NewzIntel.com

Category: Transport

  • MIL-OSI Economics: Straight Talk Launches Mission to Help Families Build Healthy Digital Habits with “The First Phone Pact”

    Source: Verizon

    Headline: Straight Talk Launches Mission to Help Families Build Healthy Digital Habits with “The First Phone Pact”

    NEW YORK – As families prepare for the back-to-school season, Straight Talk Wireless, a leading prepaid brand covered by Verizon’s 5G network, is addressing one of parents’ most pressing concerns: helping children develop healthy phone habits from the start. The wireless carrier today released “The First Phone Pact,” a resource that goes beyond connectivity to provide families with practical tools for establishing digital boundaries together. The new resource was developed in partnership with Dr. Jacqueline Nesi, a psychologist who studies the impact of digital technology on kids’ well-being.

    The First Phone Pact offers an elevated, user-friendly experience designed to help families create an agreement that reflects their specific values, parenting style, and child’s maturity. This pact creates clear expectations upfront — shaping their child’s first phone experience with clarity and care.

    This customizable pact helps parents establish their own ground rules around:

    • Screen time limits and phone-free zones
    • Appropriate apps and content guidelines
    • Consequences for misuse
    • Digital citizenship and online etiquette
    • Age-appropriate milestones and privileges

    “At Straight Talk, we believe that anyone’s first exposure to a phone should come with a plan for how to use it,” said Nancy Clark, President at Verizon Value. “The First Phone Pact gives families the blueprint they need to establish healthy digital habits from day one and includes expert-backed guidance parents can trust. Families deserve a smooth, confident digital transition.”

    The campaign responds to growing parental anxiety around children’s first exposure to phones. Back-to-school preparation now extends beyond supplies and clothes to include digital boundaries, as families grapple with questions about appropriate screen time, online safety, and responsible technology use.

    “A child’s first phone is an important milestone for families,” said Dr. Nesi. “It’s the perfect opportunity to lay the groundwork for healthy digital habits in the future. Having open, honest conversations and setting clear boundaries upfront goes a long way and we’re here to help parents do that by providing practical, personalized tools.”

    The First Phone Pact is available as a free resource for all families, regardless of their wireless carrier. Supporting families goes beyond digital guidance. In addition to The First Phone Pact, Straight Talk is making back-to-school easier with affordable device deals available only at Walmart and StraightTalk.com.

    For a limited time through 10/19/25, families can take advantage of special back-to-school savings on top devices, including:

    • Samsung A26 – Only $99 (a $100 savings) with a $55+ plan
    • $50 off select iPhone models (iPhone 14, 15, 15+, 15 Pro and 16e) with activation of a $55+ plan
    • Moto G 5G (128 GB) – Free (on us) with activation of a $55+ plan, for new lines or upgrades

    The downloadable First Phone Pact template is available in English and Spanish. For more information, visit thefirstphonepact.com.

    About Straight Talk

    Straight Talk Wireless provides quality no-contract wireless solutions to value-conscious consumers and is available exclusively at Walmart, Walmart.com, and Straighttalk.com.

    Straight Talk is part of the Verizon Value portfolio of prepaid brands, which includes Total Wireless, Visible, Tracfone, Simple Mobile, SafeLink, Walmart Family Mobile, and Verizon Prepaid.

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Dan Goldman’s Statement on Joining Lawsuit Demanding Trump Administration Allow Access to Immigration Detention Facilities

    Source: US Congressman Dan Goldman (NY-10)

    Read the Lawsuit Here

    “For months, masked, unidentified ICE agents have been illegally detaining hundreds of non-violent, law-abiding immigrants and holding them for days or weeks in federal facilities in my district without beds, showers, sufficient food, or proper medical care.  

    “Despite repeated efforts, DHS and ICE blocked me from conducting my oversight obligations to inspect these reported inhumane conditions and hold ICE accountable. 

    Today, fellow Members of Congress and I are filing suit.  

    “The Department of Homeland Security’s refusal is illegal. The law clearly states that Members of Congress must be granted access to any DHS facility used “to detain or otherwise house” immigrants. DHS has repeatedly ignored this legal requirement and blocked multiple attempts by me to observe a facility in my district at 26 Federal Plaza.

    “These actions constitute a direct violation of federal law and a dangerous obstruction of congressional authority. 

    “We did not arrive at this decision lightly. We have given DHS and Secretary Noem every opportunity to comply with the law. We have asked our Republican colleagues in the majority to join us in supporting their own congressional authority. I have even provided prior notice of my visits, even though the statute expressly permits unannounced visits. At every turn, I have been rebuffed. When a federal agency willfully defies the law and blocks congressional oversight, Members of Congress have both the right and the obligation to act. 

    “If House Republicans will not stand up for their own rights and obligations to conduct vital congressional oversight, then my Democratic colleagues and I are left with no choice but to go to the courts to do so. As Donald Trump escalates his mass deportation agenda with an infusion of $45 billion to detain and imprison immigrants, it is even more critical that Members of Congress be allowed to assert our statutory right to conduct oversight of ICE’s operations and provide transparency to the American people.” 

    ### 

    MIL OSI USA News –

  • MIL-OSI USA News: Adjusting Imports of Copper into the United States

    Source: US Whitehouse

    class=”has-text-align-center”> BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
     
    A PROCLAMATION

    1.  On June 30, 2025, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effects of imports of copper in all forms (copper), including copper ores, copper concentrates, refined copper, copper alloys, scrap copper, and derivative products, on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended, 19 U.S.C. 1862 (section 232).  Based on the facts considered in that investigation, the Secretary found and advised me of his opinion that copper is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.

    2.  The Secretary found that the present quantities of copper imports and the circumstances of global excess capacity for producing copper are weakening our economy, resulting in the persistent threat of further closures of domestic copper production facilities and the shrinking of our ability to meet national security production requirements.  Because of these risks, and taking into account the close relation of the economic welfare of the Nation to our national security and other relevant factors, see 19 U.S.C. 1862(d), the Secretary found that the present quantities and circumstances of copper imports threaten to impair the national security as provided in section 232.

    3.  In reaching this conclusion, the Secretary found that copper is essential to the manufacturing foundation on which United States national and economic security depend.  Copper is the second most widely used material by the Department of Defense and is a necessary input in a range of defense systems, including aircraft, ground vehicles, ships, submarines, missiles, and ammunition.  Copper also plays a central role in the broader United States industrial base.  The metal’s exceptional electrical conductivity and durability also make it indispensable to critical infrastructure sectors that support the American economy, national security, and public health.  Alternatives to copper are insufficient substitutes for these vital industries and products in many circumstances.

    4.  The Secretary found that the United States was a world leader across the value chain of copper production (mining, refining, semi-finished goods, and finished goods containing copper) for most of the 20th century.  But despite copper being a crucial material in manufacturing and for the national and economic security of the United States, United States copper production has plummeted.  Today, a single foreign country dominates global copper smelting and refining, controlling over 50 percent of global smelting capacity and holding four of the top five largest refining facilities.

    5.  The Secretary found that unfair trade practices abroad, exacerbated by overly burdensome environmental regulations at home, have hollowed out United States copper refining and smelting, caused the United States to be overly reliant on foreign copper imports, and prevent a path forward without strong corrective action.  Foreign competitors leverage state subsidies and overproduction to flood international markets with artificially low-priced copper products, driving United States producers out of business.  The United States is now dangerously dependent on foreign imports of semi-finished copper, intensive copper derivative products, and copper-containing products, and imbalances in the global markets make domestic investment increasingly unviable.

    6.  The Secretary found that United States dependency on foreign sources of copper is a national security vulnerability that could be exploited by foreign countries, weakens United States industrial resilience, exposes the American people to supply chain disruptions, economic instability, and strategic vulnerabilities, and jeopardizes the United States defense industrial base. 

    7.  In light of these findings, the Secretary recommended a range of actions to adjust the imports of copper so that such imports will not threaten to impair the national security.  For example, the Secretary recommended an immediate universal 30 percent import duty on semi-finished copper products and intensive copper derivative products.  The Secretary also recommended a phased universal tariff on refined copper of 15 percent starting in 2027 and 30 percent starting in 2028.  The Secretary further recommended a domestic sales requirement for copper input materials starting at 25 percent in 2027, a domestic sales requirement of 25 percent for high-quality copper scrap, and export controls for high-quality copper scrap. 

    8.  After considering the Secretary’s report, the factors in section 232(d), 19 U.S.C. 1862(d), and other relevant factors, among other things, I concur with the Secretary’s finding that copper is being imported into the United States in quantities and under circumstances that threaten to impair the national security of the United States.  In my judgment, and in light of the Secretary’s report, the factors in section 232(d), 19 U.S.C. 1862(d), and other relevant factors, among other things, I also determine that it is necessary and appropriate to impose tariffs, as described below, to adjust imports of copper and its derivatives so that such imports will not threaten to impair the national security of the United States.

    9.  To ensure that the tariffs on copper in this proclamation are not circumvented and that the purpose of this action to address the threat to impair the national security of the United States posed by imports of copper is not undermined, I also deem it necessary and appropriate to set up a process to identify and impose tariffs on certain derivatives of copper, as further described below.

    10.  In my judgment, the action in this proclamation will, among other things, help increase domestic production of semi-finished copper products and intensive copper derivative products, thereby reducing our Nation’s reliance on foreign sources.  It will ensure that domestic fabricators are able to supply sufficient quantities of copper products essential for infrastructure, defense systems, and advanced manufacturing.  This action will also promote investment, employment, and innovation in the domestic copper fabrication sector, strengthen supply chains, enhance industrial resilience, and generate meaningful economic benefits.  This action will adjust the imports of semi-finished copper products, intensive copper derivative products, and certain other copper derivatives and is necessary and appropriate to address the threat to impair the national security of the United States posed by imports of such articles.

    11.  Section 232 authorizes the President to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security so that such imports will not threaten to impair the national security. 

    12.  Section 604 of the Trade Act of 1974, as amended, 19 U.S.C. 2483, authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.

    13.  Consistent with the General Terms for the United States of America and the United Kingdom of Great Britain and Northern Ireland Economic Prosperity Deal (May 8, 2025), the United States intends to coordinate with the United Kingdom to adopt a structured, negotiated approach to addressing the national security threat in the copper sector.

    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 232; the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); section 101 of the Defense Production Act of 1950 (DPA), as amended, 50 U.S.C. 4511; section 301 of title 3, United States Code; and section 604 of the Trade Act of 1974, as amended, 19 U.S.C. 2483, do hereby proclaim as follows:
    (1)  Except as otherwise provided in this proclamation, all imports of semi-finished copper products and intensive copper derivative products, as set forth in the Annex to this proclamation, shall be subject to a 50 percent tariff.  This tariff 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 1, 2025, and shall continue in effect, unless such action is expressly reduced, modified, or terminated.  This tariff is in addition to any other duties, fees, exactions, and charges applicable to such imported semi-finished copper products and intensive copper derivative products, unless stated otherwise below.
    (2)  The Secretary, in consultation with the United States International Trade Commission and U.S. Customs and Border Protection (CBP), shall determine whether any modifications to the HTSUS are necessary to effectuate this proclamation and shall make such modifications through notice in the Federal Register if needed.
    (3)  Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative copper articles within the scope of the duties of this proclamation, consistent with the processes established pursuant to Proclamation 10895 of February 10, 2025 (Adjusting Imports of Aluminum Into the United States) and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).
    (4)  The non-copper content of all copper articles subject to this proclamation shall be subject to tariffs pursuant to 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), and any other applicable duties, including those imposed by Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended, Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended, and Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended.  The additional duties described in clauses 1 through 3 of this proclamation shall apply only to the copper content of articles subject to this proclamation.  CBP shall issue authoritative guidance mandating strict compliance with declaration requirements for copper content in imported articles and outlining maximum penalties for noncompliance, including that importers who submit underreported declarations may be subject to severe consequences, such as significant monetary penalties, loss of import privileges, and criminal liability, consistent with United States law.
    (5)  If any product is subject to tariffs under both this proclamation and Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), as amended, the product shall be subject to the duties imposed pursuant to Proclamation 10908, as amended, and not those imposed pursuant to this proclamation.
    (6)  Any product described in clause 1 of this proclamation, except those eligible for admission as “domestic status” as described in 19 CFR 146.43, that is subject to a duty imposed by this proclamation and that is admitted into a United States foreign trade zone on or after the effective date of this proclamation must be admitted as “privileged foreign” status as described in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading. 
    (7)  The Secretary shall continue to monitor imports of copper and its derivatives.  The Secretary shall, from time to time, in consultation with any senior executive branch officials the Secretary deems appropriate, review the status of copper and copper derivative imports with respect to national security.  The Secretary shall inform the President of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232.  By June 30, 2026, the Secretary shall provide the President with an update on domestic copper markets, including refining capacity and the market for refined copper in the United States, so that the President may determine whether imposing a phased universal import duty on refined copper of 15 percent starting on January 1, 2027, and 30 percent starting on January 1, 2028, as recommended by the June 30, 2025, report, is warranted to ensure that copper imports do not continue to threaten to impair the national security.  The Secretary shall also inform the President of any circumstance that, in the Secretary’s opinion, might indicate that the duty rate provided for in this proclamation, or any actions modifying this proclamation, is no longer necessary.
    (8)  Separately, I find that copper input materials and high-quality copper scrap meet the criteria specified in section 101(b) of the DPA, 50 U.S.C. 4511(b).  Pursuant to the authority delegated to the Secretary in Executive Order 13603 of March 16, 2012 (National Defense Resources Preparedness), the Secretary shall take all appropriate action to implement the domestic sales requirements that he recommended in the June 30, 2025, report.
    (9)  The Secretary may issue regulations, rules, guidance, and procedures consistent with the purpose of this proclamation, including to address operational necessity.
    (10)  No drawback shall be available with respect to the duties imposed pursuant to this proclamation.
    (11)  CBP may take any necessary or appropriate measure to administer the tariff imposed by this proclamation.
    (12)  Any provision of previous proclamations and Executive Orders that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.  If any provision of this proclamation, or the application of any provision to any individual or circumstance, is held to be invalid, the remainder of this proclamation and the application of its provisions to any other individuals or circumstances shall not be affected.

    IN WITNESS WHEREOF, I have hereunto set my hand this thirtieth day of July, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and fiftieth.
     
     
     
                                   DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI Canada: Province, Powell River work together to address homelessness

    Source: Government of Canada regional news

    More support is on the way for people experiencing homelessness as the Province and the City of Powell River partner on a new temporary shelter.

    “We’re focused on bringing people indoors, keeping people safe and building strong communities where no one is left behind,” said Christine Boyle, Minister of Housing and Municipal Affairs. “Addressing homelessness is a complex challenge, but the work we’re doing is starting to make real progress. We’re helping people move indoors so they can access the supports that help stabilize their lives.”

    The Province, through BC Housing, the City of Powell River and Lift Community Services, are working together to support people sheltering outdoors and in encampments, prioritizing their health and safety.

    A proposed new 40-bed temporary shelter at 7104 Barnet St. will replace the 20-bed emergency shelter at 4746 Joyce Ave. that closed in March, doubling available shelter capacity in the community. The shelter will be operated by Lift and will offer 24/7 staffing, meals, laundry, showers and storage, as well as connections to housing and support services. It will also have security measures in place, including fenced grounds, controlled access, security cameras and lighting. If approved by city council, it is expected to open this winter as the Province works to deliver more housing options in the community.

    In addition, in response to the toxic-drug crisis, the qathet overdose prevention service, previously at 4752 Joyce Ave., will also be located at the temporary shelter site. Funded by Vancouver Coastal Health and operated by Lift, the site will provide life-saving services, including a stand-alone trailer, outdoor inhalation support and a peer-recovery navigator to connect people with recovery services.

    “This response reflects the collaboration we need to address complex challenges like homelessness,” said Ron Woznow, mayor of Powell River. “The Province, through BC Housing, is leading the delivery and funding of the shelter, Vancouver Coastal Health is providing funding for vital health services, Lift Community Services will operate the site and the city will provide the land. Together, we will provide opportunities for Powell River residents to have the accommodation and medical support they require.”

    This initiative reflects a shared commitment between the Province and the city to intensify efforts and bring more resources, helping people who are sheltering outdoors transition into safe, indoor spaces. The commitment supports a more co-ordinated response to homelessness and encampments, focusing on outreach and the rapid delivery of temporary housing so people can access support as quickly as possible.

    Building on progress made in Abbotsford, Campbell River, Chilliwack, Duncan, Kamloops, Kelowna, Nanaimo, Prince George, Vancouver, and Victoria, Powell River will be the first of a second group of local governments partnering with the Province to put in place homeless and encampment responses and temporary housing solutions.

    This work is part of the Province’s Belonging in B.C. plan to help prevent homelessness and bring more people indoors quickly. Since 2017, the Province has more than 93,250 homes delivered or underway, including more than 230 homes in Powell River.

    Quotes:

    Randene Neill, MLA for Powell River-Sunshine Coast –

    “These new shelter spaces will offer safety, dignity and a path toward stability for people experiencing homelessness. I’m proud to see Powell River taking action to ensure everyone has access to the supports they need in the community they call home.”

    Jeremy Valeriote, MLA for West Vancouver-Sea to Sky, and interim BC Green leader –

    “Smaller communities in B.C. are often underserved when it comes to appropriate housing options, which only compounds economic and social challenges. We’re pleased to see the Province supporting Powell River through the HEART and HEARTH fund to advance housing models that meet local needs. We’re hopeful that more communities will gain access to these funds to support those most at risk of homelessness.”

    Kim Markel, executive director, Lift Community Services –

    “We’re very grateful for the collaborative action being taken to provide vital, life-saving services in qathet. Everyone, no matter their life circumstances, has a right to shelter and health care, and we’re proud to be part of the team providing these services to community members.”

    Quick Facts:

    • The Province, through BC Housing, is providing $4.6 million toward construction of the shelter through the Homeless Encampment Action Response Temporary Housing (HEARTH) program and $1.6 million in annual operating funding.
    • The City of Powell River will lease the land for the project to BC Housing.
    • Vancouver Coastal Health is funding the relocation and operation of the overdose prevention service.
    • The Province, through BC Housing, Lift Community Services and the city, are also partnering to implement Powell River Homeless Encampment Action Response Teams (HEART), a multidisciplinary outreach partnership that includes local governments, Indigenous partners, health-care agencies and non-profit organizations.  
    • The program is designed to rapidly respond to encampments of people sheltering outdoors, assess their needs and better support people to move indoors.

    Learn More:   

    To read the Belonging in B.C. plan, visit: https://news.gov.bc.ca/files/BelongingStrategy.pdf 

    For information about the HEART and HEARTH programs, visit: https://www.bchousing.org/housing-assistance/homelessness-services/HEART-HEARTH 

    To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/

    To see a map showing the location of all announced provincially funded housing projects in B.C., visit: https://www.bchousing.org/homes-for-BC

    MIL OSI Canada News –

  • MIL-OSI Security: Collin County felon sentenced to 19 years in federal prison for drug trafficking and firearms violations

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    SHERMAN, Texas – A Princeton man has been sentenced to 19 years in federal prison for drug trafficking and firearms violations in the Eastern District of Texas, announced Acting U.S. Attorney Jay R. Combs.

    Larry Wayne Culverhouse, 39, pleaded guilty to possession of a firearm in furtherance of a drug trafficking crime; felon in possession of a firearm; and possession of methamphetamine with intent to distribute and was sentenced to 228 months in federal prison by U.S. District Judge Amos L. Mazzant, III, on July 30, 2025.

    According to information presented in court, on August 30, 2023, Culverhouse was found in possession of 504.3 grams of methamphetamine and a firearm.  Further investigation revealed Culver was a convicted felon and prohibited from owning or possessing firearms.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and prosecuted by Acting U.S. Attorney Jay R. Combs.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Columbia Falls man sentenced to prison for pointing a laser at a helicopter

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    MISSOULA – A Columbia Falls man who pointed a laser-mounted firearm at a helicopter was sentenced today to eight months in prison to be followed by three years of supervised release, and a $15,000 fine, U.S. Attorney Kurt Alme said.

    Travis Kurt Myers, 57, pleaded guilty in March 2025 to one count of aiming a laser pointer at an aircraft.

    U.S. District Judge Dana L. Christensen presided.

    The government alleged in court documents that Flathead County Sheriff’s deputies received a report from a delivery driver that had a green laser pointed at his vehicle and then heard a gunshot in Columbia Falls, Montana. Another witness also reported Myers had pointed a gun at her and discharged it at the ground. As deputies were interviewing the witness, they continued to hear gunshots coming from the area. Aerial surveillance was requested.

    A helicopter equipped with thermal-capable cameras was able to locate Myers outside his residence with a firearm. Myers repeatedly pointed the firearm with a laser mounted on it at the helicopter. The pilots were able to see the laser and able to capture it on their cameras. The pilots observed the gun being fired but were unsure if he had it pointed in their direction. Law enforcement officers on the ground near Myers’ residence could hear the helicopter in flight, supporting Myers had knowledge he was aiming the laser at the helicopter.

    Law enforcement took Myers into custody without incident. They obtained a search warrant for the property and located numerous firearms and hundreds of rounds of ammo. They located an unregistered silencer and a rifle with a green laser attached.

    The U.S. Attorney’s Office prosecuted the case. The investigation was conducted by the ATF and the Flathead County Sheriff’s Office.

    XXX

    MIL Security OSI –

  • MIL-OSI Security: Dauphin County Man Sentenced To 115 Months’ Imprisonment For Firearm Offense

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Philip Shearer, age 49, of Harrisburg, Pennsylvania, was sentenced on July 14, 2025, to 115 months’ imprisonment and three years of supervised release by United States District Judge Karoline Mehalchick for one count of possession of an unregistered firearm.

    According to Acting United States Attorney John Gurganus, Shearer previously pled guilty to possession of an unregistered firearm—specifically, a privately-manufactured short-barrel rifle.  Shearer further admitted to possessing over 1,000 rounds of ammunition, several high-capacity magazines, and other tactical gear including night vision goggles and a ghillie suit, all of which were found in Shearer’s Harrisburg home. Shearer had 14 prior criminal convictions, including five driving under the influence convictions, an indecent assault conviction, and a domestic violence conviction. Shearer also attempted to purchase a firearm twice but was denied based on his background check. He then turned to making the firearms himself.

    “The sentencing of Philip Shearer emphasizes the serious dangers posed by felons who unlawfully possess and manufacture firearms,” said Special Agent in Charge of HSI Philadelphia Edward V. Owens. “Homeland Security Investigations is dedicated to collaborating with our law enforcement partners, like ATF and the U.S. Attorney’s Office for the Middle District of Pennsylvania, to ensure that dangerous criminals with a history of violence are not allowed to possess firearms.”

    “Protecting our communities from dangerous criminals like Philip Shearer is a top ATF priority,” said Eric DeGree, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Philadelphia Field Division. “With 14 criminal convictions, including multiple driving under the influence, indecent assault, and a domestic violence conviction, the law duly prohibits him from owning the unregistered short-barrel rifle he manufactured for himself after he was prevented from buying a firearm. Working with Homeland Security Investigations and the United States Attorney’s Office, we are making our communities safer one case at a time.”

    The matter was investigated by Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives.  Assistant United States Attorney Stephen Dukes prosecuted the case.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline), a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Two Sentenced in Fentanyl Drug Trafficking Organization

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    MARTINSBURG, WEST VIRGINIA – Two people have been sentenced for their roles in an Eastern Panhandle drug trafficking organization.

    The indictment, returned in January 2024 against Gary Brown, Jr. and eighty-one others, charged that the defendants caused substantial amounts of fentanyl, methamphetamine, and cocaine to be distributed in Berkeley and Jefferson Counties.

    Darien Jacob Horton, also known as “Dee Jae,”, age 25, of Shenandoah Junction, West Virginia, was sentenced to 135 months in federal prison. Horton was one of the distributors in the operation, purchasing large quantities of fentanyl capsules and other drugs for redistribution. Horton has prior convictions of attempted murder, firearms violations, and domestic battery.

    Jennifer Nicole Barthlow, age 41, of Charles Town, West Virginia, was sentenced to 27 months in federal prison. Barthlow was one of Brown’s distributors.

    Of the 82 defendants, 81 have been convicted. Including this week’s two, 74 defendants have been sentenced. Brown, Jr. was sentenced to 327 months in federal prison in May 2025.

    Assistant U.S. Attorneys Lara Omps-Botteicher and Kyle Kane prosecuted the cases on behalf of the government.

    U.S. District Judge Gina M. Groh presided.

    Investigative agencies include the Federal Bureau of Investigation (Pittsburgh Field Division and Baltimore Field Division); the Drug Enforcement Administration; the U.S. Department of Homeland Security Investigations; the United States Postal Inspection Service; the Bureau of Alcohol, Tobacco, Firearms, and Explosives; the United States Marshals Service;  the Eastern Panhandle Drug Task Force, a HIDTA-funded initiative; the West Virginia State Police; the West Virginia Air National Guard; the Jefferson County Sheriff’s Office; the Berkeley County Sheriff’s Office; Ranson Police Department; Martinsburg Police Department; Charles Town Police Department; the Berkeley County Prosecuting Attorney’s Office; Stafford County Sheriff’s Office (Virginia); Frederick County Sheriff’s Office (Maryland); Frederick County Sheriff’s Office (Virginia); Winchester Police Department; and the Clarke County Sheriff’s Office (Virginia).

    This investigation is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: Gregg County man sentenced to 30 years in federal prison for trafficking fentanyl

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    TYLER, Texas – A Longview man who sold fake prescription drugs has been sentenced to 30 years in federal prison for trafficking fentanyl in the Eastern District of Texas, announced Acting U.S. Attorney Jay R. Combs.

    Kym Andrew Wallace, also known as Trigga, 28, pleaded guilty to possession with intent to distribute fentanyl resulting in death and was sentenced to 360 months in federal prison by U.S. District Judge Jeremy D. Kernodle on July 30, 2025.

    According to information presented in court, Wallace admitted to selling what were supposed to be prescription pills, which a 17-year-old juvenile consumed them and died from a fentanyl overdose on May 29, 2024.  Following the overdose of the juvenile victim, investigators analyzed pills purchased from Wallace and determined they contained fentanyl.  Fentanyl is a synthetic opioid commonly used as an analgesic or anesthetic that is 100 times more potent than morphine and 50 times more potent than heroin, according to the National Institutes of Health (NIH).  The pills purchased from Wallace were round and light blue, bearing the markings “M” and “30,” which are the same manufacturer’s markings for 30 milligram tablets of generic oxycodone.

    “Thirty years in a federal prison cannot compare to the lifetime sentence of grief that the victim’s family faces as the result of Wallace’s actions,” said Acting U.S. Attorney Jay R. Combs.  “Wallace deserves every day of this 360-month sentence.  Our office, and our law enforcement partners, will continue to aggressively work to protect our communities from drug traffickers like Wallace.”

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives; U.S. Drug Enforcement Administration; Gregg County Sheriff’s Office; and Longview Police Department.  This case was prosecuted by Assistant U.S. Attorney Lucas Machicek.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Two teenagers convicted after fatal stabbing of Daejaun Campbell

    Source: United Kingdom London Metropolitan Police

    Two teenagers have been convicted of murder and manslaughter in relation to the death of a 15-year-old boy in Woolwich, in an unprovoked attack – the exact motive for the attack remains unclear. A third teenager was acquitted of murder.

    Two appeared at the Old Bailey today and the jury returned their verdicts after a six week trial.

    Marko Balaz, 19 (20.12.2005) of Sewell Road, SE2, was convicted of manslaughter and a 17-year-old boy was convicted of murder.

    Jacob Losiewicz, 18 (22.07.2006) of Church Manorway, SE2, was acquitted of murder on Tuesday, 30 July.

    The victim, 15-year-old Daejaun Campbell, was fatally stabbed following a disturbance on Eglington Road, SE18.

    Detective Chief Inspector Kate Blackburn said: “Daejaun’s murder shocked the local community and will forever impact his grieving family and those who loved him.

    “I commend the strength of Daejaun’s family, in particular his mother, throughout this awful ordeal. She has demonstrated exceptional courage and composure throughout this trial and has become an advocate to raise awareness of the dangers of young people carrying knives and the devastation that knife violence causes.”

    A murder investigation was launched on Sunday, 22 September 2024 after police were called to reports of the stabbing of a boy on Eglington Road, SE18.

    Witnesses called the police at around 18:30hrs to reports of a boy screaming for help and being chased down the street before being attacked with what looked like a machete. Brave members of the public ran to help Daejaun, who was lying on the floor after sustaining multiple stab wounds.

    London Ambulance Service and HEMS attended the scene but sadly Daejaun died a short time later in the road where he had been stabbed.

    A murder investigation commenced, quickly identifying a car which had been used to bring the defendants to the scene. CCTV footage including doorbell camera footage was identified which showed the teenagers leaving a property to attack Daejaun. The identities of the group were soon established.

    Losiewicz was arrested the following day with the distinctive top he was wearing during the murder being recovered on his bedroom floor, but his tracksuit bottoms and sliders were missing. During his interview, Losiewicz denied being involved in Daejaun’s murder and claimed to be a witness who ran from the scene after being scared. He claimed to have been unable to stop the attack.

    Balaz was arrested at his home address on 25 September where he denied any involvement, claimed to have been at home during the offence and denied any prior knowledge of Daejaun or his murder. Balaz was, however on an electronically monitored tag which demonstrated he was lying and had travelled to Eglinton Road at the time of the murder. Officers were to later find multiple internet searches on Balaz’s phone around relating to Daejaun’s murder.

    The 17-year-old boy was arrested on 27 September. His phone was analysed and messages were found which showed he was worried about spending 20 years in prison after killing someone and joking with friends that his life was “about to take a massive turn”. Losiewicz sliders were found in the 17 year old’s house and Daejaun’s blood was found on them. At trial he admitted to stabbing Daejaun but claimed he did so in self defence, as Daejaun also had a knife.

    All three were charged with murder and remanded into custody.

    DCI Kate Blackburn added: “We have never fully established why Daejaun was murdered in such a brutal way. I believe it is likely because he did not live in the area and had been exploited into dealing drugs there. It is possible that the defendant’s were linked to an opposing drugs line.

    “This group were willing to bring a machete out in broad daylight and use it to kill a 15-year-old boy who, when challenged, threw his knife away and ran in the opposite direction.

    “Today’s convictions conclude a lengthy and emotional investigation, and we can expect the two convicted teenagers to spend a considerable time in prison. However, they will still be able to have lives after their incarceration, Daejaun was not given that opportunity.

    “I hope that the conviction today provides some sense of justice to Deajuan’s family.”

    The pair will be sentenced at the same court on Monday, 6 October.

    MIL Security OSI –

  • MIL-OSI USA: WATCH: Padilla Exposes Alarming Surge in Voter Suppression, Republican Push for Racial Gerrymandering in Texas During Spotlight Forum

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WATCH: Padilla Exposes Alarming Surge in Voter Suppression, Republican Push for Racial Gerrymandering in Texas During Spotlight Forum

    Padilla: “Instead of running on a record of clawing away health care coverage to pay for tax cuts for billionaires, they’re trying to rig the rules of the game.”

    WATCH: Padilla: “The Trump Administration is not focused on protecting your right to vote. They’re focused on denying it.”

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.), Ranking Member of the Senate Committee on Rules and Administration and California’s former Secretary of State, and Dick Durbin (D-Ill.), Ranking Member of the Senate Judiciary Committee, convened a Rules and Judiciary Committee Democrats spotlight forum titled “Protecting the Future of American Democracy: Fighting a Surge in Voter Suppression.”

    Padilla’s remarks at the forum focused on recent trends in disturbing voter suppression tactics, including:

    • The Trump Administration’s efforts to pressure Texas and other states to undertake mid-decade racial redistricting for partisan political purposes;
    • The six-month long effort to overturn the election for the State Supreme Court in North Carolina by the targeted disenfranchisement of eligible voters after they cast their ballots, including military voters serving our country overseas; and
    • The change in mission of the DOJ Civil Rights Division’s Voting Section to focus on unsubstantiated voter fraud claims, and the DOJ’s demands for multiple states’ sensitive voter information.

    During the forum, Padilla uncovered recently received DOJ requests to Los Angeles, San Diego, and San Francisco for their voter data, setting up a potential purge of voter rolls.

    Padilla also shed light on potential violations of the Hatch Act committed by senior Trump Administration political appointees regarding their partisan redistricting efforts in Texas. He highlighted his letter to the independent Office of Special Counsel requesting an investigation into senior Trump Administration officials for any role they are playing in carrying out the president’s partisan scheme to racially gerrymander Texas and other states, calling it “a clear violation of the Hatch Act.”

    Democratic Senators heard from former U.S. Attorney General Eric Holder, North Carolina Supreme Court Associate Justice Allison Riggs, LMU Loyola Law School Professor Justin Levitt, and Vet Voice Foundation Chief Executive Officer Janessa Goldbeck on systematic attacks on the right to vote.

    Key excerpts from Senator Padilla’s opening remarks are included below:

    Key Excerpts

    • “Today, just one week ahead of the 60th anniversary of the Voting Rights Act of 1965, we’re witnessing a disturbing trend, a coordinated campaign frankly, of voter suppression led by the Trump Administration. Their goal is to amplify their false narrative of insecure elections, to justify their power grabs and to make it harder to register to vote, to stay on the rolls, and to actually cast your ballot.”
    • “What started with the Trump Executive Order on Election Integrity and the Republicans’ SAVE Act has now moved on to the wholesale weaponization of the Department of Justice: The Department of Justice’s Voting Section has reversed their mission statement to drop voting rights protection and prioritize alleged voter fraud. And now, all across the country, the Department of Justice is demanding that states turn over voter rolls — not just a list of names, but a lot of sensitive, private, and confidential information for folks that are registered to vote.”
    • “The last few months, Trump and his Republican allies have seen the thin margins in the House and can feel the political winds shifting. Instead of running on a record of clawing away health care coverage to pay for tax cuts for billionaires, they’re trying to rig the rules of the game. From the South Lawn of the White House, Donald Trump has directed the Department of Justice and state officials to redraw congressional maps in Republicans’ favor.”
    • “The Trump Administration is not focused on protecting your right to vote. They’re focused on denying it.”
    • “Colleagues, if we want to defend the future of American democracy, we can’t afford to wait until election season rolls around to act. We’ve got to raise the alarm today by shining a spotlight on the shocking voter suppression efforts coming out of the White House.”

    Senator Padilla has led the charge in fighting back against the Trump Administration’s unprecedented efforts to suppress the right to vote. Earlier this month, Padilla, Durbin, and Senator Peter Welch (D-Vt.) led 13 Senators in raising the alarm on the DOJ Civil Rights Division’s policy shift to focus on unsubstantiated voter fraud investigations. Padilla and Senators Gary Peters (D-Mich.) and Jeff Merkley (D-Ore.) also recently expressed serious concerns that recent changes to and the expanded use of the insufficiently tested Department of Homeland Security’s (DHS) Systematic Alien Verification for Entitlements (SAVE) program could purge eligible citizens from state voter rolls. Previously, Padilla led 11 Senators in introducing the Defending America’s Future Elections Act to repeal Trump’s illegal anti-voter executive order and prevent the Department of Government Efficiency (DOGE) from accessing sensitive voter registration data and state records. He also led 14 Democratic Senators in calling on Trump to revoke his illegal anti-voter executive order and issued a statement slamming the order when it was announced.

    This spotlight forum is the second in a series of Rules Committee Democrats’ forums focused on protecting the future of America’s elections.

    The series continues to underscore the dangers of the Trump Administration’s unprecedented attacks on election security, integrity, and funding required to smoothly administer elections and protect American democracy. The first spotlight forum in May focused on Congressional Republicans’ Safeguard American Voter Eligibility (SAVE) Act and Trump’s illegal anti-voter executive order, both of which threaten to disenfranchise millions of eligible American citizens.

    Padilla’s full remarks, as delivered, are available below:

    Good afternoon and thank you all for being here for today’s spotlight forum on “Protecting the Future of American Democracy: Fighting a Surge in Voter Suppression.”

    I’m Senator Alex Padilla, Ranking Member of the Rules and Administration Committee here in the Senate. Joined by my colleage, Senator Dick Durbin, Ranking Member of the Judiciary Committee. I’m still getting used to that. I’m used to just calling you Chairman. I was spoiled for the prior four years.

    And just one quick word of housekeeping as we set the stage for the hearing, our Senate Democratic Caucus lunch is a few minutes from adjourning, so you’ll see an influx of members during either our opening statements or your opening statements. There’s a lot of interest in the conversation today, one that the majority has no interest in holding at the subcommittee level or at the committee level in either of our committees. But the issues are important to make sure we shed light on them. So looking forward to your testimony, the question, answer, discussion portion of it, and a lot of engagement from our colleagues.

    Today, just one week ahead of the 60th anniversary of the Voting Rights Act of 1965, we’re witnessing a disturbing trend, a coordinated campaign frankly, of voter suppression led by the Trump Administration.

    Their goal is to amplify their false narrative of insecure elections, to justify their power grabs and to make it harder to register to vote, to stay on the rolls, and to actually cast your ballot.

    What started with the Trump Executive Order on Election Integrity and the Republicans’ SAVE Act has now moved on to the wholesale weaponization of the Department of Justice:

    The Department of Justice’s Voting Section has reversed their mission statement to drop voting rights protection and prioritize alleged voter fraud.

    And now, all across the country, the Department of Justice is demanding that states turn over voter rolls — not just a list of names, but a lot of sensitive, private, and confidential information for folks that are registered to vote.

    In fact, this month, Los Angeles, San Diego, and San Francisco, counties, local jurisdictions, were also hit with those requests — a move that looks a lot like they’re laying the groundwork for mass voter purges.

    Their actions are also helping to embolden election deniers outside of the federal government.

    Just look to this past November, when even after leading her opponent by over 700 votes and winning two separate recounts, North Carolina Supreme Court Justice candidate Allison Riggs was forced to defend her victory in court for six months before taking office.

    Now, taking a page from Trump’s playbook, her Republican challenger sought to undo the votes of over 65,000 North Carolinians — many of which were cast by military voters serving overseas.

    Today, even after Justice Riggs has taken her seat, the Trump Administration has now taken up the cause and sued North Carolina, threatening to disenfranchise around 100,000 previously registered voters.

    But the last few months, Trump and his Republican allies have seen the thin margins in the House and can feel the political winds shifting.

    Instead of running on a record of clawing away health care coverage to pay for tax cuts for billionaires, they’re trying to rig the rules of the game.

    From the South Lawn of the White House, Donald Trump has directed the Department of Justice and state officials to redraw congressional maps in Republicans’ favor.

    Earlier today, I wrote to the Office of Special Counsel requesting an investigation into senior officials for any role they are playing in carrying out the president’s partisan scheme.

    It’s a clear violation of the Hatch Act in my view.

    So no, the Trump Administration is not focused on protecting your right to vote. They’re focused on denying it.

    Colleagues, if we want to defend the future of American democracy, we can’t afford to wait until election season rolls around to act.

    We’ve got to raise the alarm today by shining a spotlight on the shocking voter suppression efforts coming out of the White House.

    And for that reason, I’m looking forward to hearing more about each of our witnesses’ experiences.

    With that, let me recognize Senator Dick Durbin.

    MIL OSI USA News –

  • MIL-OSI Analysis: It’s not revolutionary, but Primark’s wheelchair-using mannequin is a potent symbol

    Source: The Conversation – UK – By William E. Donald, Associate Professor of Sustainable Careers and Human Resource Management, University of Southampton

    Brett D Cove/Primark, CC BY-ND

    July is Disability Pride Month, a time to celebrate disabled people while continuing the push for equality, accessibility and visibility. Despite making up 16% of the global population, disabled people rarely appear in fashion marketing campaigns. For brands, treading the right line between solidarity and accusations of performative allyship is vital.

    Primark’s latest initiative is a notable attempt to navigate this challenge. The fashion chain has introduced its first mannequin representing a wheelchair user. Designed with disability advocate Sophie Morgan, the mannequin (named Sophie) now appears in 22 flagship stores internationally.

    At first glance, this looks like progress. However, in an industry where inclusivity is often more about appearance than systemic change, it prompts an important question. Is this a genuine step forward?

    The mannequin is designed to reflect a manual wheelchair user. Morgan contributed to a year-long design process that included reviewing body dimensions, 3D mock-ups and a custom wheelchair frame strong enough to withstand store conditions.

    Disability campaigner Sophie Morgan was involved throughout the design process.
    Brett D Cove/Primark, CC BY-ND

    The launch coincides with the expansion of Primark’s adaptive clothing collection, which was launched in January 2025. The collection features magnetic closures, elasticated waistbands and discreet openings for medical access points like feeding tubes or stomas. Many garments are designed specifically for seated wearers – as a wheelchair user, I am only too aware that this is often missing from mainstream clothing ranges.

    What sets Primark’s effort apart is its emphasis on affordability. Adaptive clothing has been sold mostly through specialist retailers or premium brands. Primark’s decision to offer it at a low price point could represent a meaningful shift in making accessible fashion mainstream. And the involvement of disabled advocates and the visible changes across stores suggest a more serious commitment.

    In 2014, supermarket Sainsbury’s Back To School campaign featured Natty Goleniowska, a seven-year-old girl with Down’s syndrome. Then, in 2017, the fashion chain River Island ran a campaign featuring Joseph Hale, an 11-year-old boy also with Down’s syndrome. While Sainsbury’s campaign was groundbreaking and both were widely praised, they were largely confined to advertising and online platforms.

    Primark, by placing its seated mannequin in shop windows and on store floors, brings representation into physical retail spaces. This challenges long-standing visual norms and offers disabled shoppers something that has long been absent – recognition in the places where they live and shop.

    What Primark gets right

    First, disabled people were included throughout the campaign’s development. Morgan’s role was not symbolic – her input shaped the final design.

    Second, the mannequin is more than a token gesture. It is a durable, mass-produced model intended for multiple locations. This kind of visibility in bricks-and-mortar stores matters. For many disabled people, seeing themselves reflected in major retail environments can be validating and empowering.

    Third, the adaptive clothing range includes thoughtful, functional features that are often missing in standard retail offerings. Design details like seated-friendly fits or catheter access offer tangible improvements for dressing with dignity.

    Finally, launching the campaign during Disability Pride Month adds relevance. Amid growing scrutiny of superficial inclusion, Primark’s approach appears to be carefully considered, as it builds on a campaign that began in January 2025.

    But there’s still room for improvement across the retail sector. Mannequins cannot solve physical barriers in stores. Many retail spaces still lack step-free access, automatic doors or accessible changing rooms. Until these issues are addressed, the mannequin risks becoming a symbol disconnected from the reality of disabled shoppers.

    Second, while Primark’s adaptive line is innovative, it remains small. Style variety, trend relevance and extended sizing should be priorities to ensure disabled shoppers are not limited to functional basics.

    Third, economic accessibility extends beyond low prices. Disabled people face disproportionate financial pressures. Future efforts could include partnerships with health schemes or grants to improve access further.

    And representation should be broader still. Disability comes in many forms, intersecting with race, body size, gender identity and types of mobility aids (including for invisible disabilities). Future campaigns should reflect this diversity. And true inclusion extends to employment practices and customer service. Hiring more disabled staff and creating accessible roles in retail would shift inclusion from visual representation to operational reality.

    Ultimately, diversity should include retailers’ workforce as well as their customers.
    DC Studio/Shutterstock

    While there are certainly green shoots of positivity here, it is too early to tell if this will be a gamechanging move by Primark. The answer depends on whether this campaign marks the start of sustained change across the retail sector. The real test lies ahead.

    Long-term commitments such as improving store accessibility, expanding representation and inclusive hiring practices are essential. Without these, it might come to be seen as performative allyship that risks damaging not only Primark’s brand but also the disabled community and society at large.

    Primark’s seated mannequin is not a revolution, but it is a powerful symbol. It sends a message that disabled people deserve visibility in public life – not as an afterthought, but as valued participants. To move from intention to transformation, visibility must be matched with access.

    Inclusion needs to be embedded into the infrastructure of retail, not just its imagery. All retailers should take a broader view of inclusive practices to ensure clear messaging and commitments across their supply chain, advertising and stores.

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

    – ref. It’s not revolutionary, but Primark’s wheelchair-using mannequin is a potent symbol – https://theconversation.com/its-not-revolutionary-but-primarks-wheelchair-using-mannequin-is-a-potent-symbol-262143

    MIL OSI Analysis –

  • MIL-OSI New Zealand: Maternal mental health boost for four regions

    Source: New Zealand Government

    More women and families in need of specialist mental health support during and after pregnancy will soon have better access to care, with new investment being directed to Waikato, Hawke’s Bay, Mid Central, and the Wellington region. 

    Pregnancy and early parenthood can be a challenging time. This funding will mean more women can access the right care when they need it. These services can be life-changing not only for mothers but also for their babies and wider families,” Mr Doocey says.

    “While becoming a parent is often a time of great joy, it can also bring real challenges for some. This funding will enable those who need extra support, whether they are facing mental health challenges during pregnancy or postpartum, to access the care they need.

    “It will also provide support for those experiencing distress following birth trauma or stillbirth.

    “The additional $4.9 million announced today targets four regions identified as having lower levels of investment in maternal mental health. This new funding will help ensure more equitable access across the country.

    “The investment will create more clinical and non-clinical roles within community-based specialist infant and maternal mental health services. It will also fund intensive home-based care packages for those with higher needs. Evidence shows these measures make a significant difference for pregnant women, mothers, their babies, and families.

    “We’re turning the corner on reducing wait times and increasing the workforce. Recent data shows Health New Zealand’s frontline mental health workforce has grown around 10% since we came into Government and over 80% of people are being seen within three weeks for specialist services.

    “When someone reaches out for help whether it’s you, your child, a friend or family member this Government is committed to ensuring support is available. Today’s announcement will continue with the progress being made in ensuring that support is there.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: World Ranger Day 2025: selfie-style |

    Source: NZ Department of Conservation

    It’s World Ranger Day!

    Time to celebrate our crews doing their best to protect nature in Aotearoa. This is a window into conservation field work: selfie-style. 📸

    📷1: Taking a break at Ōpoutere Beach after clearing tracks – (L to R) Rebecca, Rachel, Shania
    📷2:  Daniel and Chippy setting new trap lines along Hirikimata on Aotea
    📷3: Community ranger team (Michelle, Chris and Cat) from the Mahaanui office

    World Ranger Day is an opportunity to celebrate rangers who serve on the front lines of conservation worldwide.

    Today we recognise the invaluable efforts of those rangers who contribute to protecting nature and our planet day-in, day-out.

    default

    ” data-medium-file=”https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?fit=300%2C169&ssl=1″ data-large-file=”https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?fit=580%2C326&ssl=1″ data-id=”57107″ src=”https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?resize=580%2C326&ssl=1″ alt=”” class=”wp-image-57107″ srcset=”https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?resize=1024%2C576&ssl=1 1024w, https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?resize=300%2C169&ssl=1 300w, https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?resize=768%2C432&ssl=1 768w, https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?resize=1536%2C864&ssl=1 1536w, https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?w=2048&ssl=1 2048w, https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?w=1160&ssl=1 1160w, https://i0.wp.com/blog.doc.govt.nz/wp-content/uploads/2025/07/Drone-selfie-of-Rachel-and-Shania-transporting-plants-to-Waemaro-Wildlife-Management-Reserve-in-collaboration-with-Ngati-Hako-Waikato-Regional-Council-and-Fonterra.jpg?w=1740&ssl=1 1740w” sizes=”auto, (max-width: 580px) 100vw, 580px”/>

    📷1: Self-timer selfie at Ōpoutere Beach aftertrack clearing pine logs – Dan, Rebecca, Rachel, Shania, Hugh, Cole and Ken
    📷2:  CITES Officer Sarah inspecting an American Alligator specimen at Auckland International Airport imported from the USA
    📷3: Drone selfie of Rachel and Shania transporting plants to Waemaro Wildlife Management Reserve in collaboration with Ngāti Hako, Waikato Regional Council and Fonterra

    The role of a ranger can be hard work, it’s not always glamorous and has its challenges, but there is no doubt about the importance of the work of our rangers when it comes to preserving and protecting nature.

    Internationally, World Ranger Day commemorates rangers killed or injured in the line of duty, in addition to celebrating the work rangers do around the globe to protect natural treasures and cultural heritage.

    📷1: Phillip from Kaimaumau in Te Hiku doing a site visit with the locals
    📷2: UBCO Training with Kyle, Doug and Brownie from Te Hiku Kaitaia DOC
    📷3: Alyssia and Daniel planting native seedlings to help restore wetlands in Whangapoua, Aotea

    Not all of our rangers are field-based, and lots of conservation happens behind a desk, but there’s no doubt that our team in the field have some of the best views and work stories around.

    What does a ranger do?

    This is a question we get asked a lot. The short answer is: heaps!

    📷1: Campbell walking up to the infamous Brewster Hut during Winter to clean the hut and toilet
    📷2: Hauraki Heritage and Visitor Team – Rebecca with the Hauraki Tracks Crew
    📷3: Cara and Kaitiaki Kiwi planning conservation work with mana whenua on Aotea

    The long answer involves managing threats like predators, cutting tracks, managing biosecurity risks, monitoring and reporting on population health, restoration, recreation maintenance, running Visitor Centres, research and development … the list goes on and on.

    We have experts in many things: ecosystems, kākāpō, kiwi, weeds, waterways, sharks, bittern, non-vascular plants, bird-banding, endangered orchids, visitor behaviour, surveying, safety, community engagement, backcountry tramping; you name it. The DOC Sounds of Science podcast is a good listen if you’d like to dive deeper into any of these fields.

    📷1: Cameron and Kylie cooking up a kai for the kids after planting a reserve in Ahipara
    📷2: Campbell and Renee crossing the freezing cold East Matukituki River after spraying Cotoneaster weeds
    📷3: Daniel and Chippy putting out biodiversity tracking cards on the pest-free Mokohinau Islands

    Working in the field to help nature thrive is often very physically challenging, complex, with sky high stakes. But, on the other hand, our team have ‘office views’ like no where else, and often have seen things or done things that turn their friends and desk-based colleagues green with envy.

    Please put your emoji hands together for all of our awesome rangers.👏

    They deserve it. 💚

    📷1: Bianca, Alaanah, Brownie and Adrienne during UBCO Training at Maitai Bay
    📷2: A selfie after an Otago Hector Dolphin Biopsy Survey from left Mike, Tom, Cara and Kristina at Port Chalmers
    📷3: Cara and Lizzie and rangers from Karioi Project Jasmine, Terence and Louie carrying out willow control in the Toreparu wetland to enhance matuku habitat

    World Ranger Day 2025

    It’s World Ranger Day. A day to celebrate the amazing things that dedicated rangers do across Aotearoa all year round. You can learn more about World Ranger Day on our website.

    For more information about becoming a ranger, check out our DOC careers page.

    MIL OSI New Zealand News –

  • MIL-OSI USA: S. 632, IHS Workforce Parity Act of 2025

    Source: US Congressional Budget Office

    S. 632 would modify two workforce development programs aimed at recruiting health professionals for the Indian Health Service (IHS). The IHS Scholarship Program provides grants to current students who are members of federally recognized tribes and working toward degrees in the health professions. The awards cover tuition and education-related expenses in exchange for a two-year, full-time commitment to work for IHS after certification as a health professional. The Loan Repayment Program pays current health professionals up to $25,000 annually to cover student loan repayments and up to $6,000 a year to cover the associated income tax liability in exchange for a two-year, full-time commitment to work for IHS.

    S. 632 would modify both programs by allowing recipients to work part-time in exchange for the financial assistance. Under the bill, Scholarship Program recipients could work 20 hours a week for four years, and Loan Repayment Program recipients could work either part-time at IHS for four years for the full amount of loan and tax assistance or part-time for two years in exchange for a 50 percent reduction in their loan assistance.

    CBO estimates that implementing S. 632 would result in more students and health care professionals receiving financial assistance by agreeing to work with IHS. CBO expects that the number of grants would increase by about 1 percent in 2027 and continue to grow thereafter. By 2031, and for the remainder of the 2025-2035 period, the number of grants is projected to increase by 5 percent relative to current law. Using information from IHS about average scholarship and loan amounts and information on the cost of part-time employment at IHS, CBO estimates that implementing the bill would cost $17 million over the 2025-2030 period and $125 million over the 2025-2035 period. Any related spending would be subject to the availability of appropriated funds.

    The costs of the legislation, detailed in Table 1, fall within budget function 550 (health).

    Table 1.

    Estimated Spending Subject to Appropriation Under S. 632
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035

    Estimated Authorization

    0

    *

    1

    2

    5

    9

    14

    18

    22

    26

    28

    17

    125

    Estimated Outlays

    0

    *

    1

    2

    5

    9

    14

    18

    22

    26

    28

    17

    125

    The CBO staff contact for this estimate is Robert Stewart. The estimate was reviewed by Emily Stern, Senior Adviser for Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI USA: CUMBERLAND COUNTY – Shapiro Administration to Highlight Conservation Workforce Successes of Pennsylvania Outdoor Corps

    Source: US State of Pennsylvania

    July 31, 2025 – Carlsie, PA

    ADVISORY – CUMBERLAND COUNTY – Shapiro Administration to Highlight Conservation Workforce Successes of Pennsylvania Outdoor Corps

    Department of Conservation and Natural Resources (DCNR) Secretary Cindy Adams Dunn and Department of Labor & Industry (L&I) Secretary Nancy A. Walker will visit Pennsylvania Outdoor Corps crew members at Kings Gap Environmental Education Center in Cumberland County.

    The Pennsylvania Outdoor Corps is a statewide workforce initiative to introduce people ages 15-25 to natural resource conservation and related jobs. It also teaches participants about public service and provides job skills to help develop them better employees.

    Governor Josh Shapiro’s 2024-25 bipartisan budget included a $5 million investment in supporting the Pennsylvania Outdoor Corps efforts to expand program operations and strengthen conservation career and workforce pathways for young people.

    WHO:
    DCNR Secretary Cindy Adams Dunn
    L&I Secretary Nancy A. Walker

    WHEN:
    Thursday, July 31, 2025, 11:00 AM

    WHERE:
    Kings Gap Environmental Education Center
    500 Kings Gap Rd
    Carlisle, PA 17015
    Google Maps Location

    MEDIA CONTACT:
    Wesley Robinson, werobinson@pa.gov, 717.877.6315

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    A Timely Solution for a Growing Concern

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

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

    The Vision Behind MemoCore Drops

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

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

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

    What Sets MemoCore Supplement Apart

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

    Some key highlights include:

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

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

    Inside the MemoCore Supplement Formula

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

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

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

    Click Here to Support Your Memory & Focus Naturally

    Who Can Benefit from MemoCore Supplement Drops

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

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

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

    Early Reception and Market Buzz

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

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

    Pros of MemoCore Drops

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

    Cons of MemoCore Drops

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

    Strengths of MemoCore Drops

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

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

    Click Here to Support Your Memory & Focus Naturally

    Addressing Consumer Questions

    Is MemoCore Drops FDA Approved?

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

    How Long Before Results Are Noticed?

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

    Are There Side Effects?

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

    The Road Ahead for MemoCore Supplement Drops

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

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

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

    Why MemoCore Drops Matters

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

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

    Conclusion

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

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

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

    Media Contact:

    Project name: Memo Core

     Tel.: +1 (434) 425-7300

     Company Number: 306178201

     Full Name: Harry Bailey

     Website: https://getmemocore.com/

     Email: support@Memocore.com

    Attachment

    The MIL Network –

  • MIL-Evening Report: Rules for calculating climate risk in financial reporting by NZ businesses need revisiting – new research

    Source: The Conversation (Au and NZ) – By Martien Lubberink, Associate Professor of Accounting and Capital, Te Herenga Waka — Victoria University of Wellington

    Andrew MacDonald/Getty Images

    The recent International Court of Justice (ICJ) decision on climate action marked a significant step forward in formalising an idea many already accept: climate inaction is not merely a policy failure, but potentially a breach of legal duty by governments.

    The court’s opinion is not legally binding but establishes global expectations. Crucially, the court confirmed environmental protection includes a duty to regulate private businesses and organisations.

    In New Zealand, large organisations already have to list climate-related risks in their annual reports and regulatory filings under the External Reporting Board’s Climate Standards.

    But our latest research suggests the benefits of mandatory climate reporting regulation in New Zealand may not be as straightforward as they appear.

    Extreme weather, limited financial impact

    We analysed how New Zealand’s stock market responds to extreme weather events (heavy rain, windstorms, snow, temperature spikes and thunderstorms) using data curated by Earth Sciences New Zealand.

    Climate risk is widely assumed to have an impact on markets. So, we expected investors would respond to damaging weather with selloffs or price adjustments.

    Instead, we found most extreme weather events had little to no impact on the share prices of New Zealand’s 50 largest listed companies, those on the NZX50.

    Even firms directly exposed to these events – airlines, utilities, logistics companies – showed only muted reactions, if any.

    It may be that markets already price in these risks. Or that firms have managed them effectively through infrastructure investment and planning.

    What is more, the location and severity of extreme weather in New Zealand have remained relatively stable over the past three decades.

    Using a statistical analysis, we found no evidence of accelerating trends typically attributed to global warming. This technique assessed whether a particular extreme weather event can be linked to human-induced climate change.

    New Zealand’s extreme weather events tend to involve cold, rain and wind – unlike the heatwaves, wildfires and droughts that dominate international headlines.

    What this means for disclosure mandates

    If markets are already efficiently pricing in these risks – or if the risks are genuinely immaterial for the company – the benefits of mandatory disclosure may be overstated.

    Our study suggests the case for universal, mandatory disclosure of extreme weather events under the climate board’s standards may not be strong. If financial impacts are already reflected in stock prices, the current voluntary framework may suffice for many firms.

    This is not an argument against disclosure broadly. While our study did not assess other climate-related risks – such as supply chain disruption or chronic sea level rises – these may well be material for some organisations, especially unlisted or regionally exposed firms.

    But for the NZX50, where climate regulation is currently focused, the value of standardised extreme weather events disclosures seems limited.

    Global principles, local realities

    None of this contradicts the ICJ’s opinion.

    The court emphasised that states must act, not only to reduce emissions but to protect against climate-related harm. That includes harm caused by private actors, who must be subject to effective regulation.

    But the ICJ also recognises the importance of national circumstances. While bound by international obligations, each country still needs to tailor its climate policies to the actual risks it faces.

    To do otherwise risks shifting government energy and private capital towards compliance that offers little benefit to investors, the public or the climate.

    New Zealand at a crossroads

    The ICJ decision comes as New Zealand’s climate ambition appears to be softening.

    The government recently released an updated emissions pledge that barely improves on its predecessor. At the same time, it is also reviving offshore oil and gas exploration, expanding coal production and backing legislation to shield carbon-intensive firms from environmental, suitability and governance aligned lending decisions by banks.

    Such moves may be politically popular in some quarters, but they sit uneasily with both the ICJ’s vision and New Zealand’s obligations under the Paris Agreement and various trade deals.

    If New Zealand wants to avoid being seen as lagging – or worse, a bad-faith actor – it must reconcile its domestic policies with international decision-making.

    That does not mean copying regulation from other countries. But it does mean being honest about what is material, what is symbolic and what actually helps reduce emissions or build resilience.

    Regulation needs to be smart, not just visible

    The ICJ opinion should not be used to justify every climate policy proposal. Rather, it should encourage governments to develop regulation that is meaningful, proportionate and based on evidence.

    Our study offers one such piece of evidence. In terms of financial market impacts, New Zealand’s extreme weather may not justify the same disclosure obligations as those in countries where the physical risks are more severe or more clearly linked to climate change.

    This is not a reason to do less. It is a reason to do better. Policy needs to target disclosure where it matters, to focus adaptation spending where it is needed and to measure the impact of climate policies not only by their intentions, but by their outcomes.

    In short, the ICJ has spoken. Now it is up to each country to act wisely.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Rules for calculating climate risk in financial reporting by NZ businesses need revisiting – new research – https://theconversation.com/rules-for-calculating-climate-risk-in-financial-reporting-by-nz-businesses-need-revisiting-new-research-262024

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Wyden Calls for Investigation Into Reported Diversion of Resources From Child Exploitation and Human Trafficking Investigations By Department of Homeland Security

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    July 30, 2025

    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., called for an immediate investigation of reports the Department of Homeland Security (DHS) has drastically diverted resources away from investigations into serious crimes against children, including child sexual abuse and human trafficking, in order to devote more resources to rounding up immigrants.

    “Instead of locking up rapists, child predators and other violent criminals, Trump appears to be diverting investigators to target cooks, farm workers and students. Congress and the American people will not tolerate the Trump administration ignoring the ongoing sexual abuse of vulnerable children,” wrote Wyden in the letter to DHS Inspector General Joseph Cuffari.

    Homeland Security Investigations (HSI) at DHS is responsible for investigating serious crimes, and is one of the leading agencies charged with investigating child sexual abuse materials online. The 7,000 HSI agents are supposed to focus on investigating drug smuggling, human trafficking, and child sex trafficking, among other crossborder criminal activities. According to DHS, HSI arrested over 3,000 individuals for crimes against children and rescued over 1,000 victims of child exploitation in 2020 alone.

    Wyden’s letter cites a recent report published by the Atlantic, which stated that HSI “supervisors have waved agents off new cases so they have more time to make immigration-enforcement arrests,” and quoted one agent describing the impact: “No drug cases, no human trafficking, no child exploitation.” 

    Wyden has been a staunch advocate in the Senate for increasing resources for investigating sex trafficking and prosecuting predators to protect vulnerable children. In January 2024, Wyden introduced bipartisan legislation to protect children from online exploitation. In June 2024, he released information from his investigation into child abuse and neglect in youth residential treatment facilities across the United States. In September 2024, he urged existing authorities to protect and strengthen services for children susceptible to abuse enrolled in Medicaid in the child welfare program.

    The full text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI USA: Senate Democrat Blocks Five Bipartisan Local Law Enforcement Bills

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) today joined Sen. Catherine Cortez Masto (D-Nev.) on the Senate floor to request unanimous passage of seven bipartisan law enforcement bills, which were passed out of the Judiciary Committee by a unanimous voice vote in May as part of Police Week.

    Sen. Cory Booker (D-N.J.), a member of the Senate Judiciary Committee, objected to Cortez Masto and Grassley’s request to pass the bipartisan law enforcement package. Booker did not previously object to the bills in committee and today objected in an effort to force federal dollars to sanctuary cities that blatantly violate federal immigration law.

    In response to Booker’s objection, Cortez Masto requested unanimous passage of two of the Police Week bills, including the Chief Herbert D. Proffitt Act and the Improving Police CARE Act. Booker allowed these bills to pass, but blocked the five remaining Police Week bills.

    The five local law enforcement bills blocked today include:

    Video and a transcript of Grassley’s remarks regarding the Police Week bills are below.

    [embedded content]

    VIDEO 

    Law enforcement [officers] across the country put their lives on the line every day.

    We see examples of the dangers they face on the news and in our communities on a daily basis.

    This month, Immigration and Customs Enforcement (ICE) reported an 830 percent increase in assaults on their officers and agents during the course of their enforcement duties.

    Agents and officers had rocks and other projectiles thrown at them causing injury to persons and property.

    These agents and officers have been doxed and had their home addresses, family member names and other personal information posted on social media for anyone to see, which has resulted in an increased number of threats and intimidation to them.

    We had the opportunity to hear firsthand from three federal law enforcement officers during a Judiciary Committee hearing on cartels last month about the ongoing risks and dangers to law enforcement.

    Special Agent in Charge, Matthew Allen, of the Los Angeles Field Office of DEA testified that his agents are oftentimes surveilled by cartel members and other bad actors.

    He further testified that he has lost several friends and fellow law enforcement officers as a result of their law enforcement duties.

    And just recently, we learned that an off-duty Customs and Border Protection (CBP) officer was shot in the face in New York City during an attempted robbery by a previously deported illegal alien.

    Thankfully, the officer is expected to survive.

    According to the Fraternal Order of Police, as of June 30, 2025, 166 officers were shot in the line of duty. 21 of them were killed.

    While these numbers are lower than from the previous year, the shooting this weekend is yet another example of the threats and dangers our men and women in blue face daily, both on and off duty.

    Earlier this year, Senator Durbin and I led a resolution honoring 234 officers who made the ultimate sacrifice and are being recognized as line-of-duty deaths. It passed with over 80 cosponsors.

    We worked together across the aisle to report these seven bipartisan bills out of committee on Police Week.

    The seven bills are part of the largest Police Week Package in over 15 years.

    The package of seven bills passed the Committee with bipartisan support and unanimous vote.

    They provide a good example of the extensive problems facing our law enforcement community.

    For example, one bill deals with recruitment and retention issues to ensure our law enforcement is well staffed.

    Other bills deal with protecting law enforcement from the dangers of fentanyl and providing law enforcement with the equipment they need to serve our communities.

    Lastly, the bills provide protection to the families of first responders and provide the much-needed resources for the mental health of law enforcement.

    Simply stated, these bills strengthen our law enforcement community to help keep our citizens safe.

    It’s time to send these bills to the House and then to President Trump.

    Each helps law enforcement and first responders across our country.

    These folks are true heroes, and they deserve our strong support.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: What They Are Saying: Whistleblowers Laud Grassley’s Advocacy for Transparency and Accountability

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – On National Whistleblower Day, whistleblowers helped by Sen. Chuck Grassley (R-Iowa) expressed their gratitude for his tireless advocacy. Grassley is the co-founder and co-chair of the Whistleblower Protection Caucus.

    In March, the Department of Treasury promoted Internal Revenue Service (IRS) whistleblowers Gary Shapley and Joseph Ziegler after Grassley urged the department to do so. In May, Grassley secured promotions, restored law enforcement credentials and backpay for three Customs and Border Protection (CBP) whistleblowers.

    This month, Grassley spearheaded a resolution marking July 30th as National Whistleblower Appreciation Day. The resolution celebrates whistleblowers who risk their careers, jobs and reputations to report waste, fraud and abuse that can cost billions each year. Grassley also introduced legislation to strengthen whistleblower protections for Federal Bureau of Investigation (FBI) employees and federal contractors, while calling on President Trump to ensure federal downsizing initiatives aren’t used to retaliate against whistleblowers.

    Here’s what the whistleblowers had to say about Grassley’s work:

    “We saw firsthand why Senator Grassley is known as the Patron Saint of Whistleblowers. From the very beginning, he took our concerns seriously and stood by us every step of the way. Just when it felt like all hope was lost, he found a way forward. We are deeply grateful for his unwavering support – not only for us, but for the hundreds of other whistleblowers he’s championed over the years. We will never be able to repay the senator for his unwavering commitment, but we are dedicated to carrying his example forward,” IRS whistleblowers Gary Shapley and Joe Ziegler said.

    “For 7+ years, Senator Grassley and his staff have been the singular unwavering advocate and champion for me as a federal whistleblower. When my elected Congressmen and Senators ignored and dismissed my requests for assistance, Senator Grassley was the lone voice of support. Grassley and his staff fully vetted my whistleblower allegations and engaged with the Biden administration to address the Whistleblower Retaliation. Grassley’s commitment to stay the course has led to positive and meaningful cooperation with President Trump, Secretary Noem and CBP Commissioner Scott. I can attest that Grassley is a true and honorable statesman and an unwavering man of his word. I have confidence in Grassley’s commitment to holding those accountable for their retaliation and remaining with whistleblowers until there is a proper resolution. The words ‘thank you’ are inadequate and cannot express my respect and gratitude for Senator Grassley,” Customs and Border Protection (CBP) whistleblower Mark Jones said.

    “Over seven years ago, my colleagues and I reported an orchestrated, willful obstruction of the law, which facilitated thousands of murders and sexual assaults on U.S. soil. Even after our allegations were clearly substantiated by federal agencies, Customs and Border Patrol committed clear reprisals against us, rewarding the perpetrators while our careers were ruined, and our health and reputations were irreparably harmed. Senator Grassley affected more relief for us in two years than all the other oversight and whistleblower protection entities achieved over the last seven years. One dedicated senator from Iowa did so much more to protect whistleblowers than anyone else. Thank you, Senator Grassley, for defending those whose only interest is serving the public and honoring their oath to the Constitution,” Customs and Border Protection (CBP) whistleblower Mike Taylor said.

    “I am grateful for all the time Senator Grassley and his staff have spent working on our behalf over the past seven years. They’ve helped hold the individuals accountable who retaliated against us for reporting obstruction of a law intended to keep Americans safe. We worked extensively with multiple executive branch agencies whose responsibilities include whistleblower protection, but none were willing or able to advocate on our behalf. In spite of our case being open for over seven years, the senator and his staff met with us on multiple occasions and have never stopped pushing for justice and accountability,” Customs and Border Protection (CBP) whistleblower Fred Wynn said.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: RGA Statement on Kamala Harris Not Running for Governor of California

    Source: US Republican Governors Association

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    WASHINGTON, D.C. – The Republican Governors Association (RGA) released the following statement today in response to Kamala Harris announcing she will not run for Governor of California:

    “Kamala Harris’ political career is over thanks to President Trump. Look no further than her decision to not run for governor. She would have been a disaster for California: tanking the state’s economy even further, protecting criminal illegal immigrants over law-abiding citizens, and further bringing the Democrat Party brand down with her, just like she did as Vice President,” said RGA Rapid Response Director Kollin Crompton. “Americans across the country can sigh in relief that they won’t have to see or hear from Kamala Harris any longer.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: NCDHHS Announces First West Nile Case of 2025

    Source: US State of North Carolina

    Headline: NCDHHS Announces First West Nile Case of 2025

    NCDHHS Announces First West Nile Case of 2025
    jawerner

    The North Carolina Department of Health and Human Services has announced the state’s first case of disease associated with West Nile virus in 2025. The case occurred in a resident of Durham County. To protect the patient’s privacy, no further information will be provided.

    West Nile virus-infected mosquitoes were also recently identified through routine monitoring in Pitt County. This mosquito testing is part of a collaboration between Pitt County Vector Control and NCDHHS to prevent transmission of West Nile virus and other mosquito-borne diseases.

    “This is the time of year when West Nile virus activity typically increases across North Carolina,” said Emily Herring, NCDHHS Public Health Veterinarian. “This recent case highlights the importance of preventing mosquito bites to reduce the risk of infection.” 

    West Nile virus is a mosquito-borne virus that can cause serious, life-altering disease or death. Only cases of neurologic illness are reportable in North Carolina. The virus is carried by wild birds and can be transmitted to people through the bite of an infected mosquito. It does not spread from person to person.

    Most people infected with West Nile virus will not experience any symptoms, but about one in five people infected will develop a fever and other symptoms such as headache, body aches and joint pain. About one in 150 people will develop a serious neurologic illness and symptoms may include high fever, headache, neck stiffness, disorientation, seizures, and paralysis. Elderly people and people with weakened immune systems are at higher risk of developing severe illness due to West Nile virus infection. If you are ill and suspect you may be infected with West Nile virus, contact your health care provider.

    Not all mosquitoes can infect people with West Nile virus, but the mosquitoes that most commonly transmit the virus can be found statewide and are most active between dusk and dawn. Follow these tips to prevent mosquito bites and reduce your risk of exposure to West Nile virus: 

    • When spending time outdoors, use an EPA-registered insect repellent and wear clothing and gear treated with permethrin. Remember to always follow label instructions when using these products.
    • Wear loose-fitting, long-sleeved shirts and pants when outdoors.
    • Prevent water from collecting in containers around your home. After every rainfall, tip out any containers that can hold water, even a small amount, such as saucers under flowerpots. Cover, turn over or throw away items like toys, buckets and tires. Change the water in birdbaths and pet bowls at least twice a week.
    • Keep gutters clean and in good repair and replace corrugated downspout extensions with smooth extensions to prevent mosquito larvae from growing.
    • Make sure rain barrels have tight-fitting screens or lids.
    • Treat standing water in containers and low areas around the home with EPA-approved larvicides. Many options are available that last for weeks to months.
    • When possible, drain any standing water on your property such as puddles and ditches that hold water for more than four days after rain.
    • Use screened windows and doors, and make sure screens fit tightly and are not torn. 

    For more information, visit the NCDHHS West Nile Virus webpage or the CDC West Nile virus webpage and learn more about preventing mosquito bites.

    El Departamento de Salud y Servicios Humanos de Carolina del Norte ha anunciado el primer caso de enfermedad asociada con el virus del Nilo Occidental en 2025. El caso ocurrió en un habitante del condado de Durham. Para proteger la privacidad del paciente, no se proporcionará más información.

    Los mosquitos infectados por el virus del Nilo Occidental también se identificaron recientemente a través del monitoreo de rutina en el condado de Pitt. Esta prueba de mosquitos es parte de una colaboración entre Control de Vectores del condado Pitt y el Departamento de Salud y Servicios Humanos de Carolina del Norte (NCDHHS, por sus siglas en inglés) para prevenir la transmisión del virus del Nilo Occidental y otras enfermedades transmitidas por mosquitos.

    “Esta es la época del año en que la actividad del virus del Nilo Occidental generalmente aumenta en Carolina del Norte”, dijo Emily Herring, veterinaria de salud pública del NCDHHS. “Este caso reciente destaca la importancia de prevenir las picaduras de mosquitos para reducir el riesgo de infección”.

    El virus del Nilo Occidental es un virus transmitido por mosquitos que puede causar enfermedades graves que alteran la vida, o la muerte. En Carolina del Norte solo se reportan los casos de enfermedades neurológicas. El virus es transmitido por aves silvestres y puede transmitirse a las personas a través de la picadura de un mosquito infectado. No se transmite de persona a persona.

    La mayoría de las personas infectadas con el virus del Nilo Occidental no experimentarán ningún síntoma, pero aproximadamente una de cada cinco personas infectadas desarrollará fiebre y otros síntomas como dolor de cabeza, dolores corporales y dolor en las articulaciones. Aproximadamente una de cada 150 personas desarrollará una enfermedad neurológica grave y los síntomas pueden incluir fiebre alta, dolor de cabeza, rigidez en el cuello, desorientación, convulsiones y parálisis. Las personas mayores y las personas con sistemas inmunitarios debilitados corren un mayor riesgo de desarrollar enfermedades graves debido a la infección por el virus del Nilo Occidental. Si está enfermo y sospecha que puede estar infectado con el virus del Nilo Occidental, comuníquese con su proveedor de atención médica.

    No todos los mosquitos pueden infectar a las personas con el virus del Nilo Occidental, pero los mosquitos que transmiten el virus con mayor frecuencia se pueden encontrar en todo el estado y son más activos entre el anochecer y el amanecer. Siga estos consejos para prevenir las picaduras de mosquitos y reducir el riesgo de exposición al virus del Nilo Occidental: 

    • Cuando pase tiempo al aire libre, use un repelente de insectos registrado por la Agencia de Protección Ambiental (EPA, por sus siglas en inglés) y use ropa y equipo tratado con permetrina. Recuerde seguir siempre las instrucciones de la etiqueta cuando utilice estos productos.
    • Use camisas y pantalones holgados de manga larga cuando esté al aire libre.
    • Evite que el agua se acumule en contenedores alrededor de su hogar. Después de cada lluvia, vierta cualquier recipiente que pueda contener agua, incluso una pequeña cantidad, como platillos debajo de macetas. Cubra, dé la vuelta o deseche artículos como juguetes, cubos, baldes y neumáticos. Cambie el agua en baños para pájaros y tazones para mascotas al menos dos veces por semana.
    • Mantenga las canaletas limpias y en buen estado y reemplace las extensiones de canalón corrugadas (bajantes de agua ondulados) con extensiones suaves para evitar que crezcan las larvas de mosquitos.
    • Asegúrese de que los barriles de lluvia tengan mallas o tapas ajustadas.
    • Trate el agua estancada en recipientes y áreas bajas alrededor de la casa con larvicidas aprobados por la EPA. Hay muchas opciones disponibles que duran de semanas a meses.
    • Cuando sea posible, drene cualquier agua estancada en su propiedad, como charcos y zanjas que retengan agua durante más de cuatro días después de la lluvia.
    • Utilice ventanas y puertas con mosquiteros, y asegúrese de que las mallas de los mosquiteros encajen bien y no estén rotas.

    Para obtener más información, visite la página web del NCDHHS sobre el virus del Nilo Occidental o la página web de los Centros para el Control y la Prevención de Enfermedades (CDC, por sus siglas en inglés) sobre el virus del Nilo Occidental y obtenga más información sobre la prevención de las picaduras de mosquitos.

    Jul 30, 2025

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Visit Official Website To Get More Information

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

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

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

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

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

    How Sleep Lean Works Without Relying on Harsh Stimulants

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

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

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

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

    Visit Official Website To Get More Information including pricing and availability

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

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

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

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

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

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

    What Makes Sleep Lean Different from Daytime Weight Support Products?

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

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

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

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

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

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

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

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

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

     Visit Official Website To Get More Information

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

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

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

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

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

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

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

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

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

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

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

    What Wellness Experts Are Saying About Sleep Lean

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

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

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

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

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

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: FormFactor, Inc. Reports 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LIVERMORE, Calif., July 30, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2025 ended June 28, 2025. Quarterly revenues were $195.8 million, an increase of 14.3% compared to $171.4 million in the first quarter of fiscal 2025, and a decrease of 0.8% from $197.5 million in the second quarter of fiscal 2024.

    • Anticipated strength in HBM and Foundry & Logic probe cards drove sequentially stronger second-quarter revenue
    • FormFactor is now shipping in volume to all three major HBM manufacturers
    • Closed acquisition of Farmers Branch manufacturing facility, providing significant operational flexibility in lower operating cost region

    “FormFactor reported sequentially stronger second-quarter revenue that exceeded the high end of our outlook range, due to higher-than-anticipated growth in our probe-card business,” said Mike Slessor, CEO of FormFactor, Inc. “Despite this revenue strength, non-GAAP gross margin and overall profitability fell short of our outlook, mainly caused by an unfavorable shift in product mix and unforecasted ramp-up costs for a second HBM DRAM customer.”

    Second Quarter Highlights

    On a GAAP basis, net income for the second quarter of fiscal 2025 was $9.1 million, or $0.12 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $6.4 million, or $0.08 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $19.4 million, or $0.25 per fully-diluted share. Gross margin for the second quarter of 2025 was 37.3%, compared with 37.7% in the first quarter of 2025, and 44.0% in the second quarter of 2024.

    On a non-GAAP basis, net income for the second quarter of fiscal 2025 was $21.2 million, or $0.27 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $18.0 million, or $0.23 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $27.3 million, or $0.35 per fully-diluted share. On a non-GAAP basis, gross margin for the second quarter of 2025 was 38.5%, compared with 39.2% in the first quarter of 2025, and 45.3% in the second quarter of 2024.

    GAAP net cash provided by operating activities for the second quarter of fiscal 2025 was $18.9 million, compared to $23.5 million for the first quarter of fiscal 2025, and $21.9 million for the second quarter of fiscal 2024. Free cash flow for the second quarter of fiscal 2025 was negative $47.1 million, compared to free cash flow for the first quarter of fiscal 2025 of $6.3 million, and free cash flow for the second quarter of 2024 of $14.2 million.

    A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

    Outlook

    Dr. Slessor added, “In the current third quarter, we expect to deliver revenue comparable to the second quarter, with slightly higher gross margin and operating profit.”

    For the third quarter ending September 27, 2025, FormFactor is providing the following outlook*:

        GAAP   Reconciling Items**   Non-GAAP
    Revenue   $200 million +/- $5 million   —   $200 million +/- $5 million
    Gross Margin   38.5% +/- 1.5%   $3 million   40% +/- 1.5%
    Net income per diluted share   $0.14 +/- $0.04   $0.11   $0.25 +/- $0.04
    *This outlook assumes consistent foreign currency rates.
    **Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.
     

    We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

    The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

    Use of Non-GAAP Financial Information:

    To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and six months ended June 28, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

    About FormFactor:

    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    Forward-looking Statements:

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    Revenues $ 195,798     $ 171,356     $ 197,474     $ 367,154     $ 366,199  
    Cost of revenues   122,860       106,833       110,574       229,693       216,561  
    Gross profit   72,938       64,523       86,900       137,461       149,638  
    Operating expenses:                  
    Research and development   28,793       27,800       31,564       56,593       60,191  
    Selling, general and administrative   31,839       33,454       37,874       65,293       70,953  
    Total operating expenses   60,632       61,254       69,438       121,886       131,144  
    Gain on sale of business   —       —       310       —       20,581  
    Operating income   12,306       3,269       17,772       15,575       39,075  
    Interest income, net   2,642       3,317       3,415       5,959       6,571  
    Other income (expense), net   (6 )     890       360       884       880  
    Income before income taxes   14,942       7,476       21,547       22,418       46,526  
    Provision for income taxes   2,372       1,075       2,155       3,447       5,353  
    Loss from equity investment   3,484       —       —       3,484       —  
    Net income $ 9,086     $ 6,401     $ 19,392     $ 15,487     $ 41,173  
    Net income per share:                  
    Basic $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.53  
    Diluted $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.52  
    Weighted-average number of shares used in per share calculations:                
    Basic   77,107       77,345       77,235       77,226       77,343  
    Diluted   77,527       77,884       78,717       77,721       78,746  
                                           
    FORMFACTOR, INC.
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    GAAP Gross Profit $ 72,938     $ 64,523     $ 86,900     $ 137,461     $ 149,638  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   528       542       545       1,070       1,131  
    Stock-based compensation   1,690       2,005       1,932       3,695       3,860  
    Restructuring charges   183       60       39       243       83  
    Non-GAAP Gross Profit $ 75,339     $ 67,130     $ 89,416     $ 142,469     $ 154,712  
                       
    GAAP Gross Margin   37.3 %     37.7 %     44.0 %     37.4 %     40.9 %
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   0.3 %     0.3 %     0.3 %     0.3 %     0.3 %
    Stock-based compensation   0.8 %     1.2 %     1.0 %     1.0 %     1.1 %
    Restructuring charges   0.1 %     — %     — %     0.1 %     — %
    Non-GAAP Gross Margin   38.5 %     39.2 %     45.3 %     38.8 %     42.3 %
                       
    GAAP operating expenses $ 60,632     $ 61,254     $ 69,438     $ 121,886     $ 131,144  
    Adjustments:                  
    Amortization of intangibles   (191 )     (191 )     (191 )     (382 )     (382 )
    Stock-based compensation   (7,701 )     (7,791 )     (8,277 )     (15,492 )     (16,754 )
    Restructuring charges   (195 )     (2,823 )     (49 )     (3,018 )     (98 )
    Costs related to sale and acquisition of businesses   (55 )     (217 )     (43 )     (272 )     (689 )
    Non-GAAP operating expenses $ 52,490     $ 50,232     $ 60,878     $ 102,722     $ 113,221  
                       
    GAAP operating income $ 12,306     $ 3,269     $ 17,772     $ 15,575     $ 39,075  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   719       733       736       1,452       1,513  
    Stock-based compensation   9,391       9,796       10,209       19,187       20,614  
    Restructuring charges   378       2,883       88       3,261       181  
    Gain on sale of business, net of costs and acquisition related expenses   55       217       (267 )     272       (19,892 )
    Non-GAAP operating income $ 22,849     $ 16,898     $ 28,538     $ 39,747     $ 41,491  
                                           
    FORMFACTOR, INC.
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    GAAP net income $ 9,086     $ 6,401     $ 19,392     $ 15,487     $ 41,173  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   719       733       736       1,452       1,513  
    Stock-based compensation   9,391       9,796       10,209       19,187       20,614  
    Restructuring charges   378       2,883       88       3,261       181  
    Gain on sale of business and assets, net of costs and acquisition related expenses   3,460       217       (267 )     3,677       (19,892 )
    Income tax effect of non-GAAP adjustments   (1,812 )     (2,026 )     (2,835 )     (3,838 )     (1,922 )
    Non-GAAP net income $ 21,222     $ 18,004     $ 27,323     $ 39,226     $ 41,667  
                       
    GAAP net income per share:                  
    Basic $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.53  
    Diluted $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.52  
                       
    Non-GAAP net income per share:                  
    Basic $ 0.28     $ 0.23     $ 0.35     $ 0.51     $ 0.54  
    Diluted $ 0.27     $ 0.23     $ 0.35     $ 0.50     $ 0.53  
                       
    GAAP net cash provided by operating activities $ 18,893     $ 23,539     $ 21,878     $ 42,432     $ 54,890  
    Adjustments:                  
    Sale of business and acquisition related payments in working capital   168       1,221       630       1,389       677  
    Cash paid for interest   95       92       101       187       201  
    Capital expenditures   (66,256 )     (18,584 )     (8,398 )     (84,840 )     (21,834 )
    Free cash flow $ (47,100 )   $ 6,268     $ 14,211     $ (40,832 )   $ 33,934  
                       
    GAAP net cash used in investing activities $ (78,553 )   $ (84,660 )   $ (6,140 )   $ (163,213 )   $ (9,960 )
    GAAP net cash used in financing activities $ (4,214 )   $ (2,964 )   $ (4,934 )   $ (7,178 )   $ (19,426 )
                                           
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Six Months Ended
      June 28,
    2025    		   June 29,
    2024
    Cash flows from operating activities:      
    Net income $ 15,487     $ 41,173  
    Selected adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation   17,051       14,563  
    Amortization   1,339       1,280  
    Stock-based compensation expense   19,187       20,614  
    Provision for excess and obsolete inventories   6,695       6,277  
    Loss from equity investment   3,484       —  
    Gain on sale of business and assets   (103 )     (20,581 )
    Non-cash restructuring charges   2,160       —  
    Other activity impacting operating cash flows   (22,868 )     (8,436 )
    Net cash provided by operating activities   42,432       54,890  
    Cash flows from investing activities:      
    Acquisition of property, plant and equipment   (84,840 )     (21,834 )
    Proceeds from sale of business and assets   103       21,585  
    Purchase of equity investment   (67,156 )     —  
    Purchases of marketable securities, net   (11,320 )     (9,711 )
    Net cash used in investing activities   (163,213 )     (9,960 )
    Cash flows from financing activities:      
    Purchase of common stock through stock repurchase program, including excise tax paid   (24,586 )     (20,271 )
    Proceeds from issuances of common stock   21,576       4,948  
    Principal repayments on term loans   (549 )     (534 )
    Tax withholdings related to net share settlements of equity awards   (3,619 )     (3,569 )
    Net cash used in financing activities   (7,178 )     (19,426 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,658       (2,826 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (126,301 )     22,678  
    Cash, cash equivalents and restricted cash, beginning of period   197,206       181,273  
    Cash, cash equivalents and restricted cash, end of period $ 70,905     $ 203,951  
                   
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      June 28,
    2025    		   December 28,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 67,380     $ 190,728  
    Marketable securities   181,949       169,295  
    Accounts receivable, net of allowance for credit losses   115,199       104,294  
    Inventories, net   110,789       101,676  
    Restricted cash   1,061       3,746  
    Prepaid expenses and other current assets   48,884       35,389  
    Total current assets   525,262       605,128  
    Restricted cash   2,464       2,732  
    Operating lease, right-of-use-assets   19,475       22,579  
    Property, plant and equipment, net of accumulated depreciation   259,288       210,230  
    Equity investment   67,264       —  
    Goodwill   200,858       199,171  
    Intangibles, net   9,017       10,355  
    Deferred tax assets   94,795       92,012  
    Other assets   3,185       4,008  
    Total assets $ 1,181,608     $ 1,146,215  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 59,932     $ 62,287  
    Accrued liabilities   38,545       43,742  
    Current portion of term loan, net of unamortized issuance costs   1,121       1,106  
    Deferred revenue   16,450       15,847  
    Operating lease liabilities   7,919       8,363  
    Total current liabilities   123,967       131,345  
    Term loan, less current portion, net of unamortized issuance costs   11,644       12,208  
    Long-term operating lease liabilities   15,231       17,550  
    Deferred grant   18,000       18,000  
    Other liabilities   22,743       19,344  
    Total liabilities   191,585       198,447  
           
    Stockholders’ equity:      
    Common stock   77       77  
    Additional paid-in capital   850,064       837,586  
    Accumulated other comprehensive income (loss)   3,450       (10,840 )
    Accumulated income   136,432       120,945  
    Total stockholders’ equity   990,023       947,768  
    Total liabilities and stockholders’ equity $ 1,181,608     $ 1,146,215  
                   

    About our Non-GAAP Financial Measures:

    We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” included in this press release.

    Investor Contact:
    Stan Finkelstein
    Investor Relations
    (925) 290-4273
    ir@formfactor.com

    Source: FormFactor, Inc.
    FORM-F

    The MIL Network –

  • MIL-OSI: Freehold Royalties Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces second quarter results for the period ended June 30, 2025.

    Second Quarter Highlights

    • $78 million in revenue;
    • $57 million in funds from operations ($0.35/share) (1)(2);
    • $44 million in dividends paid ($0.27/share)(3);
    • 11,047 bbls/d of total crude oil and natural gas liquids (NGLs) production, a 4% increase from the previous quarter and a 13% increase year-over-year;
    • 67% weighting to liquids, an increase from 64% in the second quarter of 2024;
    • 16,584 boe/d of total production, a 2% increase from the previous quarter and a 9% increase year-over-year;
    • Gross drilling of 271 wells, comprised of 45 wells in Canada and 226 in the U.S.;
    • Continued active leasing program with 40 new leases signed during the second quarter of 2025 (34 in Canada; 6 in the U.S.) contributing revenue of $1.9 million and $5.8 million in the first half of 2025; and
    • $50.36/boe average realized price ($57.83/boe in the U.S. and $44.23/boe in Canada);
      • 31% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs.

    President’s Message

    Freehold’s second quarter production of 16,584 boe/d increased 2% compared to last quarter and 9% from the second quarter of 2024. Our U.S. assets delivered meaningful production growth of 7% over the first quarter of 2025. Supporting this growth has been improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches. Specific to our second quarter results, this productivity increase was paired with a series of higher royalty interest developments which magnified the production impact on the quarter. In Canada, we continue to see operators focusing capital on our oil weighted plays in Mannville heavy oil, the Clearwater and southeast Saskatchewan. These three oil plays represent approximately 30% of our Canadian production and volumes have grown 10% since the second quarter of 2024 through active drilling by multiple operators on our lands in these areas.

    Our oil focused portfolio, underpinned by investment grade operators in premier basins across North America, delivered $57 million in funds from operations in the quarter, or $0.35/share(1)(2). Oil prices in the second quarter were at the lowest benchmark WTI oil price since the first quarter of 2021. For reference, our funds from operations in the first quarter of 2021 was $0.25/share – this quarter we are 40% higher, confirming the impact that Freehold’s strategic focus on growing its high quality, liquids weighted assets has had over the past four years.

    Bonus and leasing revenue remained strong generating $1.9 million during the quarter and $5.8 million in the first half of 2025. This $5.8 million represents a 50% increase from the Company’s previous record levels of lease bonus which occurred over the full year in 2018. This record level of leasing revenue has been driven by active leasing of the mineral title lands we have been acquiring in the U.S. as well as continued leasing of our legacy mineral title lands in Canada.

    In total, we paid $44 million in dividends to our shareholders this quarter while maintaining the strength of our balance sheet with net debt of $271 million, representing 1.1x trailing net debt to funds from operations(2)(5). We invested approximately $12 million in land acquisitions this quarter, purchasing undeveloped mineral title lands in the core of the Midland and Delaware basins.  

    David M. Spyker, President and Chief Executive Officer

    Operating and Financial Highlights

      Three Months Ended
    FINANCIAL ($ millions, except as noted) Q2-2025 Q1-2025 Q2-2024
    West Texas Intermediate (US$/bbl) 63.74 71.42 80.57
    AECO 5A Monthly Index (Cdn$/Mcf) 1.69 2.17 1.18
    Royalty and other revenue 78.3 91.1 84.5
    Funds from operations 56.6 68.1 59.6
    Funds from operations per share, basic ($) (1)(2) 0.35 0.42 0.40
    Dividends paid per share ($) (3) 0.27 0.27 0.27
    Dividend payout ratio (%) (2) 78% 65% 68%
    Long-term debt 292.6 294.3 228.0
    Net debt (5) 270.6 272.2 199.1
    Net debt to trailing funds from operations (times) (5) 1.1x 1.1x 0.8x
    OPERATING      
    Total production (boe/d) (4) 16,584 16,248 15,221
    Canadian production (boe/d)(4) 9,104 9,278 9,622
    U.S. production (boe/d)(4) 7,480 6,970 5,599
    Oil and NGL (%) 67% 65% 64%
    Petroleum and natural gas realized price ($/boe) (4) 50.36 59.29 59.74
    Cash costs ($/boe) (2)(4) 7.38 7.00 9.80
    Netback ($/boe) (2) (4) 42.68 53.01 49.44
    ROYALTY INTEREST DRILLING (gross / net)      
    Canada 45 / 1.1 92 / 3.9 65 / 2.1
    U.S. 226 / 0.6 230 / 0.8 209 / 1.0

    (1)  Calculated based on the basic weighted average number of shares outstanding during the period
    (2)  See Non-GAAP and Other Financial Measures
    (3)  Based on the number of shares issued and outstanding at each record date
    (4)  See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
    (5)  Net debt and net debt to trailing funds from operations are capital management measures. See Non-GAAP and Other Financial Measures.

    Dividend Announcement

    The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on September 15, 2025, to shareholders of record on August 29, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

    Drilling and Leasing Activity

    In total, 271 gross wells (1.7 net wells) were drilled on Freehold’s royalty lands during the second quarter of 2025, a decrease of 16% compared to the previous quarter primarily due to the impact of spring break-up in Canada.

    Drilling was oil focused with approximately 17% of gross wells drilled in Canada and 83% in the U.S.

      Three Months Ended
      Q2-2025 Q1-2025 Q2-2024
      Gross Net (1) Gross Net (1) Gross Net (1)
    Canada 45 1.1 92 3.9 65 2.1
    United States 226 0.6 230 0.8 209 1.0
    Total 271 1.7 322 4.7 274 3.1

    (1)  Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.

    Canada

    Canadian drilling was down compared to the previous quarter primarily due to the impact of spring break-up and weaker AECO prices curtailing natural gas activity. Drilling during the second quarter was focused on our crude oil plays including the Clearwater (8 gross wells), southeast Saskatchewan (8 gross wells), and Mannville heavy oil (6 gross wells). Licencing activity remained consistent with 2024 on a year-to-date basis. In conjunction with improving sentiment on Canadian natural gas pricing with LNG Canada starting up, 22 wells have been licensed on our Deep Basin/Montney lands in the first half of 2025 (a significant increase from nine licenses in the first half of 2024).  

    During the second quarter of 2025, Freehold entered into 34 new leases with 10 counterparties totalling approximately $0.7 million in bonus and lease rental revenue. The majority of the new leasing was in southeast Saskatchewan.

    U.S.

    During the second quarter of 2025, 226 gross (0.6 net) wells were drilled on our U.S. lands. Approximately 86% of second quarter drilling was in the Permian basin and 13% in the Eagle Ford basin. At the end of the second quarter of 2025, Freehold had 2.2 net drilled but uncompleted wells and 2.4 net wells permitted but not yet drilled.

    Initial production for U.S. wells is approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more meaningful in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial permit to first production, compared to three to four months in Canada.

    During the second quarter of 2025, Freehold entered into six new U.S. leases with four counterparties, totalling $1.2 million of bonus and lease rental revenue. Leasing activity was primarily in the Permian basin.

    Conference Call Details

    A webcast to discuss financial and operational results for the period ended June 30, 2025, will be held for the investment community on Thursday July 31, 2025, beginning at 7:00 AM MT (9:00 AM ET).

    A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6t37memx.

    A dial-in option is also available and can be accessed by dialing 1-800-806-5484 (toll-free in North America) participant passcode is 8979321#.

    For further information contact

    Select Quarterly Information

      2025 2024 2023
    Financial ($millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
    Royalty and other revenue 78.3 91.1 76.9 73.9 84.5 74.3 80.1 84.2
    Net Income (loss) 6.2 37.3 51.1 25.0 39.3 34.0 34.3 42.3
    Per share, basic ($) (1) 0.04 0.23 0.33 0.17 0.26 0.23 0.23 0.28
    Cash flows from operations 57.4 62.9 59.1 64.1 47.6 52.5 70.7 53.7
    Funds from operations 56.6 68.1 61.3 55.7 59.6 54.4 62.8 65.3
    Per share, basic ($) (1)(3) 0.35 0.42 0.40 0.37 0.40 0.36 0.42 0.43
    Acquisitions & related expenditures 15.2 13.9 277.0 1.8 11.5 121.5 2.1 1.2
    Dividends paid 44.3 44.3 40.7 40.7 40.7 40.7 40.7 40.7
    Per share ($) (2) 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27
    Dividends declared 44.3 44.3 41.9 40.7 40.7 40.7 40.7 40.7
    Per share ($) (2) 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27
    Dividend payout ratio (%) (3) 78% 65% 66% 73% 68% 75% 65% 62%
    Long-term debt 292.6 294.3 300.9 205.8 228.0 223.6 123.0 141.2
    Net debt (5)(6) 270.6 272.2 282.3 187.1 199.1 210.5 100.9 113.4
    Shares outstanding, period end (000s) 164.0 164.0 164.0 150.7 150.7 150.7 150.7 150.7
    Average shares outstanding, basic (000s) (7) 164.0 164.0 153.4 150.7 150.7 150.7 150.7 150.7
    Operating                
    Light and medium oil (bbl/d) 6,940 6,880 6,296 6,080 6,551 6,094 6,308 6,325
    Heavy oil (bbl/d) 1,557 1,552 1,516 1,315 1,348 1,300 1,182 1,127
    NGL (bbl/d) 2,550 2,203 2,066 1,972 1,902 1,884 1,878 1,678
    Total liquids (bbl/d) 11,047 10,635 9,878 9,367 9,801 9,278 9,368 9,130
    Natural gas (Mcf/d) 33,220 33,678 32,564 31,447 32,524 32,617 32,968 32,851
    Total production (boe/d) (4) 16,584 16,248 15,306 14,608 15,221 14,714 14,863 14,605
    Oil and NGL (%) 67% 65% 65% 64% 64% 63% 63% 63%
    Petroleum & natural gas realized price ($/boe) (4) 50.36 59.29 53.80 54.36 59.74 54.81 57.94 61.55
    Cash costs ($/boe) (3)(4) 7.38 7.00 5.93 5.42 9.80 7.19 4.73 5.10
    Netback ($/boe) (3)(4) 42.68 53.01 47.25 47.78 49.44 46.62 52.59 55.63
    Benchmark Prices                
    West Texas Intermediate crude oil (US$/bbl) 63.74 71.42 70.27 75.09 80.57 76.96 78.32 82.26
    Exchange rate (Cdn$/US$) 1.38 1.43 1.40 1.37 1.37 1.35 1.36 1.34
    Edmonton Light Sweet crude oil (Cdn$/bbl) 84.25 95.32 94.90 97.85 105.29 92.14 99.69 107.89
    Western Canadian Select crude oil (Cdn$/bbl) 73.96 84.30 80.75 83.95 91.63 77.77 76.96 93.05
    Nymex natural gas (US$/Mcf) 3.57 3.79 2.86 2.24 1.96 2.33 2.98 2.64
    AECO 5A Monthly Index (Cdn$/Mcf) 1.69 2.17 1.48 0.69 1.18 1.80 2.60 1.88

    (1)  Calculated based on the basic weighted average number of shares outstanding during the period
    (2)  Based on the number of shares issued and outstanding at each record date
    (3)  See Non-GAAP and Other Financial Measures
    (4)  See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
    (5)  The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)
    (6)  Net debt is a capital management measures; see Non-GAAP and Other Financial Measures
    (7)  Weighted average number of shares outstanding during the period, basic

    Forward-Looking Statements

    This news release offers our assessment of Freehold’s future plans and operations as of July 30, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

    • our expectations with the improving sentiment on Canadian natural gas pricing with LNG Canada starting up;
    • our expectations regarding improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches;
    • our expectation that in Canada operators will continue to focus capital on our oil weighted plays of the Mannville Stack, the Clearwater and southeast Saskatchewan;
    • our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
    • our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada; and
    • other similar statements.

    By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Middle-East conflicts, Russia-Ukraine war (and any associated sanctions) and actions taken by OPEC+ on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

    With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

    You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

    You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

    To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

    Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)

    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    Non-GAAP and Other Financial Measures

    Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended June 30, 2025.

    Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

    The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

    Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

    The following table presents the computation of Net Revenue, Cash costs and the Netback:

    $/boe Q2-2025 Q1-2025 Q2-2024
    Royalty and other revenue 51.87 62.29 60.99
    Production and ad valorem taxes (1.81) (2.28) (1.75)
    Net revenue $50.06 $60.01 $59.24
    Less:      
    General and administrative expense (2.79) (3.41) (2.86)
    Operating expense (0.13) (0.13) (0.24)
    Interest and financing cash expense (2.95) (3.31) (2.87)
    Management fee-cash settled (0.01) (0.05) (0.05)
    Cash payout on share-based compensation (1.50) (0.10) (3.78)
    Cash costs (7.38) (7.00) ($9.80)
    Netback $42.68 $53.01 $49.44


    Dividend payout     ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.

           
    ($000s, except as noted) Q2-2025 Q1-2025 Q2-2024
    Dividends paid $44,270 $44,269 $40,686
    Funds from operations $56,600 $68,050 $59,569
    Dividend payout ratio (%) 78% 65% 68%


    Funds from operations per share,     which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

    The MIL Network –

  • MIL-OSI: Medallion Bank Reports 2025 Second Quarter Results and Declares Series G Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, July 30, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKO, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today its results for the quarter ended June 30, 2025. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    2025 Second Quarter Highlights

    • Net income of $17.3 million, compared to $15.0 million in the prior year quarter.
    • Net interest income of $53.9 million, compared to $50.2 million in the prior year quarter. Total non-interest income of $2.7 million, compared to $0.9 million in the prior year quarter.
    • Net interest margin of 8.54%, compared to 8.55% in the prior year quarter.
    • Total provision for credit losses was $18.7 million, compared to $18.2 million in the prior year quarter.
    • Annualized net charge-offs were 2.66% of average loans outstanding, compared to 2.31% in the prior year quarter.
    • Annualized return on assets and return on equity were 2.75% and 16.11%, respectively, compared to 2.57% and 16.77%, respectively, for the prior year period.
    • The total loan portfolio grew 1% from June 30, 2024 to $2.3 billion as of June 30, 2025.
    • Closed a public offering of 3,100,000 shares of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share and an aggregate liquidation amount of $77.5 million.
    • Total assets were $2.6 billion and the Tier 1 leverage ratio was 19.3% at June 30, 2025. The Series F preferred stock, which was redeemed on July 1, 2025, contributed 171 basis points to the Tier 1 leverage ratio as of June 30, 2025.

    Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Earnings grew to $17.3 million in the second quarter, but the highlight for the quarter was secondary and capital market activity. As previously reported, we completed an initial sale of recreation loans, then completed a $77.5 million Series G preferred stock offering and announced the redemption of $46 million of our Series F preferred securities.

    While demand for both recreation and home improvement loans recovered slightly from the first quarter, overall volumes remained moderate. Strategic partnership volumes continued to grow, reaching $169 million in the second quarter, 24% higher than the first quarter’s $136 million. Charge-offs were up from the prior year quarter and delinquency fell consistent with our seasonal pattern. Notably, the delinquency rate in our home improvement loan portfolio is now at its lowest level since the second quarter of 2023. We are pleased with our second quarter results and believe the added capital establishes a solid foundation for the rest of 2025 and beyond.”

    Recreation Lending Segment

    • Excluding loans held for sale, the Bank’s recreation loan portfolio size fell 0.8% to $1.486 billion as of June 30, 2025, compared to $1.497 billion at June 30, 2024. Loan originations were $142.8 million, compared to $209.6 million in the prior year quarter.
    • On April 30, 2025, the Bank closed a sale of $52.8 million in recreation loans held for sale. The total proceeds received, which included the principal amount outstanding, a purchase premium and accrued but unpaid interest, were $55.9 million.
    • Recreation loans were 65% of loans receivable as of June 30, 2025, compared to 66% at June 30, 2024.
    • Net interest income was $39.8 million, compared to $37.6 million in the prior year quarter.
    • Delinquencies 30 days or more past due were $65.7 million, or 4.42%, of recreation loans as of June 30, 2025, compared to $54.3 million, or 3.63%, at June 30, 2024.
    • Annualized net charge-offs were 3.25% of average recreation loans outstanding, compared to 2.99% in the prior year quarter.
    • The provision for recreation credit losses was $15.3 million and the allowance for credit losses was 5.05% of the outstanding balance, compared to $15.8 million and 4.35% of the outstanding balance in the prior year quarter.

    Home Improvement Lending Segment

    • The Bank’s home improvement loan portfolio grew 4% to $803.5 million as of June 30, 2025, compared to $773.2 million at June 30, 2024. Loan originations were $54.3 million, compared to $68.0 million in the prior year quarter.
    • Home improvement loans were 35% of loans receivable as of June 30, 2025, compared to 34% at June 30, 2024.
    • Net interest income was $13.6 million, compared to $12.1 million in the prior year quarter.
    • Delinquencies 30 days or more past due were $6.9 million, or 0.86%, of home improvement loans as of June 30, 2025, essentially unchanged from $6.9 million, or 0.90%, at June 30, 2024.
    • Annualized net charge-offs were 1.87% of average home improvement loans outstanding, compared to 1.49% in the prior year quarter.
    • The provision for home improvement credit losses was $3.9 million and the allowance for credit losses was 2.54% of the outstanding balance, compared to $3.3 million and 2.38% of the outstanding balance in the prior year quarter.

    Series F Preferred Stock Dividend

    The Series F Preferred Stock was fully redeemed on July 1, 2025, and no further dividends will be paid.

    Series G Preferred Stock Dividend

    On July 24, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.80625 per share (calculated from date of issuance on May 22, 2025 through September 30, 2025) on the Bank’s Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKO.” The dividend is payable on October 1, 2025, to holders of record at the close of business on September 15, 2025.

    About Medallion Bank

    Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    For more information, visit www.medallionbank.com

    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales (including loan sales), net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “continue,” “expect,” “may,” “maintain,” “potential” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2024, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    MEDALLION BANK
    STATEMENTS OF OPERATIONS
    (UNAUDITED)
      Three Months Ended June 30,   Six Months Ended June 30,
    (In thousands)   2025       2024       2025       2024  
    Interest income              
    Loan interest including fees $ 71,688     $ 65,213     $ 142,305     $ 126,637  
    Investments   1,824       1,546       3,041       3,090  
    Total interest income   73,512       66,759       145,346       129,727  
    Interest expense   19,608       16,524       39,225       31,277  
    Net interest income   53,904       50,235       106,121       98,450  
    Provision for credit losses   18,697       18,190       37,735       35,192  
    Net interest income after provision for credit losses   35,207       32,045       68,386       63,258  
    Strategic partnership fees   787       480       1,472       806  
    Gain on sale of loans   1,304       —       1,304       —  
    Other non-interest income   603       389       1,599       665  
    Total non-interest income   2,694       869       4,375       1,471  
    Non-interest expense              
    Salaries and benefits   5,297       4,953       10,645       9,937  
    Loan servicing   3,293       3,049       6,447       5,916  
    Collection costs   1,697       1,569       3,189       2,974  
    Regulatory fees   1,109       888       1,930       1,865  
    Professional fees   592       385       1,202       817  
    Information technology   324       273       646       541  
    Occupancy and equipment   724       226       1,451       433  
    Other   1,093       1,059       2,003       1,809  
    Total non-interest expense   14,129       12,402       27,513       24,292  
    Income before income taxes   23,772       20,512       45,248       40,437  
    Provision for income taxes   6,468       5,476       12,305       10,922  
    Net income $ 17,304     $ 15,036     $ 32,943     $ 29,515  
    Less: Preferred stock dividends   2,598       1,512       4,110       3,024  
    Net income attributable to common shareholder $ 14,706     $ 13,524     $ 28,833     $ 26,491  
    MEDALLION BANK
    BALANCE SHEETS
      (UNAUDITED)       (UNAUDITED)
    (In thousands) June 30, 2025   December 31, 2024   June 30, 2024
    Assets          
    Cash and federal funds sold $ 117,345     $ 126,196     $ 119,457  
    Investment securities, available-for-sale   61,529       54,805       55,830  
    Loans held for sale, at the lower of amortized cost or fair value   72,490       128,226       —  
               
    Loan receivables, inclusive of net deferred loan acquisition cost and fees   2,289,583       2,249,614       2,274,740  
    Allowance for credit losses   (95,462 )     (91,638 )     (84,213 )
    Loans, net   2,194,121       2,157,976       2,190,527  
    Loan collateral in process of foreclosure   3,414       3,326       3,103  
    Fixed assets and right-of-use lease assets, net   7,972       9,126       8,850  
    Deferred tax assets   14,647       14,036       12,866  
    Accrued interest receivable   15,124       15,083       13,203  
    Other assets   85,417       40,325       39,556  
    Total assets         $ 2,572,059     $ 2,549,099     $ 2,443,392  
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits $ 2,009,176     $ 2,090,071     $ 2,006,782  
    Short-term borrowings   40,000       35,000       25,000  
    Accrued interest payable   3,065       5,586       5,281  
    Income tax payable (1)   26,734       17,951       21,127  
    Other liabilities   18,406       17,204       17,983  
    Due to affiliates   1,037       910       983  
    Total liabilities           2,098,418       2,166,722       2,077,156  
    Shareholders’ Equity          
    Series E preferred stock           26,303       26,303       26,303  
    Series F preferred stock   42,485       42,485       42,485  
    Series G preferred stock   73,126       —       —  
    Common stock   1,000       1,000       1,000  
    Additional paid in capital   77,500       77,500       77,500  
    Accumulated other comprehensive loss, net of tax   (3,931 )     (4,480 )     (4,578 )
    Retained earnings   257,158       239,569       223,526  
    Total shareholders’ equity   473,641       382,377       366,236  
    Total liabilities and shareholders’ equity $ 2,572,059     $ 2,549,099     $ 2,443,392  
    (1)      The majority of income tax payable is payable to Medallion Financial Corp.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    2025 Second Quarter Financial Highlights

    (approximate figures)

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

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

    Conference Call

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

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

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

    About Reliance Global Group, Inc.

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

    Forward-Looking Statements

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

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

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

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

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

    Contact:

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

    INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Summary vs. Same Year-Ago Quarter

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

    Management Commentary

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

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

    Dividend

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

    Second Quarter 2025 Financial Results

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

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

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

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

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

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

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

    Conference Call

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

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

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

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

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

    About Climb Global Solutions

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

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

    Non-GAAP Financial Measures

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

    Key Operational Metric

    Gross Billings

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

    Forward-Looking Statements

    The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, our ability to recognize the anticipated benefits of the acquisition of Douglas Stewart Software & Services, LLC, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful integration of acquisitions, contribution of key vendor relationships and support programs, inflation, import and export tariffs, interest rate risk and impact thereof, as well as factors that affect the software industry in general. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time in the Company’s filings with the Securities and Exchange Commission.

    Company Contact

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

    Investor Relations Contact

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

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

    The MIL Network –

  • MIL-OSI: Robinhood Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    Second Quarter Results

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

    Highlights

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

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

    Additional Q2 2025 Operating Data

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

    Conference Call and Livestream Information

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

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

    Financial Outlook

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

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

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

    About Robinhood

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

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

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

    Contacts

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

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

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

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

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

    ____________

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

    Cautionary Note Regarding Forward-Looking Statements

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

    Non-GAAP Financial Measures

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

    Adjusted EBITDA

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

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

    Adjusted EBITDA Margin

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

    Adjusted Operating Expenses

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

    Adjusted Operating Expenses and SBC

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

    Key Performance Metrics

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

    Assets Under Custody

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

    Funded Customers

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

    Total Platform Assets

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

    Net Deposits

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

    Average Revenue Per User (“ARPU”)

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

    Robinhood Gold Subscribers

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

    Additional Operating Metrics

    Robinhood Retirement AUC

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

    Cash Sweep

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

    Margin Book

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

    Notional Trading Volume

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

    Options Contracts Traded

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

    Glossary Terms

    Investment Accounts

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

    Robinhood Gold Adoption Rate

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

    Growth Rate and Annualized Growth Rate with respect to Net Deposits

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

    The MIL Network –