5 Stones intelligence Strengthens Leadership With Addition of High-profile Federal and International Recruits
"The caliber of talent joining and advancing within 5Si is extraordinary. Their collective skills reinforce our mission to deliver world-class intelligence and investigative solutions for every Client we serve." –5Si Founder David Tinsley
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The new hires include Helene Miller KPM, former London Metropolitan Police Detective Chief Inspector; Bailea Tinsley, former FBI Special Agent; Daniel Forst, former Israel Defense Force Unit 8200; Mack Strong, former HSI Miami Supervisory Special Agent; Matthew Germanowski, former DEA Special Operations Senior Executive; John Gazzarra, former DEA Assistant Special Agent in Charge; and Louis Sastre, former Miami Police Task Force Agent. In addition to these appointments, Grayson Blake has been promoted to Director of Science & Technology Services, and Matthew Tinsley has been promoted to Chief of Staff.
"Our Clients rely on us for their most sensitive investigations and intelligence challenges," said Brian Talay, CEO of 5Si. "With more than 100 years of combined global law enforcement and intelligence experience, the addition of these exceptional individuals further enhances our global services and enables us to continue delivering extraordinary outcomes for our Clients."
Helene Miller, KPM, 5Si's Director of Global Investigations and Risk Management for the United Kingdom and Europe, provides strategic investigative leadership to 5Si's government and commercial Clients across Europe from the firm's London office. A decorated former Detective Chief Inspector with London's Metropolitan Police Service, Miller brings more than 30 years of leadership in complex investigations, risk management, and international crime operations. She also served with the U.K.'s National Crime Agency (NCA). She was awarded the prestigious King's Police Medal for distinguished service. Recognized as "Crime Fighter of the Year" for her work combating modern slavery and human trafficking, Miller led a 120-person detective unit specializing in mass fatalities, family liaison, and high-risk cases.
Bailea Tinsley, 5Si's Director of Global Investigations and Intelligence Services, operates from the Washington, D.C. office. A former FBI Special Agent, Tinsley brings extensive experience investigating transnational criminal enterprises and complex financial crimes, including major cases on Native American reservations. Her assignments spanned the Baltimore, Nashville, and Oklahoma City field offices. Before joining the FBI, she practiced law in Finance and Corporate Restructuring and holds a J.D. from Emory University School of Law. Tinsley is also trained in multiple law enforcement and intelligence disciplines and is proficient in French with additional Arabic skills. At 5Si, she leads high-level global investigations and litigation strategies for government and commercial Clients across diverse international sectors.
Daniel Forst, 5Si's Director of Global Technology Solutions and Services, is based in the firm's Jerusalem office. A veteran of Israel's elite IDF Unit 8200, Forst brings over 20 years of experience advancing deep-tech solutions across defense, homeland security, and intelligence sectors. He has led high-impact initiatives on Iran and global terrorism, operating in politically unstable regions and conflict zones. A recognized subject matter expert in Technical Covert Operations, Forst provides 5Si Clients with access to cutting-edge technologies and strategic guidance on complex geopolitical threats. He holds a degree in East Asian Studies from the Hebrew University of Jerusalem and speaks multiple languages. Forst also supports veteran-focused resilience programs and serves on the board of a nonprofit educational theater.
Mack Strong, 5Si's Director of Global Security and Sensitive Investigations and Intelligence, oversees complex international investigations from the firm's Miami office. A distinguished former HSI Supervisory Special Agent, Strong led groundbreaking international operations for the Department of Homeland Security focused on complex financial crimes, illicit networks, and national security threats. He is a recognized subject matter expert in anti-money laundering, kleptocracy, OFAC sanctions enforcement, FCPA violations, and due diligence under the Patriot Act and Bank Secrecy Act. With extensive expertise in asset tracing, financial fraud, and global compliance strategies, Strong delivers high-level investigative insight to 5Si's government, corporate, and private-sector Clients, helping navigate risk in today's interconnected threat landscape.
Matthew Germanowski, a Director at 5Si, oversees investigative efforts for U.S. congressional committees and serves as a key leader on 5 Stones' federal contracts, including the IRS Criminal Investigation SAISS contract and the Department of State's international training programs. As a former DEA Special Agent, Germanowski held high-level classified roles within the DEA's Special Operations Division and Office of Professional Responsibility. He led global narco-terrorism and money laundering investigations, briefed the Attorney General, and directed internal affairs oversight as Deputy Chairman of the Board of Professional Conduct. A seasoned instructor, he has delivered advanced training in over a dozen countries on undercover operations and transnational organized crime. Germanowski is also a committed Christian and mentor to aspiring government professionals.
John Gazzarra, a Director of 5Si, brings decades of high-level experience in both federal law enforcement and corporate security. A former DEA Special Agent, Gazzarra led complex international investigations in high-threat environments before transitioning to a senior security leadership role at Coca-Cola. He is a bilingual (English/Spanish) Subject Matter Expert in global security, risk mitigation, crisis management, and high-stakes investigative strategy. Known for his ability to navigate multinational investigations with precision, Gazzarra currently oversees the expansion of 5Si's Commercial and Private Client operations worldwide.
Louis Sastre, 5Si Director of Surveillance Operations, is a seasoned surveillance specialist with over 20 years of field experience, including service as a DEA Miami Task Force Agent. He has led sophisticated physical surveillance operations across the U.S., South America, Asia, and the Middle East. Sastre is a Subject Matter Expert in deploying and managing a wide range of surveillance technologies—including sensors, video systems, and real-time coverage solutions—to support global intelligence and investigative missions. He now directs surveillance operations for 5Si's government and private-sector Clients.
Grayson Blake, 5Si Director of Science & Technology Services, leads 5Si's innovation in Open-Source Intelligence (OSINT) and digital investigative technologies. Blake specializes in OSINT research, online data collection, and complex digital footprint analysis. He designs and implements advanced intelligence workflows that transform raw data into actionable insights. Recognized as a thought leader in AI and tech-enabled investigations, Blake guides teams in expanding 5Si's digital capabilities to support global intelligence and investigative objectives with precision and speed.
Matthew Tinsley, 5Si Chief of Staff, coordinates all agency operations to ensure exceptional service delivery across the firm's global Client base. A certified Personal Protection Specialist (PPS), Tinsley previously led 5Si's Global Surveillance and Protection Operations, with field experience spanning the U.S., Israel, and the West Bank. He holds degrees from Lee University (Global Business) and Tennessee Wesleyan (MBA). He has completed executive programs at Oxford Saïd, Yale, and MIT—where he earned certifications in Blockchain, AI, and Digital Currency tracing. Tinsley is also Chainalysis Reactor Certified (CRC). He has trained with the Israeli Shin Bet, the Executive Protection Institute, and Gunsite Academy, among others, with specialized expertise in advanced firearms, tactical systems, and threat mitigation.
"The caliber of talent joining and advancing within 5Si is extraordinary," added 5Si Founder David Tinsley. "These individuals bring decades of specialized expertise, proven leadership, and unmatched dedication to service. Their collective skills reinforce our mission to deliver world-class intelligence and investigative solutions for every Client we serve, no matter the complexity or scale of the challenge. We're proud to welcome these exceptional professionals to the 5Si team."
5 Stones intelligence (5Si)® is a leading U.S.-based intelligence and investigations firm founded in 2007, with offices in Miami, Washington D.C., and global operations across Europe, the Middle East, Asia, Africa, and the Americas, delivering full-spectrum solutions in human intelligence (HUMINT), forensic investigations, financial and technical intelligence, risk mitigation, AML compliance, and protective services, for government, corporate, legal, and nonprofit Clients. Staffed by elite professionals from the FBI, DEA, CIA, and global military and law enforcement, 5Si operates the world's largest private HUMINT network, providing mission-critical intelligence with integrity, discretion, and international reach. Learn more at 5stonesintelligence.com.
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Forward-Looking Statements This earnings release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this earnings release regarding our strategy, future operations, future financial position, future revenues, other financial guidance, acquisitions, dispositions, projected costs, prospects, plans and objectives of management are forward-looking statements. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. There are a number of important factors that could cause Marchex's actual results to differ materially from those indicated by such forward-looking statements including but not limited to product demand, order cancellations and delays, competition and general economic conditions. These factors are described in greater detail in the "Risk Factors" section of our most recent periodic report and registration statement filed with the Securities and Exchange Commission. All of the information provided in this release is as of August 12, 2025, and Marchex undertakes no duty to update the information provided herein. In the event the earnings release contains links to third party websites or materials, the links are provided solely as a convenience to the user. Marchex is not responsible for the content of linked third-party sites or materials and does not make any representations regarding the content or accuracy thereof. Non-GAAP Financial Information To supplement Marchex's consolidated financial statements presented in accordance with GAAP and to provide clarity internally and externally, Marchex uses certain non-GAAP measures of financial performance and liquidity, including adjusted EBITDA and adjusted non-GAAP income (loss) per share. Financial analysts and investors may use adjusted EBITDA to help with comparative financial evaluation to make informed investment decisions. Financial analysts and investors may use adjusted non-GAAP income (loss) per share to analyze Marchex's financial performance since these groups have historically used earnings per share related measures, along with other measures, to estimate the value of a Company, to make informed investment decisions, and to evaluate a Company's operating performance compared to that of other companies in its industry. Adjusted EBITDA represents net income (loss) before (1) interest, (2) income taxes, (3) amortization of intangible assets from acquisitions, (4) depreciation and amortization, (5) stock-based compensation expense, and (6) acquisition and disposition-related costs. Adjusted EBITDA is a metric by which Marchex has evaluated the performance of its business, to include being the basis on which Marchex's internal budgets have been based and by which Marchex's management has been evaluated. This measure is used by our management to understand and evaluate our core operating performance and trends, and management believes it provides meaningful information regarding the Company's liquidity and ability to fund its operations and financing obligations. Adjusted non-GAAP income (loss) per share represents adjusted non-GAAP income (loss) divided by GAAP diluted shares outstanding. Adjusted non-GAAP income (loss) generally captures those items on the statement of operations that have been, or ultimately will be, settled in cash exclusive of certain items that are not indicative of Marchex's recurring core operating results and represents net income (loss) applicable to common stockholders plus the net of tax effects of: (1) stock-based compensation expense, (2) acquisition and disposition related costs, (3) amortization of intangible assets from acquisitions, and (4) interest (income) expense and other, net. Marchex's management believes that investors should have access to, and Marchex is obligated to provide, the same set of tools that management uses in analyzing the Company's results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, and should not be considered in isolation, as a substitute for, or superior to, GAAP results. Marchex's non-GAAP financial measures may be defined differently from time to time and may be defined differently than similar titled terms used by other companies, and accordingly, care should be exercised in understanding how Marchex defines its non-GAAP financial measures in this release. Marchex endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measure with equal or greater prominence, GAAP financial statements, and detailed descriptions of the reconciling items and adjustments, including quantifying such items, to derive the non-GAAP measure. MARCHEX, INC. AND SUBSIDIARIES Consolidated Balance Sheets (In Thousands) (Unaudited) June 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 10,491 $ 12,767 Accounts receivable, net 7,561 7,072 Prepaid expenses and other current assets 3,043 2,439 Total current assets 21,095 22,278 Property and equipment, net 1,736 1,811 Other assets, net 768 397 Right-of-use lease assets 827 1,156 Goodwill 17,558 17,558 Total assets $ 41,984 $ 43,200 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,920 $ 1,349 Accrued benefits and payroll 992 2,133 Other accrued expenses and current liabilities 3,684 4,197 Deferred revenue and deposits 806 1,093 Operating lease liability, current 330 495 Total current liabilities 8,732 9,267 Deferred tax liabilities 658 579 Operating lease liability, non-current 551 721 Total liabilities 9,941 10,567 Stockholders' equity: Class A common stock 49 49 Class B common stock 393 390 Additional paid-in capital 359,676 358,372 Accumulated deficit (328,075 ) (326,178 ) Total stockholders' equity 32,043 32,633 Total liabilities and stockholders' equity $ 41,984 $ 43,200 Expand MARCHEX, INC. AND SUBSIDIARIES (In Thousands) (Unaudited) Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) applicable to common stockholders $ 85 $ (756 ) $ (1,897 ) $ (2,206 ) Interest (income) expense and other, net (626 ) 31 (623 ) 109 Income tax expense 5 3 114 62 Amortization of intangible assets from acquisitions — 151 — 301 Amortization of capitalized software development costs 10 — 10 — Depreciation and amortization 618 385 1,250 708 Stock-based compensation 556 437 1,011 870 Adjusted EBITDA $ 648 $ 251 $ (135 ) $ (156 ) Expand MARCHEX, INC. AND SUBSIDIARIES (In Thousands) (Unaudited) Reconciliation of Net Income (Loss) per Share to Adjusted Non-GAAP Income (Loss) (1) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) per share applicable to common stockholders, diluted $ 0.00 $ (0.02 ) $ (0.04 ) $ (0.05 ) Stock-based compensation 0.01 0.01 0.02 0.02 Amortization of intangible assets from acquisitions — — — 0.01 Interest income (expense) and other, net 0.01 — 0.01 — Adjusted non-GAAP income (loss) per share $ 0.02 $ (0.01 ) $ (0.01 ) $ (0.02 ) Shares used to calculate diluted net income (loss) per share applicable to common stockholders (GAAP) and adjusted non-GAAP income (loss) per share 43,902 43,064 43,812 43,059 Expand (1) For the purpose of computing the number of diluted shares for adjusted non-GAAP income (loss) per share, Marchex uses the accounting guidance that would be applicable for computing the number of diluted shares for GAAP net income (loss) per share. Expand
