Category: Americas

MIL-OSI USA: Garamendi and Indivisible Rally on May Day in Fairfield to Oppose Trump Agenda

Source: United States House of Representatives – Congressman John Garamendi – Representing California’s 3rd Congressional District

FAIRFIELD, CA – Today, U.S. Representative John Garamendi (D-CA-08) welcomed Indivisible’s May Day Hands-Off rally at his Fairfield district office to stand in solidarity with constituents opposing President Trump’s dangerous agenda. Congressman Garamendi issued the following statement:

“I said from the beginning of Donald Trump’s presidency that we need to take to the streets and resist every action from his Administration. Today, we did just that.

“I am proud to stand with my constituents who have decided to make their voices heard against Trump’s dangerous and unconstitutional actions. I thank Indivisible for working collaboratively with me and my staff to make this Hands-Off demonstration to protest Trump a reality. We have been in close contact with the organizers, we opened our offices to them, welcomed them with refreshments and I was able to fly back to California following votes to join in their efforts.

“I have been working every day in Congress to push back against the Trump agenda. This week, I introduced several amendments and voted NO on Trump’s reckless and cruel budget reconciliation bill that pays for tax cuts for billionaires by cutting from critical services like Medicaid, Social Security, and school lunch programs.

“Indivisible and the rallygoers are doing exactly what we all need to do – stand up and make our voices heard. I thank them for their efforts and will continue to support and encourage citizens standing up to the Trump-Musk cuts.”

Representative Garamendi continues to fight in Congress to protect vital programs and oppose efforts that undermine constitutional principles and the well-being of working families

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MIL-OSI USA: Rep. Garamendi, Sen. Mark Kelly, Sen. Young, Rep. Trent Kelly Introduce SHIPS for America Act to Boost American Shipbuilding, Strengthen US Economy and National Security

Source: United States House of Representatives – Congressman John Garamendi – Representing California’s 3rd Congressional District

WASHINGTON D.C – Today, Representative John Garamendi (D-CA-8), Senator Mark Kelly (D-AZ), Senator Todd Young (R-IN), and Representative Trent Kelly (R-MS-1) re-introduced the Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act, comprehensive legislation to revitalize the United States shipbuilding and commercial maritime industries.

There are currently 80 U.S.-flagged vessels in international commerce while China has 5,500. The SHIPS for America Act aims to close this gap and boost the U.S. Merchant Marine by establishing national oversight and consistent funding for U.S. maritime policy, making U.S.-flagged vessels commercially competitive in international commerce by cutting red tape, rebuilding the U.S. shipyard industrial base, and expanding and strengthening mariner and shipyard worker recruitment, training, and retention.

“With China’s growing influence in the global maritime sector, the United States can no longer afford to overlook our maritime industries. The SHIPS for America Act will give our shipyards and merchant mariners the tools they need to rebuild America’s maritime industry and create good-paying American jobs,” said Congressman John Garamendi. “I’m proud to lead this effort alongside Senator Kelly, Senator Young, and Representative Kelly to strengthen America’s national security, economic strength, and global leadership on the high seas.”

“After decades of dangerously neglecting our shipbuilding industry, we’re finally doing something about it. The SHIPS for America Act is the most ambitious effort in a generation to revitalize the U.S. shipbuilding and commercial maritime industries and counter China’s dominance over the oceans,” said Senator Kelly, a U.S. Navy veteran and the first U.S Merchant Marine Academy graduate to serve in Congress. “Building and staffing more U.S.-flagged ships will create good-paying American jobs, make our supply chains more resilient, lower costs, and strengthen our ability to resupply our military at times of war. We’ll keep working with our colleagues in Congress, this administration, and our partners in the industry to make our country safer and competitive by passing the SHIPS for America Act.”

“America has been a maritime nation since our founding, and seapower was a significant contributor to our rise to being the most powerful nation on earth. Unfortunately, the bottom line now is America needs more ships. Shipbuilding is a national security priority and a stopgap against foreign threats and coercion. Our bill will revitalize the U.S. maritime industry, grow our shipbuilding capacity, rebuild America’s shipyard industrial base, and support nationwide workforce development in this industry. This legislation is critical to our warfighting capabilities and keeping pace with China,” said Senator Young, a U.S. Naval Academy graduate.

The SHIPS for America Act would:

Coordinate U.S. maritime policy by establishing the position of Maritime Security Advisor within the White House, who would lead an interagency Maritime Security Board tasked with making whole-of-government strategic decisions for how to implement a National Maritime Strategy. The bill also establishes a Maritime Security Trust Fund that would reinvest duties and fees paid by the maritime industry into maritime security programs and infrastructure supporting maritime commerce.
Establish a national goal of expanding the U.S.-flag international fleet by 250 ships in 10 years by creating the Strategic Commercial Fleet Program, which would facilitate the development of a fleet of commercially operated, U.S.-flagged, American crewed, and domestically built merchant vessels that can operate competitively in international commerce.
Enhance the competitiveness of U.S.-flagged vessels in international commerce by establishing a Rulemaking Committee on Commercial Maritime Regulations and Standards to cut through the U.S. Coast Guard’s bureaucracy and red tape that limits the international competitiveness of U.S.-flagged vessels, modify duties to make cargo on U.S.-flag vessel’s more competitive, requiring that government-funded cargo move aboard U.S.-flag vessels, and requiring a portion of commercial goods imported from China to move aboard U.S.-flag vessels starting in 2030.
Expand the U.S. shipyard industrial base, for both military and commercial oceangoing vessels, by establishing a 25 percent investment tax credit for shipyard investments, transforming the Title XI Federal Ship Financing Program into a revolving fund, and establishing a Shipbuilding Financial Incentives program to support innovative approaches to domestic ship building and ship repair.
Accelerate U.S. leadership in next-generation ship design, manufacturing processes, and ship energy systems by establishing the U.S. Center for Maritime Innovation and supporting regional hubs for maritime innovation across the country by establishing a Maritime Prosperity Zone program.
Make historic investments in maritime workforce by supporting a Maritime Workforce Promotion and Recruitment Campaign, allowing mariners to retain their credentials through a newly established Merchant Marine Career Retention Program, investing in long-overdue infrastructure needs for the U.S. Merchant Marine Academy, and supporting State Maritime Academies and Centers for Excellence for Domestic Maritime Workforce Training and Education. The bill also makes long-overdue changes to streamline and modernize the U.S. Coast Guard’s Merchant Mariner Credentialing system.

The legislation will be introduced in two pieces in the Senate, the SHIPS for America Act and the Building SHIPS in America Act.

Background:

Since introducing the SHIPS for America Act in December, the urgency to boost American shipbuilding has emerged as a priority of bipartisan consensus this year, particularly after the USTR revealed its findings regarding China’s shipbuilding dominance and President Trump’s signing of his shipbuilding executive order.

Sen. Kelly earned his B.S. degree in marine engineering and nautical science from the United States Merchant Marine Academy (USMMA) and later an M.S. degree in aeronautical engineering from the United States Naval Postgraduate School. He spent 25 years in the United States Navy as a pilot and is the first ever USMMA alumnus to serve in Congress. In 2023, he was elected chair of the USMMA Board of Visitors for the 118th Congress.

See a full list of endorsing statements from maritime leaders and stakeholders here.

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MIL-OSI USA: ICE Rio Grande Valley, federal partners investigation results in 4 Mexican fishermen indicted for illegal red snapper harvesting in US waters

Source: US Immigration and Customs Enforcement

BROWNSVILLE, Texas — A South Texas grand jury indicted a crew of four men from Matamoros, Mexico, for unlawfully transporting fish taken from the Gulf of America, following an investigation conducted by U.S. Immigration and Customs Enforcement, U.S. Coast Guard and the Drug Enforcement Administration.

Miguel Angel Ramirez-Vidal, 32; Jesus David Luna-Marquez, 20; Jesus Roberto Morales-Amador, 27; and Jose Daniel Santiago-Mendoza, 22, arrested following the filing of a criminal complaint and are scheduled to appear for arraignment before U.S. Magistrate Judge Karen Betancourt at 1:45 p.m., May 22.

According to court documents, on April 17, the crew of four allegedly attempted to transport and export roughly 315 kilograms of red snapper illegally taken from U.S. waters. The charges allege they intended to sell the fish in Mexico. The criminal complaint alleges authorities observed the crew’s panga-style fishing vessel in the Gulf of America, seven miles north of the U.S.-Mexico maritime boundary line and 21 miles east of South Padre Island.

The crew was allegedly fishing with approximately four kilometers of heavy nylon fishing line and 1,200 fishing hooks. The complaint further alleges they were in an unmarked and unregistered vessel which was not flying the flag of any nation and operating without running lights. The charges allege none of the crew had a permit to fish in U.S. waters nor had a quota for red snapper, which violates federal law.

If convicted, they face up to five years in federal prison and a possible $250,000 maximum fine. This is the first illegal fishing case to be prosecuted in the Southern District of Texas.

Learn more about ICE HSI’s mission to increase public safety in Central and South Texas communities on X at @HSI_SanAntonio.

MIL-OSI USA: ICE arrests Russian national smuggling biological material into Boston

Source: US Immigration and Customs Enforcement

BOSTON — U.S. Immigration and Customs Enforcement arrested a Russian national on criminal charges for allegedly attempting to smuggle clawed frog embryos and embryonic samples into the United States.

Kseniia Petrova, 31, a Russian citizen, was charged by criminal complaint with one count of smuggling goods into the United States. Petrova was taken into immigration custody on Feb. 16, 2025, and arrested May 14 by ICE Homeland Security Investigations special agents on the criminal charge.

“As alleged in the evidence presented in the charging documents, Petrova was aware of her requirement to declare biological material brought into the United States. These laws aren’t arbitrary, they protect the safety of the public from dangerous and unregulated biological specimens entering the country and posing a threat to public health and agriculture. Nobody is exempt from these regulations, and nobody should be surprised to find these critical laws being enforced when they’re willfully broken,” said ICE HSI New England Special Agent in Charge Michael J. Krol.

According to the charging documents, on Feb. 16, 2025, Petrova arrived at Logan International Airport in Boston via an inbound flight from Paris. Upon her arrival, Petrova was stopped by U.S. Customs and Border Protection agents after a law enforcement canine allegedly alerted its handler to the defendant’s checked duffel bag on the baggage carousel. Per protocol, law enforcement removed the bag from the carousel and brought it to an agricultural secondary inspection area for further screening. There, an officer inspected the contents of the bag and allegedly discovered the biological items: a foam box containing clawed frog embryos in microcentrifuges, as well as embryonic samples in paraffin well stages and on mounted dyed slides. All biological products require a permit for entry and require the individual to make a declaration to CBP at the port of first arrival.

It is alleged that, when approached by law enforcement, Petrova initially denied carrying any biological material in her checked baggage. However, when asked again, Petrova allegedly admitted that she was carrying biological material. During an interview under oath, Petrova allegedly claimed to be unsure that she was required to declare biological material when entering the United States.

According to the charging documents, however, Petrova’s phone revealed text messages from an individual identified as one of Petrova’s colleagues informing Petrova that she was required to declare the biological material:

“if you bring samples or antibody back, make sure you get the permission etc. Like that link I sent to leon-/group chat about frog embryos because TSA went through my bags at customs in Boston;” and

“What is your plan to pass the American Customs with samples? This is the most delicate place of the trajectory.”

It is alleged that in another text message conversation with an individual identified as her principal investigator, Petrova was asked how she planned to get through customs with the biological samples, to which she replied: “No plan yet. I won’t be able to swallow them.”

Petrova was thereafter advised that she was ineligible for entry to the United States. It is alleged that, when asked if she wished to willingly withdraw her application for admission, Petrova responded in the affirmative before being taken into custody by immigration officials.

According to the charging documents, the defendant was recently employed by the Institute of Genetic Biology in Moscow from 2023 to 2024 and previously served as a bioinformatician of genetic disorders at the Moscow Center for Genetics from 2016 to 2023.

The charge of smuggling goods into the United States provides for a sentence of up to 20 years in prison, a term of up to five years of supervised release, and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

HSI New England’s National Security group and CBP New England led the investigation. Valuable assistance was provided by HSI New Orleans and the U.S. Marshals Service in Louisiana.

The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL-OSI USA: SPC May 15, 2025 Day 4-8 Severe Weather Outlook

Source: US National Oceanic and Atmospheric Administration

Day 4-8 Severe Weather Outlook Issued on May 15, 2025

Updated: Thu May 15 09:01:03 UTC 2025

.

D4
Sun, May 18, 2025 – Mon, May 19, 2025
D7
Wed, May 21, 2025 – Thu, May 22, 2025

D5
Mon, May 19, 2025 – Tue, May 20, 2025
D8
Thu, May 22, 2025 – Fri, May 23, 2025

D6
Tue, May 20, 2025 – Wed, May 21, 2025
(All days are valid from 12 UTC – 12 UTC the following day)

Note: A severe weather area depicted in the Day 4-8 period indicates 15%, 30% or higher probability for severe thunderstorms within 25 miles of any point.

PREDICTABILITY TOO LOW is used to indicate severe storms may be possible based on some model scenarios. However, the location or occurrence of severe storms are in doubt due to: 1) large differences in the deterministic model solutions, 2) large spread in the ensemble guidance, and/or 3) minimal run-to-run continuity.

POTENTIAL TOO LOW means the threat for a regional area of organized severe storms appears unlikely (i.e., less than 15%) for the forecast day.

Forecast Discussion

ZCZC SPCSWOD48 ALL
ACUS48 KWNS 150858
SPC AC 150858

Day 4-8 Convective Outlook
NWS Storm Prediction Center Norman OK
0358 AM CDT Thu May 15 2025

Valid 181200Z – 231200Z

…DISCUSSION…
Medium-range guidance indicates that the persistent, prominent
mid/upper ridging across the mid-latitude and subtropical eastern
Pacific will become suppressed late this coming weekend into early
next week, before breaking down through the remainder of this
period. As it does, amplified downstream troughing is forecast to
emerge from the Intermountain West. Sunday, this may commence
gradually, with one significant lead short wave perturbation
pivoting north-northeast of the southern Rockies, accompanied by
cyclogenesis across eastern Colorado, as an upstream perturbation
continues to dig toward the Four Corners region. It appears that
this trailing perturbation will then pivot across the southern
Rockies through the central/southern Great Plains by late Monday,
perhaps accompanied by renewed cyclogenesis across the Texas
Panhandle into central Great Plains.

Both days, the dryline and warm front may provide focus for
organized severe convective development, including supercells, in
the presence of strong deep-layer shear and thermodynamic profiles
characterized by steep lapse rates and sizable CAPE. It appears
that a substantive risk for strong to severe thunderstorms will
persist into at least Tuesday, within a broadening warm sector as
the cyclone and associated mid-level troughing shift a bit more
rapidly eastward across the middle Mississippi Valley.

Convective potential becomes more unclear Wednesday into Thursday as
the cyclone likely weakens and synoptic developments become more
uncertain across the East.

..Kerr.. 05/15/2025

CLICK TO GET WUUS48 PTSD48 PRODUCT

MIL-OSI USA: SPC May 15, 2025 0730 UTC Day 3 Severe Thunderstorm Outlook

Source: US National Oceanic and Atmospheric Administration

SPC AC 150729

Day 3 Convective Outlook
NWS Storm Prediction Center Norman OK
0229 AM CDT Thu May 15 2025

Valid 171200Z – 181200Z

…THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS SATURDAY ACROSS
PARTS OF EASTERN NORTH CAROLINA…EASTERN VIRGINIA…CENTRAL AND
EASTERN MARYLAND…DELAWARE…SOUTHEASTERN PENNSYLVANIA…CENTRAL
AND SOUTHERN NEW JERSEY AND LATE SATURDAY INTO SATURDAY NIGHT ACROSS
PARTS OF WEST CENTRAL THROUGH NORTH CENTRAL TEXAS…EASTERN OKLAHOMA
AND SOUTHWESTERN INTO CENTRAL ARKANSAS…

…SUMMARY…
Severe thunderstorms are possible Saturday across parts of the Mid
Atlantic, and late Saturday into Saturday night across parts of the
southeastern Great Plains.

…Discussion…
Downstream of a persistent, prominent mid-level ridge across the
southern mid-latitude and subtropical eastern Pacific, models
indicate that large-scale troughing will continue to dig inland of
the Pacific coast through this period. It appears that this will
include one notable embedded smaller-scale perturbation digging
across the Sierra Nevada, toward the Four Corners, and a trailing
perturbation digging across the Pacific Northwest coast.

Farther downstream, it appears that one or two more modest short
wave impulses, within a belt of westerlies emanating from the
subtropical eastern Pacific, may accelerate across the northern
Mexican Plateau through the southern Great Plains and lower
Mississippi Valley, around the northwestern periphery of broad
mid/upper ridging centered over the Gulf Basin. To the north of
this ridge, large-scale ridging within the mid-latitude westerlies
is forecast to overspread much of the interior U.S., with a remnant
downstream cyclone and associated troughing progressing across parts
of the Northeast and Mid Atlantic.

In lower levels, models generally indicate that a significant cold
front will advance southeast of the lower Great Lakes and Ohio
Valley, while stalling across parts of the Mid South into central
Great Plains. However, this is likely to be preceded by a weaker
front, largely driven or reinforced by outflow from Friday/Friday
night convection.

…Mid Atlantic…
Strong convectively augmented westerly lower/mid-tropospheric flow
(in excess of 50 kt in the 850-700 mb layer) is likely to spread
east of the Allegheny and Blue Ridge Mountains, coincident with the
convective outflow boundary by early Saturday. The extent and
intensity of continuing convective development along the gust front
at the outset of the period remains unclear. However, if the severe
storm cluster from Friday night does not maintain strength with a
continuing risk for severe wind gusts into and across the Mid
Atlantic early Saturday, it is possible that destabilization ahead
of the surface boundary could become sufficient for considerable
re-intensification of thunderstorm activity along it, before it
advances offshore.

…Southeastern Great Plains…
Beneath steep lower/mid-tropospheric lapse rates, models indicate
that seasonably moist air will maintain a reservoir of large CAPE
along and south of the initial pre-frontal wind shift/convective
outflow, roughly across the Ark-La-Texas, and east of a sharpening
dryline, across western North Texas toward the Del Rio TX area by
late afternoon. Aided by forcing for ascent and strengthening
westerly mid/upper flow associated with the subtropical
perturbations, isolated to scattered supercells may initiate and
propagate off the retreating dryline by late afternoon. Other
strong to severe thunderstorm development is possible, aided by
forcing for ascent associated with warm advection, where mid-level
inhibition will be weaker along and north of the initial pre-frontal
wind shift, and perhaps near the surface front across northern
Oklahoma into north central Arkansas.

..Kerr.. 05/15/2025

CLICK TO GET WUUS03 PTSDY3 PRODUCT

NOTE: THE NEXT DAY 3 OUTLOOK IS SCHEDULED BY 1930Z

MIL-OSI USA: SPC – No MDs are in effect as of Thu May 15 12:13:02 UTC 2025

Source: US National Oceanic and Atmospheric Administration

Current Mesoscale DiscussionsUpdated: Thu May 15 12:31:02 UTC 2025

All times are UTCNotice: The responsibility for Heavy Rain Mesoscale Discussions has been transferred to the Weather Prediction Center (WPC) on April 9, 2013. Click here for the Service Change Notice.
Archived Convective ProductsTo view convective products for a previous day, type in the date you wish to retrieve (e.g. 20040529 for May 29, 2004). Data available since January 1, 2004.

MIL-OSI USA: SPC – No watches are valid as of Thu May 15 12:13:02 UTC 2025

Source: US National Oceanic and Atmospheric Administration

Current Convective Watches (View What is a Watch? clip)Updated: Thu May 15 12:31:05 UTC 2025 No watches are currently valid

Archived Convective ProductsTo view convective products for a previous day, type in the date you wish to retrieve (e.g. 20040529 for May 29, 2004). Data available since January 1, 2004.

MIL-OSI USA: CAHNR Commencement 2025: A Day of Pride, Celebration, and New Beginnings

Source: US State of Connecticut

On May 10, 2025, more than 600 students from UConn’s College of Agriculture, Health and Natural Resources (CAHNR) reached a major academic milestone as they officially became UConn graduates. Students were celebrated in true CAHNR fashion, with a horse processional, performance by student acapella singers, and a visit from both Jonathan XIV and XV. With cheers from family, friends, faculty, and staff, the graduates commemorated years of commitment and growth at the 146th Commencement.

A Moment of Connection and Tradition

The festivities began with a celebratory reception at the Student Union, offering graduates and their guests a chance to reconnect and reflect on their time at UConn. Soon after, the group gathered at the Field House to prepare for the traditional procession to the main event.

In a much-loved revival of a pre-pandemic tradition, horses from CAHNR’s equine program led graduates along Hillside Road to Gampel Pavilion, setting the tone for the special ceremony ahead.

Students at a CAHNR reception before 2025 Commencement (Jason Sheldon/UConn Photo)

CAHNR students lining up for 2025 Commencement processional. (Stella Dibernardo/UConn Photo)

Karina Cangas ’25 (CAHNR) prior to Commencement. (Jason Sheldon/UConnPhoto)

Students from the CAHNR Equine Program leading the student commencement processional. (Jason Sheldon/UConn Photo)

CAHNR students proceeding to 2025 Commencement (Jason Sheldon/UConn Photo)

A Ceremony to Remember

Inside Gampel Pavilion, CAHNR faculty and staff joined the graduates for a ceremony filled with encouragement, reflection, and celebration. The event featured remarks from student speaker Eliza Demiri ’25 (Allied Health Sciences) and keynote speaker Rodney Butler ’99 (BUS), Chairman of the Mashantucket Pequot Tribal Nation.

Butler expressed the value students can find in being open to where life takes them, whether it is anticipated or not:

“It’s important to understand in live how much your paths can and will change, regardless of what you plan for. Life rarely follows a straight path, and often the directions we didn’t plan for lead to the most meaningful destinations.”

The program was hosted by Kristen Govoni, associate dean for academic programs, and included additional remarks from Dean Chaubey, Prvosot D’Alleva, and other CAHNR leadership.

CAHNR students are 2025 Commencement. (Stella Dibernardo/UConn Photo)

Eliza Demiri ’25 (CAHNR) gives the student Commencement address. (Sydney Herdle/UConn Photo)

Rodney Butler ’99 (BUS) provides the 2025 Commencement speech. (Sydney Herdle/UConn Photo)

From left, Dean Indrajeet Chaubey, Provost Anne D’Alleva, and speaker Chairman of the Mashantucket Pequot Tribal Nation Rodney Butler ’99 (BUS). (Sydney Herdle/UConn Photo)

CAHNR students at 2025 Commencement (Sydney Herdle/UConn Photo)

CAHNR students at 2025 Commencement with Jonathans XIV and SV (Stella Dibernardo/UConn Photo)

A Minor, Premiere A Cappella Group. Their graduating senior from CAHNR, Benjamin Angus an Environmental Sciences and Environmental and Natural Resources Economics major dressed in a cap and gown (Jason Herdle/UConn Photo)

CAHNR students at Commencement 2025 (Stella Dibernardo/UConn Photo)

CAHNR student at Commencement 2025. (Stella Dibernardo/UConn Photo)

CAHNR students at Commencement 2025 (Stella Dibernardo/UConn Photo)

CAHNR students at Commencement 2025 (Sydney Herdle/UConn Photo)

Cheers to the Future

As the ceremony concluded, the celebration continued outside Gampel Pavilion, where graduates gathered with family and friends to capture the moment with photos and plenty of smiles.

The Class of 2025 leaves UConn with a wealth of knowledge, a foundation of real-world experiences, and lasting memories from their time in CAHNR. Wherever their journeys take them next, their future is bright and their UConn roots remain strong.

CAHNR students after Commencement 2025 (Jason Sheldon/UConn Photo)

Graduates of the College of Agriculture, Health and Natural Resources greet their families and friends outside Gampel Pavilion following the college’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

CAHNR students after Commencement 2025 (Sydney Herdle/UConn Photo)

Other CAHNR Commencement Coverage

Learn more about some of our featured graduates and this year’s Commencement speaker, Rodney Butler ’99.

MIL-OSI USA: Working to Understand Why Mercury Levels are so High in the Arctic

Source: US State of Connecticut

Mercury (Hg) is a naturally occurring element found across the globe, yet it becomes highly toxic as it accumulates up the food chain. Pollution from human activities has pumped increasing amounts of mercury into the atmosphere, and for reasons that are not well understood, the Arctic region has significantly higher levels of mercury, despite having a relatively sparse population and less pollution.

Mercury is found in the environment as both inorganic and organic compounds, such as monomethylmercury (MMHg), which is the most bioavailable form of mercury that enters the food web and accumulates to toxic levels in wildlife and humans. Most people are exposed to MMHg from seafood consumption, but in the Arctic, people are at higher risk due to the consumption of marine mammals. Climate change also impacts Hg in polar regions, especially the increased melting of ice and glaciers, bringing changing inputs of Hg to the marine waters.

To examine the cycling of Hg in the Arctic, a team of researchers, including UConn Department of Marine Science Professor Robert Mason and his students, Yipeng He and Hannah Inman, developed a study focused at the air-sea interface to answer questions about why mercury (Hg) levels are higher in the Arctic. Their findings from a research expedition in spring 2021 are published in Science Advances.

One focus of the study was another organic form of Hg, dimethylmercury (DMHg), which is also very toxic, says Mason, and is found predominantly in deeper ocean waters but can cycle to the surface through upwelling of these waters. DMHg doesn’t accumulate to the same degree as MMHg in the food chain as it’s a dissolved gas in water. Another focus was MMHg, which can also be found in the atmosphere attached to aerosols or in precipitation and the source of this MMHg is highly debated.

Mason and his team collected samples in the Arctic from the water, the surface snow on top of the ice, and the ice to analyze levels of MMHg. They found the snow contained significantly higher concentrations than the ice. (Contributed photo)

Mason says some have wondered if this MMHg is the result of reactions taking place in the precipitation or in the atmosphere. Earlier studies found higher concentrations of mercury off the coast of California in cloud water and speculated about its sources so Mason says he and his research team were interested in focusing on the exchange of MMHg and DMHg at the sea-air interface in the Arctic to see if they could study these puzzling aspects of mercury cycling in more detail, specifically if DMHg originating from the upwelling of deep-sea waters in this area plays a critical role in how much MMHg ends up in the Arctic Ocean waters and in marine organisms.

“Dimethylmercury can be lost from the ocean if it’s at high concentrations in the surface waters. The idea put forward was that in California, there must be an upwelling of deep ocean water to the surface that brings the dimethylmercury to the surface. However, no one had put all the bits together in one study,” Mason says.

This is the first study to make all of the measurements in the atmosphere and seawater at the same time to piece together this dynamic puzzle and emphasizes the impacts DMHg can play in ecosystems far from the source.

Mason says a key aspect of this research that enabled them to assemble the clues was the ability to take constant measurements of the forms of Hg in the atmosphere and surface waters while aboard a research cruise, and taking advantage of a new instrument his research group developed that allows for continuous, high-resolution collection of DMHg while the ship is moving.

“Most research ships have a way of bringing surface water into the ship to measure the temperature, salinity, nutrients, and other chemicals. We developed an DMHg analyzer that could take a measurement every hour, and that was something no one had been able to do previously,” he says.

The sampling took place aboard the research vessel Sikuliaq, which set off from Dutch Harbor, Alaska into the Bering and Chukchi Seas as far north as the ship could go because of ice, and then returned back to Seward, Alaska. Weather conditions and aspects of the landscape, such as permafrost, and the seascape, such as glaciers and sea ice impact mercury’s movement through Arctic ecosystems, and its transport from the atmosphere and terrestrial environment to the marine waters. On the return trip, the ship encountered upwelled waters off the coast of the Aleutian Islands. Here, the researchers found high concentrations of DMHg. Mason explains that DMHg is unstable in sunlight and is degraded to MMHg in surface waters.

“Basically, the rate at which DMHg is coming up from the deep ocean to the surface has to be greater than the rate at which it’s being decomposed for it to escape to the atmosphere,” says Mason. “We took measurements of it and MMHg in the surface water, in the rain, and in the aerosols and found very high concentrations close to the source. Further north there was no more upwelling and the surface water sampled would have been sitting there since the ice retreated. Given that we were there in May and June, and we were following the retreating ice, the surface water is fresher because of the melting ice, and there’s very little mixing of that water because of density differences.”

The cruise navigated through relatively shallow water and about 15 miles into ice, which Mason said was around a meter thick. As long as the coast was clear of polar bears, the researchers took turns leaving the ship to collect samples. Mason and his team collected samples from the water, the surface snow on top of the ice, and the ice. They tested the samples for MMHg and found the snow contained significantly higher concentrations than the ice.

“The higher concentrations in this surface snow, which had been recently deposited on the ice, demonstrates the removal of methylmercury from the atmosphere, and that’s part of the story of why we saw decreasing concentrations away from the source,” says Mason.

They determined the DMHg is coming out of the ocean, is transported north, and then degraded in the atmosphere to MMHg. This MMHg is then attached to the aerosol particles and removed by precipitation.

“Our study showed that the amount of DMHg evaded to the atmosphere from the upwelling region was enough to account for the MMHg in the precipitation and aerosols over thousands of kilometers from the source,” says Mason.

He explains that this makes it a complicated story, and is what has been the focus of much of his research on the exchange of Hg between the ocean and the atmosphere.

“In addition to DMHg, elemental Hg is also a dissolved gas in water and its loss to the atmosphere is a major removal mechanism for ocean Hg. Inorganic Hg comes into the ocean from the atmosphere primarily, although in the Arctic coastal inputs from rivers, glaciers and groundwater are more important than other oceans,” says Mason. “Overall, Hg is moving back and forth all the time between the ocean and the atmosphere and the net input of inorganic Hg and MMHg is what controls the amount of MMHg in ocean waters and its bioaccumulation into organisms consumed by humans and wildlife.”

MIL-OSI USA: Neag School Receives $42K During UConn Gives 2025

Source: US State of Connecticut

Thanks to about 550 individuals, the Neag School of Education garnered over $27,000 in contributions during UConn Gives 2025, along with $15,000 in challenges and matching gifts. The annual University-wide fundraising event raised about $5.4 million overall for UConn, with incoming donations to support everything from scholarships and academic programs to student groups and athletics. The Neag School promoted its different education-affiliated funds during this year’s event, held on April 21 and 22. Out of the 42 Neag School funds, the top three finishers were:

UConn Husky Nutrition & Sport – $16,425 from 394 donors, including a $1,000 matching gift from Heather McDonald ’23 Ed.D., plus $10,000 from the President’s and Provost’s Project Leaderboard Challenge
Dr. Sue Saunders Higher Education & Student Affairs (HESA) Professional Development Fund – $2,550 from 84 donors, including a $500 matching gift from Saunders
Neag School Dean’s Fund – $1,242 from 12 donors, plus $5,000 from the President’s and Provost’s Unit Leaderboard Challenge

Housed in the Neag School of Education, UConn HNS is a U.S. Department of Agriculture, AmeriCorps, small local foundation, and private donation-funded effort to engage youth, adult caregivers of children, and adults eligible to receive Supplemental Nutrition Assistance Program – Education (SNAP-Ed) in nutrition and physical education. The group collaborates with partners and educational programs across Connecticut, including a longtime partnership with the City of Hartford. Students and faculty across UConn engage with UConn HNS through academic courses; paid positions; professional and holistic development sessions; and research.

“UConn HNS is appreciative of the efforts of its staff to spread the word and engage current students and our alumni network in UConn Gives,” says Jennifer McGarry, UConn HNS executive director and Neag School professor. “In the current climate where many funding sources are in jeopardy, the impact of the donations and the leaderboard challenge funds is significant in our continued ability to engage with communities across the state of Connecticut.”

The impact of the donations and the leaderboard challenge funds is significant in our continued ability to engage with communities across the state of Connecticut. &#8212 Jennifer McGarry, UConn HNS Executive Director

This year, the Dr. Sue Saunders HESA Professional Development Fund also won a $500 matching gift challenge funded by Saunders.

The fund was established to honor the commitment and dedication of Saunders, longtime director of the Higher Education and Student Affairs (HESA) program, and to support the development of graduate students in the program. The fund supports students who participate in professional development activities, including conferences, courses, webinars, association memberships, access to publications, research activities, and more.

“The Dr. Sue Saunders HESA Professional Development Fund is vital in supporting the learning, growth, and development of HESA master’s students,” says Adam McCready, assistant professor-in-residence in the program. “Dr. Saunders’ matching gift and the gifts from alumni and other community members ensure that HESA students can continue to have access to these transformative professional development opportunities.”

The third project, the Neag School Dean’s Fund, benefits faculty and students by advancing teaching, research, and policy development. This fund provides the dean with flexibility in supporting cutting-edge research and the School’s best and brightest students.

“As a crowdfunding campaign, UConn Gives is only as powerful as the people behind it and, as this year’s results show, we have incredibly passionate advocates behind the Neag School,” Dean Jason G. Irizarry says. “Thank you to every alum, faculty member, staff member, or friend of the School who supported us during UConn Gives. Your kind generosity directly impacts our students, faculty, and community partners.”

UConn Gives 2025 may be over, but you can still offer your support. Visit education.uconn.edu/giving-to-neag to learn more.

UConn Gives fundraising totals are approximate and may be adjusted as gifts continue to be tallied.

MIL-OSI: Nuvini Group Completes Acquisition of B2B SaaS Platform Munddi

Source: GlobeNewswire (MIL-OSI)

~ Successfully Marks the First of Four Anticipated Acquisitions in 2025 ~

~ Creates New Synergies to Drive Revenue Growth and Enhance NVNI’s Ecosystem of B2B SaaS Solutions across Latin America ~

NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Nuvini Group Limited (Nasdaq: NVNI) (“Nuvini” or the “Company”), a leading acquirer of private B2B SaaS companies in Latin America, today announced that it has completed its previously announced acquisition of Munddi Soluções em Tecnologia Ltda. – ME (“Munddi”), an online platform that connects brands with consumers, suppliers, and retail chains based in São Paulo, Brazil. This successfully marks the first of four planned acquisitions in 2025 as part of Nuvini’s ongoing expansion strategy, creating new synergies to drive revenue growth and enhance its ecosystem of B2B solutions across Latin America.

“We are excited to announce the acquisition of Munddi has been completed, reflecting our commitment to execute on our strategy of acquiring, managing, and scaling companies that add strategic value to our network,” said Pierre Schurmann, CEO of Nuvini. “This acquisition will unlock cross-selling opportunities across our ecosystem of B2B SaaS solutions, particularly as it relates to our retail and supply chain solutions consisting of Onclick, Leadlovers, and Mercos. By the end of the year, we expect to close three additional acquisitions and we are optimistic for the future of Nuvini as we further enhance our positioning as the leading B2B SaaS solutions provider across Latin America and continue to drive shareholder value.”

About Munddi
Founded in 2015, Munddi helps small retailers acquire new customers by providing strategic insights and facilitating online product sourcing from regional suppliers. The platform empowers both manufacturers and retailers with data-driven business opportunities, streamlining the connection between buyers and sellers in the retail supply chain.

About Nuvini
Headquartered in São Paulo, Brazil, Nuvini is Latin America’s leading private serial acquirer of B2B SaaS companies. The company focuses on acquiring profitable, high-growth SaaS businesses with strong recurring revenue and cash flow generation. By fostering an entrepreneurial environment, Nuvini enables its portfolio companies to scale and maintain leadership within their respective industries. The company’s long-term vision is to buy, retain, and create value through strategic partnerships and operational expertise.

Disclaimer and Forward-Looking Statements

Any obligation of the Company under the Term Sheet is subject to, among other things, the execution of the relevant definitive transaction documents, the result of a due diligence on Munddi, the satisfaction of conditions precedent for a transaction of this nature. There can be no assurance that any definitive transaction agreements will be entered into or that the potential Munddi acquisition will be consummated on the terms set forth herein, or at all. Therefore, it is possible that such potential acquisition may never occur.

Statements about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the potential Munddi acquisition and the Term Sheet, including the Concurrent Investment and the other terms thereof. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, without limitation: the Company’s ability to negotiate and enter into a definitive agreement with respect to the potential Munddi acquisition or any other alternative proposals on terms satisfactory to the Company, as well as the desirability of any such potential Munddi acquisition compared to alternatives which may be available to the Company; if a definitive agreement is reached, the Company’s ability to complete the potential acquisition on the anticipated timeline or at all,; general market conditions that could affect the consummation of the potential acquisition; if definitive documents with respect to a potential acquisition are executed, whether the parties will achieve any of the anticipated benefits of any such Proposed Transaction; and other factors discussed in the “Risk Factors” section of the Company’s Quarterly and Annual Reports filed with the SEC, and the risks described in other filings that the Company may make with the SEC. Any forward-looking statements speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Relations Contact
Sofia Toledo
ir@nuvini.co

MZ North America
NVNI@mzgroup.us

MIL-OSI: Bitcoin Depot Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Q1 Revenue up 19% Year-Over-Year to $164.2 Million

Q1 Net Income up Significantly to $12.2 Million Compared to a Net Loss of $4.2 Million in the Prior Year Quarter

Q1 Adjusted Gross Profit up 92% Year-Over-Year to $33.1 Million

Q1 Adjusted EBITDA up 315% Year-Over-Year to $20.3 Million

Q1 Cash from Operations of $16.3 Million

ATLANTA, May 15, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the first quarter ended March 31, 2025. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

“Bitcoin Depot delivered a remarkable first quarter, with 19% year-over-year revenue growth and a more than threefold increase in Adjusted EBITDA to $20 million,” said Brandon Mintz, Founder and CEO of Bitcoin Depot. “This performance demonstrates the strength of our operating model, the success of our kiosk optimization strategy, and the powerful cash flow we can generate once fixed costs are covered. In fact, with the cash generated in Q1, we strengthened our balance sheet by increasing our bitcoin holdings and building our cash balance, positioning us for continued growth and flexibility. Looking ahead, we remain focused on scaling responsibly, both domestically and internationally, while delivering sustained value to both our customers and shareholders.”

First Quarter 2025 Financial Results

Revenue in the first quarter of 2025 increased 19% to $164.2 million compared to $138.5 million in the first quarter of 2024. This increase was driven by increased kiosk deployment and higher median transaction size.

Total operating expenses declined 7% to $15.3 million for the first quarter of 2025 compared to $16.6 million for the first quarter of 2024 due to lower depreciation expense and insurance costs as the Company continues to optimize its cost structure as a steady-state public company.

Net income for the first quarter of 2025 increased significantly to $12.2 million, compared to a net loss of $4.2 million for the first quarter of 2024. Net income attributable to common shareholders increased to $4.2 million, or $0.20 per share, from a net loss of $1.5 million, or ($0.25) per share, in last year’s first quarter. The increase was due to higher revenue and gross profit in 2025.

Adjusted gross profit, a non-GAAP measure, in the first quarter of 2025 increased 92% to $33.1 million from $17.3 million for the first quarter of 2024. Adjusted gross profit margin, a non-GAAP measure, in the first quarter of 2025 increased approximately 770 basis points to 20.2% compared to 12.5% in the first quarter of 2024. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Adjusted EBITDA, a non-GAAP measure, in the first quarter of 2025 increased 315% to $20.3 million compared to $4.9 million for the first quarter of 2024. The increase was primarily due to the higher revenue and gross profit. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Cash, cash equivalents, and cryptocurrencies as of March 31, 2025, were $43.3 million compared to $31.0 million at the end of 2024. The company used $7.8 million in the first quarter of 2025 to acquire 83 more Bitcoin, bringing the total held for investment to 94.35 BTC.

Net cash flows provided by operations in the first quarter of 2025 were up significantly to $16.3 million compared to $1.3 million in the first quarter of 2024.

Outlook

The Company expects revenue in the second quarter of 2025 to grow low-to-mid-single digits on a percentage basis from the second quarter of 2024.

Conference Call

Bitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the first quarter ended March 31, 2025.

Call Date: Thursday, May 15, 2025
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)

Phone Instructions
U.S. and Canada (toll-free): 888-596-4144
U.S. (toll): 646-968-2525
Conference ID: 4520708

Webcast Instructions
Webcast link: https://edge.media-server.com/mmc/p/akdxpm7o

A replay of the call will be available beginning after 2:00 p.m. Eastern time through May 22, 2025.

U.S. & Canada (toll-free) replay number: 800-770-2030
U.S. toll number: 609-800-9909
Conference ID: 4520708

If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

About Bitcoin Depot

Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.


BITCOIN DEPOT INC. CONSOLIDATED STATEMENTS OF (LOSS) INCOME (in thousands, except share and per share amounts) (UNAUDITED)

	Three Months Ended March 31,
	2025			2024
Revenue	$	164,226		$	138,539
Cost of revenue (excluding depreciation and amortization)		131,091			121,287
Operating expenses:
Selling, general, and administrative		13,440			13,606
Depreciation and amortization		1,897			2,947
Total operating expenses		15,337			16,553
Income from operations		17,798			699
Other (expense) income:
Interest (expense)		(3,068	)		(4,944	)
Other income (expense)		(1,090	)		6
Gain (loss) on foreign currency transactions		(13	)		(127	)
Income (Loss) before provision for income taxes and non-controlling interest		13,627			(4,366	)
Income tax (expense) benefit		(1,452	)		138
Net income (loss)	$	12,175		$	(4,228	)
Net income (loss) attributable to non-controlling interest		7,983			(2,690	)
Net income (loss) attributable to common stockholders	$	4,192		$	(1,538	)

Net income per share of common stock – basic and diluted	$	0.20		$	(0.25	)

Weighted average number of common shares outstanding – basic and diluted		21,359,864			16,616,864


BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)


	March 31, 2025 (unaudited)			December 31, 2024
Assets
Current:
Cash and cash equivalents	$	34,962		$	29,472
Cryptocurrencies		8,384			1,510
Accounts receivable		147			275
Prepaid expenses and other current assets		2,111			3,076
Total current assets		45,604			34,333
Property and equipment:
Furniture and fixtures		635			635
Leasehold improvements		172			172
Kiosk machines – owned		37,854			36,831
Kiosk machines – leased		8,954			10,367
Total property and equipment		47,615			48,005
Less: accumulated depreciation		(21,916	)		(21,158	)
Total property and equipment, net		25,699			26,847
Intangible assets, net		1,946			2,320
Goodwill		8,717			8,717
Operating lease right-of-use assets, net		2,336			2,595
Deposits		859			734
Deferred tax assets		4,558			4,558
Total assets	$	89,719		$	80,104


BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)


	March 31, 2025 (unaudited)			December 31, 2024
Liabilities and Stockholders’ (Deficit) Equity
Current:
Accounts payable	$	9,200		$	11,557
Accrued expenses and other current liabilities		14,060			14,260
Notes payable, current portion		8,535			6,022
Income taxes payable		3,328			2,207
Deferred revenue		301			20
Operating lease liabilities, current portion		818			858
Current installments of obligations under finance leases		3,431			3,446
Other non-income tax payable		2,259			2,259
Total current liabilities		41,932			40,629
Long-term liabilities
Notes payable, non-current		46,946			49,457
Operating lease liabilities, non-current		1,534			1,774
Obligations under finance leases, non-current		1,119			1,950
Deferred income tax, net		604			604
Tax receivable agreement liability due to related party, non-current		2,176			2,176
Total Liabilities		94,311			96,590
Commitments and Contingencies (Note 19)
Stockholders’ (Deficit) Equity
Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 0 and 1,733,884 shares issued and outstanding, at March 31, 2025 and December 31, 2024, respectively		—			—
Class A common stock, $0.0001 par value; 800,000,000 authorized, 22,746,330 and 19,263,164 shares issued, and 22,555,710 and 19,072,544 shares outstanding at March 31, 2025 and December 31, 2024, respectively		2			1
Class E common stock, $0.0001 par value; 2,250,000 authorized, 0 and 1,075,761 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		—			—
Class V common stock, $0.0001 par value; 300,000,000 authorized, 41,193,024 shares issued and outstanding at March 31, 2025 and December 31, 2024		4			4
Treasury stock		(437	)		(437	)
Additional paid-in capital		22,829			21,491
Accumulated deficit		(39,304	)		(44,349	)
Accumulated other comprehensive loss		(256	)		(342	)
Total Stockholders’ (Deficit) Attributable to Bitcoin Depot Inc.		(17,162	)		(23,632	)
Equity attributable to non-controlling interests		12,570			7,146
Total Stockholders’ (Deficit) Equity		(4,592	)		(16,486	)
Total Liabilities and Stockholders’ (Deficit) Equity	$	89,719		$	80,104


BITCOIN DEPOT INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except share and per share amounts) (UNAUDITED)

	Three Months Ended March 31,
	2025			2024
Cash flows from Operating Activities:
Net income (loss)	$	12,175		$	(4,228	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred financing costs		204			544
Depreciation and amortization		1,897			2,947
Non-cash share-based compensation		368			897
Purchase of services in cryptocurrencies		268			347
Unrealized loss on cryptocurrencies		1,650			—
Deferred taxes		—			5
Write-off of deferred financing costs		—			3,136
Loss on disposal of property and equipment		9			26
Reduction in carrying amount of right-of-use assets		215			49
Cryptocurrency received as payment		(290	)		(485	)
Other
Change in operating assets and liabilities:
Deposits		(124	)		(165	)
Accounts receivable		128			(104	)
Cryptocurrencies		173			409
Prepaid expenses and other current assets		965			(364	)
Accounts payable		(2,357	)		2,241
Accrued expenses and other current liabilities		(198	)		(4,524	)
Income taxes payable		1,121			61
Other non-income tax payable		—			2
Deferred revenue		281			615
Operating leases, net		(235	)		(62	)
Net Cash Flows Provided by Operations		16,250			1,347
Cash flows from Investing Activities:
Acquisition of property and equipment		(385	)		(558	)
Acquisition of Bitcoin for investment		(7,824	)		—
Net Cash Flows Used In Investing Activities		(8,209	)		(558	)
Cash flows from Financing Activities:
Proceeds from issuance of notes payable		6,376			15,191
Principal payments on notes payable		(6,415	)		(639	)
Principal payments on finance lease		(846	)		(1,896	)
Payment of deferred financing costs		(163	)		(19	)
Proceeds from issuance of common stock, net		978			—
Purchase of treasury stock		—			(158	)
Distributions		(2,477	)		(916	)
Net Cash Flows (Used In) Provided by Financing Activities		(2,547	)		11,563
Effect of exchange rate changed on cash and cash equivalents		(4	)		40
Net change in cash and cash equivalents		5,490			12,392
Cash and cash equivalents – beginning of period		29,472			29,759
Cash and cash equivalents – end of period	$	34,962		$	42,151

Explanation and Reconciliation of Non-GAAP Financial Measures

Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin and Adjusted Gross Profit margin, which are not prepared in accordance with GAAP.

Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, share-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. In addition, Bitcoin Depot defines Adjusted Gross Profit (a non-GAAP financial measure) as revenue less cost of revenue (excluding depreciation and amortization) and depreciation and amortization adjusted to add back depreciation and amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted Gross Profit each provide useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provide a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA and Adjusted Gross Profit are each key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA and Adjusted Gross Profit are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating these measures. Bitcoin Depot primarily relies on GAAP results and uses both Adjusted EBITDA and Adjusted Gross Profit on a supplemental basis. Neither Adjusted EBITDA or Adjusted Gross Profit should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of both Adjusted EBITDA and Adjusted Gross Profit may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures.

Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

The following table presents a reconciliation of Net (loss) income to Adjusted EBITDA for the periods indicated:

BITCOIN DEPOT INC. RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (UNAUDITED)

	Three Months Ended March 31,
*(in thousands)*	2025			2024
Net (loss) income	$	12,175		$	(4,228	)
Adjustments:
Interest expense		3,068			4,944
Income tax expense (benefit)		1,452			(138	)
Depreciation and amortization		1,897			2,947
Unrealized loss on cryptocurrency held for investment		1,094			—
Non-recurring expenses ⁽¹⁾		239			463
Share-based compensation		368			897
Adjusted EBITDA	$	20,293		$	4,885
Adjusted EBITDA margin ⁽²⁾		12.4	%		3.5	%

(1) Comprised of non-recurring professional service fees.
(2) Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability.

The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:

BITCOIN DEPOT INC. RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT (UNAUDITED)

	Three Months Ended March 31,
*(in thousands)*	2025			2024
Revenue	$	164,226		$	138,539
Cost of revenue (excluding depreciation and amortization)	$	(131,091	)		(121,287	)
Depreciation and amortization excluded from cost of revenue		(1,891	)		(2,881	)
Gross Profit	$	31,244		$	14,371
Adjustments:
Depreciation and amortization excluded from cost of revenue	$	1,891		$	2,881
Adjusted Gross Profit	$	33,135		$	17,252
Gross Profit Margin ⁽¹⁾		19.0	%		10.4	%
Adjusted Gross Profit Margin ⁽¹⁾		20.2	%		12.5	%

(1) Calculated as a percentage of revenue.

Contacts:

Investors
Cody Slach,
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

Media
Brenlyn Motlagh, Ryan Deloney
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

https://www.youtube.com/watch?v=Q6GU-LoZlVg

MIL-OSI Economics: CarPlay Ultra, the next generation of CarPlay, begins rolling out today

Source: Apple

Headline: CarPlay Ultra, the next generation of CarPlay, begins rolling out today

May 15, 2025

UPDATE

CarPlay Ultra, the next generation of CarPlay, begins rolling out today

CarPlay Ultra brings the best of iPhone and the best of the car together for a deeply integrated experience, beginning with Aston Martin vehicles

Starting today, CarPlay Ultra, the next generation of CarPlay, is available with new Aston Martin vehicle orders in the U.S. and Canada, and will be available for existing models that feature the brand’s next-generation infotainment system through a software update in the coming weeks. CarPlay Ultra builds on the capabilities of CarPlay and provides the ultimate in-car experience by deeply integrating with the vehicle to deliver the best of iPhone and the best of the car. It provides information for all of the driver’s screens, including real-time content and gauges in the instrument cluster, while reflecting the automaker’s look and feel and offering drivers a customizable experience. Many other automakers around the world are working to bring CarPlay Ultra to drivers, including newly committed brands Hyundai, Kia, and Genesis.

“iPhone users love CarPlay, and it has transformed how people connect with their vehicles. With CarPlay Ultra, together with automakers, we are reimagining the in-car experience, making it even more unified and consistent,” said Bob Borchers, Apple’s vice president of Worldwide Product Marketing. “This next generation of CarPlay gives drivers a smarter, safer way to use their iPhone in the car, while deeply integrating with the car’s systems and showcasing the unique look and feel of each automaker. We are excited to kick off the rollout of CarPlay Ultra with Aston Martin — and this is just the beginning, with more automakers on the way.”

Deeper Integration Than Ever Before

CarPlay Ultra provides content for all the driver’s screens, including the instrument cluster, with dynamic and beautiful options for the speedometer, tachometer, fuel gauge, temperature gauge, and more, bringing a consistent look and feel to the entire driving experience. Drivers can choose to show information from their iPhone, like maps and media, along with information that comes from the car, such as advanced driver assistance systems and tire pressure, right in the instrument cluster.

Drivers can also use onscreen controls, physical buttons, or Siri to manage both standard vehicle functions like the car’s radio and climate, as well as advanced, vehicle-specific features and controls like audio system configurations or performance settings, right from CarPlay, giving them a more fluid and seamless experience. CarPlay Ultra also introduces widgets powered by iPhone that perfectly fit the car’s screen or gauge cluster to provide information at a glance.

A Design Unique to Each Automaker

CarPlay Ultra allows automakers to express their distinct design philosophy with the look and feel their customers expect. Custom themes are crafted in close collaboration between Apple and the automaker’s design team, resulting in experiences that feel tailor-made for each vehicle. Drivers can also personalize the colors and wallpapers of themes to match their individual tastes.

“Aston Martin is delighted to have collaborated with Apple and to be first to launch CarPlay Ultra. As a brand, our focus on world-leading performance goes beyond the traditional attributes associated with powertrains, dynamic performance, and craftsmanship. The integration of CarPlay Ultra is a clear example of the dedication to collaborate with the best companies in the world to bring unique experiences and in-vehicle capabilities to our customers. Building on our in-house state-of-the-art infotainment system, CarPlay Ultra will provide additional functionality and personalization opportunities, which place Aston Martin at the forefront of infotainment in the sector.”

CarPlay Ultra joins CarPlay, which is beloved by drivers around the world and has fundamentally changed the way people interact with their vehicles, providing a safer, smarter way to use iPhone in the car. And just like with CarPlay, rigorous privacy measures built into iPhone apply to CarPlay Ultra.

Availability

Beginning in the U.S. and Canada, CarPlay Ultra will be available for Aston Martin’s core model lineup, and will expand to include vehicles globally in the next 12 months.

The experience is available in new Aston Martin vehicle orders in the U.S. and Canada starting today, and will be available for existing Aston Martin vehicles in the U.S. and Canada featuring the brand’s next-generation infotainment system in the coming weeks through a software update available at local dealers.

CarPlay Ultra works with iPhone 12 or later running iOS 18.5 or later.

For more information on availability across Aston Martin’s vehicle lineup and information on updating at Aston Martin dealerships, visit media.astonmartin.com.

Press Contacts

Shane Bauer

Apple

shanebauer@apple.com

Tania Olkhovaya

Apple

Apple Media Helpline

MIL-OSI Video: President Trump Gaggles with the Press on Air Force One, May 15, 2025

Source: United States of America – The White House (video statements)

Air Force One

https://www.youtube.com/watch?v=CTp7_F2oYws

MIL-OSI Video: Ruff N’ Ready!

Source: US Army (video statements)

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #Shorts #Army

MIL-OSI United Kingdom: New safeguard measures on personal imports of animal products from the EU15 May 2025 To protect Jersey’s livestock, food security and farming community new safeguard measures will soon come into force. This will restrict personal imports of products of animal origin (POAO) from the… Read more

Source: Channel Islands – Jersey

15 May 2025

To protect Jersey’s livestock, food security and farming community new safeguard measures will soon come into force. This will restrict personal imports of products of animal origin (POAO) from the European Union.

Effective from 16 May 2025, travellers will no longer be permitted to bring meat or dairy products from EU single market area (EEA states, the Faroe Islands, Greenland and Switzerland) countries into Jersey for personal use.

This aligns Jersey with the existing measures in the UK and Crown Dependencies and follows an increase in confirmed cases of foot and mouth disease (FMD) across parts of Europe.

What This Means for Travellers

Banned Items

This is regardless of whether they are fresh, cured, raw, packed, or purchased from duty -free:

Meat products from cattle, pigs, sheep or goats
Dairy products including cheese, milk, and yogurt
Items containing these products, such as: Meat or cheese sandwiches, cured meats, sausages and milk-based desserts.

Items travellers can still bring

The following remain permitted for personal import:

Bread (excluding sandwiches filled with meat or dairy)
Cakes (as long as they do not contain fresh cream)
Biscuits, chocolate, and confectionery (excluding those with large amounts of unprocessed dairy)
Pasta and noodles (not mixed with or filled with meat)
Packaged soups, stocks, and flavourings
Processed and packaged plant products, including packaged salads and frozen vegetables
Food supplements containing small amounts of animal product (e.g. fish oil capsules)
Up to 2kg per person of powdered infant milk, baby food, or special dietary food required for medical reasons.

Why these measures are needed

While foot and mouth disease poses no threat to human health, it is a highly contagious viral disease affecting cloven-hoofed animals.

The current spread of FMD across parts of Europe presents a serious risk to Jersey’s agriculture sector.

An outbreak could result in severe economic losses through: Reduced productivity in affected animals, disruption to trade and potential bans on export of livestock and animal products.

Background

Earlier this year, Jersey introduced specific bans on personal imports of meat and dairy products from Germany, Hungary, Slovakia, and Austria following confirmed FMD outbreaks. The latest measures now extend this safeguard to all EU countries.

Important clarifications

These restrictions apply only to personal imports from EU countries
They do not apply to personal imports from Great Britain, Northern Ireland, Guernsey, or the Isle of Man
Commercial imports of meat and dairy products from the EU remain permitted, provided they meet all current import requirements and health standards.

Further Information

These precautionary measures are in line with advice from the UK Department for Environment, Food & Rural Affairs (DEFRA) and are essential to maintaining the health of Jersey’s livestock.

For more details or specific guidance on permitted items, visit: Bringing food or animal products into Jersey.

MIL OSI United Kingdom –

MIL-OSI: Bitget Wallet Expands Sei Integration After $20M TVL Surge in One Week

Source: GlobeNewswire (MIL-OSI)

SAN SALVADOR, El Salvador, May 15, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading non-custodial crypto wallet, announced that total value locked (TVL) in Sei Ecosystem Month has exceeded $20 million in one week. The milestone follows strong user participation and has prompted an expansion of the campaign’s total prize pool to $1.2 million, with more phases scheduled in the weeks ahead.

Following Bitget Wallet’s full integration with the Sei network, users can now trade, track, and transfer Sei assets, while bridging tokens from 30 mainstream blockchains into the Sei EVM via Bitget Wallet’s cross-chain infrastructure. Its Super DEX, a decentralized liquidity aggregator spanning 130+ chains, further enables seamless interaction with Sei-based assets from a single interface.

Phase 1 of the campaign, launched May 8 in partnership with Takara Lend, allows users to bridge a minimum of 100 USDT into Sei and stake to earn up to 40% APY. Rewards are distributed in WSEI on a first-come, first-served basis, and the campaign will run through August 8. Phase 2, which began May 15, features a trading task in collaboration with Sailor Finance and runs through May 29. Future phases will highlight additional projects building on Sei, extending the campaign’s scope across the broader ecosystem.

“The traction we’ve seen in just one week speaks to how fast Sei’s DeFi ecosystem is evolving — and how well Bitget Wallet’s infrastructure can onboard users at scale,” said Alvin Kan, COO of Bitget Wallet. “With this momentum, we’re doubling down on ecosystem support and expanding our campaign lineup to bring more users onchain, seamlessly.”

For more information, visit Bitget Wallet blog.

About Bitget Wallet
Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple, seamless and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, a DApp browser, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

For media inquiries, please contact media.web3@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/506fe8b4-1015-48bf-9b9a-9fc0c7efccae

⇒ Need answers? Start your free tarot reading session with real accuracy!

MIL-OSI: Best Online Tarot Reading [2025] Free Love Tarot Card Reading by Experts

Source: GlobeNewswire (MIL-OSI)

Los Angeles, CA, May 15, 2025 (GLOBE NEWSWIRE) —

If you’re seeking clarity about love, life, or your future, online tarot reading can offer deep insights and meaningful guidance.

With so many online tarot reading platforms, it can be difficult for users to know which ones are worth their time and money. That’s why tarot reading experts take a rigorous and independent approach to evaluating and ranking the best online tarot reading services each year. The goal is simple: help people find trustworthy, accurate, and user-friendly platforms that consistently deliver meaningful guidance.

Tarot reading experts have officially released their 2025 rankings of the best online tarot reading services, offering users a trusted guide to the most accurate and reputable tarot platforms. The site’s new list features handpicked platforms offering intuitive, confidential, and personalized tarot experiences—many with free online tarot reading options to get started.

With interest in online tarot reading growing steadily worldwide, the updated rankings aim to help seekers find meaningful and authentic guidance, especially in love, career, emotional clarity, and personal growth.

⇒ Clear answers await—book your online tarot reading with verified experts!

According to tarot reading experts, the surge in demand for tarot card reading online is driven by a need for instant clarity in uncertain times. From relationship struggles to professional crossroads, more people are turning to love tarot reading and other specialized services to gain deeper insight and peace of mind.

As digital spiritual services continue to rise in popularity, Tarot reading experts stand out as a reliable source for discovering the top-rated online tarot card reading platforms in 2025. The complete rankings are now available on their official website.

⇒ Need clarity? Get the most accurate tarot reading online today!

How Tarot-Reading-Experts.com Ranks the Best Online Tarot Reading Services

To identify the top-rated online tarot card reading services for 2025, tarot reading experts use a detailed set of criteria designed to measure each platform’s overall quality and reliability. This process involves both expert analysis and direct feedback from actual users. The following core factors are used in the rankings:

Verified Customer Reviews: User experiences are among the most important quality indicators. Platforms with consistently positive feedback, especially in categories like free love tarot reading, money readings, and life path insight, rank higher.

Reader Experience & Credentials: Only platforms with experienced, intuitive tarot readers with strong reputations are considered. Sites that allow users to view reader profiles, ratings, and specialties (such as tarot reading online free) are favored.

⇒ Start your truthful tarot reading session with real experts!

Ease of Use: A good online tarot reading platform should be easy to navigate, both on desktop and mobile. Rankings factor in site speed, design, account setup, and how simple it is to start a session.

Customer Satisfaction: Using surveys and review aggregation, Tarot-Reading-Experts.com measures how happy users are with the overall experience, including how insightful and helpful their tarot card reading sessions were.

Value and Pricing Transparency: Affordability matters. Services that provide clear pricing, offer free online tarot reading trials, or include flexible packages tend to receive higher marks.

⇒ Experience true guidance with accurate tarot readers!

Independent Reviews and User Surveys

The rankings aren’t influenced by advertisers or brand partnerships. Instead, tarot reading experts use independent evaluations, detailed testing, and anonymous user surveys to ensure fairness and accuracy. By combining expert insights with real user feedback, the site provides readers with reliable information to confidently choose the best online tarot reading service for their needs.

This approach ensures that every platform listed has been vetted for performance and its ability to deliver authentic, compassionate, and meaningful readings across all major life areas.

⇒ Try a professional online tarot reading you can trust!

What Is Tarot Reading and How Does It Work?

Tarot reading is a centuries-old practice that combines symbolic images, intuition, and emotional insight to help people better understand their situations and make empowered decisions. Though many associate tarot with fortune-telling, it’s more commonly used today for reflection, guidance, and emotional clarity, especially through online tarot reading platforms.

The history of tarot dates back to 15th-century Europe, where it began as a playing card game. By the 18th century, tarot had evolved into a spiritual practice for divination and personal insight. Today, it’s one of the most popular forms of intuitive guidance available online.

⇒ Connect now with top-rated, accurate tarot readers!

Understanding the Tarot Deck: Major and Minor Arcana

A standard tarot deck contains 78 cards, divided into two main groups:

The Major Arcana: 22 cards representing major life themes and turning points, such as The Lovers, The Tower, and The Fool. These cards tend to carry strong symbolic messages and influence.
The Minor Arcana: 56 cards that reflect everyday situations, challenges, and emotions. These are divided into four suits—Cups, Pentacles, Swords, and Wands—each representing different areas of life like relationships, money, thoughts, and creativity.

During a tarot card reading, a reader will arrange the cards in a specific spread (such as a three-card draw or Celtic Cross) and interpret them based on their position, symbolism, and intuitive connection to the person receiving the reading.

⇒ Get accurate insights from a real tarot card reading!

How Tarot Reading Works Online

With today’s technology, online tarot card reading has become more accessible. Readings are typically offered through chat, video calls, or phone, making it possible to receive accurate, personal insight without leaving home. Many platforms also provide a free online tarot reading as an introduction, allowing new users to test the experience before booking a longer or deeper session.

The online format doesn’t dilute the reading. Many users find that tarot reading online provides the same emotional connection and accuracy as an in-person session. A skilled reader can tune into your energy through your words, questions, and emotional tone—no matter the distance.

⇒ Receive honest answers from skilled tarot readers online!

Why Choose an Online Tarot Reading?

An online tarot reading is a convenient and private way to gain spiritual guidance without needing to leave your home. Whether you’re facing a tough decision or simply curious about what lies ahead, tarot card reading services can provide symbolic insights that resonate with your situation.

What to Expect from a Tarot Reading Online

During a tarot reading online, a reader draws cards from the deck to answer questions about love, career, or your life path. Each card has a specific meaning, and its placement in the spread helps form a narrative tailored to your inquiry. Modern platforms now offer chat-based, video, or even AI-assisted tarot card reading options, making it accessible to everyone.

⇒ See what trusted online tarot readers have to say!

The Best Online Tarot Reading Platforms

Here are some features to look for when choosing the best online tarot reading service:

Experienced Readers: Look for platforms that screen their psychics and tarot readers.
User Reviews: Real testimonials help determine a platform’s reliability.
Free Trials or Discounts: Many sites offer a free online tarot reading or introductory rates.
Multiple Reading Options: From traditional tarot to oracle cards and numerology.

Exploring Love and Relationships with Tarot

A free love tarot reading is one of the most popular types of spreads used in online tarot reading services. Whether you’re wondering if a partner is right for you, or seeking insight into a future relationship, tarot can provide emotional clarity. A free love tarot reading is a great way to dip your toes into the world of spiritual guidance without a financial commitment.

⇒ Talk to accurate tarot readers for a trusted love tarot reading!

Try a Free Online Tarot Reading Today

If you’re new to the world of tarot, a free online tarot reading is the perfect place to start. Many platforms allow you to try out a session with no strings attached, offering both general and specific spreads, including the popular free love tarot reading option.

⇒ Get instant answers with a free tarot reading!

What Questions Can Tarot Answer?

While tarot card reading isn’t meant to predict your exact future, it does help reveal patterns, energies, and possible outcomes based on your current path. Common questions center around:

Love and relationships (especially through love tarot reading)
Career choices and work-related challenges
Family matters
Personal growth and life transitions
Spiritual direction or internal blocks

The key is to approach the reading with an open mind and clear questions. For example, asking “What energy surrounds my relationship right now?” will lead to a more useful answer than “Will my ex come back?”

⇒ Find answers with an online tarot reading for love and life!

Intuition and Symbolism Are at the Core

Tarot isn’t about hard rules or set answers. Instead, it’s a collaborative process between the reader, the cards, and your energy. Each card carries layers of meaning, and skilled readers interpret those symbols in the context of your unique question or concern. Their intuition and years of practice bring each reading to life.

Why Online Tarot Reading Is Trending in 2025

In 2025, online tarot reading has become one of the most sought-after spiritual tools across the globe—and it’s not hard to see why. As more people turn to tarot for guidance, growth, and clarity, the convenience and effectiveness of digital readings are helping to redefine how we approach intuitive insight.

⇒ Find clarity in your heart with a personalized online tarot reading!

Anytime, Anywhere Access

One of the main reasons for the growing popularity of tarot card reading online is accessibility. With just a few taps on a phone or clicks on a laptop, users can connect with experienced tarot readers without leaving home. Whether you’re dealing with a sleepless night, going through a rough breakup, or need help making a tough decision, having access to 24/7 tarot reading online services makes it easier to get immediate answers on your schedule.

This flexibility also eliminates the stress of commuting, scheduling weeks ahead, or sitting awkwardly in a metaphysical shop. Instead, you can enjoy a private and personalized online tarot card reading session from the comfort of your home, or even on a quick break at work.

Affordable and Often Free to Try

In-person readings can be expensive and inconsistent. Many users turn to free online tarot reading platforms to explore their options before paying for deeper insight. Some of the best online tarot reading services now offer free trials, introductory questions, or short sample readings to help users feel confident before committing financially.

This affordability is especially important in today’s economy, where people still seek spiritual connection but need cost-effective ways to find it.

⇒ Find trusted guidance with an expert tarot reading online!

A Shift in Global Mindset

Another key factor behind this trend is the growing trust in digital spiritual services. People are now more open than ever to exploring holistic tools like tarot reading, astrology, and energy healing—all from their phones. The internet has made it easier to research platforms, read reviews, and choose qualified readers who match individual values or beliefs.

What Makes a Tarot Reading Accurate?

Not all tarot readings are created equal. While tarot card reading has always been rooted in symbolic interpretation, what truly determines its value is the depth and accuracy of the insights it provides. Whether done in person or through online tarot reading, the quality of a reading depends on a few key factors. These include the reader’s intuition, connection with the client, and ability to interpret the cards meaningfully.

⇒ Ready for clarity? Start your journey at Tarot-Reading-Experts.com

It Starts with the Reader’s Intuition

The reader’s intuitive ability is at the heart of every accurate tarot reading. Tarot cards don’t deliver concrete answers—they open the door to deeper reflection and energy-based messages. A gifted reader uses more than just the traditional meanings of the cards. They tune into the subtle emotional and energetic cues of the client, even during a tarot reading online, to understand the deeper message the cards are trying to convey.

Online readings rely heavily on this skill, especially when video or voice isn’t involved. The best readers can still pick up on emotional energy through chat, written questions, or even how someone types.

The Right Spread Makes a Difference

The layout, or “spread,” used during a reading also plays a critical role. A simple three-card spread might reveal the past, present, and future of a love situation, while a Celtic Cross Spread can offer a comprehensive look into more complex issues. Skilled readers know which spread to use based on the client’s needs and how to adapt the positions to fit the question.

Whether it’s a short, free online tarot reading or a full, in-depth session, using the right layout helps organize the message and allows for a clearer interpretation.

Asking the Right Questions

A precise tarot reading often begins with the client asking the right questions. Open-ended prompts such as “What can I expect if I stay in this relationship?” or “What energy surrounds my career path right now?” invite deeper, more revealing answers than closed yes-or-no questions. When clients know what they’re looking for, it’s easier for the reader to use the cards effectively, especially in free love tarot reading sessions, which are often emotionally charged.

⇒ Ask your question and get an honest tarot reading online!

Interpretation Is an Art, Not a Script

Finally, the best tarot card reading online experiences come from readers who blend intuition with empathy. They don’t just recite card meanings—they read between the lines, pick up on emotional cues, and provide guidance with compassion. They recognize that tarot is not about prediction, but about perspective.

This combination of skill, insight, and connection separates a generic reading from a powerful one. And with more people turning to tarot reading online free platforms to test the waters, finding a reader who embodies these traits is more important than ever.

⇒ Choose clarity—try a reliable tarot card reading!

Top Features to Look for in an Online Tarot Reading Platform

With the growing popularity of online tarot reading, it’s more important than ever to know what sets a quality platform apart from the rest. Whether you’re exploring tarot card reading online for the first time or looking to switch services, paying attention to a few key features can help you get the most accurate, valuable, and enjoyable experience possible.

Free Introductory Readings

A reliable tarot platform often offers a free online tarot reading or a short introductory session. This allows new users to test the waters, get a feel for the reader’s style, and decide if the platform is a good fit before spending money. Whether it’s a few free minutes, a sample spread, or a trial offer, these options help build trust and transparency.

Top-rated services now include tarot reading online free trials, making it easier for users to explore topics like love, career, or life direction without pressure.

⇒ Find a free or live tarot reading now at Tarot-Reading-Experts.com

Specialty Readings for Deeper Insight

Another important feature is the availability of specialized tarot readings. The best platforms offer more than just general readings—they include focused sessions like:

Love tarot reading for romantic clarity and relationship questions
Career and financial guidance
Past life readings for spiritual exploration
Yes/no quick reads for fast decisions

Access to multiple categories ensures you can find the right tarot card reading online to meet your specific emotional or spiritual needs.

⇒ Feel confident with answers from accurate tarot readers!

Flexible Reading Formats

Everyone has different comfort levels, and a quality platform should offer various communication options. Look for services that allow you to choose between:

Live chat for quick, discreet communication
Phone readings for more voice-driven connection
Video sessions for face-to-face depth

This flexibility enhances the online tarot card reading experience, letting you choose what feels most natural.

Clear Policies and Satisfaction Guarantees

Trustworthy online tarot card reading platforms stand behind their service. Look for sites that offer clear refund policies, satisfaction guarantees, or the option to switch readers if the session doesn’t resonate with you. This shows the platform values integrity and wants you to walk away feeling seen and supported.

⇒ Access transparent, truthful tarot card readings!

Benefits of Tarot Card Reading Online

As more people seek clarity and guidance from the comfort of their homes, online tarot reading has become the preferred option for many spiritual seekers. It’s not just a digital version of a traditional session—it’s an entirely enhanced experience that offers more control, flexibility, and convenience than ever before. Whether you’re interested in a quick check-in or an in-depth love tarot reading, the advantages of tarot card reading online are hard to ignore.

1. No Need for In-Person Visits

One of the most obvious benefits is that you no longer need to travel to a physical location to receive a reading. With online tarot card reading platforms, you can connect with experienced readers from anywhere in the world, without commuting, dressing up, or working around someone else’s schedule. This is especially helpful for those living in remote areas or facing mobility challenges.

2. Time-Efficient and Always Accessible

Modern life is busy, and squeezing in time for spiritual self-care isn’t always easy. That’s why tarot reading online has become so popular. Sessions can be as short as 10 minutes or as long as an hour, and many platforms offer 24/7 availability. Whether it’s early morning or late at night, you can log in and connect with a reader when it works.

⇒ Get your question answered by a trusted tarot expert!

3. Greater Variety of Readers and Styles

Online platforms offer access to a wide range of readers with different styles, backgrounds, and specialties. Looking for a compassionate guide for a love tarot reading? Or maybe you’re interested in past life insights or financial clarity? Whatever your focus, you’ll have far more options online than you’d ever find locally. The best platforms also allow you to browse reader bios, client reviews, and availability before booking.

4. Ability to Save and Revisit Readings

Another major perk of tarot card reading online is the ability to save session transcripts, notes, or even video/audio recordings (depending on the platform). This allows you to revisit the guidance you received and track how things unfold over time. It’s like keeping a spiritual journal, only with expert insight included.

5. More Privacy and Emotional Comfort

Some people find in-person sessions intimidating or emotionally overwhelming. Online tarot reading offers a layer of emotional comfort and privacy. You’re free to express yourself without judgment, and you can control the pace and format of the session. Whether it’s through chat, voice, or video, the setting is entirely yours to choose.

⇒ See what’s ahead with clarity from accurate tarot readers!

6. Affordable and Often Free to Start

Many platforms now offer free online tarot reading options or introductory discounts, making spiritual guidance more accessible than ever. Whether you’re testing the waters or looking for regular insight, affordable pricing means more people can benefit from a high-quality tarot card reading without financial strain.

7. Global Reach, Local Convenience

Finally, online tarot card reading breaks geographical barriers. You can connect with gifted readers across continents, bringing diverse perspectives and deeper insight into your sessions—all from your phone, tablet, or laptop.

With so many practical and emotional benefits, it’s no surprise that the best online tarot reading services continue to attract thousands of users seeking honest, personal, and meaningful guidance.

⇒ Experience clarity and truth with an online tarot reading!

How to Choose the Right Online Tarot Reader for You

Not all tarot readers are the same, and finding the right one can make the difference between a vague session and a powerful, insightful experience. Thanks to the rise of online tarot reading, users can now access thousands of skilled readers worldwide. But with so many choices, how do you find the one that’s right for you?

Here are the most important factors when choosing a tarot reader online.

1. Match Their Specialty to Your Needs

Are you seeking clarity in your love life, looking to shift careers, or hoping to understand your emotional blocks? Start by identifying the main reason you’re seeking a reading. The best online tarot reading platforms allow you to filter readers by specialty, such as free love tarot reading, life purpose, financial guidance, or spiritual healing.

Choosing a reader specializing in your area of concern helps ensure your session will be focused, meaningful, and on target.

⇒ Take control of your path with a detailed tarot reading online

2. Review Reader Profiles and Client Feedback

On most platforms, each tarot reader has a public profile detailing their experience, reading style, and client reviews. Some also include sample readings or video introductions. Look for someone whose energy and approach resonate with you, whether you prefer direct answers, compassionate insight, or spiritual depth.

User reviews can reveal whether the reader has a track record of an accurate tarot card reading online and how they handle different types of clients and questions.

3. Consider Communication Style

Think about how you’d prefer to receive your reading. Some people are more comfortable with live chat, while others feel a stronger connection through video or phone. Choose a format that matches your comfort level.

Chat readings are great for discreet, fast sessions
Phone readings allow for a more emotional connection through tone
Video calls offer a face-to-face experience without needing to meet in person

Good platforms give you these options, allowing your online tarot card reading to feel as natural as possible.

⇒ Ask the cards and get accurate, fast results!

4. Check Pricing and Free Trial Options

If you’re new to tarot card reading online, you might want to try a free online tarot reading or an introductory session before committing to a full reading. Top-rated platforms offer free minutes, trial credits, or satisfaction guarantees to help first-time users feel secure in their choice.

Even if readers charge higher rates, their feedback and experience might justify the cost. Always weigh value against budget and comfort.

5. Trust Your Intuition

Finally—and this is important—trust your gut. If something about a reader doesn’t sit right with you, move on. Your energy and comfort are crucial during a tarot reading online session. The right reader will feel easy to connect with, even before the cards are drawn.

In the digital age, you have more tools than ever to find a reader who truly aligns with your energy and goals. Take your time, explore your options, and don’t be afraid to try a few different readers until you find the perfect match.

⇒ Find trusted tarot platforms for 2025 at Tarot-Reading-Experts.com

Common Misconceptions About Online Tarot Reading

Despite its growing popularity, online tarot reading still faces a range of misconceptions. Some people hesitate to explore it because of outdated ideas or confusion about how tarot works in a digital format. Clearing up these myths is essential to understanding what tarot card reading online offers and how it can be a useful tool for self-reflection and guidance.

Let’s look at some of the most common myths and the truth behind them.

1. Tarot Reading Only Works In Person

One of the biggest myths is that tarot readings must happen face-to-face to be effective. In reality, energy and intention are not limited by physical space. Experienced tarot readers can connect just as powerfully over the internet as they can in person. Thanks to video, chat, and phone options, online tarot card reading sessions are often just as personal—and sometimes even more comfortable—than in-person sessions.

Many people even prefer tarot reading online because it gives them space to open up without pressure.

⇒ Trusted psychics are live for your tarot card reading

2. You Have to Believe in Magic or the Occult

Tarot is not about casting spells or predicting fixed outcomes. While it has spiritual roots, modern tarot card reading is more commonly used as a tool for reflection, clarity, and personal growth. You don’t need to believe in any particular tradition to benefit from a session. Most readers focus on insight, emotional patterns, and life decisions rather than “fortune-telling.”

People from all backgrounds and belief systems can use an online tarot reading or readings to understand their thoughts and gain perspective.

3. All Tarot Readings Are Vague or Fake

Another widespread belief is that all tarot readers give general answers that could apply to anyone. While that might be true for some low-quality providers, the best online tarot reading platforms carefully vet their readers for authenticity, accuracy, and professionalism. A skilled tarot reader will tailor their reading to your specific questions and energy, offering relevant and personal insights.

Like with any profession, some practitioners are better than others—choosing the right one makes all the difference.

⇒ Don’t be left guessing—get a real tarot reading online!

4. Free Readings Are a Scam

It’s smart to be cautious online, but not all free online tarot reading offers are misleading. In fact, many reputable platforms give new users a few free minutes or credits to test their services. These are often real sessions, shorter in length, and designed to help you try different readers before spending money.

Look for clear terms, transparent pricing, and tarot reading online free trials offered directly through established platforms, not through suspicious pop-ups or random ads.

5. Tarot Readers Will Tell You What to Do

Contrary to what some think, a tarot reading isn’t about being told what choices to make. Good readers don’t control your decisions—they offer guidance and possible outcomes based on your current path. Tarot is about self-awareness, not control. You’re still the one in charge of your life.

A quality online tarot card reading helps you feel empowered, not dependent.

⇒ Real advice, no guesswork—just a precise tarot reading!

Free Online Tarot Reading vs Paid Tarot Reading: What’s the Difference?

There are two options in online tarot reading: free readings and paid sessions with a live tarot reader. Both have their place, but they serve very different purposes. Understanding their differences can help you decide which is right for your needs, or how to use both effectively.

What You Get with Free Online Tarot Reading Tools

Free online tarot reading tools are usually automated programs that let you select digital tarot cards and receive pre-written interpretations. These tools can be great for casual guidance or quick reflection. They’re available 24/7, cost nothing, and are a helpful starting point for beginners exploring tarot card reading online.

However, these free readings lack personalization. They don’t factor in your energy, emotions, or the specific context of your question. They offer general meanings for each card, rather than weaving them together to form a complete, intuitive message.

⇒ Click to chat with accurate tarot readers instantly!

The Value of Paid Tarot Reading Online

Paid sessions connect you with a real, experienced tarot reader who can provide deeper insights and emotional connection. Live online tarot card reading sessions allow for follow-up questions, clarification, and readings that evolve with your energy in real time. They’re especially helpful for more personal topics, such as love tarot reading, career crossroads, or inner healing.

When looking for real clarity or dealing with sensitive issues, the difference in quality and depth between a free and paid reading becomes clear.

Start Free, Then Go Deeper

Free readings are a great introduction to the tarot, and some of the best online tarot reading platforms even offer free minutes with real readers. But upgrading to a personalized, live tarot reading online is often the better choice for layered insight and meaningful transformation.

⇒ Get quick, trustworthy answers from a live tarot expert!

Conclusion

As virtual spiritual services continue to gain global traction, Tarot-Reading-Experts.com is setting a new benchmark with its 2025 rankings for the best online tarot reading platforms. This timely announcement highlights the growing demand for trusted, convenient, and deeply insightful tarot card reading online experiences.

Backed by extensive research and expert evaluation, the platform’s latest report reflects the evolution of tarot in the digital age, where users now prioritize privacy, access, and quality over in-person tradition. With a rising number of individuals turning to online tarot card reading for clarity in love, career, and personal growth, the service has become a mainstay for self-guided decision-making and emotional support.

From free online tarot reading tools to highly rated live sessions with professional readers, the online format empowers users to choose the type of experience that suits their personal needs. The most reputable platforms now offer 24/7 access, diverse reading types, and strong satisfaction guarantees, ushering in a new era of intuitive guidance that’s just a click away.

See why thousands trust Tarot-Reading-Experts.com for online readings.

FAQs

Is tarot card reading online accurate?

Yes, tarot card reading online can be just as accurate as in-person sessions. A skilled reader doesn’t need to physically touch the cards or see you in person to tune into your energy. Accuracy depends more on the reader’s experience, your openness, and the clarity of your question than on physical proximity.

Can I get a free tarot reading online?

Many reputable platforms offer a free online tarot reading to help new users explore their services. These can range from a few complimentary minutes with a live reader to automated card pulls with general interpretations. A tarot reading online free trial gives you a low-risk way to test out different readers, styles, or topics before committing to a paid session.

What can I ask about in an online tarot card reading?

You can ask about almost anything—love tarot reading is especially popular. However, readers also cover topics like career, finances, health (in a spiritual sense), family, life purpose, personal growth, and decision-making. The key is to be specific and open. The more focused your question, the more relevant your reading will likely be.

How long does an online tarot reading usually take?

Online tarot card reading sessions typically range from 10 minutes to an hour, depending on the platform, the number of questions you have, and your chosen format. Some services offer quick answers, while others provide deep, detailed insights. You can often choose how much time you want to spend, and many readers will let you extend the session if needed.

Is it safe to do tarot reading online?

Yes, as long as you use a reputable website. Look for platforms that are transparent about pricing, have verified reader profiles, and offer secure payment options. Reading reviews and checking customer ratings can also help you avoid scams. A trusted online tarot card reading site will respect your privacy and never pressure you into buying more services.

How often should I get a tarot reading?

That depends on your needs. Some people like to check in weekly, especially for a love tarot reading or ongoing decisions. Others prefer monthly or even just when facing a major life shift. As long as you’re not becoming dependent on the cards for every decision, you can set your own pace.

What is the best online tarot reading service?

The best online tarot reading service is one that offers experienced readers, accurate insights, and flexible formats like video or chat readings.

How does a tarot reading online work?

In a tarot reading online, a reader uses a digital interface to pull tarot cards and interpret their meanings based on your question or situation.

What can I expect from a love tarot reading?

A love tarot reading focuses on your romantic life, helping you understand relationship dynamics, feelings, and future possibilities.

Where can I get a free love tarot reading?

Many websites offer a free love tarot reading as an introduction to their services, giving you insight into your relationships at no cost.

Are tarot card readings online private?

Yes, most tarot card reading services ensure full privacy and confidentiality, especially during chat or video sessions.

Can I trust free online tarot reading results?

While a free online tarot reading gives useful insights, for deeper accuracy it’s best to consult an experienced tarot reader.

Do I need to prepare before a tarot reading online?

It’s helpful to come with a clear question or topic in mind to get the most accurate results from your tarot reading online.

Are online tarot readers certified or trained?

Reputable platforms offering the best online tarot reading often verify their readers through reviews, experience, and training.

What device can I use for a tarot reading online?

You can use your smartphone, tablet, or computer to access most tarot reading online platforms, anytime and anywhere.

Can tarot readings predict the future?

A tarot card reading offers symbolic guidance and can highlight potential outcomes, but it should be used as a tool for reflection, not absolute prediction.

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MIL-OSI: CRN Recognizes Nine Climb Channel Solutions Employees on the 2025 ‘Women of the Channel’ List and Names Climb CMO Kim Stevens as one of the 2025 Women of the Channel Power 100

Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., May 15, 2025 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB), announced Monday, May 13, 2025 that CRN^®, a brand of The Channel Company, has named nine women at Climb Channel Solutions to the Women of the Channel list for 2025 and Kim Stevens, the Chief Marketing Officer, to the 2025 Women of the Channel Power 100, an elite subset of prominent leaders selected from the CRN^® 2025 Women of the Channel list.

This annual CRN list celebrates women from vendors, distributors, solution providers and other channel-focused organizations who make a positive difference in the IT ecosystem. The CRN 2025 Women of the Channel honorees are innovative and strategic leaders committed to advancing channel excellence and supporting the success of their partners and customers.

With this recognition, CRN honors these women leaders for their unwavering dedication and commitment to furthering channel excellence.

“It’s an honor to recognize the outstanding accomplishments of these women, who are leaders and change-makers in the IT channel,” said Jennifer Follett, VP, U.S. Content and Executive Editor, CRN at The Channel Company. “Each woman spotlighted on this list has shown exceptional dedication to building creative strategies that propel transformation, growth, and success for their organizations and the entire IT channel. We are pleased to spotlight their important contributions and look forward to their future success.”

Congratulations to:

Kim Stevens, Chief Marketing Officer, 2025 Women of the Channel Power 100
Danielle Franco, VP of Operations, 2025 Women of the Channel
Erin King, Director, Premier Accounts, 2025 Women of the Channel
Katie Kunker, Regional Sales Director, Southeast, 2025 Women of the Channel
Jessica Lindof, Regional Sales Director, Northeast, 2025 Women of the Channel
Jennifer Mish, Director of Corporate Marketing, 2025 Women of the Channel
Michelle Boers, Director of National Accounts, 2025 Women of the Channel
Sarah Peters, Director of National Alliances, 2025 Women of the Channel
Nicole Shanley, Sr. Director of Order Services, 2025 Women of the Channel
Sandy DeVico, Director of National Accounts, 2025 Women of the Channel

“We’re honored to celebrate nine exceptional women recognized on the Women of the Channel list this year—including six repeat awardees—as well as our CMO, Kim Stevens, once again earning a spot on the Power 100. Their impact continues to shape Climb’s growth, demonstrates our commitment to our partners and customers, and reflects our culture of excellence,” said Dale Foster, CEO of Climb Channel Solutions.

From within this impressive group, the annual Power 100 recognizes some of the most influential women leaders from technology vendors and distributors who consistently contribute their advocacy and expertise to advancing the channel.

The women on the Power 100 are an inspiration to industry peers and show deep dedication to improving outcomes and opportunities for their own organizations and their partners in the channel ecosystem.

Kim Stevens, CMO, Climb said: “I’m grateful to be part of the 2024 Women of the Channel Power 100 list and to work with the amazing nine women celebrated on this list. Being mentioned alongside such inspiring peers is an honor. Climb has created a culture that empowers us to reach our full potential, and every day, I feel fortunate to do what I love with such incredible colleagues.”

The 2025 Women of the Channel list will be featured in the June issue of CRN Magazine, with online coverage beginning May 12 at www.CRN.com/WOTC.

Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

About Climb Channel Solutions and Climb Global Solutions

Climb Channel Solutions is a global specialty technology distributor focused on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to reimagining distribution through a data-driven approach that brings emerging technologies to market faster. We empower our partners with speed to market, flexible financing, real-time quoting, best-of-breed channel operations, and exceptional service—transforming how distribution supports growth and scalability. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience distribution reimagined and discover how our people-first approach helps VARs and MSPs grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

For Media & PR inquiries contact:
Climb Channel Solutions
Media Relations
media@ClimbCS.com

Investor Relations Contact:
Elevate IR
Sean Mansouri, CFA
T: 720-330-2829
CLMB@elevate-ir.com

About The Channel Company

The Channel Company (TCC) is the global leader in channel growth for the world’s top technology brands. We accelerate success across strategic channels for tech vendors, solution providers, and end users with premier media brands, integrated marketing and event services, strategic consulting, and exclusive market and audience insights. TCC is a portfolio company of investment funds managed by EagleTree Capital, a New York City-based private equity firm. For more information, visit thechannelco.com.

Follow The Channel Company: X and LinkedIn

The Channel Company Contact:
Kristin DaSilva
The Channel Company
kdasilva@thechannelcompany.com

MIL-OSI: Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025.

Q1 2025 Financial Highlights
All amounts compared to Q1 2024 unless otherwise noted

Total revenue was US$70.1 million vs. US$119.5 million.
Cost of revenue was US$73.4 million vs. US$85.4 million.
Gross profit was negative US$3.2 million vs. positive US$34.1 million.
Net income was US$409.5 million vs. US$0.6 million.
Adjusted EBITDA¹ was negative US$56.1 million, vs. positive US$27.3² million.
Cash and cash equivalents were US$215.6 million as of March 31, 2025.
Crypto balance: US$131.1 million as of March 31, 2025.

Management Commentary

“This quarter marked the continued execution of our SEALMINER roadmap,” said Matt Kong, Chief Business Officer at Bitdeer. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025. Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world’s most energy efficient mining rigs.”

Mr. Kong concluded, “On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure.”

Operational Summary

Metrics	Three Months Ended Mar 31
	2025	2024
Total hash rate under management (EH/s)	24.2	22.5
– Proprietary hash rate	12.1	8.4
– Self-mining	11.5	6.7
– Cloud Hash Rate	–	1.7
– Delivered but not yet hashing	0.6	–
– Hosting	12.1	14.1
Mining rigs under management	175,000	226,000
– Self-owned	97,000	86,000
– Hosted	78,000	140,000
Bitcoin mined (self-mining only)	350	911
Bitcoins held	1,156	58
Total power usage (MWh)	881,000	1,361,000
Average cost of electricity ($/MWh)	48	43
Average miner efficiency (J/TH)	29.0	31.7

Power Infrastructure Summary (as of April 30, 2025)

Site / Location	Capacity (MW)	Status	Timing³
Electrical capacity
– Rockdale, Texas	563	Online	Completed
– Knoxville, Tennessee	86	Online	Completed
– Wenatchee, Washington	13	Online	Completed
– Molde, Norway	84	Online	Completed
– Tydal, Norway	120	Online	Completed
– Gedu, Bhutan	100	Online	Completed
– Jigmeling, Bhutan	132	Online	Completed
Total electrical capacity	1,098
Pipeline capacity
– Tydal, Norway Phase 2	105	In progress	Q2 2025
– Massillon, Ohio	221	In progress	Q3-Q4 2025
– Clarington, Ohio Phase 1	266	Paused	TBD
– Clarington, Ohio Phase 2	304	Pending approval	TBD
– Jigmeling, Bhutan	368	In progress	Q2 2025
– Rockdale, Texas	179	In planning	Estimate 2026
– Alberta, Canada	99	In planning	Q4 2026
– Oromia Region, Ethiopia	50	In planning	Q4 2025
Total pipeline capacity	1,592
Total global electrical capacity	2,690

Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded⁴.

Q1 2025 High-Level P&L and Disaggregated Revenue Details:

US $ in millions	Three Months Ended
	March 31, 2025	Dec 31, 2024	March 31, 2024
Total revenue	70.1	69.0	119.5
Cost of revenue	(73.4)	(63.9)	(85.4)
Gross profit/(loss)	(3.2)	5.1	34.1
Net profit/(loss)	409.5	(531.9)	0.6
Adjusted EBITDA	(56.1)	(3.8)	27.3²
Cash and cash equivalents	215.6	476.3	118.5

US $ in millions	Three Months Ended Mar 31, 2025
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting	Sales of SEALMINERs
Revenue	37.2	0.1	9.6	16.3	4.1
Cost of revenue
– Electricity cost in operating mining rigs	(24.0)	–	(6.8)	(11.4)	–
– Depreciation and SBC expenses	(13.7)	(0.1)	(1.5)	(2.6)	–
– Cost of products sold	–	–	–	–	(3.3)
– Other cash costs	(3.4)	–	(0.9)	(1.5)	–
Total cost of revenue	(41.0)	(0.1)	(9.1)	(15.4)	(3.3)
Gross profit/(loss)	(3.8)	–	0.5	0.9	0.8

US $ in millions	Three Months Ended Mar 31, 2024
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting	Sales of SEALMINERs
Revenue	48.4	18.1	29.0	19.5	–
Cost of revenue
– Electricity cost in operating mining rigs	(26.2)	(5.3)	(14.0)	(13.1)	–
– Depreciation and SBC expenses	(8.7)	(3.2)	(3.0)	(2.0)	–
– Other cash costs	(2.7)	(1.0)	(1.6)	(1.1)	–
Total cost of revenue	(37.6)	(9.6)	(18.6)	(16.2)	–
Gross profit	10.8	8.5	10.3	3.2	–

Q1 2025 Management’s Discussion and Analysis (compared to Q1 2024)

Revenue

Total revenue was US$70.1 million vs. US$119.5 million.
Self-mining revenue was US$37.2 million vs. US$48.4 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 44.8% to 9.7 EH/s from 6.7 EH/s last year and higher year-over-year Bitcoin prices.
Cloud Hash Rate revenue was US$0.1 million vs. US$18.1 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024.
General Hosting revenue was US$9.6 million vs. US$29.0 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
Membership Hosting revenue was US$16.3 million vs. US$19.5 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.
SEALMINER sales revenue was US$4.1 million.

Cost of Revenue

Cost of revenue was US$73.4 million vs US$85.4 million. The decrease was primarily driven by lower power usage from hosted mining rigs, partially offset by the increase in costs of SEALMINERs sold to customers and depreciation expenses for SEALMINER launched in our datacenters during Q1 2025.

Gross Profit and Margin

Gross profit was negative US$3.2 million vs. positive US$34.1 million.
Gross margin was -4.6% vs. 28.6%.

Operating Expenses

The sum of the operating expenses below was US$75.8 million vs. US$37.8 million.
- Selling expenses were US$1.4 million vs. US$1.7 million, about flat year-over-year.
- General and administrative expenses were US$15.4 million vs. US$15.0 million, about flat year-over-year.
- Research and development expenses were US$59.0 million vs. US$21.2 million, primarily due to higher R&D costs related to the one-off development and tape out costs of SEAL03 chip, higher engineering costs related to the Company’s ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024.

Other Net Gain

Other net gain was US$503.1 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$448.7 million of gain on fair value changes for the convertible notes issued in August 2024 and November 2024 and the US$58.4 million of gain on fair value changes for the Tether warrants.

Net Income

Net income was US$409.5 million vs. US$0.6 million.

Adjusted Profit / (Loss) (Non-IFRS)⁵

Adjusted loss was US$89.8 million vs. adjusted profit of US$9.7² million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher R&D expenses as described above.

Adjusted EBITDA (Non-IFRS)

Adjusted EBITDA was negative US$56.1 million vs. positive US$27.3² million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D expenses as described above.

Cash Flows

Net cash used in operating activities was US$284.0 million, primarily driven by working capital payments to suppliers for SEALMINER mass production.
Net cash used in investing activities was US$73.6 million, which included US$45.7 million of capital expenditures for infrastructure construction and mining rigs, US$18.2 million for the purchase of cryptocurrencies, US$21.9 million to acquire the site and gas-fired power project in Alberta, and US$12.3 million of proceeds from disposal of cryptocurrencies from principal business.
Net cash generated from financing activities was US$94.9 million, primarily driven by US$118.4 million net proceeds from issuance of ordinary shares and partially offset by US$21.0 million used for share repurchases.

Capex

2025 power and datacenter infrastructure capex lowered to be in the range of US$260 to US$290 million from prior guidance of US$340 to US$370 million primarily due to the pause of bitcoin-mining infrastructure construction at Bitdeer’s Clarington, Ohio site due to advancing discussions with development partners and potential end users for HPC/AI. This updated range includes reported infrastructure capex in Q1.

Balance Sheet
As of March 31, 2025 unless stated otherwise (compared to December 31, 2024)

US$215.6 million in cash and cash equivalents, US$131.1 million in cryptocurrencies and US$215.4 million in borrowing.
US$381.7 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINER mass volume production.
US$153.7 million inventories, up from US$64.9 million. Increase driven by wafers, chips, WIP and finished SEALMINER inventory.
US$256.8 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August 2024 and November 2024.

Further information regarding the Company’s first quarter 2025 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of March 31,		As of December 31,
(US $ in thousands)	2025		2024
ASSETS
Current assets
Cash and cash equivalents	215,642		476,270
Restricted cash	12,107		9,144
Cryptocurrencies	131,144		77,537
Trade receivables	10,263		9,627
Amounts due from a related party	15,810		15,512
Prepayments and other assets	335,071		291,929
Inventories	153,740		64,888
Financial assets at fair value through profit or loss	4,540		4,540
Total current assets	878,317		949,447

Non-current assets
Restricted cash	5,906		8,212
Prepayments and other assets	46,652		18,244
Financial assets at fair value through profit or loss	35,428		37,981
Mining rigs	101,581		67,324
Right-of-use assets	75,338		69,273
Property, plant and equipment	302,210		251,377
Investment properties	30,529		30,723
Intangible assets	78,303		83,235
Goodwill	35,818		35,818
Deferred tax assets	8,543		6,220
Total non-current assets	720,308		608,407
TOTAL ASSETS	1,598,625		1,557,854

LIABILITIES
Current liabilities
Trade payables	50,729		31,471
Other payables and accruals	38,098		40,617
Amounts due to a related party	7,788		8,747
Income tax payables	2,437		2,729
Derivative liabilities	256,775		763,939
Deferred revenue	61,016		39,029
Borrowings	215,436		208,127
Lease liabilities	6,895		5,460
Total current liabilities	639,174		1,100,119

Non-current liabilities
Other payables and accruals	1,786		1,650
Deferred revenue	68,449		90,200
Lease liabilities	78,846		72,673
Deferred tax liabilities	15,721		16,614
Total non-current liabilities	164,802		181,137
TOTAL LIABILITIES	803,976		1,281,256

NET ASSETS	794,649		276,598

EQUITY
Share capital	*		*
Treasury equity	(181,065	)	(160,926	)
Accumulated deficit	(239,531	)	(649,004	)
Reserves	1,215,245		1,086,528
TOTAL EQUITY	794,649		276,598

* Amount less than US$1,000

BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME

	Three months ended March 31,
(US $ in thousands)	2025		2024

Revenue	70,128		119,506
Cost of revenue	(73,353	)	(85,375	)
Gross profit / (loss)	(3,225	)	34,131
Selling expenses	(1,393	)	(1,690	)
General and administrative expenses	(15,389	)	(14,969	)
Research and development expenses	(59,014	)	(21,164	)
Other operating income / (expenses)	(7,789	)	1,746
Other net gain	503,050		2,447
Profit from operations	416,240		501
Finance income / (expenses)	(9,343	)	151
Profit before taxation	406,897		652
Income tax benefit / (expenses)	2,576		(46	)
Profit for the period	409,473		606
Other comprehensive income
Income for the period	409,473		606
Other comprehensive income for the period
Item that may be reclassified to profit or loss
Exchange differences on translation of financial statements	166		32
Other comprehensive income for the period, net of tax	166		32
Total comprehensive income for the period	409,639		638

Earnings / (loss) per share (in US$)
Basic	2.15		0.01
Diluted	(0.37	)	0.01
Weighted average number of shares outstanding (thousand shares)
Basic	190,199		114,843
Diluted	228,561		117,041

BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended March 31,
(US $ in thousands)	2025		2024

Cash flows from operating activities
Cash used in operating activities:	(280,889	)	(132,867	)
Interest paid on leases	(702	)	(652	)
Interest paid on borrowings	(4,493	)	(465	)
Interest received	2,724		1,813
Income tax paid	(628	)	–
Net cash used in operating activities	(283,988	)	(132,171	)

Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets	(44,770	)	(29,615	)
Purchase of mining rigs	(955	)	(1,560	)
Purchase of financial assets at fair value through profit or loss	(132	)	(992	)
Purchase of cryptocurrencies	(18,159	)	–
Proceeds from disposal of cryptocurrencies	12,283		90,380
Cash paid for the site and gas-fired power project in Alberta, Canada	(21,870	)	–
Net cash generated from / (used in) investing activities	(73,603	)	58,213

Cash flows from financing activities
Capital element of lease rentals paid	(1,942	)	(1,338	)
Proceeds from issuance of shares for exercise of share rewards	530		37
Proceeds from issuance of ordinary shares, net of transaction costs	118,403		49,931
Payment for the future issuance cost	–		(303	)
Acquisition of treasury shares	(21,010	)	–
Payment for transaction costs in connection with convertible senior notes	(1,119	)	–
Net cash generated from financing activities	94,862		48,327

Net decrease in cash and cash equivalents	(262,729	)	(25,631	)
Cash and cash equivalents at the beginning of the period	476,270		144,729
Effect of movements in exchange rates on cash and cash equivalents held	2,101		(637	)
Cash and cash equivalents at the end of the period	215,642		118,461

Use of Non-IFRS Financial Measures
In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024.

BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION

	Three months ended March 31,
(US $ in thousands)	2025		2024
Adjusted EBITDA
Profit for the period	409,473		606
*Add*：
Depreciation and amortization	25,387		18,187
Income tax (benefit) / expenses	(2,576	)	46
Interest (income) / expense, net	10,880		(608	)
Share-based payment expenses	10,404		7,803
Changes in fair value of derivative liabilities	(507,162	)	–
Changes in fair value of cryptocurrency-settled receivables and payables	(2,551	)	1,305
Total of Adjusted EBITDA	(56,145	)	27,339²

Adjusted Profit / (loss)
Profit for the period	409,473		606
*Add*：
Share-based payment expenses	10,404		7,803
Changes in fair value of derivative liabilities	(507,162	)	–
Changes in fair value of cryptocurrency-settled receivables and payables	(2,551	)	1,305
Total of Adjusted Profit / (loss)	(89,836	)	9,714²

For investor and media inquiries, please contact:

Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com

Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com

____________________________¹ “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
² During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
³ Indicative timing. All timing references are to calendar quarters and years.
⁴ Figures may not add due to rounding.
⁵ “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

MIL-OSI: Next Hydrogen Reports Q1 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the three-month period ended March 31, 2025.

“The value proposition offered by our unique water electrolyzers is clear and well supported by over 40,000 hours of data. This has resulted in partnerships with blue chip industry partners such as Casale, GE Vernova and Pratt & Whitney,” said Raveel Afzaal, President & CEO. “The focus for 2025 is to (1) scale up our product line up to 8MW, (2) demonstrate a strong execution pathway for large volume manufacturing, and (3) show further and significant growth in our sales backlog. We are executing well on all three of these goals which should unlock long-term funding solutions for Next Hydrogen.”

Q1 2025 Financial Highlights

Cash balance was $1.5M as of March 31, 2025, compared to $3.5M as of December 31, 2024.
Revenue for the three-month period ended March 31, 2025 was $0.3M compared to $0.6M in the same period of the prior year.
Net loss and comprehensive loss for the three-month period ended March 31, 2025 was $3M compared to $3.4M in the same period of the prior year.

Management is proud to highlight several recent milestones that demonstrate significant recent progress:

In April 2025, Next Hydrogen received a $5M working capital debt facility from the Export Development Canada (“EDC”), of which approximately $3M has been received in cash and the remaining $2M is expected later in the year. Next Hydrogen intends to use the funds for its scale up and general corporate purposes.
Next Hydrogen has achieved over 40,000 hours of data on its test platform driving the significant improvement in cell performance achieved to date.
In March 2025, Next Hydrogen partnered with a leading hydrogen production system manufacturer with an existing gigawatt scale manufacturing facility to accelerate the scale-up and commercialization of its water electrolysis technology. This partnership provides Next Hydrogen with world-leading manufacturing capacity and competitively positions it to bid on large-scale projects globally starting in 2026. Next Hydrogen will continue to maintain control over intellectual property and electrolyzer design. The Company also aims to further expand its Canadian operations to ensure flexible supply chain and production that aligns with evolving clean energy policies, driving global green hydrogen adoption.
In March 2025, Next Hydrogen received ISO 9001-2015 and ISO 45001-2018 certifications for its 6610 Edwards Boulevard site in Mississauga, Canada. This demonstrates and certifies Next Hydrogen’s standardized quality systems, health and safety management systems, supplier selection processes, and continuous improvement processes. These certifications show that the Company has an efficient operating system capable of scaling to support its expanding customer base.
In March 2025, the Company appointed Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta filled the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025. Ms. Mehta is VP of Business Development at Jenner Renewable Consulting, with 22 years of experience in renewable energy, leading technical reviews, due diligence, and development for over 2,500MW of wind and solar projects in the Americas. She served on the Canadian Wind Energy Association’s Board from 2008 to 2015 and was Chairperson in 2011. Her extensive expertise in renewable energy and project development is crucial for the Company’s growth.
As of December 2024, the Company closed a private placement offering (the “Offering”) and received unsecured convertible debentures (each, a “Debenture”) consisting of about $2.7M principal amount of Debentures. Next Hydrogen intends to use the proceeds of the Offering to invest in its scale-up efforts and for general corporate purposes.

In November 2024, Next Hydrogen and Pratt & Whitney announced a collaboration to demonstrate the use of hydrogen in aircraft engines as an enabler for reducing CO2 emissions. This project is partially funded by Canada’s Initiative for Sustainable Aviation Technology (“INSAT”) and will accelerate the Company’s efforts towards high efficiency, low-cost electrolyzers which are needed for establishing hydrogen production infrastructure for aviation fuel.
In October 2024, the Company successfully completed a durability test of its second-generation water electrolyzer technology (“GEN2”) electrolysis cells used in the efficient production of green hydrogen. The GEN2 cells will be deployed in Next Hydrogen electrolyzers at customer sites for commercial operation. Next Hydrogen previously reported that it has achieved its energy efficiency targets cell performance of 1.90 V/cell at 1 A/cm2 and 70°C for its GEN2 water electrolyzer technology which exceeded the reported US Department of Energy (“DOE”) technical targets status for energy efficiency. The GEN2 performance achievement has positioned the Company to being the industry leader in electrolysis cell performance.
In September 2024, the Company successfully completed an extended Factory Acceptance Test for its GEN2 electrolysis cells. The Company plans to commission the system at an external reference site for market demonstration in 2025.
In August 2024, the Company was awarded a contract by the University of Minnesota (“UMN”) for its latest generation electrolysis technology to be installed at the UMN West Central Research and Outreach Center (“WCROC”). The WCROC project is supported by the U.S. Department of Energy’s Advanced Research Project Agency (“ARPA-E”) as well as other partners including RTI International (“RTI”) and will include technologies from Casale SA, RTI, UMN, Nutrien and Shell to demonstrate the production of ammonia from renewable energy targeting emerging energy markets and existing agricultural markets. Next Hydrogen will be supplying its latest third-generation Alkaline Water Electrolyzers featuring further advancements in energy efficiency, current density and operating pressure.

For a more detailed discussion of Next Hydrogen’s first quarter results, please see the Company’s financial statements and management’s discussion and analysis, which are available on the Company’s website at nexthydrogen.com or on SEDAR+ at www.sedarplus.ca.

In addition, to better understand our achievements from 2024 and the outlook for 2025, please refer to the CEO letter included in the 2024 year-end MD&A.

About Next Hydrogen

Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize industrial and transportation sectors.

Contact Information

Raveel Afzaal, President and Chief Executive Officer
Next Hydrogen Solutions Inc.
Email: rafzaal@nexthydrogen.com
Phone: 647-961-6620

www.nexthydrogen.com

Cautionary Statements

This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves 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”, “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 statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; cell efficiency targets; expected order sizes for the product line; customer relationships and customer terms for testing of products at a customer site; the ability of the Corporation to optimize energy efficiencies; the Corporation’s available resources to double its growing backlog; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; whether the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. 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 the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

https://www.youtube.com/watch?v=ko1olL8Q9GY

MIL-OSI Video: Trump in Qatar: “U.S. Is the Hottest Country”—Touts Trillions in Investments on First Foreign Trip

Source: United States of America – The White House (video statements)

“We’re the hottest country of the world. And six months ago, they were laughing at the U.S., but they don’t laugh anymore… This is a record tour. There’s never been a tour that will raise—it could be a total of $3.5, $4 trillion. Just in this four or five days.” –President Donald J. Trump

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

MIL-OSI Video: President Trump Participates in a Roundtable with Business Leaders, May 15, 2025

Source: United States of America – The White House (video statements)

Doha, Qatar

https://www.youtube.com/watch?v=Yn7-eCpY3Lk

MIL-OSI Video: President Trump Delivers Remarks to Troops at Al Udeid Air Base, May 15, 2025

Source: United States of America – The White House (video statements)

Doha, Qatar

MIL-OSI Global: Where do cuts to USAID leave the future of foreign aid in Africa? Podcast

Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

Three months after the Trump administration made drastic cuts to its aid agency, USAID, the effects are being felt across the world, particularly in Africa.

Donald Trump has long been a critic of foreign aid, arguing that it’s not aligned with American interests. But he is by no means the first person to criticise the aid industry. Debates about the effectiveness of foreign aid have rumbled on for decades, taking in everything from the way development assistance is distributed, to what happens to countries which become dependent on it.

In this episode of The Conversation Weekly podcast, we speak to Bright Simons, an African aid expert and visiting senior fellow at ODI Global, about where the decimation of USAID leaves the debate about the future of development assistance.

Bright Simons tells The Conversation that in broad terms, USAID spending in Africa is pretty small: “It’s about US$12 billion (£9 billion) roughly, so you’re talking about less than 0.5% of GDP in Africa.”

A lot of the aid spending on the continent was targeted at life-saving programmes in specific programmes, for example HIV programmes in Nigeria and Uganda. At the same time, some countries such as South Sudan or Rwanda rely heavily on aid. “ It’s not the same picture all across the continent, but there were specific spots that were very badly hit,” says Simons.

The USAID cuts come amid a general reduction in overseas development assistance by 7% in 2024 compared to 2023, the first fall in five years. The UK government has also announced its intention to reduce the percentage of gross national income it spends on aid from 0.5% to 0.3% from 2027.

No learning curve

Simons believes the crisis in aid is bigger than Trump. He’s critical of the lack of accountability in the way aid is spent both through the western model of development spending and through the more transactional approach of countries such as Russia, India or the United Arab Emirates. He argues that policies and programmes are often put in place and promoted with little scrutiny on the ground, and weak oversight on the way they’re delivered.

“ You don’t have a learning curve to get out of aid because you don’t know enough about what is working, what is not working, why it’s working, why it’s not working to chart a path that gets you away from that dependency,” says Simons.

Simons suggests that aid delivered through multilateral institutions does have advantages over bilateral agreements between countries. “ In theory, there is room for that kind of accountability. Whether or not you are allowed to actually exercise it as a different matter,” he says.

However, Simons suggests one response to the current reduction in foreign aid could be for multilateral institutions to borrow more money from capital markets and lend it on to low-income countries.

Listen to Simons talk about the history and future of aid on The Conversation Weekly podcast. The episode also includes an introduction with Adejuwon Soyinka, West Africa editor at The Conversation Africa.

This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.

Newsclips in this episode from CBS News, CBS Evening News and DW News.

Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts.

Bright Simons is Honorary Vice-President at IMANI, a think tank in Ghana. He is President of mPedigree, a technology social enterprise.

– ref. Where do cuts to USAID leave the future of foreign aid in Africa? Podcast – https://theconversation.com/where-do-cuts-to-usaid-leave-the-future-of-foreign-aid-in-africa-podcast-256608

MIL OSI – Global Reports –

MIL-OSI: SHELL PLC – REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2024

Source: GlobeNewswire (MIL-OSI)

Shell plc – Report on Payments to Governments for the year 2024

Basis for preparation – Report on Payments to Governments for the year 2024
This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2024 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This Report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

This Report is available for download from www.shell.com/payments.

Legislation
This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

Reporting entities
This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

Activities
Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

Government
Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

Project
Payments are reported at project level, except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

“Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

Payment
The information is reported under the following payment types:

Production entitlements
These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

Taxes
These are taxes paid by Shell on its income, profits or production (which include resource severance tax and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

Royalties
These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

Dividends
These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2024, there were no reportable dividend payments to a government.

Bonuses
These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone.

Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

Infrastructure improvements
These are payments which relate to the construction of infrastructure (road, bridge or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

Other
Operatorship
When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

Cash and in-kind payments
Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

Materiality level
For each payment type, total payments below £86,000 to a government are excluded from this Report.

Exchange rate
Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

Report on Payments to Governments [1]

Summary report (in USD)
Countries	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Europe
Germany	–	243,935,441	–	–	–	–	243,935,441
Italy	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631
Norway	2,083,221,642	1,300,962,023	–	–	122,391	–	3,384,306,056
United Kingdom	–	-16,649,747	–	–	11,483,529	–	-5,166,218
Asia
Brunei	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353
China	–	10,343,616	–	–	–	–	10,343,616
India	–	-17,715,638	–	–	–	–	-17,715,638
Kazakhstan	–	242,741,780	–	–	–	–	242,741,780
Malaysia	2,317,002,807	305,924,901	500,008,822	–	–	–	3,122,936,530
Middle East
Oman	633,711,368	3,954,062,451	–	–	900,000	–	4,588,673,819
Qatar	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Oceania
Australia	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028
Africa
Egypt	–	41,164,348	–	1,836,435	–	–	43,000,783
Nigeria	3,804,949,166	648,734,398	780,231,463	–	102,925,166	–	5,336,840,193
Sao Tome and Principe	–	–	–	1,300,000	–	–	1,300,000
Tanzania	–	–	–	–	140,000	–	140,000
Tunisia	–	24,904,580	4,941,633	–	–	–	29,846,213
North America
Canada	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846
Mexico	–	–	–	–	21,527,002	–	21,527,002
USA	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870
South America
Argentina	53,082,051	1,984,309	143,969,668	–	123,276	–	199,159,304
Brazil	327,688,819	656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247
Colombia	–	–	–	–	489,880	–	489,880
Trinidad and Tobago	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992
Total	11,387,783,976	10,456,840,201	4,322,795,167	12,976,786	1,913,987,033	1,127,250	28,095,510,413

[1] The figures in this Report are rounded.

Germany

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
FEDERAL CENTRAL TAX OFFICE	–	294,891,077	–	–	–	–	294,891,077
MUNICIPALITY OF COLOGNE	–	-2,763,591	–	–	–	–	-2,763,591
MUNICIPALITY OF DINSLAKEN	–	-386,534	–	–	–	–	-386,534
MUNICIPALITY OF GELSENKIRCHEN	–	-483,145	–	–	–	–	-483,145
MUNICIPALITY OF OSTSTEINBEK	–	584,685	–	–	–	–	584,685
MUNICIPALITY OF WESSELING	–	-3,943,262	–	–	–	–	-3,943,262
TAX AUTHORITY HAMBURG	–	-43,963,789	–	–	–	–	-43,963,789
Total	–	243,935,441	–	–	–	–	243,935,441

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
DEUTSCHE SHELL HOLDING GmbH	–	243,935,441	–	–	–	–	243,935,441
Total	–	243,935,441	–	–	–	–	243,935,441

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Italy

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
CALVELLO MUNICIPALITY	–	–	884,083	–	–	–	884,083
CORLETO PERTICARA MUNICIPALITY	–	–	1,964,671	–	–	–	1,964,671
GORGOGLIONE MUNICIPALITY	–	–	302,257	–	–	–	302,257
GRUMENTO NOVA MUNICIPALITY	–	–	505,190	–	–	–	505,190
MARSICO NUOVO MUNICIPALITY	–	–	378,893	–	–	–	378,893
MARSICOVETERE MUNICIPALITY	–	–	126,298	–	–	–	126,298
MONTEMURRO MUNICIPALITY	–	–	126,298	–	–	–	126,298
REGIONE BASILICATA	–	–	44,157,199	–	79,302,465	–	123,459,664
TESORERIA PROVINICIALE DELLO STATO	–	4,128,063	22,264,135	–	718,305	–	27,110,503
VIGGIANO MUNICIPALITY	–	–	3,504,758	–	200,016	–	3,704,774
Total	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ITALY UPSTREAM ASSET	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631
Total	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Norway

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
EQUINOR ASA	853,946,278	[A]	–	–	–	–	–	853,946,278
PETORO AS	1,229,275,364	[B]	–	–	–	–	–	1,229,275,364
SKATTEETATEN	–		1,300,962,023	–	–	–	–	1,300,962,023
SOKKELDIREKTORATET	–		–	–	–	122,391	–	122,391
Total	2,083,221,642		1,300,962,023	–	–	122,391	–	3,384,306,056

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ORMEN LANGE	2,083,221,642	[C]	–	–	–	–	–	2,083,221,642
Entity level payment
A/S NORSKE SHELL	—		1,300,962,023	–	–	122,391	–	1,301,084,414
Total	2,083,221,642		1,300,962,023	–	–	122,391	–	3,384,306,056

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $853,946,278 for 12,291 thousand barrels of oil equivalent (kboe) valuated at market price.

[B] Includes payment in kind of $1,229,275,364 for 17,693 kboe valuated at market price.

[C] Includes payment in kind of $2,083,221,642 for 29,984 kboe valuated at market price.

United Kingdom

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
HM REVENUE AND CUSTOMS	–	-16,649,747	–	–	–	–	-16,649,747
NORTH SEA TRANSITION AUTHORITY	–	–	–	–	11,355,210	–	11,355,210
THE CROWN ESTATE SCOTLAND	–	–	–	–	128,319	–	128,319
Total	–	-16,649,747	–	–	11,483,529	–	-5,166,218

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BRENT AND OTHER NORTHERN NORTH SEA PROJECTS	–	-32,113,820	–	–	563,325	–	-31,550,495
ONEGAS WEST	–	–	–	–	3,232,597	–	3,232,597
UK EXPLORATION PROJECTS	–	–	–	–	1,117,783	–	1,117,783
UK OFFSHORE OPERATED	–	–	–	–	2,119,313	–	2,119,313
WEST OF SHETLAND NON-OPERATED	–	–	–	–	1,076,456	–	1,076,456
Entity level payment
SHELL U.K. LIMITED	–	15,464,073	–	–	3,374,055	–	18,838,128
Total	–	-16,649,747	–	–	11,483,529	–	-5,166,218

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Brunei

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF FINANCE AND ECONOMY	–	44,229,620	–	–	–	–	44,229,620
PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM	3,983,642	–	8,660,091	–	–	–	12,643,733
Total	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
SHELL DEEPWATER BORNEO B.V.	–	39,001,133	–	–	–	–	39,001,133
SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.	3,983,642	5,228,487	8,660,091	–	–	–	17,872,220
Total	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

China

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
TIANJIN MUNICIPAL TAXATION BUREAU	–	5,911,867	–	–	–	–	5,911,867
YULIN MUNICIPAL TAXATION BUREAU	–	4,431,749	–	–	–	–	4,431,749
Total	–	10,343,616	–	–	–	–	10,343,616

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED	–	10,343,616	–	–	–	–	10,343,616
Total	–	10,343,616	–	–	–	–	10,343,616

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

India

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
INCOME TAX DEPARTMENT	–	-17,715,638	–	–	–	–	-17,715,638
Total	–	-17,715,638	–	–	–	–	-17,715,638

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
BG EXPLORATION AND PRODUCTION INDIA LIMITED	–	-17,715,638	–	–	–	–	-17,715,638
Total	–	-17,715,638	–	–	–	–	-17,715,638

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Kazakhstan

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
WEST KAZAKHSTAN TAX COMMITTEE	–	242,741,780	–	–	–	–	242,741,780
Total	–	242,741,780	–	–	–	–	242,741,780

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
KARACHAGANAK	–	242,741,780	–	–	–	–	242,741,780
Total	–	242,741,780	–	–	–	–	242,741,780

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Malaysia

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD	301,048,915	[A]	–	–		–	–	–	301,048,915
LEMBAGA HASIL DALAM NEGERI	–		305,924,901	–		–	–	–	305,924,901
MALAYSIA FEDERAL AND STATE GOVERNMENTS	–		–	469,060,363	[B]	–	–	–	469,060,363
PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.	74,656,856	[C]	–	–		–	–	–	74,656,856
PETROLIAM NASIONAL BERHAD	990,078,563	[D]	–	30,948,459		–	–	–	1,021,027,022
PETRONAS CARIGALI SDN. BHD.	951,218,473	[E]	–	–		–	–	–	951,218,473
Total	2,317,002,807		305,924,901	500,008,822		–	–	–	3,122,936,530

Project report (in USD)
	Production entitlements		Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
SABAH GAS (NON-OPERATED)	–		16,208,714	3,017,327		–	–	–	19,226,041
SABAH INBOARD AND DEEPWATER OIL	1,435,194,825	[F]	158,435,164	303,452,674	[G]	–	–	–	1,897,082,663
SARAWAK OIL AND GAS	881,807,982	[H]	116,047,586	193,538,821	[I]	–	–	–	1,191,394,389
Entity level payment
SABAH SHELL PETROLEUM COMPANY LIMITED	–		4,502,043	–		–	–	–	4,502,043
SARAWAK SHELL BERHAD	–		3,394,907	–		–	–	–	3,394,907
SHELL ENERGY ASIA LIMITED	–		2,616,753	–		–	–	–	2,616,753
SHELL OIL AND GAS (MALAYSIA) LLC	–		595,653	–		–	–	–	595,653
SHELL SABAH SELATAN SENDRIAN BERHAD	–		4,124,081	–		–	–	–	4,124,081
Total	2,317,002,807		305,924,901	500,008,822		–	–	–	3,122,936,530

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $301,048,915 for 3,355 thousand barrels of oil equivalent (kboe) valuated at market price.

[B] Includes payment in kind of $342,702,511 for 3,909 kboe valuated at market price and $126,357,852 for 6,336 kboe valuated at fixed price.

[C] Includes payment in kind of $59,554,178 for 3,011 kboe valuated at fixed price and $15,102,678 for 201 kboe valuated at market price.

[D] Includes payment in kind of $783,520,240 for 8,933 kboe valuated at market price and $209,732,743 for 10,921 kboe valuated at fixed price.

[E] Includes payment in kind of $624,146,940 for 7,163 kboe valuated at market price and $327,071,533 for 16,397 kboe valuated at fixed price.

[F] Includes payment in kind of $1,435,194,825 for 15,977 kboe valuated at market price.

[G] Includes payment in kind of $297,371,578 for 3,339 kboe valuated at market price.

[H] Includes payment in kind of $596,358,454 for 30,329 kboe valuated at fixed price and $288,623,948 for 3,675 kboe valuated at market price.

[I] Includes payment in kind of $126,357,852 for 6,336 kboe valuated at fixed price and $45,330,933 for 570 kboe valuated at market price.

Oman

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF ENERGY AND MINERALS	633,711,368	[A]	–	–	–	–	–	633,711,368
MINISTRY OF FINANCE	–		3,954,062,451	–	–	900,000	–	3,954,962,451
Total	633,711,368		3,954,062,451	–	–	900,000	–	4,588,673,819

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 6 CONCESSION	–		3,954,062,451	–	–	–	–	3,954,062,451
BLOCK 10 CONCESSION	633,711,368	[A]	–	–	–	400,000	–	634,111,368
BLOCK 11 CONCESSION	–		–	–	–	250,000	–	250,000
BLOCK 55 CONCESSION	–		–	–	–	250,000	–	250,000
Total	633,711,368		3,954,062,451	–	–	900,000	–	4,588,673,819

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $60,839,756 for 4,551 kboe valuated at fixed price and of $572,871,612 for 7,095 kboe valuated at the government’s selling price.

Qatar

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
QATARENERGY	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Total	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
PEARL GTL	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Total	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Australia

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AUSTRALIAN TAXATION OFFICE	–	1,277,737,693	–	–	–	–	1,277,737,693
BANANA SHIRE COUNCIL	–	–	–	–	217,920	–	217,920
FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES	–	–	111,989,284	–	–	–	111,989,284
QUEENSLAND REVENUE OFFICE	–	–	356,590,166	–	–	–	356,590,166
QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE	–	–	–	–	935,554	–	935,554
QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES	–	–	–	–	581,472	–	581,472
RESOURCES SAFETY AND HEALTH QUEENSLAND	–	–	–	–	1,359,992	–	1,359,992
WESTERN DOWNS REGIONAL COUNCIL	–	–	–	–	10,317,519	266,428	10,583,947
Total	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
NORTH WEST SHELF	–	–	111,989,284	–	–	–	111,989,284
QGC	–	583,570,540	356,590,166	–	13,412,457	266,428	953,839,591
Entity level payment
SHELL AUSTRALIA PTY LTD	–	694,167,153	–	–	–	–	694,167,153
Total	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Egypt

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
EGYPTIAN GENERAL PETROLEUM CORPORATION	–	41,164,348	–	1,836,435	–	–	43,000,783
Total	–	41,164,348	–	1,836,435	–	–	43,000,783

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
EGYPT OFFSHORE DEVELOPMENT	–	41,164,348	–	540,000	–	–	41,704,348
Entity level payment
SHELL EGYPT N.V.	–	–	–	1,296,435	–	–	1,296,435
Total	–	41,164,348	–	1,836,435	–	–	43,000,783

[I] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Nigeria

Government report (in USD) [1]
	Production entitlements		Taxes		Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
FEDERAL INLAND REVENUE SERVICE	–		648,734,398	[A]	–		–	–	–	648,734,398
NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE	–		–		–		–	3,931,917	–	3,931,917
NIGER DELTA DEVELOPMENT COMMISSION	–		–		–		–	97,260,899	–	97,260,899
NIGERIAN NATIONAL PETROLEUM CORPORATION	3,804,949,166	[B]	–		–		–	–	–	3,804,949,166
NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION	–		–		780,231,463	[C]	–	1,732,350	–	781,963,813
Total	3,804,949,166		648,734,398		780,231,463		–	102,925,166	–	5,336,840,193

Project report (in USD)
	Production entitlements		Taxes		Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
EAST ASSET	1,300,681,939	[D]	–		–		–	–	–	1,300,681,939
PSC 1993 (OML 133)	–		136,652,153	[E]	–		–	–	–	136,652,153
PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)	649,948,707	[F]	303,125,852	[G]	452,170,096	[H]	–	32,015,797	–	1,437,260,452
WEST ASSET	1,854,318,520	[I]	–		–		–	–	–	1,854,318,520
Entity level payment
SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED			–		–		–	440,468	–	440,468
THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED			208,956,393		328,061,367			70,468,901		607,486,661
Total	3,804,949,166		648,734,398		780,231,463		–	102,925,166	–	5,336,840,193

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $439,778,005 for 5,293 kboe valuated at market price.

[B] Includes payment in kind of $3,804,949,166 for 80,289 kboe valuated at market price.

[C] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price.

[D] Includes payment in kind of $1,300,681,939 for 49,766 kboe valuated at market price.

[E] Includes payment in kind of $136,652,153 for 1,654 kboe valuated at market price.

[F] Includes payment in kind of $649,948,707 for 7,916 kboe valuated at market price.

[G] Includes payment in kind of $303,125,852 for 3,639 kboe valuated at market price.

[H] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price.

[I] Includes payment in kind of $1,854,318,520 for 22,607 kboe valuated at market price.

Sao Tome and Principe

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE	–	–	–	1,300,000	–	–	1,300,000
Total	–	–	–	1,300,000	–	–	1,300,000

	Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
DW BLOCK 4	–	–	–	1,300,000	–	–	1,300,000
Total	–	–	–	1,300,000	–	–	1,300,000

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Tanzania

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
PETROLEUM UPSTREAM REGULATORY AUTHORITY	–	–	–	–	140,000	–	140,000
Total	–	–	–	–	140,000	–	140,000

	Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 1 AND 4	–	–	–	–	140,000	–	140,000
Total	–	–	–	–	140,000	–	140,000

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Tunisia

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES	–	–	2,140,627	[A]	–	–	–	2,140,627
LE RECEVEUR DES FINANCES DU LAC	–	24,904,580	2,801,006		–	–	–	27,705,586
Total	–	24,904,580	4,941,633		–	–	–	29,846,213

	Project report (in USD)
	Production entitlements	Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
HASDRUBAL CONCESSION	–	24,904,580	4,941,633	[A]	–	–	–	29,846,213
Total	–	24,904,580	4,941,633		–	–	–	29,846,213

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $2,140,627 for 37 kboe valuated at market price.

Canada

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
GOVERNMENT OF ALBERTA	–	–	656,638	–	119,099	–	775,737
MINISTRY OF FINANCE (BRITISH COLUMBIA)	–	–	2,915,313	–	625,526	–	3,540,839
MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)	–	–	–	–	679,158	–	679,158
PROVINCIAL TREASURER OF ALBERTA	–	60,864,405	–	–	–	–	60,864,405
RECEIVER GENERAL FOR CANADA	–	111,702,667	1,126,040	–	–	–	112,828,707
Total	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ATHABASCA OIL SANDS	–	172,567,072	–	–	–	–	172,567,072
FOOTHILLS	–	–	1,126,040	–	–	–	1,126,040
GREATER DEEP BASIN	–	–	656,638	–	119,099	–	775,737
GROUNDBIRCH	–	–	2,915,313	–	1,304,684	–	4,219,997
Total	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Mexico

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
FONDO MEXICANO DEL PETRÓLEO PARA LA ESTABILIZACIÓN Y EL DESARROLLO	–	–	–	–	17,154,483	–	17,154,483
SERVICIO DE ADMINISTRACIÓN TRIBUTARIA	–	–	–	–	4,372,519	–	4,372,519
Total	–	–	–	–	21,527,002	–	21,527,002

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
MEXICO EXPLORATION DEEPWATER	–	–	–	–	21,527,002	–	21,527,002
Total	–	–	–	–	21,527,002	–	21,527,002

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

USA

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
ALASKA DEPARTMENT OF NATURAL RESOURCES	–	–	–	–	243,408	–	243,408
COMMONWEALTH OF PENNSYLVANIA	–	-400,000	–	–	–	–	-400,000
INTERNAL REVENUE SERVICE	–	53,638,500	–	–	–	–	53,638,500
LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT	–	–	–	–	–	860,822	860,822
OFFICE OF NATURAL RESOURCES REVENUE	–	–	1,187,594,021	–	80,435,119	–	1,268,029,140
Total	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ALASKA EXPLORATION	–	–	–	–	243,408	–	243,408
GULF OF AMERICA (CENTRAL)	–	–	1,076,187,269	–	282,312	–	1,076,469,581
GULF OF AMERICA (WEST)	–	–	111,406,752	–	126,720	–	111,533,472
GULF OF AMERICA EXPLORATION	–	–	–	–	80,026,087	–	80,026,087
Entity level payment
SHELL EXPLORATION AND PRODUCTION COMPANY	–	-400,000	–	–	–	–	-400,000
SHELL OFFSHORE INC.	–	–	–	–	–	860,822	860,822
SHELL PETROLEUM INC.	–	53,638,500	–	–	–	–	53,638,500
Total	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Argentina

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO	–		1,984,309	–	–	–	–	1,984,309
GAS Y PETRÓLEO DEL NEUQUÉN S.A.	53,082,051	[A]	–	–	–	–	–	53,082,051
PROVINCIA DE SALTA	–		–	2,475,819	–	–	–	2,475,819
PROVINCIA DEL NEUQUÉN	–		–	141,493,849	–	123,276	–	141,617,125
Total	53,082,051		1,984,309	143,969,668	–	123,276	–	199,159,304

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ACAMBUCO	–		–	2,475,819	–	–	–	2,475,819
ARGENTINA UNCONVENTIONAL PROJECTS	53,082,051	[A]	1,984,309	141,493,849	–	123,276	–	196,683,485
Total	53,082,051		1,984,309	143,969,668	–	123,276	–	199,159,304

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $53,082,051 for 785 kboe valuated at market price.

Brazil

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS	–		–	–	9,540,351	–	–	9,540,351
MINISTÉRIO DA FAZENDA	–		–	1,147,687,680	–	1,556,282,443	–	2,703,970,123
PRÉ-SAL PETRÓLEO S.A.	327,688,819	[A]	–	–	–	–	–	327,688,819
RECEITA FEDERAL DO BRASIL	–		656,740,954	–	–	–	–	656,740,954
Total	327,688,819		656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BASIN EXPLORATION PROJECTS	–		–	–	9,540,351	3,244,993	–	12,785,344
BC-10	–		–	31,254,519	–	1,251,598	–	32,506,117
BIJUPIRA AND SALEMA	–		–	–	–	501,608	–	501,608
BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ	29,716,011	[B]	–	882,483,636	–	1,551,284,244	–	2,463,483,891
LIBRA PSC	297,972,808	[C]	–	233,949,525	–	–	–	531,922,333
Entity level payment
SHELL BRASIL PETROLEO LTDA.	–		656,740,954	–	–	–	–	656,740,954
Total	327,688,819		656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $327,688,819 for 4,585 kboe valuated at market price.

[B] Includes payment in kind of $29,716,011 for 410 kboe valuated at market price.

[C] Includes payment in kind of $297,972,808 for 4,175 kboe valuated at market price.

Colombia

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGENCIA NACIONAL DE HIDROCARBUROS	–	–	–	–	489,880	–	489,880
Total	–	–	–	–	489,880	–	489,880

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
COLOMBIA EXPLORATION (OPERATED)	–	–	–	–	489,880	–	489,880
Total	–	–	–	–	489,880	–	489,880

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Trinidad and Tobago

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF FINANCE	–	561,771	–	–	–	–	561,771
MINISTRY OF ENERGY AND ENERGY INDUSTRIES	362,690,585	–	2,210,566	300,000	13,719,070	–	378,920,221
Total	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 5C	84,428,910	–	–	–	1,714,071	–	86,142,981
CENTRAL BLOCK	–	561,771	2,210,566	–	900,921	–	3,673,258
COLIBRI	120,876,414	–	–	–	3,332,208	–	124,208,622
DEEPWATER ATLANTIC AREA	–	–	–	–	537,570	–	537,570
EAST COAST MARINE AREA	99,098,428	–	–	–	2,100,156	–	101,198,584
EXPLORATION	–	–	–	300,000	2,017,530	–	2,317,530
MANATEE	–	–	–	–	847,999	–	847,999
NORTH COAST MARINE AREA 1	58,286,833	–	–	–	2,268,615	–	60,555,448
Total	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

MIL-OSI: Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.

CFO’S MESSAGE

Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.

Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”

SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

	Three Months Ended Mar. 31,
	2025		2024		Change
(C$000s, except per share amounts)	*($)*		($)		(%)
(unaudited)
Revenue	370,057		330,096		12
Adjusted EBITDA⁽¹⁾	55,317		26,057		112
Cash flows provided by operating activities	(7,050	)	11,958		NM
Capital expenditures	42,132		48,072		(12	)
Net income (loss)	7,796		(2,903	)	NM
Per share – basic	0.09		(0.03	)	NM
Per share – diluted	0.09		(0.03	)	NM

As at	Mar. 31,	Dec. 31,	Change
	2025	2024
(C$000s)	*($)*	($)	(%)
(unaudited)
Cash and cash equivalents	15,463	44,045	(65	)
Working capital, end of period⁽²⁾	266,087	229,856	16
Total assets, end of period	1,254,979	1,234,840	2
Long-term debt, end of period	341,095	320,908	6
Net debt⁽¹⁾⁽³⁾	348,674	300,347	16
Total consolidated equity, end of period	660,262	653,330	1

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Working capital excludes cash and cash equivalents and the current portion of long-term debt of $341.1 million.
⁽³⁾Refer to note 10 of the consolidated interim financial statements for further information.

FIRST QUARTER OVERVIEW

In the first quarter of 2025, the Company:

generated revenue of $370.1 million, an increase of 12 percent from the first quarter in 2024 resulting primarily from higher pricing and activity in Argentina, offset partially by lower pricing in North America;
reported Adjusted EBITDA of $55.3 million versus $26.1 million in the first quarter of 2024 due to record quarterly financial results in Argentina with the commencement of a second large fracturing fleet in the Vaca Muerta shale play during a portion of the first quarter;
had cash flow from operating activities of negative $7.1 million, which included $12.7 million of interest paid and cash used for working capital purposes of $35.0 million, as compared to $12.0 million in the first quarter of 2024, which was net of $9.7 million of interest paid and cash used for working capital purposes of $1.6 million;
reported net income from continuing operations of $7.8 million or $0.09 per share diluted compared to a net loss of $2.9 million or $0.03 per share diluted during the first quarter in 2024;
had a cash position of $15.5 million of which approximately 70 percent was held in Argentina. The Argentina cash balance includes an investment of US$6.1 million in Argentinean government bonds (BOPREAL Bonds) that will be repatriated to Canada before the end of the third quarter in 2025;
reported an increase in period-end working capital to $266.1 million from $229.9 million at December 31, 2024, primarily due to an increase in revenue in the first quarter of 2025 with a greater proportion generated from Argentina, which has longer lead times to collection than North America; and
incurred capital expenditures of $42.1 million, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment.

FINANCIAL OVERVIEW – CONTINUING OPERATIONS
THREE MONTHS AND YEARS ENDED MARCH 31, 2025 VERSUS 2024

NORTH AMERICA

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s, except operational and exchange rate information)	*($)*	($)	(%)
(unaudited)
Revenue	227,902	248,959	(8	)
Adjusted EBITDA⁽¹⁾	6,131	14,872	(59	)
Adjusted EBITDA (%)⁽¹⁾	2.7	6.0	(55	)
Fracturing revenue per job ($)	25,060	33,518	(25	)
Number of fracturing jobs	8,709	7,176	21
Active pumping horsepower, end of year (000s)	898	951	(6	)
US$/C$ average exchange rate⁽²⁾	1.4352	1.3486	6

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Source: Bank of Canada.

OUTLOOK

The uncertainty caused by geopolitical tensions, OPEC+ supply increases, and changes to the United States trade and tariff regimes, have affected the economic outlook for the global economy and triggered a recent decline in near-term crude oil prices. While activity in North America has not been significantly impacted as yet, oil-weighted completion activity is expected to be lower year-over-year, but more resilient than past cycles as a focus on capital discipline by the E&P sector has resulted in activity that only supports the maintenance of current production levels. However, completions activity within the Company’s natural gas producing regions in North America is anticipated to be slightly higher than the previous year given the relative strength in natural gas prices.

The Company has been evaluating the implication of tariffs across its North American operations over the last few months and has commenced with mitigation efforts, wherever possible, including seeking applicable tariff exemptions for critical items that are sourced from the United States.

Calfrac’s previously announced Tier IV modernization program is nearing completion. These strategic investments in next-generation Dynamic Gas Blending (“DGB”) pumping technology have resulted in the Company exiting the quarter with the equivalent of five Tier IV DGB fleets operating in the field. Calfrac’s dual-fuel capable fracturing fleets in North America are expected to remain in high demand during the second quarter, despite the current headwinds, and fleet utilization is expected to increase sequentially from the first quarter as certain clients in the Rockies region commence with their 2025 programs.

THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

REVENUE

Revenue from Calfrac’s North American operations decreased to $227.9 million during the first quarter of 2025 from $249.0 million in the comparable quarter of 2024. The Company’s North American activity was impacted by extreme cold weather and was significantly lower than the comparable quarter in 2024 despite the 21 percent increase in the number of jobs completed. The Company’s client mix was different than the comparable period in 2024 with the completion of a larger quantity of smaller jobs, which also impacted the fracturing revenue per job. The Company reduced its operating footprint to 11 active fracturing fleets to begin the first quarter to address the seasonal challenges experienced in the Rockies region. The Company recommenced operations in the Appalachian basin in January with an additional fracturing crew, which helped offset the lower revenue experienced in the Rockies. Pricing in North America was lower relative to the comparable quarter in 2024, which contributed to the 8 percent reduction in revenue. Coiled tubing revenue was consistent with the first quarter in 2024 as slightly lower activity was offset by the completion of larger jobs.

ADJUSTED EBITDA

The Company’s operations in North America generated Adjusted EBITDA of $6.1 million or 3 percent of revenue during the first quarter of 2025 compared to $14.9 million or 6 percent of revenue in the same period in 2024. This decrease was primarily due to the decline in fracturing fleet utilization and lower pricing.

ARGENTINA

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s, except operational and exchange rate information)	*($)*	($)	(%)
(unaudited)
Revenue	142,155	81,137	75
Adjusted EBITDA⁽¹⁾	53,265	16,100	231
Adjusted EBITDA (%)⁽¹⁾	37.5	19.8	89
Fracturing revenue per job ($)	124,874	74,354	68
Number of fracturing jobs	741	672	10
Active pumping horsepower, end of period (000s)	153	139	10
US$/C$ average exchange rate⁽²⁾	1.4352	1.3486	6

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Source: Bank of Canada.

OUTLOOK

Argentina continued to demonstrate year-over-year operational and financial improvement by achieving record quarterly financial performance during the first quarter of 2025. Calfrac expects its full-year financial results in Argentina will be very strong, building on the significant momentum generated during the first quarter. The Company benefited from spot work for its second large fracturing fleet in the Vaca Muerta shale play during the first quarter at operating margins that are not expected to be maintained during the remainder of the year. The Company’s 2025 capital program also contemplates the addition of in-house wireline capabilities in Argentina during the fourth quarter which will further bolster its service offering in Neuquén. Recent Argentina government announcements related to the cash repatriation regime in that country reaffirm the Company’s expectations of a greater ability to repatriate excess cash flow following the completion of its significant 2025 capital program.

THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

REVENUE

Calfrac’s Argentinean operations generated revenue of $142.2 million during the first quarter of 2025 versus $81.1 million in the comparable quarter in 2024. The 75 percent increase in revenue was driven by improved pricing for spot work and an increase in the number of fracturing jobs completed during the quarter. The Company operated two unconventional fracturing fleets in the Vaca Muerta shale play for a portion of the first quarter. The Company also demonstrated growth in activity across its other service lines as the Company permanently transferred equipment from Las Heras to Neuquén following the completion of a long-term contract. The Company’s offshore coiled tubing unit also contributed to the increase in revenue versus the comparable quarter in 2024.

ADJUSTED EBITDA

The Company’s operations in Argentina generated Adjusted EBITDA of $53.3 million during the first quarter of 2025 compared to $16.1 million in the same quarter of 2024, while the Company’s Adjusted EBITDA margins increased to 37 percent from 20 percent. This increase was primarily due to the significant revenue growth and efficiencies resulting from operating two unconventional fracturing fleets simultaneously during parts of the quarter and higher pricing for spot work. In addition, the Company received an early termination fee related to the closure of its operations in Las Heras following the completion of a long-term contract with a major client in that region. This revenue offset costs that were incurred in 2024 to permanently close this district.

SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

Three Months Ended	Jun. 30,	Sep. 30,	Dec. 31,	Mar. 31,		Jun. 30,	Sep. 30,		Dec. 31,		Mar. 31,
	2023	2023	2023	2024		2024	2024		2024		2025
(C$000s, except per share and operating data)	($)	($)	($)	($)		($)	($)		($)		*($)*
(unaudited)
Financial
Revenue	466,463	483,093	421,402	330,096		426,047	430,109		381,230		370,057
Adjusted EBITDA⁽¹⁾	87,785	91,286	62,591	26,057		65,386	65,039		34,512		55,317
Net income (loss)	50,531	97,523	13,202	(2,903	)	24,549	(6,687	)	(6,424	)	7,796
Per share – basic	0.62	1.20	0.16	(0.03	)	0.29	(0.08	)	(0.07	)	0.09
Per share – diluted	0.58	1.09	0.15	(0.03	)	0.29	(0.08	)	(0.07	)	0.09
Capital expenditures	30,718	50,825	49,397	48,072		66,753	22,509		32,955		42,132

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.

CAPITAL EXPENDITURES – CONTINUING OPERATIONS

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s)	*($)*	($)	(%)
North America	12,941	37,174	(65	)
Argentina	29,191	10,898	168
Continuing Operations	42,132	48,072	(12	)

Capital expenditures were $42.1 million for the three months ended March 31, 2025, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment versus $48.1 million in the comparable period in 2024.

Calfrac’s Board of Directors approved a 2025 capital budget totalling approximately $135.0 million. The program includes approximately $50.0 million to facilitate the expansion of the Company’s fracturing operations in the Vaca Muerta shale play in Argentina that will be funded locally from cash flow. The 2025 Argentina capital program includes additional fracturing pumping units, an expansion of the Company’s deep coiled tubing capabilities and the introduction of in-house wireline services. The balance of the 2025 program will fund maintenance capital for all operating divisions as well as additional investments in the North American Tier IV fleet modernization program and coiled tubing fleet. Due to a delay in spending related to the Company’s 2024 capital program, approximately $30.0 million of 2024 capital commitments will be funded in 2025, mainly related to the expansion in Argentina, of which approximately $20.0 million occurred during the first quarter.

NON-GAAP MEASURES

Certain supplementary measures presented in this press release, including Adjusted EBITDA, Adjusted EBITDA percentage and Net Debt do not have any standardized meaning under IFRS and, because IFRS have been incorporated as Canadian generally accepted accounting principles (GAAP), these supplementary measures are also non-GAAP measures. These measures have been described and presented to provide shareholders and potential investors with additional information regarding the Company’s financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are explained below.

Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses (gains), non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. Adjusted EBITDA is presented because it gives an indication of the results from the Company’s principal business activities prior to consideration of how its activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. Adjusted EBITDA is used by management to evaluate the performance of the Company and is also used as a basis for monitoring the Company’s compliance with covenants under the revolving credit facility. Adjusted EBITDA for the period was calculated as follows:

	Three Months Ended March 31,
	2025		2024
(C$000s)	*($)*		($)

Net income (loss) from continuing operations	7,796		(2,903	)
Add back (deduct):
Depreciation	31,922		27,995
Foreign exchange losses (gains)	1,693		(1,049	)
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Restructuring charges	516		—
Stock-based compensation	(925	)	2,185
Interest, net	7,944		6,032
Income taxes	6,247		38
Adjusted EBITDA from continuing operations	55,317		26,057
Less: IFRS 16 lease payments	(3,679	)	(3,235	)
Less: Argentina EBITDA threshold adjustment⁽¹⁾	(45,397	)	(5,428	)
Bank EBITDA for covenant purposes	6,241		17,394

⁽¹⁾Refer to note 4 of the Company’s interim consolidated financial statements for the three months ended March 31, 2025.

Adjusted EBITDA percentage is a non-GAAP financial ratio that is determined by dividing Adjusted EBITDA by revenue for the corresponding period.

Net Debt is defined as long-term debt less unamortized debt issuance costs plus lease obligations, less cash and cash equivalents from continuing operations. The calculation of net debt is disclosed in note 10 to the Company’s interim consolidated financial statements for the corresponding period.

OTHER NON-STANDARD FINANCIAL TERMS

MAINTENANCE AND EXPANSION CAPITAL

Maintenance capital refers to expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Expansion capital refers to expenditures primarily for new items, upgrades and/or equipment that will expand the Company’s revenue and/or reduce its expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus expansion capital involves judgement by management.

BUSINESS RISKS

The business of Calfrac is subject to certain risks and uncertainties. Prior to making any investment decision regarding Calfrac, investors should carefully consider, among other things, the risk factors set forth in the Company’s most recently filed Annual Information Form under the heading “Risk Factors” which is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 500, 407 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

ADDITIONAL INFORMATION

Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the Company’s Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the Company’s financial statements as discontinued operations. The results of the Company’s discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the Company’s annual consolidated financial statements for the year ended December 31, 2024 for additional information on the Company’s discontinued operations.

Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the Company’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca.

FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

Calfrac will no longer be conducting the previously announced conference call to review its 2025 first-quarter results on Thursday, May 15, 2025. Any interested parties can reach out to Mike Olinek, Chief Financial Officer at the contact information below should they wish to ask any questions regarding the Company’s quarterly financial results.

The Company will be holding its Annual General Meeting at 1:30 pm on Thursday May 15, 2025 in the Viking Room of the Calgary Petroleum Club.

CONSOLIDATED BALANCE SHEETS

	March 31,		December 31,
	2025		2024
(C$000s)	*($)*		($)
ASSETS
Current assets
Cash and cash equivalents	15,463		44,045
Accounts receivable	306,957		251,108
Inventories	130,596		145,506
Prepaid expenses and deposits	21,797		26,452
	474,813		467,111
Assets classified as held for sale	47,053		45,335
	521,866		512,446
Non-current assets
Property, plant and equipment	684,123		673,381
Right-of-use assets	19,990		20,013
Deferred income tax assets	29,000		29,000
	733,113		722,394
Total assets	1,254,979		1,234,840
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities	160,129		173,974
Income taxes payable	23,301		9,700
Current portion of long-term debt	341,095		150,000
Current portion of lease obligations	9,833		9,536
	534,358		343,210
Liabilities directly associated with assets classified as held for sale	32,677		30,945
	567,035		374,155
Non-current liabilities
Long-term debt	—		170,908
Lease obligations	13,209		13,948
Deferred income tax liabilities	14,473		22,499
	27,682		207,355
Total liabilities	594,717		581,510
Capital stock	911,900		911,785
Contributed surplus	76,190		77,159
Accumulated deficit	(373,875	)	(379,490	)
Accumulated other comprehensive income	46,047		43,876
Total equity	660,262		653,330
Total liabilities and equity	1,254,979		1,234,840

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
	2025		2024
(C$000s, except per share data)	*($)*		($)

Revenue	370,057		330,096
Cost of sales	330,576		316,208
Gross profit	39,481		13,888
Expenses
Selling, general and administrative	15,677		18,011
Foreign exchange losses (gains)	1,693		(1,049	)
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Interest, net	7,944		6,032
	25,438		16,753
Income (loss) before income tax	14,043		(2,865	)
Income tax expense (recovery)
Current	14,240		6,414
Deferred	(7,993	)	(6,376	)
	6,247		38
Net income (loss) from continuing operations	7,796		(2,903	)
Net (loss) income from discontinued operations	(2,181	)	750
Net income (loss)	5,615		(2,153	)

Earnings (loss) per share – basic
Continuing operations	0.09		(0.03	)
Discontinued operations	(0.03	)	0.01
	0.07		(0.02	)

Earnings (loss) per share – diluted
Continuing operations	0.09		(0.03	)
Discontinued operations	(0.03	)	0.01
	0.07		(0.02	)

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025		2024
(C$000s)	*($)*		($)
CASH FLOWS PROVIDED BY (USED IN)			Restated
OPERATING ACTIVITIES
Net income (loss)	7,796		(2,903	)
Adjusted for the following:
Depreciation	31,922		27,995
Stock-based compensation	(925	)	2,185
Unrealized foreign exchange losses	1,846		2,627
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Interest	7,944		6,032
Interest paid	(12,716	)	(9,717	)
Deferred income taxes	(7,993	)	(6,376	)
Changes in items of working capital	(35,048	)	(1,644	)
Cash flows (used in) provided by operating activities from continuing operations	(7,050	)	11,958
Cash flows provided by (used in) operating activities from discontinued operations	10,231		(8,185	)
Net cash flows provided by operating activities	3,181		3,773
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(38,498	)	(55,727	)
Proceeds on disposal of property, plant and equipment	1,553		11,508
Proceeds on disposal of right-of-use assets	206		227
Cash flows used in investing activities from continuing operations	(36,739	)	(43,992	)
Cash flows used in investing activities from discontinued operations	(1,457	)	(678	)
Net cash flows used in investing activities	(38,196	)	(44,670	)
FINANCING ACTIVITIES
Issuance of long-term debt, net of debt issuance costs	30,000		60,000
Long-term debt repayments	(10,000	)	—
Lease obligation principal repayments	(3,244	)	(2,840	)
Proceeds on issuance of common shares from the exercise of stock options	71		—
Cash flows provided by financing activities from continuing operations	16,827		57,160
Cash flows provided by financing activities from discontinued operations	—		—
Net cash flows provided by financing activities	16,827		57,160
Effect of exchange rate changes on cash and cash equivalents	550		(1,464	)
(Decrease) increase in cash and cash equivalents	(17,638	)	14,799
Cash and cash equivalents, beginning of period	50,776		45,190
Cash and cash equivalents, end of period	33,138		59,989
Included in the cash and cash equivalents per the balance sheet	15,463		58,239
Included in the assets held for sale/discontinued operations	17,675		1,750

ADVISORIES

FORWARD-LOOKING STATEMENTS

In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, certain statements contained in this press release, including statements that contain words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”).

In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the expectations regarding trends in, and prospects of, the global oil and gas industry; activity, demand, utilization and outlook for the Company’s continuing operations, including the potential impacts of, and mitigation strategies for, the trade tariffs implemented by the U.S. and Canada on the Company’s North American segment and the strong activity and profitability outlook for the Argentina segment; the supply and demand fundamentals of the pressure pumping industry; input costs, margin and service pricing trends and strategies; operating and financing strategies, performance, priorities, metrics and estimates, including the Company’s ability to repatriate cash from Argentina and the timing thereof; the Company’s Russian segment, including the planned sale of the Russian division; the Company’s service quality and competitive position; capital investment plans, including the progress of the Company’s fleet modernization plan in North America and planned wireline investments to bolster the Company’s service offering in Argentina; and the Company’s expectations and intentions with respect to the foregoing.

These statements are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including, but not limited to, the economic and political environment in which the Company operates, including the continued implementation of Argentina economic reforms and liberalization of its oil and gas industry as well as the current state of the trade war between Canada and the U.S. and its expected impact on the pressure pumping market in North America; the Company’s expectations for its customers’ capital budgets, demand for services and geographical areas of focus; the level of merger and acquisition activity among oil and gas producers and its impact on the demand for well completion services; the anticipated effects of artificial intelligence power requirements and the commissioning of liquified natural gas terminals on supply and demand fundamentals for oil and natural gas; the ability of newly deployed Tier IV DGB pumping units to achieve manufacturer claims with respect to operational performance, diesel displacement and costs savings in the field; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the status of the military conflict in the Ukraine and related Canadian, United States and international sanctions and restrictions involving Russia and counter-sanctions, restrictions, and political measures that may be undertaken in respect of the Company’s ownership and planned sale of the Russian division; industry equipment levels including the number of active fracturing fleets marketed by the Company’s competitors and the timing of deployment of the Company’s fleet upgrades; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.

Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Such risk factors include but are not limited to: (A) industry risks, including but not limited to, global economic conditions and the level of exploration, development and production for oil and natural gas in North America and Argentina; a shift in strategy by exploration and production companies prioritizing shareholders returns over production growth; excess equipment levels; impacts of conservation measures and technological advances on the demand for the Company’s services; an intensely competitive oilfield services industry; and hazards inherent in the industry; (B) geopolitical risks, including but not limited to, the impacts of the trade war between Canada and United States; foreign operations exposure, including risks relating to repatriation of cash from foreign jurisdictions, unsettled political conditions, war, foreign exchange rates and controls; and risks that the sale of the discontinued operations in Russia may not occur or may be delayed; (C) financial risks, including but not limited to, restrictions on the Company’s access to capital, including the impacts of covenants under the Company’s lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation and availability of raw materials, diesel fuel and component parts; actual results which are materially different from management estimates and assumptions; the Company’s access to capital and common share price given a significant number of common shares are controlled by two directors of the Company; possible dilution from outstanding stock-based compensation, additional equity or debt securities; and changes in tax rates or reassessment risk by tax authorities; (D) business operations risks, including but not limited to, fleet reinvestment risk, including the ability of the Company to finance the capital necessary for equipment upgrades to support its operational needs while meeting government and customer requirements and preferences; risks of delays and quality of equipment due to Company’s reliance on equipment manufacturers, suppliers and fabricators; seasonal volatility; constrained demand for the Company’s services due to merger and acquisition activity; a concentrated customer base; cybersecurity risks; difficulty retaining, replacing or adding personnel; failure to continuously improve equipment, proprietary fluid chemistries and other products and services; climate change; failure to maintain safety standards and records; improper access to confidential information; failure to effectively and timely address the energy transition; risks of various types of activism; and failure to realize anticipated benefits of acquisitions and dispositions; (E) legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws; health, safety and environmental laws and regulations; the direct and indirect costs of various existing and proposed climate change regulations; and legal and administrative proceedings. Further information about these and other risks and uncertainties may be found under the heading “Business Risks” above.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

For further information, please contact:

Mike Olinek, Chief Financial Officer

Telephone: 403-266-6000
www.calfrac.com

MIL-OSI USA: A Tough Drill at Witch Hazel Hill

Source: NASA

Written by Alex Jones, Ph.D. candidate at Imperial College London

After a busy few months exploring the outer slopes of the Jezero crater rim at an area named “Witch Hazel Hill,” the Perseverance Science Team was eyeing another sample of these truly ancient rocks, which likely predate Jezero crater itself.
The target? A rock containing spherules, which could shed a light on volcanic- or impact-related processes occurring in Mars’ most ancient past. After a search of several outcrops, the “Hare Bay” abrasion patch at “Pine Pond” revealed suitably accessible and spherule-bearing bedrock for sampling.
On Sol 1483 of the mission, sampling was a-go… But Mars wasn’t keen to give its secrets away too easily.
As data began arriving on Earth, it became clear Perseverance had managed to drill into the rock but had stopped short of retracting the drill and storing the sample. It transpired that this rock was particularly hard — a far cry from the crumbly rocks of the upper crater rim that fell apart when faced with Perseverance’s drill bit.
This isn’t the first time a hard rock has gotten in the way of sampling; an extremely hard-to-crack boulder on the Jezero fan top stopped the drill short. This time though, the drill penetrated the rock as expected, but faulted during retraction. After a few sols of hard work by the engineering team, however, there were smiles all round as images of the successfully retracted drill reached Earth.
But Mars wasn’t finished with surprises yet.
The “Bell Island” core contained the spherules the team were looking for, but the sample tube was overfilled. This meant that excess core length would prevent the sample from being sealed. In the end, the team opted to execute a dump activity to clear at least some of the sample out of the tube. This activity succeeded in removing enough sample that the tube can now be sealed in the future. As has been the case in the past on Mars, the most exciting discoveries often require a little Perseverance…