Highlights

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

    Partner Highlights

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

    Q3 and 2025 Financial Outlook:

    For the third quarter of 2025, we currently expect:

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

    For the full year 2025, we currently expect:

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

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

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

    Conference Call Information

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

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

    About Commerce

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

    Forward-Looking Statements

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

    Use of Non-GAAP Financial Measures

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

    Annual Revenue Run-Rate

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

    Enterprise Account Metrics

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

    Average Revenue Per Account

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

    Adjusted EBITDA

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

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

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

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

    The most directly comparable GAAP measure is net loss.

    Non-GAAP Operating Income (Loss)

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

    Non-GAAP Net Income (Loss)

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

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

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

    Free Cash Flow

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Codere Online Reports Financial Results for the Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Total revenue was €51.4 mm in Q2 2025, while net gaming revenue1 was €54.8 mm in the period, 1% above Q2 2024 (12% in constant currency terms).
    • Mexico revenue was €26.3 mm in Q2 2025, while net gaming revenue was €29.0 mm in the period, 3% above Q2 2024 (23% in constant currency terms).
    • Net loss was €3.1 mm in H1 2025 versus a net loss of €0.2 mm in H1 2024 primarily due to the impact from exchange rates (€3.0 mm loss in H1 2025 versus €4.8 mm gain in H1 2024).
    • Total cash position of €45.2 mm as of June 30, 2025.
    • Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA2 outlook of €10-15 million.
    • Repurchased $0.7 million of the Company’s shares under the Company’s $5.0 million share buyback plan through July 30, 2025.

    Madrid, Spain and Tel Aviv, Israel, July 31, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited3 financial results for the quarter ended June 30, 2025.

    Below are the main financial and operating metrics of the period.

      Quarter ended June 30   Six months ended June 30
      2024 2025 Chg. %   2024 2025 Chg. %
                   
    Net Gaming Revenue (EUR mm)1              
    Spain 21.8 22.1 1%   44.1 44.0 (0%)
    Mexico 28.2 29.0 3%   54.8 59.5 9%
    Other 4.4 3.7 (16%)   8.5 8.2 (4%)
    Total 54.4 54.8 1%   107.4 111.8 4%
                   
    Avg. Monthly Active Players (000s)4              
    Spain 51.5 49.7 (3%)   50.8 50.9 0%
    Mexico 62.3 84.6 36%   62.4 83.3 33%
    Other 31.8 20.8 (35%)   31.2 24.0 (23%)
    Total 145.6 155.1 7%   144.4 158.2 10%

    Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

    Oscar Iglesias, CFO of Codere Online, commented, “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

    Recent Events

    Compliance with Nasdaq Listing Requirements

    • On June 2nd the Company filed its 2024 annual report and on June 6th, Nasdaq informed the Company that it had regained compliance with applicable listing requirements.
    • As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.

    Repurchases under the Share Buyback Plan

    • The Company has repurchased $0.7 million of the Company’s shares at an average price of $6.89 per share under its $5.0 million authorized share buyback plan through July 30, 2025.
    • The plan (as approved by shareholders) authorizes the Company to repurchase up to 1 million of its ordinary shares and expires on March 3, 2026.

    Conference Call Information

    Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 31, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

    Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

      Quarter ended June 30   Six months ended June 30
    Figures in EUR mm 2024 2025 Chg. %   2024 2025 Chg. %
                   
    Total              
                   
    Revenue 51.7 51.4 (1%)   102.1 105.7    4%
    (+) Accounting Adjustments5 2.7 3.5 30%   5.3 6.1    15%
    Net Gaming Revenue 54.4 54.8 1%   107.4 111.8 4%
                   
    Spain              
                   
    Revenue 21.8 22.1 1%   44.1 44.0 (0%)
    (+) Accounting Adjustments5 – – n.m.   – – n.m.
    Net Gaming Revenue 21.8 22.1 1%   44.1 44.0 (0%)
                   
    Mexico              
                   
    Revenue 25.3 26.3 4%   49.2 53.9 10%
    (+) Accounting Adjustments5 2.9 2.7 (7%)   5.6 5.6 –
    Net Gaming Revenue 28.2 29.0 3%   54.8 59.5 9%
                   
    Other              
                   
    Revenue 4.5 3.0 (33%)   8.8 7.8 (11%)
    (+) Accounting Adjustments5 (0.1) 0.7 n.m.   (0.3) 0.4 n.m.
    Net Gaming Revenue 4.4 3.7 (16%)   8.5 8.2 (4%)

    Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)5

      Quarter ended June 30   Six months ended June 30
    Figures in EUR mm 2024 2025 Chg.   2024 2025 Chg.
                   
    Net Income (Loss) (3.7) (2.4) 1.2   (0.2) (3.1) (2.8)
    (+/-) Provision for Corporate Income Tax 0.4 1.1 0.6   0.9 1.3 0.3
    (+/-) Interest Expense / (Income) (0.0) 1.9 2.0   (4.8) 3.0 7.8
    (+/-) Var. in Fair Value of Public Warrants 3.9 1.3 (2.5)   5.8 1.9 (3.9)
    (+) D&A 0.1 0.2 0.1   0.1 0.3 0.2
    EBITDA 0.7 2.1 1.4   1.7 3.4 1.7
    (+) Employee LTIP Expense 0.6 (0.9) (1.4)   1.1 (0.4) (1.5)
    (+/-) Other Accounting Adjustments 0.0 0.0 (0.0)   0.2 0.1 (0.1)
    Adj. EBITDA (Pre Non-Recurring Items) 1.3 1.3 (0.0)   3.0 3.1 0.0
    (+) Non-Recurring Items 0.0 1.1 1.1   0.0 1.1 1.1
    Adj. EBITDA 1.3 2.3 1.1   3.0 4.1 1.1

    About Codere Online 

    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    About Codere Group
    Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

    Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

    Forward-Looking Statements
    Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Financial Information and Non-GAAP Financial Measures
    Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

    This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

    Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

    This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

    Use of Projections
    This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

    For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

    Preliminary Information
    This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

    No Offer or Solicitation
    This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Trademarks
    This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

    Industry and Market Data
    In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codereonline.com
    (+34) 628.928.152

    1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

    2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.
    3 See “Preliminary Information” below.        

    4 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

    5 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
    5 Please refer to page 26 of our Q2 2025 Earnings Presentation for further details regarding this reconciliation.

    The MIL Network –

  • MIL-OSI Europe: Sweden hosts trade dialogue between United States and People’s Republic of China

    Source: Government of Sweden

    On 28–29 July, Sweden hosted a high-level dialogue on trade and other related matters between the United States and China in Stockholm. The meeting was arranged at the joint request of the parties and is an important step in the ongoing trade negotiations between the US and China.

    MIL OSI Europe News –

  • MIL-OSI: DT Midstream Reports Strong Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, July 31, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2025 reported net income of $107 million, or $1.04 per diluted share. For the second quarter of 2025, Operating Earnings were also $107 million, or $1.04 per diluted share. Adjusted EBITDA for the quarter was $277 million.

    Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

    The company also announced that the DT Midstream Board of Directors declared a $0.82 per share dividend on its common stock payable October 15, 2025 to stockholders of record at the close of business September 15, 2025.

    “We had another strong quarter, and the business is performing on track with our full-year plan,” said David Slater, President and CEO. “We continue to make great progress advancing organic projects from our backlog, with $0.6 billion of projects reaching final investment decisions during the second quarter.”

    Slater noted the following significant business updates:

    • Reached a final investment decision on Guardian Pipeline “G3” expansion of approximately 210 MMcf/d
    • Finalized our investment plan for the initial phase of modernization across our new interstate pipelines
    • Achieved an investment-grade credit rating with all three rating agencies
    • Established a record high quarterly gathering volume for our Haynesville system

    “Our second quarter results put us in a strong position to meet our financial goals for 2025 and we are reaffirming our 2025 Adjusted EBITDA guidance of $1.095 to $1.155 billion and our 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion,” said Jeff Jewell, Executive Vice President and CFO.

    The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

    Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

    Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

    Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

    Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

    In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

    Forward-looking Statements

    This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

    Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

    Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits by Clean Fuels Gathering; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration statements filed from time to time with the SEC.

    The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

    Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
                                   
      Three Months Ended
      June 30,   March 31,
        2025     2025
      Reported
    Earnings    		   Pre-tax
    Adjustments    		   Income
    Taxes    (1)    		   Operating Earnings   Reported
    Earnings    		   Pre-tax
    Adjustments    		   Income
    Taxes    (1)    		   Operating
    Earnings
      (millions)
    Adjustments     $ —     $ —             $ —     $ —      
    Net Income Attributable to DT Midstream $ 107     $ —     $ —     $ 107     $ 108     $ —     $ —     $ 108  
                                   
      Six Months Ended
      June 30,   June 30,
        2025     2024
      Reported
    Earnings    		   Pre-tax
    Adjustments    		   Income
    Taxes    (1)    		   Operating
    Earnings    		   Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (1)    		   Operating
    Earnings
      (millions)
    Adjustments     $ —     $ —             $ —     $ —      
    Net Income Attributable to DT Midstream $ 215     $ —     $ —     $ 215     $ 193     $ —     $ —     $ 193  
                                   
    (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
                                   
                                   
    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings per diluted share(1)(non-GAAP, unaudited)
                                   
      Three Months Ended
      June 30,   March 31,
        2025     2025
      Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (2)    		   Operating
    Earnings    		   Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (2)    		   Operating
    Earnings
      (per share)
    Adjustments     $ —     $ —             $ —     $ —      
    Net Income Attributable to DT Midstream $ 1.04     $ —     $ —     $ 1.04     $ 1.06     $ —     $ —     $ 1.06  
                                   
      Six Months Ended
      June 30,   June 30,
        2025     2024
      Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (2)    		   Operating
    Earnings    		   Reported
    Earnings    		   Pre-tax Adjustments   Income
    Taxes    (2)    		   Operating
    Earnings
      (per share)
    Adjustments     $ —     $ —             $ —     $ —      
    Net Income Attributable to DT Midstream $ 2.10     $ —     $ —     $ 2.10     $ 1.97     $ —     $ —     $ 1.97  
                                   
    (1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
    (2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
                                   
                                   
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
                   
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
    Consolidated (millions)
    Net Income Attributable to DT Midstream $ 107     $ 108     $ 215     $ 193  
    Plus: Interest expense   40       40       80       79  
    Plus: Income tax expense   34       35       69       64  
    Plus: Depreciation and amortization   63       63       126       103  
    Plus: EBITDA from equity method investees(1)   64       73       137       142  
    Less: Interest income   —       (1 )     (1 )     (1 )
    Less: Earnings from equity method investees   (30 )     (37 )     (67 )     (85 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (2 )     (2 )
    Adjusted EBITDA $ 277     $ 280     $ 557     $ 493  
                   
    (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
     
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
      (millions)
    Earnings from equity method investees $ 30     $ 37     $ 67     $ 85  
    Plus: Depreciation and amortization attributable to equity method investees   19       22       41       41  
    Plus: Interest expense attributable to equity method investees   15       14       29       16  
    EBITDA from equity method investees $ 64     $ 73     $ 137     $ 142  
                   
                   
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Pipeline Segment (non-GAAP, unaudited)
                   
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
    Pipeline (millions)
    Net Income Attributable to DT Midstream $ 93     $ 92     $ 185       145  
    Plus: Interest expense   11       13       24       25  
    Plus: Income tax expense   29       30       59       48  
    Plus: Depreciation and amortization   28       28       56       37  
    Plus: EBITDA from equity method investees(1)   64       73       137       142  
    Less: Interest income   —       (1 )     (1 )     (1 )
    Less: Earnings from equity method investees   (30 )     (37 )     (67 )     (85 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (2 )     (2 )
    Adjusted EBITDA $ 194     $ 197     $ 391     $ 309  
                   
    (1)  Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
     
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
      (millions)
    Earnings from equity method investees $ 30     $ 37     $ 67     $ 85  
    Plus: Depreciation and amortization attributable to equity method investees   19       22       41       41  
    Plus: Interest expense attributable to equity method investees   15       14       29       16  
    EBITDA from equity method investees $ 64     $ 73     $ 137     $ 142  
                   
                   
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Gathering Segment (non-GAAP, unaudited)
                   
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
    Gathering (millions)
    Net Income Attributable to DT Midstream $ 14     $ 16     $ 30     $ 48  
    Plus: Interest expense   29       27       56       54  
    Plus: Income tax expense   5       5       10       16  
    Plus: Depreciation and amortization   35       35       70       66  
    Less: Interest income   —       —       —       —  
    Adjusted EBITDA $ 83     $ 83     $ 166     $ 184  
                   
                   
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
                   
      Three Months Ended Six Months Ended
      June 30,   March 31,   June 30,   June 30,
        2025       2025       2025       2024  
    Consolidated (millions)
    Net Income Attributable to DT Midstream $ 107     $ 108     $ 215     $ 193  
    Plus: Interest expense   40       40       80       79  
    Plus: Income tax expense   34       35       69       64  
    Plus: Depreciation and amortization   63       63       126       103  
    Less: Earnings from equity method investees   (30 )     (37 )     (67 )     (85 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (2 )     (2 )
    Plus: Dividends and distributions from equity method investees   30       48       78       125  
    Less: Cash interest expense   (76 )     —       (76 )     (74 )
    Less: Cash taxes   (4 )     2       (2 )     (3 )
    Less: Maintenance capital investment(1)   (6 )     (8 )     (14 )     (13 )
    Distributable Cash Flow $ 157     $ 250     $ 407     $ 387  
                   
    (1)  Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.
                   
                   

    The MIL Network –

  • MIL-OSI: Yellow Network Launches $YELLOW Token Sale on Republic to Power Universal Web3 Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    San Francisco, USA, July 31, 2025 (GLOBE NEWSWIRE) — – Yellow Network, the universal infrastructure layer for real-time, cross-chain settlement and high-performance Web3 applications, has announced the launch of its token sale on Republic’s OpenDeal Broker LLC, dba THE CAPITAL R*Member FINRA & SiPC. This milestone marks a major step in Yellow’s mission to redefine how digital assets are traded, cleared, and settled across blockchains.

    The $YELLOW token powers the network and unlocks access to its core features, including: 

    • Real-time settlement and asset routing across chains
    • Staking incentives and ecosystem rewards for developers, validators, and contributors. 
    • Governance rights for protocol upgrades and roadmap priorities
    • Security and dispute resolution via the Reserve Vault framework

    “Launching the $YELLOW token on Republic marks a significant step in making foundational Web3 infrastructure accessible to a wider audience,” said Alexis Sirkia, Chairman of Yellow Network. “This sale helps us grow a global community of developers, builders, and users who believe in faster, more scalable blockchain experiences.”

    Yellow Network’s infrastructure stack uses advanced state channel technology to deliver lightning-fast, cross-chain settlement without the need for bridges or centralized intermediaries. Backed by Ripple co-founder Chris Larsen, who led Yellow’s $10 million seed round, the project is becoming the go-to foundation for scalable, secure blockchain applications across finance, gaming, and beyond. 

    Yellow is setting a new standard for compliant, transparent access to blockchain innovation. This collaboration with Republic enables accredited investors in the United States via Reg D to participate in Yellow’s foundational infrastructure layer, supporting the adoption of scalable, chain-agnostic solutions that power decentralized applications.

    About Yellow Network
    [https://www.youtube.com/watch?v=GoMkn5l4rVE]
    Yellow Network is the universal infrastructure layer powering real-time, cross-chain settlement and high-performance Web3 applications. Built on advanced state channel technology, Yellow enables developers to integrate scalable, low-latency blockchain functionality into any application without sacrificing speed, security, or user experience.

    With a modular SDK, universal API, and support for the ERC-7824 standard, Yellow empowers builders across DeFi, gaming, enterprise, and beyond to deliver Web2-quality experiences with Web3-native infrastructure. By eliminating the friction of traditional blockchain development, Yellow is accelerating the adoption of decentralized technologies and laying the foundation to onboard the next billion users. To learn more, visit yellow.org. 

    About Republic
    Republic is a leading on-chain investment ecosystem, leveraging its cutting-edge financial infrastructure to redefine global accessibility and optimize capital efficiency.

    Form CRS: Client Relationship Summary
    This offering is in tokens issued by Yellow Network and not equity in the company.

    This offering is facilitated by OpenDeal Broker LLC, dba THE CAPITAL R, Member FINRA & SiPC (BrokerCheck).

    Affiliates of the parent company to OpenDeal Broker LLC (OpenDeal Inc.) have financial interests in this offering, or in the offering’s sponsors, and may have invested at more favorable terms including the price and lock-up terms.

    Recipients of this message are not obligated to invest.

    *Please note, only US Accredited Investors will be able to participate in this offering.

    This is a speculative, risky investment and may be illiquid or pricing may substantially fluctuate in value. You may lose money. Carefully seek the advice of professionals to understand the risks associated. Not FDIC or SiPC insured.

    This is not an offer to buy or sell securities. Read the detailed disclaimer: https://republic.com/yellow-disclosure

    The MIL Network –

  • MIL-OSI: SHARC Energy Ships SHARC WET Systems to US Government-Affiliated Project

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, July 31, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”), a world leader in wastewater energy transfer (“WET”), is proud to announce the shipment of two SHARC 880 WET Systems to a U.S. government-affiliated project. Further information about the project will be released at a later stage.

    SHARC Energy’s Wastewater Energy Transfer technology continues to gain momentum in the United States and beyond. Most recently, SHARC Energy’s innovative systems were featured in a Wall Street Journal article spotlighting the emerging role of WET in sustainable infrastructure.

    This milestone shipment underscores the Company’s expanding influence and highlights the increasing adoption of WET solutions as cities and governments seek scalable, low-carbon alternatives for heating, cooling and potable hot water.

    For more information regarding SHARC Energy and its projects, please visit www.sharcenergy.com.

    About SHARC Energy
      
    SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

    SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

    Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

    ON BEHALF OF THE BOARD

    Fred Andriano
    Chairman

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

    The MIL Network –

  • MIL-OSI: Crane Patents Reaches 25% Adoption Among Chambers USA Top IP Litigation Firms

    Source: GlobeNewswire (MIL-OSI)

    San Francisco, CA, July 31, 2025 (GLOBE NEWSWIRE) — Crane Patents, the AI-assisted platform for accelerating invalidity analysis in patent litigation, announced today that it has been adopted by 25% of the nationally ranked IP litigation practices in Chambers USA 2025 — less than a year after signing its first customer in August 2024.

    Of the 32 firms ranked nationally by Chambers USA for IP litigation, eight have become enterprise customers, marking a significant vote of confidence in the platform’s ability to streamline one of the most tedious parts of patent litigation: analyzing prior art and drafting claim charts.

    Founded in 2024, Crane Patents was also recognized earlier this year as Law.com’s New Law Company of the Year for 2025, reflecting growing industry momentum behind the platform.

    “Crane Patents has turned prior art analysis into an engaging part of our workflow. Our team uses it nearly every day — including weekends.”
    — Richard Hung, Global Co-Chair of Litigation, Morrison & Foerster

    “Crane Patents keeps the attorney fully in control — it doesn’t do the thinking for us; it just helps us get to the insights faster. We work smarter and faster, without giving up judgment.”
    — Doug Kubehl, Co-Chair of Intellectual Property Litigation, Baker Botts

    “Crane Patents fits the way our attorneys think — anticipating what they need to see and analyze. It’s transformed our prior art workflow, cutting hours from claim charting and accelerating results for clients.”
    — Kelly Hunsaker, Managing Partner, Silicon Valley, Winston & Strawn

    Crane Patents was created by former Fortune 500 IP executives and AmLaw 100 attorneys to deliver precision, speed, and control in claim charting and invalidity analysis — all while keeping attorneys firmly in the driver’s seat.

    “We built Crane Patents for attorneys who want to engage strategically — not just accept automated answers,” said Dan Lin, co-founder of Crane Patents. “We’re grateful that some of the best IP litigation teams in the country have embraced our approach.”

    For more information, visit www.cranepatents.com or email info@cranepatents.com.

    The MIL Network –

  • MIL-OSI: ACTFORE Secures Patent for Intelligent Data Extraction from Unstructured Documents, Revolutionizing Breach Response

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., July 31, 2025 (GLOBE NEWSWIRE) — ACTFORE, a leading provider of AI-powered breach response and data mining solutions, announced today the company has been granted a patent from the United States Patent and Trademark Office for its proprietary technology enabling targeted data extraction from unstructured document sets, a first-of-its kind patent in the data mining industry.

    Unlike many industries, the data mining and breach response fields have historically lacked patentable innovations due to their reliance on human-driven workflows and off-the-shelf automation. ACTFORE’s achievement represents a major advancement in automated breach response workflows: the first recognized patent for precision data extraction designed specifically to efficiently and accurately extract sensitive data from massive, unstructured information environments following a breach.

    “This patent isn’t just a milestone for ACTFORE, but for the entire industry,” said CEO Christian Geyer. “In a space where most work is still done manually or through tedious and inaccurate workflows, we’ve introduced a scalable, intelligent solution that truly learns and adapts and can work alongside our team of onshore experts to create an approach that merges manual precision with deep learning to create a hybrid workflow that is both fast and legally defensible.”

    The patent, “Techniques for Targeted Data Extraction from Unstructured Sets of Documents”, refers to ACTFORE’S dynamic interface that allows operators to define “visual boxes” around regions of interest on a document page, then automatically propagate those selections across structurally similar files using deep learning and FAISS-based clustering. Paired with advanced optical character recognition (OCR), the system can extract high-fidelity text, even from scanned or non-machine-readable documents. This allows for targeted, scalable parsing with minimal redundancy and dramatically reduced review time.

    “We’ve essentially built a facial recognition system, but for document layouts,” said Yumna Zaidi, Innovations Team Lead at ACTFORE and Lead Inventor on the patent. “Our tech creates unique embedding vectors for each document structure, letting us match and process them with unprecedented speed and accuracy.”

    This combination of automation and expert-driven human review ensures that sensitive information such as names, account numbers, or health data can be extracted quickly, accurately, and consistently, even across large and messy data sets.

    “Data breaches happen in chaotic, inconsistent environments and ACTFORE is built to handle the complexity,” added Dhiraj Sharma, Senior Data Scientist and Co-Inventor. “By integrating the latest automation and data mining tools with human judgment, we’re able to respond more efficiently and accurately than traditional methods. That’s where this patent truly delivers value.”

    The platform supports a wide range of document types—including unstructured and semi-structured PDFs, images, and text files—and automatically preserves selected coordinates for batch processing at scale. This not only accelerates review but also ensures consistent, defensible results across complex, multi-jurisdictional engagements.

    “We didn’t just apply automation for the sake of speed. We designed a product that understands the complexity of each task and empowers humans to make better decisions, faster,” said Sanskriti Shivhare, Team Lead and Co-Inventor.

    This newly issued patent strengthens ACTFORE’s growing intellectual property portfolio and reflects its continued investment in transforming breach response through applied AI. As data breach volumes rise and regulatory timelines tighten, ACTFORE’s patented technology sets a new industry benchmark for intelligent, scalable remediation.

    About ACTFORE
    ACTFORE delivers advanced AI/ML-powered data mining solutions for legal counsel, insurance carriers, and corporations, specializing in swiftly detecting and uncovering compromised sensitive information in cyber breaches. Capable of processing over 1 million files per hour, ACTFORE’s on-premises, on-shore, technology-first approach offers the fastest and most accurate assessments, enabling clients to quickly understand the scope of exfiltration, mitigate risk, and make informed decisions about ransom payments. Clients maintain full control of their data through ACTFORE’s secure lab or local deployment options. Trusted by over 25 insurance carriers and 35 law firms, including premier Am Law 100 firms, ACTFORE sets the new standard in incident response and data forensics. For more information, please visit www.actfore.com.

    Press Contact:

    Gilda Safowaa
    Communications & Content Strategist
    240-482-9570
    Gilda.Safowaa@actfore.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ab26563-863e-4323-9b45-45a6c178bd92

    The MIL Network –

  • MIL-OSI: GraniteShares Announces Weekly Distributions for its YieldBOOST ETFs: COYY, TSYY, NVYY, XBTY, TQQY and YSPY

    Source: GlobeNewswire (MIL-OSI)

    New York, July 31, 2025 (GLOBE NEWSWIRE) — GraniteShares today announced the weekly distributions for its GraniteShares YieldBOOST ETFs: COYY, TSYY, NVYY, XBTY, TQQY and YSPY, as shown in the table below.

    ETF Ticker ETF Name Distribution Frequency Distribution per Share Distribution Rate1,3 30-Day SEC Yield2 ROC4 Ex-Date & Record Date5,6 Payment Date7
    COYY GraniteShares YieldBOOST COIN ETF Weekly $ 0.8413 180.02 % –   0.00 % Aug 01, 2025 Aug 05, 2025
    TSYY GraniteShares YieldBOOST TSLA ETF Weekly $ 0.2368 139.98 % 0.21 % 98.33 % Aug 01, 2025 Aug 05, 2025
    NVYY GraniteShares YieldBOOST NVDA ETF Weekly $ 0.5222 100.01 % 0.00 % 0.00 % Aug 01, 2025 Aug 05, 2025
    XBTY GraniteShares YieldBOOST Bitcoin ETF Weekly $ 0.4725 99.97 % 0.23 % 5.44 % Aug 01, 2025 Aug 05, 2025
    TQQY GraniteShares YieldBOOST QQQ ETF Weekly $ 0.1864 50.01 % 0.54 % 0.00 % Aug 01, 2025 Aug 05, 2025
    YSPY GraniteShares YieldBOOST SPY ETF Weekly $ 0.1954 49.99 % 0.91 % 0.00 % Aug 01, 2025 Aug 05, 2025


    Distributions are not guaranteed

    Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at www.graniteshares.com.

    1The Distribution Rate shown is as of based of the NAV per share as of July 30, 2025, adjusted for corporate actions. The Distribution Rate is the annual rate an investor would receive if the most recent distribution remained the same going forward. The rate represents a single distribution from the fund and does not represent total return to the fund. The distribution rate is calculated by annualizing the most recent distribution and dividing it by the most recent NAV adjusted for corporate actions.

    2The 30-Day SEC Yield represents the net investment income (excluding option income) earned by the ETF over the 30-day period ended June 30, 2025. It is expressed as an annualized percentage rate based on the ETF’s share price at the end of that period. This metric does not reflect the total income generated by the fund, as it excludes option premium income central to the YieldBOOST strategy.

    3Each GraniteShares YieldBOOST ETF seeks to generate income by selling put options on the underlying asset. While this strategy can generate attractive premiums, it generally caps the upside potential of the ETF. If the reference asset appreciates significantly, the ETF will not fully participate in those gains. However, if the reference asset declines in value, the ETF may experience losses that are not offset by the income received. Investors may be exposed to downside risk while forgoing upside participation.

    4ROC or Return of Capital indicates how much the distribution reflects an investor’s initial investment. The figures shown for each Fund in the table above are estimates based on the latest 19a1 forms and may later be determined to be taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), or return of capital. Actual amounts and sources for tax reporting will depend upon the Fund’s investment activities during the remainder of the fiscal year and may be subject to changes based on tax regulations. Your broker will send you a Form 1099-DIV for the calendar year to tell you how to report these distributions for federal income tax purposes.

    5Ex-Date: The first day an ETF trades without the right to receive the upcoming distribution 

    6Record Date: The cut-off date set by the company to determine which ETF holders are eligible to receive the distribution

    7Payment Date: Date on which the distribution is paid to eligible ETF holders.

    Fund shareholders are not entitled to any distribution paid by the Underlying ETFs.

    GraniteShares Advisors LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any (i) interest, (ii) brokerage fees and commission, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) interest and dividend expense on short sales, (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), (viii) expenses incurred in connection with any merger or reorganization or (ix) extraordinary expenses such as litigation) will not exceed 1.15%. This agreement is effective until December 31, 2025, and it may be terminated before that date only by the Trust’s Board of Trustees. GraniteShares Advisors LLC may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, if such reimbursement will not cause the Fund’s total expense ratio to exceed the expense limitation in place at the time of the waiver and/or expense payment and the expense limitation in place at the time of the recoupment.

    This website and its content have been provided by GraniteShares.

    Fund is newly launched and has risks associated with its limited operating history.

    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Performance current to the most recent month-end can be obtained by calling (844) 476 8747.

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a Prospectus or summary prospectus with this and other information about the Funds, please call (844) 476 8747 or. Read the prospectus or summary prospectus carefully before investing.

    The Distribution Rate and 30-Day SEC Yield is not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These distribution rates caused by unusually favorable market conditions may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future. Additional fund risks can be found below.

    An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as option contracts and swaps are subject to market risks that may cause their price to include Risk of the Underlying ETF, Derivatives Risk, Affiliated Fund Risk, Put Writing Strategy Risk, Option Market Liquidity Risk, Counterparty Risk, Distribution Risk, & NAV Erosion Risk Due to Distribution. These and other risks can be found in the prospectus.

    There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

    An Investment in the Fund is not an investment in the Underlying ETFs

    – The Fund’s strategy will cap its potential gain if the Underlying ETFs share increases in value.
    – The Fund’s strategy is subject to all potential losses if the Underlying ETFs share decline, which may not be offset by the income received by the Fund,
    – The Fund does not invest directly in the Underlying ETFs,
    – Fund shareholders are not entitled to any distribution paid by Underlying ETFs.

    Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from the returns.

    This information is not an offer to sell or a solicitation of an offer to buy the shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws. You could lose money by investing in the ETFs. There can be no assurance that the investment objective of the Funds will be achieved. None of the Funds should be relied upon as a complete investment program.

    THE FUNDS AREDISTRIBUTED BY ALPS DISTRIBIUTORS, INC. GRANITESHRES IS NOT AFFILIATED WITH ALPS DISTRIBUTORS, INC.

    ©2025 GraniteShares Inc. All rights reserved. GraniteShares, GraniteShares ETFS, and the GraniteShares logo are registered and unregistered trademarks of GraniteShares Inc., in the United States and elsewhere. All other marks are the property of their respective owners.

    Media contact:

    Gregory FCA for GraniteShares
    Te’a Gray, 203-815-4514
    graniteshares@gregoryfca.com

    The MIL Network –

  • MIL-OSI: ReconAfrica Provides a Corporate Update and Announces That the Kavango West 1X Well Has Started Drilling

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces that the Kavango West 1X exploration well is currently drilling and provides a corporate update on ongoing operations.

    Kavango West 1X (Prospect I) – Well Spud on July 31st

    The Kavango West 1X exploration prospect spud on July 31st. The well is planned to reach total depth (TD) of approximately 3,800 metres (12,500 feet) by the end of November 2025 and is expected to penetrate over 1,500 metres of Otavi carbonate reservoir section, which is the primary target of the Damara Fold Belt play.   The prospect is a large structural fold identified on modern 2D seismic data, which extends over 22 kilometers long by 3 kilometers wide. The Company has identified over 19 prospects and four leads mapped in the Damara Fold Belt trend, with an additional 5.0 million acres captured in a recently executed Memorandum of Understanding in offsetting Angola. More information about the Damara Fold Belt Play, and the Kavango West 1X well, can be found in the Corporate Presentation available on the Company’s website.

    Brian Reinsborough, President and CEO stated: “We are pleased to announce that we have started drilling the Kavango West 1X well. This is an exciting time for everyone at the Company, our partners and stakeholders in Namibia and, of course, shareholders alike. Originally, the Kavango West 1X location was not scheduled to be the next well, but the location was reprioritized after the results of our last well, Naingopo. While this reprioritizing resulted in a slightly longer lead time to spud this location, the Company prioritizes rigorous technical appraisal with respect to location selection to ensure we have the best possible chance for commercial success. We think that the Kavango West 1X prospect represents our best opportunity in the Damara Fold Belt to unlock the potential of this play and we look forward to reporting results expected before year-end 2025.”

    Chris Sembritzky, SVP Exploration commented: “By utilizing our learnings from the Naingopo well, Kavango West 1X represents the best opportunity we have identified on seismic in the Damara Fold Belt play due to its size, hydrocarbon migration pathway and well defined four-way closure.  With our new subsurface learnings, highly experienced drilling crew and optimized, built for purpose drill bits, we believe that we have captured the best possible chance for drilling an efficient, safe and commercially successful well.”

    Corporate Update

    Due to our ongoing drilling activities, the previously announced 3D seismic program that had been scheduled for the second half of 2025 has been moved to the 2026 operating program.The Company is continually reviewing potential investment opportunities that may include acquisition of further acreage for exploration, development and producing properties and joint venture transactions that target acceleration of production and free cash flow, particularly due to the Company’s concentrated asset risk profile.

    Stock Option Grants

    As part of the annual compensation review, the Company has granted incentive stock options (the “Options”) to certain directors, officers, employees and consultants of the Company to acquire an aggregate of 6,960,000 common shares at an exercise price of $0.60 per share. The Options are exercisable for a five-year term expiring July 31, 2030, and will be subject to certain vesting provisions as determined by the Board of Directors of the Company in accordance with the Company’s Stock Option Plan. The Options granted to insiders are subject to restrictions on resale until November 30, 2025, in accordance with the policies of the TSX Venture Exchange.     

    About ReconAfrica

    ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences comprising ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas.

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

    For further information contact:

    Brian Reinsborough, President and Chief Executive Officer
    Mark Friesen, Managing Director, Investor Relations & Capital Markets

    IR Inquiries Email: investors@reconafrica.com

    Media Inquiries Email: media@reconafrica.com

    Cautionary Note Regarding Forward-Looking Statements:

    Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the expected timing of spud of the Kavango West 1X well, the well being drilled to a planned total depth of approximately 3,800 metres (12,500 feet), timing to reach total depth of the well, the planning, timing and commencement of a 3D seismic program, identifying and capturing potential opportunities and the Company’s commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in its project areas. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the “Risk Factors” section in the Company’s annual information form (“AIF”) dated April 29, 2025 for the financial period ended December 31, 2024, available under the Company’s profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

    The MIL Network –

  • MIL-OSI USA: Building Connecticut’s Shellfish Workforce and Industry Resilience

    Source: US State of Connecticut

    In the coastal waters of Long Island Sound, Connecticut’s shellfish industry is quietly thriving and evolving. A statewide effort led by Connecticut Sea Grant and UConn Extension professionals is helping prospective farmers, agriscience teachers, and environmental professionals dive into the world of aquaculture with the Foundations of Shellfish Farming course.

    Now entering its fourth year, the course has become a vital entry point for people launching or expanding their careers in the shellfish industry, and the results are rippling across the state.

    A Deep Dive into Aquaculture

    “In this business, you need to get up early and go to work even when it’s not always fun. But we try to prepare people for that reality, and for the opportunities that come with it,” says Mike Gilman, an assistant extension educator and co-instructor of the course.

    A former high school science teacher, Gilman co-owns an oyster business and has experienced firsthand the long, uncertain path from lease applications to harvesting a market-ready crop.

    Tessa Getchis, senior extension educator and aquaculture specialist, co-teaches the course with Gilman.

    “We’ve created a program that combines science, policy, and lived experience. Students walk away with a binder full of resources, a support network, and a deeper understanding of the industry,” Getchis says.

    The course was launched through a National Oceanic and Atmospheric Administration grant. Foundations of Shellfish Farming offers 12 weeks of intensive, in-person instruction each winter. Classes are held at UConn Avery Point, and the curriculum includes biology lessons, business planning, regulatory guidance, and mental and emotional preparedness for the unpredictable world of shellfish farming.

    The course enrolls around 15 participants annually, with a cap of 20 to ensure knowledge sharing and individualized attention. Students range from new farmers to conservation professionals, and entrepreneurs.

    From Classroom to Coast

    The course’s hands-on emphasis extends beyond the classroom. Each year, students have an opportunity for real-world experience through the Sharing Hands-On Understanding and Cultivating Knowledge on Shellfish (SHUCKS) internship program, a partnership with Sixpenny Oyster Farm in Noank.

    Last year’s interns were funded by the Small Business Development Fund, with preference given to Foundations students. One of the interns, Sam Tucker of Clinton, was already a seasoned shellfish worker. A music teacher by trade, Tucker recently planted his first crop of oysters after navigating a complex, years-long permitting process.

    This season, two new interns are back on the water with funding from Connecticut Sea Grant. Sixpenny co-owners Will Ceddia and Jason Hamilton oversee the interviews and day-to-day management of interns. Gilman and Getchis facilitate the program, provide orientation, and collect feedback.

    Opening the Industry Door

    The Foundations course addresses a significant barrier in the shellfish industry: access.

    “Shellfishing has traditionally been a hard industry to enter,” Gilman says. “One of our goals is to make the path clearer and more inclusive.”

    The start-up requirements and expenses involved can also be a disincentive. In some cases, the Foundations course has helped students decide a large investment in shellfish farming isn’t the right choice for them.

    “If this class helps a student realize that aquaculture isn’t for them, before they spend years in the permitting process and potentially thousands of dollars in equipment, that’s actually a win for the industry,” says Gilman.

    But for many, the course is the launchpad they need to start or expand their businesses.

    Four new farms have launched directly from the program with multiple others currently in the process of becoming established operations. Also, some former students now hire interns or share equipment.

    Participants report increased confidence with permitting, inspections, and gear management. A six-month follow-up survey shows that more than 60% of graduates are actively engaged in industry work, environmental stewardship, or continued aquaculture training.

    The course is a requirement for new licensees through the Connecticut Department of Agriculture’s Bureau of Aquaculture. Gilman and Getchis also consult regularly with the Bureau and other subject matter experts to adapt content to emerging issues, such as pests, predators, diseases, impaired water quality and climate (for example, the growing threat of rainfall-related closures).

    Sustaining the Future

    The Foundations course goes beyond shellfish biology and gear types. It includes sessions on physical and mental health, business planning, and managing risks. “Farming shellfish is isolating and physically demanding,” says Gilman. “We don’t shy away from that. We talk about how to stay safe, how to deal with closures, and how to make it through when things get tough.”

    Another recent innovation honors the legacy of former Guilford Shellfish Commissioner, Peter Charland, who passed away in 2024. In partnership with the Guilford Shellfish Commission, the team created aquaculture worker starter packs with boots, sun gear, and other essentials which were distributed during a ceremony this spring. A larger grant seeks to continue this initiative and help reduce startup costs for new entrants.

    Extreme weather and regulatory hurdles challenge the industry, making sustainable shellfish aquaculture more important than ever. Connecticut remains one of the top six shellfish-producing states, with over 50 businesses supported by its oyster and clam operations.

    The next steps for Gilman and Getchis include facilitating more pathways from coursework to water-based experience.

    “You don’t need an advanced degree to grow oysters,” says Gilman. “We need plumbers, electricians, and mechanics, people with complementary skills who can fix a pump or a boat engine and aren’t afraid to get dirty.”

    For now, the Foundations course is cultivating more than oysters; it’s growing a community.

    “Our students stay in touch. They ask questions, they call us for help, and they show up at industry meetings,” Getchis says. “It’s been incredible to watch this bubble of new energy form around Connecticut aquaculture. That’s the kind of impact you hope for in Extension.”

    The Connecticut Sea Grant College Program (CTSG) is part of the National Sea Grant College Program network, administered by the National Oceanic and Atmospheric Administration (NOAA). CTSG is based at UConn Avery Point in Groton. Several staff members have academic appointments in the College of Agriculture, Health and Natural Resources, including UConn Extension. For more than 30 years, CTSG has worked to foster the wise use and conservation of coastal and marine resources of Long Island Sound and beyond through research, outreach and education. It is science serving the coast! 

    MIL OSI USA News –

  • MIL-OSI USA: Personal Income and Outlays, June 2025

    Source: United States Bureau of Economic Analysis

    Personal income increased $71.4 billion (0.3 percent at a monthly rate) in June, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $61.0 billion (0.3 percent) and personal consumption expenditures (PCE) increased $69.9 billion (0.3 percent).

    Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $69.5 billion in June. Personal saving was $1.01 trillion in June and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.5 percent.

    The increase in current-dollar personal income in June primarily reflected increases in government social benefits to persons and in compensation. 

    The $69.9 billion increase in current-dollar PCE reflected increases of $40.1 billion in spending on services and $29.9 billion in spending on goods.

    From the preceding month, the PCE price index for June increased 0.3 percent. Excluding food and energy, the PCE price index also increased 0.3 percent.

    From the same month one year ago, the PCE price index for June increased 2.6 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.

    Personal Income and Related Measures
    [Percent change from May to June]
    Current-dollar personal income 0.3
    Current-dollar disposable personal income 0.3
    Real disposable personal income 0.0
    Current-dollar personal consumption expenditures (PCE) 0.3
    Real PCE 0.1
    PCE price index 0.3
    PCE price index, excluding food and energy 0.3
    For definitions, statistical conventions, updates to PIO, and more, visit “Additional Information.”

    Next release: August 29, 2025, at 8:30 a.m. EDT
    Personal Income and Outlays, July 2025

    Technical Notes

    Changes in Personal Income and Outlays for June

    The increase in personal income in June primarily reflected increases in government social benefits to persons and in compensation.

    • The increase in government social benefits to persons was led by Social Security payments, based on data from the Social Security Administration and the Monthly Treasury Statement.
    • The increase in compensation reflected increases of $10.9 billion in government wages and salaries, $10.8 billion in supplements (mainly employer contributions for employee pension and insurance funds), and $6.3 billion in private wages and salaries, based on data from the Bureau of Labor Statistics (BLS) Current Employment Statistics (CES). Wages and salaries in goods-producing industries increased $4.5 billion. Wages and salaries in services‑producing industries increased $1.9 billion.

    Revisions to Personal Income

    Estimates have been updated for April and May. Revisions to compensation reflect updated BLS CES data. Within personal income receipts on assets, personal dividend income was revised up, reflecting an updated sample of dividends paid by publicly traded companies. Within government social benefits, Medicaid was revised up, reflecting Monthly Treasury Statement data.

    MIL OSI USA News –

  • MIL-OSI USA: Bankruptcy Filings Rise 11.5 Percent Over Previous Year

    Source: United States Courts

    Personal and business bankruptcy filings rose 11.5 percent in the twelve-month period ending June 30, 2025, compared with the previous year.

    According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 542,529 in the year ending June 2025, compared with 486,613 cases in the previous year.

    Business filings rose 4.5 percent, from 22,060 to 23,043 in the year ending June 30, 2025. Non-business bankruptcy filings rose 11.8 percent to 519,486, compared with 464,553 in the previous year.

    Bankruptcy totals for the previous 12 months are reported four times annually. 

    For more than a decade, total filings fell steadily, from a high of nearly 1.6 million in September 2010 to a low of 380,634 in June 2022. Total filings have increased each quarter since then, but they remain far lower than historical highs.

    Business and Non-Business Filings, Years Ending June 30, 2021-2025
    Year Business Non-Business Total
    2025 23,043 519,486 542,529
    2024 22,060 464,553 486,613
    2023 15,724 403,000 418,724
    2022 12,748 367,886 380,634
    2021 18,511 443,798 462,309
    Total Bankruptcy Filings By Chapter, Years Ending June 30, 2021-2025
    Year Chapter
      7 11 12 13
    2025 333,321 8,408 282 200,290
    2024 284,975 8,717 181 192,421
    2023 239,125 5,986 147 173,362
    2022 239,750 4,429 201 136,169
    2021 335,886 6,871 438 118,864

    Additional statistics released today include:

    • Business and non-business bankruptcy filings for the 12-month period ending June 30, 2025 (Table F-2, 12-month),
    • A comparison of 12-month data ending June 2024 and June 2025 (Table F),
    • Filings for the most recent three months, (Table F-2, 3-month); and filings by month (Table F-2, April, May, and June),
    • Bankruptcy filings by county (Report F-5A).

    For more on bankruptcy and its chapters, view the following resources:

    MIL OSI USA News –