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Category: Americas

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-led Nationwide Crackdown, Including Six in North Carolina

    Source: Office of United States Attorneys

    RALEIGH, N.C. – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators. The operation resulted in the rescue of 115 children and the arrests of 205 child sexual abuse offenders in the nationwide crackdown.  The coordinated effort was executed over the course of five days by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.

    “The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

    “Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

    The FBI’s Charlotte Field Office arrested six people as part of this operation across North Carolina.

    • John Matthew Miller, of Wilmington, 35, is charged with sex trafficking of a minor; enticing a minor to engage in illegal sexual conduct; and producing, distributing, receiving, and possessing child sexual abuse material. Miller was previously convicted of sexual battery and was a registered sex offender at the time of the offense. Miller faces at least 25 years and up to life in prison if convicted on all counts.
    • Jesse Lonzo Teal, of Bolivia, 72, also known as “Lonnie” and “Mark,” is charged with sex trafficking of a minor, enticing a minor to engage in illegal sexual conduct, producing child sexual abuse material, and using the internet to promote an illegal prostitution business enterprise. He faces at least ten years and up to life imprisonment if convicted on all counts.
    • William Justin Lewis, of Louisburg, 54, is charged with distributing child sexual abuse material and possessing child sexual abuse material. He faces at least five years in federal prison and up to twenty years on each distribution count and up to twenty years on the possession count.
    • Donte Melvin Peek, of Durham, 34, is charged with attempted enticement of a minor, distribution of child sexual abuse material, receipt of child sexual abuse material, and possession of child sexual abuse material. He faces at least 10 years imprisonment and up to life imprisonment on the enticement charge and up to twenty years in federal prison on the possession count, if convicted.
    • Jonathan Robert Davlin, of Huntersville, 48, is charged with transportation of child sexual abuse material and possession and access with intent to view child sexual abuse material involving prepubescent minors. He faces at least five years and up to twenty years imprisonment on the transportation count and up to twenty years imprisonment on the possession count.
    • Terrell Shawn Anderson, previously of Charlotte, 30, is charged with distributing child sexual abuse material and possession child sexual abuse material. He faces at least five years in federal prison and up to twenty years on each distribution count and up to twenty years on the possession count. He was arrested by FBI Atlanta.

    “These important cases reflect the unwavering commitment of our office and our justice system to protect the most vulnerable members of our community—our children. We will continue to work closely with the FBI and our other law enforcement partners to ensure that those who commit such heinous acts are held accountable,” said Acting U.S. Attorney Daniel P. Bubar for the Eastern District of North Carolina. “There is no place in our community for those who prey on children, and we will do everything we can to not only seek justice for the victims, but to prevent additional child exploitation crimes.”

    “Producing and exchanging child sexual abuse material (CSAM) is a sickening reality in our world and it’s not just happening on the dark web. Pedophiles use the same platforms your family and friends use. No matter where this crime is occurring the FBI will find you. The Violent Crimes Against Children (VCAC) program is uniquely positioned to work complex global and multijurisdictional crimes against children with the capacity to counter threats of abuse and exploitation of children,” said Robert M. DeWitt, the FBI Special Agent in Charge in North Carolina.

    Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims. 

    In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April, and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

    The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org. The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

    How we can help you: Parents and caregivers protecting your kids

     

    An indictment is merely an allegation. The defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Phoenix Man Sentenced to Prison for His Role in Online Romance Scams

    Source: Office of United States Attorneys

    PHOENIX, Ariz. – Kingsley Sebastian Ibhadore, 40, of Glendale, was sentenced on May 5, 2025, by United States District Judge John J. Tuchi to 17 months in prison. Ibhadore, a Nigerian citizen and lawful U.S. resident, previously pleaded guilty to Conspiring to Commit Structuring for his role in withdrawing over $500,000 in criminal proceeds from bank accounts, in amounts below federal reporting requirements to avoid detection by authorities.

    Ibhadore served as a “money mule” in a criminal scheme by transferring fraud proceeds, in relatively small amounts, between fictitious bank accounts to avoid federal reporting requirements and detection. Specifically, Ibhadore used 24 bank accounts under multiple aliases to conceal and distribute funds obtained through online romance scams that were initiated by other individuals. Romance scams are online scams where criminals impersonate individuals to gain trust and affection from their victims, ultimately with the goal of stealing money. These scammers often build fake online profiles, engage in elaborate deception, and manipulate their victims to send them money under various pretexts, such as medical emergencies, travel expenses, or investments. 

    Between July 2019 and March 2020, Ibhadore deposited romance scam proceeds into accounts opened with false names and passports, then withdrew sums in amounts designed to avoid triggering financial institutions’ currency reporting requirements. Even after Ibhadore confirmed that the money he was depositing came from romance scams, he continued to withdraw large sums of cash in ways meant to evade federal reporting. Surveillance footage also captured him conducting transactions using fraudulent identities at major banks across Arizona.

    The United States Secret Service conducted the investigation in this case. Kristen Brook and Raymond Woo, Assistant U.S. Attorneys, District of Arizona, Phoenix, handled the prosecution.

    CASE NUMBER:           CR-22-01392-PHX-JJT
    RELEASE NUMBER:    2025-072_Ibhadore

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

    MIL Security OSI –

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Alleged Child Sex Abuse Offenders Arrested in FBI-Led Five-Day Nationwide Crackdown

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Seven cases move forward in Western Washington during National Child Abuse Prevention month

    Seattle – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators.  The operation resulted in the rescue of 115 children and the arrest of 205 child sexual abuse offenders in the nationwide crackdown.  The coordinated effort was executed by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.

    “The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

    “Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state, and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

    In the Western District of Washington, seven federal cases moved forward with criminal charges, pleas, and/or sentencings of those who target minors for sexual abuse.

    “There is no greater responsibility than protecting our children from those seeking to sexually abuse them, either online or in person,” said Acting U.S. Attorney Teal Luthy Miller. “The cases we prosecuted over the last month charging child sexual exploitation in person and over the internet, and child sex trafficking are examples of the difficult work we do every day with our law enforcement partners to try to keep children safe.”

    “FBI Seattle’s Violent Crimes Against Children squad and our partners are hard at work, not only during Child Abuse Prevention Month in April, but also throughout the year,” said W. Mike Herrington, Special Agent in Charge of the FBI Seattle field office. “We are arresting predators, recovering children, and assisting victims through the support of our victim specialists. Just this fiscal year in the Seattle division, we have arrested 122 subjects and identified or located 59 children.”

    These are the FBI-led child sex abuse cases prosecuted in the Western District of Washington in April 2025:

    Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

    In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

    The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.

    The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

    How we can help you: Parents and caregivers protecting your kids

    The charges contained in the indictments or criminal complaints are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    These cases are being prosecuted by Assistant United States Attorneys Cecelia Gregson, Kate Crisham, and Special Assistant United States Attorney Laura Harmon. Ms. Harmon is a Senior Deputy Prosecutor with the King County Prosecutors Office, specially designated to prosecute child exploitation cases in federal court.

    MIL Security OSI –

  • MIL-OSI: WF Holding Limited Announces Underwriters’ Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, May 07, 2025 (GLOBE NEWSWIRE) — WF Holding Limited (NASDAQ: WFF) (“WF Holding” or “Company”), a Malaysia-based manufacturer of fiberglass reinforced plastic (FRP) products, today announced the underwriters of its initial public offering (the “Offering”) have partially exercised their over-allotment option to purchase an additional 240,000 ordinary shares at the public offering price of US$4.00 per share, resulting in additional gross proceeds of US$960,000.

    After giving effect to the partial exercise of the over-allotment option, the total number of ordinary shares sold by the Company in the public offering increased to 2,240,000 ordinary shares and the gross proceeds increased to approximately US$8.96 million, before deducting underwriter discounts and other related expenses. The option closing date was May 7, 2025.

    The ordinary shares began trading on the Nasdaq Capital Market on March 27, 2025, under the ticker symbol “WFF.”

    Dominari Securities LLC acted as the lead underwriter, with Revere Securities LLC acting as a co-underwriter for the Offering. Bevilacqua PLLC acted as U.S. counsel to the Company, and The Crone Law Group, P.C. acted as U.S. counsel to the underwriters in connection with the Offering.

    A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-282294) and was declared effective by the SEC on March 26, 2025. The Offering was made only by means of a prospectus, forming a part of the registration statement, and a free writing prospectus. Copies of the final prospectus relating to the Offering may be obtained from Dominari Securities LLC by email at info@dominarisecurities.com, by standard mail to Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor, New York, NY 10022 USA, or by telephone at +1 (212) 393-4500; or from Revere Securities LLC by email at contact@reveresecurities.com, by standard mail to Revere Securities LLC, 560 Lexington Ave, 16th Floor, New York, NY 10022 USA, or by telephone at (212) 688-2238. In addition, copies of the prospectus and free writing prospectus relating to the Offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov.

    This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    About WF Holding Limited (NASDAQ: WFF)

    Based in Malaysia, WF Holding Limited is an ISO 9001:2015 certified manufacturer of fiberglass reinforced plastic (FRP) products including tanks, pipes, ducts and custom-made FRP products. With a track record of over 30 years, we design and fabricate products that meet the specific needs of our clients, ensuring high-quality and reliable performance. Our high-quality and durable products leverage the advantages of FRP to reinforce critical industrial infrastructure, driving resilience, longevity and sustainability. We also deliver a wide range of related services such as consultation, delivery, installation, repair and maintenance.

    Forward-Looking Statements

    Certain statements in this announcement are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, the use of proceeds from the sale of the Company’s shares in the Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For more information, please contact:

    WF Holding Limited
    Investor Relations
    Email: corporate@winfung.com.my

    Sense Consultancy Group
    Yan Pheng Liang
    Email: phengliang@leesense.com

    The MIL Network –

  • MIL-OSI: Global Net Lease Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    – Successfully Closed First Phase of Multi-Tenant Portfolio Sale Resulting in $1.1 Billion of Gross Proceeds; On Track to Close Remaining Multi-Tenant Portfolio Sale by End of Q2’25

    – Reduced Net Debt by $833 Million in Q1’25; Improved Net Debt to Adjusted EBITDA to 6.7x

    – Repurchased 7.9 Million Shares at a Weighted Average Price of $7.50 Totaling $59 Million as of May 2, 2025

    – Reaffirms 2025 Guidance

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, announced today its financial and operating results for the quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Successfully closed the first phase of the sale of the multi-tenant portfolio, consisting of 59 unencumbered assets, with the net proceeds used to pay down $850 million of the Revolving Credit Facility
    • Remain on track to close the remaining two phases of the multi-tenant portfolio sale, consisting of 41 encumbered assets, by the end of the second quarter 2025, after which GNL expects to begin realizing G&A savings and enhanced portfolio metrics
    • Revenue was $132.4 million in first quarter 2025, compared to $147.9 million in first quarter 2024, primarily as a result of asset dispositions
    • Net loss attributable to common stockholders was $200.3 million, compared to a net loss of $34.7 million in first quarter 2024, primarily caused by the timing and purchase price allocation associated with the partial completion of the multi-tenant portfolio sale
    • Net loss attributable to common stockholders is expected to significantly improve upon completion of the sale of the remaining multi-tenant portfolio
    • Core Funds from Operations (“Core FFO”) was $35.0 million compared to $56.6 million in first quarter 2024, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
    • Adjusted Funds from Operations (“AFFO”)1 was $66.2 million, or $0.29 per share, compared to $75.0 million in first quarter 2024, or $0.33 per share, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
    • 2025 closed plus disposition pipeline totals $2.1 billion2 at a cash cap rate of 8.3% and a weighted average lease term of 5.2 years; maintains focus on using net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet
    • Reduced Net Debt by $1.5 billion since first quarter 2024, including $833.2 million in first quarter 2025, improving Net Debt to Adjusted EBITDA from 8.4x to 6.7x over the same period
    • As of May 2, 2025, the Company has repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program announced in February 2025, at a weighted average price of $7.50, for a total of $59.4 million; this includes 2.4 million shares for a total of $19.4 million repurchased in first quarter 2025
    • Leased over 826,000 square feet across the single-tenant portfolio, resulting in nearly $6.1 million of new straight-line rent
    • Single-tenant renewal leasing spread of 8.2% with a weighted average lease term of 6.6 years; new leases completed in the single-tenant portfolio in the quarter had a weighted average lease term of 5.0 years
    • Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 18.7% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases
    • Sector-leading 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants3

    “The first quarter of 2025 was a pivotal period in GNL’s transformation as we took important steps to streamline our portfolio, strengthen the balance sheet, and enhance financial flexibility,” said Michael Weil, CEO of GNL. “We believe with lower leverage, greater liquidity, and disciplined execution and capital allocation, GNL is better positioned to operate more efficiently and pursue new opportunities aligned with our strategic vision. These foundational initiatives are not only aimed at improving near-term metrics, but at building lasting resilience and long-term value for shareholders. As we continue executing on our strategy, we believe these efforts will help narrow the trading gap between GNL and our net lease peers. We look forward to completing the final two phases of the multi-tenant portfolio sale in the second quarter and carrying that momentum into the second half of 2025 and beyond.”

    Full Year 2025 Guidance Update4

    • The Company reaffirms its 2025 AFFO per Share guidance range of $0.90 to $0.96 and Net Debt to Adjusted EBITDA range of 6.5x to 7.1x.

    Summary of Results

        Three Months Ended March 31,
    (In thousands, except per share data)     2025       2024  
    Revenue from tenants   $ 132,415     $ 147,880  
             
    Net loss attributable to common stockholders   $ (200,315 )   $ (34,687 )
    Net loss per diluted common share   $ (0.87 )   $ (0.15 )
             
    NAREIT defined FFO attributable to common stockholders   $ 32,961     $ 55,773  
    NAREIT defined FFO per diluted common share   $ 0.14     $ 0.24  
             
    Core FFO attributable to common stockholders   $ 34,967     $ 56,592  
    Core FFO per diluted common share   $ 0.15     $ 0.25  
             
    AFFO attributable to common stockholders   $ 66,220     $ 74,964  
    AFFO per diluted common share   $ 0.29     $ 0.33  
                     

    Property Portfolio

    As of March 31, 2025, the Company’s portfolio of 1,045 net lease properties is located in ten countries and territories, and is comprised of 51.3 million rentable square feet. As a result of the agreement to sell 100 of the 101 properties in its former multi-tenant retail segment in connection with the Multi-Tenant Retail Disposition, the Company has determined that as of March 31, 2025, the Company operates in three remaining reportable segments based on property type: (1) Industrial & Distribution, (2) Retail (formerly known as “Single-Tenant Retail”) and (3) Office. The real estate portfolio metrics include (inclusive of the properties to be sold in the remaining two phases of the multi-tenant portfolio sale):

    • 95% leased (98%5 adjusting for vacant properties sold shortly after the first quarter of 2025) with a remaining weighted-average lease term of 6.3 years6
    • 86% of the portfolio contains contractual rent increases based on annualized straight-line rent
    • 60% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
    • 76% U.S. and Canada, 24% Europe (based on annualized straight-line rent)
    • 40% Industrial & Distribution, 25% Retail, 22% Office and 13% related to the remaining 41 properties in the Multi-Tenant Retail Portfolio that are expected to be sold in the second quarter of 2025 (based on an annualized straight-line rent)

    Capital Structure and Liquidity Resources7

    As of March 31, 2025, the Company had liquidity of $499.1 million and $1.4 billion of capacity under its revolving credit facility. The Company had net debt of $3.7 billion8, including $2.3 billion of gross mortgage debt. The Company successfully reduced its outstanding net debt balance by $833.2 million from fourth quarter 2024.

    As of March 31, 2025, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%. The Company’s total combined debt had a weighted average interest rate of 4.2% (4.4% when including mortgages classified as part of discontinued operations) resulting in an interest coverage ratio of 2.5 times9. Weighted-average debt maturity was 2.7 years as of March 31, 2025.

    Footnotes/Definitions

    1 While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.
    2 Closed plus disposition pipeline of $2.1 billion as of May 1, 2025. Includes $1.9 billion of closed plus pipeline occupied dispositions at a cash cap rate of 8.3% and $201 million of closed plus pipeline vacant dispositions. The properties included in our disposition pipeline for such purposes include those for which we have entered into purchase and sale agreements (“PSAs”) or non-binding letters of intents (“LOIs”). There can be no assurance that the transactions contemplated by such PSAs or LOIs will be completed on the terms contemplated, if at all.
    3 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Ratings information is as of March 31, 2025. Comprised of 33.3% leased to tenants with an actual investment grade rating and 26.8% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of March 31, 2025.
    4 We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.
    5 First quarter 2025 occupancy was temporarily impacted by the vacancy of Contractor’s Steel, a privately-owned and operated full-service steel supplier that occupied nearly 1.4 million square feet. Following their departure and subsequent to the first quarter of 2025, GNL sold all five vacant properties, which helped minimize vacancy downtime. Including the sale of these properties, GNL’s pro-forma first quarter of 2025 occupancy would be 98% compared to the 95% provided in company filings.
    6 Weighted-average remaining lease term in years is based on square feet as of March 31, 2025.
    7 During the three months ended March 31, 2025, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock “at-the-market” programs. However, as of May 2, 2025, the Company had repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program for a total of $59.4 million, including 2.4 million shares repurchased in the first quarter of 2025 for a net amount of $19.4 million.
    8 Comprised of the principal amount of GNL’s outstanding debt totaling $3.9 billion less cash and cash equivalents totaling $147.0 million, as of March 31, 2025.
    9 The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below.

    Conference Call 

    GNL will host a webcast and conference call on May 8, 2025 at 11:00 a.m. ET to discuss its financial and operating results.

    To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

    Dial-in instructions for the conference call and the replay are outlined below.

    Conference Call Details

    Live Call

    Dial-In (Toll Free): 1-877-407-0792
    International Dial-In: 1-201-689-8263

    Conference Replay*

    For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com

    Or dial in below:

    Domestic Dial-In (Toll Free): 1-844-512-2921

    International Dial-In: 1-412-317-6671

    Conference Number: 13750622

    *Available from 2:00 p.m. ET on May 8, 2025 through August 8, 2025.

    Supplemental Schedules 

    The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov. 

    About Global Net Lease, Inc. 

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, United Kingdom, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

    Forward-Looking Statements

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed closing of the encumbered properties portion of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts: 

    Investors and Media:
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

     
    Global Net Lease, Inc.
    Consolidated Balance Sheets (Unaudited)
    (In thousands)
        March 31,
    2025    		   December 31,
    2024
    ASSETS        
    Real estate investments, at cost:        
    Land   $ 755,520     $ 802,317  
    Buildings, fixtures and improvements     3,972,434       4,120,664  
    Construction in progress     2,024       3,364  
    Acquired intangible lease assets     648,368       695,597  
    Total real estate investments, at cost     5,378,346       5,621,942  
    Less accumulated depreciation and amortization     (1,016,159 )     (999,909 )
    Total real estate investments, net     4,362,187       4,622,033  
    Real estate assets held for sale     171,675       17,406  
    Assets related to discontinued operations     670,483       1,816,131  
    Cash and cash equivalents     147,047       159,698  
    Restricted cash     59,144       64,510  
    Derivative assets, at fair value     327       2,471  
    Unbilled straight-line rent     92,757       89,804  
    Operating lease right-of-use asset     67,461       66,163  
    Prepaid expenses and other assets     51,360       51,504  
    Multi-tenant disposition receivable, net     108,729       —  
    Deferred tax assets     4,915       4,866  
    Goodwill     44,842       51,370  
    Deferred financing costs, net     8,407       9,808  
    Total Assets   $ 5,789,334     $ 6,955,764  
             
    LIABILITIES AND EQUITY        
    Mortgage notes payable, net   $ 1,774,116     $ 1,768,608  
    Revolving credit facility     547,406       1,390,292  
    Senior notes, net     911,416       906,101  
    Acquired intangible lease liabilities, net     20,441       24,353  
    Derivative liabilities, at fair value     2,679       3,719  
    Accounts payable and accrued expenses     47,789       52,878  
    Operating lease liability     40,673       40,080  
    Prepaid rent     14,389       13,571  
    Deferred tax liability     5,991       5,477  
    Dividends payable     11,990       11,909  
    Real estate liabilities held for sale     1,377       —  
    Liabilities related to discontinued operations     495,515       551,818  
    Total Liabilities     3,873,782       4,768,806  
    Commitments and contingencies     —       —  
    Stockholders’ Equity:        
    7.25% Series A cumulative redeemable preferred stock     68       68  
    6.875% Series B cumulative redeemable perpetual preferred stock     47       47  
    7.50% Series D cumulative redeemable perpetual preferred stock     79       79  
    7.375% Series E cumulative redeemable perpetual preferred stock     46       46  
    Common stock     3,617       3,640  
    Additional paid-in capital     4,342,134       4,359,264  
    Accumulated other comprehensive loss     (15,755 )     (25,844 )
    Accumulated deficit     (2,414,684 )     (2,150,342 )
    Total Stockholders’ Equity     1,915,552       2,186,958  
    Total Liabilities and Equity   $ 5,789,334     $ 6,955,764  
                     
    Global Net Lease, Inc.
    Consolidated Statements of Operations (Unaudited)
    (In thousands, except share and per share data)
        Three Months Ended March 31,
          2025       2024  
    Revenue from tenants   $ 132,415     $ 147,880  
             
    Expenses:        
    Property operating     13,953       17,796  
    Impairment charges     60,315       4,327  
    Merger, transaction and other costs     1,579       753  
    General and administrative     16,203       14,663  
    Equity-based compensation     3,093       1,973  
    Depreciation and amortization     56,334       57,172  
    Goodwill impairment     7,134       —  
    Total expenses     158,611       96,684  
    Operating (loss) income before gain on dispositions of real estate investments     (26,196 )     51,196  
    (Loss) gain on dispositions of real estate investments     (1,678 )     5,868  
    Operating (loss) income     (27,874 )     57,064  
    Other income (expense):        
    Interest expense     (53,437 )     (64,593 )
    Loss on extinguishment and modification of debt     (418 )     (58 )
    (Loss) gain on derivative instruments     (3,856 )     1,588  
    Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness     (6,351 )     1,032  
    Other income (expense)     48       (40 )
    Total other expense, net     (64,014 )     (62,071 )
    Net loss before income taxes     (91,888 )     (5,007 )
    Income tax provision     (3,280 )     (2,358 )
    Loss from continuing operations     (95,168 )     (7,365 )
    Loss from discontinued operations     (94,211 )     (16,386 )
    Net loss     (189,379 )     (23,751 )
    Preferred stock dividends     (10,936 )     (10,936 )
    Net loss attributable to common stockholders   $ (200,315 )   $ (34,687 )
             
    Basic and Diluted Loss Per Share:        
    Net loss per share from continuing operations   $ (0.46 )   $ (0.08 )
    Net loss per share from discontinued operations     (0.41 )     (0.07 )
    Net loss per share attributable to common stockholders — Basic and Diluted[1]   $ (0.87 )   $ (0.15 )
             
    Weighted average shares outstanding — Basic and Diluted     230,264       230,320  
                     
                     
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands)
        Three Months Ended
    March 31,
          2025       2024  
    Adjusted EBITDA        
    Net loss   $ (189,379 )   $ (23,751 )
    Depreciation and amortization     56,334       57,172  
    Interest expense     53,437       64,593  
    Income tax expense     3,280       2,358  
    Discontinued operations adjustments     47,219       53,018  
    EBITDA     (29,109 )     153,390  
    Impairment charges     60,315       4,327  
    Equity-based compensation     3,093       1,973  
    Merger, transaction and other costs     1,579       753  
    Loss (gain) on dispositions of real estate investments     1,678       (5,867 )
    Loss (gain) on derivative instruments     3,856       (1,588 )
    Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness     6,351       (1,032 )
    Loss on extinguishment and modification of debt     418       58  
    Other (income) expense      (48 )     40  
    Expenses attributable to European tax restructuring[1]     —       469  
    Transition costs related to the REIT Merger and Internalization[2]     —       2,826  
    Goodwill impairment[3]     7,134       —  
    Discontinued operations adjustments     83,149       (16 )
    Adjusted EBITDA     138,416       155,333  
    Net operating income (NOI)        
    General and administrative     16,203       14,663  
    Expenses attributable to European tax restructuring[1]     —       (469 )
    Transition costs related to the Merger and Internalization[2]     —       (2,826 )
    Discontinued operations adjustments     1,255       1,514  
    NOI     155,874       168,215  
    Amortization related to above- and below- market lease intangibles and right-of-use assets, net     160       2,225  
    Straight-line rent     (5,235 )     (4,562 )
    Cash NOI   $ 150,799     $ 165,878  
             
    Cash Paid for Interest:        
    Interest Expense – continuing operations   $ 53,437     $ 64,593  
    Interest Expense – discontinued operations     17,457       18,160  
    Non-cash portion of interest expense     (2,486 )     (2,394 )
    Amortization of discounts on mortgages and senior notes     (13,960 )     (15,338 )
    Total cash paid for interest   $ 54,448     $ 65,021  
                     
    _____________
    [1] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
    [2] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
    [3] This is a non-cash item and is added back as it is not considered indicative of operating performance.
                     
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands)
        Three Months Ended
    March 31,
          2025       2024  
    Net loss attributable to stockholders (in accordance with GAAP)   $ (200,315 )   $ (34,687 )
    Impairment charges     60,315       4,327  
    Depreciation and amortization     56,334       57,172  
    Loss (gain) on dispositions of real estate investments     1,678       (5,867 )
    Discontinued operations FFO adjustments     114,949       34,828  
    FFO (defined by NAREIT)     32,961       55,773  
    Merger, transaction and other costs     1,579       753  
    Loss on extinguishment and modification of debt     418       58  
    Discontinued operations Core FFO adjustments     9       8  
    Core FFO attributable to common stockholders     34,967       56,592  
    Non-cash equity-based compensation     3,093       1,973  
    Non-cash portion of interest expense     2,486       2,394  
    Amortization related to above- and below-market lease intangibles and right-of-use assets, net     160       2,225  
    Straight-line rent     (5,235 )     (4,562 )
    Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness     6,351       (1,032 )
    Eliminate unrealized losses (gains) on foreign currency transactions[1]     3,304       (1,259 )
    Amortization of discounts on mortgages and senior notes     13,960       15,338  
    Expenses attributable to European tax restructuring[2]     —       469  
    Transition costs related to the REIT Merger and Internalization[3]     —       2,826  
    Goodwill impairment[4]     7,134       —  
    Adjusted funds from operations (AFFO) attributable to common stockholders   $ 66,220     $ 74,964  
                     
    _____________
    [1] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended March 31, 2025, loss on derivative instruments was $3.9 million, which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million. For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million.
    [2] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [4] This is a non-cash item and is added back as it is not considered indicative of operating performance.
                     

    The following table provides operating financial information for the Company’s reportable segments:

        Three Months Ended March 31,
    (In thousands)     2025     2024
    Industrial & Distribution:        
    Revenue from tenants   $ 58,009   $ 61,994
    Property operating expense     5,257     4,644
    Net Operating Income   $ 52,752   $ 57,350
             
    Retail[1], [2]:        
    Revenue from tenants   $ 36,958   $ 42,595
    Property operating expense     3,906     5,098
    Net Operating Income   $ 33,052   $ 37,497
             
    Office[2]:        
    Revenue from tenants   $ 37,448   $ 35,096
    Property operating expense     4,790     5,258
    Net Operating Income   $ 32,658   $ 29,838
             
    Multi-Tenant Retail[3]:        
    Revenue from tenants   $ —   $ 8,195
    Property operating expense     —     2,796
    Net Operating Income   $ —   $ 5,399
                 
    _____________
    [1] Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which is not included in the Multi-Tenant Retail Disposition.
    [2] Amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type.
    [3] Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation.
                 

    Caution on Use of Non-GAAP Measures

    Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

    Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.

    We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

    As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

    Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

    Funds From Operations

    Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

    We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

    FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

    The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

    Core Funds From Operations

    In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

    Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

    Adjusted Funds From Operations

    In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

    In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

    We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

    EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

    NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

    Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

    Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

    Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

    The MIL Network –

  • MIL-OSI: Greenlight Re Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income Expands to $29.6 million Despite California Wildfire Losses,
    Leading to Fully Diluted Book Value Per Share Growth of 5.1%

    GRAND CAYMAN, Cayman Islands, May 07, 2025 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights (all comparisons are to first quarter 2024 unless noted otherwise):

    • Gross premiums written increased 14.1% to $247.9 million;
    • Net premiums earned increased 4.3% to $168.5 million;
    • Net underwriting loss of $7.8 million, compared to net underwriting income of $3.4 million;
    • Combined ratio of 104.6%, compared to 97.9%;
    • Total investment income of $40.5 million, compared to $31.4 million;
    • Net income of $29.6 million, or $0.86 per diluted ordinary share, compared to net income of $27.0 million, or $0.78 per diluted ordinary share; and
    • Fully diluted book value per share increased 5.1% to $18.87, from $17.95 at December 31, 2024.

    Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We delivered strong book value per share growth of 5.1% this quarter, driven by an outstanding return of 7.2% from our Solasglas investment portfolio despite challenging market conditions. These results more than offset the financial impact of the California wildfires, which contributed 14 combined ratio points for the quarter, in line with the preliminary loss estimates we previously disclosed.”

    David Einhorn, Chairman of the Board of Directors, said, “Our investment portfolio performed well during what appears to be the beginning of a bear market. We are positioning Solasglas to have low gross and net exposure as we ride out what should be a period of high volatility ahead of what we expect will be an improved investment opportunity set.”

    Greenlight Capital Re, Ltd. First Quarter 2025 Earnings Call

    Greenlight Re will host a live conference call to discuss its financial results on Thursday, May 8, 2025, at 9:00 a.m. Eastern Time. Dial-in details:
            
    U.S. toll free: 1-877-407-9753
    International: 1-201-493-6739

    The conference call can also be accessed via webcast at:
    https://event.webcasts.com/starthere.jsp?ei=1714274&tp_key=429d07a808

    A telephone replay will be available following the call through May 13, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13752944. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

    Non-GAAP Financial Measures
    In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

    Forward-Looking Statements
    This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

    About Greenlight Capital Re, Ltd.
    Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

    Investor Relations Contact
    Karin Daly
    Vice President, The Equity Group Inc.
    (212) 836-9623
    IR@greenlightre.ky

           
    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (expressed in thousands of U.S. dollars, except per share and share amounts)
           
      March 31,
    2025    		   December 31,
    2024
      (Unaudited)    
    Assets      
    Investments      
    Investment in related party investment fund, at fair value $ 435,341   $ 387,144
    Other investments   73,266     73,160
    Total investments   508,607     460,304
    Cash and cash equivalents   47,477     64,685
    Restricted cash and cash equivalents   595,282     584,402
    Reinsurance balances receivable (net of allowance for expected credit losses)   768,711     704,483
    Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)   87,963     85,790
    Deferred acquisition costs   96,759     82,249
    Unearned premiums ceded   38,895     29,545
    Other assets   8,402     4,765
    Total assets $ 2,152,096   $ 2,016,223
    Liabilities and equity      
    Liabilities      
    Loss and loss adjustment expense reserves $ 916,600   $ 860,969
    Unearned premium reserves   384,311     324,551
    Reinsurance balances payable   93,730     105,892
    Funds withheld   21,825     21,878
    Other liabilities   8,992     6,305
    Debt   59,834     60,749
    Total liabilities   1,485,292     1,380,344
    Shareholders’ equity      
    Ordinary share capital (par value $0.10; issued and outstanding, 34,557,449) (2024: par value $0.10; issued and outstanding, 34,831,324) $ 3,456   $ 3,483
    Additional paid-in capital   482,876     481,551
    Retained earnings   180,472     150,845
    Total shareholders’ equity   666,804     635,879
    Total liabilities and equity $ 2,152,096   $ 2,016,223
               
       
    GREENLIGHT CAPITAL RE, LTD.
    CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Unaudited)
    (expressed in thousands of U.S. dollars, except percentages and per share amounts)
       
      Three months ended March 31
        2025       2024  
    Underwriting results:      
    Gross premiums written $ 247,945     $ 217,258  
    Gross premiums ceded   (28,548 )     (23,181 )
    Net premiums written   219,397       194,077  
    Change in net unearned premium reserves   (50,934 )     (32,541 )
    Net premiums earned $ 168,463     $ 161,536  
    Net loss and LAE incurred:      
    Current year $ (118,666 )   $ (103,925 )
    Prior year   (4,218 )     (5,401 )
    Net loss and LAE incurred   (122,884 )     (109,326 )
    Acquisition costs   (46,866 )     (41,610 )
    Underwriting expenses   (6,358 )     (6,339 )
    Deposit interest expense, net   (149 )     (876 )
    Net underwriting income (loss) $ (7,794 )   $ 3,385  
           
    Income from investment in Solasglas $ 32,197     $ 18,248  
    Net investment income   8,287       13,178  
    Total investment income $ 40,484     $ 31,426  
           
    Corporate and other expenses $ (4,672 )   $ (4,375 )
    Foreign exchange gains (losses)   4,355       (1,649 )
    Interest expense   (1,464 )     (1,249 )
    Income tax expense   (1,282 )     (519 )
    Net income $ 29,627     $ 27,019  
           
    Earnings per share      
    Basic $ 0.87     $ 0.79  
    Diluted $ 0.86     $ 0.78  
           
    Underwriting ratios:      
    Current year loss ratio   70.4 %     64.3 %
    Prior year reserve development ratio   2.5 %     3.3 %
    Loss ratio   72.9 %     67.6 %
    Acquisition cost ratio   27.8 %     25.8 %
    Composite ratio   100.7 %     93.4 %
    Underwriting expense ratio   3.9 %     4.5 %
    Combined ratio   104.6 %     97.9 %
                   
                   

    The following tables present the Company’s results by segment and on a consolidated basis:

                   
    GREENLIGHT CAPITAL RE, LTD.
    SEGMENT RESULTS OF OPERATIONS (unaudited)
    (expressed in thousands of U.S. dollars)
    Three months ended March 31, 2025
                   
      Open Market   Innovations   Corporate   Total Consolidated
    Gross premiums written $ 220,709     $ 27,466     $ (230 )   $ 247,945  
    Net premiums written $ 195,609     $ 23,971     $ (183 )   $ 219,397  
    Net premiums earned $ 149,641     $ 19,005     $ (183 )   $ 168,463  
    Net loss and LAE incurred   (112,763 )     (10,346 )     225       (122,884 )
    Acquisition costs   (40,881 )     (6,033 )     48       (46,866 )
    Other underwriting expenses   (4,797 )     (1,561 )     —       (6,358 )
    Deposit interest expense, net   (149 )     —       —       (149 )
    Underwriting income (loss)   (8,949 )     1,065       90       (7,794 )
    Net investment income   5,771       448       2,068       8,287  
    Corporate and other expenses   —       (572 )     (4,100 )     (4,672 )
    Income from investment in Solasglas   —       —       32,197       32,197  
    Foreign exchange gains (losses)   —       —       4,355       4,355  
    Interest expense   —       —       (1,464 )     (1,464 )
    Income (loss) before income taxes $ (3,178 )   $ 941     $ 33,146     $ 30,909  
                   
    Underwriting ratios:              
    Loss ratio   75.4 %     54.4 %     123.0 %     72.9 %
    Acquisition cost ratio   27.3 %     31.7 %     26.2 %     27.8 %
    Composite ratio   102.7 %     86.1 %     149.2 %     100.7 %
    Underwriting expenses ratio   3.3 %     8.2 %     — %     3.9 %
    Combined ratio   106.0 %     94.3 %     149.2 %     104.6 %
                                   
                   
    GREENLIGHT CAPITAL RE, LTD.
    SEGMENT RESULTS OF OPERATIONS (unaudited)
    (expressed in thousands of U.S. dollars)
    Three months ended March 31, 2024
                   
      Open Market   Innovations   Corporate   Total Consolidated
    Gross premiums written $ 187,061     $ 30,068     $ 129     $ 217,258  
    Net premiums written $ 167,716     $ 26,244     $ 117     $ 194,077  
    Net premiums earned $ 131,610     $ 20,197     $ 9,729     $ 161,536  
    Net loss and LAE incurred   (86,700 )     (13,127 )     (9,499 )     (109,326 )
    Acquisition costs   (33,579 )     (6,053 )     (1,978 )     (41,610 )
    Other underwriting expenses   (5,478 )     (861 )     —       (6,339 )
    Deposit interest expense, net   (876 )     —       —       (876 )
    Underwriting income (loss)   4,977       156       (1,748 )     3,385  
    Net investment income   12,616       (183 )     745       13,178  
    Corporate and other expenses   —       (590 )     (3,785 )     (4,375 )
    Income from investment in Solasglas           18,248       18,248  
    Foreign exchange gains (losses)           (1,649 )     (1,649 )
    Interest expense           (1,249 )     (1,249 )
    Income (loss) before income taxes $ 17,593     $ (617 )   $ 10,562     $ 27,538  
                   
    Underwriting ratios:              
    Loss ratio   65.9 %     65.0 %     97.6 %     67.6 %
    Acquisition cost ratio   25.5 %     30.0 %     20.3 %     25.8 %
    Composite ratio   91.4 %     95.0 %     117.9 %     93.4 %
    Underwriting expenses ratio   4.8 %     4.3 %     — %     4.5 %
    Combined ratio   96.2 %     99.3 %     117.9 %     97.9 %
                                   
    GREENLIGHT CAPITAL RE, LTD.
    KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
     

    Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

    The key non-GAAP financial measure used in this news release is:

    • Fully diluted book value per share

    This non-GAAP financial measure is described below.

    Fully Diluted Book Value Per Share

    Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

    We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

    We calculate basic book value per share as (a) ending shareholders’ equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units, “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

    The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

                       
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Numerator for basic and fully diluted book value per share:                  
    Total equity as reported under U.S. GAAP $ 666,804   $ 635,879   $ 663,418   $ 634,020   $ 624,458
    Denominator for basic and fully diluted book value per share:                  
    Ordinary shares issued and outstanding as reported and denominator for basic book value per share   34,557,449     34,831,324     34,832,493     35,321,144     35,321,144
    Add: In-the-money stock options (1) and all outstanding RSUs   773,938     590,001     602,013     594,612     585,334
    Denominator for fully diluted book value per share   35,331,387     35,421,325     35,434,506     35,915,756     35,906,478
                       
    Basic book value per share $ 19.30   $ 18.26   $ 19.05   $ 17.95   $ 17.68
    Fully diluted book value per share $ 18.87   $ 17.95   $ 18.72   $ 17.65   $ 17.39
    (1) Assuming net exercise by the grantee.
     

    The MIL Network –

  • MIL-OSI: Ormat Technologies Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    REVENUE GROWTH AND RECORD QUARTERLY ADJUSTED EBITDA SUPPORT ONGOING STRATEGIC PORTFOLIO EXPANSION

    HIGHLIGHTS

    • TOTAL REVENUES AND NET INCOME1 IMPROVED 2.5% AND 4.6%, RESPECTIVELY
    • RECORD ADJUSTED EBITDA OF $150.3 MILLION, AN INCREASE OF 6.4% VS LAST YEAR
    • ENERGY STORAGE SEGMENT REVENUES INCREASED BY 120% DRIVING MEANINGFUL MARGIN INCREASE
    • SIGNED AN AGREEMENT TO ACQUIRE THE 20MW BLUE MOUNTAIN GEOTHERMAL POWER PLANT FROM CYRQ ENERGY
    • COMPANY REITERATES ITS 2025 FULL-YEAR GUIDANCE, REFLECTING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS OUTLOOK

    RENO, Nev., May 07, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the first quarter ended March 31, 2025.

    KEY FINANCIAL RESULTS

      Q1 2025 Q1 2024 Change (%)
    GAAP Measures      
    Revenues ($ millions)      
                 Electricity 180.2   191.3   (5.8 %)
                 Product 31.8   24.8   27.9 %
                 Energy Storage 17.8   8.1   119.7 %
    Total Revenues 229.8   224.2   2.5 %
           
    Gross Profit 72.9   78.8   (7.5 %)
    Gross margin (%)      
    Electricity 33.5 % 39.0 %  
    Product 22.3 % 14.8 %  
    Energy Storage 30.6 % 7.5 %  
    Gross margin (%) 31.7 % 35.2 %  
    Operating income ($ millions) 50.9   52.6   (3.2 %)
    Net income attributable to the Company’s stockholders 40.4   38.6   4.6 %
    Diluted EPS ($) 0.66   0.64   3.1 %
    Non-GAAP Measures      
    Adjusted Net income attributable to the Company’s stockholders 41.5   39.6   4.8 %
    Adjusted Diluted EPS ($) 0.68   0.65   4.6 %
    Adjusted EBITDA2($ millions) 150.3   141.2   6.4 %

    1 Net Income attributable to the Company’s stockholder
    2 See reconciliation table below

    “Ormat had a strong start to 2025, achieving a 2.5% increase in revenue, a 4.6% rise in net income attributable to the Company’s stockholders, and a 6.4% increase in adjusted EBITDA. This growth was driven by improved performance in both our Product and Storage segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “Our Storage segment benefited from new capacity added over the last 12 months and from higher merchant prices in the PJM market. We expect continued good performance throughout 2025 as we transition our Storage segment to a more predictable portfolio designed to maximize profitability.”

    “While our Electricity segment experienced a slight year-over-year decline in the quarter due to previously disclosed curtailments in California and Nevada, the balance of our geothermal operations delivered a consistent, solid performance. We have several projects under development that we anticipate will reach commercial operation by the end of 2025, which we expect will deliver solid generation growth and further strengthen our earnings trajectory. Additionally, we believe that the potential easing of project permitting timelines combined with increased focus on geothermal exploration will further support our growth in the segment, expand our revenues, and help us achieve our long-term targets.”

    “I am pleased to announce that Ormat signed an agreement to acquire the Blue Mountain geothermal power plant from Cyrq Energy for $88 million, subject to standard working capital adjustments. The 20 MW facility, located in Humboldt County, was built using Ormat technology, features an existing 51 MW interconnection capacity and a Power Purchase Agreement (PPA) with NV Energy (NVE) that expires at the end of 2029. Following the acquisition, Ormat plans to upgrade the power plant, increasing its capacity by 3.5 MW. Additionally, subject to permit and PPA approval, Ormat intends to add a 13 MW solar facility to support the plant’s auxiliaries. The acquisition is anticipated to close towards the end of the second quarter. This acquisition underscores Ormat’s capability to strategically expand and enhance assets in the U.S., leveraging our advanced technology and expertise to optimize performance and efficiency. The planned upgrades and solar addition demonstrate our commitment to innovation and maximizing renewable energy output, contributing to a sustainable future.”

    Blachar continued, “The demand for electricity, particularly from baseload renewable sources, remains strong, and we continue to observe high PPA pricing in the Electricity Segment, and increased Resource Adequacy (RA) pricing in the Storage Segment. Regarding the recent reciprocal tariffs, we anticipate a limited short-term impact on our Storage Segment as we have already procured batteries for all projects currently under construction. Additionally, our Electricity Segment operations and project development have limited exposure to China, mitigating potential adverse effects from the tariffs. Ormat remains committed to delivering reliable and sustainable energy solutions and enhancing shareholder value. We will continue navigating this fluid regulatory environment with a focus on maintaining our growth trajectory and supporting the transition to a cleaner energy future.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the first quarter was $40.4 million, an increase of 4.6% compared to last year. Diluted EPS for the first quarter was $0.66, an increase of 3.1%, compared to the prior year period. This increase is mainly driven by income tax benefits related to the storage facilities expected to commence commercial operation during 2025.
    • Adjusted net income attributable to the Company’s stockholders and Adjusted diluted EPS for the first quarter increased 4.8% and 4.6%, respectively.
    • Adjusted EBITDA for the first quarter was $150.3 million, an increase of 6.4% compared to 2024. The year-over-year increase in Adjusted EBITDA was driven by the Energy Storage segment, due to the contribution of new assets, higher merchant pricing in the East Coast markets, and a legal settlement with a battery supplier. In the Product segment, the increase was derived from a higher backlog and improved contract’ margins. The increase in the Storage and Product segments was partly offset by the reduction in Electricity segment EBITDA mainly due to curtailments in the U.S.
    • Electricity segment revenues decreased by 5.8% during the first quarter, compared to last year. The year-over-year decrease in the first quarter revenue was driven by the previously disclosed energy curtailments, mainly at our McGinness complex, maintenance on the transmission line by the local grid operator, and wildfires in California, which forced grid operators to curtail part of the supplied power.
    • Product segment revenues increased by 27.9% in the first quarter, driven largely by the timing of revenue recognition and our higher backlog. Gross margin increased from 14.8% in the first quarter 2024 to 22.3% in 2025, reflecting marked growth in revenue.
    • Product segment backlog stands at approximately $314 million as of May 7th, 2025, and includes the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand and the BOT project in Dominica.
    • Energy Storage segment revenues increased 119.7% for the first quarter compared to 2024. The improvement was driven by strong performance in the PJM merchant market, where a spike in cold weather along the East Coast contributed to elevated merchant pricing.

    BUSINESS HIGHLIGHTS:

    • In early May, the company signed an agreement to acquire the 20MW Blue Mountain geothermal power plant from Cyrq Energy for $88 million. Closing is expected by the end of the second quarter.
    • In February 2025, Ormat won a tender issued by the Israeli Electricity Authority and was awarded two 15-year tolling agreements for two energy storage facilities with a combined capacity of approximately 300MW/1200MWh. Ormat will retain a 50% equity interest.
    • Ormat commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia in February 2025, holding a 49% equity interest.
    • In January 2025, Ormat signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms. This PPA will replace the current lower-priced PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • We currently do not expect material impact from the new import tariffs on our 2025 and 2026 financial results. All batteries required for our projects arrived or were in transit to the U.S. before significant increased tariffs were imposed.

    2025 GUIDANCE

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues of between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $21 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three months ended March 31, 2025. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On May 7, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on June 4, 2025, to stockholders of record as of the close of business on May 21, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, May 8, 2025, at 9:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 3818407. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 3818407. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues and Adjusted EBITDA, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, legal, market, industry and geopolitical developments and incentives, demand for renewable energy, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the Three Months Ended March 31, 2025, and 2024
     
      Three Months Ended March 31,
      2025   2024  
    Revenues: (Thousands, except per share data)
    Electricity         180,241   191,253  
    Product         31,769   24,832  
    Energy storage          17,752   8,081  
    Total revenues         229,762   224,166  
    Cost of revenues:    
    Electricity         119,833   116,730  
    Product         24,684   21,154  
    Energy storage          12,318   7,472  
    Total cost of revenues         156,835   145,356  
    Gross profit         72,927   78,810  
    Operating expenses:    
    Research and development expenses         2,542   1,564  
    Selling and marketing expenses         4,172   5,126  
    General and administrative expenses         17,909   19,537  
    Other operating income         (3,125 ) —  
    Write-off of unsuccessful exploration and storage activities         516   —  
    Operating income         50,913   52,583  
    Other income (expense):    
    Interest income         1,313   1,839  
    Interest expense, net         (34,473 ) (30,968 )
    Derivatives and foreign currency transaction gains (losses)         2,060   (1,582 )
    Income attributable to sale of tax benefits         17,571   17,476  
    Other non-operating income, net         222   26  
    Income from operations before income tax and equity in earnings of investees         37,606   39,374  
    Income tax (provision) benefit         3,795   147  
    Equity in earnings (losses) of investees         (367 ) 829  
    Net income         41,034   40,350  
    Net income attributable to noncontrolling interest         (672 ) (1,763 )
    Net income attributable to the Company’s stockholders         40,362   38,587  
    Earnings per share attributable to the Company’s stockholders:    
    Basic: 0.67   0.64  
    Diluted: 0.66   0.64  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:    
    Basic         60,559   60,386  
    Diluted         60,840   60,536  
         
    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Period Ended March 31, 2025, and the Period Ended December 31, 2024
     
      March 31,
    2025    		   December 31,
    2024
    ASSETS                                       (In thousands)
    Current assets:      
    Cash and cash equivalents          112,704     94,395  
    Restricted cash and cash equivalents (primarily related to VIEs)         112,001     111,377  
    Receivables:      
         Trade less allowance for credit losses of $249 and $163 respectively (primarily related to VIEs)         173,590     164,050  
         Other         45,489     50,792  
    Inventories         42,107     38,092  
    Costs and estimated earnings in excess of billings on uncompleted contracts 20,940     29,243  
    Prepaid expenses and other         94,023     59,173  
              Total current assets         600,854     547,122  
    Investment in unconsolidated companies          158,618     144,585  
    Deposits and other         89,021     75,383  
    Deferred income taxes         165,983     153,936  
    Property, plant and equipment, net ($3,261,700 and $3,271,248 related to VIEs, respectively) 3,497,915     3,501,886  
    Construction-in-process ($370,762 and $251,442 related to VIEs, respectively) 844,873     755,589  
    Operating leases right of use ($13,725 and $13,989 related to VIEs, respectively)         32,232     32,114  
    Finance leases right of use (none related to VIEs)         2,935     2,841  
    Intangible assets, net         295,225     301,745  
    Goodwill         151,291     151,023  
              Total assets         5,838,947     5,666,224  
           
    LIABILITIES AND EQUITY          
    Current liabilities:      
    Accounts payable and accrued expenses         201,354     234,334  
    Commercial paper (less deferred financing costs of $22 and $23, respectively)         99,978     99,977  
    Billings in excess of costs and estimated earnings on uncompleted contracts 52,198     23,091  
    Current portion of long-term debt:      
         Limited and non-recourse (primarily related to VIEs) 70,453     70,262  
         Full recourse         184,227     161,313  
         Financing Liability         5,905     4,093  
         Operating lease liabilities         3,657     3,633  
         Finance lease liabilities         1,451     1,375  
              Total current liabilities         619,223     598,078  
    Long-term debt, net of current portion:      
    Limited and non-recourse: (primarily related to VIEs and less deferred financing costs of $8,216 and $8,849, respectively) 560,824     578,204  
    Full recourse: (less deferred financing costs of $4,782 and $4,671, respectively) 957,027     822,828  
    Convertible senior notes (less deferred financing costs of $6,138 and $6,820, respectively) 470,299     469,617  
    Financing Liability         213,810     216,476  
    Operating lease liabilities         22,722     22,523  
    Finance lease liabilities         1,544     1,529  
    Liability associated with sale of tax benefits         144,081     152,292  
    Deferred income taxes         71,479     68,616  
    Liability for unrecognized tax benefits         6,481     6,272  
    Liabilities for severance pay         11,147     10,488  
    Asset retirement obligation         131,431     129,651  
    Other long-term liabilities         33,533     29,270  
         Total liabilities         3,243,601     3,105,844  
           
    Redeemable noncontrolling interest         9,573     9,448  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,662,626 and 60,500,580 issued and outstanding as of March 31, 2025, and December 31, 2024, respectively         61     61  
    Additional paid-in capital         1,640,910     1,635,245  
    Treasury stock, at cost (258,667 shares held as of March 31, 2025, and December 31, 2024, respectively)         (17,964 )   (17,964 )
    Retained earnings         847,607     814,518  
    Accumulated other comprehensive income (loss)         (9,410 )   (6,731 )
    Total stockholders’ equity attributable to Company’s stockholders         2,461,204     2,425,129  
    Noncontrolling interest         124,569     125,803  
    Total equity         2,585,773     2,550,932  
    Total liabilities, redeemable noncontrolling interest and equity         5,838,947     5,666,224  


    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the Three Months Ended March 31, 2025, and 2024

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) cost related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and 2024:

      Three Months Ended March 31,  
      2025    2024   
      (Dollars in thousands)  
    Net income 41,034     40,350    
    Adjusted for:        
    Interest expense, net (including amortization of deferred financing costs) 33,160     29,129    
    Income tax provision (benefit) (3,795 )   (147 )  
    Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 3,421     3,352    
    Depreciation, amortization and accretion 69,157     61,676    
    EBITDA 142,977     134,360    
    Mark-to-market (gains) or losses of derivative instruments 939     813    
    Stock-based compensation 4,911     4,769    
    Allowance for bad debts 26     —    
    Merger and acquisition transaction costs —     1,299    
    Settlement agreement 900     —    
    Write-off of unsuccessful exploration and storage activities 516     —    
    Adjusted EBITDA 150,269     141,241    


    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three Months Ended March 31, 2025, and 2024

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted diluted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted diluted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted diluted EPS for the three months ended March 31, 2025, and 2024.

      Three Months Ended March 31,  
      2025   2024  
      (Dollars in millions, except per share data)  
    GAAP Net income attributable to the Company’s stockholders 40.4   38.6  
    Write-off of unsuccessful exploration and storage activities 0.41   –  
    Merger and acquisition transaction costs –   1.0  
    Allowance for bad debts 0.02   –  
    Settlement agreement 0.71   –  
    Adjusted Net income attributable to the Company’s stockholders 41.5   39.6  
    GAAP diluted EPS 0.66   0.64  
    Write-off of unsuccessful exploration and storage activities 0.01   –  
    Merger and acquisition transaction costs –   0.02  
    Allowance for bad debts 0.00   –  
    Settlement agreement 0.01   –  
    Adjusted Diluted EPS ($) 0.68   0.65  
    Ormat Technologies Contact:
    Smadar Lavi
    VP Head of IR and ESG Planning & Reporting
    775-356-9029 (ext. 65726)
    slavi@ormat.com     		 Investor Relations Agency Contact:
    Joseph Caminiti or Josh Carroll
    Alpha IR Group
    312-445-2870
    ORA@alpha-ir.com 

    The MIL Network –

  • MIL-OSI: APA Corporation Announces First-Quarter 2025 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 07, 2025 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today announced first-quarter 2025 results. Results can be found on the company’s website by visiting www.apacorp.com or investor.apacorp.com.

    APA will host a conference call on May 8 at 10 a.m. Central time via the webcast link available on the company website to discuss the results. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.

    About APA

    APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

         
    Contacts    
         
    Investor:   (281) 302-2286
    Media:   (713) 296-7276
    Website:   www.apacorp.com 
         

    APA-F

    The MIL Network –

  • MIL-OSI USA: Cotton to Gabbard: Do Not Assist German Surveillance of Political Opposition

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton
    FOR IMMEDIATE RELEASEContact: Caroline Tabler or Patrick McCann (202) 224-2353May 7, 2025
    Cotton to Gabbard: Do Not Assist German Surveillance of Political Opposition
    Washington, D.C. — Senator Tom Cotton (R-Arkansas) today sent a letter to Tulsi Gabbard, the Director of National Intelligence requesting a pause on all intelligence sharing with Germany’s domestic intelligence agency, the BvF, that could be used to target political opponents. This letter comes after the BvF’s recent classification of German opposition party Alternative for Germany (AfD) as a “proven right-wing extremist organization.”
    In part, Senator Cotton wrote: 
    “I understand that liberal elites on both sides of the Atlantic loathe the AfD, but AfD’s platform has resonated with many Germans. Unsurprisingly so, since an agenda of strong borders, energy independence, and economic growth has appealed to our own electorate and may other Western democracies. Rather than trying to undermine the AfD using the tools of authoritarian states, Germany’s incoming government might be better advised to consider why the AfD continues to gain electoral ground and how German’s government can address the reasonable concerns of its citizens.”
    Full text of the letter may be found here and below. 
    The Honorable Tulsi Gabbard
    Director of National Intelligence 
    1500 Tysons McLean Drive 
    McLean, VA 22102
    Dear Director Gabbard:
    In support of the Trump administration’s goals to prevent the weaponization of our nation’s intelligence agencies, I urge you to ensure that foreign intelligence collected by those agencies isn’t shared with the German government to be used against its political opposition.
    On May 2, Germany’s domestic intelligence agency, the Federal Office for the Protection of the Constitution (BfV) classified the Alternative for Germany (AfD) Party as a “proven right-wing extremist organization.” Under German law, this decision allows BfV to intensify surveillance on AfD through signals collection and the use of undercover informants to support a potential party ban. In other words, German intelligence can now eavesdrop, monitor, and infiltrate Germany’s main opposition party and its second largest vote-getter in the recent elections. One would expect such police-state activities in dictatorships like Communist China and Russia—not Western Europe’s largest country. 
    I understand that liberal elites on both sides of the Atlantic loathe the AfD, but AfD’s platform has resonated with many Germans. Unsurprisingly so, since an agenda of strong borders, energy independence, and economic growth has appealed to our own electorate and may other Western democracies. Rather than trying to undermine the AfD using the tools of authoritarian states, Germany’s incoming government might be better advised to consider why the AfD continues to gain electoral ground and how the German government can address the reasonable concerns of its citizens. 
    Until the German government treats the AfD as a legitimate opposition party and not as a “right-wing extremist organization,” I ask that you direct our intelligence agencies to take the follow actions:
    Pause the sharing of intelligence with BfV that could be used to target the AfD,
    Refuse requests of assistance from the BfV to surveil AfD and its members, and
    Review whether our intelligence agencies under the Biden administration cooperated with German requests to surveil the AfD or other opposition parties and notify the Senate of the findings of the review.
    Sincerely,
    Tom Cotton
    Chairman

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Dan Goldman Blasts Hill Republicans for Exacerbating Violence and Disorder at Metropolitan Detention Center

    Source: US Congressman Dan Goldman (NY-10)

    17 Inmates Have Died at the Metropolitan Detention Center Since 2020, Largely Due to Staffing Shortages and Poor Wages 

     

    Trump Admin Has Terminated Retention Bonuses for Bureau of Prison Correctional Officers and Cancelled Their Collective Bargaining Agreements 

     

    President’s FY26 Budget Does Not Include Funding for Law Mandating Meaningful Oversight of Federal Prisons 

     

    Rep. Dan Goldman: We must be living in Fantasyland. We’re trying to have a normal hearing doing oversight of the Bureau of Prisons when the President and Elon Musk are taking a hatchet to the Bureau, canceling the collective bargaining agreement for all of the correctional officers, eliminating retention bonuses for the correctional officers while making sure that every masked undercover Gestapo agent with ICE gets a $40,000 bonus.” 

     

    Rep. Dan Goldman: “My colleagues sit over there acting as if they’re really interested in correcting the Bureau of Prisons and all the problems that we have there. Then put some money where it is, because we all know that’s how you correct the problem. That’s how you implement the First Step Act. That’s how you implement and fund the Federal Prison Oversight Act, a bipartisan bill that we passed last Congress that has not been funded and can’t do anything. 

     

    Watch Full Committee Remarks Here 

    Washington, DC – Congressman Dan Goldman (NY-10) today at a House Judiciary Committee hearing condemned the impact of the Trump administration’s policies on the Brooklyn Metropolitan Detention Center (MDC) in his district, where 17 inmates have died since 2020, in large part due to correctional officers’ inability to effectively oversee the prison due to staffing shortages. The Congressman highlighted how the Trump administration is undermining the safety and security of both prison inmates and staff by eliminating corrections officers’ collective bargaining agreements and staff retention bonuses. 

    A rush transcript of Congressman Goldman’s committee remarks is below: 

    Congressman Goldman: Thank you very much, Mr. Chairman. And I would ordinarily appreciate this hearing very much, because the Bureau of Prisons is a critical component of the Department of Justice that is woefully underfunded and struggling to implement their mission.  

    But we must be living in Fantasyland. We’re trying to have a normal hearing doing oversight of the Bureau of Prisons when the President and Elon Musk are taking a hatchet to the Bureau, canceling the collective bargaining agreement for all of the correctional officers, eliminating retention bonuses for the correctional officers while making sure that every masked undercover Gestapo agent with ICE gets a $40,000 bonus. In fact, the bill you passed last week, that Republicans passed last week would give $12 billion in pay increases and bonuses to ICE and CBP, and nothing to the Bureau of Prisons. 

    And yet my colleagues sit over there acting as if they’re really interested in correcting the Bureau of Prisons and all the problems that we have there. Then put some money where it is, because we all know that’s how you correct the problem. That’s how you implement the First Step Act. That’s how you implement and fund the Federal Prison Oversight Act, a bipartisan bill that we passed last Congress that has not been funded and can’t do anything. 

    You are passing a partisan reconciliation bill. You have the purse strings. And yet we’re supposed to sit here thinking that you’re really serious about making sure that we’re helping the corrections officer. It’s just bogus.  

    And let’s take the Metropolitan Detention Center in my district in Brooklyn. Since 2020, there have been 17 inmates that have been killed, and the staffing shortages are devastating and have been devastating. 

    There have been numerous, numerous lockdowns simply because there is not enough staff. So, inmates are kept in isolation for multiple days at a time because of staffing shortages. There was a crackdown by the FBI and the Department of Justice in March. 25 inmates were arrested for all sorts of various smuggling efforts, violent assaults with scalpels. And, as my colleague from Florida said, smuggling cell phones.  

    There’s not enough staff to actually monitor what is going on. So, what did they do at MDC? Well, under President Biden, they implemented a retention bonus of 35% that enabled them to hire 87 additional people for that one location, the most in years and years. And it decreased lockdowns. 

    Since August of 2024, there have only been three days of lockdowns due to staff shortages. So, you would think that’s a productive way of boosting employment, boosting staffing, which I think every single one of our witnesses has said is an essential part of addressing the problems in the Bureau of Prisons.  

    So, what does President Trump do? Gets rid of the retention bonuses – gone. Gets rid of the collective bargaining agreement. How on earth do you think you are going to increase staffing by taking away all of the correction officers’ benefits, by taking away their retention bonus, which proved to be successful and is necessary.  

    And yet we’re here talking about implementing recidivism programs. It’s a joke. So, Mr. Biggs, you asked for some action items. 

    I’ll give you some action items.  

    Rep. Andy Biggs (AZ-05): Can I ask you a question? 

    Congressman Goldman: After I give you the action items, I’m happy to have a colloquy. One: restore the retention bonuses so that we can hire more corrections officers to implement all of the laws that we want to implement in a bipartisan way, and so we can keep the inmates safe. 

    Two:  restore the collective bargaining agreement rather than unilaterally canceling a negotiated collective bargaining agreement that gives the corrections officers very important protections.  

    And three: let’s fund the First Step Act. Let’s fund the Federal Prison Oversight Act, which has not been funded. There are three action items that you can take back to Mr. Trump to try to actually address the issues at the Bureau of Prisons. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Amid Trump Tariff Uncertainty, Oregon’s Entire Democratic Delegation Rallies Behind West Coast Seafood Industry

    Source: US Representative Val Hoyle (OR-04)

    May 07, 2025

    After devastating order cancellations due to tariffs, Wyden, Merkley, Bonamici, Bynum, Dexter, Hoyle and Salinas ask USDA to buy West Coast pink shrimp

    For Immediate Release: May 7, 2025

    WASHINGTON, D.C. – U.S Representative Val Hoyle, along with U.S. Senators Ron Wyden and Jeff Merkley and U.S. Representatives Suzanne Bonamici, Janelle Bynum, Maxine Dexter, and Andrea Salinas today rallied behind the West Coast seafood industry by asking the U.S. Department of Agriculture to buy Oregon pink shrimp as soon as possible to help lessen the damage from Donald Trump’s tariffs. 

     “Commercial fishing, seafood processing, and distribution is an integral part of the numerous small ports and rural communities that dot America’s Pacific coast,” the legislators wrote in a letter to Bruce Summers, USDA Agricultural Marketing Services Administrator. “The industry contributes hundreds of millions of dollars and thousands of jobs to the region’s economy, all while providing the nation with domestic, high-quality seafood that is caught, processed, and distributed by hardworking Americans.”

    The West Coast seafood industry is struggling as chaotic tariff decisions create uncertainty and devastation in Oregon’s vital seafood industry. Reports of major order cancellations paired with a prolific pink shrimp harvest have set up Oregon’s rural, coastal communities for potentially ruinous losses without support from the USDA. 

    The request asks the USDA to use a legal authority known as “Section 32” to stimulate demand during challenging economic times by buying surplus foods, which are then distributed to schools, childcare centers, and food banks in need.

     “As the U.S. Department of Agriculture (USDA) continues its work to develop a national seafood strategy that provides economic opportunity to rural communities, promotes production that better nourishes Americans, and secures a robust domestic food supply, we urge USDA to extend support and relief at the earliest opportunity,” the Oregon lawmakers wrote.

    “The loss of this significant market, coupled with the United Kingdom’s recent denial of the industry’s request for the United Kingdom to suspend its existing 20% tariff on imports of U.S. Pacific pink shrimp, poses a serious threat to the industry as supply increases rapidly with no viable outlet,” the legislators cautioned. “We urge you to use your Section 32 purchase authority to support these hardworking Americans and businesses at every point along the supply chain, and to mitigate the economic impact from the loss of these foreign markets to our coastal communities.”

    The West Coast seafood industry has voiced its urgent need for timely federal support.

    “We are incredibly grateful to Senator Wyden and the Oregon delegation for supporting the pink shrimp industry during these tumultuous and uncertain times,” West Coast Seafood Processors Association Director Lori Steele said. “A Section 32 purchase from USDA would help offset some of the major losses we are seeing in our global markets and provide an outlet for our product in the U.S. just as the 2025 season ramps up. We appreciate our delegation’s understanding of how important this is to Oregon’s coastal communities.”

    Full text of the letter is here.

    ###

    MIL OSI USA News –

  • MIL-OSI Video: Today, David Perdue was sworn in to serve as the U.S. Ambassador to the People’s Republic of China.

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

    #Trump #DonaldTrump #PresidentTrump #POTUS #WhiteHouse #DavidPerdue #Perdue #China #ambassador

    https://www.youtube.com/watch?v=_osN2SU0yQg

    MIL OSI Video –

  • MIL-OSI Canada: Breaking barriers in child care

    Licensed child-care providers can now apply for up to $5 million in new funding through the second intake of the Inclusive Spaces Program Grant. Applications are open until June 13, as part of the $15-million federal-provincial investment in the Inclusive Spaces Program Grant under the Canada-Alberta Canada-Wide Early Learning and Child Care Agreement. Investing in inclusive child-care spaces is essential to supporting Alberta’s growing population, strengthening workforce participation and ensuring all children have an accessible space in Alberta’s high-quality child-care system.

    The Inclusive Spaces Program Grant helps licensed daycares, preschools and family day home agencies improve their spaces and programming for children with diverse cultural, linguistic and support needs. More than 100 projects were approved during the first intake. The second and third intakes will create hundreds of new opportunities to transform child-care spaces across the province.

    “Every child deserves access to high-quality care that meets their unique needs. This funding is expanding inclusive spaces throughout Alberta – making a difference in every corner of the province.”

    Matt Jones, Minister of Jobs, Economy and Trade

    More Alberta families can now access child care with personalized, inclusive or modified supports. Whether that means adding wheelchair-accessible washrooms, building sensory-friendly areas, or incorporating multilingual resources into daily programming, this funding provides better quality child care for Alberta’s kids.

    This work is part of Alberta’s broader effort to expand access to high-quality early learning and child care, while also ensuring existing child-care spaces work for as many families as possible. By reducing barriers for children requiring additional support, the government is empowering more parents to stay in the workforce and helping more children to thrive in safe, engaging environments.

    “As a proud recipient of the Inclusive Spaces Grant in Intake 1, we are thrilled to see the government’s continued commitment to inclusive child care. This funding will help child-care providers like us create a welcoming environment where children of all abilities and cultural backgrounds can grow, play and thrive together.”

    Hayat El-Ossmani, owner and director, B-Smart Learning Center

    The Inclusive Spaces Program Grant complements Alberta’s Inclusive Child Care Program and Access, Support and Participation Program, which provide ongoing supports to child-care providers and prevent the exclusion of children with diverse needs.

    Every child deserves to feel seen, supported and included. Alberta’s government, in partnership with the federal government, is making that dream a reality – helping child-care centres across the province open their doors even wider.

    Quick facts

    • Alberta launched the $15-million Inclusive Spaces Program Grant in December 2024 in partnership with the federal government. Its funding is being distributed in three equal intakes of $5 million.
    • Through this grant, Alberta’s government has already distributed $5 million across 105 programs, supporting projects that will make child care more welcoming and accessible to everyone.
      • 75 grants were issued for materials, with project costs ranging from $1,200 to $116,000.
      • 30 grants were issued for renovations, with project costs ranging from $9,700 to $256,000.
    • The second of three $5-million intake periods is now open and will close on June 13.
      • This will be followed by one more intake period in fall 2025 to finish allocating the full $15 million in funding.
    • Applications will be assessed through Alberta’s Ministry of Jobs, Economy and Trade.

    Related information

    • Child care – supports for inclusion
    • Inclusive Spaces Program Grant
    • Canada-Alberta Canada-Wide Early Learning and Child Care Agreement

    Related news

    • Alberta’s inclusive spaces transformation (Dec. 13, 2024)

    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General Bonta: Trump Administration Must Make a U-Turn on Illegal Withholding of Billions in Funding for EV Charging Infrastructure

    Source: US State of California

    BURLINGAME – California Attorney General Rob Bonta, California Governor Gavin Newsom, California Department of Transportation, and the California Energy Commission, today co-led a coalition of 17 attorneys general in filing a lawsuit against the Trump Administration for unlawfully withholding billions of dollars in funding approved by bipartisan majorities in Congress for electric vehicle (EV) charging infrastructure that would reduce planet-warming pollution, expand access to clean vehicles, and create thousands of green jobs. Under the direction of the President, the Federal Highway Administration (FHWA) issued a directive to thwart Congress’s $5 billion program, the National Electric Vehicle Infrastructure (NEVI) formula program, which would expand EV charging infrastructure nationwide. This directive purports to revoke the approval of all prior state EV infrastructure plans and withholds the distribution of federal funds to states. Specifically, in California, FHWA’s unlawful actions would cost the state more than $300 million, eliminate thousands of good-paying jobs, and dismantle a critical, emerging tech industry. 

    “The President continues his unconstitutional attempts to withhold funding that Congress appropriated to programs he dislikes. This time he’s illegally stripping away billions of dollars for electric vehicle charging infrastructure, all to line the pockets of his Big Oil friends,” said Attorney General Rob Bonta. “The facts don’t lie: The demand for clean transportation continues to rise, and California will be at the forefront of this transition to a more sustainable, low-emissions future. California will not back down, not from Big Oil, and not from federal overreach.”

    “When America retreats, China wins. President Trump’s illegal action withholding funds for electric vehicle infrastructure is yet another Trump gift to China – ceding American innovation and killing thousands of jobs,” said Governor Gavin Newsom. “Instead of hawking Teslas on the White House lawn, President Trump could actually help Elon – and the nation – by following the law and releasing this bipartisan funding.” 

    “California remains fully committed to developing a robust, reliable and accessible EV charging network which will help improve air quality and enhance the EV driving experience for all,” said California Energy Commission Chair David Hochschild.

    “Withholding funding now would be wasteful, illegal, performative, and only serve to delay the progress we’ve made in building a cleaner, more sustainable transportation future,” said California Transportation Secretary Toks Omishakin. “We will continue to stand up for Californians and the nation because the future of the planet depends on it.”

    In 2022, Congress passed the Infrastructure Investment and Jobs Act (IIJA), also known as the Bipartisan Infrastructure Law. One provision of the IIJA appropriated $5 billion for NEVI to facilitate a national network of electric vehicle charging infrastructure across the states, making clean cars accessible and convenient for more consumers and markets. On Day One, President Trump issued an executive order directing federal agencies to immediately stop releasing certain funds appropriated through the IIJA, including $5 billion that Congress appropriated for electric vehicle charging stations under NEVI. Following that directive, FHWA effectively halted the NEVI program by, among other things, withholding billions in funds that Congress had directed to the States for building EV infrastructure.

    California continues to lead the nation in the adoption of zero-emission vehicles (ZEVs) and the development of supporting infrastructure to rapidly deploy funds to develop and ensure a reliable and easy-to-use charging network. To date, over 2 million ZEVs have been sold in California, representing more than 30% of all ZEVs sold in the United States. 

    The California Energy Commission anticipates that California will need several hundred thousand more EV charging ports to support light-duty cars and trucks and incrementally more charging ports for medium- and heavy-duty trucks and buses to meet climate goals. California’s State Electric Vehicle Infrastructure Deployment Plan, approved by the federal government, would leverage public funding and private investment to build out a statewide charging infrastructure, including $384 million from the NEVI program.

    The complaint filed today alleges that the NEVI directive was arbitrary and capricious and not in accordance with law under the federal Administrative Procedure Act, and in violation of the U.S. Constitution. The NEVI program was created by statute, and, as it is a formula program, the amounts due to states are allocated by Congress, not the President. The complaint asks the court to declare that the NEVI directive is unlawful and to permanently stop the administration from withholding the funds. The states also seek a preliminary injunction to halt the illegal withholding of NEVI funds to the states.

    In filing the lawsuit Attorney General Bonta was joined by the attorneys general of Washington, Colorado, Arizona, Delaware, Hawaii, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Wisconsin, Vermont, and the District of Columbia. 

    A copy of the complaint will be made available here.

    MIL OSI USA News –

  • MIL-OSI: Best Fortune Teller Online For Accurate Fortune Telling In 2025 – The Psychic Experts

    Source: GlobeNewswire (MIL-OSI)

    New York City, May 07, 2025 (GLOBE NEWSWIRE) — Connect with the best fortune teller online offering accurate fortune telling and powerful insights about the future, love life, career path, and more.

    SAN FRANCISCO, CA, May 07, 2025 (GLOBE NEWSWIRE) – The psychic experts have just ranked the best fortune tellers of 2025 for those who want to know what the future holds for them. With one platform, people can connect with reliable online fortune-telling services and get answers to their pressing questions.

    Discover your destiny with the best fortune tellers online, offering accurate fortune telling that delivers clarity, truth, and trusted predictions.

    ⇒ Find out what your future holds – talk to the best fortune teller now!

    As spiritual curiosity and the demand for real psychics increase globally, the psychic experts are proud to be a trusted platform that helps users find a live fortune teller for psychic reading or fortune telling. The psychic experts are a reputable platform that reviews the best fortune teller websites. These websites provide their services through different mediums like live chat readings, video sessions, and phone consultations.

    Now, people can experience the best fortune teller online and receive accurate fortune telling with clear answers to their most important life questions.

    ⇒ Don’t guess your future – ask the best fortune teller!

    How The Psychic Experts Pick the Best Fortune Tellers

    After years of rating fortune tellers and psychic readers, the psychic experts have just launched their own curated guide of the most accurate and trusted fortune tellers of 2025.

    This new list is not just a deeper and more polished look at the best fortune tellers online, but also justifies the ratings using the five-pillar evaluation that goes like this;

    1. Accuracy & Intuition

    Do these psychic readers align their readings with events and real-life emotions? 

    2. Communication Style

    Are they communicating with clarity, empathy, and honesty?

    3. Reading Tools & Techniques

    What reading tools are being used for fortune-telling for the fortune-telling services? Tarot, runes, clairvoyance, astrology, or some other medium?

    4. Ratings & Reviews

    Do these fortune tellers have consistently high user satisfaction and offer meaningful results?

    5. Ethics & Energy

    Do they offer genuine spiritual service or try to upsell or manipulate their clients?

    Find peace of mind with the best fortune tellers specializing in accurate fortune telling for love, career, and personal growth.

    ⇒ The answers you need are here – talk to a verified fortune teller!

    What Is Fortune Telling and Why Does It Matter in 2025?

    Fortune telling is most often mystified more than it should be, which leads to misunderstandings, too. Fortune telling is just gaining insights about the future of a person or about unknown events via a range of metaphysical tools. 

    This is why many people sometimes have doubts about the authenticity of fortune-telling platforms. However, other people still believe that tarot cards, palm reading, astrology, or clairvoyant visions hold immense value, which is why they are always seeking a good fortune teller who will illuminate their path and offer clarity, compassion, and spiritual precision, and predict other information about their life and future.

    Get real answers from the best fortune tellers using accurate fortune telling to help guide your decisions and reveal your true path.

    ⇒ Real insights, real answers – start accurate fortune telling!

    2025 is filled with shifting perspectives, career transitions, uncertainty, and spiritual awakenings for many people. This increases the demand for genuine fortune tellers who offer spiritual advice or affirmation. However, many people are still cautious about whether online fortune-telling platforms can be misleading or fake. But all those doubts can be eliminated if a person checks out reviews and ratings of fortune tellers and their services before booking, or even better, approach them with an authentic platform like the-psychic-experts.com.

    In 2025, more and more people are turning to the online fortune teller world, as from the comfort of their homes, they can receive spiritual awakening and answers to their complex questions. A live fortune teller, for example, can offer genuine interpretations of someone’s life and future, dreams and events, and can help people with:

    • New relationships
    • Critical business and career decisions
    • Spiritual or karmic guidance
    • Emotional wounds from the past
    • Dreams and their interpretation
    • Complex situations arise with everyday choices.

    ⇒ Ask anything, get instant answers from the best fortune teller!

    Why Online Fortune Telling Is Booming In 2025

    With the rise of technology use and digital platforms, people turn to the internet for answers to everything. For people who want guidance from fortune tellers for their everyday purposes or for reading and spiritual consultations, a dependable platform is very necessary that carefully analyzes all the psychic reading platforms and provides unbiased ratings and reviews so that spiritual seekers can connect with genuine fortune tellers.

    The psychic experts have analyzed more than a hundred fortune-telling websites and have produced a database that claims to offer the utmost clarity and customer satisfaction. With the use of the psychic experts, users can be assured that the fortune-telling services they are going to get will be of the highest quality.

    ⇒ Wondering what’s next? Ask the best fortune teller now!

    The rise of fortune teller online services in 2025 is more prominent than ever. 

    Especially the online services, as they are convenient, anonymous, and 24/7 accessible. These online consultations and fortune-telling have revolutionized the way people seek spiritual consultations. From the comfort of their home, during a lunch break, or during a late-night moment of anxiety, platforms like the psychic experts are one umbrella under which all the seasoned fortune tellers instantly come together.

    There are many benefits of online fortune-telling in 2025, and some of them are:

    • Instant access to fortune-telling: There is no need to book weeks in advance.
    • Global Access: Connecting spiritual seekers with top psychics from all over the world.
    • A variety of Tools Include tarot, astrology, runes, numerology, and mediumship.
    • Free Trials & Readings: Many people like to try a free fortune teller before they pay online.
    • Flexible Pricing: Such online fortune-telling services are available for every budget and urgency level.
    • Authenticity: Verified ratings by the-psychic-experts.com help people avoid scams related to online fortune-telling services.

    If you still don’t know where to begin, you can try the free fortune teller online feature on the-psychic-experts.com. It is risk-free and 100% genuine and authentic.

    ⇒ Discover your destiny with the best fortune teller today!

    Why the Whole World Is Turning to Online Fortune Tellers in 2025

    Fortune telling comes in many shapes and forms. However, one of the most desired forms of fortune-telling is called “reading” and “spiritual consultation.” This type of fortune telling doesn’t rely on specific methods or devices; rather, the fortune teller gives their client predictions and advice that they claim to have come from visions or spirits.

    So, whether it’s love, career, family, or personal growth, every modern spiritual guidance-seeking individual is turning to fortune teller online services for answers to their worldly and otherworldly problems. 

    ⇒ Free fortune teller is live – ask your question now!

    However, not all readers out there are genuine or exceptional. While many websites and apps have made access to fortune tellers quite easy and affordable, it is not necessary that the said fortune tellers will always turn out to be authentic or real. This is why it is important to make sure that the quality of fortune that you are going to get will be of the highest level.

    The demand for virtual guidance through mobile apps and websites has driven the rise of online spiritual consultations, but along with it comes a jungle of unvetted services.

    This is where the psychic expert steps in. The online fortune tellers that they recommend have been in business for more than a decade. They help people who want to avail themselves of fortune-telling services get connected to qualified professionals in this field so that people can gain spiritual insights into their minds, bodies, and spirits.

    Discover the best fortune teller trusted for accurate fortune telling that reveals your destiny with clarity and truth.

    ⇒ Talk to the best fortune teller now and change your life!

    The readings provided by these spiritual professionals are very accurate because they go through an intensive screening process, which depends on detailed user review analysis and direct testing. The rigorous selection process is the reason why this platform is trustworthy and ensures that every online fortune teller it ranks is 100% experienced and effective.

    Unlike random listings or paid placements, the list of best fortune tellers by the psychic experts in 2025 list represents the top 1% of spiritual advisors. The reason for their authenticity is vigorous testing for accuracy, communication levels with their clients, and spiritual alignment.

    ⇒ Don’t wait – get accurate fortune telling instantly online!

    What Sets an Accurate Fortune Teller Apart in 2025?

    What sets an accurate fortune teller apart in 2025 is their intuitive abilities and the various divination techniques that they use to make predictions about a person’s future. These fortune tellers are able to interpret symbols, read patterns, and use tools like palm lines, tarot cards, or tea leaves in order to offer guidance and spiritual insights to individuals. With this guidance, these individuals can navigate their life journey with much clarity and in the right direction. 

    Fortune tellers also provide their clients with a better understanding of their future and correlate them with present circumstances so that the individual may make better decisions in their life, reflect on themselves, and grow personally, professionally, or spiritually.

    ⇒ Your answers are waiting – get a free fortune teller reading!

    The best fortune teller isn’t someone who claims to have psychic abilities. It’s someone who can translate the unseen energies into clear, empowering messages for their clients.

    The in-depth reviews by the psychic experts reveal the major qualities that set apart a truly accurate fortune teller in today’s world, and these are:

    • Clarity in readings – There is no room for vague perceptions
    • Emotional intelligence – alongside empathetic delivery
    • Accurate predictions that match the desires and circumstances of the client 
    • Methodical tools – Using tarot, astrology, or numerology for fortune-telling
    • Live interaction – Creating a real-time connection

    Many top-rated psychics offer free fortune teller online sessions or discounted first readings, which greatly help users test their authenticity before committing.

    ⇒ Free, fast, and accurate – talk to a fortune teller now!

    Top Features That Make a Fortune Teller Platform the Best

    Not all online fortune teller services provide the same high level of quality as the psychic experts. Here’s what sets the most validated and genuine platforms apart from others;

    Verified Reader Profiles
    All listed readers are verified and undergo proper background checks and psychic ability assessments to see if they are eligible to be featured.

    Satisfaction Guarantee
    Clients are 100% satisfied that they can receive refunds or session credits if it doesn’t go as planned, thus adding a factor of trust to the transaction.

    ⇒ Let the best fortune teller guide your next move!

    Real User Reviews
    Each psychic’s page has reviews from real users and transparent ratings, as well as client feedback and reading stats.

    Multiple Psychic Disciplines
    From astrology to numerology to clairvoyance, there are multiple disciplines on these platforms so that people can choose from their preferred method of Psychic reading.

    ⇒ Take control of your destiny – try accurate fortune telling!

    Most Popular Online Fortune Telling Methods in 2025

    If you want to reach out to a fortune teller in 2025, there are many easy ways to do so. Their availability in the digital world has also made it easy to reach out to spiritual readers via an electronic device, either with a phone call, an Android app, or a website like the-psychic-experts.com.

    Many online psychic platforms offer different ways to connect with fortune tellers. 

    Online fortune telling is an accessible spiritual art now, and through the following mediums, a person can easily contact a fortune teller anytime and anywhere in the world:

    • Live Chat Readings – Live chat readings are perfect for users who want quick answers and privacy.
    • Video Sessions – Video sessions help clients who want facial cues and a full, energetic presence during their session.
    • Phone Consultations – Phone consultations are both an old and modern method of reading, as they offer a direct, voice-to-voice connection.
    • Email Readings – Email readings are also perfect for those who prefer detailed, written records of spiritual insights.

    Each method of fortune telling has its own advantages, disadvantages, and energy levels, so the psychic experts recommend that users try more than one type of psychic reading medium to see which suits them best.

    ⇒ Get life-changing clarity from the best fortune teller!

    Most Popular Fortune Telling Services in 2025

    People wondering what the future holds for them or having trouble navigating their life’s twists seek help from reliable fortune tellers, who act like a compass in their complex lives and set them on a journey of self-discovery. The psychic experts review and reveal the most seasoned and genuine psychics, tarot readers, and astrologers, all of whom act as a beacon of insight in the day-to-day life of their spiritual seekers.

    While the-psychic-experts.com sheds light on the expert advisors that unveil the spiritual connections and energies associated with people that they didn’t even know existed, there are some pros and cons associated with online fortune-telling services.

    ⇒ Discover the truth now with the best fortune teller online!

    Pros

    One of the benefits of online fortune-telling services is that there are hundreds of psychic readers available online who are ready to help people who seek guidance from them. They have been present in this psychic industry for years, sometimes more than 2 or 3 decades. Many fortune-telling platforms have mobile applications, both for iOS and Android, that people use to access fortune-telling services from anywhere in the world. Psychic reading and fortune telling use a wide range of services and tools to make sure that the spiritual guidance they offer is accurate and genuine.

    Cons

    One of the drawbacks of online fortune-telling services is that a person may need to book psychic reading services in advance. However, the psychic experts also shed light on some psychic readers who offer a free initial consultation or demo for first-time users. Some people may also find fortune-telling services expensive.

    ⇒ Experience accurate fortune telling that actually helps!

    Different Types Of Fortune Telling Services In 2025

    Fortune telling is a very broad and intricate practice. It utilizes centuries of spiritual wisdom and intuitive insight and brings it right in front of those who seek this knowledge. Whether a person is out to seek clarity, direction, or a new way of life, fortune tellers can offer them multiple services that help them reconnect with their inner self and get spiritual guidance. Here are the most common types of services offered by fortune tellers in 2025;

    Fortune Telling

    This is the umbrella under which all other psychic and spiritual services fall. 

    Fortune telling is the navigation of signs, energies, and symbols to provide insight into the past, present, and future of a user. 

    It uses tools like crystal balls and runes and even utilizes more intuitive practices like clairvoyance to help seekers who want answers to their life’s uncertainties. 

    Fortune-telling sessions focus on personal concerns, such as love, family, money, health, and purpose, and another labyrinth of possibilities of life, and help individuals see the path more clearly, even when their whole life is chaotic.

    ⇒ Get real answers fast from a free fortune teller!

    Psychic Readings

    Psychic readings go beyond what the eyes can see. 

    Psychic readings use heightened intuition and extrasensory perception, such as cosmic airwaves, to pick up on energy fields, emotional vibrations, and spiritual signals around the person who came to the psychic. 

    The goal is not about prediction. Rather, it is about perspective. 

    A psychic can unveil hidden insights and help someone make much sense of their inner conflicts. Such psychics also help people understand emotional imbalances or navigate an important decision. 

    These psychic readings are very personal and can affect both grounding and illuminating the path of a person.

    Love Readings

    Relationships are one of the most common reasons people seek spiritual guidance. Sometimes, they are new, long-standing, but most of the time, complicated. 

    Love psychics or relationship-focused fortune tellers provide a way to understand emotional dynamics, compatibility, soulmate connections, and romantic obstacles between two people. 

    These readings peel away the emotional layers beneath a relationship and decode the feelings, intentions, and future potential of both partners involved.

    ⇒ Reveal your future with accurate fortune telling!

    Tarot Readings

    Tarot is a timeless art of psychic reading.

    It is an intuitive form of divination that reveals the past, present, and future. It uses a deck of 78 symbolic cards, with each card representing a theme, energy, or message. 

    A person will be told to pick a card, and then the reader will interpret the card based on their position and the question at hand.

    This method of psychic reading reveals complex narratives about the querent’s past, present, and future. These readings can clarify complex situations, offer insights into unseen influences, and help a person better understand their own emotions.

    Dream Analysis

    Dreams are productions of the subconscious mind, but they always try to tell us something.

    It is the subconscious mind’s way of speaking. Dream interpreters act as translators of dreams and nightmares. They can analyze symbols, emotions, and patterns in dreams and decode what the dream is trying to communicate. 

    Whether it’s a recurring dream or an unsettling nightmare, dream analysis reveals buried emotions, unresolved issues, or hidden desires. This psychic reading service even suggests the spiritual or prophetic meaning behind dreams and emotions that we experience in sleep.

    ⇒ Find real clarity fast – talk to the best fortune teller today!

    Astrology Readings

    Astrology is the study of planetary movements and their celestial alignments and how they influence life on Earth. 

    An astrologer can map out cosmic constellations and create a natal chart that uses the exact time, date, and location of a person’s birth to uncover hidden traits, tendencies, and life patterns. 

    So, whether a psychic reader is looking at your solar return for the year ahead, investigating your relationship compatibility with your partner, or understanding a difficult life phase, astrology readings provide a cosmic map for solving life’s rhythms.

    Career Forecasts

    Accurate fortune tellers can also help people align with their professional purpose. 

    These readers will utilize the power of intuition, energetic sensing, and sometimes tools like numerology or astrology to identify where someone’s talents truly lie. 

    Career readings are mostly booked by professionals who are dealing with work-related challenges, entrepreneurial possibilities, timing for job changes, or when a new opportunity arises, and they want to know whether it will bring success for them or not.

    ⇒ Ready for answers? Connect with a free fortune teller today!

    Numerology Readings

    Numerology is the study of the energetic vibrations of numbers.

    They govern how these numbers relate to human life. 

    Every letter in a person’s name and every digit in their birth date holds a numeric value that has immense power, and that reveals information about their character, strengths, life cycles, and karmic lessons. 

    Numerology readings uncover these hidden messages to provide clarity on their purpose and the timing of events in their life.

    Occult Readings

    For those drawn to esoteric mysteries and the deeper mystical truths, some fortune tellers offer readings that are rooted in the occult sciences. 

    These sessions are different from others and explore symbolism, ritual magic, elemental energies, spiritual entities, or ancient esoteric systems. 

    They’re mostly suited for individuals who have the power and the mental abilities to confront the hidden forces influencing their lives, as these types of readings often involve exploring the subconscious or spirit world through unique and sacred methods.

    ⇒ Trusted and accurate fortune telling – start now!

    Palmistry

    Also known as palm reading, Palmistry is the ancient art that involves analyzing the shape, lines, and texture of a person’s hand. These patterns help a reader gain insight into the personality, experiences, and future of their client. 

    Every person’s palm is said to carry their narrative. 

    The lifeline, heartline, and headline are just a few, among others, that are read in combination to reveal one’s emotional tendencies, mental strengths, career prospects, and life trajectory.

    Graphology

    Graphology, or handwriting analysis, involves reading the way a person writes. In this way, the psychic reader can gain insight into their personality, emotional state, and thought patterns. 

    Everything from the pressure of the pen to the slant of a signature has a meaning and could carry psychological significance. Graphologists interpret these details to reveal hidden truths that may not be expressed verbally.

    Paranormal Readings

    Paranormal psychics explore realms that lie beyond the normal range of perception. 

    These readings focus on spiritual encounters, supernatural events, or unexplained phenomena. 

    For individuals who believe that they’ve experienced things, like hauntings, spirit contact, or energetic disturbances, paranormal readings are a great way for readers to offer them validation and clarity around those otherworldly experiences.

    ⇒ Get your personalized reading from a certified fortune teller!

    Past Life Exploration

    Some readers claim that the soul undergoes multiple incarnations, and those incarnations echo from past lives and influence the present day. 

    Past life readers use intuitive impressions, visualizations, or regressions to explore a person’s soul history. 

    These readings can help a reader understand irrational fears, recurring dreams, deep attractions, or unexplained patterns that seem to bother their clients and follow them throughout their current lives.

    Picture Readings

    In picture readings, the fortune teller uses a photograph to measure the energy around a person.

    That photograph could be of a person, place, or object, and it acts as an energetic anchor. 

    The reader will go deep into the vibration within the image to reveal hidden truths, emotional energy, or unresolved spiritual connections. 

    This type of reading is very useful when someone wants insight into a person who cannot be physically present for the session.

    Faith-Based and Spiritual Readings

    For those people who come from religious or spiritual backgrounds, some readers offer insights into scriptural wisdom, prayer, or divine guidance. 

    These readings center around faith, life purpose, and spiritual alignment. 

    They may also involve messages that the readers say are received from higher beings or spiritual guardians, thus depending on the tradition and belief system that is being practiced by the spiritual seeker.

    ⇒ Ask anything – the best fortune teller is online now!

    Frequently Asked Questions

    What exactly does a fortune teller do?

    Fortune tellers interpret symbols, energies, or spiritual signs and guide where your life is headed. 

    They use tools like tarot cards, astrology charts, Palmistry, or intuitive abilities to gain insights into past experiences, current events, or future possibilities for their clients.

    Are fortune-telling services accurate?

    Fortune telling is less about prediction and more about perception. A fortune teller, even the most genuine one, cannot accurately predict every detail of your future with scientific precision. 

    However, what they can offer is intuitive guidance, emotional clarity, and fresh perspectives. This type of guidance can help you make better decisions. 

    The accuracy of a fortune-telling service often depends on the reader’s skill, your openness, and the type of questions you ask.

    What types of questions can I ask a fortune teller?

    You can ask about anything. You can ask a fortune teller about relationships, careers, finances, health, life purpose, spiritual growth, or emotional challenges. Anything that you want answers to.

    The more specific your question is, the better, insightful, and more resourceful your reading will be.

    Do I need to believe in the supernatural for a reading to work?

    Not at all. 

    You don’t need to believe in the supernatural if you want to avail of fortune-telling services.

    While some people do approach fortune telling from a spiritual or mystical perspective, others are just using it as a tool for self-reflection or decision-making. 

    All you need to do is come with an open mind and a willingness to explore new insights.

    How do I choose the right type of reading?

    Fortune telling or psychic reading is the safest and common method of reading.

    If you’re unsure, start with a general fortune-telling or psychic reading. 

    However, if you have a specific question in mind, like love, career, or past lives, then there are other types of services available. You can choose a reader who specializes in that field. 

    Many services also offer short and free trial readings, so you can test the reader before paying in full.  

    Is my information kept confidential?

    Yes. 

    Professional fortune tellers will keep all your information private as they respect your space and treat all readings as confidential. 

    So, feel free to share personal details or ask sensitive questions because your session is conducted with discretion and trust.

    How long does a typical reading last?

    Psychic reading times can vary from person to person. 

    While a basic session might last 10–20 minutes, if you need a more in-depth reading, your session can also extend up to 30–60 minutes or longer than that.

    Many platforms offer flexible time slots depending on your needs and budget.

    What’s the difference between a psychic and a fortune teller?

    The term “fortune teller” is a broad term. It includes many types of intuitive readers. 

    Psychics, on the other hand, use extrasensory perception (ESP) and other insights to tap into the unseen energies surrounding and associated with a person. 

    While all psychics can be fortunetelling tellers, not all fortune tellers are psychics.

    Can I get a reading online or over the phone?

    Absolutely. You can read online by availing yourself of the service of online fortune tellers.

    Many fortune tellers offer remote services through online chat, phone calls, or email. 

    These formats offer flexibility to people from all over the world, and you can be guaranteed that online fortune-telling services are just as effective as in-person readings. Platforms like the psychic experts allow you to connect with readers from anywhere in the world.

    How often should I get a reading?

    There’s no right or wrong answer.

    You can have readings as many times as you like or as your situation and personal needs demand. 

    Some people get readings regularly, some do it a few times a year, while others only seek fortune-telling services during major life events.

    Final Words

    Fortune’s telling’s beauty doesn’t just lie in the spiritual answers that you receive but in the questions that you come to ask. Fortune telling offers self-reflection, examines the patterns in your life, and gently nudges you toward personal empowerment.

    There is a wide array of services available in today’s world, from tarot and astrology to dream interpretation and past life exploration. However, fortune telling and psychic reading aren’t just limited to live demonstrations and face-to-face conversations. It is also available online via verified platforms like the-psychic-experts.com.

    These services aren’t just for the mystically inclined. 

    Every type of person, whether they are entrepreneurs, artists, parents, students, or skeptics, can turn to fortune tellers when their life isn’t going as planned or when they need guidance and clarity. 

    Ultimately, fortune-telling isn’t about meeting the unknown. It is about meeting yourself, acknowledging your intuition, accepting your energies, and getting the confidence to make the choices that are good for you. Fortune tellers may use a card draw, a birth chart, or a dream symbol to lead the person toward ultimate clarity and guidance.

    So, if you’ve ever felt the need to reach out to an authentic fortune teller, ask questions that are beyond the surface. They will help you seek guidance in life.

    The answers are not always black and white. Sometimes, they are murky and require input from your side as well. You might not walk away with clear answers, but fortune-telling is a much more powerful perspective and brings peace and a renewed sense of purpose to every person.

    So, if you’re ready to tap into clarity, check out the best online fortune tellers of 2025.

    Media Contact
    Company: The Psychic Experts
    Contact Person: Anthony C. Bedoya
    Email: support@the-psychic-experts.com
    Address: 1 Fremont St, Las Vegas, NV 89101, USA
    URL: https://the-psychic-experts.com/
    Phone: +1 414-203-2598
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    The MIL Network –

  • MIL-OSI: Monroe Capital Corporation BDC Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 07, 2025 (GLOBE NEWSWIRE) — Monroe Capital Corporation (NASDAQ: MRCC) today announced its financial results for the first quarter ended March 31, 2025.

    Except where the context suggests otherwise, the terms “Company,” “we,” “us,” and “our” refer to Monroe Capital Corporation (together with its subsidiaries).

    First Quarter 2025 Financial Highlights

    • Net Investment Income (“NII”) of $4.1 million, or $0.19 per share
    • Adjusted Net Investment Income (a non-GAAP measure described below) of $4.2 million, or $0.19 per share
    • Net increase (decrease) in net assets resulting from operations of $0.5 million, or $0.03 per share
    • Net Asset Value (“NAV”) of $186.9 million, or $8.63 per share
    • Paid quarterly dividend of $0.25 per share on March 31, 2025
    • Current annual cash dividend yield to stockholders of approximately 14.3%(1)

    Chief Executive Officer Theodore L. Koenig commented, “We are pleased to announce that we paid a $0.25 per share dividend during the first quarter representing an approximate 14.3% annualized dividend yield. The dividend was supported by the meaningful spillover income we have accumulated from prior strong performance. Our approach remains centered on prioritizing asset quality and positioning the portfolio for long-term performance across changing market conditions.”

    Monroe Capital Corporation is a business development company affiliate of the award-winning private credit investment firm and lender, Monroe Capital LLC.

    _______________________
    (1)     Based on an annualized dividend and closing share price as of May 6, 2025.

    Management Commentary

    Adjusted Net Investment Income totaled $4.2 million, or $0.19 per share for the quarter ended March 31, 2025, a decrease from $6.2 million, or $0.29 per share for the quarter ended December 31, 2024. NAV decreased by $0.22 per share, or 2.5%, to $186.9 million or $8.63 per share as of March 31, 2025, compared to $191.8 million or $8.85 per share as of December 31, 2024. The decrease in NAV this quarter was primarily the result of net unrealized losses associated with certain portfolio companies and the first quarter dividend being in excess of the Company’s NII for the quarter. As of March 31, 2025, the Company has an estimated $0.53 per share in undistributed spillover income.

    At quarter end, the Company’s debt-to-equity leverage decreased from 1.53 times debt-to-equity at December 31, 2024 to 1.45 times debt-to-equity at March 31, 2025, as a result of paydowns of the revolving credit facility with proceeds from investment sales and paydowns during the quarter. We continue to focus on managing the Company’s investment portfolio and selectively redeploying capital resulting from future repayments.

    Selected Financial Highlights
    (in thousands, except per share data)

      March 31, 2025   December 31, 2024
    Consolidated Statements of Assets and Liabilities data: (unaudited)   (audited)
    Investments, at fair value $ 430,571   $ 457,048
    Total assets $ 461,518   $ 490,671
    Net assets $ 186,877   $ 191,762
    Net asset value per share $ 8.63   $ 8.85
      For the Quarter Ended
      March 31, 2025   December 31, 2024
    Consolidated Statements of Operations data: (unaudited)
    Net investment income $ 4,086     $ 6,022  
    Adjusted net investment income(2) $ 4,206     $ 6,185  
    Net gain (loss) $ (3,554)     $ (7,737)  
    Net increase (decrease) in net assets resulting from operations $ 532     $ (1,715)  
           
    Per share data:      
    Net investment income $ 0.19     $ 0.28  
    Adjusted net investment income(2) $ 0.19     $ 0.29  
    Net gain (loss) $ (0.16)     $ (0.36)  
    Net increase (decrease) in net assets resulting from operations $ 0.03     $ (0.08)  
     

    _______________________
    (2)     See Non-GAAP Financial Measure – Adjusted Net Investment Income below for a detailed description of this non-GAAP measure and a reconciliation from NII to Adjusted Net Investment Income. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.

    Portfolio Summary

      March 31, 2025   December 31, 2024
      (unaudited)
    Investments, at fair value $ 430,571     $ 457,048  
    Number of portfolio company investments   85       91  
    Percentage portfolio company investments on non-accrual(3)   3.4%       3.4%  
    Weighted average contractual yield(4)   10.1%       10.2%  
    Weighted average effective yield(4)   9.2%       10.2%  
           
    Asset class percentage at fair value:      
    First lien loans   77.3%       79.1%  
    Junior secured loans   7.5%       6.5%  
    Equity investments   15.2%       14.4%  
     

    _______________________
    (3)     Represents portfolio debt or preferred equity investments on non-accrual status as a percentage of total investments at fair value.
    (4) Portfolio yield is calculated only on the portion of the portfolio that has a contractual coupon and therefore does not account for dividends on equity investments (other than preferred equity investments).

    Financial Review

    The Company’s NII for the quarter ended March 31, 2025 totaled $4.1 million, or $0.19 per share, compared to $6.0 million, or $0.28 per share, for the quarter ended December 31, 2024. Adjusted Net Investment Income was $4.2 million, or $0.19 per share, for the quarter ended March 31, 2025, compared to $6.2 million, or $0.29 per share, for the quarter ended December 31, 2024. Excluding the impact of the incentive fee limitations of $(0.3) million and $(1.2) million for the quarters ended March 31, 2025 and December 31, 2024, respectively, Adjusted Net Investment Income totaled $3.9 million, or $0.18 per share for the quarter ended March 31, 2025, a decrease from $5.0 million, or $0.23 per share for the quarter ended December 31, 2024. Please refer to the Company’s Form 10-Q for additional information on the Company’s incentive fee structure and calculation.

    Total investment income for the quarter ended March 31, 2025 totaled $11.6 million, compared to $14.0 million for the quarter ended December 31, 2024. Total investment income decreased by $2.4 million primarily due to the lower effective yield on the portfolio driven by base rate declines and lower spreads on certain portfolio assets as well as a decrease in average invested assets.

    Total expenses for the quarter ended March 31, 2025 were $7.6 million, compared to $8.0 million for the quarter ended December 31, 2024. Excluding the impact of the incentive fee limitations, total expenses decreased by $1.3 million primarily due to a lower interest rate environment and reduced average debt outstanding.

    Net gain (loss) was $(3.6) million for the quarter ended March 31, 2025, compared to $(7.7) million for the quarter ended December 31, 2024. For the quarter ended March 31, 2025, the net change in unrealized loss on investments was primarily driven by mark-to-market losses from a few specific legacy portfolio companies that continue to be impacted by macroeconomic and idiosyncratic challenges and the Company’s investment in MRCC Senior Loan Fund I, LLC (“SLF”). The decrease in value at SLF was driven by net losses on SLF’s investments, which are loans to traditional upper middle-market borrowers.

    The Company’s average portfolio mark decreased by 1.1%, from 92.2% of amortized cost as of December 31, 2024 to 91.1% of amortized cost as of March 31, 2025.

    Net increase (decrease) in net assets resulting from operations was $0.5 million, or $0.03 per share, for the quarter ended March 31, 2025, compared to $(1.7) million, or $(0.08) per share, for the quarter ended December 31, 2024.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company had $6.5 million in cash and cash equivalents, $141.2 million of debt outstanding on its revolving credit facility and $130.0 million of debt outstanding on its 2026 Notes. As of March 31, 2025, the Company had approximately $113.8 million available for additional borrowings on its revolving credit facility, subject to borrowing base availability.

    MRCC Senior Loan Fund

    SLF is a joint venture with Life Insurance Company of the Southwest (“LSW”), an affiliate of National Life Insurance Company. SLF invests primarily in senior secured loans to middle market companies in the United States. The Company and LSW have each committed $50.0 million of capital to the joint venture. As of March 31, 2025, the Company had made net capital contributions of $42.7 million in SLF with a fair value of $31.9 million, as compared to net capital contributions of $42.7 million in SLF with a fair value of $32.7 million as of December 31, 2024. For the quarter ended March 31, 2025, the Company received dividend income from SLF of $0.9 million, consistent with the $0.9 million received for the quarter ended December 31, 2024. SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of MRCC’s portfolio, which is focused on lower middle-market companies. SLF’s average mark on the underlying investment portfolio decreased during the quarter, from 86.8% of amortized cost as of December 31, 2024, to 82.8% of amortized cost as of March 31, 2025.

    As of March 31, 2025, SLF had total assets of $86.0 million (including investments at fair value of $78.4 million), total liabilities of $22.2 million (including borrowings under the $110.0 million secured revolving credit facility with Capital One, N.A. (the “SLF Credit Facility”) of $21.8 million) and total members’ capital of $63.8 million. As of December 31, 2024, SLF had total assets of $104.2 million (including investments at fair value of $98.0 million), total liabilities of $38.7 million (including borrowings under the SLF Credit Facility of $38.2 million) and total members’ capital of $65.5 million.

    Non-GAAP Financial Measure – Adjusted Net Investment Income

    On a supplemental basis, the Company discloses Adjusted Net Investment Income (including on a per share basis) which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the United States of America (“non-GAAP”). Adjusted Net Investment Income represents NII, excluding the net capital gains incentive fee and income taxes. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The management agreement with the Company’s advisor provides that a capital gains incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized capital losses for such year. Management believes that Adjusted Net Investment Income is a useful indicator of operations exclusive of any net capital gains incentive fee as NII does not include gains associated with the capital gains incentive fee.

    The following tables provide a reconciliation from NII (the most comparable GAAP measure) to Adjusted Net Investment Income for the periods presented (in thousands, except per share data):

      For the Quarter Ended
      March 31, 2025   December 31, 2024
      Amount   Per Share Amount   Amount   Per Share Amount
      (unaudited)
    Net investment income $ 4,086   $ 0.19   $ 6,022   $ 0.28
    Net capital gains incentive fee   —     —     —     —
    Income taxes, including excise taxes   120     0.00     163     0.01
    Adjusted Net Investment Income $ 4,206   $ 0.19   $ 6,185   $ 0.29
     

    Adjusted Net Investment Income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted Net Investment Income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.

    First Quarter 2025 Financial Results Conference Call

    The Company will host a webcast and conference call to discuss these operating and financial results on Thursday, May 8, 2025 at 11:00 a.m. Eastern Time. The webcast will be hosted on a webcast link located in the Investor Relations section of the Company’s website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (800) 715-9871 approximately 10 minutes prior to the call. Please reference conference ID # 9094217.

    For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.

    For a more detailed discussion of the financial and other information included in this press release, please also refer to the Company’s Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC (www.sec.gov) on Wednesday, May 7, 2025.

    MONROE CAPITAL CORPORATION
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except per share data)
     
      March 31, 2025   December 31, 2024
      (unaudited)   (audited)
    Assets      
    Investments, at fair value:      
    Non-controlled/non-affiliate company investments $ 315,012     $ 343,835  
    Non-controlled affiliate company investments   83,642       80,483  
    Controlled affiliate company investments   31,917       32,730  
    Total investments, at fair value (amortized cost of: $472,436 and $495,797, respectively)   430,571       457,048  
    Cash and cash equivalents   6,463       9,044  
    Interest and dividend receivable   23,309       23,511  
    Other assets   1,175       1,068  
    Total assets $ 461,518     $ 490,671  
    Liabilities      
    Debt $ 271,200     $ 293,900  
    Less: Unamortized debt issuance costs   (2,108)       (1,925)  
    Total debt, less unamortized debt issuance costs   269,092       291,975  
    Interest payable   1,424       2,903  
    Base management fees payable   1,851       1,965  
    Accounts payable and accrued expenses   2,215       2,066  
    Directors’ fees payable   59       —  
    Total liabilities   274,641       298,909  
    Net Assets      
    Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively $ 22     $ 22  
    Capital in excess of par value   297,712       297,712  
    Accumulated undistributed (overdistributed) earnings   (110,857)       (105,972)  
    Total net assets $ 186,877     $ 191,762  
    Total liabilities and total net assets $ 461,518     $ 490,671  
    Net asset value per share $ 8.63     $ 8.85  
     
    MONROE CAPITAL CORPORATION
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
     
      For the Quarter Ended
      March 31, 2025   December 31, 2024
      (unaudited)
    Investment income:      
    Non-controlled/non-affiliate company investments:      
    Interest income $ 8,029     $ 8,576  
    Payment-in-kind interest income   1,132       1,379  
    Dividend income   72       237  
    Other income   229       310  
    Total investment income from non-controlled/non-affiliate company investments   9,462       10,502  
    Non-controlled affiliate company investments:      
    Interest income   452       1,300  
    Payment-in-kind interest income   767       1,247  
    Dividend income   57       56  
    Other income   —       18  
    Total investment income from non-controlled affiliate company investments   1,276       2,621  
    Controlled affiliate company investments:      
    Dividend income   900       900  
    Total investment income from controlled affiliate company investments   900       900  
    Total investment income   11,638       14,023  
    Operating expenses:      
    Interest and other debt financing expenses   4,677       5,113  
    Base management fees   1,851       1,965  
    Professional fees   263       196  
    Administrative service fees   353       282  
    General and administrative expenses   226       233  
    Directors’ fees   62       49  
    Total operating expenses   7,432       7,838  
    Net investment income before income taxes   4,206       6,185  
    Income taxes, including excise taxes   120       163  
    Net investment income   4,086       6,022  
    Net gain (loss):      
    Net realized gain (loss):      
    Non-controlled/non-affiliate company investments   (438)       283  
    Net realized gain (loss)   (438)       283  
    Net change in unrealized gain (loss):      
    Non-controlled/non-affiliate company investments   (2,574)       (1,139)  
    Non-controlled affiliate company investments   271       (6,694)  
    Controlled affiliate company investments   (813)       (167)  
    Foreign currency and other transactions   —       (20)  
    Net change in unrealized gain (loss)   (3,116)       (8,020)  
    Net gain (loss)   (3,554)       (7,737)  
    Net increase (decrease) in net assets resulting from operations $ 532     $ (1,715)  
    Per common share data:      
    Net investment income per share – basic and diluted $ 0.19     $ 0.28  
    Net increase (decrease) in net assets resulting from operations per share – basic and diluted $ 0.03     $ (0.08)  
    Weighted average common shares outstanding – basic and diluted   21,666       21,666  
     


    Additional Supplemental Information:

    The composition of the Company’s investment income was as follows (in thousands):

      For the Quarter Ended
      March 31, 2025   December 31, 2024
      (unaudited)
    Interest income $ 7,966   $ 9,468
    Payment-in-kind interest income   1,899     2,626
    Dividend income   1,029     1,193
    Other income   229     328
    Prepayment gain (loss)   245     173
    Accretion of discounts and amortization of premiums   270     235
    Total investment income $ 11,638   $ 14,023
     

    The composition of the Company’s interest expense and other debt financing expenses was as follows (in thousands):

      For the Quarter Ended
      March 31, 2025   December 31, 2024
      (unaudited)
    Interest expense – revolving credit facility $ 2,773   $ 3,227
    Interest expense – 2026 Notes   1,555     1,555
    Amortization of debt issuance costs   349     331
    Total interest and other debt financing expenses $ 4,677   $ 5,113
     


    About Monroe Capital Corporation

    Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroebdc.com.

    About Monroe Capital LLC

    Monroe Capital LLC (including its subsidiaries and affiliates, together “Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 11 locations throughout the United States, Asia and Australia.

    Monroe has been recognized by both its peers and investors with various awards including Private Debt Investor as the 2024 Lower Mid-Market Lender of the Year, Americas and 2023 Lower Mid-Market Lender of the Decade; Inc.’s 2024 Founder-Friendly Investors List; Global M&A Network as the 2023 Lower Mid-Markets Lender of the Year, U.S.A.; DealCatalyst as the 2022 Best CLO Manager of the Year; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit www.monroecap.com.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

    SOURCE: Monroe Capital Corporation

    The MIL Network –

  • MIL-OSI: Remitly Reports First Quarter 2025 Results Above Outlook and Raises Full Year 2025 Outlook

    Source: GlobeNewswire (MIL-OSI)

    First quarter send volume up 41% and revenue up 34% year over year
    First quarter net income was $11.4 million and Adjusted EBITDA was $58.4 million

    SEATTLE, May 07, 2025 (GLOBE NEWSWIRE) — Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the first quarter ended March 31, 2025.

    “We delivered an outstanding start to the year, significantly exceeding our expectations for the first quarter,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “This performance was driven by the deep and growing trust our customers place in us to deliver a fast, reliable, and secure experience. As that trust continues to grow, so does our ability to scale efficiently and profitably. Based on these strong results, we are raising our full year 2025 outlook for both revenue and Adjusted EBITDA.”

    First Quarter 2025 Highlights and Key Operating Data
    (All comparisons relative to the first quarter of 2024)

    • Active customers increased to 8.0 million, from 6.2 million, up 29%.
    • Send volume increased to $16.2 billion, from $11.5 billion, up 41%.
    • Revenue totaled $361.6 million, compared to $269.1 million, up 34%.
    • Net income was $11.4 million, compared to a net loss of $21.1 million.
    • Adjusted EBITDA was $58.4 million, compared to $22.8 million, up 157%.

    2025 Financial Outlook
    For fiscal year 2025, Remitly currently expects:

    • Total revenue in the range of $1.574 billion to $1.587 billion, representing a growth rate of 25% to 26% year over year. This outlook reflects an increase from our prior revenue outlook in the range of $1.565 billion to $1.580 billion.
    • GAAP net income to be positive for 2025 and for Adjusted EBITDA to be in the range of $195 million to $210 million. This outlook reflects an increase from our prior Adjusted EBITDA outlook in the range of $180 million to $200 million.

    For the second quarter of 2025, Remitly currently expects:

    • Total revenue in the range of $383 million to $385 million, representing a growth rate of 25% to 26% year over year.
    • A GAAP net loss position for the second quarter of 2025 and for Adjusted EBITDA to be in the range of $45 million to $47 million.

    As previously announced on February 19, 2025, the Company’s non-GAAP financial measures have been updated to exclude the impact of payroll taxes related to stock-based compensation expense, net. The Company considers this adjustment to improve the usefulness of its non-GAAP financial measures in evaluating underlying operating performance by more completely reflecting the extent of stock-based compensation expense, net, and related impacts. This update has no effect on any of the Company’s previously reported GAAP results for any period. Non-GAAP financial measures for 2024 and 2023 have been recast to reflect this change, and the financial outlook guidance previously provided on February 19, 2025, was in accordance with this updated presentation. See historical non-GAAP reconciliations included below.

    Reconciliation of GAAP to Non-GAAP Financial Measures
    A reconciliation of accounting principles generally accepted in the United States of America (“GAAP”) to non-GAAP financial measures has been provided in the financial statement tables included in this earnings release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this earnings release because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include, but are not limited to, income taxes, stock-based compensation expense, and payroll taxes related to stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock. The variability of these items could have a significant impact on our future GAAP financial results.

    Note: All percentage changes described within this press release are calculated using amounts in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), for which revenue and active customers are presented in thousands and send volume is presented in millions. Rounding differences may occur when individually calculating percentages or totals from rounded amounts included within the press release body as compared to the amounts included within the Company’s SEC filings.

    Webcast Information
    Remitly will host a webcast at 5:00 p.m. Eastern time on Wednesday, May 7, 2025 to discuss its first quarter 2025 financial results. The live webcast and investor presentation will be accessible on Remitly’s website at https://ir.remitly.com. A webcast replay will be available on our website at https://ir.remitly.com following the live event.

    We have used, and intend to continue to use, the Investor Relations section of our website at https://ir.remitly.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

    Non-GAAP Financial Measures
    Some of the financial information and data contained in this earnings release, such as Adjusted EBITDA and non-GAAP operating expenses, have not been prepared in accordance with GAAP.

    We regularly review our key business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. Remitly believes that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing Remitly’s financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Remitly’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Remitly’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.

    We calculate Adjusted EBITDA as net income (loss) adjusted by (i) interest (income) expense, net, (ii) provision for income taxes, (iii) noncash charges of depreciation and amortization, (iv) other income (expense), net, (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, (vi) noncash stock-based compensation expense, net, (vii) payroll taxes related to stock-based compensation expense, net, and (viii) certain integration, restructuring, and other costs. We calculate non-GAAP operating expenses as our GAAP operating expenses adjusted by (i) noncash stock-based compensation expense, net, (ii) payroll taxes related to stock-based compensation expense, net, (iii) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, as well as (iv) certain integration, restructuring, and other costs.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future results of operations and financial position, including our fiscal year and second quarter 2025 financial outlook, including forecasted fiscal year and second quarter 2025 revenue, net income (loss), and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, our growth, our position and potential opportunities, and our objectives for future operations. The words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to our expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to develop new products and services in a timely manner; our ability to achieve or sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; anticipated trends, growth rates, and challenges in our business and in the market segments in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of geopolitical and macroeconomic conditions, including currency fluctuations, inflation, regulatory changes (including as may be related to immigration, fiscal policy, foreign trade, or foreign investment), or regional and global conflicts or related government sanctions; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission licenses and other regulatory clearances; our ability to maintain and expand international operations; and our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results is included in our quarterly report on Form 10-Q for the quarter ended March 31, 2025 to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2024 filed with the SEC, which are or will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

    About Remitly
    Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.

    Contacts

    Media Inquiries:
    press@remitly.com

    Investor Relations:
    Stephen Shulstein
    stephens@remitly.com

     
     
    REMITLY GLOBAL, INC.
    Condensed Consolidated Statements of Operations
    (unaudited)
     
      Three Months Ended March 31,
    (in thousands, except share and per share data)   2025       2024  
    Revenue $         361,624     $         269,118  
    Costs and expenses      
    Transaction expenses(1)           121,393               89,881  
    Customer support and operations(1)           22,573               20,119  
    Marketing(1)           73,349               68,014  
    Technology and development(1)           73,851               63,206  
    General and administrative(1)           52,829               44,173  
    Depreciation and amortization           5,396               3,678  
    Total costs and expenses           349,391               289,071  
    Income (loss) from operations           12,233               (19,953 )
    Interest income           1,787               2,226  
    Interest expense           (1,299 )             (769 )
    Other income (expense), net           2,221               (1,586 )
    Income (loss) before provision for income taxes           14,942               (20,082 )
    Provision for income taxes           3,590               998  
    Net income (loss) $         11,352     $         (21,080 )
    Net income (loss) per share attributable to common stockholders:      
    Basic $         0.06     $         (0.11 )
    Diluted $         0.05     $         (0.11 )
    Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:      
    Basic           201,744,601               189,848,799  
    Diluted           218,414,823               189,848,799  
                   

    _________________________
    (1) Exclusive of depreciation and amortization, shown separately.

           
    REMITLY GLOBAL, INC.
    Condensed Consolidated Balance Sheets
    (unaudited)
           
      March 31,   December 31,
    (in thousands)   2025       2024  
    Assets      
    Current assets      
    Cash and cash equivalents $         493,905     $         368,097  
    Disbursement prefunding           217,549               288,934  
    Customer funds receivable, net           213,554               193,965  
    Prepaid expenses and other current assets           53,710               46,518  
    Total current assets           978,718               897,514  
    Property and equipment, net           41,456               31,566  
    Operating lease right-of-use assets           11,896               13,002  
    Goodwill           54,940               54,940  
    Intangible assets, net           8,379               10,463  
    Other noncurrent assets, net           5,197               5,386  
    Total assets $         1,100,586     $         1,012,871  
    Liabilities and stockholders’ equity      
    Current liabilities      
    Accounts payable $         38,907     $         16,159  
    Customer liabilities           192,186               188,984  
    Short-term debt           2,421               2,468  
    Accrued expenses and other current liabilities           114,545               116,652  
    Operating lease liabilities           4,098               4,745  
    Total current liabilities           352,157               329,008  
    Operating lease liabilities, noncurrent           14,728               9,073  
    Other noncurrent liabilities           10,225               9,319  
    Total liabilities           377,110               347,400  
    Commitments and contingencies      
    Stockholders’ equity      
    Common stock           20               20  
    Additional paid-in capital           1,240,310               1,195,390  
    Accumulated other comprehensive income (loss)           75               (1,658 )
    Accumulated deficit           (516,929 )             (528,281 )
    Total stockholders’ equity           723,476               665,471  
    Total liabilities and stockholders’ equity $         1,100,586     $         1,012,871  
     
    REMITLY GLOBAL, INC.
    Condensed Consolidated Statements of Cash Flows
    (unaudited)
       
      Three Months Ended March 31,
    (in thousands)   2025       2024  
    Cash flows from operating activities      
    Net income (loss) $         11,352     $         (21,080 )
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
    Depreciation and amortization           5,396               3,678  
    Stock-based compensation expense, net           35,792               34,088  
    Donation of common stock           959               —  
    Other           (4 )             249  
    Changes in operating assets and liabilities:      
    Disbursement prefunding           71,385               (6,194 )
    Customer funds receivable           (16,283 )             (59,432 )
    Prepaid expenses and other assets           (6,272 )             (10,377 )
    Operating lease right-of-use assets           2,041               1,392  
    Accounts payable           22,182               (22,707 )
    Customer liabilities           2,487               14,744  
    Accrued expenses and other liabilities           (198 )             10,429  
    Operating lease liabilities           4,066               (1,598 )
    Net cash provided by (used in) operating activities           132,903               (56,808 )
    Cash flows from investing activities      
    Purchases of property and equipment, and other           (13,963 )             (945 )
    Capitalized internal-use software costs           (2,949 )             (3,369 )
    Net cash used in investing activities           (16,912 )             (4,314 )
    Cash flows from financing activities      
    Proceeds from exercise of stock options           2,392               2,483  
    Proceeds from issuance of common stock in connection with ESPP           5,768               5,004  
    Proceeds from revolving credit facility borrowings           1,059,000               275,000  
    Repayments of revolving credit facility borrowings           (1,059,000 )             (255,000 )
    Taxes paid related to net share settlement of equity awards           (1,089 )             (1,366 )
    Net cash provided by financing activities           7,071               26,121  
    Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash           2,728               (1,099 )
    Net increase (decrease) in cash, cash equivalents, and restricted cash           125,790               (36,100 )
    Cash, cash equivalents, and restricted cash at beginning of period           369,817               325,029  
    Cash, cash equivalents, and restricted cash at end of period $         495,607     $         288,929  
    Reconciliation of cash, cash equivalents, and restricted cash      
    Cash and cash equivalents $         493,905     $         285,997  
    Restricted cash included in prepaid expenses and other current assets           632               2,190  
    Restricted cash included in other noncurrent assets, net           1,070               742  
    Total cash, cash equivalents, and restricted cash $         495,607     $         288,929  
     
    REMITLY GLOBAL, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (unaudited)
     
    Reconciliation of net income (loss) to Adjusted EBITDA:
           
      Three Months Ended March 31,
    (in thousands)   2025     2024(2)
    Net income (loss) $         11,352     $         (21,080 )
    Add:      
    Interest income, net           (488 )             (1,457 )
    Provision for income taxes           3,590               998  
    Depreciation and amortization           5,396               3,678  
    Other (income) expense, net           (2,221 )             1,569  
    Donation of common stock           959               —  
    Stock-based compensation expense, net           35,792               34,088  
    Payroll taxes related to stock-based compensation expense, net           3,140               3,515  
    Integration, restructuring, and other costs(1)           908               1,468  
    Adjusted EBITDA $         58,428     $         22,779  
     

    _________________________
    (1) Integration, restructuring, and other costs for the three months ended March 31, 2025 consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the three months ended March 31, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire (O.S.G.) Research and Development Ltd.
    (2) As previously announced on February 19, 2025, the Company’s presentation of Adjusted EBITDA now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period Adjusted EBITDA has been recast to reflect this change.

    Reconciliation of operating expenses to non-GAAP operating expenses:
           
      Three Months Ended March 31,
    (in thousands)   2025     2024(1)
    Customer support and operations $         22,573     $         20,119  
    Excluding: Stock-based compensation expense, net           256               353  
    Excluding: Payroll taxes related to stock-based compensation expense, net           8               10  
    Excluding: Integration, restructuring, and other costs           —               758  
    Non-GAAP customer support and operations $         22,309     $         18,998  
           
      Three Months Ended March 31,
        2025     2024(1)
    Marketing $         73,349     $         68,014  
    Excluding: Stock-based compensation expense, net           4,127               3,979  
    Excluding: Payroll taxes related to stock-based compensation expense, net           456               493  
    Excluding: Integration, restructuring, and other costs           490               —  
    Non-GAAP marketing $         68,276     $         63,542  
           
      Three Months Ended March 31,
        2025     2024(1)
    Technology and development $         73,851     $         63,206  
    Excluding: Stock-based compensation expense, net           21,237               19,627  
    Excluding: Payroll taxes related to stock-based compensation expense, net           1,981               2,012  
    Non-GAAP technology and development $         50,633     $         41,567  
           
      Three Months Ended March 31,
        2025     2024(1)
    General and administrative $         52,829     $         44,173  
    Excluding: Stock-based compensation expense, net           10,172               10,129  
    Excluding: Payroll taxes related to stock-based compensation expense, net           695               1,000  
    Excluding: Donation of common stock           959               —  
    Excluding: Integration, restructuring, and other costs           418               710  
    Non-GAAP general and administrative $         40,585     $         32,334  
     

    _________________________
    (1) As previously announced on February 19, 2025, the Company’s presentation of non-GAAP operating expenses now excludes the impact of payroll taxes related to stock-based compensation expense, net. Prior period non-GAAP operating expenses have been recast to reflect this change.


    As previously announced on February 19, 2025, the Company’s non-GAAP financial measures have been updated to exclude the impact of payroll taxes related to stock-based compensation expense, net. The below reconciliations show the 2024 and 2023 non-GAAP financial measures under the new presentation, which excludes the impact of payroll taxes related to stock-based compensation expense, net.

    In future periods, the Company expects to exclude the impact of payroll taxes related to stock-based compensation expense, net, from the Company’s non-GAAP financial measures and will not include the 2024 and 2023 recast reconciliations for this update in future filings.

    Reconciliation of net income (loss) to Adjusted EBITDA (New Presentation):
     
      Three Months Ended   Years Ended December 31,
    (in thousands) Q1 2023   Q2 2023   Q3 2023   Q4 2023   Q1 2024   Q2 2024   Q3 2024   Q4 2024     2023       2024  
    Net income (loss) $         (28,314 )   $         (18,850 )   $         (35,655 )   $         (35,021 )   $         (21,080 )   $         (12,091 )   $         1,917     $         (5,724 )   $         (117,840 )   $         (36,978 )
    Add:                                      
    Interest income, net           (1,635 )             (776 )             (1,223 )             (1,461 )             (1,457 )             (1,197 )             (1,305 )             (877 )             (5,095 )             (4,836 )
    Provision (benefit) for income taxes           370               (143 )             258               5,417               998               3,290               1,850               589               5,902               6,727  
    Depreciation and amortization           3,029               3,187               3,418               3,484               3,678               3,907               4,655               5,814               13,118               18,054  
    Other (income) expense, net           1,505               1,482               (376 )             (8 )             1,569               (5,962 )             (2,274 )             2,273               2,603               (4,394 )
    Donation of common stock           —               —               4,600               —               —               —               2,587               —               4,600               2,587  
    Stock-based compensation expense, net           29,234               35,200               36,573               35,960               34,088               37,157               39,278               41,614               136,967               152,137  
    Payroll taxes related to stock-based compensation expense, net           1,901               1,432               1,355               1,058               3,515               1,144               733               1,047               5,746               6,439  
    Acquisition, integration, restructuring, and other costs           1,173               316               2,901               (193 )             1,468               —               —               —               4,197               1,468  
    Adjusted EBITDA $         7,263     $         21,848     $         11,851     $         9,236     $         22,779     $         26,248     $         47,441     $         44,736     $         50,198     $         141,204  
    Reconciliation of operating expenses to non-GAAP operating expenses (New Presentation):
                                           
      Three Months Ended   Years Ended December 31,
    (in thousands) Q1 2023   Q2 2023   Q3 2023   Q4 2023   Q1 2024   Q2 2024   Q3 2024   Q4 2024     2023       2024  
    Customer support and operations $         19,931     $         21,483     $         21,190     $         19,917     $         20,119     $         19,999     $         21,792     $         22,008     $         82,521     $         83,918  
    Excluding: Stock-based compensation expense, net           205               419               386               394               353               259               278               268               1,404               1,158  
    Excluding: Payroll taxes related to stock-based compensation           31               14               15               11               10               4               5               3               71               22  
    Excluding: Acquisition, integration, restructuring, and other costs           —               —               739               —               758               —               —               —               739               758  
    Non-GAAP customer support and operations $         19,695     $         21,050     $         20,050     $         19,512     $         18,998     $         19,736     $         21,509     $         21,737     $         80,307     $         81,980  
                                           
      Three Months Ended   Years Ended December 31,
      Q1 2023   Q2 2023   Q3 2023   Q4 2023   Q1 2024   Q2 2024   Q3 2024   Q4 2024     2023       2024  
    Marketing $         44,123     $         53,600     $         61,351     $         75,343     $         68,014     $         77,056     $         74,792     $         83,937     $         234,417     $         303,799  
    Excluding: Stock-based compensation expense, net           2,983               4,727               4,525               3,930               3,979               4,521               4,514               4,595               16,165               17,609  
    Excluding: Payroll taxes related to stock-based compensation           186               229               217               157               493               236               179               352               789               1,260  
    Non-GAAP marketing $         40,954     $         48,644     $         56,609     $         71,256     $         63,542     $         72,299     $         70,099     $         78,990     $         217,463     $         284,930  
                                           
      Three Months Ended   Years Ended December 31,
      Q1 2023   Q2 2023   Q3 2023   Q4 2023   Q1 2024   Q2 2024   Q3 2024   Q4 2024     2023       2024  
    Technology and development $         49,376     $         54,309     $         57,014     $         59,240     $         63,206     $         67,554     $         68,446     $         70,611     $         219,939     $         269,817  
    Excluding: Stock-based compensation expense, net           16,631               18,588               19,828               19,920               19,627               20,354               21,873               22,527               74,967               84,381  
    Excluding: Payroll taxes related to stock-based compensation           1,010               745               651               532               2,012               620               351               428               2,938               3,411  
    Excluding: Acquisition, integration, restructuring, and other costs           —               —               524               700               —               —               —               —               1,224               —  
    Non-GAAP technology and development $         31,735     $         34,976     $         36,011     $         38,088     $         41,567     $         46,580     $         46,222     $         47,656     $         140,810     $         182,025  
                                           
      Three Months Ended   Years Ended December 31,
      Q1 2023   Q2 2023   Q3 2023   Q4 2023   Q1 2024   Q2 2024   Q3 2024   Q4 2024     2023       2024  
    General and administrative $         41,408     $         39,490     $         49,817     $         48,657     $         44,173     $         45,889     $         50,920     $         54,875     $         179,372     $         195,857  
    Excluding: Stock-based compensation expense, net           9,415               11,466               11,834               11,716               10,129               12,023               12,613               14,224               44,431               48,989  
    Excluding: Payroll taxes related to stock-based compensation           674               444               472               358               1,000               284               198               264               1,948               1,746  
    Excluding: Donation of common stock           —               —               4,600               —               —               —               2,587               —               4,600               2,587  
    Excluding: Acquisition, integration, restructuring, and other costs           1,173               316               1,638               (893 )             710               —               —               —               2,234               710  
    Non-GAAP general and administrative $         30,146     $         27,264     $         31,273     $         37,476     $         32,334     $         33,582     $         35,522     $         40,387     $         126,159     $         141,825  

    The MIL Network –

  • MIL-OSI: Silvaco Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Achieved gross bookings of $13.7 million and revenue of $14.1 million in the first quarter 2025

    Signed 9 new customers in the first quarter 2025 and expanded relationship with existing customers across key markets including AI, Photonics, and IoT

    Expanded Product Portfolio with the Acquisition of Tech-X Corporation

    SANTA CLARA, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its first quarter 2025 results.

    “We are pleased to have completed our first acquisition since our IPO in the first quarter of 2025, and have since announced our second acquisition of 2025, advancing our inorganic growth strategy and expanding our product portfolio,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We believe our solid fundamentals and focus on innovation position us to sustain strong customer momentum and drive continued growth in our EDA and TCAD product lines through 2025. We are committed to defending shareholder value through performance, transparency, and responsible capital management. We believe the fundamentals of Silvaco are strong—and we’re taking clear, measurable steps to align our market presence with the long-term strength of our business.”

    Commenting on the financial results and outlook, Keith Tainsky, Silvaco’s Interim Chief Financial Officer, added, “Given the current economic uncertainty, we have provided a broad guidance range for the second quarter of 2025. The company remains well positioned to deliver solid growth, supported by strong customer demand. We also updated our full-year guidance and remain confident in our ability to achieve our strategic and financial objectives.”

    First Quarter 2025 and Recent Business Highlights

    • Acquired 9 new customers across key markets including AI infrastructure (Power, Memory, Foundry) Photonics, and IoT markets, which represented approximately 23% of gross bookings for the quarter. We also expanded opportunities with existing customers, which accounted for 38% of gross bookings.
    • Gained momentum with Power, Photonics, and Advanced CMOS customers as they expand adoption of the FTCO platform for their next-generation product development. We announced that Excelliance MOS adopted Silvaco DTCO Flow for next generation silicon carbide devices and our partnership with Korean Kyung Hee University’s Professor Jin Jang on FTCO for next generation display technologies.
    • Expanded SAM by an estimated $600 million with the acquisitions of Cadence’s PPC product line and Tech-X Corporation.
    • Faraday Technology selected Silvaco FlexCAN IP for advanced automotive ASIC design.
    • ProMOS adopted our Victory TCAD solution for the development of next generation silicon photonics devices.
    • On April 29, 2025, Silvaco closed the acquisition of Tech-X Corporation, expanding our product offerings into wafer-level and photonics digital twin modeling.
    • Beginning with this quarter, we will be providing a new performance metric called Annual Contract Value, or ACV. We use ACV internally as a supplemental measure to evaluate the performance of our customer agreements and the underlying momentum of the business. While not a measure calculated in accordance with GAAP, we believe ACV provides additional insight into the scale and timing of customer commitments, which may not be fully reflected in recognized revenue due to the timing of revenue recognition under ASC 606.

    First Quarter 2025 Financial Results

    GAAP Financial Results

    • Revenue of $14.1 million, down 11% year-over-year and down 21% quarter-over-quarter.
      • TCAD revenue of $7.9 million, down 26% year-over-year, primarily due to earlier renewals last year.
      • EDA revenue of $5.1 million, up 8% year-over-year, including the addition of PPC product revenue of $1.9 million.
      • SIP revenue of $1.1 million, up 89% year-over-year, primarily driven by new bookings in automotive and IoT customers.
    • GAAP gross profit and GAAP gross margin were $11.1 million and 79%, respectively, which includes the impact of $0.2 million in stock-based compensation expense, and $0.2 million in amortization of acquired intangible assets, down from $13.9 million and 88% in Q1 2024.
    • GAAP net loss of $19.3 million, compared to a GAAP net income of $1.4 million in Q1 2024.
    • GAAP basic net loss per share of $(0.67), compared to GAAP basic and diluted net income per share of $0.07 in Q1 2024.
    • As of March 31, 2025, cash and cash equivalents and marketable securities totaled $74.5 million.

    Key Operating Indicators and Non-GAAP Financial Results:

    • Gross bookings were $13.7 million, down 15% year-over-year.
    • As of March 31, 2025, the remaining performance obligation balance of $33.7 million, 45% of which is expected to be recognized as revenue in the next 12 months.
    • Non-GAAP gross profit and non-GAAP gross margin were $11.5 million and 82%, respectively, down from $13.9 million and 88% in Q1 2024.
    • Non-GAAP net loss of $1.9 million, compared to non-GAAP net income of $2.4 million in Q1 2024.
    • Non-GAAP diluted net loss per share of $(0.07), compared to non-GAAP diluted net income per share of $0.12 in Q1 2024.
    • On a trailing-twelve-month (TTM) basis ACV was $52.3 million for the first quarter, up 21% year-over-year. This increase was driven by the amount of growth in organic growth of term-based licenses and renewals, as well as the acquisition of PPC. While quarterly revenue may fluctuate, core annual recurring revenue from new bookings has shown consistent annual growth.

    For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures and Other Key Business Metrics” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

    Supplementary materials to this press release, including first quarter 2025 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

    Second Quarter and Full Year 2025 Financial Outlook

    As of May 7, 2025, Silvaco is providing updated guidance for its second quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin and GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses and IPO preparation costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

    Based on current business trends and conditions, the Company expects for second quarter 2025 the following:

    • Gross bookings in the range of $14.0 million to $18.0 million, which would compare to $19.5 million in the second quarter of 2024.
    • Revenue in the range of $12.0 million to $16.0 million, which would compare to $15.0 million in the second quarter of 2024.
    • Non-GAAP gross margin in the range of 80% to 83%, which would compare to 86% in the second quarter of 2024.
    • Non-GAAP operating loss in the range of ($4.0) million to ($2.0) million, compared to non-GAAP operating income of $1.7 million in the second quarter of 2024.
    • Non-GAAP diluted net loss per share in the range of ($0.10) to ($0.03), compared to net income per share of $0.07 in the second quarter of 2024.

    Based on current business trends and conditions, the Company expects for full year 2025, the following:

    • Gross bookings in the range of $67.0 million to $74.0 million, which would represent a 2% to 13% increase from $65.8 million in 2024.
    • Revenue in the range of $64.0 million to $70.0 million, which would represent a 7% to 17% increase from $59.7 million in 2024.
    • Non-GAAP gross margin in the range of 83% to 86%, which would compare to 86% in 2024.
    • Non-GAAP operating (loss) income in the range of ($2.0) million loss to $1.0 million income, which would compare to $5.5 million income in 2024.
    • Non-GAAP diluted net (loss) income per share in the range of ($0.07) net loss per share to $0.03 net income per share, compared to $0.25 net income per share in 2024.

    Q1 2025 Conference Call Details

    A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

    Date: Wednesday, May 7, 2025
    Time: 5:00 p.m. Eastern time
    Webcast: Here (live and replay)

    About Silvaco

    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

    Safe Harbor Statement

    This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

    These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

    A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our ability to successfully integrate recent acquisitions; (u) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (v) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (w) our status as a controlled company; and (x) our use of the net proceeds from our initial public offering.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligation to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

    Discussion of Non-GAAP Financial Measures and Other Key Business Metrics

    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

    We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and acquisition-related professional fees and retention bonuses. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, and acquisition-related professional fees and retention bonuses. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, acquisition-related professional fees and retention bonuses, change in fair value of contingent consideration, foreign exchange (gain) loss, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

    Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

    We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    Annual Contract Value (“ACV”) is a key performance metric for Silvaco and is useful to investors in assessing the strength and trajectory of the business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue, as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV.

    ACV is composed of the following: (i) the annualized value of term based software licenses with start dates or anniversary dates during the period, plus; (ii) the value of perpetual license contracts with start dates during the period, plus; (iii) the annualized value of maintenance & support as well as any fixed-term services contracts with start dates or anniversary dates during the period, plus; (iv) the value of fixed-deliverable services contracts. Silvaco and the Silvaco logo are registered trademarks of Silvaco Group, Inc. All other trademarks and service marks are the property of their respective owners.

    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in thousands except share and par value amounts)
           
      March 31, 2025   December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 29,489     $ 19,606  
    Current marketable securities   45,048       63,071  
    Accounts receivable, net   5,783       9,211  
    Contract assets, net   15,102       11,932  
    Prepaid expenses and other current assets   4,500       3,460  
    Total current assets   99,922       107,280  
    Non-current assets:      
    Non-current marketable securities   —       4,785  
    Property and equipment, net   890       865  
    Operating lease right-of-use assets, net   1,534       1,711  
    Intangible assets, net   9,997       4,369  
    Goodwill   14,337       9,026  
    Non-current portion of contract assets   9,860       12,611  
    Other assets   1,595       1,698  
    Total non-current assets   38,213       35,065  
    Total assets $ 138,135     $ 142,345  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 2,137     $ 3,316  
    Accrued expenses and other current liabilities   32,426       19,801  
    Accrued income taxes   1,728       1,668  
    Deferred revenue, current   8,618       7,497  
    Operating lease liabilities, current   644       744  
    Vendor financing obligation, current   1,191       1,462  
    Total current liabilities   46,744       34,488  
    Non-current liabilities:      
    Deferred revenue, non-current   3,604       3,593  
    Operating lease liabilities, non-current   866       946  
    Vendor financing obligation, non-current   2,995       2,928  
    Other non-current liabilities   333       307  
    Total liabilities   54,542       42,262  
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024 , respectively   —       —  
    Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,805,280 and 28,526,615 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   3       3  
    Additional paid-in capital   132,937       130,360  
    Accumulated deficit   (47,285 )     (28,012 )
    Accumulated other comprehensive loss   (2,062 )     (2,268 )
    Total stockholders’ equity   83,593       100,083  
    Total liabilities and stockholders’ equity $ 138,135     $ 142,345  
           
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
    (Unaudited, in thousands except share and par value amounts)
           
      Three Months Ended March 31,
        2025       2024  
    Revenue:      
    Software license revenue $ 10,009     $ 12,258  
    Maintenance and service   4,083       3,631  
    Total revenue   14,092       15,889  
    Cost of revenue   3,016       1,973  
    Gross profit   11,076       13,916  
    Operating expenses:      
    Research and development   4,800       3,616  
    Selling and marketing   4,719       3,312  
    General and administrative   8,120       4,600  
    Estimated litigation claim   13,069       —  
    Total operating expenses   30,708       11,528  
    Operating (loss) income   (19,632 )     2,388  
    Interest income   863       —  
    Interest and other expense, net   (291 )     (205 )
    (Loss) income before income tax provision   (19,060 )     2,183  
    Income tax provision   213       805  
    Net (loss) income $ (19,273 )   $ 1,378  
    Net (loss) income per share:      
    Basic and diluted $ (0.67 )   $ 0.07  
    Weighted average shares used in computing per share amounts:      
    Basic and diluted   28,694,295       20,000,000  
           
           
    SILVACO GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in thousands)
           
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net (loss) income $ (19,273 )   $ 1,378  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
    Depreciation and amortization   438       120  
    Stock-based compensation expense   2,277       —  
    Provision for credit losses   10       222  
    Estimated litigation claim   13,069       —  
    Accretion of discount on marketable securities, net   (261 )     —  
    Change in fair value of contingent consideration   35       (8 )
    Changes in operating assets and liabilities:      
    Accounts receivable   3,520       (1,844 )
    Contract assets   440       (3,679 )
    Prepaid expenses and other current assets   (1,026 )     788  
    Other assets   119       (274 )
    Accounts payable   (1,183 )     877  
    Accrued expenses and other current liabilities   55       (729 )
    Accrued income taxes   58       574  
    Deferred revenue   567       (21 )
    Other non-current liabilities   20       24  
    Net cash used in operating activities   (1,135 )     (2,572 )
    Cash flows from investing activities:      
    Maturities of marketable securities   23,000       —  
    Acquisition of Process Proximity Compensation   (11,500 )     —  
    Purchases of property and equipment   (96 )     (10 )
    Net cash provided by (used in) investing activities   11,404       (10 )
    Cash flows from financing activities:      
    Proceeds from loan facility   —       4,250  
    Deferred transaction costs   —       (364 )
    Payroll taxes related to shares withheld from employees   (252 )     —  
    Contingent consideration   (46 )     (13 )
    Payments of vendor financing obligation   (205 )     —  
    Net cash (used in) provided by financing activities   (503 )     3,873  
    Effect of exchange rate fluctuations on cash and cash equivalents   117       27  
    Net increase in cash and cash equivalents   9,883       1,318  
    Cash and cash equivalents, beginning of period   19,606       4,421  
    Cash and cash equivalents, end of period $ 29,489     $ 5,739  
           
    SILVACO GROUP, INC.
    REVENUE
    (Unaudited)
        2024   2025
        Q1 Q2 Q3 Q4 Year   Q1
    Revenue by Region:                
    Americas   27 % 51 % 31 % 40 % 38 %   20 %
    APAC   62 % 41 % 58 % 52 % 53 %   66 %
    EMEA   11 % 8 % 11 % 8 % 9 %   14 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue by Product Line:                
    TCAD   66 % 69 % 59 % 71 % 68 %   56 %
    EDA   30 % 20 % 24 % 24 % 24 %   36 %
    SIP   4 % 11 % 17 % 5 % 8 %   8 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue Item Category:                
    Software license revenue   77 % 74 % 62 % 78 % 74 %   71 %
    Maintenance and service   23 % 26 % 38 % 22 % 26 %   29 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    Revenue by Country:                
    United States   26 % 50 % 30 % 39 % 37 %   20 %
    China   11 % 17 % 25 % 23 % 18 %   14 %
    Other   63 % 33 % 45 % 38 % 45 %   66 %
    Total revenue   100 % 100 % 100 % 100 % 100 %   100 %
                     
    SILVACO GROUP, INC.
    GAAP to Non-GAAP Reconciliation
    (Unaudited, in thousands except per share amounts)
     
      Three Months Ended
      3/31/2025   3/31/2024
           
    GAAP Cost of revenue $ 3,016     $ 1,973  
    Less: Stock-based compensation expense   (199 )     —  
    Less: Amortization of acquired intangible assets   (249 )     —  
    Less: Acquisition-related professional fees and retention bonus   (8 )     —  
    Non-GAAP Cost of revenue $ 2,560     $ 1,973  
    GAAP Gross profit $ 11,076     $ 13,916  
    Add: Stock-based compensation expense   199       —  
    Add: Amortization of acquired intangible assets   249       —  
    Add: Acquisition-related professional fees and retention bonus   8       —  
    Non-GAAP Gross profit $ 11,532     $ 13,916  
    GAAP Research and development $ 4,800     $ 3,616  
    Less: Stock-based compensation expense   (244 )     —  
    Less: Acquisition-related professional fees and retention bonus   (18 )     —  
    Less: Amortization of acquired intangible assets   (51 )     (70 ) 
    Non-GAAP Research and development $ 4,487     $ 3,546  
    GAAP Selling and marketing $ 4,719     $ 3,312  
    Less: Stock-based compensation expense   (323 )      —  
    Less: IPO preparation costs   —       -127  
    Non-GAAP Selling and marketing $ 4,396     $ 3,185  
    GAAP General and administrative $ 8,120     $ 4,600  
    Less: Stock-based compensation expense   (1,511 )     —  
    Less: Acquisition-related estimated litigation claim and legal costs   (726 )     (594 )
    Less: Acquisition-related professional fees and retention bonus   (677 )     —  
    Less: Amortization of acquired intangible assets   (62 )     —  
    Less: IPO preparation costs   —       (139 )
    Non-GAAP General and administrative $ 5,144     $ 3,867  
    GAAP Estimated litigation claim $ 13,069     $ —  
    Less: Acquisition-related estimated litigation claim and legal costs   (13,069 )     —  
    Non-GAAP Estimated litigation claim $ —     $ —  
    GAAP Operating expenses $ 30,708     $ 11,528  
    Less: Stock-based compensation expense   (2,078 )     —  
    Less: Acquisition-related estimated litigation claim and legal costs   (13,795 )     (594 )
    Less: Acquisition-related professional fees and retention bonus   (695 )     —  
    Less: IPO preparation costs   —       (266 )
    Less: Amortization of acquired intangible assets   (113 )     (70 )
    Non-GAAP Operating expenses $ 14,027     $ 10,598  
    GAAP Operating (loss) income $ (19,632 )   $ 2,388  
    Add: Stock-based compensation expense   2,277       —  
    Add: Acquisition-related estimated litigation claim and legal costs   13,795       594  
    Add: Acquisition-related professional fees and retention bonus   703       —  
    Add: IPO preparation costs   —       266  
    Add: Amortization of acquired intangible assets   362       70  
    Non-GAAP Operating (loss) income $ (2,495 )   $ 3,318  
    GAAP Net (loss) income $ (19,273 )   $ 1,378  
    Add: Stock-based compensation expense   2,277       —  
    Add: Acquisition-related estimated litigation claim and legal costs   13,795       594  
    Add: Acquisition-related professional fees and retention bonus   703       —  
    Add: IPO preparation costs   —       266  
    Add: Amortization of acquired intangible assets   362       70  
    Add (Less): Change in fair value of contingent consideration   35       (8 )
    Add (Less): Foreign exchange (gain) loss   205       130  
    Add (Less): Income tax effect of non-GAAP adjustment   (5 )     (33 )
    Non-GAAP Net (loss) income $ (1,901 )   $ 2,397  
    GAAP Net income (loss) per share:      
    Basic and diluted: $ (0.67 )   $ 0.07  
    Non-GAAP Net income (loss) per share:      
    Basic and diluted $ (0.07 )   $ 0.12  
    Weighted average shares used in GAAP and non-GAAP net income (loss) per share:      
    Basic and diluted   28,694,295       20,000,000  
           

    Investor Contact:
    Greg McNiff
    investors@silvaco.com 

    Media Contact:
    Farhad Hayat
    press@silvaco.com

    The MIL Network –

  • MIL-OSI USA: Rep. Zinke and Vasquez Launch Bipartisan Public Lands Caucus to Champion Conservation and Access

    Source: US Congressman Ryan Zinke (Western Montana)

    WASHINGTON, D.C. – Today, U.S. Representatives Ryan Zinke (R-MT-01) and Gabe Vasquez (D-N.M.-02) announced the launch of the bipartisan Public Lands Caucus, a bipartisan congressional coalition focused on conserving America’s public lands and expanding access for all Americans. The caucus will build upon the trusted working relationship between Vasquez and Zinke, forged over the past two years partnering on conservation legislation, along with the momentum of a new Congress and a new generation of Western lawmakers to bring a new voice to the conversation around public lands.

    The Public Lands Caucus is founded on the belief that public lands are “for the benefit and enjoyment of the people.” It will bring lawmakers from both sides of the aisle to advance practical, consensus-driven public lands policy that conserves natural resources while supporting recreation, local economies, and public access. Caucus members are committed to bridging ideological divides and advancing pragmatic solutions to protect and manage public lands.

     

    “I follow the Theodore Roosevelt motto that public lands are ‘for the benefit and enjoyment of the people,’ and that means making sure we both conserve and manage those lands to ensure public access for the next generation,” said Rep. Ryan Zinke. “Public lands aren’t red or blue issues, it’s red white and blue. The bipartisan Public Lands Caucus brings together lawmakers who don’t agree on much, but we agree on and are ready to work together to promote policies that advance conservation and public access. I look forward to working with Co-Chair Vasquez, the vice chairs, and all the members of this caucus so future generations can enjoy the same opportunities to hunt, hike, fish, make a living and enjoy our uniquely American heritage.”

    “Public lands are where I learned to fish, hunt, and connect with my family and culture—and those experiences shaped who I am,” said Vasquez. “These lands don’t belong to one party or one group of people; they belong to all of us. The Public Lands Caucus is about protecting that birthright—bringing Democrats and Republicans together to preserve access, defend conservation, and invest in the outdoor economy that powers rural communities like mine in southern New Mexico. This is personal for me, and I’m proud to lead this bipartisan effort to keep our public lands in public hands.” 

    “We should be focusing on expanding public access to federal lands, not auctioning them off,” said Rep Dingell. “And we should be investing in our National Parks System and National Wildlife Refuges, not making it harder for Americans to visit these special places. I’m proud to be Vice-Chair of the bipartisan Public Lands Caucus because conservation has historically been, and should continue to be, a priority regardless of party. I look forward to working with my colleagues on both sides of the aisle to protect our precious natural resources, federal lands, and beloved species.” 

    “Idahoans live in Idaho because we love our public lands,” said Rep. Simpson. “This trend is common across the West, where public lands are a part of our daily lives. As a lifelong Idahoan and Chairman of the House Interior and Environment Appropriations Subcommittee, I remain committed to preserving access to our public lands and defending our way of life. Being named Vice Chair of the Public Lands Caucus is an honor, and I look forward to working with my colleagues to ensure future generations can enjoy the same benefits that we do today. I’m thankful to Rep. Zinke for his leadership here.”

    “As someone born and raised in the Coachella Valley, I know how sacred our public lands are. Places like Joshua Tree and the new Chuckwalla National Monument are more than landscapes—they’re part of our identity, history, and culture,” said Rep. Raul Ruiz (D-CA-25) Conserving public lands means protecting cultural heritage, preserving critical ecosystems, and expanding access to nature’s healing power, especially for underserved communities. I’ll continue fighting to ensure every family—no matter where they live—can experience the beauty, health, and enjoyment that public lands offer.”

    “Public land access is integral to Montana,” said Congressman Troy Downing (MT-02). “Montanans rely on the Treasure State’s more than 30 million acres of public lands to hunt, fish, recreate, graze their livestock, and so much more. I applaud Co-Chairs Zinke and Vasquez for their efforts and look forward to working with my colleagues to find common sense solutions that preserve my constituents’ access to this fundamentally American resource.”

    “As a representative of Coastal Virginia, I know how vital our public lands and waters are to our economy, our culture, and our quality of life – from supporting tourism and outdoor recreation to sustaining jobs and protecting natural habitats,” said Congresswoman Kiggans. “I’m proud to join the bipartisan Public Lands Caucus to bring a balanced, commonsense approach to protecting these resources. From our shorelines to our forests, we must ensure that future generations can enjoy and benefit from healthy and accessible public lands across the country for years to come.”

     “Having served as Chairman of the Congressional Western Caucus for four years, I understand firsthand the importance of common-sense conservation policies that protect our precious lands while guaranteeing public access,” said Congressman Newhouse. “The bipartisan Public Lands Caucus will elevate practical land management policies that support our shared commitment to unlocking our natural resources, boosting surrounding local economies, and supporting safe recreation for all to enjoy. I thank Reps. Zinke and Vasquez for their leadership, and I look forward to working closely with the caucus this Congress.”

     

    Caucus Leadership

    Co-Chairs

    • Rep. Gabe Vasquez (D-NM-02)
    • Rep. Ryan Zinke (R-MT-01) 

    Vice Chairs

    • Rep. Debbie Dingell (D-MI-06)
    • Rep. Mike Simpson (R-ID-02)

    Members Include

    • Rep. Raul Ruiz (D-CA-25)
    • Rep. Chuck Edwards (R-NC-11)
    • Rep. Joe Neguse (D-CO-02)
    • Rep. Jen Kiggan (R-VA-02)
    • Rep. Emily Randall (D-WA-06)
    • Rep. Troy Downing (R-MT-01)
    • Rep. Steven Horsford (D-NV-04)
    • Rep. Dan Newhouse (R-WA-04)
    • Rep. Susie Lee (D-NV-03)
    • Rep. Juan Ciscomani (R-AZ-06)

     

    Organizational Support

    “Public lands are the backyard of the little guy, demonstrating our commitment to leaving the world a better place for our children than the one we inherited from our parents,” said Chris Wood, President and CEO of Trout Unlimited. “On behalf of Trout Unlimited members across the nation, I thank Congressmen Zinke and Vasquez and the members of the newly minted bipartisan Public Lands Caucus for their leadership upholding our legacy of public lands. Preventing large-scale transfer or sale of federal public lands helps to maintain access to some of the best places to fish and hunt on the planet. We look forward to working with the caucus to keep it that way.” 

    “On both sides of the aisle, Americans cherish our public lands,” said Joel Pedersen, president and CEO of the Theodore Roosevelt Conservation Partnership. “From the Northern Rockies of Montana to the Gila Mountains of New Mexico, these lands and waters provide invaluable opportunities to millions of hunters and anglers. We join our nation’s sportsmen and women in thanking Representatives Zinke and Vasquez for their leadership in forming the bipartisan Public Lands Caucus which will continue to advance America’s outdoor legacy.”

    Whitney Potter Schwartz, Senior Vice President, Outdoor Recreation Roundtable: “The creation of the Public Lands Caucus is a significant and welcome step forward in protecting and expanding access to our public lands and waters that power America’s $1.2 trillion outdoor recreation economy and enrich the lives of millions of Americans. Keeping public lands public is a business imperative. There couldn’t be a more important time to stand up for America’s best return on investment and keep public land selloff out of reconciliation. ORR thanks Representatives Gabe Vasquez and Ryan Zinke for their leadership and all the bipartisan members of the Caucus who have come together to champion public lands access, stewardship, and infrastructure investments. We look forward to working with the Caucus to ensure that public lands remain public and continue to be a foundation for outdoor experiences, local economies, and healthy communities for generations to come.” 

    “Public lands are essential to the emotional and economic well-being of our nation,” said Phil Ingrassia, President of the national RV Dealers Association. “RVDA applauds the creation of the Public Lands Caucus and its commitment to enhancing access and expanding the infrastructure that supports millions of Americans who enjoy these shared spaces.” 

    “America Outdoors applauds Representatives Vasquez and Zinke for their leadership in launching the bipartisan Public Lands Caucus,” said Caryn Short, America Outdoors. “Continued access to our public lands is vital to the health of the outfitting industry, rural economies, and the millions of Americans who rely on these landscapes for connection, livelihood, and adventure.” 

    Public lands are part of the shared national identify of Americans,” said Rachel Franchina, Executive Director, Society of Outdoor Recreation Professionals. “They are treasured places – both close to home and in iconic protected areas – for people to spend time with family and friends, recharge themselves and reconnect with nature. The Society of Outdoor Recreation Professionals supports Representatives Ryan Zinke (R-MT) and Gabe Vasquez (D-NM)’s Bipartisan Public Lands Caucus. High-quality experiences on public lands are something the vast majority of American value and their commitment to ensuring access to our shared heritage is more important now than ever.” 

    “Public lands make hunting, fishing, and other outdoor recreation activities accessible for millions of Americans,” said Kellis Moss, Managing Director of Federal Affairs for Ducks Unlimited. “Some of our most critical conservation programs, such as NAWCA, invest in habitat on public lands. We’re glad to see Congress prioritize conserving America’s natural places for the next generation of outdoorsmen and women, and we’re happy to support the Public Lands Caucus in this effort.”

    “The NWTF extends deep gratitude to Congressmen Vasquez and Zinke for their leadership in founding the bipartisan Public Lands Caucus,” said Jason Burckhalter, Co-CEO, National Wild Turkey Federation. “This crucial effort bolsters the unique American public trust, ensuring our public lands—vital habitats for wildlife, cornerstones of our hunting heritage, and cherished spaces for outdoor recreation—remain a shared resource, held in trust for all citizens, preserving their accessibility and stewardship for future generations.”

    “America’s upland hunters and grassland advocates applaud today’s launch of the bipartisan Public Lands Caucus,” said Ariel Wiegard, Vice President of Government Affairs, Pheasants Forever and Quail Forever. “We stand ready to work with Reps. Vasquez, Zinke, and the other Caucus members to advance public land conservation policies, increase and improve habitat and access, and energize and engage the upland conservation community. America’s grassland and sagebrush shrub-steppe ecosystems are among the most at-risk environments in the world. We are confident this Caucus will help ensure our treasured public lands deliver the promise of more wildlife and more hunters, alongside other natural resource and quality of life benefits, to the American people.”

    “Backcountry Hunters & Anglers strongly supports the creation of the Public Lands Caucus and thanks Representatives Vasquez and Zinke for bringing together a bipartisan force to defend against ongoing threats to sell or transfer our wild public lands,” said Devin O’Dea, Western Policy & Conservation Manager, Backcountry Hunters & Anglers. “Our public lands define who we are as Americans — places where anyone, regardless of background, can hunt, fish, camp or explore. The Public Lands Caucus is a crucial step in ensuring our wild public lands, waters, and wildlife endure.”

    “According to the American Horse Council’s latest economic impact study, 39 million U.S. households include a horse enthusiast, with recreational trail riders representing the largest segment of the equine industry — underscoring the critical need for access to public lands,” said Julie M. Broadway, President, American Horse Council & American Horse Council Foundation. “Conserving public lands, supporting local economies, and ensuring access for all Americans is essential to the equine community, and we strongly applaud the creation of this congressional caucus as a step toward protecting these shared resources.”

    “The Western Landowners Alliance applauds the formation of the bipartisan Public Lands Caucus to protect our public lands and thanks Representatives Vasquez and Zinke for their leadership on this issue,” said Lesli Allison, Chief Executive Officer, Western Landowners Alliance. “Care for our public lands is a priority across party lines and fence lines in the West. Western Landowners Alliance members steward tens of millions of acres of private and public land, and recognize the challenges facing federal land management and budgets. We are also acutely aware of the nation’s real housing deficit. But disposal of federal land is not a practical solution to either problem.”

    “Public lands are the source of clean drinking water for millions of Americans,” said Tom Kiernan, CEO, American Rivers. “The rivers that flow across our national parks, forests, and rangelands provide recreation and awesome scenic beauty to our country. We are excited to continue working with Congress to support the protection of these lands and rivers on behalf of all Americans. Thank you to Representatives Vasquez and Zinke for launching this caucus.”

    Watch the full launch event here.

    Access photos from the event here.

    ###

     

    MIL OSI USA News –

  • MIL-OSI Russia: Steering through the Fog: The Art and Science of Monetary Policy in Emerging Markets

    Source: IMF – News in Russian

    (As prepared for delivery)

    May 7, 2025

    Good afternoon. It is a pleasure to be with you here at this critical juncture for the global economy. Since early April, the US effective tariff rate has increased to levels last seen over a hundred years ago, and the uncertainty surrounding trade policy and geopolitics has surged.

    The economic effects of these developments are expected to be sizeable. Our World Economic Outlook ‘reference scenario’ projects that tariffs will reduce both global and emerging market (EM) output growth by roughly 0.5 percentage points relative to our forecast prior to the April tariffs. Countries imposing high tariffs, or those that are heavily dependent on trade with those countries, will be hit the hardest. But no country is likely to emerge unscathed: we have downgraded our forecasts for 127 countries that account for 86 percent of global GDP.

    The impact on inflation is more varied. For countries facing higher tariffs on their exports, the tariffs are expected to mainly operate as a negative demand shock and exert mild downward pressure on inflation.  For countries imposing much higher tariffs, notably the United States, the tariffs will likely act more as an adverse supply shock, boosting inflation while lowering growth.

    There are several reasons why economic outcomes could be much worse than our WEO reference scenario. As of now financial conditions have not tightened much, including in emerging markets, and many EM currencies have remained surprisingly resilient against the dollar. If, however, trade policy discussions do not yield lower tariffs soon, financial conditions could tighten abruptly, with major effects on capital flows to EMs.  Knightian uncertainty abounds as the global economic order transforms. How should central banks in emerging markets steer through this fog? I will address this question in today’s lecture.

     

    EM central banks have developed much stronger monetary policy frameworks since the late 1990s, often in the context of adopting inflation targeting. They have benefited from major improvements in governance, with clear mandates focused on price stability.  Their operational independence has also increased substantially — both de jure and de facto — and they have strengthened their public accountability, as well as transparency. These advancements were invaluable in helping them respond quickly both to COVID and to the subsequent inflation surge, raising interest rates sharply in the latter case to contain inflation and keep inflation expectations anchored.

    Even so, significant differences remain between EMs and AEs, especially regarding the strength of the exchange rate channel and the degree to which global factors influence monetary transmission. Several features deserve particular attention: 

    Transmission of policy actions and shocks differs in EMs

    First, monetary policy transmission appears noticeably weaker in EMs than in AEs, and dependent both on global financial conditions and on the reliance of EM banks on external financing. In advanced economies, an easing of policy rates quickly translates into lower market rates — which is what matters for the borrowing decisions of households and firms — and this boosts the economy.

    By contrast, my research with Sebnem Kalemli-Özcan and Pierre De Leo (De Leo, Gopinath and Kalemli-Özcan, 2024) shows that when EM central banks loosen policy, the transmission to short-term market rates depends critically on what happens to global financial conditions. If global financial conditions tighten enough – as often follows a surprise tightening in US monetary policy – then domestic market rates may even rise when the EM central bank lowers policy rates.  The implicit rise in the risk spread facing borrowers clearly blunts the effectiveness of monetary policy and makes it harder for EMs to cushion the effects of shocks. This is particularly relevant at the current juncture where trade shocks could play out as negative demand shocks in many EMs, calling for looser monetary policy. At the same time, they could play out as negative supply shocks in the US and call for tighter US monetary policy.

    The changing mix of EM external financing also raises new vulnerabilities. EMs have become more dependent on external financing from foreign nonbank financial institutions, including insurance companies and investment funds, with their share of external portfolio financing growing to about 40 percent. While nonbanks help diversify emerging market funding sources and reduce borrowing costs, these types of capital flows are also very sensitive to the global financial cycle.[1] At times of financial stress, investment funds—such as exchange traded funds and open-end mutual funds in particular—are more susceptible to investors withdrawing their money, which in turn causes investment funds to withdraw from the riskiest markets.  Consequently, the volume and speed of exit of capital flows have increased over time, as was evident at the start of Covid-19.

    This sensitivity of EMs to global stress may also increase given that crypto assets are playing a larger role in cross-border financial intermediation and payments, often spurred by the desire to achieve cost-efficiencies, but also to circumvent capital flow restrictions in some cases.  In most EMs, crypto asset use doesn’t yet appear high enough to present imminent systemic risks.  Even so, crypto assets are growing rapidly in many EMs, and overall usage has become a noticeable share of GDP in some EMs with high inflation and lower macroeconomic stability. For example, Cerutti, Chen and Hengge (2024) find that several EMs in Latin America and Eastern Europe fall in the upper quartile of countries in terms of the magnitude of their bitcoin inflows as a share of GDP, with monthly inflows in the range of 0.1 to 0.8% of GDP. Focusing on a wider set of crypto assets, Cardozo, Fernández, Jiang and Rojas (2024) find that cross-border crypto outflows have reached as much as a quarter of gross portfolio outflows in Brazil.

    Use of crypto requires a careful understanding of the risks.  Crypto may increase capital flow volatility and exacerbate financial stress, including by allowing investors to easily shift their deposits out of domestic banks into foreign exchange-denominated stablecoins.  If crypto flows grow large enough, such disintermediation from the banking system and associated capital outflows could cause financial conditions to tighten and the exchange rate to weaken, and potentially spur a significant economic downturn.

    Weaker policy credibility complicates monetary policy trade-offs

    A second difference between AEs and EMs is the relatively weaker credibility of EM monetary policy to deliver low inflation. While EMs have improved their frameworks substantially, inflation expectations still tend to be less well-anchored than in AEs. Consequently, there is a higher passthrough of cost shocks to inflation, as they feed through much more into inflation expectations as well as through other channels such as wage indexation.  Oil price shocks tend to impact core inflation more than twice as strongly in a sample of emerging market economies, relative to advanced ones.[2] This high passthrough makes dealing with external shocks particularly difficult for EM central banks, as second-round effects could be sizeable, including from ongoing shocks to trade policy that could disrupt supply chains and raise input costs.

    Inflation expectations also tend to be more sensitive to fiscal policy and debt in EMs. This likely reflects increased risks of fiscal dominance and political interference in central bank decisions, which can undermine the public’s confidence in the central bank’s ability to fight inflation. A surprise increase in government debt tends to boost medium-term expected inflation in EMs significantly, while having little effect in advanced economies.[3]

     

    Exchange rates have a much larger imprint on price and financial stability

    A third critical distinction between EMs and AEs is that the exchange rate has a much larger imprint on price and financial stability in EMs.  While passthrough of exchange rate changes to inflation has declined considerably for many EMs, it remains significantly higher than in advanced economies. A 10 percent depreciation of EM currencies against the dollar causes EM price levels to rise by about 2 percent, several times larger than in advanced economies.[4]

    The presence of foreign exchange mismatches increases the financial stability risks from exchange rate depreciation. While many EMs have reduced FX mismatches – or lowered the risk through the development of derivatives markets that allow for better hedging — reliance on dollar funding within the financial system remains an important source of fragility for some EMs. This weakens monetary transmission, as lowering interest rates causes the balance sheets of corporates with unhedged FX liabilities to deteriorate and financial conditions to tighten, which offsets some of the stimulus from easing. EMs that have shifted to relying more on local currency financing also can experience sharp increases in currency premia and local borrowing costs when foreign investors exit these shallow markets. This makes it harder for EMs to deal with an environment of bigger external shocks: even if a tariff abroad would look like a demand shock from the standpoint of an AE economy, the exchange rate depreciation it induces raises risk spreads and makes it harder for the EM central bank to cushion the impact on the economy. 

    Steering through the fog: How should policy respond?

    Having outlined some of the unique challenges emerging market central banks face in the current global context, I will next lay out some broad principles that can help steer through the fog. EMs clearly will differ in how they respond to the shocks and the uncertainty depending on their cyclical conditions and on structural features such as the extent of their exposure to trade and financial disruptions.

    This said, and despite the fog, EM central banks should respond forcefully to upside inflation risks if they materialize to ensure that high inflation does not get embedded into inflation expectations. While I’ve noted that we see the current configuration of tariffs as likely to be slightly disinflationary for many EMs in our reference scenario, there is a significant risk that inflationary pressures could emerge — from supply chain disruptions and higher input cost pressures in a fragmenting world or from exchange rate depreciations. 

    Given the high passthrough of both exchange rate changes and cost shocks to inflation in EMs, a major risk is large and persistent second round effects, especially if inflation has been running persistently above target and the fiscal position is weak. History has shown that once inflation becomes embedded in expectations—often through wage and price indexation mechanisms—it becomes significantly more difficult to reverse. If the risk materializes, timely and firm action is critical to keep inflation expectations anchored and reassure the public of the central bank’s unwavering commitment to sound monetary policy and price stability.

    Foreign exchange intervention should be used prudently

    Second, in a more turbulent external environment, foreign exchange intervention (FXI) can help address disorderly market conditions that undermine financial stability. The Fund’s Integrated Policy Framework is helpful in identifying conditions when it may be possible to improve tradeoffs facing central banks using FXI and other tools (IMF, 2023; Basu, Boz, Gopinath, Roch and Unsal, 2023).

    Notably, central banks can reduce exchange rate pressures by selling FX during episodes of capital flight when FX markets are shallow, allowing central banks not to have to hike policy rates sharply. This can improve macroeconomic outcomes as well as lower financial stability risks.

    However, it is important that FXI is not used to reduce exchange rate volatility per se, or to target a particular level of the exchange rate, as such misuse could easily weaken confidence in the central bank’s commitment to stabilizing inflation.  Moreover, given the finite level of reserves, the bar for FXI should be high to ensure that FX liquidity can be provided when it is really needed. As of now financial conditions have tightened in an orderly manner, which means that when it comes to FXI the advice is to keep the powder dry.

    Build financial and fiscal resilience

    Third, efforts to build financial resilience through strengthening prudential policies are also desirable. As I have emphasized, EM financial systems remain quite exposed to geopolitical shocks and face growing risks from heightened external finance from foreign nonbanks and potentially crypto. Prudential policies can help them build adequate buffers as well as reduce vulnerabilities arising from high leverage, volatile capital flows, and FX mismatches. On the crypto side, it will be important to develop comprehensive legal, regulatory and supervisory frameworks for crypto assets, including through cooperative global efforts given their cross-border nature (IMF, 2023b).  The authorities should also ensure that capital flow management measures, when appropriate, remain effective and not undermined by the use of crypto.  And EMs should continue to strengthen macroeconomic frameworks to reduce the risk of currency and asset substitution into crypto assets (often called “cryptoization”).

    Fiscal policy also plays a critical role in helping ensure macroeconomic stability. Uncertainty shocks have much bigger effects on sovereign spreads when EM debt servicing costs are relatively high. Ensuring that tax and spending policies adjust to keep debt on a sustainable path helps provide buffers to respond to downturns and lowers financial stability risks.

    Improve central bank communication, governance, and policy strategy

    Lastly, there is a high premium on further strengthening policy frameworks to continue building resilience in a more shock-prone environment. 

    Clarity of communication has become more critical than ever. Effective communication about the central bank’s reaction function –in qualitative terms – is likely to be useful in helping better anchor inflation expectations and thus improve tradeoffs.

    Improved governance – including to strengthen central bank independence – can increase public confidence that the central bank will have latitude to achieve its objectives. Central banks will inevitably make mistakes—no forecast is perfect. But what must be clear is that any deviation from target is the result of uncertainty, not political interference.

    EM central banks, as for their AE counterparts, must also adapt their policy strategies to focus more on the distribution of outcomes rather than the modal outlook, and to take more account of risk management considerations. Monetary policy must navigate a world shaped by a multiplicity of shocks—some persistent, some temporary, and some with offsetting effects on inflation where it is difficult to assess the net impact.

    Accordingly, many central banks should continue to take steps to revise their frameworks to move away from excessive reliance on central forecasts. This can be facilitated by increasing use of scenario analysis in decision-making.

    Conclusion

    To conclude, EMs have made major strides in improving their monetary policy frameworks, and this has enabled several of them to respond effectively to unprecedented shocks like the pandemic. They are now being tested again as the global economic order is reset and Knightian uncertainty prevails. This uncertainty does not, however, imply gradualism in all matters. If inflation pressures rise, EM central banks will need to respond quickly using policy rates to prevent higher inflation from getting entrenched as they did during COVID. We must recognize that the road ahead may have many unforeseen turns, which calls for further strengthening financial and fiscal resilience and navigating with monetary policy clarity, credibility, and discipline.

    References

    Baba, C., and J. Lee. 2022. “Second-round effects of oil price shocks – implications for Europe’s inflation outlook”. IMF Working Paper no. 2022/173.

    Basu, S.S., Boz, E., Gopinath, G., Roch, F., and F.D. Unsal. 2023. “Integrated monetary and financial policies for small open economies”. IMF Working Paper no. 2023/161.

    Brandão-Marques, L., Casiraghi, M., Gelos, G., Harrison, O., and G. Kamber. 2024. “Is high debt constraining monetary policy? Evidence from inflation expectations”. Journal of International Money and Finance 149(C).

    Brandão-Marques, L., Górnicka, L., and G. Kamber. 2023. “Exchange rate fluctuations in advanced and emerging economies: Same shocks, different outcomes”, in Shocks and Capital Flows, edited by Gaston Gelos and Ratna Sahay, IMF.

    Cardozo, P., Fernández, A., Jiang, J., and F.D. Rojas. 2024. “On cross-border crypto flows: Measurement, drivers, and policy implications“. IMF Working Paper no. 2024/261.

    Cerutti, E.M., Chen, J., and M. Hengge. 2024. “A primer on Bitcoin cross-border flows: Measurement and drivers“. IMF Working Paper no. 2024/85.

    Chari, A. 2023. “Global risk, non-bank financial intermediation, and emerging market vulnerabilities”. Annual Review of Economics 15: 549-572.

    De Leo, P., Gopinath, G., and S. Kalemli-Özcan. 2024. “Monetary policy and the short-rate disconnect in emerging economies”. NBER Working Paper no. 30458.

    IMF. 2023. “Integrated Policy Framework – Principles for use of foreign exchange interventions”. IMF Policy Paper no. 2023/061.

    IMF. 2023b. “Elements of effective policies for crypto assets”. IMF Policy Paper no. 2023/004.

    https://www.imf.org/en/News/Articles/2025/05/07/sp050725-science-of-monetary-policy-in-emerging-markets-gita-gopinath

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: CleanBC review launched to strengthen climate action, results for people

    Source: Government of Canada regional news

    Merran Smith

    Merran Smith is president of New Economy Canada, bringing decades of leadership and partnership with industry, government and community to create economic solutions to society’s most pressing challenges. She is broadly recognized as an advocate and national thought leader in advancing Canada’s clean economy, with career highlights including founding Clean Energy Canada and her leadership in the landmark Great Bear Rainforest agreement. 

    Smith was a board member of BC Hydro, and co-chair of B.C.’s Climate Solutions Council, which advised the B.C. government on CleanBC. She has won numerous awards for her leadership in the clean economy, including most recently the King Charles III’s Coronation Medal awarded to a diverse group of individuals who have made significant contributions to British Columbia.

    Dan Woynillowicz

    Dan Woynillowicz is an accomplished leader focused on the development and implementation of effective energy and climate policies. As principal of Polaris Strategy + Insight, he blends policy expertise with an understanding of technology innovation and market transformation to help clients navigate the energy transition. He is a volunteer adviser to Urban Climate Solutions and the Clean Economy Fund, and from 2020-25 served as board chair of the B.C. Centre for Innovation and Clean Energy (CICE).

    Woynillowicz also served as an external expert adviser to the BC Hydro Task Force, which positioned BC Hydro to meet the province’s fast-growing demand for clean electricity. He is frequently called to testify before regulatory and legislative bodies, quoted in media, and regularly publishes commentary in Canada’s leading publications.

    MIL OSI Canada News –

  • MIL-OSI USA: VIDEO: After Pressure from Pressley, Treasury Secretary Says Ending Tariffs on Essential Baby Products “Under Consideration”

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Pressley Slammed Trump’s Chaotic Tariff War, Highlighted Harmful Impact on Families With Babies and Young Children

    Video (YouTube)

    WASHINGTON – In a House Financial Services Committee hearing, Congresswoman Ayanna Pressley (MA-07) pressed Treasury Secretary Scott Bessent about the harmful impact of Trump’s tariffs on families with young children and asked if he would support an exemption to tariffs on baby products and other items that parents need to care for their kids, such as car seats. In response to her sharp questioning, Secretary Bessent conceded that such an exemption was “under consideration.”

    Congresswoman Pressley also underscored the harm felt by small business owners, parents, and other constituents in the Massachusetts 7th who are dealing with rising costs due to Trump’s tariffs and urged the Trump Administration to immediately reverse course.

    Last month, Congresswoman Pressley joined 45 colleagues in sending a Congressional letter to the Trump Administration imploring them to end tariffs on essential baby goods.

    A full transcript of her line of questioning is available below and the full video is available here.

    Transcript: After Pressure from Pressley, Treasury Secretary Says Ending Tariffs on Essential Baby Products “Under Consideration”
    House Financial Services Committee
    May 7, 2025

    REP. PRESSLEY: Secretary Bessent, you have heard from Democrats publicly and I’m certain you’ve heard from Republicans privately that this administration’s reckless and chaotic tariff policy is wreaking havoc on our economy.

    Rather than delivering stability for our country, this Trump tariff tantrum has been inconsistent, counterproductive, and disconnected from reality. 

    In my district, the Massachusetts 7th, I am hearing it from everyone.

    Small business owners are reeling from the unpredictable on-again, off-again tariffs. They’re holding back on expansion, delaying hiring, and bracing for the impact.

    Local and state officials are telling me about the effect tariffs will have on our state budget. Simultaneously, Massachusetts will see energy bills increase while revenue from tourism will decrease.

    But I want to focus on the constituent outreach that I’ve received from everyday families who are just fighting to make ends meet.

    Yes or no. Mr. Secretary, do you know what a car seat is?

    SEC. BESSENT: I have two children, yes. 

    REP. PRESSLEY: I figured as much, it’s correct you and your husband have two children.

    So I am sure you know that car seats are absolutely essential for families when traveling with babies and toddlers to school, to worship, to doctor’s appointments, just everyday living. 

    But not only are car seats essential, they are the law of the land. It’s the law of the land in 50 states. So there’s no getting around that.

    Mr. Secretary, what’s your estimate of how many babies are born in the United States each year?

    SEC. BESSENT: I’m gonna guess 2-3 million. 

    REP. PRESSLEY: Well, while the number fluctuates, there have consistently been more than 3.5 million babies born in the United States. That means millions of families in this country are doing what? Buying a car seat, because it’s essential and it is the law of the land in all 50 states. 

    But now, that cost is going up because Trump has announced up to 145% tariffs on Chinese imported products.

    Approximately, 9 out of every 10 car seats in the U.S. come from China. That’s a steep cost, a steep cost hike for families all over the country. The price is up in Republican districts and in Democratic districts.

    And it’s not just the car seats that are impacted. We’re talking about strollers, cribs, high chairs. No family is exempt from the harm of these Trump tariffs on essential baby products.

    But don’t just take my word for it.

    Mr. Chair, I would like to enter into the record a Yahoo Finance article from May 2025 entitled, “First Year Baby Expenses Already Top $20,000 and Tariffs Are Adding to the Bill As China Dominates Key Imports.”

    CHAIR: Without objection.

    REP. PRESSLEY: Look, I support improving manufacturing in America, but that is not going into effect overnight, like these tariffs are. There needs to be an exemption to help America’s families.

    Trump has used his power for tariff exemptions on thermoplastics, semiconductors, but what about baby products?

    Mr. Secretary, do you support an exemption to tariffs on items that parents need to care for their kids? Yes or no?

    SEC. BESSENT: Congresswoman, what you’re referring to are—

    REP. PRESSLEY: Yes or no.

    SEC. BESSENT: What you’re referring to are–

    REP. PRESSLEY: I’m reclaiming my time because I don’t want you to filibuster and give me some macroeconomic answer. Families at home are hurting … just give me a direct answer. 

    SEC. BESSENT: I am going to agree with you. 

    REP. PRESSLEY: So yes, you do support an exemption on tariffs for products that are essential for families for their babies?

    SEC. BESSENT: We are considering exemptions on E-4 items, which…

    REP. PRESSLEY: I’m sorry I have to reclaim my time. I’m reclaiming my time. 

    Mr. Chair. I am reclaiming my time. Give me my time back. I’m reclaiming my time.

    I just want a simple yes or no: do you support an exemption to tariffs on items that parents need to care for their kids? Because you all claim you’re pro-family.

    I cannot hear the words you say because I see the things that you do, every day. So clear it up.

    Yes or no. Do you support an exemption to tariffs on items that parents need to care for their babies? 

    SEC. BESSENT: It is under consideration. 

    REP. PRESSLEY: Great. Good.

    I don’t know what’s stopping an exemption from going into effect today, so do it now.

    In Donald Trump’s America, yesterday’s price is not today’s price. Costs are going up. Everyone is suffering, especially our families with young children.

    Mr. Secretary, I’m making an appeal to you on behalf of the people of this country. Please tell occupant Trump to reverse course and stop hurting America’s families.

    I yield back.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: AG Labrador Announces Victory in Lawsuit Opposing California’s Electric-Truck Mandates

    Source: US State of Idaho

    Home Newsroom AG Labrador Announces Victory in Lawsuit Opposing California’s Electric-Truck Mandates

    BOISE – Attorney General Raúl Labrador announced today that California has agreed to repeal its electric-truck mandates that reach well beyond California’s borders. Nebraska led a coalition of 17 states and the Nebraska Trucking Association in challenging a suite of California regulations called Advanced Clean Fleets in the Eastern District of California. Among other things, Advanced Clean Fleets would have required certain trucking companies to retire internal-combustion trucks and transition to more expensive and less efficient electric trucks. The rule targeted any fleet that operated in California regardless of where the fleet is headquartered. Given California’s large population and access to international ports, this rule would have had nationwide effects on the supply chain. In the settlement announced today, however, California has agreed not to enforce the rule and to outright repeal it.
    “California’s attempt to dictate trucking standards for the entire country was a blatant overreach that would have devastated industries far beyond its borders,” Attorney General Labrador said. “This is a win for Idaho’s truckers and for the families and businesses who rely on them. Our truckers should not be forced to comply with mandates dreamt up by regulators in Sacramento. I’m proud to have joined this successful coalition, and I will continue fighting for policies that protect Idaho’s economy and constitutional rights.” 
    As part of the settlement, California regulators pledged to commence rulemaking proceedings to formally scrub the rule from the books. California regulators also conceded that they cannot enforce California’s 2036 ban on the sale of internal-combustion trucks unless and until the ban receives a Clean Air Act preemption waiver from the U.S. Environmental Protection Agency. Previously, Attorney General Labrador joined a 24-state coalition led by Nebraska in successfully opposing California’s request for a waiver. In addition to Attorney General Labrador, attorneys general from the following states joined the lawsuit against California regulators: Alabama, Arkansas, Georgia, Indiana, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Oklahoma, South Carolina, Utah, West Virginia, and Wyoming. Also joining the lawsuit were the Nebraska Trucking Association and the Arizona State Legislature.
    Read the settlement here.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto: House Republicans are Selling Out Nevada

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Representative Mark Amodei’s reckless lands bill strips billions from Nevada schools and water conservation Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement after Representative Amodei (R-Nev.-02) and House Republicans snuck one of the single biggest sell-offs of Nevada public lands in history into their reconciliation bill.
    “In the dead of night, Representative Mark Amodei pushed House Republicans to move forward with an insane plan that cuts funding from water conservation and public schools across Nevada,” said Senator Cortez Masto. “This is a land grab to fund Republicans ‘billionaire giveaway tax bill, and I’ll fight it with everything I have.”
    Last night during a session of the House Natural Resources Committee, Representative Amodei, without consulting any of the Nevada delegation, forced the inclusion of language in the Republicans’ upcoming billionaire-tax cut bill that would sell up to 200,000 acres of public land in Clark County. The bill ignores Nevada’s Southern Nevada Public Land Management Act’s (SNPLMA) consultation provisions and takes money away from conservation, wildfire prevention, and public schools across Nevada, as well as from the Southern Nevada Water Authority.
    This will shortchange billions of dollars in future reveneues from almost every county in Nevada, and the state as a whole. Theses funds will be forever lost instead of helping our communities. It also ignores Cortez Masto’s bipartisan Southern Nevada Economic Development and Conservation Act, a years-long effort to help Clark County grow, encourage affordable housing, and protect 2 million acres for conservation.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Boozman Push for Necessary Updates to Veteran Home Improvement Program

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and John Boozman (R-Ark.) introduced the bipartisan Autonomy for Disabled Veterans Act, which would help disabled veterans and their families make accessibility and safety improvements to their homes. Specifically, this bipartisan bill would help disabled veterans build accessible bathrooms, widen their doors, and install wheelchair ramps, grab bars and handrails in their homes.
    “After making countless sacrifices in service to our country, disabled veterans deserve to live in their own home with more freedom and dignity,” said Senator Cortez Masto. “That’s why I’m proud to work alongside Senator Boozman to provide them the resources they need to make improvements to their homes for accessibility and safety. I will continue working across the aisle to stand up for Nevada veterans and their families.”
    “Arkansas veterans have sacrificed tremendously in service to our nation,” said Senator Boozman. “One of the most important ways we can support our former servicemembers is to ensure those living with a disability feel safer in an accessible home with a greater sense of independence and quality of life. I am pleased to champion commonsense improvements that will better serve those who have worn our nation’s uniform.”
    “VA’s Home Improvements and Structural Alterations grant program provides modifications to a veteran or service member’s primary residence. However, years of inattention have diminished the effectiveness of this program, and it is long past time to update grant rates to realistic levels. We appreciate the efforts of Senator Cortez Masto and Senator Boozman to correct that by increasing grant rates and tying them to a formula, so they remain current for years to come,” said Heather Ansley, Chief Policy Officer of Paralyzed Veterans of America.
    The Department of Veteran Affairs’ Home Improvements and Structural Alterations (HISA) program offers funds to help eligible disabled veterans with service-related medical issues make alterations to their homes to accommodate their medical needs. But HISA grants have not kept up with the current cost of materials and building. The Autonomy for Disabled Veterans Act would improve HISA by: 
    Increasing the HISA grant from $6,800 to $10,000 for veterans with disabilities who apply after the bill becomes law, helping to cover the true cost of home improvements like accessible bathrooms.
    Raising the grant from $2,000 to $6,800 for veterans with non-service-connected disabilities who applied before the bill is enacted, ensuring they also get better support.
    Requiring the VA to adjust the grant amounts annually based on the cost of residential construction, so the funding stays relevant as prices change.
    The Autonomy for Disabled Veterans Act has been endorsed by Paralyzed Veterans of America. A similar bill will be introduced in the House of Representatives by Reps. Eric Sorensen (D-Ill.-17), Nicole Malliotakis (R-N.Y.-11), and Mark Takano (D-Calif.-39).
    Read the full bill here.
    Senator Cortez Masto is a champion for our service members and veterans. Cortez Masto helped pass the PACT Act to ensure veterans suffering from toxic exposure in the line of duty get the medical care they need, and she worked across the aisle to get legislation helping veterans exposed to Agent Orange and expanding benefits for women veterans signed into law. The Senator sent a letter to U.S. Department of Veterans Affairs Secretary Collins demanding he provide answers on the mass terminations of personnel across the VA, specifically those in Nevada, and how those terminations would impact services to Nevada veterans.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen, Colleagues Introduce Bill to Support New Businesses with Major Expansion of Startup Tax Deduction

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – During the start of National Small Business Month, U.S. Senator Jeanne Shaheen (D-NH), a top member and former Chair of the U.S. Senate Committee on Small Business and Entrepreneurship, joined by U.S. Senators Jacky Rosen (D-NV) and Tammy Baldwin (D-WI), introduced the Tax Relief for New Businesses Act – legislation that would provide tax relief to entrepreneurs looking to start a small business and reduce barriers for startups. The bill would increase the startup tax deduction from $5,000 to $50,000 and allow businesses to write off more expenses to compensate for the increasing cost of starting a business. Currently, small business owners can only deduct up to $5,000 in startup costs in the first year, yet a recent survey found that they spend an average of $40,000 to get their businesses off the ground.
    “Small businesses are the lifeblood of the Granite State’s economy, but it’s getting more costly and difficult for local entrepreneurs to open up shop,” said Senator Shaheen. “Our commonsense Tax Relief for New Businesses Act would give entrepreneurs a helping hand up so they can succeed and fuel job growth.”
    The Tax Relief for New Businesses Act is also co-sponsored by U.S. Senators Chris Coons (D-DE), Elissa Slotkin (D-MI), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Ruben Gallego (D-AZ), Amy Klobuchar (D-MN), Martin Heinrich (D-NM) and Angela Alsobrooks (D-MD).
    “Repeated research has demonstrated that new businesses – ‘startups’ – are a critical driver of economic growth, job creation, and opportunity expansion,” said John Dearie, President of Center for American Entrepreneurship. “But launching a new business costs money. And because startup costs are incurred long before the first dollar of revenue, those costs can be a major obstacle to new business formation. That’s why the Tax Relief for New Businesses Act is so important. The legislation is powerfully pro-entrepreneurship, pro-growth, and pro-job creation. CAE thanks Senators Jacky Rosen (D-NV), Tammy Baldwin (D-WI), and Jeanne Shaheen (D-NH) for their leadership and looks forward to working with them to ensure swift passage of the legislation.”
    “Starting a business is a vote of confidence in the future,” said Richard Trent, Executive Director of Main Street Alliance. “Men and women all across the country start businesses that help our communities thrive. Small businesses are connected to their communities, sponsoring little league teams, providing employment and creating a robust culture and economy. But one of the most difficult parts of starting a business is having the capital to do so. A lack of generational wealth, unfair lending practices and discrimination make this difficult for too many. The Tax Relief for New Businesses Act is a huge step in the right direction to level the playing field and jump start Main Streets all across America.”
    As a former small business owner and now a top member of the Small Business and Entrepreneurship Committee, Shaheen fights for New Hampshire’s—and America’s—small businesses. During her time as Chair of the committee, Shaheen focused on addressing some of the biggest challenges small business owners face, reporting key legislation out of committee that included critical improvements to the State Trade Expansion Program (STEP) and improved access to federal contracting opportunities for small businesses.
    In February, Shaheen introduced the bipartisan Small Business Technological Advancement Act which would help small business owners integrate digital tools into their businesses by clarifying that small businesses can utilize the Small Business Administration’s (SBA) 7(a) loan program to finance technology that supports daily operations, including inventory management, product delivery and accounting systems. Earlier this year, she introduced the bipartisan Helping Small Businesses THRIVE Act with Senator Bill Cassidy (R-LA) that would direct SBA to create a new program that helps small businesses lock in the cost of commodities, like gasoline or lumber, in order to protect against the future volatile price of energy and other expenses.

    MIL OSI USA News –

  • MIL-OSI USA: Sens. Shaheen and Rounds, Reps. Kiggans and Courtney Introduce Bipartisan, Bicameral Bill to Strengthen Civilian Defense Workforce

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    **Bipartisan Defense Workforce Integration Act would streamline the hiring of individuals who are medically ineligible for military duty to civilian careers in the defense and national security workforce**
    (Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Mike Rounds (R-SD), senior members of the U.S. Senate Armed Services Committee (SASC), alongside U.S. Representatives Jen Kiggans (R-VA-02) and Joe Courtney (D-CT-02), members of the U.S. House Armed Services Committee, today led the introduction of the Defense Workforce Integration Act – bipartisan, bicameral legislation that seeks to bolster the civilian defense and national security workforce. The bipartisan bill—which is co-sponsored in the Senate by SASC members Senators Tim Kaine (D-VA), Angus King (I-ME) and Kevin Cramer (R-ND) and in the House by U.S. Representatives Jimmy Panetta (D-CA-19) and Don Bacon (R-NE-02)—would leverage existing programs and best practices within the Department of Defense to retain the talent and motivation of those who desire to serve in uniform but are found to be medically disqualified to address persistent workforce shortages. 
    “Oftentimes, the U.S. Department of Defense will invest significant time and resources into military recruits’ training – only for those recruits to be taken out of consideration for medical reasons, many of which do not prohibit them from working to keep our nation safe and secure,” said Senator Shaheen. “Our bipartisan, bicameral bill provides opportunities for these individuals—who have already stepped up to serve their nation—to still contribute to America’s national security by increasing awareness and accessibility of careers in the civilian defense workforce. Especially as employers like the Portsmouth Naval Shipyard face recruitment and retention challenges for vital roles, we should be doing all we can to fill vacancies that bolster our national security.” 
    “Medical issues might prevent some patriotic Americans from active military service, but it doesn’t have to prevent them from finding other ways to serve our country,” said Senator Rounds. “The Defense Workforce Integration Act would help individuals who want to serve their country but are disqualified from military service for medical reasons transition into federal civilian roles within the Department of Defense.” 
    “Every year, tens of thousands of young Americans are turned away from military service – not because they aren’t willing to serve, but because of medical disqualifications that may have no bearing on their ability to contribute,” said Congresswoman Kiggans. “The Defense Workforce Integration Act ensures that these patriotic individuals still have a path to serve their country through meaningful civilian careers that support our national security. This bipartisan, bicameral bill strengthens our workforce, preserves talent, and reinforces our commitment to the defense industrial base at a time when global threats are growing by the day.” 
    “Hiring and retaining a skilled defense workforce is critical to our national security. From manufacturers in the defense industrial base to the Defense Department’s civilian workforce at military bases across the country and at the Pentagon, these are patriotic careers that make our national security mission possible,” said Congressman Courtney. “Creating pathways into those jobs for former servicemembers and individuals who want to serve but cannot is a smart way to grow our defense workforce with people committed to this mission. I’m glad to introduce this bipartisan, bicameral bill as a part of Congress’ continuing work to boost defense careers and maintain a strong industrial base.” 
    As defense workforce shortages grow in crucial areas like manufacturing, cybersecurity and defense logistics, the Defense Workforce Integration Act would activate a pool of candidates who are ineligible for military service to fill vacant positions that contribute to America’s national security.  
    For applicants who cannot join the military, the legislation directs DoD to enable military personnel managers to provide individuals that are medically disqualified with information about civilian employment opportunities in the following areas: the defense industrial base, cybersecurity, intelligence, research and development of defense technologies, national emergency and disaster preparedness and any other non-military role the Secretary of Defense considers in the national security interest. 
    For servicemembers disqualified early in their careers, the legislation expands on existing Air Force best practices by establishing Army and Navy personnel management programs to execute “warm hand-offs” to DoD civilian hiring authorities for personnel who become medically disqualified during their initial accession and training pipelines. 
    For personnel leaving the military after serving honorably, the legislation leverages existing Navy transition assistance programs to expand awareness of critical civilian roles at Military Sealift Command and workforce training programs for shipbuilders to enhance our civilian maritime workforce. 
    Click here for bill text.

    MIL OSI USA News –

  • MIL-OSI USA: As Big Tech Fights Antitrust Enforcement in the Courts, Warner, Colleagues Reintroduce Bipartisan Legislation to Encourage Competition in Social Media

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence, reintroduced the Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act, legislation that would encourage market-based competition between major social media platforms by requiring the largest companies make user data portable – and their services interoperable – with other platforms, and to allow users to designate a trusted third-party service to manage their privacy and account settings.
    “As social media and online platforms continue to become a larger part of our society, we’ve seen a handful of companies completely dominate the marketplace, giving consumers no real option to shift platforms without losing years’ worth of data and interactions,” Sen. Warner said. “By making it easier for social media users to easily move their data or to continue to communicate with their friends after switching platforms, startups will be able to compete on equal terms with the biggest social media companies. Interoperability and portability are powerful tools to promote innovative new companies and limit anti-competitive behaviors. This legislation will create long-overdue requirements that will boost competition and give consumers more power.”
    Joining Warner in introducing the legislation are Sens. Josh Hawley (R-MO) and Richard Blumenthal (D-CT).
    Online platforms have become vital to our economic and social fabric, but network effects and consumer lock-in have solidified a select number of companies’ dominance in the digital market and enhanced their control over consumer data, even as the social media landscape continues to change by the day and platforms’ user experiences become more and more unpredictable. The ACCESS Act would increase market competition, encourage innovation, and increase consumer choice by requiring large communications platforms (products or services with over 100 million monthly active users in the U.S.) to:
    Make their services interoperable with competing communications platforms.
    Permit users to easily port their personal data in a structured, commonly used and machine-readable format.
    Allow users to delegate trusted custodial services, which are required to act in a user’s best interests through a strong duty of care, with the task of managing their account settings, content, and online interactions. 
    Sen. Warner first introduced the ACCESS Act in 2019 and, as a former tech entrepreneur, has been one of Congress’s leading voices calling for accountability in Big Tech. He has introduced several pieces of legislation aimed at addressing these issues, including the SAFE TECH Act, which would reform Section 230 and allow social media companies to be held accountable for enabling cyber-stalking, online harassment, and discrimination on social media platforms; the Honest Ads Act, which would require online political advertisements to adhere to the same disclaimer requirements as TV, radio, and print ads; and legislation requiring that the prominent social media platform TikTok divest from China-owned parent company ByteDance. Sen. Warner continues to advocate for the sale of the app to a company not beholden to a U.S. adversary.
    Full text of the ACCESS Act is available here. 
     

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Republicans Celebrate Small Businesses Driving America into the Golden Age

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Joni Ernst (R-IA), and a group of Senate Republicans introduced legislation declaring this week “National Small Business Week” to recognize the important role small businesses play in creating jobs and fueling the economy.
    “We need an economy which works for small business,” said Dr. Cassidy. “Small businesses create the majority of new jobs. That is President Trump’s goal, that is my goal.”
    “Main Street is roaring back under President Trump’s pro-growth policies that are ushering in a Golden Age,” said Senator Ernst. “This week, we celebrate the small businesses that mean so much more than the livelihoods they support and the jobs they create. These shops embody the American spirit and shape the culture of big cities and rural communities across America. I’m proud to recognize these entrepreneurs’ tremendous contributions and will continue to fight to ensure that they have a champion in Washington.”
    Senator Cassidy introduced the THRIVE Act to level the playing field for small businesses by directing the Small Business Administration to create a program that helps small businesses lock in the cost of commodities, like gasoline or lumber, in order to protect against the future volatile price of energy and other expenses.
    Cassidy and Ernst were joined by U.S. Senators Chuck Grassley (R-IA), Jon Husted (R-OH), James Lankford (R-OK), John Kennedy (R-LA), John Cornyn (R-TX), Susan Collins (R-ME), James Risch (R-ID), Ted Cruz (R-TX), Shelley Moore Capito (R-WV), Mitch McConnell (R-KY), Steve Daines (R-MT), Jim Justice (R-WV), Thom Tillis (R-NC), Mike Crapo (R-ID), Roger Marshall (R-KS), Tommy Tuberville (R-AL), Katie Britt (R-AL), Dan Sullivan (R-AK), Kevin Cramer (R-ND), John Boozman, (R-AK), Marsha Blackburn (R-TN), Josh Hawley (R-MO), John Barrasso (R-WY), John Curtis (R-UT), Jim Banks (R-IN), Deb Fischer (R-NE), Eric Schmitt (R-MO), Cynthia Lummis (R-WY), Todd Young (R-IN), John Hoeven (R-ND), Tim Scott (R-SC), Mike Rounds (R-SD), Lindsey Graham (R-SC), John Thune (R-SD), Cindy Hyde-Smith (R-MS), Rick Scott (R-FL), and Jerry Moran (R-KS), 
    “Small businesses are the backbone of Louisiana’s economy and create good jobs across our country,” said Senator Kennedy. “This National Small Business Week, I’m proud to recognize everything small businesses do for America and keep fighting to throw out bad regulations that hold our economy back.”
    “Small businesses are the backbone of Idaho’s economy,” said Senator Risch. “During National Small Business Week, I’m proud to recognize the hard-working entrepreneurs who employ our neighbors, give back to our communities, and make the Gem State a special place to live and grow.”
    “National Small Business Week holds a special place in my heart because I know all too well the pressures and joy that come with owning a business and signing the front of a paycheck,” said Senator Scott. “This week I join my colleagues in celebrating their innovation, resilience, and drive that not only creates jobs but fosters community and inspires entrepreneurship across America. As a former small business owner myself, I’m committed to supporting them and ensuring they have the resources they need to thrive and succeed.”
    “As the son of a small business owner, I understand how vital small businesses are to Indiana’s economy,” said Senator Young. “I’m proud to stand with Hoosier small business owners and will continue advocating for policies that help them thrive.”
    “We can’t do Made-in-America without Ohio’s hardworking small business owners, entrepreneurs and job creators,” said Senator Husted. “This week recognizes their work to fuel our economy and drive the country forward, and I’ll continue supporting pro-growth policies that make the American dream achievable.”
    “We know that small businesses drive America’s innovations and economic strength,” said Senator Grassley. “Here in Iowa, they make up 99.3 percent of all businesses, and nearly half of Iowa employees work for a small business. In marking this special week, our resolution recognizes the power of small businesses and honors the men and women who work hard to keep our communities vibrant.”
    “Small businesses are the backbone of Wyoming’s economy,” said Senator Barrasso. “To celebrate National Small Business week, we honor these job creators in Wyoming and across the country. Senate Republicans will continue to work with President Trump to roll back harmful regulations and taxes so America’s small businesses can continue to thrive.”
    “In West Virginia, small businesses are an essential part of our economy, making up more than 98% of the businesses in our state and employing nearly half of our workforce,” said Senator Capito. “During National Small Business Week, I am proud to join my colleagues in recognizing and celebrating the critical contributions small businesses, like the female-owned Dolly’s Diner in Princeton I visited recently, make in West Virginia and across our country.”
    “By designating this week as National Small Business Week, we honor the small business owners who embody the entrepreneurial spirit that makes Texas the economic powerhouse it is today,” said Senator Cornyn.
    “Maine’s small businesses are the bedrock of Maine’s local economies and drive job creation throughout our state,” said Senator Collins. “As Chair of the Senate Appropriations Committee, I remain committed to championing small businesses, the job creating engines that power our nation’s economy.”
    “Fighting for hardworking families, small businesses, and local Main Streets across Alabama has always been a top priority for me,” said Senator Britt. “Small businesses are the backbone of our nation’s economy, and I’m proud to recognize our incredible job creators and entrepreneurs this Small Business Week. I remain steadfastly committed to advancing policies that slash burdensome red tape, provide access to opportunities and resources, and unleash American ingenuity.”
    “Small businesses are at the heart of Tennessee’s economy and a cornerstone of our communities,” said Senator Blackburn. “As we mark National Small Business Week, I’m honored to celebrate these hardworking entrepreneurs. Under President Trump’s new Golden Age for America, we are seeing small businesses start to thrive again. I’ll keep fighting in the Senate to stop the largest tax hike in history and to advance pro-growth policies that cut red tape, lower taxes, and foster an environment where small businesses across America and Tennessee can continue to grow and prosper.”
    “This resolution reaffirms our commitment to supporting entrepreneurs and small business owners in the Cowboy State who demonstrate incredible resilience and determination,” said Senator Lummis. “As they pursue their American dream, they sacrifice countless hours through hard work to overcome challenges and build something meaningful for their families and communities.”
    “Alaska’s small businesses are the cornerstone of our economy, keeping our communities strong and economically vibrant,” said Senator Sullivan. “Our local businesses are the first to give back—contributing to local causes, hiring people who live here, and listening to the needs of the people in our communities. I’m glad to join Senator Ernst in introducing a resolution that acknowledges the incredible work done by small businesses across the country to invest in their communities. I look forward to continuing to work with Alaska’s small businesses to support our crucial, innovative entrepreneurs.”
    “Small businesses are a driving force of North Dakota’s economy, fueling growth, creating jobs and supporting strong communities,” said Senator Hoeven. “Designating this week as National Small Business Week highlights the dedication and impact of entrepreneurs and small business owners both in our state and across the country.”
    “Small businesses employ over 65 percent of Montana’s workforce and represent 99 percent of all businesses in Montana, which boosts our local economies and creates new jobs in our communities,” said Senator Daines. “I’m proud to join my colleagues in celebrating National Small Business Week to recognize all the entrepreneurs and business owners whose innovation and hard work helps keep both Montana and our country a great place to live, work, and raise a family.”
     “I am proud to join my colleagues in celebrating National Small Business Week. Small businesses are the backbone of America, and thanks to the leadership of President Trump our nation’s entrepreneurs are finally empowered again with the resources and support they need to see their dreams come true,” said Senator Scott. “I’ve run businesses small and large, and I know the hard work these folks put in day-in and day-out to keep their doors open and employees on payroll. This week is a time to recognize these hardworking Americans who support our economy and create jobs in their communities as they live their American dream.”
    “Small businesses power our economy and represent core American values like hard work, taking risks and the pursuit of success,” said Senator Boozman. “I am pleased to join my colleagues in celebrating National Small Business week to applaud their local and regional investments that create jobs and sustain communities across Arkansas as well as nationwide. These entrepreneurs deserve our recognition and total support.”
    “Small businesses are the backbone of communities across America, and they represent the heart of Mississippi’s economy and way of life,” said Senator Hyde-Smith. “National Small Business Week is a time to celebrate the American dream, the drive of our entrepreneurs, and the ingenuity that powers growth and opportunity.  I’m proud to support this resolution and honor the small businesses that keep Mississippi strong and our nation thriving.”
    “As a former small business owner, I fully understand the challenges that small businesses face,” said Senator Marshall. “That’s why I remain committed to prioritizing Main Street over Wall Street by cutting red tape and taxes, opening new markets, and ensuring small businesses have the capital they need to grow and thrive. This week, we proudly recognize the lifeblood of our economy by honoring the remarkable contributions of small businesses and officially designating this week as National Small Business Week.”
    “Small businesses are the lifeblood of Idaho’s economy,” said Senator Crapo. “Idaho’s 200,131 small businesses have an outsized impact–making up 99.2 percent of businesses in the state and employing 56.6 percent of all Idaho employees.  I applaud the owners and employees who roll up their sleeves every day, work hard and power our economy.”

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Introduces Bill to Lower Costs for Caregivers

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Lowering Costs For Caregivers Act to allow people to use their tax-free health savings accounts and flexible spending accounts on medical expenses for their parents. Currently, adult children may not take advantage of these tax-free accounts to cover expenses they incur on behalf of their aging parents, unless their parents are classified as dependents for tax purposes.
    “Over 11 million Americans are unpaid caregivers for their loved ones,” said Dr. Cassidy. “Let’s give back by making life a little more affordable for them.”
    Cassidy was joined by U.S. Senator Jacky Rosen (D-NV) in introducing the legislation.
    “As parents age, their children often step up as caregivers and take on extra costs and responsibilities. Nevada families continue to be squeezed by rising prices, and we must do everything we can to make it easier to take care of loved ones,” said Senator Rosen. “I’m proud to introduce this bipartisan bill to lower costs for caregivers by allowing them to use tax-free accounts to cover the medical expenses of their aging parents.”
    This legislation is supported by the AARP.

    MIL OSI USA News –