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Category: Americas

  • MIL-OSI Global: Detroit’s next mayor can do these 3 things to support neighborhoods beyond downtown

    Source: The Conversation – USA – By Deyanira Nevárez Martínez, Assistant Professor of Urban and Regional Planning, Michigan State University

    Detroit stands at a pivotal moment.

    Mayor Mike Duggan is preparing to leave office after 11 years at the end of 2025. The city’s next leader will inherit not only a revitalizing downtown but also neighborhoods like Belmont, Petosky-Otsego and Van Steuban that are grappling with housing instability and decades of neglect and disinvestment.

    My research on housing insecurity, homelessness and urban governance, along with broader scholarship on equitable development, suggests that Detroit’s future depends on more than marquee developments like the Michigan Central Station Development. It depends on strengthening neighborhoods from the ground up.

    Here are three strategies that could help Detroit’s next mayor build a just and resilient city by focusing on transitional neighborhoods:

    Stabilize housing and prevent displacement

    Stable housing is the foundation of thriving communities.

    Yet, housing instability in Detroit is both widespread and deeply entrenched. Before the pandemic, roughly 13% of Detroiters, or about 88,000 people, had been evicted or forced to move within the previous year. Families with children faced the highest risk.

    Many Detroiters had little choice but to remain in deteriorating housing, crowd into shared living arrangements or relocate elsewhere because of an estimated shortfall of 24,000 habitable housing units.

    While building more housing is essential, preventing displacement requires more than new construction. It also demands policies that preserve affordability and protect tenants. Researchers have found that household stabilization policies, such as legal representation in eviction court, rent control and property tax relief, have the most immediate impact.

    In Detroit, addressing the wave of expiring Low-Income Housing Tax Credit, or LIHTC, units remains an urgent priority. When units reach the end of their compliance period in this federal program, typically 15 years, owners are no longer required to maintain affordable rents and can raise prices. This “conversion to market rate” often results in the loss of affordable housing for low-income residents.

    In response to a projected loss of 10,000 units by 2023, Detroit launched the Preservation Partnership that secured affordability commitments for about 4,000 units. However, it remains difficult to determine exactly how many of the at-risk units were ultimately lost, and when, due to reporting lags, inconsistencies and overlapping affordability programs.

    Despite the city’s efforts, a 2023 analysis found that a substantial affordability gap persists, with many households unable to comfortably afford market-rate housing without spending more than 30% of their income, which is the standard set by the Department of Housing and Urban Development for affordability.

    The Michigan State Housing Development Authority continues to support affordable housing through tax credit allocations. However, a growing number of LIHTC properties in areas experiencing redevelopment are reaching the end of their affordability periods, putting them at risk of converting to market rate. National estimates suggest that nearly 350,000 units could lose affordability by 2030 and over 1 million by 2040 without sustained local and regional preservation efforts.

    Stabilizing Detroit’s housing market means ensuring that those who stayed during the hardest times are not pushed out as reinvestment takes hold. To achieve this, the next mayor could expand rental assistance and support tenant organizing efforts. This is particularly needed in transitional neighborhoods where renters come together to fight unfair evictions, improve housing conditions and push for more stable rents.

    Reclaim and reimagine vacant land for community benefit

    Many view Detroit’s vast tracks of vacant land, estimated in the hundreds of thousands of parcels, as blight. But they could also be seen as a public asset and a generational opportunity if brought together with the right public strategies.

    Land trusts can turn empty lots into valuable neighborhood spaces. A land trust is a nonprofit that holds land for the community and keeps housing affordable over the long term, a key to preventing displacement.

    Research also shows that greening strategies can improve community health, cohesion and equity. Cities like Philadelphia and Cleveland have launched urban greening initiatives that transform vacant lots into community gardens, small parks and tree-filled spaces. Research shows that these projects can help stabilize property values and strengthen neighborhoods by reducing blight, encouraging investment and creating safer, more attractive environments.

    Detroit has a land bank, a public agency that manages vacant and foreclosed properties. The city has also invested in some green infrastructure. But experts say that these efforts require stronger city leadership, teamwork across departments and real input from residents. These are areas where Detroit still has room to grow.

    By collaborating with residents to cocreate a land use vision, the next mayor could prioritize community ownership and ecological restoration instead of speculative redevelopment.

    Invest in social infrastructure

    Neighborhood strength is about more than buildings — it’s about people.

    As the Brookings Institution notes, economic opportunity is key to long-term safety, and investing in youth is a proven violence reduction strategy.

    Detroit’s neighborhoods have long faced a lack of investment in schools, recreation centers and social services. This leaves families vulnerable and fuels cycles of poverty and criminalization. Under these conditions, young people, especially Black and brown youth, are more likely to be policed, punished and pushed into the criminal justice system.

    A 2021 study found that the Detroit Public Schools Community District reported 2% of its students experienced homelessness, despite 16% of households with children reporting recent eviction or forced moves. This gap reveals major service and awareness gaps. And when families fall through those gaps, it’s often children who suffer the most.

    Addressing these gaps requires investing in mental health services, youth development programs and violence prevention, rather than relying solely on policing or incarceration. These approaches recognize that true public safety comes from access to stable jobs, quality education and supportive services that meet people’s health, housing and social needs. Some of the most effective strategies include restorative justice in schools and outreach to older adults and residents experiencing homelessness.

    These are not luxuries. They are essential infrastructure for neighborhood vitality.

    The work ahead

    Detroit is often held up as a cautionary tale of urban decline, or more recently, as a comeback story driven by downtown revitalization. But in my opinion, its true test lies in what comes next: whether the city can translate momentum into equity for the communities that have long been left behind.

    The next mayor has the chance to shift the narrative by centering housing justice, reclaiming land for public good and investing in the people who make Detroit a city worth fighting for.

    Read more of our stories about Detroit.

    Deyanira Nevárez Martínez is a trustee of the Lansing School District Board of Education and is currently a candidate for the Lansing City Council Ward 2.

    – ref. Detroit’s next mayor can do these 3 things to support neighborhoods beyond downtown – https://theconversation.com/detroits-next-mayor-can-do-these-3-things-to-support-neighborhoods-beyond-downtown-254755

    MIL OSI – Global Reports –

  • MIL-OSI Global: How your genes interact with your environment changes your disease risk − new research counts the ways

    Source: The Conversation – USA – By Arun Durvasula, Assistant Professor of Population and Public Health Sciences, University of Southern California

    Nature and nurture both determine how likely you are to develop a particular disease. Hiroshi Watanabe/DigitalVision via Getty Images

    Sitting in my doctor’s examination room, I was surprised when she told me, “Genetics don’t really matter for chronic disease.” Rather, she continued, “A person’s lifestyle, what they eat, and how much they exercise, determine whether they get heart disease.”

    As a researcher who studies the genetics of disease, I don’t fully disagree – lifestyle factors play a large role in determining who gets a disease and who doesn’t. But they are far from the entire story. Since scientists mapped out the human genome in 2003, researchers have learned that genetics also play a large role in a person’s disease risk.

    Studies that focus on estimating disease heritability – that is, how much genetic differences explain differences in disease risk – usually attribute a substantial fraction of disease variation to genetics. Mutations across the entire genome seem to play a role in diseases such as Type 2 diabetes, which is about 17% heritable, and schizophrenia, which is about 80% heritable. In contrast to diseases such as Tay-Sachs or cystic fibrosis, where mutations in a single gene cause a disease, chronic diseases tend to be polygenic, meaning they’re influenced by multiple mutations at many genes across the whole genome.

    Every complex disease has both genetic and environmental risk factors. Most researchers study these factors separately because of technical challenges and a lack of large, uniform datasets. Although some have devised techniques to overcome these challenges, they haven’t yet been applied to a comprehensive set of diseases and environmental exposures.

    In our recently published research, my colleague Alkes Price and I developed tools to leverage newly available datasets to quantify the joint effects that genetic and environmental risk factors have on the biology underlying disease.

    Aspirin, genetics and colon cancer

    To illustrate the effect gene-environment interactions have on disease, let’s consider the example of aspirin use and colon cancer.

    In 2001, researchers at the Fred Hutchinson Cancer Research Center were studying how regularly taking aspirin decreased the risk of colon cancer. They wondered whether genetic mutations that slowed down how quickly the body broke down aspirin – meaning aspirin levels in the body would stay high longer – might increase the drug’s protective effect against colon cancer. They were right: Only patients with slow aspirin metabolism had a decreased risk of colon cancer, indicating that the effectiveness of a drug can depend on a person’s genetics.

    This raises the question of how genetics and different combinations of environmental exposures, such as the medications a patient is taking, can affect a person’s disease risk and how effective a treatment will be for them. How many cases of genetic variations directly influencing a drug’s effectiveness are there?

    Rather than ‘nature versus nurture,’ a more accurate way of describing gene-environment interactions is ‘nature through nurture.’

    The gene-environment interaction of colon cancer and aspirin is unusual. It involves a mutation at a single location in the genome that has a big effect on colon cancer risk. The past 25 years of human genetics have shown researchers that these sorts of large-effect mutations are rare.

    For example, an analysis found that the median effect of a genetic variant on height is only 0.14 millimeters. Instead, there are usually hundreds of variations that each have small but cumulative effects on a person’s disease risk, making them hard to find.

    How could researchers detect these small gene-environment interactions across hundreds of spots in the genome?

    Polygenic gene-environment interactions

    We started by looking for cases where genetic variants across the genome showed different effects on a person’s biology in different environments. Rather than trying to detect the small effects of each genetic variant one at a time, we aggregated data across the entire genome to turn these small individual effects into a large, genome-wide effect.

    Using data from the UK Biobank – a large database containing genetic and health data from about 500,000 people – we estimated the influence of millions of genetic variants on 33 complex traits and diseases, such as height and asthma. We grouped people based on environmental exposures such as air pollution, cigarette smoking and dietary patterns. Finally, we developed statistical tests to study how the effects of genetics on disease risk and biomarker levels varied with these exposures.

    We found three types of gene-environment interactions.

    First, we found 19 pairs of complex traits and environmental exposures that are influenced by genetic variants across the genome. For example, the effect of genetics on white blood cell levels in the body differed between smokers and nonsmokers. When we compared the effects of genetic mutations between the two groups, the strength of gene-environment interaction suggested that smoking changes the way genetics influence white blood cell counts.

    Second, we looked for cases where the heritability of a trait varies depending on the environment. In other words, rather than some genetic variants having different effects in different environments, all of them are made stronger in some environments. For example, we found that the heritability of body mass index – the ratio of weight to height – increased by 5% for the most active people. This means genetics plays a larger role in BMI the more active you are. We found 28 such trait-environment pairs, including HDL cholesterol levels and alcohol consumption, as well as neuroticism and self-reported sleeplessness.

    Third, we looked for a type of gene-environment interaction called proportional or joint amplification. Here, genetic effects grow with increased environmental exposures, and vice versa. This results in a relatively equal balance of genetic and environmental effects on a trait. For example, as self-reported time spent watching television increased, both genetic and environmental variance increased for a person’s waist-to-hip ratio. This likely reflects the influence of other behaviors related to time spent watching television, such as decreased physical exercise. We found 15 such trait-environment pairs, including lung capacity and smoking, and glucose levels and alcohol consumption.

    Environmental factors, such as cigarette smoke and the medications you take, can interact with your genes in unexpected ways.
    jaouad.K/iStock via Getty Images Plus

    We also looked for cases where biological sex, instead of environmental exposures, influenced interactions with genes. Previous work had shown evidence of these gene-by-sex interactions, and we found additional examples of the effects of biological sex on all three types of gene-environment interactions. For example, we found that neuroticism had genetic effects that varied across sex.

    Finally, we also found that multiple types of gene-environment interactions can affect the same trait. For example, the effects of genetics on systolic blood pressure varied by sex, indicating that some genetic variants have different effects in men and women.

    New gene-environment models

    How do we make sense of these distinct types of gene-environment interactions? We argue that they can help researchers better understand the underlying biological mechanisms that lead from genetic and environmental risks to disease, and how genetic variation leads to differences in disease risk between people.

    Genes related to the same function work together in a unit called a pathway. For example, we can say that genes involved in making heme – the component of red blood cells that carries oxygen – are collectively part of the heme synthesis pathway. The resulting amounts of heme circulating in the body influence other biological processes, including ones that could lead to the development of anemia and cancer. Our model suggests that environmental exposures modify different parts of these pathways, which may explain why we saw different types of gene-environment interactions.

    In the future, these findings could lead to treatments that are more personalized based on a person’s genome. For example, clinicians might one day be able to tell whether someone is more likely to decrease their risk of heart disease by taking weight loss drugs or by exercising.

    Our results show how studying gene-environment interactions can tell researchers not only about which genetic and environmental factors increase your risk of disease, but also what goes wrong in the body where.

    Arun Durvasula has received funding from the National Institutes of Health and the National Institute of Science.

    – ref. How your genes interact with your environment changes your disease risk − new research counts the ways – https://theconversation.com/how-your-genes-interact-with-your-environment-changes-your-disease-risk-new-research-counts-the-ways-252139

    MIL OSI – Global Reports –

  • MIL-OSI Global: Challenges to high-performance computing threaten US innovation

    Source: The Conversation – USA – By Jack Dongarra, Emeritus Professor of Computer Science, University of Tennessee

    Oak Ridge National Laboratory’s Frontier supercomputer is one of the world’s fastest. Oak Ridge Leadership Computing Facility, CC BY

    High-performance computing, or HPC for short, might sound like something only scientists use in secret labs, but it’s actually one of the most important technologies in the world today. From predicting the weather to finding new medicines and even training artificial intelligence, high-performance computing systems help solve problems that are too hard or too big for regular computers.

    This technology has helped make huge discoveries in science and engineering over the past 40 years. But now, high-performance computing is at a turning point, and the choices the government, researchers and the technology industry make today could affect the future of innovation, national security and global leadership.

    High-performance computing systems are basically superpowerful computers made up of thousands or even millions of processors working together at the same time. They also use advanced memory and storage systems to move and save huge amounts of data quickly.

    With all this power, high-performance computing systems can run extremely detailed simulations and calculations. For example, they can simulate how a new drug interacts with the human body, or how a hurricane might move across the ocean. They’re also used in fields such as automotive design, energy production and space exploration.

    Lately, high-performance computing has become even more important because of artificial intelligence. AI models, especially the ones used for things such as voice recognition and self-driving cars, require enormous amounts of computing power to train. High-performance computing systems are well suited for this job. As a result, AI and high-performance computing are now working closely together, pushing each other forward.

    Lawrence Livermore National Laboratory’s supercomputer El Capitan is currently the world’s fastest.

    I’m a computer scientist with a long career working in high-performance computing. I’ve observed that high-performance computing systems are under more pressure than ever, with higher demands on the systems for speed, data and energy. At the same time, I see that high-performance computing faces some serious technical problems.

    Technical challenges

    One big challenge for high-performance computing is the gap between how fast processors are and how well memory systems can keep up with the processors’ output. Imagine having a superfast car but being stuck in traffic – it doesn’t help to have speed if the road can’t handle it. In the same way, high-performance computing processors often have to wait around because memory systems can’t send data quickly enough. This makes the whole system less efficient.

    Another problem is energy use. Today’s supercomputers use a huge amount of electricity, sometimes as much as a small town. That’s expensive and not very good for the environment. In the past, as computer parts got smaller, they also used less power. But that trend, called Dennard scaling, stopped in the mid-2000s. Now, making computers more powerful usually means they use more energy too. To fix this, researchers are looking for new ways to design both the hardware and the software of high-performance computing systems.

    There’s also a problem with the kinds of chips being made. The chip industry is mainly focused on AI, which works fine with lower-precision math like 16-bit or 8-bit numbers. But many scientific applications still need 64-bit precision to be accurate. The greater the bit count, the more digits to the right of the decimal point a chip can process, hence the greater precision. If chip companies stop making the parts that scientists need, then it could become harder to do important research.

    This report discusses how trends in semiconductor manufacturing and commercial priorities may diverge from the needs of the scientific computing community, and how a lack of tailored hardware could hinder progress in research.

    One solution might be to build custom chips for high-performance computing, but that’s expensive and complicated. Still, researchers are exploring new designs, including chiplets – small chips that can be combined like Lego bricks – to make high-precision processors more affordable.

    A global race

    Globally, many countries are investing heavily in high-performance computing. Europe has the EuroHPC program, which is building supercomputers in places such as Finland and Italy. Their goal is to reduce dependence on foreign technology and take the lead in areas such as climate modeling and personalized medicine. Japan built the Fugaku supercomputer, which supports both academic research and industrial work. China has also made major advances, using homegrown technology to build some of the world’s fastest computers. All of these countries’ governments understand that high-performance computing is key to their national security, economic strength and scientific leadership.

    The U.S.-China supercomputer rivalry explained.

    The United States, which has been a leader in high-performance computing for decades, recently completed the Department of Energy’s Exascale Computing Project. This project created computers that can perform a billion billion operations per second. That’s an incredible achievement. But even with that success, the U.S. still doesn’t have a clear, long-term plan for what comes next. Other countries are moving quickly, and without a national strategy, the U.S. risks falling behind.

    I believe that a U.S. national strategy should include funding new machines and training for people to use them. It would also include partnerships with universities, national labs and private companies. Most importantly, the plan would focus not just on hardware but also on the software and algorithms that make high-performance computing useful.

    Hopeful signs

    One exciting area for the future is quantum computing. This is a completely new way of doing computation based on the laws of physics at the atomic level. Quantum computers could someday solve problems that are impossible for regular computers. But they are still in the early stages and are likely to complement rather than replace traditional high-performance computing systems. That’s why it’s important to keep investing in both kinds of computing.

    The good news is that some steps have already been taken. The CHIPS and Science Act, passed in 2022, provides funding to expand chip manufacturing in the U.S. It also created an office to help turn scientific research into real-world products. The task force Vision for American Science and Technology, launched on Feb. 25, 2025, and led by American Association for the Advancement of Science CEO Sudip Parikh, aims to marshal nonprofits, academia and industry to help guide the government’s decisions. Private companies are also spending billions of dollars on data centers and AI infrastructure.

    All of these are positive signs, but they don’t fully solve the problem of how to support high-performance computing in the long run. In addition to short-term funding and infrastructure investments, this means:

    • Long-term federal investment in high-performance computing R&D, including advanced hardware, software and energy-efficient architectures.
    • Procurement and deployment of leadership-class computing systems at national labs and universities.
    • Workforce development, including training in parallel programming, numerical methods and AI-HPC integration.
    • Hardware road map alignment, ensuring commercial chip development remains compatible with the needs of scientific and engineering applications.
    • Sustainable funding models that prevent boom-and-bust cycles tied to one-off milestones or geopolitical urgency.
    • Public-private collaboration to bridge gaps between academic research, industry innovation and national security needs.

    High-performance computing is more than just fast computers. It’s the foundation of scientific discovery, economic growth and national security. With other countries pushing forward, the U.S. is under pressure to come up with a clear, coordinated plan. That means investing in new hardware, developing smarter software, training a skilled workforce and building partnerships between government, industry and academia. If the U.S. does that, the country can make sure high-performance computing continues to power innovation for decades to come.

    Jack Dongarra receives funding from the NSF and the DOE.

    – ref. Challenges to high-performance computing threaten US innovation – https://theconversation.com/challenges-to-high-performance-computing-threaten-us-innovation-255188

    MIL OSI – Global Reports –

  • MIL-OSI Video: Welcome to the Army Reserve

    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

    https://www.youtube.com/watch?v=qT6xzUdVUdI

    MIL OSI Video –

  • MIL-OSI China: China, Colombia trade expands amid closer bilateral ties

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

    Bilateral trade volume between China and Colombia rose 13.1 percent year on year to reach 149.63 billion yuan (about 20.8 billion U.S. dollars) in 2024, surpassing 120 billion yuan for the fourth consecutive year, official data showed on Wednesday.

    According to the General Administration of Customs, trade between the two countries hit a record high of 48.34 billion yuan in the first four months of 2025, marking an 8.5 percent year-on-year increase.

    Since the establishment of diplomatic relations 45 years ago, the two countries have witnessed steady growth of economic and trade ties with tangible fruits.

    China is now Colombia’s second-largest trading partner, while Colombia ranks as China’s fifth-largest trading partner in Latin America. Colombia’s agricultural products — ranging from coffee to cut flowers — are becoming increasingly popular in the Chinese market.

    MIL OSI China News –

  • MIL-OSI Russia: China-Colombia trade volume expands amid close bilateral ties

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, May 14 (Xinhua) — Bilateral trade between China and Colombia is expected to reach 149.63 billion yuan (about 20.8 billion U.S. dollars) in 2024, up 13.1 percent year on year, exceeding 120 billion yuan for the fourth consecutive year, official data showed Wednesday.

    According to the General Administration of Customs of the People’s Republic of China, trade turnover between the two countries in the first four months of this year broke another record, reaching 48.34 billion yuan (an increase of 8.5 percent).

    Since China and Colombia established diplomatic relations 45 years ago, both countries have seen steady growth in trade and economic ties.

    China is currently Colombia’s second-largest trading partner, while Colombia is the fifth-largest trader with China among Latin American countries. Colombian agricultural products, including coffee and cut flowers, are becoming increasingly popular in the Chinese market. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Han Zheng Meets with Chilean President

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, May 14 (Xinhua) — Chinese Vice President Han Zheng met with Chilean President Gabriel Boric in Beijing on Wednesday.

    Noting that this year marks the 55th anniversary of the establishment of diplomatic relations between the two countries and the 20th anniversary of the signing of the free trade agreement, Han Zheng said that since the establishment of diplomatic relations more than half a century ago, the relations between the two countries have maintained a good momentum of development and have long occupied a leading position among China’s diplomatic relations with other Latin American and Caribbean (LAC) countries.

    Han Zheng said that the fruitful meeting between the two heads of state has injected strong impetus into the development of China-Chile relations, adding that China is willing to work with Chile to effectively implement the important consensus reached by the two heads of state, continuously strengthen political mutual trust, continue to deepen practical cooperation, strengthen multilateral strategic coordination, advance the China-Chile comprehensive strategic partnership, and make new contributions to the building of a community with a shared future for China and the LAC.

    G. Boric said that Chile is willing to actively develop cooperation within the framework of the Belt and Road, strengthen practical cooperation with China in the economic, cultural, social and technological fields, jointly combat climate change, and uphold multilateralism and world peace. -0-

    MIL OSI Russia News –

  • MIL-OSI Video: President Trump Arrives Amiri Diwan, May 14, 2025

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

    Doha, Qatar

    https://www.youtube.com/watch?v=DVml898y9mI

    MIL OSI Video –

  • MIL-OSI Global: Taking intermittent quizzes reduces achievement gaps and enhances online learning, even in highly distracting environments

    Source: The Conversation – USA – By Jason C.K. Chan, Professor of Psychology, Iowa State University

    More Americans are learning remotely. Drazen/E+ via Getty Images

    Inserting brief quiz questions into an online lecture can boost learning and may reduce racial achievement gaps, even when students are tuning in remotely in a distracting environment.

    That’s a main finding of our recent research published in Communications Psychology. With co-authors Dahwi Ahn, Hymnjyot Gill and Karl Szpunar, we present evidence that adding mini-quizzes into an online lecture in science, technology, engineering or mathematics – collectively known as STEM – can boost learning, especially for Black students.

    In our study, we included over 700 students from two large public universities and five two-year community colleges across the U.S. and Canada. All the students watched a 20-minute video lecture on a STEM topic. Each lecture was divided into four 5-minute segments, and following each segment, the students either answered four brief quiz questions or viewed four slides reviewing the content they’d just seen.

    This procedure was designed to mimic two kinds of instructions: those in which students must answer in-lecture questions and those in which the instructor regularly goes over recently covered content in class.

    All students were tested on the lecture content both at the end of the lecture and a day later.

    When Black students in our study watched a lecture without intermittent quizzes, they underperformed Asian, white and Latino students by about 17%. This achievement gap was reduced to a statistically nonsignificant 3% when students answered intermittent quiz questions. We believe this is because the intermittent quizzes help students stay engaged with the lecture.

    To simulate the real-world environments that students face during online classes, we manipulated distractions by having some participants watch just the lecture; the rest watched the lecture with either distracting memes on the side or with TikTok videos playing next to it.

    Surprisingly, the TikTok videos enhanced learning for students who received review slides. They performed about 8% better on the end-of-day tests than those who were not shown any memes or videos, and similar to the students who answered intermittent quiz questions. Our data further showed that this unexpected finding occurred because the TikTok videos encouraged participants to keep watching the lecture.

    For educators interested in using these tactics, it is important to know that the intermittent quizzing intervention only works if students must answer the questions. This is different from asking questions in a class and waiting for a volunteer to answer. As many teachers know, most students never answer questions in class. If students’ minds are wandering, the requirement of answering questions at regular intervals brings students’ attention back to the lecture.

    This intervention is also different from just giving students breaks during which they engage in other activities, such as doodling, answering brain teaser questions or playing a video game.

    Why it matters

    Online education has grown dramatically since the pandemic. Between 2004 and 2016, the percentage of college students enrolling in fully online degrees rose from 5% to 10%. But by 2022, that number nearly tripled to 27%.

    Relative to in-person classes, online classes are often associated with lower student engagement and higher failure and withdrawal rates.

    Research also finds that the racial achievement gaps documented in regular classroom learning are magnified in remote settings, likely due to unequal access to technology.

    Our study therefore offers a scalable, cost-effective way for schools to increase the effectiveness of online education for all students.

    What’s next?

    We are now exploring how to further refine this intervention through experimental work among both university and community college students.

    As opposed to observational studies, in which researchers track student behaviors and are subject to confounding and extraneous influences, our randomized-controlled study allows us to ascertain the effectiveness of the in-class intervention.

    Our ongoing research examines the optimal timing and frequency of in-lecture quizzes. We want to ensure that very frequent quizzes will not hinder student engagement or learning.

    The results of this study may help provide guidance to educators for optimal implementation of in-lecture quizzes.

    The Research Brief is a short take on interesting academic work.

    Jason C.K. Chan receives funding from the USA National Science Foundation.

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

    – ref. Taking intermittent quizzes reduces achievement gaps and enhances online learning, even in highly distracting environments – https://theconversation.com/taking-intermittent-quizzes-reduces-achievement-gaps-and-enhances-online-learning-even-in-highly-distracting-environments-254046

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump is making it easier to fire federal workers, but they have some legal protections – 3 essential reads

    Source: The Conversation – USA – By Amy Lieberman, Politics + Society Editor, The Conversation

    An estimated 2% of federal civil servants could soon find their jobs are no longer secure under the Trump administration. iStock/Getty Images Plus

    The Trump administration is moving ahead with policy changes that would make it easier to fire some federal workers.

    The Office of Personnel Management, or OPM, filed proposed regulations in the Federal Register on April 23, 2025, that would reclassify about 50,000 career civil servants as “at-will” employees.

    Trump’s first administration attempted similar changes, known as by some as Schedule F but those plans were not implemented.

    An estimated 2% of nearly all of the 3 million federal workers would then experience a shift in how the government classifies their jobs, renaming their classification “Schedule Policy/Career.”

    It is not entirely clear which workers will be reclassified, since the process is largely at Trump’s discretion.

    “This will allow agencies to quickly remove employees from critical positions who engage in misconduct, perform poorly, or undermine the democratic process by intentionally subverting Presidential directives,” the Office of Personnel Management proposal reads.

    Trump supports these changes and says they can help remove corrupt or unqualified workers. Critics maintain that the changes will allow the administration to fire federal employees the administration sees as not supporting its agenda.

    Trump is expected to sign another executive order in the next few weeks that would formally reclassify certain federal job positions as Schedule Policy/Career.

    Here are three stories from The Conversation’s archive about the rights of federal civil servants.

    Former U.S. Agency for International Development employees terminated by the Trump administration collect their belongings at USAID headquarters in February 2025.
    Chip Somodevilla/Gety Images

    1. When a president fired half of the civil service

    Before Trump was elected to a second term in November 2024, he promised he would fire as many as 50,000 civil servants and replace them with people loyal to him.

    Nearly 200 years before that, President Andrew Jackson took office in 1828 and promptly fired about half of the government’s civil service. He replaced these employees with political loyalists. This shift became known as the spoils system.

    “The result was not only an utterly incompetent administration, but widespread corruption,” write Sidney Shapiro, a professor of law at Wake Forest University, and Joseph P. Tomain, a professor of law at the University of Cincinnati.

    Samuel Swartwout, for example, was a Jackson former Army friend whom he selected to serve as collector of customs in New York. The job was well paid and prestigious, and “involved collecting taxes and fees on imported goods that arrived in the nation’s busiest port.”

    “But a congressional investigation showed that Swartwout had stolen a little more than US$1.2 million during his tenure, or about $40 million in today’s dollars,” Shapiro and Tomain write.

    Jackson also found that he could not legally influence hiring at all federal agencies, including the U.S. Post Office, and easily place his own high-level appointees there.

    Today, some federal workers, including U.S. Border Patrol agents, would be exempt from Trump’s reclassification plans.



    Read more:
    Donald Trump wants to reinstate a spoils system in federal government by hiring political loyalists regardless of competence

    An 1830 political cartoon by Thomas Nast about civil service reform shows five people bowing down at a statue of Andrew Jackson.
    Fotosearch/Getty Images

    2. Federal workers have protections against partisan attacks

    Federal workers have had federal legal protections for their hiring and firing in place since the 1880s. This has helped federal employees thwart moves by presidents like Jackson aiming to “control a lot of workers who would serve the president,” and not the American people, according to James L. Perry, a scholar of public affairs at Indiana University, Bloomington.

    The 1883 Pendleton Act ensures that “government workers are hired based on their skills and abilities, not their political views,” Perry says. Congress updated this law in 1978 with the Civil Service Reform Act, which provides additional “protections for workers against being fired for political reasons.”

    “Those rules cover about 99% of staff in the federal civil service. Currently, there are just about 4,000 political appointees,” Perry told Jeff Inglis, an editor at The Conversation U.S., in February 2025.

    Perry points out that the Trump administration’s proposed restructuring would also likely be unpopular among Americans. As many as 87% of Americans have said they want a merit-based, politically neutral civil services, according to Perry



    Read more:
    Trump’s moves to strip employment protections from federal workers threaten to make government function worse – not better

    .

    3. A precarious moral and ethical tightrope

    Leading into Trump’s second term, federal government workers were advised by colleagues to “stay calm and keep their heads down,” and draw minimal attention to their work. This includes not directly using terms like climate change and human rights, which they correctly thought the administration would target, according to Jaime L. Kucinskas, a sociologist at Hamilton College.

    There were some unknowns about how Trump’s second administration would act. But many civil servants also likely understood that “this pressure is real” under the new administration and could affect their day-to-day work, Kucinskas writes.

    Kucinskas interviewed 66 career civil servants from 2017 through 2020. A number of these workers told Kucinskas that working under the first Trump administration caused their mental health and morale to decline. The experience also worsened their productivity and innovation at work.

    “Among a sizable proportion of the people I spoke with, the pressures at work became too much; about a quarter of those I spoke with quit during the first Trump administration,” Kucinskas wrote in January 2025.

    Some civil servants chose to not speak openly about their work experiences with the first Trump administration, including mid-level civil service workers who watched as political appointees “fought over policy agendas levels above them,” according to Kucinskas. Other employees tried to simply keep their work moving, regardless of the politics at play.

    “Yet, even among those who felt most alone, I found they had many experiences in common with others who also felt isolated in trying to walk a precarious moral and ethical tightrope between their desire to faithfully serve the elected president – under chaotic leadership and insufficient and sometimes questionably legal guidance,” Kucinskas wrote, “and do quality work upholding the law and benefiting the nation and the American public



    Read more:
    Civil servants brace for a second Trump presidency

    .”

    This story is a roundup of articles from The Conversation’s archives.

    – ref. Trump is making it easier to fire federal workers, but they have some legal protections – 3 essential reads – https://theconversation.com/trump-is-making-it-easier-to-fire-federal-workers-but-they-have-some-legal-protections-3-essential-reads-256313

    MIL OSI – Global Reports –

  • MIL-OSI Video: President Trump arrives in Doha, Qatar, and is greeted by Emir of Qatar

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

    President Trump arrives in Doha, Qatar, and is greeted by Emir of Qatar, His Highness Sheikh Tamim bin Hamad Al-Thani.

    https://www.youtube.com/watch?v=H3gJETy2n4c

    MIL OSI Video –

  • MIL-OSI: Redfin and Magnite Join Forces to Give Advertisers Priority Access to Audience Targeting Across the Homebuying Journey

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) —  Redfin (NASDAQ: RDFN), the technology-powered real estate brokerage, has selected Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, as its preferred SSP to power data-driven deals. Leveraging Magnite’s programmatic technology, Redfin can connect advertisers with exclusive real estate audiences at key moments in their home-buying journey.

    Redfin Media uniquely connects brands with 46 million upwardly mobile customers at each stage of their buying journey. With a vast network including Redfin, Rent.com, ApartmentGuide.com and WalkScore.com, the partnership delivers national scale and hyper-local targeting in a brand safe environment. Using sophisticated intent signals, Redfin uniquely knows when people move, where they are going, and what type of home they are looking for, enabling marketers to reach high-value, hard-to-reach customers.

    “As we build Redfin’s Commerce Media Network, we’re partnering with leading brands and platforms to connect high-intent homebuyers and movers with the right products and services at pivotal moments in their journey—creating meaningful value for both advertisers and consumers,” said Conny Mirza, General Manager of Digital Ads and Partnerships at Redfin.

    “Our collaboration with Magnite gives us the tools to package and activate that opportunity through scalable, transparent programmatic solutions,” said Amit Grover, Head of Programmatic Partnerships at Redfin.

    “Redfin is a trusted source for millions of homebuyers and renters and their insights provide advertisers with a unique opportunity to reach consumers at key decision-making moments,” said Ashley Wheeler, SVP, DV+ Platform at Magnite. “We’re excited to work closely with the Redfin team to enrich their omnichannel inventory and create more impactful advertising experiences.”

    About Magnite

    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    About Redfin

    Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

    Media Contact:

    Megan Hughes
    mhughes@magnite.com

    Investor Relations Contact:

    Nick Kormeluk
    nkormeluk@magnite.com
    949-500-0003

    The MIL Network –

  • MIL-OSI: CIRA’s award-winning ‘What’s up with the internet?’ podcast returns for its third season to investigate the impact of online misinformation

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Today, CIRA announces the premiere of the third season of its award-winning podcast, What’s up with the internet? centred around the rise of online misinformation. Returning fresh off a win for ‘Best Technology Series’ at the fifth annual Canadian Podcast Awards, this season of What’s up with the internet? is an eye-opening investigation to uncover the truth behind online lies.

    Across six episodes, season three of What’s up with the internet? reveals the sources behind online misinformation, how it spreads, along with deep insight into the harm it does. Host Takara Small also walks listeners through a fact-checking toolkit with guest Matthew Johnson, Director of Education for MediaSmarts, so that more Canadians can feel equipped with ways to identify fact from fiction and verify what they see online.

    This season features ongoing commentary and guest interviews from technology experts, media researchers and more. Guests for season three include journalist and business executive Sue Gardner, professor and author Timothy Caulfield, Michael Kropveld, Founder and Executive Director of Info-Cult/Info-Sect and more. Listeners can learn more at cira.ca/podcast and follow What’s up with the internet? on all major podcast platforms, including Apple Podcasts and Spotify.

    Executive quotes

    “Misinformation is easy to fall for because it often feels right and we’re all susceptible to it, regardless of intelligence or education. That’s one reason why this season of What’s up with the internet? is about more than just a deep dive into the origins of this phenomenon but what to look for, too. It’s about separating myth from truth and giving you what you need to know and sometimes what you didn’t even know you needed.” – Takara Small, host What’s up with the internet?

    “If you spend any time online, chances are you’ve been exposed to online misinformation. Canadians just emerged from an election where algorithm-driven misinformation was rampant. This season, our podcast explores how and why that is—and most importantly, what Canadians can do to protect themselves and their loved ones from falling for fake news.” – Spencer Callaghan, Director, Brand and Communications, CIRA.

    About CIRA
    CIRA is the national not-for-profit best known for managing the .CA domain on behalf of all Canadians. As a leader in Canada’s internet ecosystem, CIRA offers a wide range of products, programs and services designed to make the internet a secure and accessible space for all. CIRA represents Canada on both national and international stages to support its goal of building a trusted internet for Canadians by helping shape the future of the internet.

    About Takara Small
    Takara Small is a Canadian journalist and radio host. She is the national technology columnist for CBC (Canada’s public broadcaster) and a radio contributor for BBC Radio. Additionally, she was named one of the 100 Most Powerful Women in Canada for her contributions to media and recently named a Young Leaders of America Fellow.

    She was previously the contributing editor for Fortune magazine and host of the CBC podcast Death in Cryptoland, which was #1 on Apple Podcasts. Her work has appeared in numerous publications, which include Refinery29, Metro News, Chatelaine, Mic and more.

    Media contacts
    Shehnila Sayeed
    CIRA
    shehnila.sayeed@cira.ca 
    +1 613 316-2397

    The MIL Network –

  • MIL-OSI United Nations: UN peacekeepers bring stability to chaos. It’s an investment in ending violence — Op-Ed of the Secretary General

    Source: United Nations – Peacekeeping

    Conflicts are intensifying. Trust in global cooperation is weakening. The world cannot shortchange peacekeepers and the communities and people who depend on their lifesaving work.
    United Nations peacekeepers and their iconic blue helmets are one of the most powerful examples of the world’s commitment to peace.
    Across eight decades, they have helped dozens of countries caught in conflict take their first steps toward stability, recovery and peace.
    Today, more than 61,000 military and police peacekeepers from 119 countries, and more than 7,000 civilian personnel, are an anchor of security in a sea of conflict and danger.
    Read the full article published in USA Today.

    MIL OSI United Nations News –

  • MIL-OSI USA: Embrace the process: Master Sgt. Preston Lewis Reflects on service, leadership, legacy at African Lion 2025

    Source: United States Army

    U.S. Army Master Sgt. Preston Lewis, assigned to U.S. Army Southern European Task Force, Africa (SETAF-AF), poses for a picture during African Lion 2025 (AL25) at Agadir, Morocco on May 8, 2025. African Lion 25 (AL25), the largest annual military exercise in Africa, brings together over 50 nations, including seven NATO allies and 10,000 troops to conduct realistic, dynamic and collaborative training in an austere environment that intersects multiple geographic and functional combatant commands. Led by U.S. Army Southern European Task Force, Africa (SETAF-AF) on behalf of the U.S. Africa Command, AL25 takes place from April 14 to May 23, 2025, across Ghana, Morocco, Senegal, and Tunisia. This large-scale exercise will enhance our ability to work together in complex, multi-domain operations—preparing forces to deploy, fight and win. (U.S. Army photo by Sgt. 1st Class Andrew Mallett) (Photo Credit: Sgt. 1st Class Andrew Mallett) VIEW ORIGINAL

    Back to

    U.S. Army Southern European Task Force, Africa (SETAF-AF)

    AGADIR, Morocco – On the surface, U.S. Army Master Sgt. Preston Lewis’s role in African Lion 2025 (AL25) might seem procedural—coordinating accountability, awards and human resource (HR) operations across four countries, including 50 multinational partner nations. But behind the spreadsheets, manifests and morning reports is a leader nearing the end of a 20-year journey through some of the most defining environments in the modern U.S. Army.

    For Lewis, currently serving as the Plans, Operations and Personnel Accountability (G1) noncommissioned officer in charge (NCOIC) for U.S. Army Southern European Task Force, Africa (SETAF-AF), AL25 has been both a capstone assignment and a full-circle reflection of what service means.

    “I was assigned to assist in human resource operations, particularly personnel accountability for the entire area of responsibility,” Lewis said. “This is my first time supporting African Lion, and it’s been a great experience—setting the HR conditions and procedures across all spokes of the exercise.”

    A global career, rooted in purpose

    Lewis enlisted from Akron, Ohio, in 2005, beginning a career that would span the globe and multiple operational domains. From fueling helicopters in Korea, to serving as a gunner in Iraq, an inspector general at Fort Knox, and now a senior HR planner in Italy—his breadth of assignments reflects a generation of service shaped by war, reform and transformation.

    U.S. Army Master Sgt. Preston Lewis, assigned to U.S. Army Southern European Task Force, Africa (SETAF-AF), poses for a photo during African Lion 2025 (AL25) at Agadir, Morocco, May 8, 2025. African Lion 25 (AL25), the largest annual military exercise in Africa, brings together over 50 nations, including seven NATO allies and 10,000 troops to conduct realistic, dynamic and collaborative training in an austere environment that intersects multiple geographic and functional combatant commands. Led by U.S. Army Southern European Task Force, Africa (SETAF-AF) on behalf of the U.S. Africa Command, AL25 takes place from April 14 to May 23, 2025, across Ghana, Morocco, Senegal, and Tunisia. This large-scale exercise will enhance our ability to work together in complex, multi-domain operations—preparing forces to deploy, fight and win. (U.S. Army photo by Sgt. 1st Class Andrew Mallett) (Photo Credit: Sgt. 1st Class Andrew Mallett) VIEW ORIGINAL

    “I’ve been fortunate to serve all over the world,” Lewis said. “I’ve deployed in support of Operation Iraqi Freedom, Operation Enduring Freedom-Afghanistan, and Atlantic Resolve-Poland. I’ve served as a fueler, a drill sergeant and now as an HR professional. It’s been a journey.”

    He joined SETAF-AF in April 2023 after serving as an inspector general with U.S. Army Cadet Command, then quickly integrated into one of the most operationally agile staff directorates in the theater. At AL25, his work enabled the personnel functions that make a 10,000-troop, 50-nation exercise succeed: accountability, essential personnel services and award recognition planning.

    “Success for the G1 team during AL25 is 100% accountability, timely and accurate HR support and appropriate awards recognition,” he said. “And that’s a team effort—from my leadership to our junior NCOs [noncommissioned officers].”

    Interoperability through friction

    In a joint and multinational environment, personnel accountability is not just a checklist; it is a dynamic, evolving challenge. Working alongside units like the 646th Regional Support Group, U.S. Army Reserve unit under the 103rd Expeditionary Sustainment Command, and coordinating across language and procedural barriers, Lewis and his team had to balance doctrinal processes with real-world adaptability.

    “Interoperability is a daily goal, but the friction it creates is also where the most meaningful growth happens,” he said. “It forces you to communicate better, plan tighter and adjust faster.”

    He credited U.S. Army Lt. Col. Bridgette Bell, G1 division chief, SETAF-AF, and Staff Sgt. Alessandra Johnson, an HR operations NCO with the same unit, for creating an environment where clarity and initiative are standard.

    Leadership, legacy and the long view

    For Lewis, who will soon transition to serve as the brigade human resources NCOIC for the 207th Military Intelligence Brigade, the pace has not slowed. But he is increasingly aware of his next chapter, especially as he watches his son, a newly minted geospatial engineer, begin his own Army career.

    U.S. Army Master Sgt. Preston Lewis, right, stands proudly beside his son, Pfc.Tristin D. Griffin, following Griffin’s Advanced Individual Training graduation at Fort Leonard Wood, Missouri, April 16, 2025. The moment marked a generational milestone as one Soldier nears the end of a 20-year career, and another begins his own journey in uniform. The image accompanies Lewis’ African Lion 2025 (AL25) feature story on leadership, legacy and service. African Lion 25 (AL25), the largest annual military exercise in Africa, brings together over 50 nations, including seven NATO allies and 10,000 troops to conduct realistic, dynamic and collaborative training in an austere environment that intersects multiple geographic and functional combatant commands. Led by U.S. Army Southern European Task Force, Africa (SETAF-AF) on behalf of the U.S. Africa Command, AL25 takes place from April 14 to May 23, 2025, across Ghana, Morocco, Senegal, and Tunisia. This large-scale exercise will enhance our ability to work together in complex, multi-domain operations—preparing forces to deploy, fight and win. (Courtesy photo) (Photo Credit: SETAF Africa) VIEW ORIGINAL

    “My son just graduated AIT [advanced individual training] and wants to become a warrant officer,” he shared proudly. “At the same time, my daughter was inducted into the National Honor Society at Vicenza High School. Seeing them grow reminds me that I’m at the point where legacy matters.”

    That legacy is shared closely with his wife, Teresha, who also serves in the SETAF-AF community as a human resources specialist, Civilian Personnel Division. Together, they have raised a family and built a life anchored in purpose, service and resilience.

    “Preston is the kind of leader who shows up for his people, even when no one’s watching.” said Teresha. “He’s devoted to his team, to our family, and to building something that lasts beyond the uniform.”

    To those who wear a military uniform, including his children, he gives the following advice.

    “Embrace the process. We live in a world of instant gratification, but the journey is the gift,” he said. “The most valuable lessons I’ve learned have come through struggle, reflection and the grind.”

    About SETAF-AF

    U.S. Army Southern European Task Force, Africa (SETAF-AF) prepares Army forces, executes crisis response, enables strategic competition and strengthens partners to achieve U.S. Army Europe and Africa and U.S. Africa Command campaign objectives.

    Follow SETAF-AF on:

    Facebook, X, Instagram, YouTube, LinkedIn & DVIDS

    MIL OSI USA News –

  • MIL-OSI Security: Mexican fishermen indicted for illegal red snapper harvesting in U.S. waters

    Source: Office of United States Attorneys

    First illegal fishing case in Southern District of Texas with potential prison time

    BROWNSVILLE, Texas – A Brownsville grand jury has indicted a crew of four men from Matamoros, Mexico, for unlawfully transporting fish taken from the Gulf of America, announced U.S. Attorney Nicholas J. Ganjei.

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

    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 (SPI).

    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 in violation of federal law.

    If convicted, they face up to five years in federal prison and a possible $250,000 maximum fine.

    Immigration and Customs Enforcement-Homeland Security Investigations, Coast Guard Investigative Services, Coast Guard Station SPI, Customs and Border Protection Air and Marine Operations, National Oceanic and Atmospheric Administration, Texas Parks and Wildlife and South Padre Island Police Department conducted the joint investigation.

    Assistant U.S. Attorney William Hagen is prosecuting the case.

    An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office is Looking for Additional Victims in the iCare Gifting Solutions Case

    Source: Office of United States Attorneys

    SYRACUSE, NEW YORK – The U.S. Attorney’s Office is looking for additional victims ahead of the sentencing, in June, of Robert Rahlre, who pled guilty earlier this year to tax evasion and wire fraud.

    As part of his guilty plea, Rahrle admitted that from 2017 to 2024, he ran a fraudulent online gift basket website called iCare Gifting Solutions LLC. iCare purported to cater to families of incarcerated individuals, promising to send care packages into prisons.  iCare charged hundreds of customers approximately $50 per gift basket but never sent the gift packages.

    Sentencing is scheduled for June 11, 2025, before Senior United States District Judge Glenn T. Suddaby in Syracuse.

    Victims of the charged offense have a right to request restitution for financial loss.

    If you are a victim of Rahlre’s fraud scheme who wants to complete a statement about the impact of the crime on you and/or to request the Court to order the defendant to pay you restitution, please send your statement to USANYN-VictimAssist@USDOJ.GOV by no later than June 6. Anyone claiming to be a victim of iCare Gifting Solutions must provide documentation of a purchase they made from that company.

    More information is available on the Victim Witness Assistance page of the U.S. Attorney’s Office web site. 

    MIL Security OSI –

  • MIL-OSI: Angola Entry via Strategic Partnership with Corcel plc Investment in KON-16 Onshore Kwanza Basin

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to announce the formation of a strategic partnership with Corcel, plc (AIM: CRCL) (“Corcel”) focused initially on opportunities in Angola.

    Specifically, Sintana and Corcel have entered into an agreement which provides for Sintana’s acquisition of an indirect 5% net interest in KON-16 located in the onshore Kwanza Basin in Angola. Sintana will acquire its interest through the acquisition of a 5.88% equity stake in a newly formed Special Purpose Vehicle (“SPV”) that will hold Corcel’s consolidated 85% gross interest in KON-16. Additionally, Sintana will receive a future 2.5% Net Profits Interest (“NPI”) on Corcel’s interest in KON-16 of up to $50,000,000, after which the NPI reduces to 1.5%. The consideration for the transaction is a total of US$2.5MM payable by way of an initial US$500,000 deposit and a balance of payment at closing, which is subject to entry into definitive documents and other completion conditions expected to occur in Q3 2025.

    KON-16 represents one of the most exciting opportunities in the onshore Kwanza Basin with a history of successful exploration establishing petroleum systems in both post- and pre-salt intervals. KON-16 has multiple exploration opportunities, including a large, multi-target prospect whose primary targets contain estimated unrisked volumes of several hundred million barrels of recoverable oil.

    Corcel and Sintana have also executed a Joint Study and Bid Agreement establishing an alliance to evaluate and pursue oil and gas exploration and production opportunities in Angola. Under the agreement, both parties commit to jointly collaborate on the identification and review of new opportunities. Participation in any specific opportunity is voluntary and subject to unanimous agreement on commercial and other bid terms.

    “Our emerging partnership with Corcel is emblematic of our strategy to work with best-in-class partners and deploy high impact capital that brings us exposure to large potential resource outcomes that require little additional capital,” said Robert Bose, CEO of Sintana. “We look forward to the expansion of our West African conjugate margin exposure through our acquisition of an interest in KON-16, one of the most promising blocks in a proven, underexplored basin,” he added.

    ABOUT SINTANA ENERGY:

    The Company is engaged in petroleum and natural gas exploration and development activities on six large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

    On behalf of Sintana Energy Inc.,

    “A. Robert Bose”
    Chief Executive Officer

    For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com

    Corporate Contacts:   Investor Relations Advisor:
    Robert Bose Sean Austin Jonathan Paterson
    Chief Executive Officer Vice-President Founder & Managing Partner
    212-201-4125 713-825-9591 Harbor Access
    475-477-9401
         

    Forward-Looking Statements

    Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, statements as to the future prospectivity of KON-16, the closing of the proposed transaction with Corcel as presently proposed or at all, the receipt of all applicable regulatory approvals, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56e0d936-7e4d-49ce-8408-a41979ca8677

    The MIL Network –

  • MIL-OSI USA: House Republicans Block Gomez Paid Leave Amendment During Ways and Means Committee Markup

    Source: United States House of Representatives – Congressman Jimmy Gomez (CA-34)

    Watch Rep. Jimmy Gomez’s remarks HERE.

    WASHINGTON, DC — During a House Ways and Means Committee hearing today, Representative Jimmy Gomez (CA-34), Chair of the Congressional Dads Caucus, introduced an amendment to improve the federal tax credit for businesses that offer paid family and medical leave. The amendment would have made the existing credit — originally passed in the Republican 2017 tax law — work better for working families. But House Republicans blocked it.

    “Paid family leave is also about being there when a loved one is diagnosed with cancer or a terminal illness,” said Rep. Gomez. “It’s about being there during the most vulnerable and emotional times in someone’s life. If you want to be pro-family, support this amendment. Show people that you’re thinking about them.”

    Rep. Gomez’s amendment would have tripled the credit for small businesses to 75%; increased the credit for larger businesses to 50%; protected workers by requiring job security, continued health benefits, and banning retaliation; and reimbursed states that already run paid leave programs. Today, fewer than 1,000 businesses claim the existing paid leave tax credit—showing how limited it’s been since Republicans first passed it in 2017.

    As Dads Caucus Chairman, Rep. Gomez is leading a growing coalition of more than 45 members—including three senators: Andy Kim (D-NJ), Ruben Gallego (D-AZ), and Adam Schiff (D-CA)—in advocating for family-friendly policies that help working families afford their mortgages, rent, child care, and everyday essentials. Learn more about the Dads Caucus here and read the Dads Caucus 118th Congress report here.

    For more updates from Congressman Gomez, follow @RepJimmyGomez on Instagram, Facebook, Threads, and X.

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: Chinese President Xi Jinping Meets with Chilean President /detailed version-1/

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, May 14 (Xinhua) — Chinese President Xi Jinping on Wednesday met with Chilean President Gabriel Boric, who is in Beijing to attend the fourth ministerial meeting of the China-CELAC (Community of Latin American and Caribbean States) Forum.

    During the meeting, the Chinese head of state noted that this year marks the 55th anniversary of the establishment of diplomatic relations between the two countries. It is important for China and Chile to constantly fill the comprehensive strategic partnership between the two countries with the content of a new era, create a model for the joint development of China and Latin American countries, set an example of South-South cooperation, and jointly promote the cause of peace and progress of mankind, Xi Jinping said.

    China, Xi Jinping continued, is ready to work with Chile to strengthen political mutual trust, intensify exchanges of experience in public administration, firmly support each other on issues affecting the core interests and major concerns of the two countries, and protect their sovereignty, security and development interests.

    Xi Jinping called on the two countries to effectively implement the Belt and Road cooperation plan, deepen cooperation in agriculture, forestry, animal husbandry, fisheries, industrial investment, infrastructure and green mining, and create new growth points in areas such as astronomy, polar exploration, artificial intelligence, biomedicine and the digital economy.

    He said China supports more Chinese enterprises to invest and do business in Chile and welcomes more high-quality Chilean products to enter the Chinese market.

    Xi Jinping noted the importance for both sides to intensify civilizational mutual learning, effectively organize exchanges in the fields of education, culture, media and youth, and facilitate mutual travel of citizens of the two countries.

    As firm supporters of multilateralism and free trade, China and Chile should step up multilateral cooperation to safeguard the common interests of countries in the Global South, Xi added.

    Calling China Chile’s most important trading partner, Mr. Boric said bilateral cooperation has benefited the peoples of the two countries.

    Chile will firmly adhere to the one-China principle, expand cooperation with China in areas such as trade, investment, and AI, jointly promote high-quality cooperation under the Belt and Road Initiative, and strengthen people-to-people and cultural exchanges, he said.

    All countries should adhere to the principles of free trade, mutual benefit and win-win results. Trade should not serve only the interests of one country, he said, adding that waging a trade war only leads to a dead end.

    The Republic of Chile is willing to work with China to firmly uphold multilateralism and the authority of the United Nations, insist on resolving differences through dialogue, and jointly uphold international justice, he said.

    During G. Borich’s visit to China, the parties signed a number of documents on cooperation in such areas as economics, publishing, inspection and quarantine, mass media and think tanks. -0-

    MIL OSI Russia News –

  • MIL-OSI: Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.

    Highlights

    Financial results

    • Lower EBITDA(A)1, operating income and net earnings in Q1-2025
      • Production down 4% (1% on a Combined1 basis)2 from Q1-2024 and 10% (11%) below anticipated production1. Good weather conditions in Canada partially offset less favourable conditions in France.
      • EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France.
      • Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024.
      • Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024.
    • Lower cash flow related to operating activities for the quarter but consistently strong balance sheet
      • Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024.
      • Discretionary cash flows1 of $74 million for Q1-2025, down $4 million from Q1-2024.
      • $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing1 as at March 31, 2025.
      • Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April.

    Update on development and construction activities

    • Start of production at the 106 MW Limekiln wind farm in Scotland
    • Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges
      • Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning scheduled for summer 2025.
      • Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025.
      • Ongoing work on the Des Neiges Sud wind project in Québec (total 400 MW, Boralex’s share 133 MW), with phased commissioning scheduled for in late 2026/early 2027.
    • 129 MW added to early-stage project pipeline

    “Boralex has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential. I am very grateful to our teams, whose dedication continue to ensure the company’s growth in our strategic markets. In a context of increasingly volatile resources, the geographic and technological diversification of our operations makes us more resilient,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

    “During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favourable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets. We look forward to sharing news on our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto,” Mr. Decostre added.

    ______________________________________________
    1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
    2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

    1st quarter highlights

    Three-month periods ended March 31

        Consolidated   Combined  
    (in millions of Canadian dollars, unless otherwise specified) (unaudited)   2025   2024   Change   2025   2024   Change  
                $   %           $   %  
    Power production (GWh)(1)   1,691   1,767   (76 ) (4 ) 2,334   2,355   (21 ) (1 )
    Revenues from energy sales and                                  
    feed-in premium   226   259   (33 ) (13 ) 267   291   (24 ) (8 )
    Operating income   65   106   (41 ) (39 ) 99   134   (35 ) (26 )
    EBITDA(A)   176   195   (19 ) (10 ) 199   218   (19 ) (9 )
    Net earnings   41   73   (32 ) (44 ) 41   73   (32 ) (44 )
    Net earnings attributable to                                  
    shareholders of Boralex   30   55   (25 ) (46 ) 30   55   (25 ) (46 )
    Per share – basic and diluted   $0.29   $0.53   ($0.24 ) (46 ) $0.29   $0.53   ($0.24 ) (46 )
    Net cash flows related to operating                                  
    activities   172   230   (58 ) (25 ) —   —   —   —  
    Cash flows from operations(2)   135   157   (22 ) (14 ) —   —   —   —  
    Discretionary cash flows   74   78   (4 ) (5 ) —   —   —   —  
    (1) Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed- in premium.
    (2) The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.

    In the first quarter of 2025, Boralex produced 1,691 GWh (2,334 GWh) of electricity, 4% (1%) less than the 1,767 GWh (2,355 GWh) produced in the same quarter of 2024. The decrease was attributable mainly to unfavourable wind conditions in France and to a lesser degree to hydropower in the United States. Boralex ended the quarter with production that was 10% (11%) below anticipated production.

    Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2025, amounted to $226 million ($267 million), 13% (8%) lower than in the first quarter of 2024. The decrease was mainly attributable to the lower production and price impact in France, where Boralex had benefited from higher prices in the previous year. EBITDA(A) amounted to
    $176 million ($199 million), down 10% (9%) from the first quarter of 2024. The lower prices in France were partly offset by a decrease in the inframarginal rent contribution, which no longer applies in 2025. Operating income totalled $65 million ($99 million), compared to $106 million ($134 million) for the same quarter of 2024. Boralex posted net earnings of $41 million, down $32 million from $73 million in the same quarter of 2024.

    Outlook

    Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements of fiscal 2024 in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, which is available in the Investors section of the Boralex website.

    In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs.

    Finally, to fuel its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 8 GW of wind, solar and energy storage projects.

    Dividend declaration

    The Company’s Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025. Boralex designates this dividend as an “eligible dividend” pursuant to paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

    Non-IFRS measures

    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses various performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. It is important to note that the non-IFRS financial measures should not be considered as substitutes for IFRS measures. They are primarily derived from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. In addition, these non-IFRS financial measures are not audited and have important limitations as analytical tools. Investors are therefore cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-IFRS financial measures
    Specific financial measure Use Composition Most directly comparable IFRS measure
    Financial data – Combined (all disclosed financial data) To assess the performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

    		 Respective financial data – Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.

    Corporate objectives for 2025 from the strategic plan.

    		 Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less:

    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;(iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).

    		 Net cash flows related to operating activities
    Cash flows from operations To assess the cash generated by the Corporation’s operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities
    Available cash and cash equivalents(1) To assess the cash and cash equivalents available, as at the balance sheet date, to fund the Corporation’s growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents
    Available cash resources and authorized financing(1) To assess the total cash resources available, as at the balance sheet date, to fund the Corporation’s growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents


    (1)     For more details on the reconciliation between the non-GAAP financial measure and the most directly comparable financial measure, see the Capital and liquidity – Available cash resources and authorized financing section in this report.

    Other financial measures – Total of segments measure
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Supplementary Financial Measures
    Specific financial measure Composition
    Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility – France and the unused tranche of the construction facility.
    Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.


    Combined

    The following tables reconcile Consolidated financial data with data presented on a Combined basis:

          2025     2024
    (in millions of Canadian dollars) (unaudited) Consolidated Reconciliation(1) Combined Consolidated  Reconciliation(1) Combined
    Three-month periods ended March 31:            
    Power production (GWh)(2) 1,691 643 2,334 1,767 588 2,355
    Revenues from energy sales and feed-in            
    premium 226 41 267 259 32 291
    Operating income 65 34 99 106 28 134
    EBITDA(A) 176 23 199 195 23 218
    Net earnings 41 — 41 73 — 73
      As at March 31, 2025 As at December 31, 2024
    Total assets 7,582 924 8,506 7,604 872 8,476
    Debt – Principal balance 4,095 554 4,649 4,032 556 4,588
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $1 million under EBITDA(A) for the three-month period ended March 31, 2025 ($1 million as at March 31, 2024).
    (2) Includes compensation following electricity production limitations.


    EBITDA(A)

    EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and restructuring costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

    EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

    EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

              2025           2024   Change
    2025 vs 2024
    (in millions of Canadian dollars) (unaudited) Consolidated   Reconciliation(1)   Combined   Consolidated   Reconciliation(1)   Combined   Consolidated   Combined
    Three-month periods ended March 31:                              
    EBITDA(A) 176   23   199   195   23   218   (19 ) (19)
    Amortization (74 ) (16 ) (90 ) (73 ) (15 ) (88 ) (1 ) (2)
    Impairment (6 ) —   (6 ) —   —   —   (6 ) (6)
    Other gains (losses) (4 ) —   (4 ) 4   —   4   (8 ) (8)
    Share in earnings of joint ventures                              
    and associates (28 ) 28   —   (19 ) 19   —   (9 ) —
    Change in fair value of a derivative                              
    included in the share in earnings of                              
    a joint venture 1   (1 ) —   (1 ) 1   —   2   —
    Operating income 65   34   99   106   28   134   (41 ) (35)
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.


    Cash flow from operations and discretionary cash flows

    The Corporation computes the cash flow from operations and discretionary cash flows as follows:

      Consolidated
      Three-month periods ended   Twelve-month periods ended  
      March 31   March 31   December 31  
    (in millions of Canadian dollars) (unaudited) 2025   2024   2025   2024  
    Net cash flows related to operating activities 172   230   157   215  
    Change in non-cash items relating to operating activities (37 ) (73 ) 236   200  
    Cash flows from operations 135   157   393   415  
    Repayments on non-current debt (projects)(1) (64 ) (65 ) (238 ) (240 )
    Adjustment for non-operating items(2) 5   —   11   7  
      76   92   166   182  
    Principal payments related to lease liabilities(3) (7 ) (6 ) (20 ) (19 )
    Distributions paid to non-controlling shareholders(4) (4 ) (18 ) (38 ) (52 )
    Additions to property, plant and equipment        
    (maintenance of operations) (2 ) (2 ) (10 ) (10 )
    Development costs (from statement of earnings) 11   12   56   57  
    Discretionary cash flows 74   78   154   158  
    (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio.
    (2) For the twelve-month periods ended March 31, 2025 and December 31, 2024, favourable adjustment consisting mainly of acquisition and restructuring costs.
    (3) Excludes the principal payments related to lease liabilities for projects under development and construction.
    (4) Includes distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.


    Available cash resources and authorized financing

    The Corporation computes the cash flow from operations and discretionary cash flows, as well as available cash resources and authorized financing, as follows:

    (in millions of Canadian dollars) (unaudited) As at March 31,
    2025    		   As at December 31,
    2024    		  
    Available cash and cash equivalents(1)        
    Cash and cash equivalents 388   592  
    Cash and cash equivalents held by entities subject to project debt agreements and restrictions (318 ) (526 )
    Bank overdraft (13 ) (5 )
    Available cash and cash equivalents 57   61  
    Credit facilities of the parent company    
    Authorized credit facility(2) 550   550  
    Amounts drawn under the authorized credit facility(3) (178 ) (157 )
    Unused tranche of the parent company’s credit facility 372   393  
    Unused tranche of the subsidiary’s credit facilities 75   69  
    Credit facilities available for growth(4) 447   462  
    Available cash resources and authorized financing 504   523  
    (1) Available cash and cash equivalents is a non-GAAP measure and doesn’t have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section in this report.
    (2) Excluding the accordion clause of $200 million ($150 million as at December 31, 2024).
    (3) As at March 31, 2025, this amount included $13 million in letters of credit ($33 million as at December 31, 2024).
    (4) Credit facilities available for growth is a supplementary financial measure. For more details, see the Non-IFRS and other financial measures section in this report.


    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information:

    The MIL Network –

  • MIL-OSI: Global-e Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the first quarter of 2025.

    “We had another quarter of strong results, demonstrating our ability to grow fast even within macroeconomic turbulent times with Q1 results coming in at or above the midpoints across our guidance. While the market remains volatile with a higher level of uncertainty given the on-going global duty tariff dynamics, our pipeline is very active and we see increased interest in our services.”

    We are also excited about the long term extension of our strategic partnership agreement with Shopify, which will allow us to take this partnership to the next level,” said Amir Schlachet, Founder and CEO of Global-e.”

    Q1 2025 Financial Results

    • GMV1 in the first quarter of 2025 was $1,243 million, an increase of 34% year over year
    • Revenue in the first quarter of 2025 was $189.9 million, an increase of 30% year over year, of which service fees revenue was $84.0 million and fulfillment services revenue was $105.9 million
    • Non-GAAP gross profit2 in the first quarter of 2025 was $86.3 million, an increase of 31% year over year. GAAP gross profit in the first quarter of 2025 was $84.1 million
    • Non-GAAP gross margin2 in the first quarter of 2025 was 45.4%, compared to 45.3% in the first quarter of 2024. GAAP gross margin in the first quarter of 2025 was 44.3%
    • Adjusted EBITDA3 in the first quarter of 2025 was $31.6 million compared to $21.3 million in the first quarter of 2024
    • Net loss in the first quarter of 2025 was $17.9 million compared to $32.1 million in the first quarter of 2024

    Recent Business Highlights

    • Announced a new 3-year strategic partnership agreement with Shopify, renewing the companies’ long-standing relationship for both 1P (i.e. Shopify Managed Markets) and 3P solutions
    • Launched our 3B2C offering allowing merchants to partially mitigate unnecessary price hikes in key destination markets, while avoiding the costs and effort involved in creating a full multi-local setup for specific markets
    • Revamped our Merchant Portal, adding two important Self-Service BI tools for merchants – a real time sales dashboard and a funnel analysis dashboard, and providing easier access to frequently used areas
    • Continued growing with brands across geographies and verticals, including:
      • Europe: Launched Subdued out of Italy and VIBAe footwear, Global-e’s first large merchant based in Finland
      • Sports clubs: Launched with Atletico Madrid in Spain
      • APAC: Multiple merchant launches including Threetimes and Samo Ondoh in Korea, T2Tea and Scarlet & Sam in Australia, Bandai-Namco, United Arrows Tabaya and Sacai in Japan, and many more
      • Expanded with a number of merchants including the launch of Adidas Hong Kong

    Q2 2025 and Full Year Outlook

    Global-e is introducing second quarter guidance and is maintaining the full year guidance as follows:

    Q2 2025 and Full Year Outlook

    Global-e is introducing second quarter guidance and is maintaining the full year guidance as follows:

      Q2 2025   FY 2025   Previous FY 2025
    (in millions)
    GMV (1) $1,387 – $1,427   $6,190 – $6,490   $6,190 – $6,490
    Revenue $204 – $211   $917 – $967   $917 – $967
    Adjusted EBITDA (3) $35 – $39   $179 – $199   $179 – $199

    1 Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

    2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

    3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.

    Conference Call Information:

    Global-e will host a conference call at 8:00 a.m. ET on Wednesday, May 14, 2025.
    The call will be available, live, to interested parties by dialing:

    United States/Canada Toll Free: 1-800-717-1738
    International Toll: 1-646-307-1865
       

    A live webcast will also be available in the Investor Relations section of Global-E’s website at: https://investors.global-e.com/news-events/events-presentations

    Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.

    The press release with the financial results will be accessible on the Company’s Investor Relations website prior to the conference call.

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:

    • Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
    • Adjusted EBITDA, which Global-e defines as net profit (loss) adjusted for income tax (benefit) expenses, financial expenses (income) net, stock based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles, merger related contingent consideration, and acquisition related expenses.
    • Free Cash Flow, which Global-e defines as net cash provided by operating activities less the purchase of property and equipment.

    Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

    The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.

    Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

    Cautionary Note Regarding Forward Looking Statements

    This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; our ability to retain existing merchants and to attract new merchants; our ability to anticipate merchant needs or develop or integrate new functionality or enhance our existing platforms to meet those needs; the impact of imposed tariffs or other trade regulations on our business and financial results; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to adapt our platform and services for the Shopify platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets and the introduction of new platforms and offerings; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a D2C model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events or conditions in individual markets such as financial and credit market fluctuations, war, climate change, and macroeconomic events; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 27, 2025 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

    About Global-E Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,400 brands and retailers across the North America, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contact:
    Alan Katz
    Vice President, Investor Relations
    IR@global-e.com

    Press Contact:
    Sarah Schloss
    Headline Media
    Globale@headline.media 
    +1 786-233-7684

    Global-E Online Ltd.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
     
        Period Ended
         December 31,     March 31, 
         2024     2025 
          (Audited)        (Unaudited)  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 254,620     $ 207,716  
    Short-term deposits     183,475       183,229  
    Accounts receivable, net     41,171       34,700  
    Prepaid expenses and other current assets     84,613       116,967  
    Marketable securities     36,345       53,888  
    Funds receivable, including cash in banks     122,984       87,484  
    Total current assets     723,208       683,984  
    Property and equipment, net     10,440       10,453  
    Operating lease right-of-use assets     24,429       23,365  
    Deferred contract acquisition and fulfillment costs, noncurrent     3,787       3,836  
    Long-term investments and other long-term assets     8,313       8,213  
    Commercial agreement asset     66,527        29,510  
    Goodwill     367,566        367,566  
    Intangible assets, net     59,212        54,810  
    Total long-term assets     540,274       497,753  
    Total assets   $ 1,263,482     $ 1,181,737  
    Liabilities and Shareholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 79,559     $ 67,184  
    Accrued expenses and other current liabilities     141,551       117,852  
    Funds payable to Customers     122,984       87,484  
    Short term operating lease liabilities     4,347       4,366  
    Total current liabilities     348,441       276,886  
    Long-term liabilities:                
    Long term operating lease liabilities     20,510       19,508  
    Other long-term liabilities     1,098       1,088  
    Total liabilities   $ 370,049     $ 297,482  
                     
    Shareholders’ equity:                
    Share capital and additional paid-in capital     1,425,317       1,434,341  
    Accumulated comprehensive income (loss)     515       169  
    Accumulated deficit     (532,399 )     (550,255 )
    Total shareholders’ equity     893,433       884,255  
    Total liabilities and shareholders’ equity   $ 1,263,482     $ 1,181,737  
                     
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share and per share data)
     
        Three Months Ended  
        March 31,  
        2024     2025  
        (Unaudited)  
    Revenue   $ 145,873     $ 189,882  
    Cost of revenue     82,587       105,798  
    Gross profit     63,286       84,084  
                     
    Operating expenses:                
    Research and development     23,538       28,138  
    Sales and marketing     56,955       63,938  
    General and administrative     12,054       11,193  
    Total operating expenses     92,547       103,269  
    Operating profit (loss)     (29,261 )     (19,185 )
    Financial expenses (income), net     3,510       (1,870 )
    Loss before income taxes     (32,771 )     (17,315 )
    Income taxes     (720 )     541  
    Net earnings (loss) attributable to ordinary shareholders   $ (32,051 )   $ (17,856 )
    Basic and diluted net loss per share attributable to ordinary shareholders   $ (0.19 )     (0.11 )
    Basic and diluted weighted average ordinary shares     166,187,424       169,346,771  
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024   2025
        (Unaudited)  
    Operating activities                
    Net loss   $ (32,051 )   $ (17,856 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Depreciation and amortization     512       536  
    Share-based compensation expense     8,711       8,793  
    Commercial agreement asset amortization     36,296       37,017  
    Intangible assets amortization     5,002       4,402  
    Changes in accrued interest and exchange rate on short-term deposits     369       (842 )
    Unrealized loss (gain) on foreign currency     2,726       (1,477 )
    Accounts receivable     8,418       6,471  
    Prepaid expenses and other assets     2,685       (28,405 )
    Funds receivable     (7,688 )     (9,182 )
    Long-term receivables     708       101  
    Funds payable to customers     (30,857 )     (35,500 )
    Operating lease ROU assets     817       1,064  
    Deferred contract acquisition and fulfillment costs     (268 )     (101 )
    Accounts payable     (17,049 )     (12,375 )
    Accrued expenses and other liabilities     (30,228 )     (23,710 )
    Deferred tax liabilities     (1,424 )     –  
    Operating lease liabilities     (944 )     (983 )
    Net cash (used in) provided by operating activities     (54,265 )     (72,047 )
    Investing activities                
    Investment in marketable securities     (1,042 )     (17,768 )
    Proceeds from marketable securities     1,012       999  
    Investment in short-term investments and deposits     (56,949 )     (70,972 )
    Proceeds from short-term investments     58,000       67,059  
    Investment in long-term deposits     (31 )     –  
    Purchases of property and equipment     (882 )     (548 )
    Net cash (used in) provided by investing activities     108       (21,230 )
    Financing activities                
    Proceeds from exercise of share options     120       210  
    Net cash provided by financing activities     120       210  
    Exchange rate differences on balances of cash, cash equivalents and restricted cash     (2,726 )     1,477  
    Net increase (decrease) in cash, cash equivalents, and restricted cash     (56,763 )     (91,590 )
    Cash and cash equivalents and restricted cash—beginning of period     268,597       331,682  
    Cash and cash equivalents and restricted cash—end of period   $ 211,834     $ 240,092  
    Global-E Online Ltd.
    SELECTED OTHER DATA
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024
    		   2025  
        (Unaudited)  
    Key performance metrics      
    Gross Merchandise Value     929,510               1,242,514            
    Adjusted EBITDA (a)     21,260               31,563            
                                       
    Revenue by Category                                  
    Service fees     68,258       47 %     83,983       44 %  
    Fulfillment services     77,615       53 %     105,899       56 %  
    Total revenue   $ 145,873       100 %   $ 189,882       100 %  
                                       
    Revenue by merchant outbound region                                  
    United States     72,112       49 %     100,554       53 %  
    United Kingdom     41,276       28 %     41,747       22 %  
    European Union     26,343       18 %     33,530       18 %  
    Israel     316       0 %     401       0 %  
    Other     5,826       4 %     13,650       7 %  
    Total revenue   $ 145,873       100 %   $ 189,882       100 %  

    (a) See reconciliation to adjusted EBITDA table

    Global-E Online Ltd.
    RECONCILIATION TO Non-GAAP GROSS PROFIT
    (In thousands)
     
        Three Months Ended  
        March 31,  
          2024       2025  
        (Unaudited)  
    Gross profit     63,286       84,084  
                     
    Amortization of acquired intangibles included in cost of revenue     2,796       2,198  
    Non-GAAP gross profit     66,082       86,282  
    Global-E Online Ltd.
    RECONCILIATION TO ADJUSTED EBITDA
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024
    		   2025
        (Unaudited)  
    Net profit (loss)     (32,051 )     (17,856 )
    Income tax (benefit) expenses     (720 )     541  
    Financial expenses (income), net     3,510       (1,870 )
    Stock-based compensation:                
    Cost of revenue     180       267  
    Research and development     3,468       3,625  
    Selling and marketing     1,282       1,438  
    General and administrative     3,781       3,463  
    Total stock-based compensation     8,711       8,793  
                     
    Depreciation and amortization     512       536  
                     
    Commercial agreement asset amortization     36,296       37,017  
                     
    Amortization of acquired intangibles     5,002       4,402  
    Adjusted EBITDA     21,260       31,563  
    Global-E Online Ltd.
    RECONCILIATION TO Free Cash Flow
    (In thousands)
     
        Three Months Ended  
        March 31,  
          2024       2025  
        (Unaudited)  
    Net cash (used in) provided by operating activities     (54,265 )     (72,047 )
    Purchase of property and equipment     (882 )     (548 )
    Free Cash Flow     (55,147 )     (72,595 )

    The MIL Network –

  • MIL-OSI: LeddarTech Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, May 14, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), today provided a corporate update and announced financial results for the second quarter ended March 31, 2025.

    “We are executing our strategic plan to commercialize LeddarVision™ while we work to address our previously disclosed liquidity challenges. We are also excited to introduce an additional revenue stream, LeddarSim™—a next-generation simulation platform designed to close the gap between virtual testing and real-world deployment of ADAS and AD solutions. LeddarSim will play a critical role in training AI models to accelerate the deployment of ADAS and autonomous driving technologies,” said Frantz Saintellemy, President and CEO of LeddarTech. “In parallel, we are advancing production planning for our first OEM design win, and we are poised to leverage this success to secure additional contracts as the value of our platform becomes increasingly evident to automotive manufacturers.”

    Recent Business and Technology Highlights

    • Launched LeddarSim, a next-generation simulation platform designed to close the gap between virtual testing and real-world deployment.
    • Progressed OEM Design Win Toward Production: LeddarTech is actively providing engineering services to integrate its software platform into the 2028 model year vehicles of one of the world’s leading commercial vehicle OEMs. This design win is expected to generate non-recurring services revenue in fiscal year 2025.

    Customer Traction and Development

    LeddarTech has a robust pipeline of more than 30 active opportunities with original equipment manufacturers (OEMs), as well as Tier 1 and Tier 2 automotive suppliers, aimed at meeting growing consumer demand for enhanced safety features and addressing upcoming regulatory deadlines.

    Fiscal Second Quarter 2025 Financial Highlights1

    Revenue: Revenue for the fiscal second quarter of 2025, ending March 31, 2025, was $238,914, compared to $122,101 in the fiscal quarter ending March 31, 2024.

    Net loss: Net loss for the fiscal second quarter of 2025, ending March 31, 2025, was ($16.0) million, or ($0.42) per share, compared to a net loss of ($17.2) million, or ($0.60) per share, in the fiscal quarter ending March 31, 2024. The decreased net loss was primarily due to lower stock-based compensation and financing expenses, offset by higher R&D expense as we are no longer capitalizing R&D expense.

    EBITDA and adjusted EBITDA2: EBITDA loss for the second quarter of 2025, ending March 31, 2025, was ($8.4) million, compared to a ($14.0) million loss in the fiscal quarter ending March 31, 2024. The lower loss was primarily due to lower stock-based compensation and financing-related expenses, partially offset by higher R&D expense as we are no longer capitalizing a substantial portion of our R&D expenses as we were in the prior period. Adjusted EBITDA loss for the second quarter of 2025, ending March 31, 2025, was ($12.0) million, compared to adjusted EBITDA loss of ($8.7) million in the fiscal quarter ending March 31, 2024. The higher loss was primarily attributable to higher R&D expense as we are no longer capitalizing a substantial portion of our R&D expense.

    Balance Sheet and Liquidity3

    As of March 31, 2025, LeddarTech had a cash balance of approximately $9.2 million, which cash balance had declined to approximately $4.1 million as of May 8, 2025. Pursuant to the amended and restated financing offer dated as of April 5, 2023 with Fédération des caisses Desjardins du Québec (“Desjardins” and the financing offer, as amended, the “Desjardins Credit Facility”), the Company is required to maintain a minimum cash balance of $1.8 million at all times after April 1, 2025. If we are not able to raise additional capital in the next several days, we will be in default under this minimum cash covenant. Moreover, we are obligated to complete an equity financing pursuant to which we must raise an additional US$9.7 million in equity investments prior to May 23, 2025 in order to satisfy the requirement that we raise at least US$35.0 million in equity investments prior to that date. We are also required to produce a plan at the satisfaction of our lenders regarding a refinancing, recapitalization or any suitable transaction no later than May 16, 2025. Toward that end, we have engaged a financial advisor to do a comprehensive review of the options that are available to the Company. We are currently exploring all alternatives to secure the financing necessary to comply with the covenants in our debt arrangements and to continue to pursue our strategic goals. Failure to complete the equity financing by May 23, 2025 or to produce a plan for our lenders by May 16, 2025 constitute liquidity events that could trigger a requirement for us to repay all amounts under our Desjardins Credit Facility, under our bridge financing offer dated as of August 16, 2024 with the initial bridge lenders and certain members of management and the board of directors (collectively, the “Bridge Lenders”, and the financing offer, the “Bridge Facility”), and other indebtedness. At this time, we are not expecting to be able to complete the equity financing or to produce a plan that would be acceptable to all our lenders. Desjardins has expressed an unwillingness to provide additional financing to the Company, but has expressed a willingness to work toward a solution, and LeddarTech is currently engaged with Desjardins and the Bridge Lenders with respect to a potential solution that could result in additional financing for the Company as well as relief from the above-described minimum cash, equity financing and process plan covenants. While LeddarTech is seeking additional financing, we continue to consider all possible cost reduction measures. There is no assurance that such measures could be done successfully, or at all. In such circumstances, LeddarTech’s ability to continue as a going concern would be materially and adversely affected and investors in LeddarTech’s Common Shares could lose all or a substantial part of their investment. For more details, see our Management’s Discussion and Analysis filed with the U.S. Securities and Exchange Commission on the date hereof.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 190 patent applications (112 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    LeddarTech might, in the scope of collaborations, partnerships and projects, from time to time, collect with test vehicles personal information, i.e., information that directly or indirectly identifies members of the public. Collected personal information may be processed, used, stored and communicated by LeddarTech within the scope of developing and training our software and products. For further information about the processing activities, which include the collection, use, storage and communication of personal information, as well as the associated personal information protection rights and how to exercise them, please consult LeddarTech’s Privacy Policy.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.
    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    Continuing operations Q2-2025   Q2-2024  
    Revenues $238,914   $122,101  
    Loss from operations (13,348,106 ) (12,570,811 )
    Finance costs, net 2,710,512   4,741,236  
    Loss before income taxes (15,948,479 ) (17,221,982 )
    Net loss and comprehensive loss (15,961,864 ) (17,238,993 )
    Net loss and comprehensive loss attributable to Shareholders of the Company (15,961,864 ) (17,238,993 )
    Loss per share    
    Net loss per share (basic and diluted) (in dollars) (0.42 ) (0.60 )
    Weighted average common shares outstanding (basic and diluted) 37,573,262   28,770,930  
    EBITDA (loss) (8,394,400 ) (14,011,179 )
    Adjusted EBITDA (loss) (11,979,035 ) (8,729,399 )

      
    The following table sets forth a reconciliation of adjusted EBITDA and EBITDA to net loss reported in accordance with IFRS for the three months ended March 31, 2025 and 2024.

      Q2-2025   Q2-2024  
    Net loss from continued operations ($15,961,864 ) ($17,238,993 )
    Income taxes 13,385   17,011  
    Depreciation of property and equipment 146,882   91,626  
    Depreciation of right-of-use assets 186,356   35,316  
    Amortization of intangible assets (92,832 ) 180,248  
    Interest expenses 7,313,673   2,903,613  
    EBITDA loss from continuing operations (8,394,400 ) (14,011,179 )
         
    Foreign exchange gain (5,663 ) (13,188 )
    Loss (gain) on revaluation of financial instruments
    carried at fair value    		 (4,612,632 ) 1,884,686  
    Gain on lease modification –   (39,305 )
    Stock-based compensation 1,033,660   2,803,357  
    Transaction costs –   646,230  
    Adjusted EBITDA loss from continuing operations (11,979,035 ) (8,729,399 )

     
    Non-IFRS Financial Measures

    A non-IFRS financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in Company’s consolidated primary financial statements.

    In Q2-2024, the Company started to use two new non-IFRS financial measures because we believe these non-IFRS financial measures are reflective of our ongoing operating results and provide readers with an understanding of management’s perspective on and analysis of our performance.

    Below are descriptions of the non-IFRS financial measures that we use to explain our results and reconciliations to the most directly comparable IFRS financial measures.

    EBITDA (loss) is calculated as net earnings (loss) before interest expenses (income), deferred income taxes, depreciation of property and equipment, depreciation of right-of-use assets and amortization of intangible assets.

    EBITDA (loss) should not be considered an alternative to net loss in measuring performance or used as a measure of cash flow.

    Adjusted EBITDA (loss) is calculated as EBITDA (loss), adjusted for foreign exchange gain (loss), loss (gain) on revaluation of financial instruments carried at fair value, gain or loss on lease modification, share‐based compensation, listing expense, transaction costs, restructuring costs and impairment loss on intangible assets.

    ____________________________
    1  All amounts in Canadian dollars except where otherwise noted.
    2  EBITDA and adjusted EBITDA are non-IFRS measures and are presented by the Company as they are used to assess operating performance. These non-IFRS measures do not have standardized meanings under IFRS and are not likely comparable to similarly designated measures reported by other corporations. The reader is cautioned that these measures are being reported in order to complement, and not replace, the analysis of financial results in accordance with IFRS. See “Non-IFRS Financial Measures” below.
    3  All amounts in Canadian dollars except where otherwise noted.

    The MIL Network –

  • MIL-OSI: Bitfarms Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    – Revenue of $67 million, up 33% Y/Y –
    – Gross mining margin of 43%, down from 63% from Q1 2024 –
    – Total energy pipeline of ~1.4 GW, ~80% based in the U.S. –
    – Private debt facility announced in April 2025 with division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline – 

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the first quarter ended March 31, 2025. All financial references are in U.S. dollars.  

    CEO Ben Gagnon stated, “During the quarter, we executed across several key areas in our strategic pivot to the U.S. and HPC. First, we completely transformed our energy portfolio with the strategic and profitable disposition of one of our Paraguayan Bitcoin mining campus, Yguazu, and the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition. This materially reduced capex spending on Bitcoin mining and secured two high potential flagship campuses for HPC while further bolstering our liquidity position. Second, we strengthened our management team with two internal HPC/Infrastructure hires and two world-class external HPC/AI partners who are laser focused on developing and scaling our North American HPC/AI business. Lastly, we continued to make strides with our core Bitcoin mining business, growing our EHuM over 50% in the quarter and achieving our efficiency target of 19 w/TH ahead of schedule. The mining business now provides a stable, low-capex and free cash flow foundation for the Company that positions us very well to grow and develop our U.S. assets into HPC/AI data centers while still capitalizing on any potential Bitcoin upside in 2025 and 2026.

    “We continued this momentum into Q2, having already secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors, to fund HPC data center development at our Panther Creek campus. Panther Creek has the scale, location, power availability, and fiber connectivity that is attracting notable HPC counterparties. This campus also has the quickest energization timeline of our three PA sites, and extensive work is underway on the Site Map Plans, development timelines, budgets and other key initiatives needed in order to begin construction.”

    CFO Jeff Lucas stated, “We are excited to have joined forces with Macquarie to finance our HPC business cost-effectively and with much less dilution than equity funding, creating long-term value for shareholders. In addition to funding the initial phase of our buildout of Panther Creek, their expertise and vast experience in HPC infrastructure financing will be integral as we look to further scale our project and expand to other sites within our portfolio.  With strong and steady mining economics, no plans for additional large miner purchases, minimal impact expected from potential tariffs, and near-term capital expenditures funded or with financing in place, we are confident that our strong financial position will enable us to efficiently and cost-effectively grow our HPC business in the U.S.” 

    Mining Operations

    • Current hashrate of 19.5 EHuM, up 200% from 6.5 EHuM as of March 31, 2024
    • Current efficiency of 19 w/TH, an improvement of 44% from 34 w/TH as of March 31, 2024

    Recent Strategic Developments 

    • Completed acquisition of Stronghold Digital Mining, Inc.
    • Completed sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies Ltd.
    • Secured private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ HPC data center potential
    • Strengthened management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure
    • Completed feasibility assessments for all U.S. sites with two strategic partners, ASG and World Wide Technology, advancing HPC/AI business
    • Initiated Bitcoin One program following the success of  Synthetic HODLTM program in 2024

    Q1 2025 Financial Highlights

    • Total revenue of $67 million, up 33% Y/Y
    • Gross mining margin of 43%, down from 63% in Q1 2024
    • General and administrative expenses of $20 million, inclusive of $2 million in non-recurring expenses related to closing transactions with Stronghold and Hive, compared to $13 million in Q1 2024
    • Operating loss of $32 million compared to an operating loss of $24 million in Q1 2024
    • Net loss of $36 million, or $0.07 per basic and diluted share compared to a net loss of $6 million or $0.02 per basic and diluted share in Q1 2024
    • Adjusted EBITDA* of $16 million, or 23% of revenue, down from $23 million or 46% of revenue in Q1 2024
    • The Company earned 693 BTC at an average direct cost of production per BTC* of $47,800
    • Total cash cost of production per BTC* was $72,300 in Q1 2025

    Liquidity**
    As of May 13, 2025, the Company had total liquidity of approximately $150 million. 

    Q1 2025 and Recent Financing Activities

    • Sold 428 BTC at an average price of $87,100 for total proceeds of $37 million in Q1 2025. Earned 268 BTC and sold 350 BTC during April 2025, generating total proceeds of $30 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives and to supplement our Bitcoin One market operations program.
    • As of May 13, 2025, the Company held 1,166 BTC.
    • Raised $24 million in net proceeds during January 2025 under the Company’s 2024 at-the-market equity offering program (“ATM”). During the period from January 24, 2025 through May 13, 2025, the Company issued zero shares through the ATM.

    Quarterly Operating Performance

      Q1 2025   Q4 2024   Q1 2024
    Total BTC earned                        693                             654                          943
    BTC received through hosting revenue                            6                               —                            —
    BTC sold                        428                             502                          941
      As of March 31,   As of December 31,   As of March 31,
      2025   2024   2024
    Operating EH/s                       19.5                            12.8                           6.5
    Average Watts/Average TH efficiency***                          20                               22                            35
    Operating capacity (MW)                        461                             394                          240
               

    Quarterly Average Revenue**** and Cost of Production per BTC*

      Q1 2025
    		   Q4 2024
    		   Q3 2024
    		   Q2 2024
    		   Q1 2024
    Avg. Rev****/BTC $ 92,500   $ 82,400   $ 60,900   $ 65,800   $ 52,400
    Direct Cost*/BTC $ 47,800   $ 40,800   $ 36,600   $ 30,600   $ 18,400
    Total Cash Cost*/BTC $ 72,300   $ 60,800   $ 53,700   $ 47,600   $ 27,900

    * Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.

    ** Liquidity represents cash and balance of unrestricted digital assets.

    *** Average watts represent the energy consumption of miners.

    **** Average revenue per BTC is for mining operations only and excludes Volta revenue and Hosting revenue.

    Conference Call 

    Management will host a conference call today at 8:00 am EST. All Q1 2025 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.  

    The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    Non-IFRS Measures*
    As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

    The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

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

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

    Glossary of Terms

    • BTC BTC/day = Bitcoin or Bitcoin per day
    • EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • Q/Q = Quarter over Quarter
    • Y/Y = Year over Year
    • Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
    • HPC/AI = High Performance Computing / Artificial Intelligence

    Forward-Looking Statements 
    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy,  opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the ability to enhance the business of the Company through adding additional human resources and consulting groups to HPC/AI strategies, the benefits of a second principal office in the U.S., the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

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

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms  operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on  www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law.   Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

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

    Media Contacts:

    Caroline Brady Baker
    Director, Communications and Marketing
    cbaker@bitfarms.com  

    Bitfarms Ltd. Consolidated Financial & Operational Results
     
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues 66,848     50,317     16,531     33 %
    Cost of revenues (67,390 )   (60,999 )   (6,391 )   10 %
    Gross loss (542 )   (10,682 )   10,140   (95)%
    Gross margin (1) (1)% (21)%   —     —  
             
    Operating expenses        
    General and administrative expenses (20,173 )   (13,196 )   (6,977 )   53 %
    Gain on disposition of property, plant and equipment and deposits 5,586     170     5,416   nm
    Impairment of non-financial assets (17,230 )   —     (17,230 ) (100)%
    Operating loss (32,359 )   (23,708 )   (8,651 )   36 %
    Operating margin (1) (48)% (47)%   —     —  
             
    Net financial income 2,110     11,443     (9,333 ) (82)%
    Net loss before income taxes (30,249 )   (12,265 )   (17,984 )   147 %
             
    Income tax recovery (expense) (5,626 )   6,285     (11,911 ) (190)%
    Net loss (35,875 )   (5,980 )   (29,895 )   500 %
             
    Basic and diluted net loss per share  (in U.S. dollars) (0.07 )   (0.02 )   —     —  
    Change in revaluation surplus – digital assets, net of tax (13,421 )   17,433     (30,854 )   (177 %)
    Total comprehensive income (loss), net of tax (49,296 )   11,453     (60,749 )   (530 %)
             
    Gross Mining profit (2) 28,043     31,340     (3,297 ) (11)%
    Gross Mining margin (2) 43 %   63 %   —     —  
    Adjusted EBITDA (2) 15,086     23,324     (8,238 ) (33)%
    Adjusted EBITDA margin (2) 23 %   46 %   —     —  

    nm: not meaningful

    1 Gross margin and Operating margin are supplemental financial ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
    2 Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
       
    Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA 
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues 66,848     50,317          16,531     33 %
             
    Net loss before income taxes (30,249 )   (12,265 )      (17,984 )   147 %
    Interest income (305 )   (302 )                (3 )   1 %
    Depreciation and amortization 29,693     38,977          (9,284 ) (24)%
    EBITDA (861 )   26,410        (27,271 ) (103)%
    EBITDA margin (1)%   52 %                —               —     
    Share-based payment 4,437     3,094            1,343     43 %
    Impairment of non-financial assets 17,230     —          17,230     100 %
    Gain on revaluation of warrants (5,618 )   (9,040 )          3,422   (38)%
    Gain on disposition of marketable securities (391 )   (338 )              (53 )   16 %
    Gain on settlement of Refundable Hosting Deposits (945 )   —              (945 ) (100)%
    Professional services not associated with ongoing operations 1,671     —            1,671     100 %
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1) —     2,387          (2,387 )   100 %
    Net financial (income) expense and other (437 )   811          (1,248 ) (154)%
    Adjusted EBITDA 15,086     23,324          (8,238 ) (33)%
    Adjusted EBITDA margin 23 %   46 %   —     —      
       
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
       
    Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Gross loss      (542 )   (10,682 )      10,140   (95)%
    Non-Mining revenues¹ (1,985 )        (894 )       (1,091 )   122 %
    Depreciation and amortization   29,693       38,977         (9,284 ) (24)%
    Electrical components and salaries         877             708              169     24 %
    Sales tax recovery – prior years – energy and infrastructure²            —         2,028         (2,028 )   100 %
    Other            —         1,203         (1,203 )   100 %
    Gross Mining profit   28,043       31,340         (3,297 ) (11)%
    Gross Mining margin 43 %   63 %              —               —     

    nm: not meaningful

    (1 ) Non-Mining revenues reconciliation:
         
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues       66,848           50,317           16,531     33 %
    Less Mining related revenues for the purpose of calculating gross Mining margin:        
    Mining revenues³     (64,863 )       (49,423 )       (15,440 )   31 %
    Non-Mining revenues         1,985               894             1,091     122 %

    nm: not meaningful

    (2 ) Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
    (3 ) Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services.
         
    Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Cost of revenues      67,390          60,999            6,391     10 %
    Depreciation and amortization    (29,693 )      (38,977 )          9,284   (24)%
    Electrical components and salaries          (877 )            (708 )            (169 )   24 %
    Infrastructure expenses      (3,677 )        (1,974 )        (1,703 )   86 %
    Sales tax recovery – prior years – energy and infrastructure (1)              —          (2,028 )          2,028     100 %
    Other              —                  —                  —     — %
    Direct Cost      33,143          17,312          15,831     91 %
             
    Quantity of BTC earned           693               943              (250 ) (27)%
    Direct Cost per BTC (in U.S. dollars)      47,800          18,400          29,400     160 %
                           
    Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Cost of revenues      67,390          60,999            6,391     10 %
    General and administrative expenses      20,173          13,196            6,977     53 %
           87,563          74,195          13,368     18 %
    Depreciation and amortization    (29,693 )      (38,977 )          9,284   (24)%
    Non-cash service expense (2)          (785 )                —              (785 ) (100)%
    Electrical components and salaries          (877 )            (708 )            (169 )   24 %
    Share-based payment      (4,437 )        (3,094 )        (1,343 )   43 %
    Professional services not associated with ongoing operations      (1,671 )                —          (1,671 ) (100)%
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)              —          (2,387 )          2,387     100 %
    Other              —          (2,744 )          2,744     100 %
    Total Cash Cost      50,100          26,285          23,815     91 %
             
    Quantity of BTC earned           693               943              (250 ) (27)%
    Total Cash Cost per BTC (in U.S. dollars)      72,300          27,900          44,400     157 %
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
    2 Non-cash service expense, included in infrastructure, which was exchanged for computational power sold.

    The MIL Network –

  • MIL-OSI: Foundation Wealth Partners Announces Expansion in Calgary with Appointment of Matthew Mantle as New Portfolio Manager and Financial Planner

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Foundation Wealth Partners Inc. (“Foundation Wealth Partners” or “Foundation Wealth”) is pleased to announce that Matthew Mantle, CFA, CFP®, CIM®, has joined the firm as a Portfolio Manager and Financial Planner based in Calgary. His appointment marks a strategic step forward in expanding Foundation Wealth’s presence in Western Canada and further strengthening its ability to deliver personalized, independent wealth management advice to clients in the region.

    With extensive experience in private wealth advisory, Mantle brings a deep commitment to helping clients navigate the complexities of wealth through a thoughtful and custom approach. His practice is anchored in three core principles: preparation, planning, and perspective—ensuring each client has a clear and customized roadmap for their financial future.

    Mantle was drawn to Foundation Wealth Partners for its commitment to advisor independence, modern technology, and client-first values. The firm’s platform enables advisors to focus on building strong relationships and delivering personalized financial advice, supported by a strong operations team and the flexibility to deliver the most appropriate solutions to meet his clients’ needs.

    “I’m excited to be joining Foundation Wealth Partners,” said Mantle. “The platform gives me the independence and resources to deliver the level of service and customization that my clients’ families and businesses need in order to thrive. I’ve always believed that building lasting relationships through trust and transparency is the foundation of great financial advice. This move allows me to deepen that commitment.”

    At Foundation Wealth, autonomy and client focus go hand-in-hand. The firm’s modern infrastructure supports advisors with innovative tools and operational efficiency, enabling them to concentrate on what matters most: their clients. Advisors benefit from ownership opportunities and dedicated onboarding support, empowering them to grow their practices with flexibility and independence.

    “We’re thrilled to welcome Matthew to our growing team,” said Jeff Gans, CEO of Foundation Wealth. “His client-first mindset and strategic approach are a natural fit for our values. Calgary continues to be an important market for us, and Matthew’s presence will ensure that more clients in the region can access our differentiated wealth management offering.”

    For more information about Foundation Wealth Partners and its services, please visit foundationwealth.ca.

    About Foundation Wealth Partners

    Foundation Wealth Partners is an independent, technology-enabled portfolio management firm working with affluent individuals, family offices, corporations, private pensions, and trusts. The turnkey solution offered by Foundation Wealth provides portfolio managers greater independence and a chance to improve the client experience. The firm’s digital platform enhances operational efficiency and gives advisors the freedom to manage their practices in the best way possible to meet the needs of their clients and businesses. Partners get ownership in the firm and receive dedicated onboarding and operational support during their transition. Foundation Wealth Partners has offices in Vancouver, Calgary, Kamloops, Toronto, and Oakville.

    Media Contact
    Mia Palantzas
    mia.palantzas@kaiserpartners.com 

    The MIL Network –

  • MIL-OSI: Tower Semiconductor Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    9% year-over-year revenue growth

    Affirms sequential quarterly revenue growth target throughout 2025

    MIGDAL HAEMEK, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ/TASE: TSEM) reports today its results for the first quarter ended March 31, 2025.

    First Quarter of 2025 Results Overview
    Revenues for the first quarter of 2025 were $358 million as compared to $327 million for the first quarter of 2024, representing 9% year-over-year revenue growth.

    Gross profit and operating profit for the first quarter of 2025 were $73 million and $33 million, respectively, as compared to gross profit and operating profit of $73 million and $34 million in the first quarter of 2024, respectively. Gross and operating profits remain similar since the positive impact of the $31 million revenue increase was offset by the fixed costs of the new 300mm Agrate facility, as previously disclosed.

    Net profit for the first quarter of 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share. First quarter of 2024 net profit was $45 million, reflecting $0.40 basic and diluted earnings per share, having been positively impacted by a non-recurring income tax benefit.

    Cash flow generated from operating activities in the first quarter of 2025 was $94 million. Investments in property and equipment, net, were $111 million and debt payments totaled $27 million.

    Corporate Credit Rating 
    On May 7, 2025, Standard & Poor’s Maalot (an S&P Global Ratings fully owned company) completed its annual rating review for the Company and reaffirmed its corporate credit rating as “ilAA, with a stable outlook”.

    Business Outlook
    Tower Semiconductor guides revenues for the second quarter of 2025 to be $372 million, with an upward or downward range of 5%, reflecting 6% year-over-year revenue increase; and reiterates its previously communicated company target for continued quarter-over-quarter revenue growth within 2025.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
    “Tower delivered continued record revenue in RF infrastructure, which includes SiPho and SiGe. We target further revenue growth of these technologies throughout the year, increases in our high voltage 200mm power management business and higher revenue levels in our sensors business. Additionally, we have entered a new served market for Tower, namely envelope trackers, using our 300mm technology platform. In the face of geo-political uncertainties, we are leveraging Tower’s global scale and technology breadth into new opportunities.”

    Teleconference and Webcast
    Tower Semiconductor will host an investor conference call today, Wednesday, May 14, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the first quarter of 2025 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures
    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $94 million, $101 million and $110 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively (less cash used for investments in property and equipment, net (in the amounts of $111 million, $93 million and $98 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor 
    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiPho, SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:
    Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

    Forward-Looking Statements
    This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, include certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, credit crisis and/or unfavorable macro-economic conditions, such as the imposition of regulatory requirements, tariffs, import and export restrictions and other trade barriers and restrictions, including the timing and availability of export licenses and permits, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, such as announced for SiPho and SiGe, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease due to which he requested a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well as uncertainties associated with the ability to extend such lease or acquire the real estate and obtain the required local, state and/or other approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impact due to reorganization and consolidation of fabrication facilities, or cessation of operations, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares, and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

    (Financial tables follow)

       
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
    (dollars in thousands)  
      March 31,   December 31,  
      2025   2024  
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $ 274,818   $ 271,894  
    Short-term deposits 906,446   946,351  
    Trade accounts receivable 219,496   211,932  
    Inventories 276,072   268,295  
    Other current assets 51,429   61,817  
    Total current assets 1,728,261   1,760,289  
    PROPERTY AND EQUIPMENT, NET 1,346,213   1,286,622  
    OTHER LONG-TERM ASSETS, NET 34,131   33,574  
    TOTAL ASSETS $ 3,108,605   $ 3,080,485  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Short-term debt $ 27,490   $ 48,376  
    Trade accounts payable 118,318   130,624  
    Deferred revenues and customers’ advances 17,233   21,655  
    Other current liabilities 86,421   84,409  
    Total current liabilities 249,462   285,064  
    LONG-TERM DEBT 134,835   132,437  
    OTHER LONG-TERM LIABILITIES 22,293   22,804  
    TOTAL LIABILITIES 406,590   440,305  
    TOTAL SHAREHOLDERS’ EQUITY 2,702,015   2,640,180  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,108,605   $ 3,080,485  
             
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (dollars and share count in thousands, except per share data)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    REVENUES $ 358,170     $ 387,191     $ 327,238  
    COST OF REVENUES 284,999     300,338     254,632  
    GROSS PROFIT 73,171     86,853     72,606  
    OPERATING COSTS AND EXPENSES:                
    Research and development 20,172     20,622     19,951  
    Marketing, general and administrative 20,101     19,812     18,670  
      40,273     40,434     38,621  
                     
    OPERATING PROFIT 32,898     46,419     33,985  
    FINANCING AND OTHER INCOME, NET 10,598     8,315     3,984  
    PROFIT BEFORE INCOME TAX 43,496     54,734     37,969  
    INCOME TAX BENEFIT (EXPENSE), NET   (3,779 )     (2,149 )   5,078  
    NET PROFIT 39,717     52,585     43,047  
    Net loss attributable to non-controlling interest 425     2,553     1,587  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    BASIC EARNINGS PER SHARE $ 0.36     $ 0.49     $ 0.40  
    Weighted average number of shares 111,575     111,493     110,840  
    DILUTED EARNINGS PER SHARE $ 0.35     $ 0.49     $ 0.40  
    Weighted average number of shares 113,152     112,967     111,627  
     
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    Stock based compensation and amortization of acquired intangible assets 10,335     11,258     7,209  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 50,477     $ 66,396     $ 51,843  
    ADJUSTED EARNINGS PER SHARE:                
    Basic $ 0.45     $ 0.60     $ 0.47  
    Diluted $ 0.45     $ 0.59     $ 0.46  
                     
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
    (dollars in thousands)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 271,894     $ 270,979     $ 260,664  
    Net cash provided by operating activities 93,922     100,816     110,038  
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Debt received (repaid), net   (26,874 )   2,795       (8,409 )
    Effect of Japanese Yen exchange rate change over cash balance 2,817       (4,972 )     (2,665 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net 44,470       (4,328 )     (1,113 )
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
                     
     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three months ended
        March 31,     December 31,     March 31,
        2025     2024     2024
    CASH FLOWS – OPERATING ACTIVITIES                      
    Net profit for the period $ 39,717     $ 52,585     $ 43,047  
    Adjustments to reconcile net profit for the period                      
    to net cash provided by operating activities:                      
    Income and expense items not involving cash flows:                      
    Depreciation and amortization *   74,228       75,820       59,544  
    Other expense, net   558       12,439       5,993  
    Changes in assets and liabilities:                      
    Trade accounts receivable   (6,354 )     (19,034 )     (6,489 )
    Other current assets   5,622       (36,464 )     (13,454 )
    Inventories   (4,128 )     (3,356 )     (23,703 )
    Trade accounts payable   (11,114 )     18,320       32,559  
    Deferred revenues and customers’ advances   (4,432 )     (8,712 )     (1,931 )
    Other current liabilities   3,718       7,057       16,868  
    Other long-term liabilities   (3,893 )     2,161       (2,396 )
    Net cash provided by operating activities   93,922       100,816       110,038  
    CASH FLOWS – INVESTING ACTIVITIES                      
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net   44,470       (4,328 )     (1,113 )
    Net cash used in investing activities   (66,941 )     (97,724 )     (99,131 )
    CASH FLOWS – FINANCING ACTIVITIES                      
    Debt received (repaid), net   (26,874 )     2,795       (8,409 )
    Net cash provided by (used in) financing activities   (26,874 )     2,795       (8,409 )
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   2,817       (4,972 )     (2,665 )
                           
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   2,924       915       (167 )
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD   271,894       270,979       260,664  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
     
    * Includes stock based compensation and amortization of acquired intangible assets in the amounts of $10,335, $11,258 and $7,209
    for the 3 months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    The MIL Network –

  • MIL-OSI: LeddarTech Announces the Launch of LeddarSim: Next Leap in Realistic Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) Simulation

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, May 14, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), is pleased to announce the launch of LeddarSim™, a next-generation simulation platform purposely built to reduce the gap between virtual testing and real-world deployment.

    LeddarSim redefines the standards of ADAS and AD development by closing the long-standing simulation gap through delivering a breakthrough multi-modality neural reconstruction of driving scenarios, including camera, radar and LiDAR inputs. The platform generates sensor-accurate, real-time renderings of real-world driving, resulting in a high-fidelity environment that empowers developers to train, test and validate perception models under conditions that mirror real-life complexity and dynamics.

    Anticipated Benefits to Automotive OEMs and Tier 1 Suppliers:

    • Accelerate Time-to-Market: LeddarSim allows ADAS/AD engineers to reconstruct and test millions of configurable scenarios virtually, significantly reducing development cycles and speeding up validation.
    • Cut Costs, Not Corners: LeddarSim offers a cost-effective solution without compromising accuracy, leading to a 10x reduction in data and annotation costs and significant savings in non-recurring engineering (NRE) expenses.
    • Design Once, Deploy Anywhere: LeddarSim’s flexibility allows for easy adaptation of sensor setups, vehicle types and regional driving conditions, enabling scalable development across various platforms.
    • Data-Driven Simulation: Unlike synthetic environments, LeddarSim builds realistic scenarios directly from real-world data, enhancing the accuracy and relevance of simulations.
    • Multi-Modal Sensor Support: LeddarSim can simulate data from cameras, radar and LiDAR simultaneously, optimizing and validating multi-sensor perception systems.
    • Near-Zero Simulation Gap: LeddarSim uses advanced AI algorithms ensuring fidelity to real-world conditions; this comprehensive approach minimizes the gap between virtual testing and real-world performance.

    “Traditional simulation platforms struggle to match the unpredictability and nuance of real-world driving,” said Pierre Olivier, CTO of LeddarTech. “With LeddarSim, we’ve managed to design a solution that achieves a near-zero simulation gap. By accelerating testing and validation cycles, LeddarSim empowers automotive OEMs and Tier 1 suppliers to bring next-generation ADAS and autonomous driving solutions to market faster, with greater confidence in performance and safety.”

    Antonio Polo, Sr. Vice-President of Product and Business Development at LeddarTech, added: “Automotive companies face exponential challenges in the cost, complexity and scale of the data required to deploy safety-compliant and regulation-ready ADAS and AD systems at scale. LeddarSim brings the latest advances in AI-powered, multi-modal sensor dataset generation to recreate real-world driving scenarios with high fidelity. We believe LeddarSim fills a critical gap in the market. As the demand for simulation tools grows—with the industry expected to surpass $4.6 billion by 2035—this solution is poised to help address the massive data and validation challenge. LeddarSim is available for trial evaluation and offers the flexibility to be used as a stand-alone tool or integrated within existing simulation toolchains.”

    For more information on LeddarSim™, please contact us or visit the LeddarSim page.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 190 patent applications (112 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    LeddarTech might, in the scope of collaborations, partnerships and projects, from time to time, collect with test vehicles personal information, i.e., information that directly or indirectly identifies members of the public. Collected personal information may be processed, used, stored and communicated by LeddarTech within the scope of developing and training our software and products. For further information about the processing activities, which include the collection, use, storage and communication of personal information, as well as the associated personal information protection rights and how to exercise them, please consult LeddarTech’s Privacy Policy.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to timely access sufficient capital and financing on favorable terms or at all; (ii) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (iii) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (iv) our ability to successfully scale and commercialize our product offerings, including through strategic collaborations or otherwise; (v) delays or cost overruns in product development, testing, validation or release; (vi) the potential for limitations in simulation fidelity, coverage or performance when compared to real-world datasets or field testing; (vii) our ability to obtain, meet and maintain the evolving technical, regulatory or safety requirements applicable to simulation tools used in regulated or performance-critical domains, such as automotive applications; (viii) customer hesitancy or delays in adoption due to integration challenges, concerns about validation equivalency or compatibility with customer workflows, data formats or toolchains; (ix) the potential for claims of intellectual property infringement or legal exposure related to simulation models, datasets or output reproducibility; (x) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (xi) changes in general economic and/or industry-specific conditions; (xii) our ability to retain, attract and hire key personnel; (xiii) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xiv) legislative, regulatory and economic developments; (xv) the outcome of any known and unknown litigation and regulatory proceedings; (xvi) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xvii) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Maram Fityani, Media and Public Relations, LeddarTech Holdings Inc.
    Tel.: + 1-418-653-9000 ext. 623, maram.fityani@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI: Calian Reports Results for the Second Quarter

    Source: GlobeNewswire (MIL-OSI)

    (All amounts in release are in Canadian dollars)

    OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a mission critical solutions company, with a focus on defence, space, healthcare and strategic growth markets, today released its results for the second quarter ended March 31, 2025.

    “Our consolidated second quarter results reflect momentum in some areas, whilst challenging headwinds in others,” said Kevin Ford, Calian CEO. “Our defence solutions in both North America and Europe grew by 13%, highlighting the increasing need for global security and operational readiness. Our ITCS business saw a more challenging environment due to slower customer demand, and one-time investments we have made to re-position our offerings for long-term growth.”

    Q2-25 Highlights:

    • Revenue at $194 million
    • Gross margin at 33.4%
    • Adjusted EBITDA1 of $17 million
    • Operating free cash flow1 of $10 million
    • Very strong signings of $248 million
    • Growth in our defence end market solutions of 13%
    • Since the launch of the NCIB, the Company repurchased 416,812 shares, or 4% of the float, in consideration of $19.7 million
    • Increasing NCIB – plan to repurchase up to 6% of float in FY25
    • Guidance withdrawn due to ongoing economic and geopolitical uncertainty as well as limited visibility and timing of key opportunities in the ITCS segment
    • Completed the acquisition of Advanced Medical Solutions (“AMS”) after quarter end

    “Given ongoing economic and geopolitical uncertainty as well as limited visibility and timing of key opportunities in the ITCS segment,  we have made the decision to withdraw our guidance. Despite this, we remain confident in the future growth of Calian given strong momentum in signings, our backlog of close to $1.4 billion, including AMS, optimism around defence spending and a robust M&A pipeline – underscored by our most recent acquisition of AMS.”

                       
    Financial Highlights Three months ended Six months ended
    (i(in millions of $, except per share & margins) March 31, March 31,
      2025     20242   %   2025     20242   %
    Revenue 193.7     201.3   (4)%   378.7     380.4   — %
    Adjusted EBITDA1 17.4     27.2   (36)%   35.2     48.5   (27)%
    Adjusted EBITDA %1 9.0 %   13.5 % (450)bps   9.3 %   12.7 % (340)bps 
    Adjusted Net Profit1 11.1     19.0   (42)%   21.5     33.0   (35)%
    Adjusted EPS Diluted1 0.93     1.58   (41)%   1.81     2.73   (34)%
    Operating Free Cash Flow1 9.8     21.0   (53)%   22.9     38.2   (40)%
                       
                       

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
    2 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.

    Access the full report on the Calian Financials web page.

    Register for the conference call on Wednesday, May 14, 2025, 8:30 a.m. Eastern Time.

    Second Quarter Results

    Revenues decreased 4%, from $201 million to $194 million. Acquisitive growth was 4% and was generated by the acquisitions of the nuclear assets from MDA Ltd and Mabway completed last year. Organic growth was down 8% primarily due to reductions in the ITCS segment, partially offset by 51% organic growth in nuclear services, GNSS antenna products and defence solutions.

    Gross margin stood at 33.4% slightly down compared to the same period last year and it represents the 12th quarter above the 30% mark. Adjusted EBITDA1 stood at $17 million, down 36% from $27 million last year, due to revenue slow downs in the current year, combined with a slight decrease in margin percentage, and investments made in selling and marketing efforts to build pipeline for future years. In the United States macro-economic uncertainty resulted in more cautious customer behavior and the Canadian election one month prior to our quarter end did impact the timing of revenues. As a result, adjusted EBITDA1 margin decreased to 9.0%, from 13.5% last year.  

    Net profit decreased to $0.3 million, or $0.02 per diluted share, from $4.9 million, or $0.41 per diluted share last year. This decrease in profitability is primarily due to investments in our selling capacity, amortization and deemed compensation expenses related to acquisitions. Adjusted net profit1 was $11.1 million, or $0.93 per diluted share, down from $19.0 million, or $1.58  per diluted share last year.

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of the press release.

    Liquidity and Capital Resources

    “In the second quarter we generated $10 million in operating free cash flow1, representing a 56% conversion rate from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to make capital expenditure investments for $2 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $4 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 0.7x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of the press release.

    Normal Course Issuer Bid

    In the three-month period ended March 31, 2025, the Company repurchased 93,900 shares for cancellation in consideration of $4.4 million. For the six-month period ended March 31, 2025, the Company repurchased 195,250 shares for cancellation in consideration of $9.3 million. For the remainder of the fiscal year, the Company plans on accelerating its share buybacks by combining daily repurchases with block trades. Its intention is to repurchase up to 6% of the Company’s public float as defined at the time of the NCIB announcement on August 16, 2024.

    Appointed New Regional VP of Defence for Europe, U.K. and NATO

    On January 23, 2025, Calian announced the appointment of Major-General (Ret.) Roch Pelletier to the role of Regional Vice President (RVP) Global Defence & Security. This newly created role addresses the growth of Calian’s defence business, driven by increased global military spending, geopolitical instability and the rising demand for advanced technologies. This appointment will advance Calian’s strategic business development, strengthen relationships with stakeholders, and provide operational support to drive growth and efficiencies within the region.

    Appointed New Board Member

    On April 24, 2025, Calian announced the appointment of Eric Demirian to its Board of Directors. Demirian is currently chair of Descartes and a director of IMAX Corporation. He has held board and audit committee roles at a number of public and private companies including Enghouse. With the recent additions of Josh Blair and Lisa Greatrix in February, the appointment of Demirian brings the total number of board members to 10, of which nine are independent and half are women.

    Completed the Acquisition of Advanced Medical Solutions

    On May 14, 2025, Calian acquired Advanced Medical Solutions (AMS), a leading provider of remote and emergency healthcare services in Northern Canada. Headquartered in Yellowknife, Northwest Territories (NWT), AMS is a Canadian-owned company that specializes in the delivery of 24/7/365 operational and medical support across Canada’s northern regions, including the NWT, Yukon, Nunavut and parts of Canada’s northern provinces.  Founded in 1995, the company employs over 300 frontline medical personnel who deliver well-rounded, full-spectrum healthcare services through six distinct divisions.

    Quarterly Dividend

    On May 13, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable June 10, 2025, to shareholders of record as of May 27, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners. 

    Media inquiries:
    media@calian.com
    613-599-8600

    Investor Relations inquiries:
    ir@calian.com

    —————————————————————————–
    DISCLAIMER

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

     
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    As at March 31, 2025 and September 30, 2024
    (Canadian dollars in thousands, except per share data)
                   
      March 31,   September 30,
      2025   2024
    ASSETS              
    CURRENT ASSETS              
    Cash and cash equivalents $ 64,150     $ 51,788  
    Accounts receivable   213,476       157,376  
    Work in process   19,537       20,437  
    Inventory   26,805       23,199  
    Prepaid expenses   23,328       23,978  
    Derivative assets   71       32  
    Total current assets   347,367       276,810  
    NON-CURRENT ASSETS              
    Property, plant and equipment   40,835       40,962  
    Right of use assets   41,556       36,383  
    Prepaid expenses   7,018       7,820  
    Deferred tax asset   3,464       3,425  
    Investments   3,875       3,875  
    Acquired intangible assets   116,457       128,253  
    Goodwill   214,640       210,392  
    Total non-current assets   427,845       431,110  
    TOTAL ASSETS $ 775,212     $ 707,920  
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    CURRENT LIABILITIES              
    Accounts payable and accrued liabilities $ 171,962     $ 124,884  
    Provisions   1,873       3,075  
    Unearned contract revenue   41,447       41,723  
    Lease obligations   6,103       5,645  
    Contingent earn-out   30,978       39,136  
    Derivative liabilities   151       92  
    Total current liabilities   252,514       214,555  
    NON-CURRENT LIABILITIES              
    Debt facility   120,750       89,750  
    Lease obligations   38,714       33,798  
    Unearned contract revenue   17,164       14,503  
    Contingent earn-out   2,692       2,697  
    Deferred tax liabilities   21,557       25,862  
    Total non-current liabilities   200,877       166,610  
    TOTAL LIABILITIES   453,391       381,165  
                   
    SHAREHOLDERS’ EQUITY              
    Issued capital   226,347       225,747  
    Contributed surplus   5,193       6,019  
    Retained earnings   78,501       91,268  
    Accumulated other comprehensive income (loss)   11,780       3,721  
    TOTAL SHAREHOLDERS’ EQUITY   321,821       326,755  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 775,212     $ 707,920  
    Number of common shares issued and outstanding   11,690,276       11,802,364  
                   
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT
    For the three months and six months ended March 31, 2025 and 2024
    (Canadian dollars in thousands, except per share data)
                   
      Three months ended   Six months ended
      March 31,   March 31,
      2025   2024   2025   2024
    Revenue $ 193,667     $ 201,268     $ 378,714     $ 380,447  
    Cost of revenues   129,025       131,231       255,271       252,192  
    Gross profit   64,642       70,037       123,443       128,255  
                   
    Selling, general and administrative   44,477       40,192       82,582       74,337  
    Research and development   2,771       2,695       5,667       5,414  
    Share based compensation   949       1,128       2,040       2,318  
    Profit before under noted items   16,445       26,022       33,154       46,186  
                   
    Restructuring expense   372       1,495       1,064       1,495  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Profit before interest income and income tax expense   2,226       9,085       4,383       18,263  
                   
    Interest expense   2,111       1,734       3,894       3,281  
    Income tax expense (recovery)   (180)       2,426       1,170       4,532  
    NET PROFIT (LOSS) $ 295     $ 4,925     $ (681)     $ 10,450  
                   
    Net profit (loss) per share:              
    Basic $ 0.03     $ 0.42     $ (0.06)     $ 0.88  
    Diluted $ 0.02     $ 0.41     $ (0.06)     $ 0.87  
                                   
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the three months and six months ended March 31, 2025 and 2024
    (Canadian dollars in thousands)
                           
      Three months ended   Six months ended
      March 31,   March 31,
      2025   2024   2025   2024
    CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES                      
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Items not affecting cash:                      
    Interest expense   1,612       1,426       2,907       2,524  
    Changes in fair value related to contingent earn-out   558       4,088       1,116       4,814  
    Lease obligations interest expense   499       308       987       757  
    Income tax expense (recovery)   (180 )     2,426       1,170       4,532  
    Employee share purchase plan expense   115       134       289       296  
    Share based compensation expense   834       1,010       1,751       2,023  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Deemed compensation   1,470       911       3,033       1,515  
        16,677       25,341       33,586       46,030  
    Change in non-cash working capital                      
    Accounts receivable   (55,935 )     (49,996 )     (56,102 )     (61,185 )
    Work in process   668       1,341       900       443  
    Prepaid expenses and other   3,884       (3,483 )     1,146       (3,557 )
    Inventory   2,637       3,570       (3,605 )     980  
    Accounts payable and accrued liabilities   48,068       59,181       47,210       74,697  
    Unearned contract revenue   1,092       4,534       2,386       4,740  
        17,091       40,488       25,521       62,148  
    Interest paid   (2,111 )     (1,734 )     (3,894 )     (3,281 )
    Income tax paid   (5,120 )     (2,966 )     (7,385 )     (5,541 )
        9,860       35,788       14,242       53,326  
    CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES                      
    Issuance of common shares net of costs   664       945       1,545       1,639  
    Dividends   (3,292 )     (3,319 )     (6,584 )     (6,633 )
    Net draw on debt facility   5,000       (24,750 )     31,000       31,250  
    Payment of lease obligations   (1,664 )     (1,429 )     (3,106 )     (2,600 )
    Repurchase of common shares   (4,384 )     —       (9,310 )     (1,357 )
        (3,676 )     (28,553 )     13,545       22,299  
    CASH FLOWS USED IN INVESTING ACTIVITIES                      
    Business acquisitions   (678 )     (10,840 )     (11,893 )     (58,297 )
    Property, plant and equipment   (2,396 )     (2,796 )     (3,532 )     (5,196 )
        (3,074 )     (13,636 )     (15,425 )     (63,493 )
                           
    NET CASH INFLOW (OUTFLOW) $ 3,110     $ (6,401 )   $ 12,362     $ 12,132  
    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   61,040       52,267       51,788       33,734  
    CASH AND CASH EQUIVALENTS, END OF PERIOD $ 64,150     $ 45,866     $ 64,150     $ 45,866  
                                   
                                   

    Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

    These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.

    Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.

    Adjusted EBITDA

        Three months ended     Six months ended
        March 31,     March 31,
      2025   20241
    		   2025   20241
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Share based compensation   949       1,128       2,040       2,318  
    Restructuring expense   372       1,495       1,064       1,495  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Interest expense   2,111       1,734       3,894       3,281  
    Income tax   (180 )     2,426       1,170       4,532  
    Adjusted EBITDA $ 17,394     $ 27,150     $ 35,194     $ 48,504  
    Adjusted EBITDA per share – Basic   1.48       2.29       3.00       4.10  
    Adjusted EBITDA per share – Diluted $ 1.46     $ 2.26     $ 2.95     $ 4.02  
                                   

    Adjusted Net Profit and Adjusted EPS

        Three months ended     Six months ended
        March 31,     March 31,
      2025
    		   20241
    		   2025   20241
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Share based compensation   949       1,128       2,040       2,318  
    Restructuring expense   372       1,495       1,064       1,495  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Amortization of intangibles   7,066       6,149       14,400       11,384  
    Adjusted net profit   11,055       19,026       21,516       32,956  
    Weighted average number of common shares basic   11,726,127       11,846,338       11,749,796       11,829,456  
    Adjusted EPS Basic   0.94       1.61       1.83       2.79  
    Adjusted EPS Diluted $ 0.93     $ 1.58     $ 1.81     $ 2.73  
                                   

    Operating Free Cash Flow

        Three months ended     Six months ended
        March 31,     March 31,
      2025   20241   2025   20241
    Cash flows generated from operating activities (free cash flow) $ 9,860     $ 35,788     $ 14,242     $ 53,326  
    Adjustments:                      
       M&A costs included in operating activities   345       330       544       980  
       Change in non-cash working capital   (414)       (15,147)       8,065       (16,118)  
    Operating free cash flow $ 9,791     $ 20,971     $ 22,851     $ 38,188  
    Operating free cash flow per share – basic   0.83       1.77       1.94       3.23  
    Operating free cash flow per share – diluted   0.82       1.74       1.92       3.17  
    Operating free cash flow conversion   56 %     77 %     65 %     79 %
                                   

    Net Debt to Adjusted EBITDA

      March 31,   September 30,
      2025
    		   20241
    Cash $ 64,150     $ 45,866  
    Debt facility   120,750       69,000  
    Net debt (net cash)   56,600       23,134  
    Trailing twelve month adjusted EBITDA   78,846       86,355  
    Net debt to adjusted EBITDA   0.7       0.3  
                   

    Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.

    1 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected quarterly financial information section of the management discussion and analysis.

    The MIL Network –

  • MIL-OSI: Peter Lambrinakos, O.O.M., CPP, Joins Draganfly’s Public Safety Advisory Board, Strengthening Canadian Leadership in Public Safety

    Source: GlobeNewswire (MIL-OSI)

    Veteran leader in public safety, national security, and critical infrastructure protection brings strategic, operational, and innovation expertise to advance Draganfly’s public safety mission

    Saskatoon, SK, May 14, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8), an industry-leading drone solutions and systems developer, is proud to announce the appointment of Peter Lambrinakos, O.O.M., CPP, to its Public Safety Advisory Board. An internationally recognized authority in public safety leadership, national security, and the responsible deployment of emerging technologies, Mr. Lambrinakos brings more than three decades of operational, strategic, and innovation experience to advance Draganfly’s next phase of growth.

    Mr. Lambrinakos previously served as the inaugural Chief of Police and Chief of Corporate Security for VIA Rail Canada, where he established and led Canada’s first dedicated intercity rail police service, protecting critical transportation infrastructure across a 12,500-kilometre national network. Before his tenure at VIA Rail, Mr. Lambrinakos held senior executive leadership roles with the Montreal Police Service (SPVM), where he commanded key divisions including Major Crimes, Economic Crimes, Organized Crime, Intelligence, and Crisis Response. He spearheaded transformational public safety reforms, created the Montreal Metro Police Division for North America’s third-busiest subway system, oversaw counter-terrorism and national security initiatives, and led the development of major crisis management structures for the City of Montreal. His leadership was instrumental in advancing public safety innovation, protecting critical infrastructure, and enhancing public trust in Canada’s second-largest urban police service.

    Currently, Mr. Lambrinakos serves as a Commission Member with the Military Police Complaints Commission of Canada, an independent federal body providing civilian oversight of military policing. He is also the Distinguished Fellow and Director of the Public Safety Program at the University of Ottawa’s Professional Development Institute, and Co-Founder of the IJIS Institute’s Center of Excellence on Artificial Intelligence for Justice, Public Safety, and Security, advancing ethical AI integration across public safety sectors.

    A recipient of the prestigious Officer of the Order of Merit of the Police Forces (O.O.M.), Lambrinakos’s career exemplifies a steadfast dedication to innovation, operational excellence, and public trust. His appointment strengthens Draganfly’s mission to develop secure, ethical drone technologies that address the evolving needs of public safety agencies and national security stakeholders.

    “Canada has long been a global leader in integrating technology into public safety operations,” said Peter Lambrinakos. “Draganfly’s commitment to responsible, secure drone innovation that supports front-line responders is critical—not only to Canada’s evolving safety landscape but to setting global standards for public protection and critical infrastructure resilience.”

    Lambrinakos’s appointment comes at a pivotal time as governments and agencies increase their demand for domestically developed, secure, and non-foreign-made drone technologies that meet stringent operational and national security standards. Draganfly, proudly Canadian-founded and headquartered, is uniquely positioned to support North American and allied public safety agencies with secure, scalable solutions that align with national defence and homeland security priorities.

    “We are honoured to welcome Peter to our Public Safety Advisory Board,” said Cameron Chell, CEO of Draganfly. “His track record of service and dedication to Canadian public safety is unmatched. With his guidance, Draganfly will continue to lead the way in deploying advanced, ethical drone technologies that protect communities, support law enforcement, and empower emergency response teams.”

    Draganfly’s Public Safety Advisory Board brings together experienced leaders from law enforcement, emergency management, and defence sectors to guide the development and deployment of its public safety drone ecosystem. This includes situational awareness platforms, AI-enhanced aerial systems, and integrated response tools—many of which are designed, engineered, and manufactured in Canada.

    With Lambrinakos’s expertise, Draganfly will continue to strengthen its position as a trusted Canadian ally in public safety, upholding the country’s legacy of innovation, integrity, and operational excellence.

    For more information about Draganfly and its leadership team, visit draganfly.com.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is a global leader in drone technology, AI, and autonomous systems, providing innovative solutions for public safety, defense, agriculture, and industrial applications. With over 25 years of experience, Draganfly is recognized for its groundbreaking contributions to the UAV industry and commitment to delivering cutting-edge, North American-made technology.

    CSE Listing
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    Media Contact
    Erika Racicot
    Email: media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    The MIL Network –

  • MIL-OSI: Orezone Gold Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the first quarter of 2025.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    First Quarter 2025 Highlights

    • Gold production of 28,688 oz
    • AISC per oz sold of $1,415
    • Revenue of $82.7M from the sale of 28,943 gold oz at an average realized price of $2,851 per oz
    • Adjusted EBITDA of $44.2M, Adjusted Earnings attributable to Orezone shareholders of $18.7M, and Adjusted Earnings per Share attributable to Orezone shareholders of $0.04
    • Liquidity of $130.9M at March 31, 2025 with cash of $102.0M and undrawn senior debt of $28.9M.
    • Stage 1 of the hard rock expansion reached 45% completion and remains on track for first gold in Q4-2025
    • Advancing work towards a secondary listing on the Australian Securities Exchange (“ASX”) by mid-2025

    Patrick Downey, President and CEO, commented “The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices. Production and costs were in line with expectations with annual guidance being maintained. Cash reached a record $102 million at March 31, 2025, providing the Company with significant financial flexibility in pursuing its strategy of expanding gold production at our Bomboré Mine.

    Construction of stage 1 of the hard rock expansion made excellent progress in Q1-2025 with project completion hitting 45%. We remain firmly on track for first gold by Q4-2025 which will scale forecasted gold production to over 170,000 oz per year.

    We are also well advanced in our ASX listing application and expect that to be completed later in mid-2025. The recent equity financing was well supported by several key Australian mining funds and by our cornerstone investor, Nioko Resources Corporation, through their pro-rata participation. These financings added over $32 million to the Company’s treasury and have provided us the opportunity to study the merits of fast-tracking stage 2 of the hard rock expansion to increase annual production to over 220,000 oz and to upsize our 2025 discovery-focus drill program. The Company expects to announce a Board-approved final investment decision on stage 2 in the coming months.”

    Highlights for the First Quarter and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q1-2025 Q1-2024
    Operating Performance      
    Gold production oz 28,688 30,139
    Gold sales oz 28,943 31,229
    Average realized gold price $/oz 2,851 2,066
    Cash costs per gold ounce sold1 $/oz 1,226 1,127
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,415 1,324
    Financial Performance      
    Revenue $000’s 82,715 64,685
    Earnings from mine operations $000’s 38,563 26,882
    Net earnings attributable to shareholders of Orezone $000’s 15,979 11,697
    Net earnings per common share attributable to shareholders of Orezone      
    Basic $ 0.03 0.03
    Diluted $ 0.03 0.03
    EBITDA1 $000’s 41,182 30,329
    Adjusted EBITDA1 $000’s 44,194 25,928
    Adjusted earnings attributable to shareholders of Orezone1 $000’s 18,690 7,736
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.04 0.02
    Cash and Cash Flow Data      
    Operating cash flow before changes in working capital $000’s 39,986 26,485
    Operating cash flow $000’s 27,704 13,637
    Free cash flow1 $000’s 3,682 2,013
    Cash, end of period $000’s 102,016 15,597

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    FIRST QUARTER HIGHLIGHTS

    • Safety Performance: Safety milestone of 20 million hours worked without a lost-time injury at the Bomboré Mine was achieved in March 2025 demonstrating the Company’s strong commitment to worker safety. In Q1-2025, 1.4M hours were worked without a lost-time injury and at a low total recordable injury frequency rate of 0.74 per million man hours. Sadly, an incident resulting in the death of one contractor employee occurred on May 8, 2025 at the hard rock expansion construction site. The Company is conducting a thorough investigation on the causes of the accident in order to further improve safety practices and procedures.
    • Improved Liquidity: Available liquidity rose to $130.9M at March 31, 2025 with $102.0M in cash and XOF 17.5 billion ($28.9M) available for drawdown on the Phase II term loan with Coris Bank International (“Coris Bank”). The Company remains well-funded to execute on its 2025 and future growth plans.   
    • Positive EBITDA, Net Earnings, and Earnings Per Share: Reported EBITDA of $41.2M, net earnings attributable to Orezone shareholders of $16.0M, and net earnings per share attributable to Orezone shareholders of $0.03 per share on a basic and diluted basis as earnings benefitted from the record rise in gold prices and unhedged gold sales in the current quarter. These earnings figures were 36%, 37%, and 5% higher, respectively, when compared against Q1-2024.
    • Free Cash Flow Generation: Generated free cash flow of $3.7M with cash flow from operating activities totalling $40.0M after deducting income taxes of $4.1M but before changes in non-cash working capital. Non-cash working capital increased by $12.3M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $24.0M reflecting a ramp-up in spending on the stage 1 of the Phase II hard rock expansion currently under construction. Strong operating cash flow funded the Company’s large capital programs and resulted in positive free cash flow for the current quarter.  
    • Stage 1 of Phase II Hard Rock Expansion – Tracking on Schedule and Budget: Project completion reached 45% at the end of Q1-2025 with total project costs at $34.3M after $19.0M was incurred in Q1-2025. The expansion continues to track towards first gold in Q4-2025 at a project budget of $90M – $95M. Once in commercial production, stage 1 of the expansion is expected to boost annual gold production of the Bomboré Mine to between 170,000 to 185,000 oz per year.
    • Debt Reduction of Phase I Financing: Principal repayments totalling XOF 3.0 billion ($4.8M) were made on the Company’s senior debt in Q1-2025. As of March 31, 2025, the principal on senior debt stood at XOF 39.5 billion ($65.2M), of which XOF 22.0 billion ($36.3M) related to Phase I.

    CORPORATE

    • Bought Deal Equity Offering: On March 13, 2025, the Company closed on a bought deal offering pursuant to which the Company issued 42,683,000 common shares at a price of C$0.82 per share for gross proceeds of C$35.0M. On March 19, 2025, the underwriter exercised its over-allotment option resulting in the Company issuing an additional 6,402,450 common shares at a price of C$0.82 per share for gross proceeds of C$5.3M. Gross proceeds from the offering totalled C$40.3M ($28.0M) with net proceeds at C$37.6M ($26.1M) after commission and other transaction costs. The Company intends to use the net proceeds from the offering towards the acceleration of stage 2 of the Phase II hard rock expansion, additional exploration, working capital, and general corporate purposes.
    • Proposed Australian Securities Exchange (“ASX”) Listing: The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes an ASX listing will improve its market trading liquidity, offer an opportunity to grow the Company’s shareholder base and research coverage, and provide a pathway for future index inclusion. Work with legal advisors and technical consultants on the ASX listing application continued to progress in Q1-2025.

    SUBSEQUENT EVENTS

    • Private placement with Nioko Resources Corporation (“Nioko”): On April 2, 2025, the Company closed a non-brokered private placement with Nioko for 10,719,659 common shares at a price of C$0.82 per share for gross proceeds of C$8.8M ($6.1M) in order to maintain its pro-rata share ownership in the Company.

    2025 GUIDANCE FOR BOMBORÉ MINE

    Bomboré Mine (100% basis) Unit FY2025 Guidance Q1-2025 Actuals
    Gold production Au oz 115,000 – 130,000 28,688
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500 $1,415
    Sustaining Capital12 $M $9 – $10 $3.2
    Growth capital (excluding Phase II Expansion) 12 $M $44 – $51 $7.7
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80 $19.0
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance Q1-2025 Actuals
    I Phase II Hardrock Expansion – Stage 1 $M $75 – $80 $19.0
    II Permanent Back-up Diesel Power Plant $M $22 – $24 $4.8
    III TSF Footprint Expansion – Cell 2 $M $11 – $13 $1.3
    IV Resettlement Action Plan (“RAP”) $M $11 – $14 $1.6
      Growth Capital Total $M $119 – $131 $26.7
             
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided –

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.

    OPERATING HIGHLIGHTS

    Bomboré Mine, Burkina Faso (100% basis)   Q1-2025   Q1-2024
    Safety      
    Lost-time injuries frequency rate Per 1M hours 0.00   0.00
    Personnel-hours worked 000’s hours 1,357   1,410
    Mining Physicals      
    Ore tonnes mined tonnes 2,114,543   2,402,533
    Waste tonnes mined tonnes 4,018,182   3,123,099
    Total tonnes mined tonnes 6,132,725   5,525,631
    Strip ratio waste:ore 1.90   1.30
    Processing Physicals      
    Ore tonnes milled tonnes 1,511,303   1,355,619
    Head grade milled Au g/t 0.67   0.78
    Recovery rate % 87.9   89.0
    Gold produced Au oz 28,688   30,139
    Unit Cash Cost      
    Mining cost per tonne $/tonne 2.81   3.48
    Mining cost per ore tonne processed $/tonne 8.06   8.02
    Processing cost $/tonne 7.80   9.24
    Site general and admin (“G&A”) cost $/tonne 3.78   3.79
    Cash cost per ore tonne processed $/tonne 19.64   21.05
    Cash Costs and AISC Details      
    Mining cost (net of stockpile movements) $000’s 12,176   10,867
    Processing cost $000’s 11,782   12,520
    Site G&A cost $000’s 5,718   5,134
    Refining and transport cost $000’s 166   117
    Government royalty cost $000’s 6,602   5,132
    Gold inventory movements $000’s (951 ) 1,416
    Cash costs1on a sales basis $000’s 35,493   35,186
    Sustaining capital $000’s 3,199   4,018
    Sustaining leases $000’s 73   73
    Corporate G&A $000’s 2,182   2,069
    All-In Sustaining Costs1on a sales basis $000’s 40,947   41,346
    Gold sold Au oz 28,943   31,229
    Cash costs per gold ounce sold1 $/oz 1,226   1,127
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,415   1,324

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    BOMBORÉ PRODUCTION RESULTS

    Q1-2025 vs Q1-2024

    Gold production in Q1-2025 was 28,688 oz, a decrease of 5% from the 30,139 oz produced in Q1-2024. The lower gold production is attributable to a 14% decrease in head grades and 1% decrease in recovery rates partially offset by a 11% increase in plant throughput.

    Plant throughput of 1.51M tonnes in Q1-2025 continues to exceed nameplate design by 16% and was 11% higher than Q1-2024 as plant operating hours in Q1-2024 were reduced from the commissioning of grid power to site, a ball mill reline, and grid power interruptions. Hourly plant throughput was successfully improved starting in July 2024 by increasing the mill power draw and reducing residence time in the CIL circuit with only a minor loss in recovery. This higher hourly throughput has been maintained into 2025.

    The better head grades in Q1-2024 were from the sequencing of higher-grade pits in earlier periods of the mine plan and the preferential stockpiling of lower-grade ore mined.

    BOMBORÉ OPERATING COSTS

    Q1-2025 vs Q1-2024

    AISC per gold oz sold in Q1-2025 was $1,415, a 7% increase from $1,324 per oz sold in Q1-2024. The higher AISC is primarily the result of: (a) lower head grades and (b) greater per oz royalty costs from a 38% increase in the realized gold price ($2,851/oz vs $2,066/oz). This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 and from a 11% increase in plant throughput resulting in economies for fixed costs. Grid utilization in Q1-2025 stood at 76%, a drop from 92% recorded in the second half of 2024, as site experienced higher occurrences of power dips from the national grid in Q1-2025, necessitating the use of back-up diesel gensets for longer periods. To avoid uncontrolled plant stoppages, Bomboré transferred power back to the grid only when stable.

    Cash cost per ore tonne processed in Q1-2025 was $19.64 per tonne, a decrease of 7% from $21.05 per tonne in Q1-2024, mainly as a result of a reduction in processing costs ($7.80/tonne vs $9.24/tonne) from the use of lower-cost grid power throughout Q1-2025 compared with only partial use in Q1-2024 as the connection to the national grid was not energized until February 2024.

    Mining cost per tonne has decreased in Q1-2025 when compared to Q1-2024 ($2.81/tonne vs $3.48/tonne) due to the greater proportion of material coming from the Siga pits which commenced mining in July 2024 resulting in less transition material and lower volume of drill-and-blast prior to excavation as softer oxide ore are mined in the upper benches of these new pits, and a shorter haul profile in comparison to ore mined from the A pits in Q1-2024. Mining unit costs in Q1-2025 also benefitted from less grade control drilling at a lower meterage cost as drilling in Q1-2024 was conducted using rented drills prior to the deployment of two new owner drills in the second half of 2024. However, the 19% decrease in unit mining cost was offset by a 46% jump in the strip ratio (1.90 vs 1.30).

    BOMBORÉ GROWTH CAPITAL PROJECTS

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of the Phase II hard rock expansion was officially approved by the Company’s Board in July 2024. Lycopodium Minerals Canada Ltd. was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant which has consistently operated above nameplate design since start-up.

    Progress and milestones achieved in Q1-2025 include:

    • Project completion reached 45%, slightly ahead of schedule.
    • Engineering and drafting progress stood at 85%, ahead of the 73% planned.
    • Procurement is essentially complete with all equipment and materials ordered except for top-ups of remaining bulks such as cabling which will be placed once final quantities are determined. Order deliveries are advancing with CIL tank platework and major SAG mill components already received at site.
    • Concrete volume poured of 2,326 m3 (44% of estimated total) including SAG mill footings and start of jaw crusher wing walls.
    • Mobilization of structural/mechanical/piping (“SMP”) contractor to site including set-up of construction camp.
    • Installation of bottom plates on the 5 CIL tanks with first set of strakes on the first 4 tanks in progress.
    • Operational readiness activities have commenced with safety and recruitment plans under preparation.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been signed with awards to the same contractors that successfully delivered on the Phase I oxide construction.

    As of March 31, 2025, the Company has incurred $34.3M in costs to-date against the project budget, of which $19.0M was incurred in Q1-2025.

    Permanent Back-Up Diesel Power Plant

    The installation of the standby power plant remains on track for final commissioning in October 2025. Layouts and drawings are finalized and purchase orders on all key equipment have been placed. At site, civil works are underway including initial concrete pours for the structural footings of the engine hall.

    The 18 Caterpillar diesel gensets have been packed for shipment and is currently awaiting export clearance prior to organizing transport to site.

    As of March 31, 2025, the Company has incurred $4.8M against the project budget.

    RAP Phases II and III

    BV2 resettlement site construction commenced in Q4-2024 and is divided into two distinct communities: BV2 Peuhl and BV2 Mossi. BV2 Peuhl construction and relocation was completed in Q1-2025 allowing for construction activities at BV2 Mossi to commence in the same quarter. Compensation payments to affected residents for loss of land, crops, trees, and private structures commenced in March 2025 with majority of payments expected to be completed in Q2-2025.

    As of March 31, 2025, the Company has incurred $1.6M in RAP costs for 2025.

    TSF Footprint Expansion – Cell 2

    Bush clearing and topsoil relocation of the Cell 2 basin was completed while placement and compaction of mining waste material on the eastern embankments of Cell 2 commenced in Q1-2025.

    As of March 31, 2025, the Company has incurred $1.3M in costs for 2025.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three months ended March 31, 2025 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The condensed interim consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its first quarter 2025 results on May 14, 2025:

    Webcast
    Date:    Wednesday, May 14, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone Q1-2025 Conference Call and Webcast

    Conference Call
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 3969133

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focussed on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.  

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –