MIL-OSI: Appointment of Director to the Board

Source: GlobeNewswire (MIL-OSI)

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

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

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

Hamilton, Bermuda
July 30, 2025

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

The MIL Network –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

2025 Second Quarter Financial Highlights

(approximate figures)

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

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

Conference Call

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

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

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

About Reliance Global Group, Inc.

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

Forward-Looking Statements

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

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

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

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

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

Contact:

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

INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE

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

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

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

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


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

AEBITDA	(381,690	)	(177,966	)	(211,688	)	(251,620	)

The MIL Network –

July 31, 2025

MIL-OSI: Robinhood Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

Second Quarter Results

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

Highlights

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

A Powerful Platform For Active Traders – Robinhood continues to deliver cutting-edge trading tools, including expanding Robinhood Legend availability to all customers in the UK, and capabilities with strong adoption among active traders. In June 2025, the company hosted its first ever product spotlight livestream, announcing Robinhood Legend charts on mobile and options simulated returns pre-trade. Looking ahead, we will host active traders at HOOD Summit 2025 this September—Robinhood’s second annual active trader event—to explore the latest in trading technology.

Serving a New Generation of Investors’ Financial Needs – Robinhood continues to grow its share of wallet as it extends into new categories. Since rolling out in March 2025, Robinhood Strategies, our digital advisory offering, is now managing over $0.5 billion in assets and serving over 100 thousand customers; Robinhood Retirement AUC is now over $20 billion, up 50 percent year-to-date; Robinhood Gold has continued to grow after reaching a record 3.5 million subscribers in Q2, an adoption rate of over 13 percent; and the Gold Card, Robinhood’s credit card, is now in the hands of more than 300,000 customers. Together Robinhood is demonstrating continued momentum in serving far more customer assets and needs.

Robinhood Accelerates Global Crypto Expansion – At our recent event Robinhood Presents: To Catch a Token in June 2025, the company unveiled a suite of new crypto products, expanded into 30 European countries, launched Stock Tokens in Europe on over 200 US stocks and ETFs, and offered Crypto staking to eligible US customers. Also in June 2025, Robinhood closed its acquisition of Bitstamp Ltd., a cryptocurrency exchange with over 50 active licenses and registrations globally, and significantly expanded Robinhood’s institutional business. Robinhood has also entered into an agreement to acquire WonderFi, a Canadian leader in digital asset products and services. The transaction is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals.

Additional Q2 2025 Operating Data

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

Conference Call and Livestream Information

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

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

Financial Outlook

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

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

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

About Robinhood

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

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

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

Contacts

Investors:
ir@robinhood.com

Press:
press@robinhood.com


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	December 31,			June 30,
(in millions, except share and per share data)		2024			2025
Assets
Current assets:
Cash and cash equivalents	$	4,332		$	4,162
Cash, cash equivalents, and securities segregated under federal and other regulations		4,724			8,939
Receivables from brokers, dealers, and clearing organizations		471			374
Receivables from users, net		8,239			9,685
Securities borrowed		3,236			6,159
Deposits with clearing organizations		489			720
User-held fractional shares		2,530			3,083
Held-to-maturity investments		398			134
Prepaid expenses		75			108
Deferred customer match incentives		100			124
Other current assets		509			345
Total current assets		25,103			33,833
Property, software, and equipment, net		139			149
Goodwill		179			383
Intangible assets, net		38			191
Non-current deferred customer match incentives		195			267
Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $15 as of June 30, 2025		533			501
Total assets	$	26,187		$	35,324
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	397		$	369
Payables to users		7,448			10,511
Securities loaned		7,463			12,640
Fractional shares repurchase obligation		2,530			3,083
Other current liabilities		266			519
Total current liabilities		18,104			27,122
Other non-current liabilities		111			130
Total liabilities		18,215			27,252
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and June 30, 2025.		—			—
Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024; 21,000,000,000 shares authorized, 771,931,128 shares issued and outstanding as of June 30, 2025.		—			—
Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024; 700,000,000 shares authorized, 116,286,427 shares issued and outstanding as of June 30, 2025.		—			—
Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and June 30, 2025.		—			—
Additional paid-in capital		12,008			11,378
Accumulated other comprehensive income (loss)		(1	)		7
Accumulated deficit		(4,035	)		(3,313	)
Total stockholders’ equity		7,972			8,072
Total liabilities and stockholders’ equity	$	26,187		$	35,324


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,				YOY% Change	Three Months Ended March 31,		QOQ% Change
(in millions, except share, per share, and percentage data)	2024		2025		YOY% Change	2025		QOQ% Change
Revenues:
Transaction-based revenues	$	327	$	539	65%	$	583	(8)%
Net interest revenues		285		357	25%		290	23%
Other revenues		70		93	33%		54	72%
Total net revenues		682		989	45%		927	7%

Operating expenses⁽¹⁾⁽²⁾:
Brokerage and transaction		40		48	20%		50	(4)%
Technology and development		209		214	2%		214	—%
Operations		28		29	4%		31	(6)%
Provision for credit losses		18		28	56%		24	17%
Marketing		64		99	55%		105	(6)%
General and administrative		134		132	(1)%		133	(1)%
Total operating expenses		493		550	12%		557	(1)%

Other income, net		2		3	50%		1	200%
Income before income taxes		191		442	131%		371	19%
Provision for income taxes		3		56	NM		35	60%
Net income	$	188	$	386	105%	$	336	15%
Net income attributable to common stockholders:
Basic	$	188	$	386		$	336
Diluted	$	188	$	386		$	336
Net income per share attributable to common stockholders:
Basic	$	0.21	$	0.44		$	0.38
Diluted	$	0.21	$	0.42		$	0.37
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		881,076,624		882,149,402			884,577,603
Diluted		904,490,572		909,127,658			909,241,619


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Six Months Ended June 30,				YOY% Change
(in millions, except share, per share, and percentage data)	2024		2025		YOY% Change
Revenues:
Transaction-based revenues	$	656	$	1,122	71%
Net interest revenues		539		647	20%
Other revenues		105		147	40%
Total net revenues		1,300		1,916	47%

Operating expenses⁽¹⁾⁽²⁾:
Brokerage and transaction		75		98	31%
Technology and development		405		428	6%
Operations		56		60	7%
Provision for credit losses		34		52	53%
Marketing		131		204	56%
General and administrative		252		265	5%
Total operating expenses		953		1,107	16%

Other income, net		6		4	(33)%
Income before income taxes		353		813	130%
Provision for income taxes		8		91	NM
Net income	$	345	$	722	109%
Net income attributable to common stockholders:
Basic	$	345	$	722
Diluted	$	345	$	722
Net income per share attributable to common stockholders:
Basic	$	0.39	$	0.82
Diluted	$	0.38	$	0.79
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		878,198,015		883,356,794
Diluted		900,026,613		911,013,005

ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

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


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

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

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Brokerage and transaction	$	3	$	3	$	2	$	5		5
Technology and development		52		39		44		96		83
Operations		2		2		1		4		3
Marketing		1		2		2		3		4
General and administrative		28		32		24		40		56
Total SBC	$	86	$	78	$	73	$	148	$	151


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2024			2025			2024			2025
Operating activities:
Net income	$	188		$	386		$	345		$	722
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		18			21			35			41
Provision for credit losses		18			28			34			52
Share-based compensation		86			78			148			151
Other		(1	)		4			(1	)		8
Changes in operating assets and liabilities:
Securities segregated under federal and other regulations		145			(198	)		(547	)		199
Receivables from brokers, dealers, and clearing organizations		58			(94	)		(60	)		112
Receivables from users, net		(742	)		(389	)		(1,538	)		(1,300	)
Securities borrowed		(110	)		(2,045	)		(615	)		(2,923	)
Deposits with clearing organizations		34			(79	)		(213	)		(231	)
Current and non-current prepaid expenses		(20	)		(11	)		(20	)		(24	)
Current and non-current deferred customer match incentives		(122	)		(40	)		(196	)		(96	)
Other current and non-current assets		(45	)		—			(128	)		351
Accounts payable and accrued expenses		20			12			(26	)		(112	)
Payables to users		(285	)		2,280			692			1,948
Securities loaned		876			3,542			1,544			5,177
Other current and non-current liabilities		(64	)		14			(23	)		76
Net cash provided by (used in) operating activities		54			3,509			(569	)		4,151
Investing activities:
Purchases of property, software, and equipment		—			(8	)		(2	)		(10	)
Capitalization of internally developed software		(7	)		(10	)		(14	)		(19	)
Consideration transferred for business acquisitions		(6	)		(224	)		(6	)		(399	)
Cash, cash equivalents, and segregated cash acquired in business acquisitions		—			1,168			—			1,193
Purchases of held-to-maturity investments		(131	)		—			(302	)		—
Proceeds from maturities of held-to-maturity investments		135			58			289			266
Purchases of credit card receivables by Credit Card Funding Trust		(41	)		(979	)		(70	)		(1,528	)
Collections of purchased credit card receivables		37			835			48			1,346
Asset acquisition, net of cash acquired		—			—			(3	)		—
Other		1			(8	)		1			(8	)
Net cash provided by (used in) investing activities		(12	)		832			(59	)		841
Financing activities:
Proceeds from exercise of stock options		4			4			8			11
Proceeds from issuance of common stock under the Employee Share Purchase Plan		10			15			10			15
Taxes paid related to net share settlement of equity awards		(59	)		(252	)		(99	)		(372	)
Repurchase of Class A common stock		—			(124	)		—			(446	)
Draws on credit facilities		11			1			11			1
Repayments on credit facilities		(11	)		(1	)		(11	)		(1	)
Borrowings by the Credit Card Funding Trust		—			80			17			104
Change in principal collected from customers due to Coastal Bank		4			(9	)		7			1
Repayments on borrowings by the Credit Card Funding Trust		(1	)		—			(1	)		—
Payments of debt issuance costs		—			—			(14	)		(16	)
Net cash used in financing activities		(42	)		(286	)		(72	)		(703	)
Effect of foreign exchange rate changes on cash and cash equivalents		—			7			—			8
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash		—			4,062			(700	)		4,297
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period		8,646			8,930			9,346			8,695
Cash, cash equivalents, segregated cash, and restricted cash, end of the period	$	8,646		$	12,992		$	8,646		$	12,992

Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period	$	4,524		$	4,162		$	4,524		$	4,162
Segregated cash and cash equivalents, end of the period		4,037			8,740			4,037			8,740
Restricted cash in other current assets, end of the period		69			72			69			72
Restricted cash in other non-current assets, end of the period		16			18			16			18
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$	8,646		$	12,992		$	8,646		$	12,992
Supplemental disclosures:
Cash paid for interest	$	1		$	3		$	8		$	12
Cash paid for income taxes, net of refund received	$	4		$	53		$	6		$	82


Reconciliation of GAAP to Non-GAAP Results (Unaudited)

	Three Months Ended June 30,						Three Months Ended March 31,			Six Months Ended June 30,
(in millions, except for percentage data)	2024			2025			2025			2024			2025
Net income	$	188		$	386		$	336		$	345		$	722
Net margin		28	%		39	%		36	%		27	%		38	%
Add:
Interest expenses related to credit facilities		6			8			6			12			14
Provision for income taxes		3			56			35			8			91
Depreciation and amortization		18			21			20			35			41
EBITDA (non-GAAP)		215			471			397			400			868
Add:
SBC		86			78			73			148			151
Adjusted EBITDA (non-GAAP)	$	301		$	549		$	470		$	548		$	1,019
Adjusted EBITDA Margin (non-GAAP)		44	%		56	%		51	%		42	%		53	%

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Total operating expenses (GAAP)	$	493	$	550	$	557	$	953	$	1,107
Less:
SBC		86		78		73		148		151
Provision for credit losses⁽¹⁾		—		28		24		—		52
Adjusted Operating Expenses (non-GAAP)	$	407	$	444	$	460	$	805	$	904

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Total operating expenses (GAAP)	$	493	$	550	$	557	$	953	$	1,107
Less:
SBC		86		78		73		148		151
Provision for credit losses⁽¹⁾		—		28		24		—		52
Adjusted Operating Expenses (non-GAAP)		407		444		460		805		904
Add:
SBC		86		78		73		148		151
Adjusted Operating Expenses and SBC (non-GAAP)	$	493	$	522	$	533	$	953	$	1,055

____________

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

Cautionary Note Regarding Forward-Looking Statements

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

Non-GAAP Financial Measures

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

Adjusted EBITDA

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

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

Adjusted EBITDA Margin

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

Adjusted Operating Expenses

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

Adjusted Operating Expenses and SBC

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

Key Performance Metrics

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

Assets Under Custody

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

Funded Customers

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

Total Platform Assets

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

Net Deposits

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

Average Revenue Per User (“ARPU”)

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

Robinhood Gold Subscribers

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

Additional Operating Metrics

Robinhood Retirement AUC

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

Cash Sweep

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

Margin Book

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

Notional Trading Volume

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

Options Contracts Traded

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

Glossary Terms

Investment Accounts

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

Robinhood Gold Adoption Rate

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

Growth Rate and Annualized Growth Rate with respect to Net Deposits

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

The MIL Network –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

Company delivers 98th consecutive quarter of topline growth

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

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

Financial Highlights

Second Quarter 2025 Financial Highlights

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

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

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

Guidance

Third Quarter 2025 Guidance

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

Fiscal Year 2025 Guidance

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

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

Quarterly Conference Call

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

About SPS Commerce

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

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

SPS-F

Use of Non-GAAP Financial Measures

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

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

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

Adjusted EBITDA Measures:

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

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

Non-GAAP Income Per Share Measure:

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

Forward-Looking Statements

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

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


SPS COMMERCE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares)

	June 30, 2025			December 31, 2024
ASSETS	(unaudited)
Current assets
Cash and cash equivalents	$	107,603		$	241,017
Accounts receivable		72,798			56,214
Allowance for credit losses		(5,286	)		(4,179	)
Accounts receivable, net		67,512			52,035
Deferred costs		66,809			65,342
Other assets		27,453			23,513
Total current assets		269,377			381,907
Property and equipment, net		40,150			37,547
Operating lease right-of-use assets		7,395			8,192
Goodwill		543,514			399,180
Intangible assets, net		237,105			181,294
Other assets
Deferred costs, non-current		21,095			20,572
Deferred income tax assets		645			505
Other assets, non-current		1,823			2,033
Total assets	$	1,121,104		$	1,031,230
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	11,604		$	8,577
Accrued compensation		38,708			47,160
Accrued expenses		12,710			12,108
Deferred revenue		79,198			74,256
Operating lease liabilities		5,749			4,583
Total current liabilities		147,969			146,684
Other liabilities
Deferred revenue, non-current		5,477			6,189
Operating lease liabilities, non-current		5,049			7,885
Deferred income tax liabilities		12,533			15,541
Other liabilities, non-current		296			241
Total liabilities		171,324			176,540
Commitments and contingencies
Stockholders’ equity
Common stock		40			40
Treasury stock		(122,096	)		(99,748	)
Additional paid-in capital		693,113			627,982
Retained earnings		378,028			336,099
Accumulated other comprehensive gain (loss)		695			(9,683	)
Total stockholders’ equity		949,780			854,690
Total liabilities and stockholders’ equity	$	1,121,104		$	1,031,230


SPS COMMERCE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in thousands, except per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Revenues	$	187,400	$	153,596	$	368,949	$	303,172
Cost of revenues		59,826		52,018		116,740		103,505
Gross profit		127,574		101,578		252,209		199,667
Operating expenses
Sales and marketing		43,434		35,691		85,068		72,123
Research and development		17,271		14,366		34,710		30,375
General and administrative		30,890		23,516		61,908		49,423
Amortization of intangible assets		9,509		4,840		18,097		9,178
Total operating expenses		101,104		78,413		199,783		161,099
Income from operations		26,470		23,165		52,426		38,568
Other income, net		773		4,056		2,980		7,188
Income before income taxes		27,243		27,221		55,406		45,756
Income tax expense		7,510		9,189		13,477		9,721
Net income	$	19,733	$	18,032	$	41,929	$	36,035

Net income per share
Basic	$	0.52	$	0.49	$	1.10	$	0.97
Diluted	$	0.52	$	0.48	$	1.10	$	0.96

Weighted average common shares used to compute net income per share
Basic		37,965		37,078		37,978		37,063
Diluted		38,099		37,683		38,132		37,690


SPS COMMERCE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands)

	Six Months Ended June 30,
		2025			2024
Cash flows from operating activities
Net income	$	41,929		$	36,035
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes		(5,914	)		(8,172	)
Depreciation and amortization of property and equipment		9,948			9,377
Amortization of intangible assets		18,097			9,178
Provision for credit losses		4,111			3,646
Stock-based compensation		28,865			31,512
Other, net		274			(907	)
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable		(13,713	)		(11,407	)
Deferred costs		(412	)		(1,996	)
Other assets and liabilities		(2,258	)		1,899
Accounts payable		2,082			(1,450	)
Accrued compensation		(11,006	)		(10,763	)
Accrued expenses		(1,833	)		1,489
Deferred revenue		3,012			5,965
Operating leases		(876	)		(900	)
Net cash provided by operating activities		72,306			63,506
Cash flows from investing activities
Purchases of property and equipment		(12,815	)		(8,592	)
Purchases of investments		—			(78,994	)
Maturities of investments		—			105,000
Acquisition of business, net		(142,628	)		(29,343	)
Net cash used in investing activities		(155,443	)		(11,929	)
Cash flows from financing activities
Repurchases of common stock		(59,558	)		(37,483	)
Net proceeds from exercise of options to purchase common stock		2,406			2,314
Net proceeds from employee stock purchase plan activity		5,426			5,219
Net cash used in financing activities		(51,726	)		(29,950	)
Effect of foreign currency exchange rate changes		1,449			(476	)
Net increase (decrease) in cash and cash equivalents		(133,414	)		21,151
Cash and cash equivalents at beginning of period		241,017			219,081
Cash and cash equivalents at end of period	$	107,603		$	240,232


SPS COMMERCE, INC. NON-GAAP RECONCILIATIONS (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)

Adjusted EBITDA
	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Net income	$	19,733	$	18,032	$	41,929	$	36,035
Income tax expense		7,510		9,189		13,477		9,721
Depreciation and amortization of property and equipment		4,991		4,683		9,948		9,377
Amortization of intangible assets		9,509		4,840		18,097		9,178
Stock-based compensation expense		14,998		11,494		28,865		31,512
Realized gain from investments held and foreign currency impact on cash and investments		(107)		(1,255)		(473)		(1,559)
Investment income		(688)		(2,794)		(2,537)		(5,673)
Other		106		—		1,119		—
Adjusted EBITDA	$	56,052	$	44,189	$	110,425	$	88,591

Adjusted EBITDA Margin
	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue	$	187,400		$	153,596		$	368,949		$	303,172

Net income		19,733			18,032			41,929			36,035
Margin		11	%		12	%		11	%		12	%

Adjusted EBITDA		56,052			44,189			110,425			88,591
Adjusted EBITDA Margin		30	%		29	%		30	%		29	%

Non-GAAP Income per Share
	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net income	$	19,733		$	18,032		$	41,929		$	36,035
Stock-based compensation expense		14,998			11,494			28,865			31,512
Amortization of intangible assets		9,509			4,840			18,097			9,178
Realized gain from investments held and foreign currency impact on cash and investments		(107	)		(1,255	)		(473	)		(1,559	)
Other		106			—			1,119			—
Income tax effects of adjustments		(6,285	)		(3,066	)		(13,570	)		(12,620	)
Non-GAAP income	$	37,954		$	30,045		$	75,967		$	62,546

Shares used to compute net income and non-GAAP income per share
Basic		37,965			37,078			37,978			37,063
Diluted		38,099			37,683			38,132			37,690

Net income per share, basic	$	0.52		$	0.49		$	1.10		$	0.97
Non-GAAP adjustments to net income per share, basic		0.48			0.32			0.90			0.72
Non-GAAP income per share, basic	$	1.00		$	0.81		$	2.00		$	1.69

Net income per share, diluted	$	0.52		$	0.48		$	1.10		$	0.96
Non-GAAP adjustments to net income per share, diluted		0.48			0.32			0.89			0.70
Non-GAAP income per share, diluted	$	1.00		$	0.80		$	1.99		$	1.66

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

The MIL Network –

July 31, 2025

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

US Senate News:

Source: United States Senator for Delaware Christopher Coons

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

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

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

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

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

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

MIL OSI USA News –

July 31, 2025

MIL-OSI USA News: Suspending Duty-Free De Minimis Treatment for All Countries

Source: US Whitehouse

class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, it is hereby ordered:

Section 1. Background. In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order. In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary of Commerce (Secretary) that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order. In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People’s Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order. In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China), I paused the suspension of duty-free de minimis treatment for articles described in section 2(a) of Executive Order 14195 until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

I subsequently received notification from the Secretary that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free de minimis treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports), I suspended duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China). In addition, I instructed the Secretary to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.

In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits. I also provided that duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until I received a notification by the Secretary that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free de minimis treatment.

The Secretary has notified me that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free de minimis treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.

In my judgment, I determine that it is still necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States.

I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended. In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined. For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international commerce. These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices. Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging. The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free de minimis treatment.

Independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended. In my judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.

Independently, and after considering information newly provided by the Secretary, among other things, I determine that it is still necessary and appropriate to continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended. In my judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.

Also independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended. In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.

Each of my determinations to suspend or continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) are independent from the other. And each determination is made only for the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.

Sec. 2. Suspension of Duty-Free de minimis Treatment. (a) The duty-free de minimis exemption provided under 19 U.S.C. 1321(a)(2)(C) shall no longer apply to any shipment of articles not covered by 50 U.S.C. 1702(b), regardless of value, country of origin, mode of transportation, or method of entry. Accordingly, all such shipments, except those sent through the international postal network, shall be subject to all applicable duties, taxes, fees, exactions, and charges. International postal shipments not covered by 50 U.S.C. 1702(b) shall be subject to the duty rates described in section 3 of this order. Entry for all shipments that — prior to the effective date of this order — qualified for the de minimis exemption, except for shipments sent through the international postal network, shall be filed using an appropriate entry type in the Automated Commercial Environment (ACE) by a party qualified to make such entry.

(b) Shipments sent through the international postal network that would otherwise qualify for the de minimis exemption under 19 U.S.C. 1321(a)(2)(C) shall pass free of any duties except those specified in section 3 of this order, and without the preparation of an entry by U.S. Customs and Border Protection (CBP), until such time as CBP establishes a new entry process and publishes that process in the Federal Register.

Sec. 3. Duty Rates for International Postal Shipments. (a) Transportation carriers delivering shipments to the United States through the international postal network, or other parties if qualified in lieu of such transportation carriers, must collect and remit duties to CBP using the methodology described in either subsection (b) or (c) of this section. Each transportation carrier shall apply the same methodology across all covered shipments during any given period but may change its methodology no more than once per calendar month, or on another schedule determined to be appropriate by CBP, upon providing at least 24 hours’ notice to CBP.

(b) A duty equal to the effective IEEPA tariff rate applicable to the country of origin of the product shall be assessed on the value of each dutiable postal item (package) containing goods entered for consumption.

(c) A specific duty shall be assessed on each package containing goods entered for consumption, based on the effective IEEPA tariff rate applicable to the country of origin of the product as follows:

(i) Countries with an effective IEEPA tariff rate of less than 16 percent: $80 per item;

(ii) Countries with an effective IEEPA tariff rate between 16 and 25 percent (inclusive): $160 per item; and

(iii) Countries with an effective IEEPA rate above 25 percent: $200 per item.

(d) For all international postal shipments subject to the methodologies described in subsections (b) and (c) of this section, the country of origin of the article must be declared to CBP.

(e) The specific duty methodology provided for in subsection (c) of this section shall be available for transportation carriers to select for a period of 6 months from the effective date of this order. After such time all shipments to the United States through the international postal network must comply with the ad valorem duty methodology in subsection (b) of this section.

(f) Shipments sent through the international postal network that are subject to antidumping and countervailing duties or a quota must continue to be entered under an appropriate entry type in ACE to the extent required by all applicable regulations.

Sec. 4. Implementation. (a) The requirements and procedures established by sections 2 and 3 of this order shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

(b) The provisions of this order supersede section 2 of Executive Order 14256, as amended, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

(c) Consistent with applicable law, the Secretary of Homeland Security is directed and authorized to take all necessary actions to implement and effectuate this order — including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order. The Secretary of Homeland Security, in consultation with the United States International Trade Commission (ITC), shall determine whether modifications to the Harmonized Tariff Schedule of the United States are necessary to effectuate this order and may make such modifications through notice in the Federal Register. The Secretary of Homeland Security shall consult with the Secretary of State, the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the United States Trade Representative, the ITC, and the Postmaster General, where appropriate. The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security. All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

(d) To ensure remittance of duties in accordance with this order, and to assure compliance with other legal requirements, CBP is authorized to require a basic importation and entry bond as described in 19 C.F.R. 113.62 for informal entries valued at or less than $2,500. Any carrier that transports international postal shipments to the United States, by any mode of transportation, must have an international carrier bond as described in 19 C.F.R. 113.64 to ensure payment of the duties described in section 3 of this order. CBP is authorized to ensure that the international carrier bonds required by this subsection are sufficient to account for the duties described in section 3 of this order.

Sec. 5. Definition. As used in this order, the term “effective IEEPA tariff rate” means the total duty rate imposed on articles to address a national emergency declared under IEEPA, including Executive Order 14257, as amended; Executive Order 14193; as amended, Executive Order 14194, as amended; and Executive Order 14195, as amended, in accordance with the stacking rules set out in Executive Order 14289 of April 29, 2025 (Addressing Certain Tariffs on Imported Articles), and any subsequent order or proclamation addressing stacking or the applicability of tariffs imposed under IEEPA.

Sec. 6. Severability. (a) If any provision of this order or the application of any provision of this order to any individual or circumstance is held to be invalid, the remainder of this order and the application of its provisions to any other individuals or circumstances shall not be affected.

(b)(i) If the additional duties imposed under Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended, are held to be invalid, the suspension of, or continued suspension of, duty-free de minimis treatment, as detailed in this order, shall not be affected. Duty-free de minimis treatment would still be suspended, whether pursuant to my authority under 50 U.S.C. 1702(a)(1)(B) to “regulate . . . importation” or my authority under that provision to “nullify” or “void” “exercising any right . . . or privilege with respect to . . . any property,” in the way and to the extent explained in this order, to deal with the emergencies declared in Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended. Such suspensions are still necessary and appropriate to address the unusual and extraordinary threats to the national security, foreign policy, and economy of the United States. Each determination to suspend or continue to suspend duty-free de minimis treatment is still independent from the other determination and made only with the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency. CBP is directed and authorized to take all necessary actions consistent with applicable law to implement and effectuate this order in line with this section ‑- including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order in line with this section.

(ii) Duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall remain available for postal shipments until notification by the Secretary to the President that adequate systems are in place to fully and expeditiously process and collect duties applicable for postal shipments otherwise eligible for duty-free de minimis treatment. After such notification, duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall not be available for postal shipments.

Sec. 7. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive

department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The costs for publication of this order shall be borne by the Department of Homeland Security.

DONALD J. TRUMP

THE WHITE HOUSE,

July 30, 2025.

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Attorney General Bonta Throws Support Behind Case Challenging Trump Administration’s Illegal Tariffs

Source: US State of California

Wednesday, July 30, 2025

Contact: (916) 210-6000, agpressoffice@doj.ca.gov

Continues fighting on all fronts for businesses and consumers

OAKLAND — California Attorney General Rob Bonta today filed an amicus brief in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA). In April, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of power to levy tariffs via over a dozen executive orders under IEEPA. In the brief filed today in the U.S. Court of Appeals for the District of Columbia, Attorney General Bonta and Governor Newsom argue that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority under IEEPA is incorrect, that IEEPA’s language does not provide the authority to impose tariffs, and that President Trump’s IEEPA tariffs are unlawful (and that, much like California’s own case, the plaintiffs’ case was properly filed in district court, not the Court of International Trade). The brief urges the Court of Appeals to affirm the District Court’s decision.

“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 District of Columbia 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.”

The case in question involves two family-owned educational-toy companies challenging the Trump Administration’s tariffs under IEEPA. In May, the U.S. District Court for the District of Columbia denied the Trump Administration’s motion to transfer the case to the Court of International Trade and instead retained jurisdiction, held that IEEPA does not authorize tariffs and that the Trump Administration’s IEEPA tariffs were unlawful, and granted the plaintiffs’ motion for an injunction. In the brief, Attorney General Bonta agrees and argues that the Court of Appeals should affirm the District Court’s well-reasoned decision.

Attorney General Bonta is committed to challenging the illegal tariffs that threaten California jobs, businesses, and consumers and has held roundtables in San Francisco and Los Angeles to learn about the impact of tariffs on California industry.

On April 16, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of IEEPA to impose tariffs without the consent of Congress. In May, California filed a motion for a preliminary injunction with the U.S. District Court for the Northern District of California to stop the Trump Administration’s illegal tariffs while litigation in its case proceeds and filed an amicus brief in the Court of International Trade in Oregon v. Trump, another case also challenging President Trump’s illegal imposition of tariffs. In June, a judge granted California’s request for dismissal to allow the state to appeal its case challenging the Trump Administration’s illegal tariffs after the Administration asked that the case be transferred to the Court of International Trade — a motion that California opposed. The dismissal kept the case in California and allowed California to appeal to the Ninth Circuit. California’s case remains ongoing.

A copy of the amicus brief can be found here.

# # #

MIL OSI USA News –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our expectations regarding the completion, terms, size, and timing of the public offering, and with respect to granting the underwriters a 30-day option to purchase additional shares, in addition to our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

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

The MIL Network –

July 31, 2025

MIL-OSI USA: Warner Joins Legislative Effort to Publicly Release Epstein Files

US Senate News:

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

WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) today joined his colleagues in introducing the Epstein Files Transparency Act, legislation directing the U.S. Department of Justice (DOJ) to publicly release all files relating to the investigation of Jeffrey Epstein and his associates.

“President Trump promised transparency and accountability, but what we got instead was more secrecy and flimsy excuses,” said Sen. Warner. “The American people deserve to know the full truth about Jeffrey Epstein and the individuals who enabled his horrifying crimes.”

The Epstein Files Transparency Act will require the Attorney General to release all relevant Department of Justice documents and records relating to Jeffrey Epstein. This bill directs the Department of Justice, including the FBI and U.S. Attorneys’ Offices, to release materials related to:

Investigations and prosecutions of Jeffrey Epstein and Ghislaine Maxwell;
Flight logs, travel records, and other transportation data;
Individuals and entities connected to Epstein’s activities and immunity deals;
Internal DOJ communications and decisions not to prosecute;
Records surrounding Epstein’s detention and death.

Importantly, the legislation includes strong protections for victims’ privacy and national security, while explicitly prohibiting redactions based on reputational harm or political sensitivity. A copy of the legislation is available here.

MIL OSI USA News –

July 31, 2025

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

US Senate News:

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

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

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

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

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

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

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

MIL OSI USA News –

July 31, 2025

MIL-OSI: Tenaris Announces 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024.

Summary of 2025 Second Quarter Results

(Comparison with first quarter of 2025 and second quarter of 2024)

	2Q 2025	1Q 2025		2Q 2024
Net sales ($ million)	3,086	2,922	6%	3,322	(7%)
Operating income ($ million)	583	550	6%	512	14%
Net income ($ million)	542	518	5%	348	56%
Shareholders’ net income ($ million)	531	507	5%	335	59%
Earnings per ADS ($)	0.99	0.94	5%	0.59	68%
Earnings per share ($)	0.50	0.47	5%	0.29	68%
EBITDA* ($ million)	733	696	5%	650	13%
EBITDA margin (% of net sales)	23.7%	23.8%		19.6%

_{* EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales.}

In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.

Market Background and Outlook

Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline.

Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time.

For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs.

Analysis of 2025 Second Quarter Results

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)	2Q 2025	1Q 2025			2Q 2024
Seamless	803	775	4%	805		0%
Welded	179	212	(16%)	228		(21%)
Total	982	987	(1%)	1,033		(5%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes	2Q 2025	1Q 2025			2Q 2024
(Net sales – $ million)
North America	1,403	1,244	13%	1,439		(2%)
South America	531	552	(4%)	599		(11%)
Europe	215	208	3%	269		(20%)
Asia Pacific, Middle East and Africa	771	761	1%	823		(6%)
Total net sales ($ million)	2,920	2,765	6%	3,130		(7%)
Services performed on third party tubes ($ million)	110	101	8%	102		7%
Operating income ($ million)	554	514	8%	459		21%
Operating margin (% of sales)	19.0%	18.6%		14.7%

Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.

Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others	2Q 2025	1Q 2025		2Q 2024
Net sales ($ million)	166	157	6%	192	(14%)
Operating income ($ million)	29	36	(21%)	52	(45%)
Operating margin (% of sales)	17.3%	23.1%		27.3%

Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin.

Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses.

Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.

Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries.

Cash Flow and Liquidity of 2025 Second Quarter

Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.

With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025.

Analysis of 2025 First Half Results

	6M 2025	6M 2024	Increase/(Decrease)
Net sales ($ million)	6,008	6,763	(11%)
Operating income ($ million)	1,133	1,323	(14%)
Net income ($ million)	1,060	1,098	(4%)
Shareholders’ net income ($ million)	1,038	1,072	(3%)
Earnings per ADS ($)	1.94	1.87	4%
Earnings per share ($)	0.97	0.93	4%
EBITDA* ($ million)	1,429	1,637	(13%)
EBITDA margin (% of net sales)	23.8%	24.2%

_{* EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales.}

Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.

Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025.

The following table shows our net sales by business segment for the periods indicated below:

Net sales ($ million)	6M 2025		6M 2024		Increase/(Decrease)
Tubes	5,686	95%	6,421	95%	(11%)
Others	322	5%	342	5%	(6%)
Total	6,008		6,763		(11%)

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)	6M 2025	6M 2024	Increase/(Decrease)
Seamless	1,578	1,582	0%
Welded	390	496	(21%)
Total	1,969	2,078	(5%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes	6M 2025	6M 2024	Increase/(Decrease)
(Net sales – $ million)
North America	2,647	3,028	(13%)
South America	1,083	1,216	(11%)
Europe	423	522	(19%)
Asia Pacific, Middle East and Africa	1,532	1,656	(7%)
Total net sales ($ million)	5,686	6,421	(11%)
Services performed on third parties tubes ($ million)	211	294	(28%)
Operating income ($ million)	1,068	1,245	(14%)
Operating margin (% of sales)	18.8%	19.4%

Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024.

Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others	6M 2025	6M 2024	Increase/(Decrease)
Net sales ($ million)	322	342	(6%)
Operating income ($ million)	65	78	(17%)
Operating margin (% of sales)	20.2%	23.0%

Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods.

Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.

Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.

Cash Flow and Liquidity of 2025 First Half

Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024.

Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024.

Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

To listen to the conference please join through one of the following options:
ir.tenaris.com/events-and-presentations or
https://edge.media-server.com/mmc/p/dy4pxaxk

If you wish to participate in the Q&A session please register at the following link:
https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c

Please connect 10 minutes before the scheduled start time.

A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Consolidated Condensed Interim Income Statement

(all amounts in thousands of U.S. dollars)	Three-month period ended June 30,		Six-month period ended June 30,
	2025	2024	2025	2024
	(Unaudited)		(Unaudited)
Net sales	3,085,672	3,321,677	6,007,884	6,763,221
Cost of sales	(2,013,639)	(2,143,614)	(3,934,494)	(4,277,666)
Gross profit	1,072,033	1,178,063	2,073,390	2,485,555
Selling, general and administrative expenses	(483,633)	(496,688)	(940,698)	(1,004,820)
Other operating income	4,317	9,461	16,105	25,485
Other operating expenses	(9,983)	(179,127)	(16,150)	(182,847)
Operating income	582,734	511,709	1,132,647	1,323,373
Finance Income	63,669	68,884	142,113	125,173
Finance Cost	(9,712)	(15,722)	(21,457)	(36,305)
Other financial results, net	(22,294)	4,021	(53,735)	(56,447)
Income before equity in earnings of non-consolidated companies and income tax	614,397	568,892	1,199,568	1,355,794
Equity in earnings (losses) of non-consolidated companies	32,651	(82,519)	46,686	(34,340)
Income before income tax	647,048	486,373	1,246,254	1,321,454
Income tax	(105,342)	(138,147)	(186,684)	(223,003)
Income for the period	541,706	348,226	1,059,570	1,098,451

Attributable to:
Shareholders’ equity	531,323	335,186	1,038,254	1,072,166
Non-controlling interests	10,383	13,040	21,316	26,285
	541,706	348,226	1,059,570	1,098,451

Consolidated Condensed Interim Statement of Financial Position

(all amounts in thousands of U.S. dollars)	At June 30, 2025		At December 31, 2024
	(Unaudited)
ASSETS
Non-current assets
Property, plant and equipment, net	6,168,254		6,121,471
Intangible assets, net	1,362,262		1,357,749
Right-of-use assets, net	147,197		148,868
Investments in non-consolidated companies	1,575,101		1,543,657
Other investments	1,009,677		1,005,300
Deferred tax assets	835,954		831,298
Receivables, net	152,215	11,250,660	205,602	11,213,945
Current assets
Inventories, net	3,486,537		3,709,942
Receivables and prepayments, net	244,958		179,614
Current tax assets	415,626		332,621
Contract assets	60,182		50,757
Trade receivables, net	1,892,116		1,907,507
Derivative financial instruments	2,676		7,484
Other investments	2,482,514		2,372,999
Cash and cash equivalents	572,289	9,156,898	675,256	9,236,180
Total assets		20,407,558		20,450,125
EQUITY
Shareholders’ equity		16,583,542		16,593,257
Non-controlling interests		211,117		220,578
Total equity		16,794,659		16,813,835
LIABILITIES
Non-current liabilities
Borrowings	4,361		11,399
Lease liabilities	94,170		100,436
Derivative financial instruments	1,552		–
Deferred tax liabilities	472,640		503,941
Other liabilities	296,990		301,751
Provisions	61,746	931,459	82,106	999,633
Current liabilities
Borrowings	319,919		425,999
Lease liabilities	53,917		44,490
Derivative financial instruments	9,254		8,300
Current tax liabilities	298,803		366,292
Other liabilities	792,982		585,775
Provisions	156,387		119,344
Customer advances	139,751		206,196
Trade payables	910,427	2,681,440	880,261	2,636,657
Total liabilities		3,612,899		3,636,290
Total equity and liabilities		20,407,558		20,450,125

Consolidated Condensed Interim Statement of Cash Flows

(all amounts in thousands of U.S. dollars)	Three-month period ended June 30,		Six-month period ended June 30,
	2025	2024	2025	2024
	(Unaudited)		(Unaudited)
Cash flows from operating activities
Income for the period	541,706	348,226	1,059,570	1,098,451
Adjustments for:
Depreciation and amortization	150,002	138,509	296,408	313,951
Bargain purchase gain	–	(2,211)	–	(2,211)
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	8,650	170,610	18,527	170,610
Income tax accruals less payments	(36,660)	(84,340)	(90,793)	(113,562)
Equity in earnings (losses) of non-consolidated companies	(32,651)	82,519	(46,686)	34,340
Interest accruals less payments, net	(4,616)	(14,573)	(13,039)	(2,635)
Changes in provisions	628	(6,277)	(1,765)	(4,732)
Changes in working capital	26,499	285,066	250,316	275,518
Others, including net foreign exchange	19,589	17,672	21,609	52,448
Net cash provided by operating activities	673,147	935,201	1,494,147	1,822,178

Cash flows from investing activities
Capital expenditures	(135,454)	(161,318)	(309,292)	(333,415)
Changes in advances to suppliers of property, plant and equipment	(18,769)	(13,467)	(5,853)	(10,515)
Cash decrease due to deconsolidation of subsidiaries	(1,848)	–	(1,848)	–
Acquisition of subsidiaries, net of cash acquired	–	25,946	–	25,946
Loan to joint ventures	–	(1,391)	(1,359)	(2,745)
Proceeds from disposal of property, plant and equipment and intangible assets	56,829	723	57,729	6,135
Dividends received from non-consolidated companies	41,348	53,136	41,348	53,136
Changes in investments in securities	94,299	(277,085)	(131,337)	(1,036,752)
Net cash used in investing activities	36,405	(373,456)	(350,612)	(1,298,210)

Cash flows from financing activities
Dividends paid	(600,317)	(458,556)	(600,317)	(458,556)
Dividends paid to non-controlling interest in subsidiaries	(27,264)	–	(27,264)	–
Changes in non-controlling interests	–	(5)	–	1,115
Acquisition of treasury shares	(236,744)	(492,322)	(473,932)	(803,386)
Payments of lease liabilities	(15,392)	(16,614)	(30,047)	(33,382)
Proceeds from borrowings	128,874	365,149	476,443	1,195,096
Repayments of borrowings	(145,831)	(418,521)	(574,956)	(1,172,599)
Net cash used in financing activities	(896,674)	(1,020,869)	(1,230,073)	(1,271,712)

Decrease in cash and cash equivalents	(187,122)	(459,124)	(86,538)	(747,744)

Movement in cash and cash equivalents
At the beginning of the period	758,952	1,323,056	660,798	1,616,597
Effect of exchange rate changes	(338)	(15,237)	(2,768)	(20,158)
Decrease in cash and cash equivalents	(187,122)	(459,124)	(86,538)	(747,744)
At June 30,	571,492	848,695	571,492	848,695

Exhibit I – Alternative performance measures

Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

EBITDA is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended June 30,		Six-month period ended June 30,
	2025	2024	2025	2024
Income for the period	541,706	348,226	1,059,570	1,098,451
Income tax charge	105,342	138,147	186,684	223,003
Equity in earnings (losses) of non-consolidated companies	(32,651)	82,519	(46,686)	34,340
Financial Results	(31,663)	(57,183)	(66,921)	(32,421)
Depreciation and amortization	150,002	138,509	296,408	313,951
EBITDA	732,736	650,218	1,429,055	1,637,324

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

Free cash flow is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended June 30,		Six-month period ended June 30,
	2025	2024	2025	2024
Net cash provided by operating activities	673,147	935,201	1,494,147	1,822,178
Capital expenditures	(135,454)	(161,318)	(309,292)	(333,415)
Free cash flow	537,693	773,883	1,184,855	1,488,763

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt is calculated in the following manner:

Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

Net cash/debt is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	At June 30,
	2025	2024
Cash and cash equivalents	572,289	850,236
Other current investments	2,482,514	2,452,375
Non-current investments	1,002,523	1,120,834
Derivatives hedging borrowings and investments	(3,698)	–
Current borrowings	(319,919)	(559,517)
Non-current borrowings	(4,361)	(21,386)
Net cash / (debt)	3,729,348	3,842,542

Operating working capital days

Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

Operating working capital days is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	At June 30,
	2025	2024
Inventories	3,486,537	3,834,623
Trade receivables	1,892,116	2,185,425
Customer advances	(139,751)	(298,158)
Trade payables	(910,427)	(1,020,453)
Operating working capital	4,328,475	4,701,437
Annualized quarterly sales	12,342,688	13,286,708
Operating working capital days	128	129

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com

The MIL Network –

July 31, 2025

MIL-OSI: CVR Energy Reports Second Quarter 2025 Results, Announces Leadership Transition Plans

Source: GlobeNewswire (MIL-OSI)

Second quarter net loss attributable to CVR Energy stockholders of $114 million; EBITDA loss of $24 million; adjusted EBITDA of $99 million
Second quarter loss per diluted share of $1.14 and adjusted loss per diluted share of 23 cents
Prepaid $70 million and $20 million in principal of the Term Loan in June and July 2025, respectively
Mark Pytosh to assume role of President, Chief Executive Officer and Director on January 1, 2026, following Dave Lamp retirement; Brett Icahn appointed to the Board of Directors effective August 1, 2025
CVR Partners announced a cash distribution of $3.89 per common unit

SUGAR LAND, Texas, July 30, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced second quarter 2025 net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, compared to second quarter 2024 net income attributable to CVR Energy stockholders of $21 million, or 21 cents per diluted share. Adjusted loss for the second quarter of 2025 was 23 cents per diluted share, compared to adjusted earnings per diluted share of 9 cents in the second quarter of 2024. Net loss for the second quarter of 2025 was $90 million, compared to net income of $38 million in the second quarter of 2024. Second quarter 2025 EBITDA loss was $24 million, compared to second quarter 2024 EBITDA of $103 million. Adjusted EBITDA for the second quarter of 2025 was $99 million, compared to adjusted EBITDA of $87 million in the second quarter of 2024.

“CVR Energy’s 2025 second quarter earnings results for its refining business were impacted by an $89 million unfavorable mark-to-market impact on its outstanding Renewable Fuel Standard obligation as well as reduced throughput volumes while we ran off intermediate inventory following the completion of the planned turnaround at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s President and Chief Executive Officer.

“CVR Partners achieved solid operating results for the second quarter of 2025, with a combined ammonia production rate of 91 percent,” Mr. Lamp said. “CVR Partners also was pleased to declare a second quarter 2025 cash distribution of $3.89 per common unit.”

The Company also announced leadership transition plans following Mr. Lamp’s notice of his intent to retire as President and Chief Executive Officer effective December 31, 2025. Mark A. Pytosh, the Company’s Executive Vice President – Corporate Services who also serves as President, Chief Executive Officer and Director of the general partner of CVR Partners, LP (“CVR Partners”), is expected to assume the role of President, Chief Executive Officer and Director of CVR Energy while continuing to serve in those same roles for CVR Partners’ general partner. Mr. Lamp is expected to remain on the Company’s Board of Directors and the board of directors of CVR Partners’ general partner.

“I would like to thank our employees, communities and stockholders for their support over the past several years. It has been a privilege to have worked closely with our strong management team to drive value throughout the organization, and I look forward to continuing to serve our companies as a member of the Board,” said Mr. Lamp. “Mark has been a strong leader for CVR Partners and for our midstream operations. We have worked closely together for many years, and I am confident he is the right person to build upon the foundations we have laid while driving CVR Energy and CVR Partners into the future.”

Mr. Pytosh joined the general partner of CVR Partners as a Director in 2011 and became President and Chief Executive Officer in May 2014. In January 2018, Mr. Pytosh was appointed Executive Vice President – Corporate Services of the Company with executive responsibility over the Company’s midstream operations. Prior to joining CVR Partners, Mr. Pytosh held senior financial roles in energy, power, solid waste and investment banking. Mr. Pytosh is expected to remain President, Chief Executive Officer and Director of CVR Partners’ general partner.

Mr. Pytosh commented, “Dave’s leadership, operating discipline and strong corporate values have inspired the Company. I look forward to building upon Dave’s incredible legacy while leveraging our operating platform and strong management team to position the Company for positive growth and maximizing value for all of our stockholders.”

On July 28, 2025, the Board appointed Brett Icahn as a director effective August 1, 2025, increasing the Board size to nine members.

Petroleum Segment

The Petroleum Segment reported a second quarter 2025 net loss of $137 million and EBITDA loss of $84 million, compared to net income of $18 million and EBITDA of $56 million for the second quarter of 2024. Adjusted EBITDA for the Petroleum Segment was $38 million for the second quarter of 2025, compared to adjusted EBITDA of $37 million for the second quarter of 2024.

Combined total throughput for the second quarter of 2025 was approximately 172,000 barrels per day (“bpd”) compared to approximately 186,000 bpd of combined total throughput for the second quarter of 2024. Throughput during the current quarter was lower primarily to allow processing of intermediate inventories built during the turnaround at the Coffeyville, Kansas, refinery which began in the first quarter of 2025 and was completed in April 2025.

Refining margin for the second quarter of 2025 was $35 million, or $2.21 per total throughput barrel, compared to $185 million, or $10.94 per total throughput barrel, during the same period in 2024. Included in our second quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $89 million, unfavorable inventory valuation impacts of $31 million, and unfavorable unrealized derivative impacts of $2 million primarily related to Canadian crude oil positions. Excluding these items, adjusted refining margin for the second quarter of 2025 was $9.95 per barrel, compared to an adjusted refining margin per barrel of $9.81 for the second quarter of 2024. The increase in adjusted refining margin per barrel was primarily due to an increase in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective beginning with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

The Renewables Segment reported second quarter 2025 net loss of $11 million and EBITDA loss of $5 million, compared to net loss of $11 million and EBITDA loss of $5 million for the second quarter of 2024. Adjusted EBITDA loss for the Renewables Segment was $4 million for the second quarter of 2025, compared to adjusted EBITDA loss of $2 million for the second quarter of 2024.

Total vegetable oil throughput for the second quarter of 2025 was approximately 155,000 gallons per day (“gpd”), compared to approximately 127,000 gpd for the second quarter of 2024.

Renewables margin was $5 million, or $0.38 per vegetable oil throughput gallon, for the second quarter of 2025 compared to $5 million, or 43 cents per vegetable oil throughput gallon, for the second quarter of 2024. Factors contributing to our second quarter 2025 renewables margin were higher net sales of $13 million resulting from increased production and sales volumes, increased renewable diesel yield due to improved catalyst performance, and increased biomass-based diesel RIN and LCFS credit prices in the current period, partially offset by the loss of the BTC in the current period and a decrease in average CARB ULSD prices of 24 cents per gallon. Higher net sales were partially offset by higher cost of sales of $12 million due to an increase in throughput and production volumes.

Nitrogen Fertilizer Segment

The Nitrogen Fertilizer Segment reported net income of $39 million and EBITDA of $67 million on net sales of $169 million for the second quarter of 2025, compared to net income of $26 million and EBITDA of $54 million on net sales of $133 million for the second quarter of 2024.

Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities decreased compared to the second quarter of 2024, producing a combined 197,000 tons of ammonia during the second quarter of 2025, of which 54,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 321,000 tons of urea ammonia nitrate (“UAN”). During the second quarter of 2024, the fertilizer facilities produced a combined 221,000 tons of ammonia, of which 69,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 337,000 tons of UAN.

For the second quarter 2025, average realized gate prices for ammonia and UAN were up 14 percent and 18 percent, respectively, over the prior year to $593 and $317 per ton, respectively. Average realized gate prices for ammonia and UAN were $520 and $268 per ton, respectively, for the second quarter of 2024.

Corporate and Other

The Company reported an income tax benefit of $42 million, or 31.7 percent of loss before income taxes, for the three months ended June 30, 2025, compared to an income tax benefit of $26 million, or (219.7) percent of income before income taxes, for the three months ended June 30, 2024. The increase in income tax benefit was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

Cash, Debt and Dividend

Consolidated cash and cash equivalents were $596 million at June 30, 2025, a decrease of $391 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at June 30, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

On June 30, 2025, certain of the Company’s subsidiaries (the “Term Loan Borrowers”) prepaid $70 million in principal of the senior secured term loan facility (the “Term Loan”), in addition to required principal and interest payments as set forth in the Term Loan. As a result of this transaction, the Company recognized a $1 million loss on extinguishment of debt in the second quarter of 2025, related to the write-off of unamortized discount and deferred financing costs. Further, on July 25, 2025, the Term Loan Borrowers prepaid an additional $20 million in principal of the Term Loan, plus any accrued and unpaid interest to the redemption date.

CVR Energy will not pay a cash dividend for the second quarter of 2025.

Today, CVR Partners announced that the Board of Directors of its general partner declared a second quarter 2025 cash distribution of $3.89 per common unit, which will be paid on August 18, 2025, to common unitholders of record as of August 11, 2025.

Second Quarter 2025 Earnings Conference Call

CVR Energy previously announced that it will host its second quarter 2025 Earnings Conference Call on Thursday, July 31, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The second quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/939p6amw. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13754877.

Forward-Looking Statements
This news release may contain 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. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; management changes; impacts of planned and unplanned downtime; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; ability to paydown debt, make debt prepayments and terms associated therewith; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The terms of the employment agreement referenced herein are qualified in their entirety by the text of the agreement which will be duly disclosed in the Company’s upcoming filings with the Securities and Exchange Commission.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Contact Information:

Investor Relations

Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations

Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the periods ended June 30, 2025 and 2024:

EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $24 million and $3 million during the three months ended June 30, 2025 and 2024, respectively, and $190 million and $42 million during the six months ended June 30, 2025 and 2024, respectively.

CVR Energy, Inc.
(all information in this release is unaudited)

Consolidated Statement of Operations Data


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except per share data)		2025			2024			2025			2024
Net sales	$	1,761		$	1,967		$	3,407		$	3,829
Operating costs and expenses:
Cost of materials and other		1,582			1,667			3,099			3,130
Direct operating expenses (exclusive of depreciation and amortization)		169			173			324			337
Depreciation and amortization		76			70			142			145
Cost of sales		1,827			1,910			3,565			3,612
Selling, general and administrative expenses (exclusive of depreciation and amortization)		36			28			73			63
Depreciation and amortization		2			2			4			4
(Gain) loss on asset disposal		(1	)		—			—			1
Operating (loss) income		(103	)		27			(235	)		149
Other (expense) income:
Interest expense, net		(30	)		(19	)		(55	)		(39	)
Other income, net		1			4			4			8
(Loss) income before income tax benefit		(132	)		12			(286	)		118
Income tax benefit		(42	)		(26	)		(91	)		(10	)
Net (loss) income		(90	)		38			(195	)		128
Less: Net income attributable to noncontrolling interest		24			17			42			25
Net (loss) income attributable to CVR Energy stockholders	$	(114	)	$	21		$	(237	)	$	103

Basic and diluted (loss) earnings per share	$	(1.14	)	$	0.21		$	(2.36	)	$	1.02
Dividends declared per share	$	—		$	0.50		$	—		$	1.00

Adjusted (loss) earnings per share *	$	(0.23	)	$	0.09		$	(0.81	)	$	0.12
EBITDA *	$	(24	)	$	103		$	(85	)	$	306
Adjusted EBITDA *	$	99		$	87		$	122		$	186

Weighted-average common shares outstanding – basic and diluted		100.5			100.5			100.5			100.5

See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	596	$	987
Working capital (inclusive of cash and cash equivalents)		201		726
Total assets		3,984		4,263
Total debt and finance lease obligations, including current portion		1,861		1,919
Total liabilities		3,318		3,375
Total CVR stockholders’ equity		466		703

Selected Consolidated Cash Flow Data

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net cash used in:
Operating activities	$	176		$	81		$	(19	)	$	258
Investing activities		(185	)		(74	)		(267	)		(129	)
Financing activities		(90	)		(65	)		(105	)		(729	)
Net decrease in cash, cash equivalents, and restricted cash	$	(99	)	$	(58	)	$	(391	)	$	(600	)

Free cash flow *	$	(12	)	$	7		$	(297	)	$	128

* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended June 30,
		2025											2024
(in millions)	Petroleum			Renewables			Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,561		$	76		$	169	$	1,761		$	1,795	$	63		$	133	$	1,967
Operating (loss) income		(133	)		(11	)		46		(103	)		10		(11	)		34		27
Net (loss) income		(137	)		(11	)		39		(90	)		18		(11	)		26		38
EBITDA *		(84	)		(5	)		67		(24	)		56		(5	)		54		103

Capital expenditures ⁽¹⁾
Maintenance	$	14		$	1		$	6	$	21		$	22	$	—		$	4	$	27
Growth		9			1			4		15			11		2			1		14
Total capital expenditures	$	23		$	2		$	10	$	36		$	33	$	2		$	5	$	41

	Six Months Ended June 30,
		2025											2024
(in millions)	Petroleum			Renewables			Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	3,038		$	142		$	311	$	3,407		$	3,517	$	97		$	261	$	3,829
Operating (Loss) Income		(295	)		(11	)		81		(235	)		128		(21	)		54		149
Net (loss) income		(297	)		(11	)		66		(195	)		145		(20	)		39		128
EBITDA *		(202	)		1			120		(85	)		227		(9	)		93		306

Capital expenditures ⁽¹⁾
Maintenance	$	55		$	1		$	10	$	66		$	44	$	1		$	9	$	57
Growth		17			1			6		26			25		9			1		35
Total capital expenditures	$	72		$	2		$	16	$	92		$	69	$	10		$	10	$	92

* See “Non-GAAP Reconciliations” section below.
(1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Selected Balance Sheet Data

	June 30, 2025								December 31, 2024
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	325	$	22	$	114	$	596	$	735	$	13	$	91	$	987
Total assets		3,011		414		998		3,984		3,288		420		1,019		4,263
Total debt and finance lease obligations, including current portion ⁽²⁾		293		—		570		1,861		354		—		569		1,919

(1) Corporate cash and cash equivalents consisted of $135 million and $148 million at June 30, 2025 and December 31, 2024, respectively.
(2) Corporate total debt and finance lease obligations, including current portion consisted of $998 million and $996 million at June 30, 2025 and December 31, 2024, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2025		2024		2025		2024
Refining margin *	$	2.21	$	10.94	$	1.14	$	13.68
Adjusted refining margin *		9.95		9.81		9.04		10.15
Direct operating expenses *		6.45		6.94		7.32		6.34

See “Non-GAAP Reconciliations” section below.

Refining Throughput and Production Data by Refinery

Throughput Data	Three Months Ended June 30,		Six Months Ended June 30,
(in bpd)	2025	2024	2025	2024
Coffeyville
Gathered crude	61,505	87,402	44,213	74,903
Other domestic	30,718	28,625	21,584	37,275
Canadian	581	9,518	610	9,525
Condensate	—	5,079	—	6,390
Other feedstocks and blendstocks	7,883	10,773	7,111	11,671
Wynnewood
Gathered crude	55,470	34,190	56,936	38,624
Other domestic	1,595	2,421	1,087	1,210
Condensate	8,965	5,965	9,556	8,114
Other feedstocks and blendstocks	5,432	2,235	5,309	3,287
Total throughput	172,149	186,208	146,406	190,999

Production Data	Three Months Ended June 30,				Six Months Ended June 30,
(in bpd)	2025		2024		2025		2024
Coffeyville
Gasoline	50,323		71,515		34,718		72,119
Distillate	46,911		57,710		33,645		56,858
Other liquid products	(428	)	7,015		2,930		5,784
Solids	3,711		4,990		2,523		4,985
Wynnewood
Gasoline	36,657		25,672		38,190		28,828
Distillate	23,645		16,053		24,293		17,610
Other liquid products	8,267		2,349		6,671		3,956
Solids	12		6		11		6
Total production	169,098		185,310		142,981		190,146

Crude utilization ⁽¹⁾	76.9	%	83.9	%	64.9	%	85.2	%
Light product yield (as % of crude throughput) ⁽²⁾	99.2	%	98.7	%	97.7	%	99.6	%
Liquid volume yield (as % of total throughput) ⁽³⁾	96.1	%	96.8	%	95.9	%	96.9	%
Distillate yield (as % of crude throughput) ⁽⁴⁾	44.4	%	42.6	%	43.2	%	42.3	%

(1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Total Gasoline and Distillate divided by Total Crude Throughput.
(3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(4) Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars per barrel)		2025			2024			2025			2024
West Texas Intermediate (WTI) NYMEX	$	63.74		$	80.63		$	67.52		$	78.81
Crude Oil Differentials to WTI:
Brent		2.97			4.40			3.29			4.60
WCS (heavy sour)		(9.43	)		(12.53	)		(10.92	)		(14.66	)
Condensate		(0.71	)		(0.66	)		(0.68	)		(0.76	)
Midland Cushing		0.74			1.08			0.92			1.31
NYMEX Crack Spreads:
Gasoline		24.76			27.48			20.86			25.07
Heating Oil		26.99			24.67			27.71			30.62
NYMEX 2-1-1 Crack Spread		25.87			26.07			24.29			27.85
PADD II Group 3 Product Basis:
Gasoline		(3.58	)		(10.61	)		(3.20	)		(10.33	)
Ultra-Low Sulfur Diesel		(0.12	)		(3.89	)		(3.60	)		(7.04	)
PADD II Group 3 Product Crack Spread:
Gasoline		21.18			16.87			17.66			14.74
Ultra-Low Sulfur Diesel		26.87			20.78			24.11			23.59
PADD II Group 3 2-1-1		24.02			18.83			20.89			19.17

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Renewables margin *	$	0.38	$	0.43	$	0.76	$	0.51
Adjusted renewables margin *		0.44		0.67		0.68		0.64
Direct operating expenses *		0.54		0.72		0.51		0.76

See “Non-GAAP Reconciliations” section below.

Renewables Throughput and Production Data

	Three Months Ended June 30,				Six Months Ended June 30,
(in gallons per day)	2025		2024		2025		2024
Throughput Data
Corn Oil	1,107		33,253		10,488		34,947
Soybean Oil	153,609		93,303		144,837		66,128

Production Data
Renewable diesel	148,373		117,277		146,292		89,936

Renewable utilization ⁽¹⁾	61.4	%	50.2	%	61.6	%	40.1	%
Renewable diesel yield (as % of corn and soybean oil throughput)	95.9	%	92.7	%	94.2	%	89.0	%

(1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Key Market Indicators

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.49	$	0.45	$	0.47	$	0.46
Midwest crude corn oil (dollars per pound)		0.50		0.51		0.48		0.53
CARB ULSD (dollars per gallon)		2.36		2.60		2.38		2.63
NYMEX ULSD (dollars per gallon)		2.16		2.51		2.27		2.61
California LCFS (dollars per metric ton)		52.36		51.51		59.13		57.37
Biodiesel RINs (dollars per RIN)		1.08		0.51		0.94		0.55

Nitrogen Fertilizer Segment

	Three Months Ended June 30,				Six Months Ended June 30,
(percent of capacity utilization)	2025		2024		2025		2024
Ammonia utilization rate ⁽¹⁾	91	%	102	%	96	%	96	%

(1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and six months ended June 30, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Consolidated sales volumes (thousands of tons):
Ammonia		57		43		117		113
UAN		345		330		681		614

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	593	$	520	$	573	$	525
UAN		317		268		287		268

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		197		221		413		414
Ammonia (net available for sale) ⁽²⁾		54		69		117		130
UAN		321		337		668		643

Feedstock:
Petroleum coke used in production (thousands of tons)		130		133		261		261
Petroleum coke used in production (dollars per ton)	$	56.68	$	62.96	$	49.54	$	69.21
Natural gas used in production (thousands of MMBtus) ⁽³⁾		1,897		2,213		4,057		4,361
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	3.29	$	1.93	$	4.00	$	2.51
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		2,201		1,855		3,807		3,620
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	3.63	$	1.85	$	4.05	$	2.65

(1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Ammonia — Southern plains (dollars per ton)	$	576	$	523	$	569	$	545
Ammonia — Corn belt (dollars per ton)		630		565		624		581
UAN — Corn belt (dollars per ton)		403		288		364		290

Natural gas NYMEX (dollars per MMBtu)	$	3.51	$	2.32	$	3.69	$	2.21

Q3 2025 Outlook

The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2025. See “Forward-Looking Statements” above.

	Q3 2025
	Low			High
Petroleum
Total throughput (bpd)		200,000			215,000
Crude utilization ⁽¹⁾		92	%		97	%
Direct operating expenses (in millions) ⁽²⁾	$	105		$	115

Renewables
Total throughput (in millions of gallons)		16			20
Renewable utilization ⁽⁴⁾		70	%		85	%
Direct operating expenses (in millions) ⁽²⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		93	%		98	%
Direct operating expenses (in millions) ⁽²⁾	$	60		$	65

Capital Expenditures (in millions) ⁽³⁾
Petroleum	$	25		$	30
Renewables		1			3
Nitrogen Fertilizer		20			25
Other		1			2
Total capital expenditures	$	47		$	60

(1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
(3) Turnaround and capital expenditures are disclosed on an accrual basis.
(4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Non-GAAP Reconciliations

Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net (loss) income	$	(90	)	$	38		$	(195	)	$	128
Interest expense, net		30			19			55			39
Income tax benefit		(42	)		(26	)		(91	)		(10	)
Depreciation and amortization		78			72			146			149
EBITDA		(24	)		103			(85	)		306
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable)		32			1			8			(36	)
Adjusted EBITDA	$	99		$	87		$	122		$	186

Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Basic and diluted (loss) earnings per share	$	(1.14	)	$	0.21		$	(2.36	)	$	1.02
Adjustments: ⁽¹⁾
Revaluation of RFS liability, unfavorable (favorable)		0.65			—			1.50			(0.68	)
Unrealized loss (gain) on derivatives, net		0.02			(0.13	)		(0.01	)		0.05
Inventory valuation impacts, unfavorable (favorable)		0.24			0.01			0.06			(0.27	)
Adjusted (loss) earnings per share	$	(0.23	)	$	0.09		$	(0.81	)	$	0.12

(1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net cash (used in) provided by operating activities	$	176		$	81		$	(19	)	$	258
Less:
Capital expenditures		(41	)		(43	)		(92	)		(90	)
Capitalized turnaround expenditures		(148	)		(32	)		(191	)		(44	)
Return of equity method investment		1			1			5			4
Free cash flow	$	(12	)	$	7		$	(297	)	$	128

Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Petroleum net (loss) income	$	(137	)	$	18		$	(297	)	$	145
Interest (income) expense, net		5			(5	)		5			(10	)
Depreciation and amortization		48			43			90			92
Petroleum EBITDA		(84	)		56			(202	)		227
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable) ⁽¹⁾		31			(2	)		10			(39	)
Petroleum Adjusted EBITDA	$	38		$	37		$	7		$	104

Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net sales	$	1,561		$	1,795		$	3,038		$	3,517
Less:
Cost of materials and other		(1,526	)		(1,610	)		(3,008	)		(3,041	)
Direct operating expenses (exclusive of depreciation and amortization)		(102	)		(118	)		(193	)		(221	)
Depreciation and amortization		(48	)		(43	)		(90	)		(92	)
Gross (loss) profit		(115	)		24			(253	)		163
Add:
Direct operating expenses (exclusive of depreciation and amortization)		102			118			193			221
Depreciation and amortization		48			43			90			92
Refining margin		35			185			30			476
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable) ⁽¹⁾		31			(2	)		10			(39	)
Adjusted refining margin	$	157		$	166		$	239		$	353

Total throughput barrels per day		172,149			186,208			146,406			190,999
Days in the period		91			91			181			182
Total throughput barrels		15,665,597			16,944,862			26,499,565			34,761,961

Refining margin per total throughput barrel	$	2.21		$	10.94		$	1.14		$	13.68
Adjusted refining margin per total throughput barrel		9.95			9.81			9.04			10.15
Direct operating expenses per total throughput barrel		6.45			6.94			7.32			6.34

(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Renewables net loss	$	(11	)	$	(11	)	$	(11	)	$	(20	)
Interest income, net		—			—			—			(1	)
Depreciation and amortization		6			6			12			12
Renewables EBITDA		(5	)		(5	)		1			(9	)
Adjustments:
Inventory valuation impacts, (favorable) unfavorable ⁽¹⁾		1			3			(2	)		2
Renewables Adjusted EBITDA	$	(4	)	$	(2	)	$	(1	)	$	(7	)

Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except throughput data)		2025			2024			2025			2024
Net sales	$	76		$	63		$	142		$	97
Less:
Cost of materials and other		(71	)		(58	)		(121	)		(88	)
Direct operating expenses (exclusive of depreciation and amortization)		(7	)		(8	)		(14	)		(13	)
Depreciation and amortization		(6	)		(6	)		(12	)		(12	)
Gross loss		(8	)		(9	)		(5	)		(16	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		7			8			14			13
Depreciation and amortization		6			6			12			12
Renewables margin		5			5			21			9
Inventory valuation impacts, (favorable) unfavorable ⁽¹⁾		1			3			(2	)		2
Adjusted renewables margin	$	6		$	8		$	19		$	11

Total vegetable oil throughput gallons per day		154,716			126,556			155,325			101,075
Days in the period		91			91			181			182
Total vegetable oil throughput gallons		14,079,118			11,516,572			28,113,944			18,395,649

Renewables margin per vegetable oil throughput gallon	$	0.38		$	0.43		$	0.76		$	0.51
Adjusted renewables margin per vegetable oil throughput gallon		0.44			0.67			0.68			0.64
Direct operating expenses per vegetable oil throughput gallon		0.54			0.72			0.51			0.76

(1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2025		2024		2025		2024
Nitrogen Fertilizer net income	$	39	$	26	$	66	$	39
Interest expense, net		7		8		15		15
Depreciation and amortization		21		20		39		39
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	67	$	54	$	120	$	93

The MIL Network –

July 31, 2025

MIL-OSI: SEACOR Marine Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2025.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2025 were $60.8 million, operating income was $6.1 million, and direct vessel profit (“DVP”)⁽¹⁾ was $11.3 million. This compares to consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024, and consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025.

Notable second quarter items include:

13.0% decrease in revenues from the second quarter of 2024 and a 9.6% increase from the first quarter of 2025.
Average day rates of $19,731, a 3.1% increase from the second quarter of 2024, and a 4.8% increase from the first quarter of 2025.
68% utilization, a decrease from 69% in the second quarter of 2024 and an increase from 60% in the first quarter of 2025.
DVP margin of 18.6%, a decrease from 29.1% in the second quarter of 2024 and a decrease from 24.5% in the first quarter of 2025, due in part to $9.2 million of drydocking and major repairs during the second quarter of 2025 compared to $8.5 million in the second quarter of 2024 and $5.2 million in the first quarter of 2025, all of which are expensed as incurred.
During the second quarter of 2025, the Company completed the sale of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”) for total proceeds of $33.4 million and a gain of $19.1 million. Approximately $12.9 million of the proceeds were used to fund the repurchase of shares and warrants from Carlyle, and the remainder was held as restricted cash to partially fund future milestone payments for the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

For the second quarter of 2025, net loss was $6.7 million ($0.26 loss per basic and diluted share). This compares to a net loss for the second quarter of 2024 of $12.5 million ($0.45 loss per basic and diluted share). Sequentially, the second quarter 2025 results compare to a net loss of $15.5 million ($0.56 loss per basic and diluted share) in the first quarter of 2025.

Chief Executive Officer John Gellert commented:

“The second quarter results reflect the changes to our fleet as we continued to implement our asset rotation and repositioning strategy.

Our PSV fleet saw substantial improvement on average rates and utilization, achieving a 30.3% DVP margin, even with two of our premium PSVs being out of the market the entire quarter for repairs; one of which also received a hybrid power management upgrade. The two PSVs that we sold during the quarter were sold at compelling values and were some of our first-generation handy size vessels targeting the shallow water market, which is seeing increased vertical integration in some geographic markets. PSVs contributed greatly to our results in Latin America and West Africa, as well as in the Middle East where we operate two of our PSVs in a walk-to-work configuration outfitted with motion compensated gangways owned by SEACOR Marine.

In the Middle East, the results were largely affected by repairs to one of our premium liftboats for almost the entire quarter. These repairs are ongoing as the scope and cost has exceeded our initial expectations, with the liftboat expected to return to service in September 2025. Despite these challenges, activity in the Middle East market continues to be healthy, and we recently mobilized an additional FSV to respond to market demand.

In the U.S., we saw a noticeable improvement driven mostly by higher day rates and utilization for our liftboats, offset by higher drydocking expense and the layup of our three FSVs in the region. We anticipate redeploying these FSVs to international markets during the third and fourth quarter of 2025.

As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants.

We will continue to adapt and reposition SEACOR Marine into markets and assets with lower volatility and better returns over the coming quarters and ahead of our new PSV deliveries in 2026 and 2027. We have one of the youngest fleets in the sector and will continue to demonstrate the embedded value of our assets.”
___________________

(1

)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
	Three Months Ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Operating Revenues	$	60,810		$	69,867		$	116,309		$	132,637
Costs and Expenses:
Operating		49,493			49,520			91,421			97,619
Administrative and general		11,998			10,889			23,484			22,806
Lease expense		325			486			662			967
Depreciation and amortization		12,090			12,939			24,900			25,821
		73,906			73,834			140,467			147,213
Gains on Asset Dispositions and Impairments, Net		19,163			37			24,972			36
Operating Income (Loss)		6,067			(3,930	)		814			(14,540	)
Other Income (Expense):
Interest income		372			445			808			1,038
Interest expense		(8,844	)		(10,190	)		(18,430	)		(20,499	)
Derivative gains (losses), net		87			104			212			(439	)
Foreign currency losses, net		(2,119	)		(560	)		(3,315	)		(640	)
Other, net		—			—			—			(95	)
		(10,504	)		(10,201	)		(20,725	)		(20,635	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,437	)		(14,131	)		(19,911	)		(35,175	)
Income Tax Expense (Benefit)		2,508			(682	)		3,412			243
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,945	)		(13,449	)		(23,323	)		(35,418	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		218			966			1,107			(134	)
Net Loss	$	(6,727	)	$	(12,483	)	$	(22,216	)	$	(35,552	)

Net Loss Per Share:
Basic	$	(0.26	)	$	(0.45	)	$	(0.83	)	$	(1.29	)
Diluted	$	(0.26	)	$	(0.45	)	$	(0.83	)	$	(1.29	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,686,560			27,729,033			26,791,291			27,536,319
Diluted		25,686,560			27,729,033			26,791,291			27,536,319

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Time Charter Statistics:
Average Rates Per Day	$	19,731		$	18,825		$	18,901		$	18,879		$	19,141
Fleet Utilization		68	%		60	%		72	%		67	%		69	%
Fleet Available Days ⁽²⁾		4,310			4,583			4,870			5,026			4,994
Operating Revenues:
Time charter	$	57,673		$	51,933		$	66,095		$	63,313		$	65,649
Bareboat charter		838			708			364			372			364
Other marine services		2,299			2,858			3,349			5,231			3,854
		60,810			55,499			69,808			68,916			69,867
Costs and Expenses:
Operating:
Personnel		18,969			18,537			20,365			21,940			21,566
Repairs and maintenance		13,648			8,520			10,433			9,945			10,244
Drydocking		5,143			3,869			2,467			6,068			6,210
Insurance and loss reserves		2,982			2,153			2,473			2,584			3,099
Fuel, lubes and supplies		4,296			4,546			4,884			6,574			3,966
Other		4,455			4,303			6,104			5,796			4,435
		49,493			41,928			46,726			52,907			49,520
Direct Vessel Profit ⁽¹⁾		11,317			13,571			23,082			16,009			20,347
Other Costs and Expenses:
Lease expense		325			337			347			364			486
Administrative and general		11,998			11,486			10,888			11,019			10,889
Depreciation and amortization		12,090			12,810			12,879			12,928			12,939
		24,413			24,633			24,114			24,311			24,314
Gains (Losses) on Asset Dispositions and Impairments, Net		19,163			5,809			11,624			1,821			37
Operating (Loss) Income		6,067			(5,253	)		10,592			(6,481	)		(3,930	)
Other Income (Expense):
Interest income		372			436			372			358			445
Interest expense		(8,844	)		(9,586	)		(10,001	)		(10,127	)		(10,190	)
Derivative gains (losses), net		87			125			(536	)		67			104
Loss on debt extinguishment		—			—			(31,923	)		—			—
Foreign currency (losses) gains, net		(2,119	)		(1,196	)		1,308			(1,717	)		(560	)
Other, net		—			—			187			29			—
		(10,504	)		(10,221	)		(40,593	)		(11,390	)		(10,201	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,437	)		(15,474	)		(30,001	)		(17,871	)		(14,131	)
Income Tax Expense (Benefit)		2,508			904			(2,345	)		(513	)		(682	)
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,945	)		(16,378	)		(27,656	)		(17,358	)		(13,449	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		218			889			1,430			1,012			966
Net Loss	$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)

Net Loss Per Share:
Basic	$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)
Diluted	$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,687			27,908			27,773			27,773			27,729
Diluted		25,687			27,908			27,773			27,773			27,729
Common Shares and Warrants Outstanding at Period End		26,976			29,488			28,950			28,950			28,941

__________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*United States, primarily Gulf of America*
Time Charter Statistics:
Average rates per day worked	$	25,262		$	23,874		$	26,116		$	17,188		$	22,356
Fleet utilization		48	%		25	%		45	%		42	%		37	%
Fleet available days		1,007			1,121			920			920			921
Out-of-service days for repairs, maintenance and drydockings		144			153			75			116			179
Out-of-service days for cold-stacked status ⁽²⁾		270			173			184			175			127
Operating Revenues:
Time charter	$	12,205		$	6,765		$	10,744		$	6,593		$	7,697
Other marine services		1,175			235			1,114			1,188			480
		13,380			7,000			11,858			7,781			8,177
Direct Costs and Expenses:
Operating:
Personnel		6,854			6,486			6,097			6,297			6,284
Repairs and maintenance		1,950			1,479			1,680			1,655			1,879
Drydocking		3,684			1,066			1,451			2,615			2,570
Insurance and loss reserves		1,067			702			854			799			943
Fuel, lubes and supplies		1,010			819			854			964			866
Other		631			349			229			225			226
		15,196			10,901			11,165			12,555			12,768
Direct Vessel (Loss) Profit ⁽¹⁾	$	(1,816	)	$	(3,901	)	$	693		$	(4,774	)	$	(4,591	)
Other Costs and Expenses:
Lease expense	$	139		$	136		$	136		$	140		$	141
Depreciation and amortization		3,203			3,705			3,196			3,194			3,194

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	19,140		$	17,294		$	16,895		$	18,875		$	18,580
Fleet utilization		77	%		70	%		73	%		77	%		74	%
Fleet available days		1,668			1,710			1,856			1,990			1,969
Out-of-service days for repairs, maintenance and drydockings		248			382			180			203			203
Out-of-service days for cold-stacked status		—			—			—			58			91
Operating Revenues:
Time charter	$	24,535		$	20,835		$	22,999		$	28,809		$	27,047
Other marine services		806			852			1,027			3,048			1,028
		25,341			21,687			24,026			31,857			28,075
Direct Costs and Expenses:
Operating:
Personnel		5,515			5,183			5,654			6,083			4,969
Repairs and maintenance		4,646			3,462			3,712			3,455			3,161
Drydocking		901			1,241			835			681			1,226
Insurance and loss reserves		899			594			577			599			819
Fuel, lubes and supplies		1,714			2,180			2,226			2,514			1,170
Other		2,357			2,727			3,748			3,975			2,801
		16,032			15,387			16,752			17,307			14,146
Direct Vessel Profit ⁽¹⁾	$	9,309		$	6,300		$	7,274		$	14,550		$	13,929
Other Costs and Expenses:
Lease expense	$	51		$	63		$	82		$	75		$	172
Depreciation and amortization		4,263			4,402			4,477			4,540			4,565

__________________
(1) See full description of footnote above.
(2) Includes three FSVs cold-stacked in this region as of June 30, 2025.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	15,506		$	17,848		$	17,337		$	17,825		$	17,083
Fleet utilization		73	%		75	%		88	%		71	%		82	%
Fleet available days		1,089			1,170			1,266			1,288			1,296
Out-of-service days for repairs, maintenance and drydockings		204			82			30			229			168
Operating Revenues:
Time charter	$	12,365		$	15,710		$	19,385		$	16,411		$	18,073
Other marine services		432			292			635			375			619
		12,797			16,002			20,020			16,786			18,692
Direct Costs and Expenses:
Operating:
Personnel		4,511			4,927			5,470			5,769			6,930
Repairs and maintenance		6,338			2,505			3,574			3,318			3,443
Drydocking		13			1,031			(226	)		832			707
Insurance and loss reserves		842			702			804			927			798
Fuel, lubes and supplies		1,279			883			840			1,043			1,103
Other		1,104			881			1,305			1,131			989
		14,087			10,929			11,767			13,020			13,970
Direct Vessel Profit ⁽¹⁾	$	(1,290	)	$	5,073		$	8,253		$	3,766		$	4,722
Other Costs and Expenses:
Lease expense	$	72		$	83		$	72		$	73		$	71
Depreciation and amortization		3,227			3,230			3,272			3,261			3,247

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	23,764		$	22,084		$	21,390		$	21,984		$	22,437
Fleet utilization		66	%		67	%		73	%		63	%		71	%
Fleet available days ⁽²⁾		546			582			828			828			808
Out-of-service days for repairs, maintenance and drydockings		26			—			20			94			41
Operating Revenues:
Time charter	$	8,568		$	8,623		$	12,967		$	11,500		$	12,832
Bareboat charter		838			708			364			372			364
Other marine services		(114	)		1,479			573			620			1,727
		9,292			10,810			13,904			12,492			14,923
Direct Costs and Expenses:
Operating:
Personnel		2,089			1,941			3,144			3,791			3,383
Repairs and maintenance		714			1,074			1,467			1,517			1,761
Drydocking		545			531			407			1,940			1,707
Insurance and loss reserves		174			155			238			259			539
Fuel, lubes and supplies		293			664			964			2,053			827
Other		363			346			822			465			419
		4,178			4,711			7,042			10,025			8,636
Direct Vessel Profit ⁽¹⁾	$	5,114		$	6,099		$	6,862		$	2,467		$	6,287
Other Costs and Expenses:
Lease expense	$	63		$	55		$	57		$	76		$	102
Depreciation and amortization		1,397			1,473			1,934			1,933			1,933

__________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	—		$	—		$	10,410		$	10,316		$	8,125
Fleet utilization		—	%		—	%		79	%		46	%		49	%
Fleet available days		—			—			178			334			364
Out-of-service days for repairs, maintenance and drydockings		—			—			28			87			29
Out-of-service days for cold-stacked status		—			—			—			58			91
Operating Revenues:
Time charter	$	(22	)	$	15		$	1,465		$	1,576		$	1,459
Other marine services		(9	)		9			—			13			219
		(31	)		24			1,465			1,589			1,678
Direct Costs and Expenses:
Operating:
Personnel	$	9		$	1		$	595		$	981		$	1,045
Repairs and maintenance		255			38			128			239			465
Drydocking		—			—			5			436			280
Insurance and loss reserves		(4	)		—			49			66			97
Fuel, lubes and supplies		(125	)		66			25			90			69
Other		(4	)		12			210			263			230
		131			117			1,012			2,075			2,186
Other Costs and Expenses:
Lease expense	$	—		$	—		$	7		$	4		$	164
Depreciation and amortization		3			4			122			175			175

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,468		$	13,786		$	13,643		$	13,102		$	12,978
Fleet utilization		67	%		71	%		72	%		81	%		80	%
Fleet available days		1,935			1,980			2,024			2,024			2,002
Out-of-service days for repairs, maintenance and drydockings		181			135			118			96			128
Out-of-service days for cold-stacked status		270			90			92			83			36
Operating Revenues:
Time charter	$	17,573		$	19,357		$	19,992		$	21,606		$	20,698
Other marine services		516			762			416			1,012			516
		18,089			20,119			20,408			22,618			21,214
Direct Costs and Expenses:
Operating:
Personnel	$	4,526		$	4,933		$	5,078		$	5,637		$	5,829
Repairs and maintenance		3,542			2,983			4,480			4,378			4,572
Drydocking		666			353			426			448			457
Insurance and loss reserves		683			517			422			532			546
Fuel, lubes and supplies		1,449			1,173			1,586			1,962			993
Other		1,428			1,782			2,456			2,238			1,850
		12,294			11,741			14,448			15,195			14,247
Other Costs and Expenses:
Depreciation and amortization	$	4,703		$	4,932		$	4,746		$	4,744		$	4,746

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*PSV*
Time Charter Statistics:
Average rates per day worked	$	22,231		$	19,424		$	17,912		$	21,819		$	20,952
Fleet utilization		68	%		55	%		72	%		58	%		66	%
Fleet available days ⁽¹⁾		1,738			1,890			1,932			1,932			1,900
Out-of-service days for repairs, maintenance and drydockings		247			396			117			349			291
Operating Revenues:
Time charter	$	26,440		$	20,286		$	24,865		$	24,488		$	26,390
Bareboat charter		838			708			364			372			364
Other marine services		433			508			1,561			2,855			2,266
		27,711			21,502			26,790			27,715			29,020
Direct Costs and Expenses:
Operating:
Personnel	$	8,567		$	8,351		$	8,999		$	9,360		$	8,979
Repairs and maintenance		3,799			3,949			4,101			3,798			3,151
Drydocking		1,993			2,513			1,046			2,629			2,616
Insurance and loss reserves		906			631			618			636			1,037
Fuel, lubes and supplies		1,858			2,594			2,379			3,594			1,575
Other		2,199			2,018			2,566			2,821			1,850
		19,322			20,056			19,709			22,838			19,208
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	(3	)	$	3
Depreciation and amortization		3,943			4,133			4,122			4,117			4,128

__________________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	31,904		$	39,559		$	39,326		$	36,423		$	43,204
Fleet utilization		67	%		44	%		68	%		58	%		54	%
Fleet available days		637			713			736			736			728
Out-of-service days for repairs, maintenance and drydockings		194			87			41			109			143
Out-of-service days for cold-stacked status		—			83			92			92			91
Operating Revenues:
Time charter	$	13,682		$	12,275		$	19,773		$	15,643		$	17,102
Other marine services		1,168			1,289			1,177			1,142			666
		14,850			13,564			20,950			16,785			17,768
Direct Costs and Expenses:
Operating:
Personnel	$	5,673		$	5,247		$	5,678		$	5,926		$	6,842
Repairs and maintenance		6,022			1,571			1,722			1,531			2,054
Drydocking		2,484			1,003			990			2,555			2,857
Insurance and loss reserves		1,376			1,241			1,384			1,334			1,482
Fuel, lubes and supplies		1,114			712			894			928			1,329
Other		803			482			860			473			519
		17,472			10,256			11,528			12,747			15,083
Other Costs and Expenses:
Depreciation and amortization		3,424			3,719			3,866			3,866			3,865

*Other Activity*
Operating Revenues:
Other marine services	$	191		$	290		$	195		$	209		$	187
		191			290			195			209			187
Direct Costs and Expenses:
Operating:
Personnel	$	194		$	5		$	15		$	36		$	(1,129	)
Repairs and maintenance		30			(21	)		2			(1	)		2
Insurance and loss reserves		21			(236	)		—			16			(63	)
Fuel, lubes and supplies		—			1			—			—			—
Other		29			9			12			1			(14	)
		274			(242	)		29			52			(1,204	)
Other Costs and Expenses:
Lease expense	$	325		$	337		$	340		$	363		$	319
Depreciation and amortization		17			22			23			26			25

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	34,381		$	42,988		$	59,491		$	35,601		$	40,605
Restricted cash		17,174			2,440			16,649			2,263			2,255
Receivables:
Trade, net of allowance for credit loss		63,287			63,946			69,888			76,497			70,770
Other		10,439			8,811			7,913			7,841			6,210
Tax receivable		507			1,602			1,601			983			983
Inventories		2,539			2,827			2,760			3,139			3,117
Prepaid expenses and other		4,716			6,075			4,406			4,840			5,659
Assets held for sale		—			12,195			10,943			—			500
Total current assets		133,043			140,884			173,651			131,164			130,099
Property and Equipment:
Historical cost		887,408			881,961			900,414			921,445			921,443
Accumulated depreciation		(377,265	)		(365,422	)		(367,448	)		(362,604	)		(349,799	)
		510,143			516,539			532,966			558,841			571,644
Construction in progress		31,772			27,248			11,904			11,935			11,518
Net property and equipment		541,915			543,787			544,870			570,776			583,162
Right-of-use asset – operating leases		1,179			3,293			3,436			3,575			3,683
Right-of-use asset – finance leases		25			28			36			19			28
Investments, at equity, and advances to 50% or less owned companies		2,310			4,507			3,541			2,046			2,641
Other assets		1,558			1,665			1,577			1,864			1,953
Total assets	$	680,030		$	694,164		$	727,111		$	709,444		$	721,566
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	543		$	540		$	606		$	494		$	861
Current portion of finance lease liabilities		11			11			17			17			26
Current portion of long-term debt		30,000			30,000			27,500			28,605			28,605
Accounts payable		26,737			28,445			29,236			22,744			17,790
Other current liabilities		24,182			16,414			27,683			28,808			23,795
Total current liabilities		81,473			75,410			85,042			80,668			71,077
Long-term operating lease liabilities		812			2,926			2,982			3,221			3,276
Long-term finance lease liabilities		14			17			20			4			5
Long-term debt		310,980			310,108			317,339			272,325			277,740
Deferred income taxes		18,330			20,312			22,037			26,802			30,083
Deferred gains and other liabilities		625			1,356			1,369			1,416			1,447
Total liabilities		412,234			410,129			428,789			384,436			383,628
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		281			293			287			287			286
Additional paid-in capital		468,669			480,904			479,283			477,661			476,020
Accumulated deficit		(202,816	)		(196,089	)		(180,600	)		(154,374	)		(138,028	)
Shares held in treasury		(9,639	)		(9,628	)		(8,110	)		(8,110	)		(8,110	)
Accumulated other comprehensive income, net of tax		10,980			8,234			7,141			9,223			7,449
		267,475			283,714			298,001			324,687			337,617
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		267,796			284,035			298,322			325,008			337,938
Total liabilities and equity	$	680,030		$	694,164		$	727,111		$	709,444		$	721,566

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
							Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Cash Flows from Operating Activities:
Net Loss	$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		12,090			12,810			12,879			12,928			12,939
Deferred financing costs amortization		43			43			254			298			297
Stock-based compensation expense		1,510			1,627			1,622			1,604			1,587
Debt discount amortization		232			226			1,799			2,061			1,993
Allowance for credit losses		(213	)		(407	)		59			101			39
(Gains) losses from equipment sales, retirements or impairments		(19,163	)		(5,809	)		(11,624	)		(1,821	)		(37	)
Losses on debt extinguishment		—			—			28,252			—			—
Derivative (gains) losses		(87	)		(125	)		536			(67	)		(104	)
Interest on finance lease		1			1			2			—			1
Settlements on derivative transactions, net		—			(373	)		—			—			—
Currency losses (gains)		2,119			1,196			(1,308	)		1,717			560
Deferred income taxes		(1,982	)		(1,725	)		(4,766	)		(3,281	)		(3,790	)
Equity (earnings) losses		(218	)		(889	)		(1,430	)		(1,012	)		(966	)
Dividends received from equity investees		3,199			—			—			1,498			1,418
Changes in Operating Assets and Liabilities:
Accounts receivables		284			5,333			5,448			(7,411	)		(6,928	)
Other assets		1,901			(1,681	)		1,338			1,032			(2,395	)
Accounts payable and accrued liabilities		4,934			(6,204	)		1,693			9,325			(4,378	)
Net cash (used in) provided by operating activities		(2,077	)		(11,466	)		8,528			626			(12,247	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(10,213	)		(20,795	)		(3,010	)		(210	)		(658	)
Proceeds from disposition of property and equipment		31,592			8,472			22,441			2,331			86
Net cash (used in) provided by investing activities		21,379			(12,323	)		19,431			2,121			(572	)
Cash Flows from Financing Activities:
Payments on long-term debt		(7,500	)		(5,000	)		(2,479	)		(7,770	)		(6,533	)
Payments on debt extinguishment		—			—			(328,712	)		—			—
Payments on debt extinguishment cost		—			—			(3,671	)		—			—
Proceeds from issuance of long-term debt, net of debt discount and issuance costs		8,097			(396	)		345,192			—			—
Payments on finance leases		(4	)		(9	)		(13	)		(10	)		(9	)
Payments for repurchase of common stock		(7,089	)		—			—			—			—
Payments for repurchase of warrants		(6,668	)		—			—			—			—
Proceeds from exercise of stock options and warrants		—			—			—			38			102
Tax withholdings on restricted stock vesting		(11	)		(1,518	)		—			—			(39	)
Net cash (used in) provided by financing activities		(13,175	)		(6,923	)		10,317			(7,742	)		(6,479	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		—			—			—			(1	)		(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents		6,127			(30,712	)		38,276			(4,996	)		(19,299	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		45,428			76,140			37,864			42,860			62,159
Cash, Restricted Cash and Cash Equivalents, End of Period	$	51,555		$	45,428		$	76,140		$	37,864		$	42,860

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
	Owned		Managed		Total
June 30, 2025
AHTS		—		1		1
FSV		21		1		22
PSV		19		—		19
Liftboats		7		—		7
		47		2		49
December 31, 2024
AHTS		—		2		2
FSV		22		1		23
PSV		21		—		21
Liftboats		8		—		8
		51		3		54

The MIL Network –

July 31, 2025

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

Source: Independent Petroleum Association of America

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

Jul 30, 2025 Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

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

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

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

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

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

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

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

# # #

MIL OSI Global Banks –

July 31, 2025

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

Source: US Commodity Futures Trading Commission

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

MIL OSI USA News –

July 31, 2025

MIL-OSI United Kingdom: Time to pay up: Toughest crackdown on late payments in a generation unveiled in plan to back small businesses

Source: United Kingdom – Government Statements

Press release

Time to pay up: Toughest crackdown on late payments in a generation unveiled in plan to back small businesses

UK Government unveils its Small Business Plan to support SMEs across the country

Government to tackle late payments with the most significant legislative reforms in 25 years – an issue that costs the UK economy £11bn a year and shuts down 38 businesses every day
UK set to have the toughest late payments laws in the G7 as part of reforms to back small businesses and unlock growth as part of the Plan for Change
New £4bn finance boost including 69,000 Start-Up Loans to inspire the next generation of entrepreneurs and small business owners

Small businesses across the UK will benefit from the most comprehensive support package in a generation, as the government launches a bold new plan to give small businesses the tools to thrive and drive economic growth as part of its Plan for Change.

Small and medium sized firms employ 60% of the country’s workforce and generate £2.8 trillion in turnover. However, for too long, the odds have been stacked against small businesses.

From tradespeople and shopkeepers to start-up founders and family-run firms, too many work hard but don’t get the backing they deserve – held back by late payments and not getting the financial backing they need within a wider system that hasn’t worked in their favour.

That’s why the Government is taking serious action to back small businesses and give them the tools they need to grow. This builds on the solid foundation of certainty and stability this government has already delivered—through the trade deals we’ve secured, four interest rate cuts, and a long-term industrial and trade strategy that’s helping businesses plan ahead with confidence.

At the heart of the plan is a the most significant package of reforms in a generation to tackle late payments, with plans to introduce the toughest laws on late payments in the G7.

Late payments are one of the biggest barriers to small business growth —causing cashflow problems that stop firms from scaling up and investing in their future. Every day, hardworking businesses close their doors because they aren’t paid on time.

The new laws are set to give stronger powers to the Small Business Commissioner to empower them to wield fines, worth potentially millions of pounds, against the biggest firms who persistently choose to pay their suppliers late.

The Small Business Commissioner will be given new powers to carry out spot checks and enforce a 30-day invoice verification period to speed up resolutions to disputes. The upcoming legislation will also introduce maximum payment terms of 60 days, reducing to 45 days, giving firms certainty they’ll be paid on time.

Audit committees, under the proposals, will also be legally required to scrutinise payment practices at board level, placing greater pressure on large firms to show they’re treating small suppliers fairly backed by mandatory interest charges for those who pay late.

These changes will also save small businesses valuable time, freeing up hours currently spent chasing overdue invoices so they can focus on growing their business instead. Taken together, this will help ensure businesses are paid on time and end the scourge of late payments which costs the UK economy £11bn per year and closes down 38 UK businesses every day.

Prime Minister Keir Starmer said:

“From builders and electricians to freelance designers and manufacturers—too many hardworking people are being forced to spend precious hours chasing payments instead of doing what they do best – growing their businesses.

“It’s unfair, it’s exhausting, and it’s holding Britain back. So, our message is clear: it’s time to pay up.

“Through our Small Business Plan, we’re not only tackling the scourge of late payments once and for all, but we’re giving small business owners the backing and stability they need for their business to thrive, driving growth across the country through our Plan for Change.”

Business and Trade Secretary Jonathan Reynolds said:  

“This country is home to some of the brightest entrepreneurs and innovative businesses in the world, and we want to unleash their full potential by giving them back time and money to do what they do best – growing our local economies.

“Our Small Business plan – the first in over a decade – is slashing unnecessary admin costs, making it easier for businesses to set up shop and giving SMEs the financial backing they need.

“This is our Plan for Change in action, putting more money in people’s pockets, boosting local communities and ensuring Britain is a great place to do business and thrive.”

Small Business Minister Gareth Thomas said:

“I want the UK to be the best place in the world to start a business, grow and succeed – and that’s why we’ve taken bold steps today. 

“Too many small firms go under each year because they aren’t paid on time – that is completely unacceptable.

“I hear all too often about businesses who just don’t have the cash needed to start up or grow. Today, we’ve announced measures as part of our Plan for Change to tackle all of those issues and beyond. This is the government listening to businesses, working with them, and delivering real change.”

Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

“Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities.

“I’m pleased that FSB and the Government have been able to work in lockstep on the bold and ambitious measures needed to tackle the scourge of late payment through legislation, and other pro-growth, pro-small business measures.

“Today’s plan is an encouraging commitment from the Government to take the side of small businesses in the great growth challenge ahead.”

Charlie Shaw, owner of Flock and Herd butchers in Peckham said:

“We’re proud to pay every supplier on time and once we receive an invoice, so it’s fantastic to see the government put the Small Business Plan into place tackling the big issue of late payments.

“We believe this is a fair and honest way to conduct business. It gives us a clear and current understanding of how our business is performing. Our relationships with our suppliers have been amazing and truly beneficial to all parties.”

As part of the plan, the government is also tackling another major barrier for small businesses – access to finance. Despite the UK’s world-leading financial services sector, many small firms struggle to secure the funding they need to invest, expand, or even survive.

To address this, the Government is launching a new £4 billion wave of financial support aimed at boosting growth and supporting more small businesses to start up and grow. This includes a £1bn boost for new businesses, with 69,000 Start-Up Loans and mentoring support to inspire the next generation of entrepreneurs and small business owners.

The Government is also going further by delivering a new £3 billion boost to the British Business Bank – raising the total guarantee to £5 billion – to help lenders offer more small business loans through the ‘ENABLE programme’. Under the scheme, the BBB provides a government-backed guarantee to help lenders feel safer when lending to smaller or newer businesses, enabling them to offer better loan terms including with lower interest.

These measures aim to break down long-standing barriers that have made it harder for small businesses to access the funding they need to get off the ground by making finance and loans more accessible, affordable, and fair.

Accelerating SME growth by just 1 percentage point per year, could deliver £320bn to the UK economy by 2030. All of these measures announced today back small businesses to the hilt and build on action already taken by this government to create the conditions for businesses to thrive:

Slashing of red tape to boost the hospitality and arts sector through hospitality zones and licensing reforms following the Licensing Taskforce co-chaired with Nick Mackenzie, Greene King CEO
High Street Rental Auctions to fill vacant high street premises
A revamped Board of Trade to get more small firms exporting around the world
The new Business Growth Service to ensure SMEs have access to key support
We’ve set out that we intend to introduce permanently lower business rates multipliers for the hard-hit retail, hospitality and leisure sector.

Notes to editors

Michelle Ovens CBE, Founder, Small Business Britain, said:

“I am thrilled to see the Small Business Plan launched today, putting the nation’s smallest businesses at the heart of Government strategy where it should be. These job creators and economy builders will benefit from a huge boost to funding through the British Business Bank, a boost to skills, support for high streets and a long hoped for legislative backing for getting paid on time. We will not see economic growth without small business growth, so I am eager to get on and help the Government deliver on this agenda – and help small businesses regardless of their background start, grow and thrive.”

Simon Groom, CEO of MagnifyB, said:

“MagnifyB welcomes the UK Government’s action to tackle late payments, which will give small businesses the cash flow stability they need to thrive. Alongside this, there is a clear need to provide micro and small businesses with far more than just a repository of information, including a practical digital toolset to strengthen their operations and improve their chances of long-term success. We hope that the new Small Business Commissioner can be instrumental in bringing together ideas and championing the initiatives needed to make this support a reality.”

Julianne Ponan MBE, Founder of Creative Nature, a small business that exports top 14 Allergen Free Baking Mixes and Snacks to 16 countries, said:

“I’m delighted to see the government’s new SME Strategy recognising the critical role small businesses play both at home and globally. From tackling late payments to simplifying access to growth advice and support, these measures are a lifeline for SMEs like mine who often face disproportionate challenges with limited resources. I’m especially encouraged by the commitment to reduce administrative burdens by 25% and improve access to finance both are major barriers to growth for underrepresented founders, including women and ethnic minority entrepreneurs. The focus on revitalising the high street, digital skills, and exporting support shows that the government is listening to the needs of small businesses.”

The full plan will be published later this morning on Gov.uk We have launched a public consultation to seek views on our proposed legislative measures to ensure companies pay their suppliers quickly and on time. Please go to GOV.UK for details of the proposed measures.
Today’s announcement builds on the foundation of the government putting the public finances on a sustainable path – providing long-term direction, stability, and confidence for small businesses to thrive. This has paid off – interest rates have been cut four times in the last 12 months and in the first three months of 2025, Britain was the fastest growing economy in the G7.
The Government has also extended 40% business rates relief for 250,000 firms until April 2026 protected bills from inflation, and ensured over 700,000 properties pay no rates at all. This is creating a fairer business rates system to protect the high street, support investment, and level the playing field as we intend to introduce permanently lower tax rates for retail, hospitality, and leisure properties from next year.
This has included 865,000 small businesses being protected from the NICs rise because of the Employment Allowance increase to £10500, whilst 700,000 small business properties do not pay business rates at all because of Small Business Rates Relief. Corporation tax has been capped at 25% – the lowest headline rate of Corporate Tax in the G7 – for the duration of parliament.

Published 30 July 2025

MIL OSI United Kingdom –

July 31, 2025

MIL-OSI: Euronet and CoreCard Announce Merger Agreement to Unlock Global Opportunities in Credit Card Issuing and Processing

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan. and NORCROSS, Ga., July 30, 2025 (GLOBE NEWSWIRE) — Euronet (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, and CoreCard Corporation (NYSE: CCRD), a leading provider of innovative credit technology solutions and processing services to the financial technology and services market, today announced they have entered into a definitive agreement for Euronet to acquire CoreCard in a stock-for-stock merger transaction that values CoreCard at approximately $248 million, or $30 per share of CoreCard common stock. The exchange ratio and other terms of the transaction are described below.

The proposed transaction marks a pivotal step in accelerating Euronet’s strategic goal of a more diversified, future-ready revenue mix, that is anchored in scalable, modern platforms designed for the next generation of digital financial services across the globe.

Acquisition to Add a Proven Credit Card Platform and Marquee Clients to Fuel Euronet’s Growth Strategy

CoreCard’s platform is proven and trusted by some of the most respected names in finance and technology, and has been instrumental in launching one of the most successful co-branded credit card offerings in U.S. history in partnership with Goldman Sachs. This credibility, combined with CoreCard’s deep expertise in credit products, positions Euronet to compete in a sizeable market traditionally dominated by a few legacy providers.

The CoreCard modern architecture enables faster deployment, easier integrations, and the flexibility to support rapid innovation, which are key advantages in today’s world of payments, where banks and fintechs are looking to embed financial experiences in their customer journeys. This has enabled CoreCard to support diverse, bespoke use cases for fintech innovators such as Cardless, who has recently been chosen as the partner for the Coinbase credit card.

“More than a product expansion, this acquisition will be a catalyst for long-term growth, and we expect it to be accretive in the first full year post close,” said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “By integrating CoreCard’s platform with our own Ren architecture and global distribution network, we will be positioned to become a leading modern card issuer and innovation partner for the next generation of digital finance. This acquisition is a natural extension of our strategy to invest in scalable, high-margin businesses that align with long-term market trends. We also value and respect the work of CoreCard’s employees, who we are eager to welcome to Euronet, and we look forward to their contributions to our company in the future.”

“Joining Euronet marks an exciting new chapter for CoreCard,” said Leland Strange, CEO of CoreCard. “Our team has built a modern, resilient credit card processing platform that serves some of the largest companies and financial institutions in the world. We’re excited to bring our capabilities to a global stage. We have spent a lot of time and diligence over the last year exploring the right ‘fit’ for what our team has built over many years, and we believe this is a great outcome for the team and our shareholders. We are joining with a company that has also been built on a strong foundation over many years that has kept a strong team and customer-focused culture with a focus on innovation.”

Time and Approvals

The transaction has been approved by the boards of directors of both Euronet and CoreCard, and is expected to close in late 2025, subject to approval by CoreCard shareholders and the satisfaction of certain other customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Transaction Details

Under the terms of the merger agreement, each share of CoreCard common stock will be exchanged for a number of shares of Euronet common stock equal to an exchange ratio between 0.2783 and 0.3142, calculated as $30 divided by the volume weighted average share price of Euronet common stock over the 15-trading day period ending on and including the second to last trading day prior to the closing date (the “Final Euronet Stock Price”), subject to a floor of $95.48 per share and a ceiling of $107.80 per share. CoreCard shareholders will receive 0.3142 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or below $95.48, and 0.2783 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or above $107.80.

Advisors

Stinson LLP is acting as outside counsel to Euronet. Kilpatrick Townsend & Stockton LLP is acting as outside counsel to CoreCard. Keefe, Bruyette & Woods, a Stifel Company, provided certain financial advice to the board of directors of CoreCard.

About CoreCard

CoreCard Corporation (NYSE: CCRD) provides a modern card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

About Euronet

A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company’s website at www.euronetworldwide.com.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the expected filing by Euronet with the SEC of the Registration Statement and the proxy statement/prospectus; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.

These risks, as well as other risks related to the proposed Transaction, will be described in the Registration Statement that will be filed with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors to be presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, neither Euronet nor CoreCard intends to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.

Important Information for Investors and Stockholders

In connection with the proposed transaction, Euronet plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. After the Registration Statement has been declared effective by the SEC, the definitive proxy statement/prospectus will be sent to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”

The MIL Network –

July 31, 2025

MIL-OSI Submissions: Economy – US Fed holds rates steady – but September cut now in focus: deVere CEO

Source: deVere Group

July 30 2025 – The Federal Reserve held interest rates steady today, but the next step is increasingly clear. A cut is coming in September, and investors should be preparing now, predicts the CEO of one of the world’s largest independent financial organizations.

“The decision to hold was expected, but it doesn’t shift the path. The Fed has likely just bought itself eight more weeks before a pivot,” says Nigel Green, CEO of global financial advisory giant deVere Group.

“We now expect that by September, the underlying softness in the economy will make a cut not just justified, but necessary.”

The Fed kept the benchmark rate in its target range of 4.25% to 4.50%, where it has sat since December.

But what was notable this time wasn’t the decision, it was the dissent.

“When key policymakers start breaking ranks, it tells you the consensus is cracking. The economy is changing faster than the narrative.”

The headline GDP figure – 3.0% annualized growth in the second quarter – painted a picture of strength.

However, the internals tell a different story. Imports plunged, flattering the overall print, while core domestic demand slowed sharply.

“The GDP number looked impressive at first glance, but it’s built on a shrinking trade gap. That’s not the foundation of enduring growth. Beneath it, private consumption and business investment are both showing signs of fatigue,” notes Nigel Green.

Consumer spending, while still positive, decelerated from the previous quarter. Americans are becoming more selective, more cautious – a shift that matters for investors trying to assess which parts of the market remain resilient.

“We’re seeing a transition in behavior. People aren’t panicking, but they’re hesitating. They’re thinking harder about how and where to spend. This shift will ripple across sectors, and smart investors will adjust early.”

With inflation continuing to ease, the Fed has room to move – and the broader economic signals are now pointing in the same direction.

“The case for cutting isn’t built on fear, it’s built on realism. Growth isn’t reversing, but it is thinning out. The Fed has always said it’s data-driven, and the data is evolving.”

The deVere Group chief executive believes today’s pause gives investors a crucial window.

“This is the moment to recheck exposure, stress test assumptions, and reweight toward high-quality, globally diversified assets. If you’re waiting for the official pivot to reposition, you may already be behind.”

Markets may respond positively in the short term to the Fed’s steady hand, but that optimism could narrow once investors process the nuances of slowing demand and uneven sector performance.

“There’s a difference between momentum and endurance. Right now, we’re seeing the tail end of stimulus-driven resilience, but not a broad-based expansion. Positioning based on the headline alone is a mistake.”

deVere is advising clients to look beyond the binary of rate hikes or cuts, and to focus instead on portfolio durability in a world where growth is steady but no longer abundant.

“It would appear that we’re entering a new phase of lower inflation, lower growth, and soon, lower rates. This rewards forward-thinking strategy over reaction.”

As central bankers weigh the incoming data and investors digest the mixed signals, it seems that September is shaping up to be a decisive month.

“Today’s decision keeps the Fed in wait-and-see mode – but the waiting won’t last much longer. We expect the first cut in September. Now is the time to prepare for it.”

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

MIL OSI – Submitted News –

July 31, 2025

MIL-OSI USA: Mrvan Holds Workforce Roundtable

Source: United States House of Representatives – Congressman Frank J. Mrvan (IN)

Gary, IN – Today, Rep. Frank J. Mrvan (IN-01) and Rep. Nikki Budzinski (IL-13) held a Workforce Roundtable through their roles with the New Democrat Coalition with Northwest Indiana representatives of organized labor, higher education institutions, and local nonprofit organizations to discuss the federal government’s role in strengthening the workforce through education and training initiatives.

The roundtable included representatives from the Center of Workforce Innovations, the Construction Advancement Foundation, Goodwill Industries of Michiana, IBEW Union 6th District, the Indiana Plan, Ironworkers Local Union 395, Ivy Tech Community College, the Northwest Indiana Building Constructions Trade Council, Operating Engineers Local Union 150, United Steelworkers Local Unions 1010 and 1014, and United Way Northwest Indiana.

Congressman Mrvan stated, “Thank you to Rep. Budzinski, all of our colleagues in the New Democrat Coalition, and all of the participants today for this discussion on how we can continue to collaborate together to create more work and wealth in Northwest Indiana and communities across our country. Northwest Indiana is a community of people who work hard to get ahead, and I am grateful that this conversation can focus on the invaluable contributions from labor unions and their apprenticeship programs, nonprofits with dedicated job training resources, and technical education programs offered at high schools and institutions of higher education. This region’s commitment to education and training sends a clear message that Northwest Indiana is not only open for business, but we have the skilled workforce to get the job done.”

Congresswoman Budzinski stated, “I was excited to join Congressman Mrvan for our seventh New Dems on the Road stop to talk about a workforce development agenda that meets the demands of the 21st century economy. As a trade unionist, I know that a traditional four-year degree is far from the only path to a successful career – in fact, programs like registered apprenticeships offer incredible opportunities for folks to learn in-demand skills and get connected with good-paying jobs. It was great to hear from union leaders, community colleges, and local nonprofits about the work they’re doing in Indiana to expand access to these job training programs, and I look forward to bringing the insights from this conversation back to Washington, DC.”

For additional information on the New Democrat Coalition workforce initiatives, click here.

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MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Senator Marshall: We’re Not Tired of Winning

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Senator Marshall Joins the Brian Kilmeade Show to Discuss Trump Trade Deals, the MAHA Movement, and Democrats Obstructing Confirmations
Washington – On Wednesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Brian Kilmeade on The Brian Kilmeade Show on Fox News Radio to discuss President Trump’s historic trade deals and what they mean specifically for Kansas agriculture, MAHA movement momentum, China deterrence, and Senate Democrats’ attempts to obstruct the confirmation process.

Click HERE or on the image above to listen to Senator Marshall’s full interview.
On President Trump’s trade deals:
“Brian, I mean, we’re ecstatic, absolutely ecstatic. Every time I see the President, I’ll tell him we’re not tired of winning. But you know, who’s excited about these trade deals are my Kansas farmers and the aerospace industry. What Kansas exports are agriculture products and airplanes, and jets. So just ecstatic about these deals. The President removing these non-trade barriers all these countries, in addition to giving us basically zero types of penalties going into their country’s tariffs, but they’re also opening their markets, and they’re moving investment into America. Just this past week, I had several of the large pharma companies who make their drugs overseas, very popular, very successful [say that] they’re moving that manufacturing here, so we’re all excited about them.”
On Fed Chair Powell and interest rates:
“I sure hope so. Jerome “too late” Powell, he is too late, kind of like “too tall” Jones. This is Jerome “too late” Powell. He should have cut it a quarter point, some time ago, a quarter point now, half point in the future. He’s a lame duck, and I don’t know what he’s going to do. If he doesn’t drop something today, I just have to think it’s politically or emotionally motivated.”
On the progress of the MAHA movement:
“Yeah, we’re making great progress. Making incredible progress. We have a group of bills that will help support that movement as well. A group of bills that’s going to make our soil healthier, help our farmers grow more with less pesticides, and with less fertilizers. The thing I’m worried about right now, which is coming to my attention, Brian is China continues to make a lot of knockoffs. So, for instance, China is making a knockoff of a GLP-1, that they’re sending to the US, that’s compounded into a pharmacy. 14 people have died from that. So, one of my big emphases here is moving all that supply chain back to the United States. It’s easier said than done.”
On U.S.-China trade deals:
“The big picture is that with China, we have a $270 billion trade deficit to address. I think that people missed the calculated way that the Trump administration is doing this. Basically, they boxed in China. Think about it. They’ve done the EU. They’ve done Indonesia, the Philippines, Vietnam, Japan, and Australia, so that by having bilateral trade agreements with them, it’s putting a lot of pressure on China. One other thing China does to cheat is they’ll send a bunch of T-shirts that they made or tennis shoes, and they’ll send them to Vietnam, and then Vietnam is getting them in at their lower tariff rate. So, the President is doubling up on that type of transaction to make sure that those are tarred appropriately. So, we absolutely are getting there. To your point, I’m much more concerned about fentanyl poisoning, their intellectual property theft, the counterfeits they make, all those things. But I have faith in Scott Bessent. This guy is one of the sharpest people I’ve ever met.”
On Democrats stalling nominations and spending bills:
“I think this is the big political picture here, and you get this, but what’s driving the Democrat Party right now is the far left. Chuck Schumer is scared to death of AOC on the far left, so they’re demanding he’s got to do something. He’s got to do something. So, he’s doing everything in his power to gum up the process, whether it’s nominations or appropriations bills as well. He’s in a panicked mode right now, and he’s lashing out, slowing up what is traditionally done. People that would pass with unanimous consent and take zero floor time, we’re having to vote on them three times and spend two hours or more on each one of them. So, if they’re going to keep doing that, then we just need to stay here in August till we get more of these people confirmed.
On the Senate delaying recess until nominations are confirmed:
“The Democrats secretly want to all go home, right? That is their number one priority. These people are professional politicians; they’re used to having all summer off. And by the way, when I go back, I’m going to work harder back in Kansas than I do here. Then, at the same time, their leader is scared to death. I can’t believe he’s still there. Their leader hasn’t been fired yet, but he’s scared to death to be in a primary. So it’s all about his political legacy right now, keeping that together. But I just have to emphasize, Brian, yes, I want to go home, but I’ve done four telephone town halls up here with people back in Kansas in the last two weeks, with over 5,000 people on each one of those calls. You can go home on weekends. We’ve had significant, strong events as well. We could stay for easily two weeks, and still go back and accomplish that mission of targeting the great things about the Big Beautiful Bill, whether it’s the biggest tax cut in American history or no tax on tips, all those types of things. So, I think we can walk and chew gum. But, what we could do most to help the people of America is get President Trump’s nominations confirmed so they can execute his agenda.”
On Democrats battling each other on bipartisan bills:
“First of all, the one thing I learned politically up here is when your opponent is forming a circular firing squad, don’t hop in the middle of them. So, I think we need to give them all the rope we can on this. This kind of takes us back to what I was talking about earlier. The far left of the Democrat Party is the tail wagging the dog. Here’s Cory Booker running for president, right? He’s trying to reach that primary base, saying he’s the most radical, progressive person up here. That’s what he’s doing right there. And again, this is a party that won’t stop digging. They’re in this hole. They have no respect for law and order. They he just keep digging and digging. These bills that she’s proposing are bipartisan, stronger law and order support the police. He’s out there still shouting like this mayor candidate from New York that wants to defund the police. So, I think this is all political. They’re more interested in running for president, Cory Booker is. Then here, you have Amy Klobuchar, who’s one of the most moderate Democrats, level-headed people up here. And to be honest, it’s just been a joy to get to know and work with her. We’re in bipartisan prayer breakfast together. It’s something you’ll never see, but she gave just an incredible lesson to us today about life in our bipartisan prayer breakfast.”

MIL OSI USA News –

July 31, 2025

MIL-OSI New Zealand: Reform of import health systems begins

Source: New Zealand Government

The Government is taking decisive steps to modernise New Zealand’s import health system, with a new programme aimed at significantly reducing the time it takes to develop Import Health Standards (IHSs) while maintaining the country’s world-class biosecurity protections.

Biosecurity Minister Andrew Hoggard says the current regulatory framework is over 30 years old and is struggling to adapt to today’s fast-moving global trade environment.

“The way we develop import health standards hasn’t kept pace with the demands of modern trade and innovation. We need a system that is faster, smarter, and more responsive, without compromising our biosecurity.”

A regulatory efficiency programme is now underway to transform the IHS development process.

“The programme will make IHSs easier to use and understand for industry, but also much faster to develop.”

Mr Hoggard says one of the most promising innovations is the use of generative artificial intelligence to support pest risk analysis, standards drafting, and consultation materials.

“We’ve already seen successful proof-of-concept trials that show AI can significantly reduce the time it takes to complete key parts of the IHS process. This is about using smart tools to do the heavy lifting, so our experts can focus on the decisions that matter most.”

A key pilot project is the reform of the Plant Nursery Stock import system, and the Ministry for Primary Industries (MPI) has started work reforming the plant import system in collaboration with importers and growers.

“Our plant-based industries need safe and efficient access to new plant material to stay competitive, improve productivity, adapt to climate change, and meet evolving consumer preferences. We’re working closely with industry to co-design a system that works for users, supports access to new plant genetics, and protects our environment.
These protections underpin the work of our farmers and growers, and the $59.9 billion primary sector.

Once fully delivered, this reform programme will mean faster approvals for imported goods that New Zealand businesses need and the removal of unnecessary restrictions to growth and productivity, while still maintaining strong biosecurity protections.”

We’re committed to building a system that supports growth, innovation, and resilience for the years ahead,” Mr Hoggard says.

MIL OSI New Zealand News –

July 31, 2025

MIL-OSI China: China to allocate 90 billion yuan for nationwide childcare subsidies

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

China’s central budget will allocate 90 billion yuan (about 12.6 billion U.S. dollars) this year to support the issuance of childcare subsidies, the Ministry of Finance said Wednesday.

A woman and her child have fun at a park in Zaozhuang, east China’s Shandong Province, June 1, 2025. (Photo by Sun Zhongzhe/Xinhua)

The fund, which is a transfer payment from the central budget, will assist local governments in issuing the subsidies, covering nearly 90 percent of the total amount distributed, ministry official Guo Yang told a press conference.

The move follows the country’s recent introduction of a nationwide childcare subsidy program, which sets a standard of 3,600 yuan per year for each child under the age of three, and is expected to benefit more than 20 million families each year.

The finance and healthcare departments are actively advancing the calculation and distribution of the fund, Guo said, emphasizing that through comprehensive oversight, every penny will safely reach those eligible for the support.

According to Wang Haidong, an official with the National Health Commission (NHC), childcare subsidy applications will be gradually rolled out across China in late August, with full access expected by Aug. 31.

EASY ACCESS TO CHILDCARE SUBSIDIES

The subsidy can be applied for online through a unified national information system, allowing everyone to submit applications without leaving home, while offline channels and in-person services will also be in place, Wang said at the press conference.

Those who are unable to apply online due to special circumstances can do so by going to the township or subdistrict office where the infant is registered, he added.

Measures have been introduced to make the application process easier. Applicants, notably, only need to submit essential materials that verify the infant’s identity and caregiving relationship — such as the birth certificate and household registration book.

A wide range of application channels will also be available, including provincial-level government service platforms and third-party platforms such as Alipay and WeChat, which are all commonly used and can be conveniently accessed online using mobile phones, Wang said.

Guo Yanhong, deputy head of the NHC, said the subsidy is available to all eligible children, regardless of whether they live in urban or rural areas, their ethnicity or region, or whether they are the first, second, or third child in the family.

She noted that the subsidy standard was set based on factors such as childcare costs and fiscal capacity, while also drawing on international practices, as direct financial support is a common policy tool to encourage childbirth globally. In China, some local governments have piloted similar programs, which have been well-received by the public.

EXPANDING BIRTH-FRIENDLY POLICIES

According to Liu Hongmei at the All-China Federation of Trade Unions, China has intensified efforts to protect the maternity rights of working women.

At the press conference, Liu said that from 2022 to 2024, the organization allocated 22.5 million yuan in employer subsidies to expand workplace childcare, making these services more accessible and affordable for working parents.

Trade unions nationwide are encouraged to foster family-friendly workplaces through multiple measures, such as providing breastfeeding rooms for female employees, the official said.

Liu Juan, an official of the National Healthcare Security Administration, said that a total of 253 million people were covered by China’s maternity insurance by June 2025, including rising numbers of flexible employees and migrant workers.

Since 2021, the country’s maternity insurance benefits have been accessed 96.14 million times, with cumulative fund expenditure totaling 438.3 billion yuan, she added.

Notably, assisted reproductive services are now covered by medical insurance across 31 provincial-level regions and in the Xinjiang Production and Construction Corps, and painless delivery services are also covered in certain regions, according to Liu.

MIL OSI China News –

July 31, 2025

MIL-OSI USA: DelBene Hears from Washington Brewers on Rising Tariff Costs

Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

Today, Congresswoman Suzan DelBene (WA-01) hosted a roundtable with local brewers and industry leaders at Postdoc Brewing in Redmond to discuss how current trade and tariff policies are impacting Washington’s craft beer industry.

Tariffs on imported aluminum and steel have driven up costs for small breweries that rely on kegs, cans, and specialized brewing equipment. The uncertainty around future tariffs is also making it harder for brewers to invest in upgrades and expand operations, threatening local jobs and production.

Washington is home to more than 400 breweries, but 2024 marked the first year since 2005 that more breweries closed than opened. Many small, independent brewers operate on thin margins and cannot absorb higher input costs without raising prices, something that’s difficult in an already competitive market. DelBene, who co-leads the Congressional Trade Authority Act, has introduced and supported legislation to limit presidential tariff powers and ensure Congress has a role in trade decisions. These include:

“Washington’s breweries are innovative, community-focused small businesses that support jobs across our region,” said DelBene. “Rising costs and trade uncertainty are putting them in a difficult spot. I’m working to ensure our policies support growth, sustainability, and long-term success for these local businesses.”

“The vast majority of craft breweries in Washington are small businesses like ours and we are all struggling with the rising costs of goods,” said Robyn Schumacher, Co-owner of Stoup Brewing. “While we source many of our ingredients and goods from regional providers, it’s not always possible. The uncertainty around tariffs and the cost of goods hits small businesses like ours particularly hard as we are already working with small margins. It’s far more difficult for small local businesses to stay afloat when costs are so wildly unpredictable.”

“Chaotic tariff policies create uncertainty and without stable pricing it’s hard for us to plan, budget, or stay competitive,” said Tom Schmidlin, Owner and Head Brewer, Postdoc Brewing. “Unlike large corporations, small businesses don’t have the buffer or buying power to absorb sudden cost spikes, and we can’t change prices on a weekly basis to cover increased costs.”

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: DelBene Hears from Washington Brewers on Rising Tariff Costs

Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

Today, Congresswoman Suzan DelBene (WA-01) hosted a roundtable with local brewers and industry leaders at Postdoc Brewing in Redmond to discuss how current trade and tariff policies are impacting Washington’s craft beer industry.

Tariffs on imported aluminum and steel have driven up costs for small breweries that rely on kegs, cans, and specialized brewing equipment. The uncertainty around future tariffs is also making it harder for brewers to invest in upgrades and expand operations, threatening local jobs and production.

Washington is home to more than 400 breweries, but 2024 marked the first year since 2005 that more breweries closed than opened. Many small, independent brewers operate on thin margins and cannot absorb higher input costs without raising prices, something that’s difficult in an already competitive market. DelBene, who co-leads the Congressional Trade Authority Act, has introduced and supported legislation to limit presidential tariff powers and ensure Congress has a role in trade decisions. These include:

“Washington’s breweries are innovative, community-focused small businesses that support jobs across our region,” said DelBene. “Rising costs and trade uncertainty are putting them in a difficult spot. I’m working to ensure our policies support growth, sustainability, and long-term success for these local businesses.”

“The vast majority of craft breweries in Washington are small businesses like ours and we are all struggling with the rising costs of goods,” said Robyn Schumacher, Co-owner of Stoup Brewing. “While we source many of our ingredients and goods from regional providers, it’s not always possible. The uncertainty around tariffs and the cost of goods hits small businesses like ours particularly hard as we are already working with small margins. It’s far more difficult for small local businesses to stay afloat when costs are so wildly unpredictable.”

“Chaotic tariff policies create uncertainty and without stable pricing it’s hard for us to plan, budget, or stay competitive,” said Tom Schmidlin, Owner and Head Brewer, Postdoc Brewing. “Unlike large corporations, small businesses don’t have the buffer or buying power to absorb sudden cost spikes, and we can’t change prices on a weekly basis to cover increased costs.”

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Capito: The OBBB Delivers Tax Relief for West Virginians

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito

WASHINGTON, D.C. – The One Big Beautiful Bill prevents what could have been the largest tax increase in history for working- and middle-class Americans. By permanently extending and expanding on the successful Tax Cuts and Jobs Act (TCJA), passed during President Trump’s first term, Senate Republicans are delivering on their promise to foster an environment of economic growth and increase affordability for American families.

“The One Big Beautiful Bill delivers the largest tax cut in history to hardworking people in West Virginia and across the country. That means that West Virginia families not only get to keep more of their hard-earned paychecks, but they will see their take-home pay increase by thousands of dollars. These tax cuts will also help small businesses grow and hire more people, leading to greater economic growth and more opportunity,” Senator Capito said.

West Virginia Wins:

Around 400 thousand seniors in West Virginia could benefit from the no taxes on social security.
5% of the labor force is employed in occupations that will benefit from the no taxes on tips.
Establishes a $6,000 bonus deduction for seniors.
Establishes a permanent small business deduction and increases Section 179, Small Business Expensing Cap from $1.25 million to $2.5 million.
Extends the Hydrogen Tax Credit (945V) until January 1, 2028, which will save Hydrogen Hubs across the country, including West Virginia’s ARCH2 project.
Permanently restores 163j interest deductibility beginning after December 31, 2024, which will provide West Virginia’s small business owners the tools they need to compete, grow, and hire.

What Others Are Saying:

“The One Big Beautiful Bill Act is a landmark victory for West Virginia’s small businesses. By making the Small Business Tax Deduction permanent, Congress delivered the certainty that Main Street needs, allowing small business owners to continue to create jobs, grow their business, and invest in their communities. With the One Big Beautiful Bill Act, Senator Capito along with both Chambers of Congress, have strengthened the foundation of our economy and provided a boost not just for small businesses, but a boost for the entire country,” Gil White, NFIB West Virginia State Director, said.

“Senator Capito has always been a champion and leader for West Virginia’s hospitality and tourism industry, which is an economic driver that employs thousands of West Virginia workers and welcomes millions of visitors to our great state annually. We are thankful for Senator Capito’s support of key provisions in the One Big, Beautiful Bill that will positively impact our restaurant, lodging, and tourism industry members. Important policies included in the bill – such as ‘no tax or tips’ and ‘no taxes on overtime,” full expensing of capital equipment purchases, qualified business income deductions, and permanent family and medical leave credits – provide much-needed benefits to hospitality and tourism employees and regulatory and tax certainty for small business owners that will allow tourism to continue as an economic powerhouse for West Virginia,” Richie Heath, Executive Director of the West Virginia Hospitality and Travel Association, said.

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Leading National Security Dems Alarmed by Trump’s Steep Concessions to China

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC – Today, Senate Armed Services Ranking Member Jack Reed (D-RI) joined Ranking Senate Defense Appropriator Chris Coons (D-DE), Senate Minority Leader Chuck Schumer (D-NY), Senate Appropriations Vice Chair Patty Murray (D-WA), Senate Intelligence Committee Vice Chairman Mark Warner (D-VA), and several other key members of the Appropriations, Armed Services, Foreign Relations, and Intelligence Committees raised the alarm over public reporting that President Trump is pausing export controls on critical technology sold to China and undermining relations with Taiwan as part of an effort to secure a trade deal with Beijing.

The Senators are deeply concerned that President Trump’s desire for a perceived “deal” is clouding crucial U.S. export control decisions that could imperil national security, threaten U.S. artificial intelligence advantages, and put other American-generated emerging technologies critical to military programs at risk.

The twelve U.S. Senators, who also included Senate Appropriations Subcommittee on State and Foreign Operations Ranking Member Brian Schatz (D-HI), Senate Foreign Relations Committee member Tim Kaine (D-VA), Senate Foreign Relations Committee member Tammy Duckworth (D-IL), Senate Armed Services Committee member Mark Kelly (D-AZ), Senate Intelligence Committee member Michael Bennet (D-CO), Senate Armed Services Committee member Elissa Slotkin (D-MI), and Senate Subcommittee on National Security and International Trade and Finance Ranking Member Andy Kim (D-NJ), issued the following joint statement:

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