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  • MIL-OSI Africa: Adesina and Banga lead the charge to end hunger in Africa at 2024 Borlaug Dialogue

    Source: Africa Press Organisation – English (2) – Report:

    DES MOINES, United States of America, October 31, 2024/APO Group/ —

    In a powerful opening to the 2024 Norman E. Borlaug International Dialogue, the president of the African Development Bank Group (www.AfDB.org) Dr. Akinwumi Adesina and his counterpart at the World Bank Ajay Banga, stressed the need for more global action against hunger, a goal slipping further away due to the combined effects of conflict, economic challenges and climate change.

    The two leaders were guest speakers at the opening plenary on Tuesday 29 October, entitled “Achieving a Hunger-Free World,” at which they reiterated their institutions’ commitments to ending food insecurity in Africa, highlighting innovative partnerships and financial solutions.

    “There is nothing more important than feeding the world. Multilateral Development Banks (MDBs) play an important role in that,” Adesina declared. He stressed the crucial role of international financial institutions in helping achieve this task. 

    Interviewed by Roger Thurow, senior fellow for global agriculture at the Chicago Council on Global Affairs, Adesina and Banga discussed the transformative actions from MDBs in meeting Africa’s annual $1.3 trillion development needs.

    Giving examples of innovative instruments to stretch balance sheets, Adesina said International Monetary Fund (IMF) Special Drawing Rights or SDRs, if channeled through MDBs, could enable them to become leveraging machines, multiplying resources up to eight times.

    “And that’s how you recycle capital to do all the things you need. Think of that,” he said.

    Banga praised Adesina’s leadership and expressed confidence in joint initiatives like “Mission 300,” an ambitious project to connect 300 million Africans to electricity by 2030.

    “When you want to solve a problem, you work in partnership,” Adesina stated, lauding Banga’s collaborative spirit.

    Both leaders highlighted the urgency of engaging Africa’s youth in agriculture. The African Development Bank’s “Enable Youth” program and the World Bank’s focus on youth employment initiatives, reflect a shared commitment to harnessing Africa’s demographic dividend for agricultural transformation and economic prosperity.

    “If we don’t put finance behind young people’s ideas, that’s the biggest risk,” Adesina warned.

    The 2024 Borlaug Dialogue, hosted by the World Food Prize Foundation, gathers experts worldwide to inspire innovative solutions to global hunger. With this year’s theme, “Seeds of Opportunity, Bridging Generations and Cultivating Diplomacy,” the event champions collaboration, legacy, and hope in the fight for food security.

    Adesina also underlined the importance of partnerships such as the G20’s Global Alliance against Hunger and Poverty of which the African Development Bank and the World Bank are partnering. The campaign will see SDRs channeled through MDBs to fight hunger. He cited Mission 300, a joint initiative by the World Bank and the African Development Bank to connect 300 million people in Africa to electricity by 2030, as another example of MDB cooperation.

    Banga stated his confidence in Adesina’s leadership for initiatives like M300: “We have six years to get it done,” he said.

    Scale and ecosystems to address climate change and improve farmers’ livelihoods

    Addressing the topic of climate change and farmers’ livelihoods Banga noted that in Africa, only 4% of global climate financing goes to agriculture.  

    He stressed the need for scalable solutions to support Africa’s small farmers. “The focus must be on scale and ecosystems,” he said, pointing to the World Bank’s efforts to enhance farmers’ access to energy, internet, and credit guarantees, creating a comprehensive support network.

    The World Bank is putting the demographic dividend of Africa’s youth population to the fore by making job creation a specific outcome of all its development work, along six specific pillars, Banga said.

    Earlier, Mashal Husain, Chief Operating Officer for the World Food Prize Foundation said the theme for this year’s Borlaug dialogue: “Seeds of Opportunity, Bridging generations and cultivating diplomacy,” pointed to a world of potential to achieve the goal of ending hunger worldwide.

    “That seed represents hope, innovation and courage to dream. This week at the Borlaug Dialogue we are not just talking about the seeds of opportunity. We are planting them,” Husain said.

    Adesina’s engagements at the Borlaug Dialogue include the Africa Agriculture Dialogue, engagements with the presidents of Sierra Leone and Tanzania and addressing Global Youth Institute Students and Youth Program Alumni on Wednesday 30 October. He will also moderate a high-Level panel Discussion on Thursday 31st October entitled: Bold Measures to Feed Africa.

    To learn more about the Norman E Borlaug Dialogue, click here (https://apo-opa.co/3YmL8yW). Follow the conversation on X (https://apo-opa.co/3Us9KFi).

    MIL OSI Africa –

  • MIL-OSI Africa: TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots

    Source: The Conversation – Africa – By Tom Nyirenda, Extraordinary Senior Lecture in the Department of Global Health, Stellenbosch University

    The World Health Organization’s 2024 Global Tuberculosis report reveals a sobering reality. Formidable challenges remain in the fight against the world’s most infectious disease: persistent poverty in high burden countries; increased rates of infection among vulnerable populations; the inability to find and treat all missing cases; and funding shortfalls.

    The WHO’s report measures progress in two ways: the number of TB-related deaths, and the number of people who become ill. There is still a long battle ahead to eradicate a disease that results in over 10 million patients among those already infected and claims around 1.5 million lives each year. This even though it is preventable and curable.

    The good news is that some countries in Africa have made significant progress in reducing infection rates and TB-related deaths.

    Global health specialist Tom Nyirenda assesses some of the report’s key findings and messages.

    Tackling poverty beats TB

    In 2023, an estimated 10.8 million people fell ill with TB worldwide, including 6.0 million men, 3.6 million women and 1.3 million children. This is slightly more than the 10.6 million people recorded in 2022.

    TB can be defeated because we have good diagnostic tools and effective treatment for the commonest forms of the disease. Global funding, which is critical in fighting TB, is not yet up to the scale that is required to stop the disease. Only 26% of the funding committed by global partners to TB prevention, diagnostic and treatment services has materialised so far.

    Good diagnostic tools and treatment aren’t the panacea. Almost 87% of TB cases are from 30 high burden poor countries of the world. Slow or lack of economic progress of affected populations is one of the greatest challenges the world continues to face.

    Read more: New TB skin test could offer cheaper and easier way to detect the disease

    TB-related deaths

    On the positive side, progress has been made in reducing TB related deaths in the Africa region. The continent saw the biggest drop in TB related deaths since 2015 of all six regions – 42%. The European region came next with TB deaths down by 38% in the same period.

    When it comes to TB infections the WHO African and European regions have made the most progress: a reduction of 24% in Africa and 27% in Europe.

    One of the main reasons for the success in Africa has been progress in treating HIV patients. This is because TB is one of the most common opportunistic infections among patients with HIV. (Opportunistic infections occur more often or are more severe in people with weakened immune systems.)

    Before antiretrovirals transformed treatment for HIV patients, the African continent had the highest TB-HIV co-infection rates in the world. High mortality was experienced among co-infected patients.

    At one stage HIV prevalence among TB patients was estimated to be as high as 90% in some areas of sub-Saharan Africa.

    Treating co-infected patients with antiretrovirals has contributed significantly to the drop in TB-related cases and deaths on the continent.

    Some countries have increased TB screening among vulnerable groups such as children and those who live in confined areas, such as prisoners and displaced people.

    Mixed bag of infection rates

    Successes within the African region vary from country to country.

    For example Nigeria and the Democratic Republic of Congo are among eight countries that accounted for about two-thirds of the global number of people estimated to have developed TB in 2023. Nigeria has 4.6% of the global new cases and the DRC has 3.1%.

    It’s noteworthy that both countries have high levels of poverty; they are vast, with huge populations; and their health services are limited compared to the scale of disease burdens they face.

    Read more: Medical science has made great strides in fighting TB, but reducing poverty is the best way to end this disease

    Sometimes increases in reported cases are not a bad thing. They can be due to improved case finding or better diagnostic procedures. But vigilance is required to maintain the drive towards achievement of global targets.

    Barriers to seeking treatment

    Families of TB sufferers often have to bear costs such as for medications, special foods, transport, and a loss of income.

    Such expenses sometimes discourage TB sufferers from seeking treatment.

    The WHO global report estimates families in many countries in Africa are among those facing “catastrophic total costs” as a result of members becoming ill with TB. This is when direct and indirect costs account for more than 20% of a family’s annual household income. The countries where this is the case include Niger, Ghana, Burkina Faso, Tanzania and South Africa.

    A billboard warns locals about the dangers of tuberculosis in Dire Dawa, Ethiopia. Getty Images.

    Vaccine race

    The only vaccine against TB, the Bacillus Calmette-Guérin vaccine, has been used for more than 100 years. It is largely effective for children under five, but less so in older people. And it can’t be used on patients who have certain medical conditions.

    Development of vaccines is a lengthy and costly exercise. Only one-fifth of the finance necessary for research has been forthcoming to date.

    Read more: TB: gene editing could add new power to a 100-year-old vaccine

    The good news is that of all infectious diseases TB is probably the one that has the most vaccine candidates in the pipeline (about 17). There are currently six vaccine candidates for adults in phase III trials. They could be available within the next five years.

    Beating the disease will require an effective primary or recurrent TB prevention vaccine or a therapeutic vaccine for those already infected with the TB bacteria but who have not yet developed the disease.

    Future threats

    Climate change will affect food security and nutrition, essential for recovery from TB, and also diverting TB resources to epidemics and pandemics associated with it.

    Human conflict, migration and displacement are other threats that world faces that will hinder TB infection control and treatment.

    There is also the urgent need to tackle drug-resistant tuberculosis.

    These dangers strengthen the case for multi-sectoral collaboration to share rare resources and strive for a meaningful impact. The speed at which COVID-19 vaccines were developed in the middle of a pandemic and global lockdowns shows this is possible in better and worse times.

    What needs to be done

    Without government support the war against TB will never be won. Every country and every community is different. It is therefore essential that locally relevant economic research is conducted in every situation to guide policies that reduce the economic burden of TB on communities. Generated evidence should guide policy and practice. Above all good financing should be mobilised, with governments leading the course.

    – TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots
    – https://theconversation.com/tb-in-africa-global-report-shows-successes-but-nigeria-and-drc-remain-important-hotspots-242489

    MIL OSI Africa –

  • MIL-OSI: Locate Buyers Agency Rides Brisbane’s Property Boom

    Source: GlobeNewswire (MIL-OSI)

    BRISBANE, Australia, Oct. 31, 2024 (GLOBE NEWSWIRE) — Brisbane’s property market has been red-hot in 2024, and Locate Buyers Agency has been right in the thick of it. The buyers agency, which specialises in helping buyers navigate the complexities of the real estate market, announced today that it has facilitated over $145 million in property purchases this calendar year to date (Jan – Oct 2024).

    “This milestone is a testament to the hard work and dedication of our team,” says Shane Hiscock, Director, Locate Buyers Agency. “We’re proud to have helped so many people achieve their dream of homeownership in a challenging market.”

    Locate Buyers Agency attributes its success to a combination of factors, including:

    • In-depth market knowledge: Their team possesses a thorough understanding of Brisbane’s finest suburbs and property trends.
    • Strong negotiation skills: In a competitive market, securing the best possible price is crucial, and Locate Buyers Agency excels in this area.
    • Access to off-market properties: The agency often identifies properties before they are publicly listed, giving their clients a significant advantage.

    The agency’s success underscores the growing trend of buyers turning to professionals for assistance in navigating today’s complex real estate landscape. With rising interest rates and property values remaining high, expert guidance can be invaluable.

    While the $145 million milestone is significant, Locate Buyers Agency remains focused on its core mission: helping buyers find the perfect property and securing it at the best possible price.

    As the Buyers Agent Brisbane market continues to evolve, the agency is poised to continue its growth by providing essential services to those looking to enter or move within the property market.

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Brazilian Rare Earths Ltd. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Brazilian Rare Earths Ltd. (ASX: BRE; OTCQX: BRETF, BRELY), an Australian exploration and mining company, has qualified to trade on the OTCQX® Best Market. Brazilian Rare Earths Ltd. upgraded to OTCQX from the Pink® market.

    Brazilian Rare Earths Ltd. begins trading today on OTCQX under the symbol “BRETF, BRELY.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.  For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.  

    Viriathus Capital LLC served as Brazilian Rare Earths Ltd’s advisor.

    “We are thrilled to see our shares and ADRs now trading on the OTCQX market. This quotation broadens our investor base and offers U.S. investors enhanced access to participate in our growth story as we advance our world-class rare earth projects. The increased visibility and liquidity on the OTCQX will accelerate our progress towards developing a leading global supplier of critical rare earth elements.”

    About Brazilian Rare Earths Ltd.
    Brazilian Rare Earths is a critical minerals development company that controls the world-class Rocha da Rocha rare earth province in Bahia, Brazil. Brazilian Rare Earths’ flagship project, Monte Alto, contains some of the highest rare earth grades ever reported globally, along with high concentrations of uranium, niobium, tantalum, and scandium.

    The Monte Alto project is strategically positioned to be an important future source of critical minerals, with the project containing 18 of the 50 critical minerals identified by the U.S. government as essential to economic and national security. Brazilian Rare Earths aims to become a leading global supplier of these critical materials, supporting industries such as renewable energy, electric vehicles, advanced robotics, and defence technologies.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Sandy Spring Bancorp Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    OLNEY, Md., Oct. 31, 2024 (GLOBE NEWSWIRE) — Sandy Spring Bancorp, Inc., (Nasdaq- SASR), the parent company of Sandy Spring Bank, announced that the board of directors declared a quarterly common stock dividend of $0.34 per share payable on November 21, 2024, to shareholders of record on November 14, 2024. This dividend is consistent with the previous linked quarter and the fourth quarter of 2023.

    About Sandy Spring Bancorp, Inc./Sandy Spring Bank

    Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson  and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.

    For additional information or questions, please contact:
            Daniel J. Schrider, Chair, President & Chief Executive Officer, or
            Charles S. Cullum, Executive V.P. & Chief Financial Officer
            Sandy Spring Bancorp
            17801 Georgia Avenue
            Olney, Maryland 20832
            1-800-399-5919
            E-mail:        DSchrider@sandyspringbank.com
                                 CCullum@sandyspringbank.com
            Website:     www.sandyspringbank.com   

    Media Contact:
    Amber Washington, Senior Vice President
    301.774.6400 x5697
    awashington@sandyspringbank.com

    The MIL Network –

  • MIL-OSI: Cipher Mining Provides Third Quarter 2024 Business Update

    Source: GlobeNewswire (MIL-OSI)

    Completed acquisition of Barber Lake data center site, which includes 250 acres of land in West Texas, a newly constructed high-to-mid voltage substation, approvals for 300 MW, and agreements necessary to participate in the ERCOT market

    Completed acquisition of Reveille data center site, which includes approvals for 70 MW and potential to expand to 200 MW, with energization targeted for 2027

    Signed option agreements to purchase or lease three sites in Texas with targeted power capacity of 500 MW each, suitable for HPC or bitcoin mining

    Third Quarter 2024 Net Loss of $87m, and Adjusted Loss of $3m

    NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced results for its third quarter ended September 30, 2024, with an update on its operations and business strategy.

    “We had a very busy third quarter, especially on the corporate and business development side,” said Tyler Page, CEO. “We were delighted to close our acquisition of the Barber Lake site, which has 300 MW immediately available for energization, and more recently, we also closed on our acquisition of the Reveille site, which is approved for 70 MW and has potential to scale to 200 MW. Looking to the future, we also created a pathway to become one of the largest data center developers in the world by finalizing the purchase of options to acquire three new sites with a total cumulative power capacity of up to 1.5 GW. Cipher’s active portfolio and options for development now total 2.5 GW across 10 sites.”

    “We have made great progress in our discussions with hyperscalers in recent weeks as we seek our first HPC tenants while also continuing to build-out our bitcoin operations with the upgrade of our miner fleet at Odessa. Our operations and construction teams have extensive experience building tier 3 data centers, and we look forward to leveraging their broad skill sets as we expand our scope to bring on our first HPC tenants in the future.”

    “Despite the headwind of record low hashprices for the bitcoin mining industry in the third quarter, our team delivered another set of solid results. The value of our Odessa power purchase agreement took a significant markdown given the passage of time and the drop in forward market prices for electricity, which contributed to the headline net loss this quarter. On an adjusted basis, our adjusted loss was nearly flat quarter-over-quarter, which we see as a testament to our low-cost unit economics given the known challenges presented to the entire industry in the first full quarter after the bitcoin halving. With our fleet upgrade at Odessa in the fourth quarter, we will be powering an extremely efficient fleet of rigs with industry-low costs for electricity, so we should be well-positioned for brighter bitcoin mining conditions going forward,” said Mr. Page.

    Finance and Operations Highlights

    • Completed acquisition of 300 MW Barber Lake data center site
    • Completed acquisition of 70 MW Reveille data center site, which may be expanded to 200 MW and is well-suited for both HPC or bitcoin mining data centers
    • Signed options to acquire up to 1.5 GW of new sites in Texas that are also suitable for both HPC or bitcoin mining data centers
    • Upgrade of Odessa site bringing total self-mining hashrate to ~13.5 EH/s remains on track for Q4 2024
    • Construction of the 300 MW data center at Black Pearl progressing well, with expected energization in Q2 2025
    • Q3 2024 net loss of $87 million, or $0.26 per diluted share, and adjusted loss of $3 million, or $0.01 per diluted share

    Business Update Call and Webcast

    The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    About Cipher

    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about our beliefs and expectations regarding our future results of operations and financial position, planned business model and strategy, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts we may make to modify aspects of our business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”), as any such factors may be updated from time to time in the Company’s other filings with the SEC, including without limitation, the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Non-GAAP Financial Measures

    This press release includes supplemental financial measures, including Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case , which exclude the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability. These supplemental financial measures are not a measurement of financial performance under accounting principles generally accepted in the United Stated (“GAAP”) and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions. We believe the use of these non-GAAP financial measures can also facilitate comparison of our operating results to those of our competitors.

    Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect that share-based compensation expense, which is excluded from the non-GAAP financial measures, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Similarly, we expect that depreciation and amortization will continue to be an expense over the term of the useful life of the related assets. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our financial statements prepared in accordance with GAAP. We rely primarily on such financial statements to understand, manage and evaluate our business performance and use the non-GAAP financial measures only supplementally.

    Contacts:
    Investor Contact:
    Josh Kane
    Head of Investor Relations at Cipher Mining
    josh.kane@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

     
    CIPHER MINING INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except for share and per share amounts)
    (unaudited)
     
      September 30,
    2024    		   December 31,
    2023
    ASSETS      
    Current assets      
    Cash and cash equivalents $ 25,342     $ 86,105  
    Accounts receivable   226       622  
    Receivables, related party   59       245  
    Prepaid expenses and other current assets   3,488       3,670  
    Bitcoin   95,459       32,978  
    Derivative asset   27,185       31,878  
    Total current assets   151,759       155,498  
    Restricted cash   14,392       –  
    Property and equipment, net   310,699       243,815  
    Deposits on equipment   144,573       30,812  
    Intangible assets, net   25,742       8,109  
    Investment in equity investees   54,973       35,258  
    Derivative asset   47,225       61,713  
    Operating lease right-of-use asset   10,564       7,077  
    Security deposits   15,301       23,855  
    Other noncurrent assets   210       –  
    Total assets $ 775,438     $ 566,137  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $ 13,154     $ 4,980  
    Accounts payable, related party   –       1,554  
    Accrued expenses and other current liabilities   40,764       22,439  
    Finance lease liability, current portion   3,695       3,404  
    Operating lease liability, current portion   1,479       1,166  
    Warrant liability   –       250  
    Total current liabilities   59,092       33,793  
    Asset retirement obligation   19,810       18,394  
    Finance lease liability   8,319       11,128  
    Operating lease liability   9,662       6,280  
    Deferred tax liability   6,564       5,206  
    Total liabilities   103,447       74,801  
    Commitments and contingencies (Note 13)      
    Stockholders’ equity      
    Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of September 30, 2024, and December 31, 2023   –       –  
    Common stock, $0.001 par value, 500,000,000 shares authorized, 355,771,238 and 296,276,536 shares issued as of September 30, 2024 and December 31, 2023, respectively, and 347,800,186 and 290,957,862 shares outstanding as of September 30, 2024, and December 31, 2023, respectively   356       296  
    Additional paid-in capital   870,565       627,822  
    Accumulated deficit   (198,922 )     (136,777 )
    Treasury stock, at par, 7,971,052 and 5,318,674 shares at September 30, 2024 and December 31, 2023, respectively   (8 )     (5 )
    Total stockholders’ equity   671,991       491,336  
    Total liabilities and stockholders’ equity $ 775,438     $ 566,137  
     
    CIPHER MINING INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except for share and per share amounts)
    (unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Revenue – bitcoin mining $ 24,102     $ 30,304     $ 109,047     $ 83,423  
    Costs and operating expenses (income)              
    Cost of revenue   15,063       13,008       44,164       37,017  
    Compensation and benefits   14,738       17,071       44,058       41,676  
    General and administrative   8,919       6,827       23,362       20,977  
    Depreciation and amortization   28,636       16,217       66,131       42,284  
    Change in fair value of derivative asset   48,520       (4,744 )     19,181       (13,294 )
    Power sales   (1,444 )     (2,720 )     (3,726 )     (8,469 )
    Equity in (income) losses of equity investees   (847 )     1,998       (1,008 )     4,179  
    Losses (gains) on fair value of bitcoin   1,911       1,848       (22,336 )     (3,276 )
    Other gains   –       (95 )     –       (2,355 )
    Total costs and operating expenses   115,496       49,410       169,826       118,739  
    Operating loss   (91,394 )     (19,106 )     (60,779 )     (35,316 )
    Other income (expense)              
    Interest income   1,188       11       3,027       112  
    Interest expense   (346 )     (627 )     (1,118 )     (1,513 )
    Change in fair value of warrant liability   –       10       250       (49 )
    Other expense   (4 )     (6 )     (1,235 )     (18 )
    Total other income (expense)   838       (612 )     924       (1,468 )
    Loss before taxes   (90,556 )     (19,718 )     (59,855 )     (36,784 )
    Current income tax expense   (211 )     (95 )     (932 )     (143 )
    Deferred income tax benefit (expense)   4,013       1,192       (1,358 )     555  
    Total income tax benefit (expense)   3,802       1,097       (2,290 )     412  
    Net loss $ (86,754 )   $ (18,621 )   $ (62,145 )   $ (36,372 )
    Loss per share – basic and diluted $ (0.26 )   $ (0.07 )   $ (0.20 )   $ (0.15 )
    Weighted average shares outstanding – basic   332,680,037       251,789,350       314,820,110       249,858,033  
    Weighted average shares outstanding – diluted   332,680,037       251,789,350       314,820,110       249,858,033  
     
    CIPHER MINING INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    (unaudited)
     
      Nine Months Ended September 30,
        2024       2023  
    Cash flows from operating activities      
    Net loss $ (62,145 )   $ (36,372 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation   65,661       42,284  
    Amortization of intangible assets   470       –  
    Amortization of operating right-of-use asset   888       688  
    Share-based compensation   31,865       28,687  
    Equity in losses (gains) of equity investees   (1,008 )     4,179  
    Non-cash lease expense   429       1,477  
    Other   (1,235 )     –  
    Deferred income taxes   1,358       (555 )
    Bitcoin received as payment for services   (109,443 )     (83,161 )
    Change in fair value of derivative asset   19,181       (13,294 )
    Change in fair value of warrant liability   (250 )     49  
    Gains on fair value of bitcoin   (22,336 )     (3,276 )
    Changes in assets and liabilities:      
    Accounts receivable   396       (262 )
    Receivables, related party   186       (958 )
    Prepaid expenses and other current assets   182       3,238  
    Security deposits   16,851       144  
    Other non-current assets   (210 )     –  
    Accounts payable   565       2,366  
    Accounts payable, related party   –       (1,529 )
    Accrued expenses and other current liabilities   62       10,732  
    Lease liabilities   –       (762 )
    Net cash used in operating activities   (58,533 )     (46,325 )
    Cash flows from investing activities      
    Proceeds from sale of bitcoin   79,786       78,729  
    Deposits on equipment   (135,263 )     (4,533 )
    Purchases of property and equipment   (92,373 )     (32,980 )
    Purchases and development of software   (1,059 )     –  
    Purchase of strategic contracts   (17,044 )     –  
    Capital distributions from equity investees   –       3,807  
    Investment in equity investees   (29,194 )     (3,545 )
    Prepayments on financing lease   –       (3,676 )
    Net cash (used in) provided by investing activities   (195,147 )     37,802  
    Cash flows from financing activities      
    Proceeds from the issuance of common stock   225,181       11,644  
    Offering costs paid for the issuance of common stock   (3,487 )     (298 )
    Repurchase of common shares to pay employee withholding taxes   (10,760 )     (3,224 )
    Principal payments on financing lease   (3,625 )     (8,184 )
    Net cash provided by (used in) financing activities   207,309       (62 )
    Net decrease in cash, cash equivalents, and restricted cash   (46,371 )     (8,585 )
    Cash, cash equivalents, and restricted cash, beginning of the period   86,105       11,927  
    Cash and cash equivalents, and restricted cash, end of the period $ 39,734     $ 3,342  
      Nine Months Ended September 30,
        2024       2023  
    Supplemental disclosure of noncash investing and financing activities        
    Reclassification of deposits on equipment to property and equipment $ 21,502     $ 74,186  
    Property and equipment purchases in accounts payable and accrued expenses $ 17,422     $ –  
    Bitcoin received from equity investees $ 10,487     $ 317  
    Settlement of related party payable related to master services and supply agreement $ 1,554     $ –  
    Right-of-use asset obtained in exchange for finance lease liability $ 4,375     $ 14,212  
    Sales tax accrual on machine purchases $ 1,388     $ 1,837  
    Equity method investment acquired for non-cash consideration $ –     $ 1,926  
    Finance lease cost in accrued expenses $ –     $ 2,060  
                   

    The following table provides a reconciliation of Cash and cash equivalents together with Restricted cash as reported within the Condensed Consolidated Balance Sheets to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.

       
      Nine Months Ended September 30,
        2024       2023  
    Cash and cash equivalents $ 25,342     $ 3,342  
    Restricted cash $ 14,392     $ –  
    Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 39,734     $ 3,342  
                   

    Non-GAAP Financial Measures

    The following are reconciliations of our Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case excluding the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability, to the most directly comparable GAAP measures for the periods indicated (in thousands, except for per share amounts):

           
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Reconciliation of Adjusted Earnings:              
    Net loss $ (86,754 )   $ (18,621 )   $ (62,145 )   $ (36,372 )
    Change in fair value of derivative asset   48,520       (4,744 )     19,181       (13,294 )
    Share-based compensation expense   10,211       10,699       31,865       17,988  
    Depreciation and amortization   28,636       16,217       66,131       42,284  
    Deferred income tax expense   (4,013 )     (1,192 )     1,358       (555 )
    Other gains – nonrecurring   –       (95 )     –       (2,355 )
    Change in fair value of warrant liability   –       (10 )     (250 )     49  
    Adjusted (loss) earnings $ (3,400 )   $ 2,254     $ 56,140     $ 7,745  
                   
                   
    Reconciliation of Adjusted Earnings per share – diluted:              
    Net loss per share – diluted $ (0.26 )   $ (0.07 )   $ (0.20 )   $ (0.15 )
    Change in fair value of derivative asset per diluted share   0.14       (0.02 )     0.07       (0.05 )
    Share-based compensation expense per diluted share   0.03       0.04       0.10       0.07  
    Depreciation and amortization per diluted share   0.09       0.06       0.21       0.17  
    Deferred income tax expense per diluted share   (0.01 )     —       —       —  
    Other gains – nonrecurring per diluted share   —       —       —       (0.01 )
    Change in fair value of warrant liability per diluted share   —       —       —       —  
    Adjusted (loss) earnings per diluted share $ (0.01 )   $ 0.01     $ 0.18     $ 0.03  

    The MIL Network –

  • MIL-OSI: Bitfarms Enters into Second 10,000 Miner Hosting Agreement with Stronghold Digital Mining

    Source: GlobeNewswire (MIL-OSI)

    – Follows initial 10,000 miner hosting agreement announced in September –

    – Agreement supports 2.2 EH/s –

    This news release constitutes a “designated news release” for the purposes of the Company’s amended and restated prospectus supplement dated October 4, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec, Oct. 31, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, has, through one of its subsidiaries, entered into a second miner hosting agreement (the “Hosting Agreement”) with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining, Inc.  (NASDAQ: SDIG) (“Stronghold”) at Stronghold’s Scrubgrass site in Pennsylvania.

    Under the terms of the Hosting Agreement, Bitfarms will deploy an additional 10,000 miners, originally expected to be used for its Yguazu, Paraguay site, to Stronghold’s Scrubgrass site. Energization is anticipated to start in December 2024.

    “Optimizing our assets with these rapid upgrades at Stronghold’s Pennsylvania sites will provide significant near-term value for Bitfarms,” stated Ben Gagnon, CEO. “The 20,000 miners we are deploying at the two sites between the two hosting agreements will boast efficiency of ~20.5 w/TH, continuing to improve our overall fleet efficiency. Vertically integrating our operations with Stronghold’s existing power generation infrastructure reduces capital expenditure requirements and allows us to take greater control over our cost of power via energy trading and better utilization of the T21’s wide range of operating modes. We look forward to completing our acquisition of Stronghold and executing our strategy to increase our U.S. footprint and diversify beyond Bitcoin mining.”

    The initial term of the Hosting Agreement will expire on December 31, 2025, after which it will automatically renew for additional one-year periods unless either party provides written notice of non-renewal. Pursuant to the Hosting Agreement, Bitfarms will pay Stronghold a monthly fee equal to fifty percent of the profit generated by the Bitfarms miners. In connection with the execution of the Hosting Agreement, Bitfarms also deposited with Stronghold $7.8 million, equal to the estimated cost of power for three months of operations of the Bitfarms miners, which will be refundable in full to Bitfarms at the end of the initial term.

    About Bitfarms
    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • EH or EH/s = Exahash or exahash per second
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the impact of the Hosting Agreement, projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, deployment of miners as well as the timing therefor, closing of the Stronghold acquisition on a timely basis and on the terms as announced, , the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: receipt of the approval of the shareholders of Stronghold and the Toronto Stock Exchange for the Stronghold acquisition as well as other applicable regulatory approvals; that the Stronghold acquisition may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the parties for a number of reasons including, without limitation, as a result of a failure to satisfy the conditions to closing of the Stronghold acquisition; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the Stronghold plants which entail environmental risk and certain additional risk factors particular to the business of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms and Stronghold operate and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024, and its registration statement on Form F-4 (File No. 333-282657) filed by Bitfarms with the SEC (the “registration statement”), which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms (the “proxy statement/prospectus”). Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law.   Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Additional Information about the Merger and Where to Find It

    This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.

    Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

    No Offer or Solicitation
    This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in Solicitation Relating to the Merger
    Bitfarms, Stronghold, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from Stronghold’s shareholders in respect of the proposed merger. Information regarding Bitfarms’ directors and executive officers can be found in Bitfarms’ annual information form for the year ended December 31, 2023, filed on March 7, 2024, as well as its other filings with the SEC. Information regarding Stronghold’s directors and executive officers can be found in Stronghold’s proxy statement for its 2024 annual meeting of stockholders, filed with the SEC on April 29, 2024, and supplemented on June 7, 2024, and in its Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024. This communication may be deemed to be solicitation material in respect of the proposed merger. Additional information regarding the interests of such potential participants, including their respective interests by security holdings or otherwise, is set forth in the proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed merger if and when they become available. These documents are available free of charge on the SEC’s website and from Bitfarms and Stronghold using the sources indicated above.

    Investor Relations Contacts:
    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:
    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    The MIL Network –

  • MIL-OSI: Allegro MicroSystems Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MANCHESTER, N.H., Oct. 31, 2024 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its second quarter ended September 27, 2024.

    “We delivered results in-line with our commitments. Second quarter sales were $187 million, with sequential growth in both Automotive and Industrial and Other end markets. Non-GAAP EPS was $0.08, at the high end of our outlook,” said Vineet Nargolwala, President and CEO of Allegro. “We are encouraged by the continued demand for our differentiated solutions and the progress made by our customers and partners to rebalance their inventories. We continue to invest for growth to extend our market leadership. The accelerating pace of our new product introductions, as evidenced by our latest product releases, sets the stage for significant growth momentum in the near future.”

    Second Quarter Financial Highlights:

    In thousands, except per share data   Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
    Net Sales                              
    Automotive   $ 141,893     $ 131,184     $ 197,321     $ 273,077     $ 382,751  
    Industrial and other     45,498       35,735       78,188       81,233       171,051  
    Total net sales   $ 187,391     $ 166,919     $ 275,509     $ 354,310     $ 553,802  
    GAAP Financial Measures                              
    Gross margin %     45.7 %     44.8 %     57.9 %     45.3 %     57.3 %
    Operating margin %     2.2 %     (6.4 )%     26.5 %     (1.9 )%     25.9 %
    Diluted EPS   $ (0.18 )   $ (0.09 )   $ 0.34     $ (0.27 )   $ 0.65  
    Non-GAAP Financial Measures                              
    Gross margin %     48.8 %     48.8 %     58.3 %     48.8 %     58.1 %
    Operating margin %     11.7 %     6.0 %     31.3 %     9.0 %     31.0 %
    Diluted EPS   $ 0.08     $ 0.03     $ 0.40     $ 0.11     $ 0.79  

    Business Outlook

    For the third quarter of fiscal year 2025 ending December 27, 2024, the Company expects net sales to be in the range of $170 million to $180 million. This outlook comprehends continued progress toward vehicle electrification and ongoing inventory rebalancing as reflected in the latest third-party estimates, as well as typical December quarter seasonality. The Company also estimates the following results on a non-GAAP basis:

    • Gross Margin is expected to be between 49% and 51%,
    • The Company made a voluntary $25 million payment on its term loan facility on October 31, 2024 and now expects Interest Expense to be approximately $6 million, and
    • Diluted Earnings per Share are expected to be between $0.04 and $0.08.

    Allegro has not provided a reconciliation of its third fiscal quarter outlook for non-GAAP Gross Margin, non-GAAP Interest Expense, and non-GAAP Diluted Earnings per Share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking U.S. generally accepted accounting principles (“GAAP”) measures. Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

    Earnings Webcast

    A webcast will be held on Thursday, October 31, 2024 at 8:30 a.m., Eastern Time. Vineet Nargolwala, President and Chief Executive Officer, and Derek P. D’Antilio, Executive Vice President and Chief Financial Officer, will discuss Allegro’s business and financial results.

    The webcast will be available on the Investor Relations section of the Company’s website at investors.allegromicro.com. A recording of the webcast will be posted in the same location shortly after the call concludes and will be available for at least 90 days.

    About Allegro MicroSystems

    Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Allegro’s diverse product portfolio provides efficient and reliable solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power saving technologies for data centers and clean energy applications.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release including statements regarding our future results of operations and financial position, business strategy, prospective products and the plans and objectives of management for future operations, including, among others, statements regarding the liquidity, growth and profitability strategies and factors affecting our business are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

    Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.

    Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 29, 2024, as any such factors may be updated from time to time in our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or our manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to effectively manage our growth and to retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; our principal stockholders has substantial control over us; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; any failure to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the physical, transition and litigation risks presented by climate change; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

    You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

    This press release includes certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non-GAAP financial measures as tools for comparison.

    This press release may not be reproduced, forwarded to any person or published, in whole or in part.

       
    ALLEGRO MICROSYSTEMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share amounts)
    (Unaudited)    		  
       
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
    Net sales   $ 187,391     $ 275,509     $ 354,310     $ 553,802  
    Cost of goods sold     101,729       116,006       193,877       236,349  
    Gross profit     85,662       159,503       160,433       317,453  
    Operating expenses:                        
    Research and development     43,510       43,428       88,714       86,403  
    Selling, general and administrative     38,085       43,160       78,282       87,389  
    Total operating expenses     81,595       86,588       166,996       173,792  
    Operating income (loss)     4,067       72,915       (6,563 )     143,661  
    Interest and other (expense) income     (12,398 )     156       (18,341 )     (2,486 )
    Loss on change in fair value of forward repurchase contract     (34,752 )     —       (34,752 )     —  
    (Loss) income before income taxes     (43,083 )     73,071       (59,656 )     141,175  
    Income tax (benefit) provision     (9,470 )     7,400       (8,430 )     14,615  
    Net (loss) income     (33,613 )     65,671       (51,226 )     126,560  
    Net income attributable to non-controlling interests     62       54       124       93  
    Net (loss) income attributable to Allegro MicroSystems, Inc.   $ (33,675 )   $ 65,617     $ (51,350 )   $ 126,467  
    Net (loss) income per common share attributable to Allegro MicroSystems, Inc.:                        
    Basic   $ (0.18 )   $ 0.34     $ (0.27 )   $ 0.66  
    Diluted   $ (0.18 )   $ 0.34     $ (0.27 )   $ 0.65  
    Weighted average shares outstanding:                        
    Basic     189,182,850       192,431,094       191,324,281       192,214,210  
    Diluted     189,182,850       195,100,855       191,324,281       195,055,495  
                                     

    Supplemental Schedule of Total Net Sales

    The following table summarizes total net sales by market within the Company’s unaudited condensed consolidated statements of operations:

        Three-Month Period Ended     Change     Six-Month Period Ended     Change  
        September 27,
    2024    		     September 29,
    2023    		     Amount     %     September 27,
    2024    		     September 29,
    2023    		     Amount     %  
        (Dollars in thousands)     (Dollars in thousands)  
    Automotive   $ 141,893     $ 197,321     $ (55,428 )     (28 )%   $ 273,077     $ 382,751     $ (109,674 )     (29 )%
    Industrial and other     45,498       78,188       (32,690 )     (42 )%     81,233       171,051       (89,818 )     (53 )%
    Total net sales   $ 187,391     $ 275,509     $ (88,118 )     (32 )%   $ 354,310     $ 553,802     $ (199,492 )     (36 )%
     
    ALLEGRO MICROSYSTEMS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
        September 27,
    2024    		     March 29,
    2024    		  
        (Unaudited)        
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 188,751     $ 212,143  
    Restricted cash     10,287       10,018  
    Trade accounts receivable, net     76,985       118,508  
    Inventories     176,648       162,302  
    Prepaid income taxes     38,636       31,908  
    Prepaid expenses and other current assets     32,253       33,584  
    Current portion of related party notes receivable     —       3,750  
    Total current assets     523,560       572,213  
    Property, plant and equipment, net     325,051       321,175  
    Deferred income tax assets     61,839       54,496  
    Goodwill     203,151       202,425  
    Intangible assets, net     266,753       276,854  
    Related party notes receivable, less current portion     —       4,688  
    Equity investment in related party     30,186       26,727  
    Other assets     81,577       72,025  
    Total assets   $ 1,492,117     $ 1,530,603  
    Liabilities, Non-Controlling Interests and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable   $ 50,245     $ 35,964  
    Amounts due to related party     5,546       1,626  
    Accrued expenses and other current liabilities     62,742       76,389  
    Current portion of long-term debt     5,475       3,929  
    Total current liabilities     124,008       117,908  
    Long-term debt     396,056       249,611  
    Other long-term liabilities     33,345       31,368  
    Total liabilities     553,409       398,887  
    Commitments and contingencies            
    Stockholders’ Equity:            
    Preferred stock     —       —  
    Common stock     1,840       1,932  
    Additional paid-in capital     993,988       694,332  
    (Accumulated deficit) retained earnings     (31,931 )     463,012  
    Accumulated other comprehensive loss     (26,583 )     (28,841 )
    Equity attributable to Allegro MicroSystems, Inc.     937,314       1,130,435  
    Non-controlling interests     1,394       1,281  
    Total stockholders’ equity     938,708       1,131,716  
    Total liabilities, non-controlling interests and stockholders’ equity   $ 1,492,117     $ 1,530,603  
       
    ALLEGRO MICROSYSTEMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    (Unaudited)    		  
       
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
    Cash flows from operating activities:                        
    Net (loss) income   $ (33,613 )   $ 65,671     $ (51,226 )   $ 126,560  
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:                        
    Depreciation and amortization     15,997       15,080       32,455       29,353  
    Amortization of deferred financing costs     306       73       1,087       107  
    Deferred income taxes     (2,796 )     (9,772 )     (7,795 )     (18,134 )
    Stock-based compensation     11,545       10,877       21,663       21,919  
    Loss on change in fair value of forward repurchase contract     34,752       —       34,752       —  
    Provisions for inventory and expected credit losses     2,111       4,239       4,488       9,422  
    Change in fair value of marketable securities     —       (72 )     —       3,579  
    Other non-cash reconciling items     6,563       43       6,577       43  
    Changes in operating assets and liabilities:                        
    Trade accounts receivable     (13,717 )     2,676       41,417       (7,645 )
    Inventories     (2,845 )     (3,274 )     (18,831 )     (31,221 )
    Prepaid expenses and other assets     (14,093 )     (6,253 )     (15,808 )     (16,453 )
    Trade accounts payable     13,470       (15,736 )     13,670       2,695  
    Due to and from related parties     695       (3,990 )     4,132       6,112  
    Accrued expenses and other current and long-term liabilities     (2,828 )     (12,832 )     (16,838 )     (29,944 )
    Net cash provided by operating activities     15,547       46,730       49,743       96,393  
    Cash flows from investing activities:                        
    Purchases of property, plant and equipment     (9,972 )     (31,191 )     (20,949 )     (76,101 )
    Sales of marketable securities     —       6,204       —       16,175  
    Net cash used in investing activities     (9,972 )     (24,987 )     (20,949 )     (59,926 )
    Cash flows from financing activities:                        
    Loan made to affiliate     —       (4,000 )     —       (4,000 )
    Net proceeds from Refinanced 2023 Term Loan Facility     193,483       —       193,483       —  
    Payment of borrowings under 2023 Term Loan Facility     —       —       (50,000 )     —  
    Finance lease payments     (240 )     —       (385 )     —  
    Receipts on related party notes receivable     937       937       1,875       1,875  
    Payments for taxes related to net share settlement of equity awards     (1,126 )     (1,669 )     (12,297 )     (14,091 )
    Proceeds from issuance of common stock under employee stock purchase plan     1,987       —       1,987       1,899  
    Repurchases of common stock     (853,805 )     —       (853,805 )     —  
    Net proceeds from issuance of common stock     665,850       —       665,850       —  
    Payment of debt issuance costs     —       —       —       (1,450 )
    Net cash provided by (used in) financing activities     7,086       (4,732 )     (53,292 )     (15,767 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash     2,200       (901 )     1,375       (974 )
    Net increase (decrease) in cash and cash equivalents and restricted cash     14,861       16,110       (23,123 )     19,726  
    Cash and cash equivalents and restricted cash at beginning of period     184,177       362,321       222,161       358,705  
    Cash and cash equivalents and restricted cash at end of period:   $ 199,038     $ 378,431     $ 199,038     $ 378,431  
                                     

    Non-GAAP Financial Measures

    In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures, defined as non-GAAP Financial Measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Profit before Tax, non-GAAP Income Tax Provision, non-GAAP Effective Tax Rate, non-GAAP Net Income Attributable to Allegro MicroSystems, Inc, non-GAAP Basic and Diluted Earnings per Share, non-GAAP Free Cash Flow, and non-GAAP Free Cash Flow as percentage of net sales (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Income Tax Provision, management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Income Tax Provision across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.

    The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP Financial Measures, such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges, such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These Non-GAAP Financial Measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related party activities and other non-operational costs.

    Non-GAAP Income Tax Provision

    In calculating non-GAAP Income Tax Provision, we have added back the following to GAAP Income Tax Provision:

    • Tax effect of adjustments to GAAP results—Represents the estimated income tax effect of the adjustments to non-GAAP Profit before Tax described below and elimination of discrete tax adjustments.
       
    Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Gross Profit   $ 85,662     $ 74,771     $ 159,503     $ 160,433     $ 317,453  
    GAAP Gross Margin (% of net sales)     45.7 %     44.8 %     57.9 %     45.3 %     57.3 %
                                   
    Non-GAAP adjustments                              
    Transaction-related costs     10       (1 )     —       9       —  
    Purchased intangible amortization     4,875       4,875       273       9,750       675  
    Restructuring costs     16       1,200       —       1,216       —  
    Stock-based compensation     817       561       946       1,378       3,552  
    Total Non-GAAP Adjustments   $ 5,718     $ 6,635     $ 1,219     $ 12,353     $ 4,227  
                                   
    Non-GAAP Gross Profit   $ 91,380     $ 81,406     $ 160,722     $ 172,786     $ 321,680  
    Non-GAAP Gross Margin (% of net sales)     48.8 %     48.8 %     58.3 %     48.8 %     58.1 %
       
    Reconciliation of Non-GAAP Operating Expenses  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Operating Expenses   $ 81,595     $ 85,401     $ 86,588     $ 166,996     $ 173,792  
                                   
    Research and Development Expenses                              
    GAAP Research and Development Expenses     43,510       45,204       43,428       88,714       86,403  
    Non-GAAP adjustments                              
    Transaction-related costs     206       1,029       2       1,235       9  
    Restructuring costs     260       169       —       429       —  
    Stock-based compensation     3,523       3,735       3,602       7,258       6,470  
    Other costs(1)     3       —       —       3       —  
    Non-GAAP Research and Development Expenses     39,518       40,271       39,824       79,789       79,924  
                                   
    Selling, General and Administrative Expenses                              
    GAAP Selling, General and Administrative Expenses     38,085       40,197       43,160       78,282       87,389  
    Non-GAAP adjustments                              
    Transaction-related costs     275       814       1,804       1,089       4,876  
    Purchased intangible amortization     535       535       357       1,070       715  
    Restructuring costs     2,046       1,045       —       3,091       —  
    Stock-based compensation     7,205       5,822       6,329       13,027       11,897  
    Other costs(1)     (1,820 )     811       100       (1,009 )     100  
    Non-GAAP Selling, General and Administrative Expenses     29,844       31,170       34,570       61,014       69,801  
                                   
    Total Non-GAAP Adjustments     12,233       13,960       12,194       26,193       24,067  
                                   
    Non-GAAP Operating Expenses   $ 69,362     $ 71,441     $ 74,394     $ 140,803     $ 149,725  
                                   
    (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.  
       
    Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Margin  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Operating Income (Loss)   $ 4,067     $ (10,630 )   $ 72,915     $ (6,563 )   $ 143,661  
    GAAP Operating Margin (% of net sales)     2.2 %     (6.4 )%     26.5 %     (1.9 )%     25.9 %
                                   
    Transaction-related costs     491       1,842       1,806       2,333       4,885  
    Purchased intangible amortization     5,410       5,410       630       10,820       1,390  
    Restructuring costs     2,322       2,414       —       4,736       —  
    Stock-based compensation     11,545       10,118       10,877       21,663       21,919  
    Other costs(1)     (1,817 )     811       100       (1,006 )     100  
    Total Non-GAAP Adjustments   $ 17,951     $ 20,595     $ 13,413     $ 38,546     $ 28,294  
                                   
    Non-GAAP Operating Income   $ 22,018     $ 9,965     $ 86,328     $ 31,983     $ 171,955  
    Non-GAAP Operating Margin (% of net sales)     11.7 %     6.0 %     31.3 %     9.0 %     31.0 %
                                   
    (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.  
       
    Reconciliation of EBITDA and Adjusted EBITDA  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Net (Loss) Income   $ (33,613 )   $ (17,613 )   $ 65,671     $ (51,226 )   $ 126,560  
    GAAP Net (Loss) Income Margin (% of net sales)     (17.9 )%     (10.6 )%     23.8 %     (14.5 )%     22.9 %
                                   
    Interest expense     10,353       5,377       758       15,730       1,527  
    Interest income     (420 )     (494 )     (850 )     (914 )     (1,693 )
    Income tax (benefit) provision     (9,470 )     1,040       7,400       (8,430 )     14,615  
    Depreciation & amortization     15,997       16,458       15,145       32,455       29,418  
    EBITDA   $ (17,153 )   $ 4,768     $ 88,124     $ (12,385 )   $ 170,427  
                                   
    Transaction-related costs     3,295       1,842       1,806       5,137       4,885  
    Restructuring costs     2,067       2,414       —       4,481       —  
    Stock-based compensation     11,545       10,118       10,877       21,663       21,919  
    Loss on change in fair value of forward repurchase contract     34,752       —       —       34,752       —  
    Other costs(1)     (2,195 )     2,807       1,301       612       5,890  
    Adjusted EBITDA   $ 32,311     $ 21,949     $ 102,108     $ 54,260     $ 203,121  
    Adjusted EBITDA Margin (% of net sales)     17.2 %     13.1 %     37.1 %     15.3 %     36.7 %
                                   
    (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.  
       
    Reconciliation of Non-GAAP Profit before Tax  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP (Loss) Income before Income Taxes   $ (43,083 )   $ (16,573 )   $ 73,071     $ (59,656 )   $ 141,175  
                                   
    Transaction-related costs     3,295       1,842       1,806       5,137       4,885  
    Transaction-related interest     141       709       —       850       —  
    Purchased intangible amortization     5,410       5,410       630       10,820       1,390  
    Restructuring costs     2,067       2,414       —       4,481       —  
    Stock-based compensation     11,545       10,118       10,877       21,663       21,919  
    Loss on change in fair value of forward repurchase contract     34,752       —       —       34,752       —  
    Other costs(1)     1,428       2,807       1,301       4,235       5,890  
    Total Non-GAAP Adjustments   $ 58,638     $ 23,300     $ 14,614     $ 81,938     $ 34,084  
                                   
    Non-GAAP Profit before Tax   $ 15,555     $ 6,727     $ 87,685     $ 22,282     $ 175,259  
                                   
    (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.  
       
    Reconciliation of Non-GAAP Income Tax Provision and Non-GAAP Effective Tax Rate  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Income Tax (Benefit) Provision   $ (9,470 )   $ 1,040     $ 7,400     $ (8,430 )   $ 14,615  
    GAAP effective tax rate     22.0 %     (6.3 )%     10.1 %     14.1 %     10.4 %
                                   
    Tax effect of adjustments to GAAP results     10,071       (395 )     2,554       9,676       6,380  
                                   
    Non-GAAP Income Tax Provision   $ 601     $ 645     $ 9,954     $ 1,246     $ 20,995  
    Non-GAAP effective tax rate     3.9 %     9.6 %     11.4 %     5.6 %     12.0 %
       
    Reconciliation of Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. and Non-GAAP Earnings per Share  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc.(1)   $ (33,675 )   $ (17,675 )   $ 65,617     $ (51,350 )   $ 126,467  
    GAAP Basic weighted average common shares     189,182,850       193,465,708       192,431,094       191,324,281       192,214,210  
    GAAP Diluted weighted average common shares     189,182,850       193,465,708       195,100,855       191,324,281       195,055,495  
    GAAP Basic (Loss) Earnings per Share   $ (0.18 )   $ (0.09 )   $ 0.34     $ (0.27 )   $ 0.66  
    GAAP Diluted (Loss) Earnings per Share   $ (0.18 )   $ (0.09 )   $ 0.34     $ (0.27 )   $ 0.65  
                                   
    Transaction-related costs     3,295       1,842       1,806       5,137       4,885  
    Transaction-related interest     141       709       —       850       —  
    Purchased intangible amortization     5,410       5,410       630       10,820       1,390  
    Restructuring costs     2,067       2,414       —       4,481       —  
    Stock-based compensation     11,545       10,118       10,877       21,663       21,919  
    Loss on change in fair value of forward repurchase contract     34,752       —       —       34,752       —  
    Other costs(2)     1,428       2,807       1,301       4,235       5,890  
    Total Non-GAAP Adjustments     58,638       23,300       14,614       81,938       34,084  
    Tax effect of adjustments to GAAP results(3)     (10,071 )     395       (2,554 )     (9,676 )     (6,380 )
    Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc.   $ 14,892     $ 6,020     $ 77,677     $ 20,912     $ 154,171  
    Basic weighted average common shares     189,182,850       193,465,708       192,431,094       191,324,281       192,214,210  
    Diluted weighted average common shares     189,710,595       194,705,716       195,100,855       192,154,185       195,055,495  
    Non-GAAP Basic Earnings per Share   $ 0.08     $ 0.03     $ 0.40     $ 0.11     $ 0.80  
    Non-GAAP Diluted Earnings per Share   $ 0.08     $ 0.03     $ 0.40     $ 0.11     $ 0.79  
                                   
    (1) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc. represents GAAP Net (Loss) Income adjusted for Net Income Attributable to non-controlling interests.  
    (2) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consists of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, income (loss) in earnings of equity investments, and unrealized losses (gains) on investments.  
    (3) To calculate the tax effect of adjustments to GAAP results, the Company considers each Non-GAAP adjustment by tax jurisdiction and reverses all discrete items to calculate an annual Non-GAAP effective tax rate (“NG ETR”). This NG ETR is then applied to Non-GAAP Profit Before Tax to arrive at the tax effect of adjustments to GAAP results.  
             
    Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow as Percentage of Net Sales        
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Operating Cash Flow   $ 15,547     $ 34,196     $ 46,730     $ 49,743     $ 96,393  
    GAAP Operating Cash Flow (% of net sales)     8.3 %     20.5 %     17.0 %     14.0 %     17.4 %
    Non-GAAP adjustments                              
    Purchases of property, plant and equipment     (9,972 )     (10,977 )     (31,191 )     (20,949 )     (76,101 )
                                   
    Non-GAAP Free Cash Flow   $ 5,575     $ 23,219     $ 15,539     $ 28,794     $ 20,292  
    Non-GAAP Free Cash Flow (% of net sales)     3.0 %     13.9 %     5.6 %     8.1 %     3.7 %
                                             

    Investor Contact:
    Jalene Hoover
    VP of Investor Relations & Corporate Communications
    +1 (512) 751-6526
    jhoover@allegromicro.com

    The MIL Network –

  • MIL-OSI Video: UK Watch live: Lords debates contribution of science and technology to the UK economy

    Source: United Kingdom UK House of Lords (video statements)

    Members speaking include the Astronomer Royal, doctors, scientists and former chief executive of the NHS.

    Find out more https://www.parliament.uk/business/news/2024/october/the-contribution-of-science-and-technology-to-the-uk-economy-on-lords-agenda/

    Catch-up on House of Lords business:

    Watch live events: https://parliamentlive.tv/Lords
    Read the latest news: https://www.parliament.uk/lords/

    Stay up to date with the House of Lords on social media:

    • Twitter: https://twitter.com/UKHouseofLords
    • Instagram: https://www.instagram.com/UKHouseofLords/
    • Facebook: https://www.facebook.com/UKHouseofLords
    • Flickr: https://flickr.com/photos/ukhouseoflords/albums
    • LinkedIn: https://www.linkedin.com/company/the-house-of-lords
    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament #StateOpening

    https://www.youtube.com/watch?v=B6Uivr_GIO8

    MIL OSI Video –

  • MIL-OSI Video: Follow Captain Vanessa Von Viràg | UN Peacekeeping

    Source: United Nations (Video News)

    Follow Captain Vanessa Von Viràg from Switzerland as she carries out daily activities serving with the United Nations Military Observer Group in India and Pakistan (UNMOGIP).

    https://www.youtube.com/watch?v=lHT3-oM0C-Y

    MIL OSI Video –

  • MIL-OSI Video: Kosovo: Aspiration for reconstructive dialogue – Security Council Briefing | United Nations

    Source: United Nations (Video News)

    Briefing by Caroline Ziadeh, Special Representative of the Secretary-General and Head of the United Nations Interim Administration Mission in Kosovo, on the situation in Kosovo.

    —————————

    UN Special Representative for Kosovo Caroline Ziadeh said that although the situation on the ground remains fragile, in her engagements with officials in Belgrade and Pristina, as well as with partners, she sees hope for a constructive dialogue and peaceful relations.

    Briefing the Security Council today (30 Oct) about the UN Interim Administration Mission in Kosovo (UNMIK), Ziadeh said, “Advancing and safeguarding human rights is at the very core of our mission in Kosovo. Against the background of recent developments, strengthening measures to further promote equality and non-discrimination are pivotal, in particular in upholding property rights, preserving cultural heritage, and fully observing the language rights of all communities.”

    She also said, “A year since the serious security incident in Banjska/Banjskë, I continue to call for timely accountability for perpetrators through thorough, fair, transparent and independent judicial processes, which are essential for fostering stability. Such violence is unacceptable and should not be repeated.”

    She continued, “In this regard, we note that the initial hearing on this case was conducted on the 9th of October at the basic court of Pristina against the three defendants who are in custody, out of a total of 45 accused in the indictment, who face a range of charges, including terrorism.”

    She noted, “Serbian goods have now resumed crossing into Kosovo. It is imperative that the current bottlenecks will be expeditiously addressed. This recent progress underscores the potential for deeper work toward regional integration via constructive diplomatic compromises.”

    https://www.youtube.com/watch?v=OMKdRFPxGuE

    MIL OSI Video –

  • MIL-OSI Video: Gaza: Report on destruction of Healthcare system – Press Conference | United Nations

    Source: United Nations (Video News)

    The Chairperson of the UN Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem and Israel, Navanethem Pillay, presented the commission’s latest investigative report to the UN General Assembly. Pillay and Chris Sidoti spoke to reporters in New York.

    Israel has perpetrated a concerted policy to destroy Gaza’s healthcare system as part of a broader assault on Gaza, committing war crimes and the crime against humanity of extermination with relentless and deliberate attacks on medical personnel and facilities, the UN Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel said in a new report.

    The Commission also investigated the treatment of Palestinian detainees in Israel and of Israeli and foreign hostages in Gaza since 7 October 2023, and concluded that Israel and Palestinian armed groups are responsible for torture and sexual and gender-based violence.

    The report found that Israeli security forces have deliberately killed, detained and tortured medical personnel and targeted medical vehicles while tightening their siege on Gaza and restricting permits to leave the territory for medical treatment. These actions constitute the war crimes of wilful killing and mistreatment and of the destruction of protected civilian property and the crime against humanity of extermination.

    Attacks on medical facilities in Gaza, particularly those devoted to paediatric and neonatal care, have led to incalculable suffering of child patients, including newborns, the report said. In continuing these attacks, Israel has violated children’s right to life, denied children access to basic healthcare, and deliberately inflicted conditions of life resulting in the destruction of generations of Palestinian children and, potentially, the Palestinian people as a group.

    Regarding the detention of Palestinians in Israeli military camps and detention facilities, the report found that thousands of child and adult detainees, many of whom were arbitrarily detained, have been subjected to widespread and systematic abuse, physical and psychological violence, and sexual and gender-based violence amounting to the war crime and crime against humanity of torture and the war crime of rape and other forms of sexual violence. Male detainees were subjected to rape, as well as attacks on their sexual and reproductive organs and forced to perform humiliating and strenuous acts while naked or stripped as a form of punishment or intimidation to extract information. The deaths of detainees as a result of abuse or neglect amount to the war crimes of wilful killing or murder and violations of the right to life.

    Child detainees released by Israeli authorities have returned to Gaza severely traumatized, unaccompanied, with limited ability to locate or communicate with their families.

    The report found that the institutionalized mistreatment of Palestinian detainees, a longstanding characteristic of the occupation, took place under direct orders from the Israeli Minister in charge of the prison system, Itamar Ben-Gvir, and was fuelled by Israeli government statements inciting violence and retribution.

    “The appalling acts of abuse committed against Palestinian detainees require accountability and reparations for the victims,” said Pillay. “The lack of accountability for actions ordered by senior Israeli authorities and carried out by individual members of Israeli security forces and the increasing acceptance of violence against Palestinians have allowed such conduct to continue uninterrupted, becoming systematic and institutionalized.”

    Regarding the Israeli and foreign hostages held in Gaza by Palestinian armed groups, the report found that many were mistreated to inflict physical pain and severe mental suffering, including physical violence, abuse, sexual violence, forced isolation, limited access to hygiene facilities, water and food, threats and humiliation. Hamas and other Palestinian armed groups forced hostages to participate in videos with the intent of inflicting psychological torture on the families of hostages, to achieve political aims. Several hostages were killed in captivity. Hamas and other Palestinian armed groups committed the war crimes of torture, inhuman or cruel treatment, and the crimes against humanity of enforced disappearance and other inhumane acts causing great suffering or serious injury.

    “Palestinian armed groups must release immediately and unconditionally all Israeli and foreign hostages held in Gaza. Hostages must be treated in accordance with the requirements of international humanitarian law and international human rights law until they are released,” said Pillay.

    https://www.youtube.com/watch?v=ajhdGV0Nyf4

    MIL OSI Video –

  • MIL-OSI Video: Lebanon: Over 800,000 people forced from homes – Press Conference | United Nations

    Source: United Nations (Video News)

    Press conference by Andrea Tenenti, Spokesperson for the United Nations Interim Force in Lebanon (UNIFIL), on the peacekeeping mission in the country.

    ———–

    Civilians in southern Lebanon are bearing the brunt of escalating violence, with more than 2,700 deaths reported in Lebanon since October last year said Andrea Tenenti, the spokesperson for UN Interim Force in Lebanon (UNIFIL).

    “According to the Lebanese Ministry of Public Health, the death toll in Lebanon since October last year has reached over 2,700 people, and the number of wounded to over 12,700, around 25 percent women and children. More than 2,000 deaths have occurred since 23 September of this year,” Tenenti said at a press briefing in New York on Wednesday (30 Oct).

    Over 800,000 people have been forced from their homes, with 60 percent of the displaced coming from areas within UNIFIL’s operational zone in southern Lebanon, Tenenti said, citing statistics from the International Organization for Migration. “Statistics like this cannot fully capture the human cost of conflict, and it’s the civilians who continue to suffer,” he added.

    The mounting violence has also impacted UN peacekeeping operations, with more than 30 incidents of damage to UN property or injury to peacekeepers reported since the start of October. Tenenti noted that 20 of these incidents were linked to actions by the Israel Defense Forces (IDF), with seven identified as deliberate.

    “In an incident yesterday, a rocket likely fired by Hezbollah or affiliated group, hit UNIFIL headquarters in Naqoura, where a vehicle workshop was set on fire, with some peacekeepers suffering minor injuries,” Tenenti said and added, “for about a dozen other incidents, the origin of the fire could not be determined.”

    Amid the ongoing conflict, Tenenti underscored UNIFIL’s role in supporting peace efforts under UN Security Council Resolution 1701, which has governed the mandate since 2006. “We are here to implement the mission’s mandate, but any changes will be up to the Security Council. At the moment, the rules of engagement that have been used have been adequate to the situation on the ground,” he said.

    Responding to criticism that UNIFIL has not fully implemented its mandate, Tenenti pointed to the need for cooperation from all parties involved in the conflict. “The mandate has to be implemented by the parties. UNIFIL is here to support the parties in the implementation of the mandate, so we need the commitment of the parties in order to implement resolution 1701,” he said. “From 2006 until October last year, the South of Lebanon had witnessed one of its quietest periods in recent history.”

    According to UNIFIL, around 500,000 people have fled southern Lebanon, with the population in the area estimated at 600,000. “The vast majority of the population in the South has left, though some people still remain in the area today,” Tenenti said. “It’s a very dramatic situation, as most villages are being completely destroyed and the shelling continues.”

    https://www.youtube.com/watch?v=UE52-tb1_FE

    MIL OSI Video –

  • MIL-OSI Video: Spain floods kill dozens

    Source: United Nations (Video News)

    Devastating flash floods in south-eastern Spain have killed dozens of people after torrential rain hit the area yesterday.

    https://www.youtube.com/watch?v=bCgGSsuxNtc

    MIL OSI Video –

  • MIL-OSI United Kingdom: Appointment of Cambridge Growth Company Chair

    Source: United Kingdom – Executive Government & Departments

    The Housing Minister, Matthew Pennycook, has appointed Peter Freeman as the Chair of the Cambridge Growth Company to drive forward the government’s growth ambitions in Greater Cambridge.

    Applies to England

    Documents

    Appointment of Cambridge Growth Company Chair: Letter from Matthew Pennycook MP

    PDF, 154 KB, 5 pages

    Appointment of Cambridge Growth Company Chair: Letter from Matthew Pennycook MP

    HTML

    Details

    The Housing and Planning Minister has appointed Peter Freeman as Chair of the Cambridge Growth Company. The Growth Company will work with local partners to develop and start to deliver an ambitious plan for delivering high-quality sustainable growth in Cambridge and its environs.

    Peter is an accomplished development and regeneration professional with a track record of delivery and working in collaboration with local communities as well as private and public partners. He brings a wealth of experience in delivering complex mixed-use projects, including in his current role as Chair of Homes England and through the renowned redevelopment of King’s Cross.

    The Growth Company will focus on enabling and accelerating key developments in and around Cambridge, developing the evidence base to support an infrastructure-first growth plan and identifying solutions to complex constraints that are holding back sustainable growth.

    Updates to this page

    Published 31 October 2024

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New support now available to help managers recruit

    Source: United Kingdom – Executive Government & Departments

    Government Skills has launched training package to support recruitment managers’ and panel members.

    Government Campus has launched a new recruitment training suite to help managers get the knowledge and tools they need to recruit the right person to the right role. 

    The training uses evidence-based recruitment practices and ensures managers are sighted on legislation which sets out how they should approach recruiting staff.

    The new Success Profiles Recruitment using Success Profiles suite aims to provide flexible, practical training that improves recruitment outcomes and supports a positive candidate experience across government departments.

    It can be accessed through the Recruitment with Success Profiles page of Prospectus Online.

    The new suite comprises online resources, workshops, e-learning, animations, and podcasts. Courses cover best practices at each stage of recruitment, such as writing job descriptions, designing assessments, and assessing candidates. Much of the content is free with optional workshops that allow learners to practise skills in a structured setting. 

    To remain current, Government Campus are working closely with the Recruitment transformation team and will refresh the courses over the next two years based on learner feedback and shifts in recruitment practices, including advances in AI. 

    The older online courses: Success Profiles: Sifting and Interviewing and Designing Your Assessment Process will remain available on the website until the new year to allow departments to choose when to move to the new Recruitment with Success profiles courses. Departmental learning and development leads will be consulted before removal.

    Bookings for the new workshops are now available, with dates for open bookings being offered from January 2025. 

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: HK education promoted in Beijing

    Source: Hong Kong Information Services

    Secretary for Education Choi Yuk-lin today attended the 25th China Annual Conference & Expo for International Education in Beijing to share Hong Kong’s experiences in promoting internationalisation and diversification of higher education, and promote the “Study in Hong Kong” brand.

    A high-level and comprehensive platform for global educators to engage in dialogue and co-operation, this year’s conference, under the theme “Education for All, the Unknown & the Future”, attracted thousands of people from around the world.

    In her keynote speech, Ms Choi said that Hong Kong has five University Grants Committee-funded universities which rank among the world’s top 100.

    Coupled with its sound education infrastructure, outstanding research talent and strong research capabilities, Hong Kong’s reputable brand name of quality education is widely recognised and acknowledged both locally and globally, she highlighted.

    Ms Choi further noted that the 2024 Policy Address announced the establishment of the Committee on Education, Technology & Talents to take forward the work of invigorating the country through science and education, and accelerate the building of an innovative talent pool.

    The Hong Kong Special Administrative Region Government launched a number of key initiatives to create multiple pathways for young people, she added.

    The education chief also pointed out that the Hong Kong SAR Government has been actively supporting the establishment of alliances between higher education institutions in Hong Kong and on the Mainland to gather high-quality teaching and research resources, and to achieve mutual benefits through deepening co-operation, thereby enhancing regional co-operation as well as developments on different fronts.

    During the conference, Ms Choi exchanged views on the latest trends and developments in global education with other guests. She also met representatives of Hong Kong post-secondary education institutions participating in the expo.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DH’s enforcement operation “Laserflame” against illegal smoking in statutory no-smoking areas of public transport facilities and bus interchanges (with photos)

    Source: Hong Kong Government special administrative region

         The Tobacco and Alcohol Control Office (TACO) of the Department of Health (DH) conducted an enforcement operation codenamed “Laserflame” between October 29 and today (October 31) against illegal smoking in statutory no-smoking areas of public transport facilities and bus interchanges across the territory. Officers also publicised the relevant smoking ban regulations to members of the public.

         During the operation, officers conducted 307 inspections and issued fixed penalty notices to 106 persons caught smoking illegally. Officers also publicised the relevant smoking ban regulations to members of the public.

         There are currently 260 public transportation facilities and 14 bus interchanges designated as no-smoking areas in Hong Kong. The no-smoking areas are clearly marked with visible no-smoking signage. The boundaries of the no-smoking areas are also delineated in a clear manner based on the actual physical environment to remind the public to comply with the smoking prohibition. The plans depicting the boundaries of the no-smoking areas have been uploaded to the TACO website for public reference. 

         From January 2021 to September 2024, TACO has conducted over 18 300 inspections at public transportation facilities and bus interchanges regarding smoking offences, and issued more than 8 000 fixed penalty notices/summons.

         “To protect public health, it is the established policy of the Government to discourage smoking, contain the proliferation of tobacco use and protect the public from second-hand smoke. Strengthening inspections and enforcement in public transportation facilities aims to further protect the public from the harm of second-hand smoke,” a spokesman for the DH said.
                             
         Any person who does a smoking act in no-smoking areas or in public transport carriers will be liable to a fixed penalty of $1,500. Tobacco and Alcohol Control Inspectors will prosecute smoking offenders without prior warning. 
               
         “We appeal to smokers to quit smoking as early as possible for their own health and that of others. They are encouraged to call the DH’s Integrated Smoking Cessation Hotline on 1833 183. The hotline is operated by registered nurses, providing professional counselling services on smoking cessation,” the spokesman said.      

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: VW emissions manipulations: the Office of the Attorney General abandons its criminal proceedings with an abandonment order

    Source: Switzerland – Department of Foreign Affairs in English

    The Office of the Attorney General of Switzerland (OAG) is abandoning the Swiss criminal proceedings in connection with VW’s emissions manipulations. A fine imposed on VOLKSWAGEN AG (VW AG) by the Braunschweig public prosecutor’s office (Germany) makes it impossible for the OAG to prosecute VW AG in Switzerland due to the transnational ban on double prosecution and double jeopardy. The OAG is therefore abandoning its criminal proceedings against VW AG. The suspicion against AMAG IMPORT AG (AMAG AG) and its responsible bodies and employees has not been substantiated. The OAG is therefore also abandoning its criminal proceedings against these suspects. The abandonment order is not yet final.

    MIL OSI Europe News –

  • MIL-OSI Europe: One step closer to quantum technologies: Fundamental quantum model recreated from nanographenes

    Source: Switzerland – Federal Administration in English

    Quantum technologies exploit the unusual properties of the most fundamental building blocks of matter. They promise breakthroughs in communication, computing, sensors and much more. However, quantum states are fragile, and their effects are difficult to grasp, making research into real-world applications challenging. Empa researchers and their partners have now achieved a breakthrough: Using a kind of “quantum Lego”, they have been able to accurately realize a well-known theoretical quantum physics model in a synthetic material.

    MIL OSI Europe News –

  • MIL-OSI Europe: Missions – AFET ad-hoc delegation to the United Kingdom – 28-10-2024 – Committee on Foreign Affairs

    Source: European Parliament

    FISC Mission to London (UK) – 19 to 20 June 2023 © Image used under the license from Adobe Stock

    A seven-member strong delegation of the Committee on Foreign Affairs (AFET) travelled to the United Kingdom from 28 to 30 October 2024. This was the first official visit of the Committee abroad in this parliamentary term. The delegation discussed possibilities for strengthening of the EU-UK partnership, in particular in foreign and security affairs.

    This visit was also be an opportunity to exchange views on issues of global and regional significance such as the Russia’s war of aggression against Ukraine, the situation in the Middle East and tensions in the Indo-Pacific.

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – AFET ad-hoc mission to the United Kingdom – 28-30 October – Committee on Foreign Affairs

    Source: European Parliament

    European Union and UK © Adobe stock

    A seven-member strong delegation of the Committee on Foreign Affairs (AFET) travelled to the United Kingdom from 28 to 30 October 2024. This was the first official visit of the Committee abroad in this parliamentary term. The delegation discussed possibilities for strengthening of the EU-UK partnership, in particular in foreign and security affairs.

    This visit was also be an opportunity to exchange views on issues of global and regional significance such as the Russia’s war of aggression against Ukraine, the situation in the Middle East and tensions in the Indo-Pacific.

    MIL OSI Europe News –

  • MIL-OSI Europe: Commission proposes fishing opportunities for 2025 in the Atlantic, Kattegat and Skagerrak

    Source: European Commission

    European Commission Press release Brussels, 31 Oct 2024 Today, the Commission published its proposal to set catch limits, or total allowable catches (TACs), for ten fish stocks in the EU waters in the Atlantic Ocean, Kattegat, and Skagerrak for 2025.

    MIL OSI Europe News –

  • MIL-OSI: World Innovation League Launches DTTP 2.0: Empowering the Next Generation of Tech Talent in Canada

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Oct. 31, 2024 (GLOBE NEWSWIRE) — World Innovation League (WIL), a Canadian non-profit organization, proudly announces the launch of the second year of the Diverse Tech Talent Program (DTTP 2.0). This pioneering initiative aims to bridge the tech skills gap by equipping underrepresented youth across Canada with essential skills, mentorship, and career-building opportunities. With strategic funding secured, DTTP 2.0 is positioned to significantly support Canada’s expanding tech ecosystem, preparing future leaders with the knowledge and experience needed to excel in high-demand fields.

    Addressing Canada’s Tech Talent Shortage

    Canada’s tech sector is thriving, yet underrepresentation remains a pressing issue. Only 2.6% of tech roles are currently held by individuals from underrepresented backgrounds, a stark contrast to Canada’s diverse population. DTTP 2.0 is designed to close this gap by leveling up skills, providing real-world experience, and creating access to job opportunities. Through this, DTTP 2.0 strengthens Canadian tech with fresh perspectives and innovative ideas.

    Under the leadership of WIL, DTTP 2.0 offers a unique training-to-job model aimed at helping young Canadians from diverse backgrounds overcome traditional barriers to entry in tech. Since launching last year, DTTP has successfully trained 500 Canadians and residents. With this new cohort, WIL continues its mission to empower innovators and startups worldwide, beginning here at home in Canada.

    “DTTP is about more than skills—it’s about building a future where opportunities are accessible to everyone,” said Uchi Uchibeke, Founder and Executive Director of WIL. “We’re committed to creating a legacy program that empowers individuals and enriches Canada’s tech ecosystem. This program builds leaders who will contribute to Canada and, ultimately, give back to their communities.”

    A Collaborative Effort with Strategic Partners

    While WIL serves as the lead organization behind DTTP 2.0, several key partners bring specialized expertise to ensure participants receive a comprehensive, impactful experience:

    • World Innovation League (WIL): Lead organization managing program vision, funding, and hackathon design.
    • Co.Lab: Training partner delivering industry-focused modules in software development and emerging tech skills.
    • Riipen: Project and employer experience provider, connecting participants to real-world projects and prospective employers.
    • Atila: Mentorship partner offering one-on-one guidance, industry insights, and networking opportunities.

    Each partner enriches the DTTP experience through a blend of technical instruction, project-based learning, and job placement support, while WIL maintains a unified vision for the program’s success.

    The DTTP 2.0 Experience: A Pathway to Success in Tech

    DTTP 2.0 has been meticulously structured to prepare participants for long-term success in Canada’s rapidly evolving tech industry. The program includes four key pillars:

    1. Training: Industry-aligned modules in high-demand fields such as Artificial Intelligence (AI), software development, and UX design. Modules are led by experts with hands-on experience in their respective fields.
    2. Mentorship: Access to a network of mentors from top global tech companies, providing career guidance, professional insights, and invaluable support.
    3. Hackathons: Intensive, collaborative hackathons where participants tackle real-world tech challenges, develop portfolio-worthy projects, and hone their problem-solving skills.
    4. Job Placement Support: Tailored resources and introductions to hiring companies to help graduates transition into full-time tech roles.

    Commitment to Excellence: Achieving High Completion Rates

    With strategic funding in place, DTTP 2.0 is designed to achieve a high completion rate, with a target of 80%. This structure aligns incentives and resources to ensure participants are fully supported throughout their journey, making DTTP 2.0 more than just a training program—it’s a gateway to impactful tech careers.

    Applications Open Soon: Join Canada’s Future Tech Leaders

    Applications for Cohort One open on November 1, 2024, with the program officially kicking off in January 2025. Interested candidates are encouraged to follow WIL on social media and visit Cohort website for updates on application timelines, eligibility requirements, and program details. This is an unparalleled opportunity for young Canadians from diverse backgrounds to enter the tech industry and make a lasting impact.

    About World Innovation League (WIL)

    World Innovation League (WIL) is a Canada-based organization dedicated to creating opportunities for youth from underrepresented backgrounds to thrive in technology and innovation. With initiatives like the Diverse Tech Talent Program, WIL is reshaping Canada’s tech landscape by fostering inclusion, diversity, and empowerment in the digital workforce.

    The MIL Network –

  • MIL-OSI Europe: European Hydrogen Week

    Source: European Union 2

    Building on the success of the European Hydrogen Week 2023, also this year Hydrogen Europe, the European Commission and the Clean Hydrogen Partnership have teamed up to bring the entire hydrogen sector in one place for a whole week of conferences, exhibition and great networking opportunities. 

    In the conference streams, featured panels consisting of some of the most prominent stakeholders in the hydrogen industry covering the most pressing topics facing this new industry: the need for both urgency and pragmatism in creating the regulatory framework, the unique challenges different sectors face to decarbonise and how hydrogen can help, and how to remain a leader in an industry that has caught the attention of the rest of the world..

    Across the exhibition room, attendees can get a first-hand view of the latest in electrolyser and fuel cell technologies as well as touch with hand and test hydrogen trucks, buses, and cars.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Legal, mediation experts meet

    Source: Hong Kong Information Services

    The Expert Advisory Group on Legal & Dispute Resolution Services (EAG), established by the Department of Justice earlier this month, held its first meeting today.

    During the meeting, the EAG considered and endorsed its terms of reference and discussed future work and issues for follow-up. 

    The EAG is chaired by Secretary for Justice Paul Lam and vice-chaired by Deputy Secretary for Justice Cheung Kwok-kwan.

    It comprises experts from the legal and dispute resolution services sector who are tasked with advising the department in respect of the promotion and development of the legal and dispute resolution services of Hong Kong for a term of three years.

    Its terms of reference include considering, formulating and advising on the overall strategies and initiatives for the promotion and development of Hong Kong’s legal and dispute resolution services in and outside Hong Kong.

    The EAG also advises on the wider use of out-of-court dispute resolution services in Hong Kong, and serves as a forum for raising and discussing such issues as may be of concern to the legal and dispute resolution sector to enhance Hong Kong as a centre for international legal and dispute resolution services in the Asia-Pacific region.

    Additionally, it considers and deals with such other matters as may be incidental to any of the matters stated above.

    Meanwhile, the Working Group on Mediation Regulatory System, chaired by Mr Lam and vice-chaired by Mr Cheung, has also been established this month for a term of two years.

    Its members will advise the department on the mediation regulation regime in Hong Kong, including reviewing and making recommendations to reform or improve the current regime in relation to situations such as accreditation and disciplinary matters.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: AFCD and Shenzhen Customs sign co-operation arrangements to strengthen quarantine and clearance for horse racing (with photos)

    Source: Hong Kong Government special administrative region

    AFCD and Shenzhen Customs sign co-operation arrangements to strengthen quarantine and clearance for horse racing (with photos)
    AFCD and Shenzhen Customs sign co-operation arrangements to strengthen quarantine and clearance for horse racing (with photos)
    ******************************************************************************************

         To further strengthen co-operation between the Mainland and Hong Kong in quarantine and customs clearance arrangements of horses, forage feed and biological products, the Director of Agriculture, Fisheries and Conservation, Mr Mickey Lai, today (October 31) signed the Co-operation Arrangement on Strengthening Quarantine Clearance for Horse Racing with the Director General in Shenzhen Customs District, Mr Zheng Jugang. The Acting Permanent Secretary for Environment and Ecology (Food), Ms Ivy Law, also attended the signing ceremony.     Horses currently can travel between Hong Kong and the Equine Disease Free Zone in Conghua in Guangzhou through the Shenzhen Bay Port. The Co-operation Arrangement established the Liantang/Heung Yuen Wai Port as a backup port for cross-border horse transport, further enhancing horse transport arrangements between the two places.      Mr Lai said, “The Agriculture, Fisheries and Conservation Department expresses gratitude to Shenzhen Customs for supporting the establishment of the Liantang/Heung Yuen Wai Port as a backup port for cross-border horse transport. This will further improve cross-border horse transport and ensure that horses can travel between Guangdong and Hong Kong safely and conveniently.”     Under the Co-operation Arrangement, both parties will regularly inform each other through a liaison mechanism of the quarantine and regulatory status of horses, forage feed, biological products, vehicles, etc; use a one-stop inspection platform to carry out port inspections; and jointly organise academic exchanges, technical exchanges, work seminars, and business training, with a view to promoting the development of the equine industry in the Guangdong-Hong Kong-Macao Greater Bay Area.

     
    Ends/Thursday, October 31, 2024Issued at HKT 19:38

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: US Department of Labor recovers $53K in back wages, damages from cleaning service that misclassified 59 workers as independent contractors

    Source: US Department of Labor

    Employer:                              Finichel LLC, operating as Finichel Cleaning Services 

    Investigation site:                  801 Mohawk Drive

    West Columbia, SC 29169

    Investigation findings: Investigators with the U.S. Department of Labor’s Wage and Hour Division found a South Carolina cleaning services provider misclassified 59 workers as independent contractors, resulting in the company paying employees straight-time rates for all hours worked over 40 instead of the time-and-a-half premium for overtime hours as required by the Fair Labor Standards Act. The employer also failed to keep records of the amount of time worked by employees as required by law.

    Back wages and liquidated damages recovered: $53,044 for 59 workers.                          

    Quote: “Misclassifying employees as independent contractors undermines workers’ rights,” said Wage and Hour Division District Director Jamie Benefiel in Columbia, South Carolina. “If workers are misclassified as independent contractors, they don’t get paid overtime or have access to employer-provided health and retirement benefits. They also don’t have access to family and medical leave.”

    “If workers or employers need help understanding this, they should reach out to the U.S. Department of Labor or go to our website and get the information they need,” Benefiel added.

    Background: Finichel Cleaning Services is a residential and commercial cleaning service that serves the Columbia area and employs approximately 40 workers. 

    The FLSA requires that most employees in the U.S. be paid at least the federal minimum wage for all hours worked and overtime pay at not less than time and one-half the regular rate of pay for all hours worked over 40 in a workweek. Learn more about the Wage and Hour Division, employee misclassification and workers’ rights, including a search tool to use if you think you may be owed back wages collected by the division. Employers can contact the Wage and Hour Division at its toll-free number, 1-866-4-US-WAGE. Learn more about the Wage and Hour Division. 

    Download the agency’s new Timesheet App for iOS and Android devices – also available in Spanish – to ensure hours and pay are accurate. 

    MIL OSI USA News –

  • MIL-OSI USA: California claims victory against Huntington Beach’s NIMBY attempt to challenge state housing law

    Source: US State of California 2

    Oct 30, 2024

    What you need to know: The federal court of appeals today denied Huntington Beach’s NIMBY attempt to sue the state for enforcing state law that requires the city to build its fair share of housing. California will continue to hold the city accountable and ensure that it builds the housing its community deserves.

    SACRAMENTO — In March 2023, the state sued Huntington Beach for violating various state housing laws. The city retaliated by suing the state in federal court, arguing that enforcing California’s laws requiring cities to build more housing was unconstitutional. Today the Ninth Circuit affirmed the trial court in rejecting Huntington Beach’s NIMBY lawsuit.

    “Today, yet another court has slapped down Huntington Beach’s cynical attempt to prevent the state from enforcing our housing laws. Huntington Beach officials’ continued efforts to advance plainly unlawful NIMBY policies are failing their own citizens — by wasting time and taxpayer dollars that could be used to create much-needed housing. No more excuses — every city must follow state law and do its part to build more housing.”

    Governor Gavin Newsom

    “I am pleased that yet another court has emphatically rejected Huntington Beach’s attempt to exempt itself from state housing laws,” said Attorney General Bonta. “While the City has been wasting the public’s time and money pursuing this meritless lawsuit, its neighboring communities — along with every Californian struggling to keep a roof over their heads or wondering where they’re going to sleep tonight — need Huntington Beach to step up and adopt a housing plan without further delay. My office will continue pursuing all remedies in the state case against the City, where the court has already determined the City violated the state’s Housing Element Law.”  

    Today, California secured a unanimous decision by a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit affirming the district court’s dismissal of the City of Huntington Beach’s federal lawsuit challenging the constitutionality of enforcing state housing laws. 

    In 2023, the Governor announced that California was suing the city, arguing that the city is in violation of the state Housing Element Law and seeking both penalties and injunctive relief.

    A copy of the decision can be found here.

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  • MIL-OSI USA: Governor Newsom announces first-of-its-kind partnership with airlines on sustainable aviation fuel

    Source: US State of California 2

    Oct 30, 2024

    What you need to know: The nation’s leading passenger and cargo airlines agreed to accelerate the use of sustainable aviation fuels and cut pollution – a goal of 200 million gallons by 2035, which would meet about 40% of California travel demand. 

    SAN FRANCISCO AIRPORT – A new agreement between Airlines 4 America (A4A) and the California Air Resources Board (CARB) will significantly reduce carbon emissions by accelerating the use of sustainable aviation fuels for flights within the state. 

    The agreement sets a goal of increasing the availability of sustainable aviation fuel for use within California to 200 million gallons by 2035, an amount that would meet about 40% of intrastate travel demand – a more than tenfold increase from current levels. 

    “California and the aviation industry are joining forces to tackle emissions head-on. We’ve put the tools in place to incentivize cleaner fuels and spur innovation, creating opportunities like this to radically change how Californians can travel cleaner. This is a major step forward in our work to cut pollution, protect our communities, and build a future of cleaner air and innovative climate solutions.”

    Governor Gavin Newsom

    This achievement was made possible by the development and innovation of alternative fuels spurred by the state’s Low Carbon Fuel Standard program.

    “California is once again demonstrating that smart climate action is good for the environment and good for business,” said CARB Chair Liane Randolph. “This partnership with the nation’s leading airlines brings the aviation industry onboard to advance a clean air future and will help accelerate development of sustainable fuel options and promote cleaner air travel within the state.”

    A4A’s members include Alaska Airlines, American Airlines, Atlas Air Worldwide, Delta Air Lines, FedEx, Hawaiian Airlines, jetBlue Airways, Southwest Airlines, United Airlines, UPS, and associate member Air Canada. 

    “A4A is pleased to launch a partnership with CARB focused on protecting the environment, reducing emissions, and increasing the use of SAF in California and across the country,” said Kevin Welsh, Vice President of Environmental Affairs and Chief Sustainability Officer at Airlines for America. “This partnership reflects the type of collaboration between government and the private sector that is necessary to achieve ambitious climate goals, and the agreement announced today reflects the strength of our commitment to a cleaner, more sustainable future for air travel. We’re excited to work with CARB and other SAF stakeholders to further our industry’s efforts to achieve net-zero carbon emissions by 2050.”

    Key goals of this agreement

    • CARB and A4A will work together with sustainable aviation fuel producers, aviation stakeholders and the federal government to ensure that at least 200 million gallons of cost-competitive options are available for use by airlines within California by 2035.
    • To achieve these goals, CARB and A4A will work together to identify, evaluate, and prioritize new policies and actions, including incentives for investment and timely permitting to help accelerate the availability and use of sustainable aviation fuels within California. 
    • The partnership will establish a Sustainable Aviation Fuel Working Group of government and industry stakeholders that will meet annually to report progress and address barriers to meeting these goals. 
    • CARB staff plans to create a public website that will display the latest information on the availability and use of conventional jet fuel and sustainable aviation fuel in California, as well as details on relevant state and federal incentives and policies.

    Read the agreement here.

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