NewzIntel.com

Category: Artificial Intelligence

  • MIL-OSI China: Boao forum sends reassuring message to unstable, uncertain world

    Source: China State Council Information Office

    This photo shows the opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]

    As crises flare across global hotspots — from geopolitical conflicts to rising protectionism — a strikingly different scene unfolded in the coastal town of Boao in southern Chinese province of Hainan.

    Amid the tranquility of the small town, the Boao Forum for Asia (BFA) annual conference opened with a timely theme: “Asia in the Changing World: Towards a Shared Future,” offering a rare space for cooperation and dialogue in an increasingly fractured world.

    “Our world is experiencing far greater instability and uncertainty,” Chinese Vice Premier Ding Xuexiang said at the conference’s opening ceremony on Thursday morning.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, called for strengthening mutual trust, enhancing win-win cooperation, promoting economic globalization and safeguarding the free trade system.

    Since Tuesday, when the BFA annual conference began its panels and sub-forums, the world has witnessed a series of escalating crises.

    U.S. President Donald Trump announced plans to impose 25 percent tariffs on all vehicles and auto parts imported into the United States, a move seen as expanding trade protectionism. In the Middle East, Yemen’s Houthi group launched fresh attacks on a U.S. aircraft carrier in the Red Sea and “military targets” in the Israeli city of Tel Aviv. Meanwhile, in East Asia, deadly wildfires engulfed parts of the Republic of Korea (ROK), claiming lives and causing damage.

    Against this backdrop, Boao became more than just a venue for speeches; it became a space for confronting common challenges. Participants delved into issues that transcend borders, from building an open global economy and accelerating modernization in the Global South to addressing the climate crisis, demographic shifts, and the implications of artificial intelligence (AI).

    Asian economic integration

    Addressing the opening ceremony, Ding said that significant progress has been made in building an Asian community with a shared future over the past decade.

    He added that regional economic integration has been strengthened, and Asia’s share in the global economy is steadily rising.

    Highlighting the profound global transformations and the rise of unilateralism and protectionism, BFA Chairman and former UN Secretary-General Ban Ki-moon described the “Asian miracle” as, to a large extent, a product of globalization, free trade, and open regionalism.

    Ban Ki-moon, chairman of the Boao Forum for Asia (BFA) and former UN secretary-general, speaks at the opening ceremony of the BFA Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]

    Asian economic integration, many speakers noted, is gaining momentum, with regional frameworks like the Regional Comprehensive Economic Partnership (RCEP) serving as a cornerstone for deepening economic ties.

    The RCEP has emerged as an important anchor for global free trade, said Kuang Xianming, deputy head of the China Institute for Reform and Development, adding that the world’s largest free trade agreement keeps opening up regional markets and advancing regional liberalization.

    The RCEP includes 10 member states of the Association of Southeast Asian Nations (ASEAN) and its five free trade agreement partners, namely China, Japan, the ROK, Australia, and New Zealand.

    Signs of growing cooperation were also seen in a recent high-level economic dialogue between China and Japan, which reached 20 consensus points on collaboration in areas such as green development, environmental protection, and elderly care services, among others.

    Meanwhile, a BFA report identified China and ASEAN as the most appealing economies in Asia. It noted that the inward and outward foreign direct investment dependence of Asian economies on the region itself reached 49.15 percent in 2023, underscoring the region’s growing economic interdependence.

    Answers for an uncertain world

    For many participants, the BFA annual conference was more than just an event for Asia. It served as a reminder that, amid global turbulence, platforms for dialogue and trust-building still exist and still matter.

    The Global South, whose economies contribute 80 percent to world economic growth, took center stage at the meeting.

    South-South cooperation today is greener, smarter, and more inclusive, said Xiaojun Grace Wang, Trust Fund Director of UN Office for South-South Cooperation, calling on the Global South nations to seize this era’s opportunities by enhancing collaboration on digital and data-driven solutions for sustainable development.

    Climate change and the governance of emerging technologies also dominated conversations.

    Helena Mcleod, deputy director general and head of the Green Growth Planning & Implementation Division at the Global Green Growth Institute, speaks at a panel discussion themed on “Addressing Climate Change: Issues and Solutions” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 26, 2025. [Photo/Xinhua]

    Helena McLeod, deputy director general and head of the Green Growth Planning & Implementation Division at the Global Green Growth Institute, underscored the vital role of legislation in accelerating the global green transition. “The legislative approaches have to be addressed, and that includes the carbon pricing and pollution control policies.”

    On AI, experts have warned of the risks of unregulated development. “If countries fail to anticipate and manage the risks of AI, they may find themselves inadequately prepared when challenges arise,” said Zeng Yi, a researcher with the Institute of Automation of the Chinese Academy of Sciences.

    China’s reform and opening up continue to draw global attention. Since launching the drive in 1978, the country has transformed from an impoverished nation into a market-oriented economic powerhouse, driving high-quality development and creating opportunities shared with the rest of the world.

    Its GDP grew by 5 percent year on year in 2024, ranking among the world’s fastest-growing major economies while continuing to contribute about 30 percent to global economic growth.

    A panel discussion themed on “AI: How to Strike a Balance between Application and Governance” is held during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 26, 2025. [Photo/Xinhua]

    China’s resolve to deepen reform and opening up, Ban noted, has bolstered confidence in inclusive globalization and an open world economy, injected fresh impetus into a strong and balanced global recovery, and created new opportunities for international cooperation.

    “Opening up is a distinct hallmark of Chinese modernization,” Ding said, adding that the country will steadily expand institutional opening up, further improve market access for foreign investors, and expand trials to open sectors such as telecommunications, medical services, and education.

    “We warmly welcome businesses from all countries to invest and operate in China, participate in the process of Chinese modernization, and share in China’s development opportunities,” he added.

    MIL OSI China News –

  • MIL-OSI Security: Wolf Pack continues ACE operations for Freedom Shield 25

    Source: United States INDO PACIFIC COMMAND

    GWANGJU AIR BASE, Republic of Korea — The 8th Fighter Wing deployed personnel back to Gwangju Air Base to further test its agile combat employment (ACE) capabilities and interoperability with the Republic of Korea Air Force as part of exercise Freedom Shield 25 March 9-14.

    MIL Security OSI –

  • MIL-OSI Global: Everything you say to an Alexa speaker will be sent to Amazon – starting today

    Source: The Conversation – Global Perspectives – By Kathy Reid, PhD Candidate, School of Cybernetics, Australian National University

    Amazon

    Amazon has disabled two key privacy features in its Alexa smart speakers, in a push to introduce artificial intelligence-powered “agentic capabilities” and turn a profit from the popular devices.

    Starting today (March 28), Alexa devices will send all audio recordings to the cloud for processing, and choosing not to save these recordings will disable personalisation features.

    How do voice assistants work?

    A voice assistant works by constantly listening for a “wake word”, such as “Alexa”. Once woken, it records the command that is spoken and matches it to an action, such as playing a music track. Matching a spoken command to an action requires what computer scientists call natural language understanding, which can take a lot of computer power.

    Matching commands to actions can be done locally (on the device itself), or sound recordings can be uploaded to the cloud for processing. On-device processing has improved substantially in recent years, but is still less accurate than using the cloud, where more computer power is available.

    Amazon is making two changes today

    Alexa devices send recordings to the cloud by default. However, some high-end Echo models previously supported a setting called “Do not send voice recordings”.

    If this setting was enabled, all recordings were processed locally. In practice, only a tiny fraction of Echo users (around 0.03% had this turned on.

    In the first change, this setting is being disabled, and all recordings will be sent to the cloud.

    Once in the cloud, recordings can be deleted or saved.

    Saved recordings are used for Amazon’s Voice ID feature, which distinguishes between speakers in the same household and aims to provide a personalised experience.

    Alexa users also have a setting called “Don’t save recordings”, which, if enabled, deletes cloud recordings once they’re processed. In the second change, if the “Don’t save recordings” setting is enabled, Voice ID will stop working, and with it, access to personalised features such as user-specific calendar events.

    This two-step change means Alexa users need to make a trade-off between privacy and functionality.

    Alexa loses a lot of money

    Put simply, Amazon needs Echo devices to start making money.

    As US voice assistant expert Joseph Turow has detailed, Amazon began selling Echo devices very cheaply as a “loss leader”. Amazon says it has sold more than 500 million Alexa devices, but between 2017 and 2021 alone the company lost more than US$25 billion on the project.

    Amazon is looking to generative AI to turn the business around, with a US$8 billion investment in OpenAI competitor Anthropic.

    Amazon has invested US$8 billion in AI developer Anthropic.
    Amazon

    In February, Amazon launched a new AI-powered Alexa+ system. It promises more natural interaction and the ability to carry out tasks such as booking flights. Alexa+ is currently only available in the United States.

    “Agentic capabilities” such as booking flights require detailed profile information about the user on whose behalf they are acting. This would include details such as preferred products or services.

    Voice ID and data from spoken commands assist Amazon in tying preferences to a particular person.

    An AI-powered intermediary

    How will Alexa+ help Amazon make money? The first way is via direct subscription fees: the service will eventually only be available to Amazon Prime members or people who pay US$19.99 per month.

    But what may prove more important is that it will help Amazon to position itself as an intermediary between buyers and sellers. This is what Amazon already does with its existing e-commerce platform.

    It’s easy to see the system in action when you search for a product on Amazon’s website. Alongside items sold directly by Amazon, you are presented with products from multiple sellers, each of whom pays Amazon to be listed.

    Everybody pays the platform

    Agentic capabilities are likely to have a similar business model. Service providers – such as airlines or restaurant reservation companies – would pay Amazon when Alexa+ refers customers to them.

    Amazon’s move is part of a broader phenomenon termed “platform capitalism”. This takes in the crowdsourced content of social media platforms, “sharing economy” businesses such as AirBnb, and the automated gig work of the likes of Uber.

    Platform capitalism has delivered benefits for consumers, but in general the greatest benefits flow to those who own the platforms and design their infrastructure, services and constraints.

    How to protect your privacy

    After receiving a US$25 million fine from the US Federal Trade Commission for retaining childrens’ voice recordings in contravention of US laws, Amazon has overhauled Alexa’s privacy settings.

    The settings can be viewed and changed from the Alexa app on your smartphone, under “More > Alexa Privacy”. Alexa users may wish to review the settings in “Manage
    your Alexa Data” to choose how long recordings are saved for and which
    voice recordings to delete. Recordings may also be deleted using a voice
    command.

    As Alexa+ becomes available more widely, users will need to decide whether they are comfortable sharing data about their preferences with Amazon to enable agentic capabilities.

    Some Alexa privacy settings are still available.
    Amazon

    What are the alternatives?

    For users who are uncomfortable with the privacy settings now available with Alexa, a private voice assistant may prove a better choice.

    The Home Assistant Voice Preview is one example. It gives people the option to have voice recordings processed on-device, but offers less functionality than Alexa and can’t work with as many other services. It’s also not very user-friendly, being aimed more at technical tinkerers.

    Users may face a trade-off between privacy and functionality, both within Alexa itself and when considering alternatives. They may also find themselves grappling with their own place in the increasingly inescapable systems of platform capitalism.

    Kathy Reid receives funding from the Australian Government Research Training Program (AGRTP) for her doctoral work and is a recipient of the Florence Violet McKenzie scholarship.

    She currently contracts on a part-time basis to Mozilla Common Voice as a linguistic engineer. She is a past President of Linux Australia, Inc., an organisation dedicated to supporting open source communities and practices in the region. She was previously Director of Developer Relations at Mycroft.AI, a privacy-focused voice assistant, and held shares in the company, which is now dissolved. She has previously contracted with NVIDIA as a speech data specialist. NVIDIA provided hardware for Echo devices prior to 2021.

    – ref. Everything you say to an Alexa speaker will be sent to Amazon – starting today – https://theconversation.com/everything-you-say-to-an-alexa-speaker-will-be-sent-to-amazon-starting-today-252923

    MIL OSI – Global Reports –

  • MIL-Evening Report: Everything you say to an Alexa speaker will be sent to Amazon – starting today

    Source: The Conversation (Au and NZ) – By Kathy Reid, PhD Candidate, School of Cybernetics, Australian National University

    Amazon

    Amazon has disabled two key privacy features in its Alexa smart speakers, in a push to introduce artificial intelligence-powered “agentic capabilities” and turn a profit from the popular devices.

    Starting today (March 28), Alexa devices will send all audio recordings to the cloud for processing, and choosing not to save these recordings will disable personalisation features.

    How do voice assistants work?

    A voice assistant works by constantly listening for a “wake word”, such as “Alexa”. Once woken, it records the command that is spoken and matches it to an action, such as playing a music track. Matching a spoken command to an action requires what computer scientists call natural language understanding, which can take a lot of computer power.

    Matching commands to actions can be done locally (on the device itself), or sound recordings can be uploaded to the cloud for processing. On-device processing has improved substantially in recent years, but is still less accurate than using the cloud, where more computer power is available.

    Amazon is making two changes today

    Alexa devices send recordings to the cloud by default. However, some high-end Echo models previously supported a setting called “Do not send voice recordings”.

    If this setting was enabled, all recordings were processed locally. In practice, only a tiny fraction of Echo users (around 0.03% had this turned on.

    In the first change, this setting is being disabled, and all recordings will be sent to the cloud.

    Once in the cloud, recordings can be deleted or saved.

    Saved recordings are used for Amazon’s Voice ID feature, which distinguishes between speakers in the same household and aims to provide a personalised experience.

    Alexa users also have a setting called “Don’t save recordings”, which, if enabled, deletes cloud recordings once they’re processed. In the second change, if the “Don’t save recordings” setting is enabled, Voice ID will stop working, and with it, access to personalised features such as user-specific calendar events.

    This two-step change means Alexa users need to make a trade-off between privacy and functionality.

    Alexa loses a lot of money

    Put simply, Amazon needs Echo devices to start making money.

    As US voice assistant expert Joseph Turow has detailed, Amazon began selling Echo devices very cheaply as a “loss leader”. Amazon says it has sold more than 500 million Alexa devices, but between 2017 and 2021 alone the company lost more than US$25 billion on the project.

    Amazon is looking to generative AI to turn the business around, with a US$8 billion investment in OpenAI competitor Anthropic.

    Amazon has invested US$8 billion in AI developer Anthropic.
    Amazon

    In February, Amazon launched a new AI-powered Alexa+ system. It promises more natural interaction and the ability to carry out tasks such as booking flights. Alexa+ is currently only available in the United States.

    “Agentic capabilities” such as booking flights require detailed profile information about the user on whose behalf they are acting. This would include details such as preferred products or services.

    Voice ID and data from spoken commands assist Amazon in tying preferences to a particular person.

    An AI-powered intermediary

    How will Alexa+ help Amazon make money? The first way is via direct subscription fees: the service will eventually only be available to Amazon Prime members or people who pay US$19.99 per month.

    But what may prove more important is that it will help Amazon to position itself as an intermediary between buyers and sellers. This is what Amazon already does with its existing e-commerce platform.

    It’s easy to see the system in action when you search for a product on Amazon’s website. Alongside items sold directly by Amazon, you are presented with products from multiple sellers, each of whom pays Amazon to be listed.

    Everybody pays the platform

    Agentic capabilities are likely to have a similar business model. Service providers – such as airlines or restaurant reservation companies – would pay Amazon when Alexa+ refers customers to them.

    Amazon’s move is part of a broader phenomenon termed “platform capitalism”. This takes in the crowdsourced content of social media platforms, “sharing economy” businesses such as AirBnb, and the automated gig work of the likes of Uber.

    Platform capitalism has delivered benefits for consumers, but in general the greatest benefits flow to those who own the platforms and design their infrastructure, services and constraints.

    How to protect your privacy

    After receiving a US$25 million fine from the US Federal Trade Commission for retaining childrens’ voice recordings in contravention of US laws, Amazon has overhauled Alexa’s privacy settings.

    The settings can be viewed and changed from the Alexa app on your smartphone, under “More > Alexa Privacy”. Alexa users may wish to review the settings in “Manage
    your Alexa Data” to choose how long recordings are saved for and which
    voice recordings to delete. Recordings may also be deleted using a voice
    command.

    As Alexa+ becomes available more widely, users will need to decide whether they are comfortable sharing data about their preferences with Amazon to enable agentic capabilities.

    Some Alexa privacy settings are still available.
    Amazon

    What are the alternatives?

    For users who are uncomfortable with the privacy settings now available with Alexa, a private voice assistant may prove a better choice.

    The Home Assistant Voice Preview is one example. It gives people the option to have voice recordings processed on-device, but offers less functionality than Alexa and can’t work with as many other services. It’s also not very user-friendly, being aimed more at technical tinkerers.

    Users may face a trade-off between privacy and functionality, both within Alexa itself and when considering alternatives. They may also find themselves grappling with their own place in the increasingly inescapable systems of platform capitalism.

    Kathy Reid receives funding from the Australian Government Research Training Program (AGRTP) for her doctoral work and is a recipient of the Florence Violet McKenzie scholarship.

    She currently contracts on a part-time basis to Mozilla Common Voice as a linguistic engineer. She is a past President of Linux Australia, Inc., an organisation dedicated to supporting open source communities and practices in the region. She was previously Director of Developer Relations at Mycroft.AI, a privacy-focused voice assistant, and held shares in the company, which is now dissolved. She has previously contracted with NVIDIA as a speech data specialist. NVIDIA provided hardware for Echo devices prior to 2021.

    – ref. Everything you say to an Alexa speaker will be sent to Amazon – starting today – https://theconversation.com/everything-you-say-to-an-alexa-speaker-will-be-sent-to-amazon-starting-today-252923

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: New bootcamp upskills Whitehall coders into AI specialists

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    New bootcamp upskills Whitehall coders into AI specialists

    AI Accelerator Programme will enable participants to work on projects across several government departments, including justice, health, and transport, to improve public services, drive efficiencies, and support the Government’s broader Plan for Change.

    • New programme to upskill droves of data scientists across the public sector into in-demand machine learning engineers, building tech across departments.
    • AI experts will build tech to make the justice system more efficient, enhance DVLA systems, strengthen services and drive growth as part of the government’s Plan for Change.  
    • Follows Prime Minister announcing plans to double digital workforce to tackle “flabby” state, in bid to grasp £45 billion in productivity savings offered by tech.

    Data scientists will be upskilled into AI specialists by a new scheme starting today, as the government looks to use the technology to fix public services, save the taxpayer money and drive growth as part of its Plan for Change. 

    Across 12-weeks, the first run of the AI Accelerator Programme will train up 25 Machine Learning Engineers through hackathons, where the coders will help tackle live government challenges.

    Technical experts from justice, health and transport authorities will join the programme before returning to their departments with new skills to build AI tools that can help reduce backlogs, save money, and stop officials and the public from wasting time on bulky processes.

    Today’s news follows the Prime Minister announcing plans to double the number of digital experts in government departments, as the government seeks to transform public services and find £45 billion in productivity savings from AI and digital technology.

    AI and Digital Government Minister Feryal Clark said:

    We have started to build generative AI chatbots to change how people interact with the state, AI helpers to put an end to the mindless hours we spend on hold waiting for someone to pick up the phone, and tools to help get the views of citizens on policy proposals much more quickly – but AI can help with so much more.

    There is no reason people shouldn’t expect the same experience from public services, as they get from the most innovative businesses. By building AI skills across government, we’ll be able to deliver just that – all while finding efficiencies and transforming services to deliver our Plan for Change.

    A Data Scientist from the UK Health Security Agency starting the AI Accelerator Programme today said:

    I am very excited for the opportunity to develop and utilise skills in AI. There is so much potential to use AI to improve how we work in my agency and in healthcare more widely. 

    The programme will help me understand what we need to think about when building AI in the public sector, including how to manage data safely and be transparent in our work.

    A Data Scientist from Driver and Vehicle Licensing Agency (DVLA) who is also starting the programme today said:

    I am very excited for the opportunity to take part in the AI Accelerator Programme. It will be fantastic to collaborate with other data scientists across the civil service to produce machine learning models that are streamlined, responsible, effective, and explainable.

    After completing the programme, I’m looking forward to being able to deploy models into production as this will be a huge benefit to the organisation.

    Participants from the Ministry of Justice (MoJ), Welsh Government, Scottish Government, UK Health Security Agency (UKHSA), DVLA, and more will join the programme, which will include a major component focused on the ethics of AI.

    Here, learners will explore the frameworks needed to ensure that AI technologies are used responsibly and ethically within public services. This includes tackling issues like transparency, accountability, and bias to ensure AI works fairly for everyone.

    Notes to editors

    The AI Accelerator Programme is being delivered with Decoded, a training company that specialises in building AI skills. Richard Peters, CEO of Decoded, added:

    At Decoded, we are proud to partner with the government to launch the AI Accelerator Programme. This initiative will empower civil servants with the skills to effectively implement AI solutions, helping government departments unlock the power of data to improve services, decision-making, and security.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 28 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government backs next wave of semiconductor start-ups to scale up growth

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Government backs next wave of semiconductor start-ups to scale up growth

    Third cohort of semiconductor start-ups backed by government to drive economic growth.

    Third group of startups selected to bring new semiconductor products to market

    • A third cohort of innovative UK semiconductor businesses are chosen to join ChipStart, to continue driving economic growth and creating high-skilled jobs under the Plan for Change
    • These semiconductor startups are developing technologies that will have a direct impact on everyday life – from improving energy efficiency in devices to advancing smart automation and connectivity
    • The newly renewed scheme will build on the success of an initial two cohorts, which are on track to raise over £40 million in private investment

    New wave of semiconductor start-ups will join ChipStart, a government-backed incubator programme driving our Plan for Change by helping companies scale up, create jobs, and boost growth.

    ChipStart provides technical expertise and commercial support to help UK-based semiconductor innovators grow and create high-skilled jobs. Companies from the first two cohorts are already on track to raise over £40 million in private investment.

    Semiconductors are a cornerstone of the UK’s tech economy, with the sector already worth £10 billion and projected to grow up to £17 billion by 2030. They power the technology we rely on daily, from smartphones and medical devices to electric cars and cutting-edge AI. They control the flow of electricity in electronic systems and as demand for smarter, more efficient tech grows, the UK is well placed to lead, backed by a world-class innovation ecosystem and a thriving entrepreneurial environment. The UK is the number one country in Europe for venture capital investment, has the lowest corporation tax in the G7, and benefits from a highly skilled workforce and leading academic institutions.

    ChipStart – delivered by SiliconCatalyst.UK, leading global start-up accelerator – has successfully helped early-stage semiconductor companies turn their ideas into real-world products by providing expert mentorship, industry connections, and access to cutting-edge design tools.

    As part of our Plan for Change, and the wider Industrial Strategy we are supporting these high-potential companies to reinforce the UK’s position as a global leader in entrepreneurship, creating the conditions for the next generation of world-changing technologies to thrive and driving growth in communities across the UK.

    Science Minister, Lord Vallance said:

    The UK’s semiconductor industry is vibrant with innovation, and this third cohort shows just how much potential we have with many exciting start-ups.

    This sector holds incredible promise, and with the right partnerships, it will lead us into a future of greater economic growth and technological advancement – a key pillar of our Plan for Change.

    This announcement builds on the UK’s growing momentum in semiconductors, following Vishay Intertechnology’s plans to invest £250 million in the UK’s largest semiconductor factory. Announced by the Chancellor during a visit to South Wales yesterday, this investment will strengthen the UK’s domestic semiconductor supply chain – critical for industries like automotive, renewable energy, and defence. With South Wales emerging as a key semiconductor cluster, this investment underscores the UK’s competitive advantage in advanced chip manufacturing.

    From the successful second cohort, Qontrol, a University of Bristol spin-out, is developing technology that could transform the internet as we know it. Their precision control systems for photonics – the use of light to process data – could lead to faster, more reliable internet connections, helping to bring high-speed connectivity to rural communities and build the networks needed for next-generation digital services.

    This year’s cohort – backed by £1.1 million of government funding – includes RX-Watt, a company pioneering battery-free sensors that can be wirelessly powered using safe microwave signals. Their technology could save industries time and money where they depend on monitoring products and goods in real-time – helping manufacturers prevent costly equipment failures and ensuring critical goods like vaccines are stored at the right temperature throughout the supply chain.

    Companies from the first two ChipStart cohorts are already on track to raise over £40 million in private investment, proving the strength of UK semiconductor start-ups and the impressive return on investment associated with government backing.

    Another example from the second cohort is KuasaSemi, a Cornwall-based company, is revolutionising the design of semiconductors used in electric vehicles and renewable energy. By developing advanced computer tools to work with new types of materials, they are enabling the creation of faster, more efficient power devices. This means electric cars could charge faster, run longer, and perform better – helping to accelerate the shift to greener, more sustainable energy solutions.

    Sean Redmond, Silicon Catalyst UK said:

    We have been delighted with the high quality of new semiconductor startup applications we received for our third cohort of ChipStart from across the UK semiconductor clusters. Our now proven incubation process, that provides no cost design tools and chip manufacturing, will help these competitively selected companies attract the right private investment at the right time, launching them onto the global semiconductor stage.

    With the help of our experienced semiconductor executive advisors, which includes co-founders of Arm, we can help these young companies make great decisions and build the next generation of UK semiconductor unicorns. The next ten years of semiconductors will be a race to a £2 trillion industry. These new UK scale-ups will be in pole position to win that race.

    Wave Photonics, another successful company from the first cohort, is pioneering design technology to accelerate the development and mass production of integrated photonics – circuits that use light instead of electricity. These innovations are paving the way for energy-efficient AI communications, next-generation healthcare sensors, quantum technologies, and more.

    James Lee, co-founder of Wave Photonics said:

    ChipStart was fantastic preparation for raising and deploying our seed round to deploy our new approach to photonics design for quantum technologies, sensing and datacentre applications.

    As well as training and connection to mentors, ChipStart helps you directly plug into the UK semiconductor ecosystem and learn from the successes of the previous generation of UK semiconductor startups.

    Notes to editors

    Full list of the winning cohort.

    1. Chipletti
    2. Ethicronics
    3. Kahu
    4. Kelvin Quantum
    5. Unnamed from the University of Glasgow
    6. Prospectral 
    7. Quantopticon
    8. RxWatt
    9. SiDesign
    10. Smith Optical

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 28 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: STMicroelectronics Reports on Resolutions to be Proposed at the 2025 Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    PR N°C3324C

    STMicroelectronics Reports on Resolutions to be Proposed
    at the 2025 Annual General Meeting of Shareholders

    Amsterdam, March 27, 2025 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, announced the resolutions to be submitted for adoption at the Annual General Meeting of Shareholders (AGM) which will be held in Amsterdam, the Netherlands, on May 28, 2025.

    The resolutions, proposed by the Supervisory Board, are:

    • The adoption of the Company’s statutory annual accounts for the year ended December 31, 2024, prepared in accordance with International Financial Reporting Standards (IFRS). The 2024 statutory annual accounts1 were filed with the Netherlands Authority for the Financial Markets (AFM) on March 27, 2025 and are posted on the Company’s website (www.st.com) and the AFM’s website (www.afm.nl);
    • The distribution of a cash dividend of US$ 0.36 per outstanding share of the Company’s common stock, to be distributed in quarterly installments of US$ 0.09 in each of the second, third and fourth quarters of 2025 and first quarter of 2026 to shareholders of record in the month of each quarterly payment as per the table below;
    • The adoption of the remuneration for the members of the Supervisory Board;
    • The appointment of Werner Lieberherr, as member of the Supervisory Board, for a three-year term expiring at the end of the 2028 AGM, in replacement of Ms. Janet Davidson whose mandate will expire at the end of the 2025 AGM;
    • The reappointment of Ms. Anna de Pro Gonzalo, as member of the Supervisory Board, for a three-year term to expire at the end of the 2028 AGM;
    • The reappointment of Ms. Hélène Vletter-van Dort, as member of the Supervisory Board, for a three-year term to expire at the end of the 2028 AGM;
    • The appointment of PricewaterhouseCoopers Accountants N.V. as the Company’s external auditor for the financial years 2026-2029;
    • The appointment of PricewaterhouseCoopers Accountants N.V. to audit the Company’s sustainability reporting for the financial years 2026-2027, to the extent required by law;
    • The approval of the stock-based portion of the compensation of the President and CEO;
    • The approval of the stock-based portion of the compensation of the Chief Financial Officer;
    • The authorization to the Managing Board, until the conclusion of the 2026 AGM, to repurchase shares, subject to the approval of the Supervisory Board;
    • The delegation to the Supervisory Board of the authority to issue new common shares, to grant rights to subscribe for such shares, and to limit and/or exclude existing shareholders’ pre-emptive rights on common shares, until the end of the 2026 AGM;
    • The discharge of the members of the Managing Board; and
    • The discharge of the members of the Supervisory Board.

    The record date for all shareholders to participate at the Annual General Meeting of Shareholders will be April 30, 2025. The complete agenda and all relevant detailed information concerning the 2025 AGM, as well as all related AGM materials, are available on the Company’s website (www.st.com) and made available to shareholders in compliance with legal requirements as of March 27, 2025.

    Upon the completion by the Supervisory Board of an on-going nomination and selection process, the Company will further communicate on additional nominations to serve on the Supervisory Board, which will be proposed to the general meeting of shareholders.

    As for rule amendments from the Securities and Exchange Commission (SEC) and conforming FINRA rule changes, on US market the standard for settlement is the next business day after a trade or t+1. European settlement rule remains at t+2 for the time being.

    The table below summarizes the full schedule for the quarterly dividends:

                  Transfer between New York and Dutch registered shares restricted:
      In Europe in NYSE      
    Quarter Ex-dividend Date Record Date Payment Date Ex-dividend and Record Date Payment Date: on or after   From End of Business in NY on: Until Open of Business in NY on:
    Q2 2025 23-Jun-25 24-Jun-25 25-Jun-25 24-Jun-25 1-Jul-25   20-Jun-25 25-Jun-25
    Q3 2025 22-Sep-25 23-Sep-25 24-Sep-25 23-Sep-25 30-Sep-25   19-Sep-25 24-Sep-25
    Q4 2025 15-Dec-25 16-Dec-25 17-Dec-25 16-Dec-25 23-Dec-25   12-Dec-25 17-Dec-25
    Q1 2026 23-Mar-26 24-Mar-26 25-Mar-26 24-Mar-26 31-Mar-26   20-Mar-26 25-Mar-26

    About STMicroelectronics
    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027.

    Further information can be found at www.st.com.

    INVESTOR RELATIONS
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41.22.929.59.20
    jerome.ramel@st.com

    MEDIA RELATIONS
    Alexis Breton
    Corporate External Communications
    Tel: +33.6.59.16.79.08
    alexis.breton@st.com

    1    The Annual Report includes the sustainability statement which is prepared based on the general principles of the Corporate Sustainability Reporting Directive (CSRD).

    Attachment

    The MIL Network –

  • MIL-OSI USA: Senator Murray Slams Trump Continuing to Block Funding for America, Defying Spending Laws

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Murray: “All of us want a better working, more efficient government that delivers for people. But what Trump and Musk are doing has nothing to do with efficiency or with helping people. They are breaking the law, and ripping the rug out from underneath families and American businesses—all while working overtime to pass more tax breaks for billionaires like themselves.”
    *** WATCH: Senator Murray’s floor remarks***
    Washington, D.C. — Today, Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, spoke on the Senate floor about how President Trump continues to defy our nation’s spending laws and rob communities across America of the resources they are owed. She also spoke about the path forward to pass full-year funding bills for fiscal year 2026.
    Senator Murray’s remarks, as delivered, are below:
    “Thank you, M. President. Right now, we have a couple of billionaires running our country straight into the ground—who seem to have skipped American history because President Trump and Elon Musk don’t seem to care much about our Constitution.
    “Including the part that says quite clearly, ‘The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States.’
    “And it continues! ‘No money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.’
    “But M. President, their lack of interest in that section of the Constitution doesn’t make it any less real at all! You don’t have to take my word for it—it’s right down the street at the National Archives. You can go read it yourself. And I’d invite our billionaire co-presidents to go take a look!
    “Stand in line with the school kids who are on trips, read up on the separation of powers, and you can even explain to the students there why you are gutting the Department of Education while you’re at it!
    “And, just in case Trump and Musk struggle as much with reading comprehension as history, let me translate for you what the Constitution says:
    “Congress, that is us, everyone elected here, has the power of the purse. Presidents don’t write laws—they execute them. That has been true for every spending bill this body has ever passed, including the House Republicans’ yearlong CR.
    “And the basic fact that Congress has the power of the purse is something Republicans and Democrats agree on. And it won’t change no matter what Trump, or Russ Vought, or Elon Musk claim. Their legal theories are plain outlandish and so are their facts.
    “If you listen to them, they argue that Presidents have been impounding funds routinely—that’s wrong! The opposite is true. Presidents have traditionally followed the law and followed the legal directives in spending bills.
    “And When Nixon tried to block just a fraction of the amount of funding Trump is now blocking, Congress passed the Impoundment Control Act on a truly overwhelming bipartisan basis. In fact, it cleared the Senate unanimously.
    “So, while the Constitution may be the first word on Congress’ power of the purse, this foundational principal has been affirmed time and again by the courts and by Congress.
    “The law affirms what we’ve long known: presidents cannot pick and choose which parts of the spending laws to follow. And it lays out a clear procedure for the President to propose to Congress either delaying or rescinding funding.
    “The Impoundment Control Act is still the law of the land. The Constitution is still the foundation of this democracy. Congress still has the power of the purse.
    “And, for some of the House Republicans who seem to have forgotten—that power is a critical part of how all of us, how we fight for our constituents.
    “As lawmakers, we allocate funding to solve problems, make lives better, and make our country safer—things like new bridges to safely get to work, or affordable health care and child care, clean drinking water, a strong national defense, personnel who keep planes flying safely overhead and keep toxins out of our food supply, and so much more.
    “And when Congress passes legislation to make all of those priorities real—and the president signs it into law, it needs to be followed. That’s how it works in a democracy like ours.
    “Don’t like the law? Come win the votes in Congress to change it.
    “But I am here today on the floor because as we know all too well, this President is not doing that. He and the richest man in the world are defying our laws, hurting our constituents, and their seeking to enrich themselves in the process.
    “For over two months now, President Trump has been illegally choking off huge chunks of funding. We are talking about hundreds of billions of dollars—holding up investments in everything from new roads and bridges, to cheaper energy, to stronger national security.
    “Back in my home state of Washington, the reports keep rolling in about how President Trump is causing havoc by illegally blocking funds. Last week, I heard from a lumber company struggling to cover a loan given its federal grant for solar power has now been frozen for months. Earlier this week, my office heard about a terminated Spokane project focused on environmental restoration, stormwater management, and millions of dollars being canceled for Tribal public health efforts in my state alone.
    “And I have no doubt the fallout will continue next week—because Trump keeps freezing more funding, ripping up more contracts, and ignoring our laws.
    “It has to end. All of us want a better working, more efficient government that delivers for people.
    “But what Trump and Musk are doing has nothing to do with efficiency or with helping people. They are breaking the law and ripping the rug out from underneath families and American businesses—all while working overtime to pass more tax breaks for billionaires like themselves.
    “This lawlessness has to end.
    “Now, I am hopeful in this chamber we get back to regular order and pass actual bipartisan full-year bills. We cannot let what happened with House Republicans’ awful CR happen ever again.
    “We’ve got to ensure our constituents, each and every one of us, have their voices heard by getting full-year spending bills reflecting current needs across the finish line. And those bills need to be bipartisan. That is the bare minimum, and it is not too much to ask.
    “I have worked with Republicans for years on bipartisan spending bills. During my time as Appropriations Chair, I worked with Senator Collins, from the other side of the aisle, and our colleagues on the Committee, from both sides of the aisle, to hammer out strong, bipartisan bills—two years in a row. Bills that passed out of our Committee in overwhelming bipartisan votes—many of them unanimously.
    “So, I know well, it is absolutely possible to work together, and it is worthwhile. Is it easy? Of course not!
    “But you look at the bills we wrote together, and you look at the disaster of a bill that House Republicans wrote all on their own, and the difference is night and day.
    “And I’m not just talking about the difference in huge, painful, cuts from the House Republican bill. I’m also talking about the huge incompetence House Republicans displayed. They wrote a bill that slashed DC’s own budget by a billion dollars for no reason!
    “The Senate has now passed a bill to fix the inexcusable cut to DC’s own funds. But if the House does not act quickly, now, to pass the Senate bill and fix that mistake, House Republicans will force DC to fire teachers, fire police officers, and more—by the way without saving taxpayers a dime.
    “And that’s just one, one, of the many glaring issues with House Republican’s partisan CR, which I spoke about at length when I cast my vote against it. And I stand proudly by that vote today.
    “Republicans should not write a bill without me and expect me just to vote for it.
    “That is not how this ever works. We should not accept a false choice of accepting House Republicans’ poison pills, or facing a shutdown—otherwise that poison is only going to get more bitter each time.
    “The choice we have to talk about instead is this: will we work together in a bipartisan way to fund the government and invest in the places we represent or will House Republicans cut us out, go on their own, and cause a shutdown.
    “We have to start looking ahead to fiscal year 2026, and working on bipartisan funding bills. And I am focused on making sure that what happened earlier this month absolutely does not happen again.
    “Because let me be absolutely clear: if Republicans draft another funding bill in September with zero Democratic input and that bill fails to pass the Senate because Democrats do not vote for it? That is on Republicans. That is Republicans forcing a shutdown. Period.
    “I represent nearly 8 million people in the state of Washington: I’m not offering up my vote up in exchange for nothing. And actually, in the case of House Republicans’ CR, worse than nothing, given how it will now be used against Democrats.
    “So, I am absolutely not going to stop making this point. Democrats should not offer up our votes in exchange for exactly nothing. I will be making that argument loud and clear for everyone to hear.
    “We need to be focused on negotiating bipartisan bills that give our communities strong investments instead of devastating cuts. We need to ensure our constituents have a voice in this process.
    “Colleagues, understand this: passing full year, bipartisan spending bills—that is my top priority. Those spending bills that carry the full authority of Congress on how we spend taxpayer dollars, that carry forward the priorities our constituents tell us about, that is my top priority.
    “That is the most important guardrail we can place on an administration that looks to punish people they disagree with, and strips funding from priorities like Army Corp dam repairs, or public transportation projects, or from public schools and universities.
    “Now as we write those bills, we need transparency. We need to understand the reality on the ground of what this administration and DOGE are actually doing. Who is even calling the shots over there? What programs are functional at this point? Where do we have enough staff to even carry out the mission of specific agencies, or to faithfully follow congressional intent?
    “We need a hearing with Elon Musk—and whoever else is running DOGE. We need hearings with the Department heads. Whatever form it takes—we need answers on what has been going on, we need an end to the lawlessness that is happening, and we need transparency that is sorely lacking. I don’t know when that became controversial? Isn’t DOGE supposed to be all about accountability? Isn’t it supposed to be all about transparency?
    “So, let’s get to it—let’s show the American people exactly what Trump is doing. What is the problem with that? After all, it’s not like it’s meant to be a secret. Project 2025 was a public playbook. And it’s clear they are following it to the letter.
    “Before he returned as OMB Director, Russ Vought made clear he wanted to ignore our laws and ‘Impound baby Impound.’ That’s a direct quote from the General Counsel by the way, he said it: ‘Impound baby impound.’
    “I even asked him about this directly—will you follow our laws or just toss them in the dumpster? And he wouldn’t give a straight yes. He wouldn’t—why?—because he already laid out his plans in black and white—break the law, block funds that Congress passed, and dare the courts to stop him.
    “And—shocker!—the guy who made clear he is willing to go break laws and block funding, is breaking laws and he is blocking funding.
    “And President Trump and Musk have made their intentions just as clear—not just ignoring our laws—but ignoring court orders to uphold our laws and attacking our judges and our judicial system every time they don’t get their way.
    “Just this week we saw new, blatantly illegal acts from the Trump Administration. First, OMB removed a website that provides transparency by displaying how it directs agencies to apportion—or spend—federal funding. M. President, that website is not optional—it’s in statute and OMB was complying with a requirement passed by Congress.
    “This is a cut and dry case. OMB must publish the agency’s legally-binding budget decisions. We passed that language on a bipartisan basis because our constituents deserve transparency, and they deserve accountability for how their money is being spent. But the only thing transparent about this Administration—is how transparently illegal their actions are.
    “Because the same day they illegally shut the American people out of seeing what they are doing, they also blocked funding that House Republicans continued in their own CR and that the President himself just signed into law.
    “Trump wants to illegally cherry pick what gets funding we passed and what gets left in the dust. For one thing—that is straight up against the law. Open and shut case.
    “For another—it fundamentally erodes our democracy, the trust people, businesses, and local and state governments across the country place in the federal government, and, of course, our ability to negotiate bipartisan deals here in Congress. And let’s not lose sight of the fact that it is bad for our country, and it is bad for our constituents.
    “There is a reason we passed the emergency funds. But President Trump is choking off critical investments to combat the flow of fentanyl, he is slashing support for U.S. national security initiatives, he is weakening the competitiveness of U.S. businesses, he is setting back next-generation weather forecasting, and more.
    “And that still is not all—because the very next day, we learned he wants to illegally freeze tens of millions of dollars in Title X funding—that is a program with a long bipartisan history that helps women get cancer screenings, get birth control, pregnancy tests, prevent and treat STIs.
    “Last time, President Trump tried to do this through rulemaking—but now that he is throwing the law out the window entirely, he thinks he can do it with the stroke of a pen.
    “And—I have to underscore these are just recent examples from just this week! This is the latest in a long trail of devastation they have left behind in this ongoing parade of lawbreaking. Because, as I mentioned, President Trump is still blocking hundreds of billions of dollars in investments we secured for our constituents.
    “President Trump and Musk illegally shuttered USAID. They are illegally gutting the Department of Education. They are trying to dramatically slash medical research funding with restrictions that are in direct defiance of bipartisan language that I actually worked to negotiate with my Republican colleagues.
    “I could go on all day describing the damage caused by these moves—and the many other funds that are now illegally being blocked. But I think the pattern is clear. They said they were going to cut funding regardless of the consequences, regardless of the laws, regardless of the constitution. And that is exactly what they are doing.
    “Well M. President, we here in Congress cannot bury our heads in the sand while Trump, Musk, and Vought try to snatch away our power, our power, Democrats and Republicans, of the purse.
    “I will continue to use every tool I have as a Senator—I will use my voice, I will use my vote, and more—to stop this lawlessness, stop the cuts that hurt my constituents, and write and pass bills that actually help people.
    “So, M. President I really hope that our Republican colleagues will work with us to craft bipartisan funding bills and to conduct basic oversight to provide accountability.
    “Because it absolutely matters that we not just pass strong, bipartisan funding laws, but that the laws we pass are actually followed, that our constituents, every one of our constituents, actually have a say in how their tax dollars are spent, that Congress maintains its power of the purse.
    “And I am going to continue pressing all of my colleagues to stand with me on this.”

    MIL OSI USA News –

  • MIL-OSI: Abaxx Announces Closing of C$22,850,000 First Tranche of Convertible Debenture Offering

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announces that it has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement (the “Offering”) of secured convertible debentures (the “Debentures”) for aggregate gross proceeds of C$22.85 million. The Company may close a second and final tranche (the “Second Tranche”) of the Offering for gross proceeds of up to C$17.15 million at a later date.

    The outstanding principal amount of the Debentures, together with any accrued and unpaid interest, will become due and payable in full on March 26, 2028 (the “Maturity Date”) and will be payable in cash. Each Debenture consists of C$1,000 principal amount of secured convertible debentures of the Company and is convertible into common shares of the Company (each, a “Debenture Share”) at the option of the holder thereof prior to the Maturity Date at a conversion price equal to $13.00 per Debenture Share (the “Conversion Price”).

    The Company has the right to redeem the Debentures at redemption price equal to 105% of the principal amount of the outstanding Debentures plus any accrued and unpaid interest to the date prior to the date of redemption: (a) at any time, should the VWAP of the Company’s common shares exceed 130% of the Conversion Price for no fewer than 20 out of 30 consecutive trading days, or (b) after March 26, 2027.

    The Debentures were issued at an original issue discount equal to 2.5% of the aggregate principal amount of the Debentures and bear interest at a rate of 7.0% per annum from the date of issue, payable semi-annually in arrears in cash on June 30 and December 31 of each year following the first interest payment date of September 30, 2026. The Debentures are secured against certain publicly-traded securities owned by the Company.

    The Offering is subject to the receipt of all necessary regulatory approvals, including the final approval of Cboe Canada. The net proceeds of the First Tranche are expected to be used for general corporate and working capital purposes. The Debentures and Debenture Shares issuable pursuant to the First Tranche are subject to statutory hold periods of four months and one day from the date of issuance.

    In connection with the Offering, so long as the Debentures remain outstanding, the Company has agreed to not assume any additional indebtedness without the consent of a majority of the holders of Debentures as may be outstanding from time to time, other than: (a) certain permitted debt arrangements of up to C$10,000,000 for working capital or regulatory capital requirements in the normal course of business, and (b) trade indebtedness in the normal course of its business.

    The Company paid eligible finders a total cash commission of C$510,400 in connection with gross proceeds received from subscribers introduced to the Company by such finders.

    A certain holder of greater than 10% of the Company’s common shares acquired $4,000,0000 principal amount of Debentures under the First Tranche (the “Insider Participation”). The Insider Participation constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the Insider Participation does not exceed 25% of the fair market value of the Company’s market capitalization. The Company did not file a material change report in respect of the Insider Participation at least 21 days before the closing of the First Tranche, which the Company believes is reasonable in the circumstances in order to complete the First Tranche in an expeditious manner.

    The securities offered in the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States, nor in any other jurisdiction.

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: +1 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 246 271 0082
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information related to Abaxx in this press release includes, but is not limited to: matters related to the Offering and the conversion of the Debentures, statements related to the closing of the Second Tranche including the timing and size thereof, regulatory approvals, the agreement to not assume additional indebtedness except certain permitted indebtedness, and the inability of Abaxx to apply the use of proceeds from the Offering as anticipated. Such factors impacting forward-looking information include, among others: the inability to obtain required approvals for the Offering, risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management’s discussion & analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI USA: ICYMI: President Trump Outlines OSTP’s Goals and Priorities

    US Senate News:

    Source: The White House
    In case you missed it, President Trump signed a letter to Assistant to the President and OSTP Director Michael Kratsios outlining the road ahead to the Golden Age of American Innovation. The President outlined three main goals:
    How can the United States secure its position as the unrivaled world leader in critical and emerging technologies — such as artificial intelligence, quantum information science, and nuclear technology — maintaining our advantage over potential adversaries?
    How can we revitalize America’s science and technology enterprise – pursuing truth, reducing administrative burdens, and empowering researchers to achieve groundbreaking discoveries?
    How can we ensure that scientific progress and technological innovation fuel economic growth and better the lives of all Americans?
    President Trump writes, “now, after 4 long years of weakness and complacency, we must set our sights even higher. I am calling upon you to blaze a trail to the next frontiers of science. We have the opportunity to cement America’s global technological leadership and usher in the Golden Age of American Innovation. We are not just competing with other nations; we are seeking, striving, fighting to make America greater than ever before.”
    APST and OSTP Director Kratsios said that “by accelerating U.S. tech leadership, restoring our scientific enterprise, and promoting opportunity for all Americans, we will usher in a Golden Age of innovation. When FDR gave his science advisor Vannevar Bush a mandate to chart a course for U.S. research and development, American boots soon left their mark on the moon. Today, with President Trump’s agenda for American science and technology, we will achieve future triumphs and explore new frontiers. “ Read the full letter HERE.

    MIL OSI USA News –

  • MIL-OSI: Draganfly Reports Q4 and 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Saskatoon, SK., March 27, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its fourth quarter and fiscal 2024 financial results. Revenue for the fourth quarter was up 76% year over year. Total 2024 revenue saw a modest increase as the Company’s capacity to meet demand in the Military and Public Safety sectors did not start to come on stream until late Q3.

    Key Financial Highlights for 2024:

    • ‎Total revenue for the year ended December 31, 2024, was $6,561,055, an increase of 0.1% from the prior year. Product sales increased $81,383 in 2024 as compared to 2023, while services revenue decreased $75,170. The Company continued its product line transition focus on preparation of public safety expansion and production capabilities.
    • Gross Profit was $1,398,204, a decrease of $665,910 or down 32.3% from the prior year. As a percentage of sales, gross margin decreased from 31.5% in 2023 to 21.3% in 2024. This year’s gross profit included a one-time non-cash write-down of inventory of $627,105 while last year’s gross profit included a non-cash downward adjustment of $331,671. Excluding these adjustments, gross profit decreased by $370,476 year over year. As a percentage of sales, adjusted gross margin decreased from 36.5% in 2023 to 30.9% in 2024.
    • The Company recorded a comprehensive loss including all non-cash items of $14,062,534 compared to a comprehensive loss of $23,709,851 in 2023. The comprehensive loss for the year ended December 31, 2024, includes non-cash changes comprised of a gain in fair value of derivative liability from warrants of $1,842,618, a recovery of impairment of notes receivable of $40,020, and a write down of inventory of $627,105 and would otherwise have been a comprehensive loss of $15,318,067 compared to a comprehensive loss of $23,400,524 excluding non-cash items in the same period last year.
    • Cash used in operating activities decreased by $6,939,383 or 37% year over year.
    • The Company’s cash balance on December 31, 2024, was $6,252,409.

    Key Financial and Operational Highlights for Q4 2024:

    • Fourth quarter revenue was $1,613,162 compared to $916,299 for Q4 2023 largely due to a year over year increase in product sales slightly offset by lower services sales.
    • Gross Profit was $215,740 for Q4 2024 compared to $258,879 for Q4 2023 representing a decrease of $43,139 year over year. Gross profit for Q4 2024 would have been $383,255 if it wasn’t for a non-cash write down of inventory of $167,515 while Q4 2023 would have been $382,303 if it wasn’t for a one time non-cash write down of inventory of $123,424. Gross profit as a percentage of sales for Q4 2024 was 13.4% but on an adjusted basis was 23.8%.
    • The Company recorded a comprehensive loss including non-cash items for Q4 2024 of $4,715,931 compared to a comprehensive loss of Q4 2023 of $4,191,796 for the same period in 2023, an increase of 12.5% over 2023. The comprehensive loss for the fourth quarter of 2024 includes non-cash changes comprised of a loss in fair value derivative liability of $946,116 as well as a one time write down of inventory of $167,515 and would otherwise be a comprehensive loss of $3,602,300 compared to a comprehensive loss of $4,222,170 excluding non-cash items in the same period last year. The decrease in loss was primarily due to lower professional fees, wages, and share based compensation charges.
    • The company successfully completed its First Proof-of-Concept Flights in Drone Delivery Research Project for Mass General Brigham. The project aims to enhance home hospital care by utilizing drones for efficient medical deliveries, potentially improving service times and patient outcomes.
    • The Company Announced Closing of US$3.76 Million registered direct offering. The funds are intended to support general corporate purposes, including scaling production capabilities and advancing growth initiatives.
    • The Company announced its participation in the Elevate UAV event, offering specialized training on advanced drone platforms. This initiative underscores Draganfly’s commitment to empowering operators with cutting-edge skills to advance UAV applications in critical sectors.
    • Draganfly showcased its latest drone innovations at multiple conferences and private demonstrations including the Wings of Saskatchewan event, aiming to foster cross-industry collaboration and highlight advancements in drone technology within the aviation industry.
    • The Company announced updates to its Board of Directors and Advisory Board, including the appointment of former White House Chief of Staff Andy Card to the Advisory Board, and the appointment of Kim Moody as Audit Chair, reflecting Draganfly’s commitment to strengthening its leadership team.

    Draganfly will hold a shareholder update call on March 27, 2025, at 2:30 p.m. PDT / 5:30 p.m. EDT. Registration for the call can be done here.

    Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended December 31, 2024 and associated management discussion and analysis, which will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca and filed on EDGAR.

    For the year ended December 31,   2024     2023     2022  
    Total revenues   $ 6,561,055     $ 6,554,842     $ 7,605,059  
    Gross Profit (as a % of revenues) (1)     21.3 %     31.5 %     10.4 %
    Net (loss) income     (13,877,473 )     (23,611,810 )     (27,654,364 )
    Net (loss) income per share ($)                        
    –          Basic     (4.40 )     (14.58 )     (20.60 )
    –          Diluted     (4.40 )     (14.58 )     (20.60 )
    Comprehensive (loss) income     (14,062,534 )     (23,709,851 )     (27,305,305 )
    Comprehensive (loss) income per share ($)                        
    –          Basic     (4.45 )     (14.64 )     (20.34 )
    –          Diluted     (4.45 )     (14.64 )     (20.34 )
    Change in cash and cash equivalents   $ 3,158,797     $ (5,437,697 )   $ (15,180,932 )

    (1)   Gross Profit (as a % of revenues) would have been 30.9% (2023 – 36.5%; 2022 – 36.4%) not including a non-cash write down of inventory for $627,105 (2023 – $331,671; 2022 – $1,976,514).

    As at   December 31,
    2024    		     December 31, 2023  
    Total assets   $ 10,200,088     $ 8,330,292  
    Working capital     3,846,283       (717,017 )
    Total non-current liabilities     342,013       523,584  
    Shareholders’ equity   $ 4,621,783     $ 407,716  
                     
    Number of shares outstanding     5,427,795       34,270,579  

    Shareholders’ equity and working capital as at December 31, 2024, includes a fair value of derivative liability of $2,198,121 (2023 – $4,196,125) and would otherwise be $6,819,904 (2023 – $4,603,841) and $6,044,404 (2023 – $3,479,108) respectively.

        2024 Q4     2024 Q3     2023 Q4  
    Revenue   $ 1,613,162     $ 1,885,322     $ 916,299  
    Cost of goods sold(2)   $ (1,397,422 )   $ (1,444,542 )   $ (657,420 )
    Gross profit(3)   $ 215,740     $ 440,780     $ 258,879  
    Gross margin – percentage     13.4 %     23.4 %     28.3 %
    Operating expenses   $ (4,085,766 )   $ (4,125,078 )   $ (3,482,142 )
    Operating income (loss)   $ (3,870,026 )   $ (3,684,298 )   $ (3,223,263 )
    Operating loss per share – basic   $ (0.91 )   $ (1.10 )   $ (1.95 )
    Operating loss per share – diluted   $ (0.91 )   $ (1.10 )   $ (1.95 )
    Other income (expense)   $ (851,896 )   $ 3,484,104     $ (965,072 )
    Change in fair value of derivative liability (1)   $ (946,116 )   $ 3,575,559     $ 153,798  
    Other comprehensive income (loss)   $ 5,991     $ (164,355 )   $ (3,461 )
    Comprehensive income (loss)   $ (4,715,931 )   $ (364,549 )   $ (4,191,796 )
    Comprehensive income (loss) per share – basic   $ (1.11 )   $ (0.11 )   $ (2.41 )
    Comprehensive income (loss) per share – diluted   $ (1.11 )   $ (0.11 )   $ (2.41 )

    (1)   Included in other income (expense).
    (2)   Cost of goods sold includes non-cash inventory write downs of $176,422 in Q3 2024 and $167,515 in Q4 2024 and would have been $1,268,120 in Q3 and $1,229,907 in Q4 2024 before these write downs.
    (3)   Gross profit would have been $617,202 in Q3 2024 and $383,255 in Q4 2024 without the write downs in number 2 above.
    (4)   Cost of goods sold includes non-cash inventory write downs of $123,424 in Q4 2023 and would have been $533,996 in Q4 2023 before these write downs.
    (5)   Gross profit would have been $382,303 in Q4 2023 without the write downs in number 4 above.
    (6)   The other income (expense) and comprehensive loss for the fourth quarter of 2024 includes non-cash changes comprised of a fair value derivative liability loss $946,116 and would otherwise be an other income of $94,220 and comprehensive loss of $3,530,780, respectively

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 25 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.

    For more information on Draganfly, please visit us at www.draganfly.com.

    For additional investor information, visit
    CSE
    NASDAQ
    FRANKFURT

    Company Contact
    info@draganfly.com

    Media Contact
    media@draganfly.com

    Note Regarding Non-GAAP Measures

    In this press release, we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.

    Throughout this release, reference is made to “gross profit,” and “gross margin,” which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (“IFRS”). For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the “Non-GAAP Measures and Additional GAAP Measures”‎ section of the Company’s most recent MD&A which is available on SEDAR.

    Forward-Looking Statements

    This release contains certain “forward-looking statements” and certain “forward-looking information” as ‎‎defined under applicable securities laws. Forward-looking statements and information can ‎generally be ‎identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, ‎‎“estimate”, ‎‎“anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements ‎and ‎information are based on forecasts of future results, estimates of amounts not yet determinable and ‎‎assumptions that, while believed by management to be reasonable, are inherently subject to significant ‎‎business, economic and competitive uncertainties and contingencies. These statements include, but may ‎‎not be limited to statements regarding‎; the intended use of proceeds from the Company’s US$3.76 million registered direct offering; the shareholder update call and timing thereof. Forward-looking statements and ‎information are subject to ‎various known and ‎‎unknown risks and uncertainties, many of which are beyond ‎the ability of the ‎Company to control or ‎‎predict, that may cause the Company’s actual results, ‎performance or ‎achievements to be materially ‎‎different from those expressed or implied thereby, and are ‎developed ‎based on assumptions about ‎‎such risks, uncertainties and other factors set out here-in, ‎including but not ‎limited to: the potential ‎‎impact of epidemics, pandemics or other public health crises on the Company’s ‎business, ‎operations and financial condition, the ‎‎successful integration of technology, the inherent risks ‎involved in ‎the general securities markets; ‎‎uncertainties relating to the availability and costs of financing ‎needed in ‎the future; the inherent ‎‎uncertainty of cost estimates and the potential for unexpected costs ‎and ‎expenses, currency ‎‎fluctuations; uncertainty regarding the Nasdaq hearing process, regulatory ‎restrictions, liability, competition, loss of key employees and ‎other related risks ‎‎and uncertainties ‎disclosed under the heading “Risk Factors“ in the Company’s most ‎recent filings filed ‎‎with securities ‎regulators in Canada on the SEDAR website at www.sedar.com and with the U.S. ‎‎Securities and ‎Exchange Commission on the EDGAR website at www.sec.gov. The ‎Company undertakes ‎‎no obligation ‎to update forward-looking information except as required by ‎applicable law. Such forward-‎‎looking ‎information represents management’s best judgment based on information currently available. ‎‎No ‎forward-looking statement can be guaranteed and actual future results ‎may vary materially. ‎‎Accordingly, ‎readers are advised not to place undue reliance on forward-looking ‎statements or ‎‎information.‎

    The MIL Network –

  • MIL-OSI: NowVertical Group Announces Fourth Quarter and Full Year 2024 Earnings Release Date and Financial Update Webinar

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, will announce its 2024 fourth quarter and full year financial results before the market open on Wednesday, April 2, 2025. This will be followed by a webinar at 10:00 AM ET (7:00 AM PT) on Wednesday, April 2, 2025, to discuss the Company’s financial results and provide a business outlook.

    Q4 and FY 2024 Financial Results Investor Webinar:

    NOW invites shareholders, analysts, investors, media representatives, and other stakeholders to attend our upcoming earnings webinar to discuss Q4 and Full Year 2024 results. Participants will include Sandeep Mendiratta, Chief Executive Officer; Christine Nelson, Interim Chief Financial Officer; and Andre Garber, Chief Development Officer. A live question-and-answer session will follow.

    Investor Webinar Registration:

    Time: Wednesday, April 2, 2025, 10:00 AM in Eastern Time (US and Canada)

    Registration Link: https://us02web.zoom.us/webinar/register/WN_cEmYLTHBTLqtoK_qDtxqsw

    A recording of the webinar and supporting materials will be made available in the investor’s section of the company’s website at https://ir.nowvertical.com/news-and-media.

    About NowVertical Group Inc.

    The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions.

    For further details about NowVertical, please visit www.nowvertical.com.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    For more information, visit www.nowvertical.com.

    For further information, please contact:

    Andre Garber, CDO
    IR@nowvertical.com
     +1(647)947-0223

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (together “forward-looking statements“), including, the alignment of the Company’s leadership and shareholders, and the associated results of the transactions contemplated in this press release on NowVertical’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2023. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI: YXT.com Reports Full Year 2024 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SUZHOU, China, March 28, 2025 (GLOBE NEWSWIRE) — YXT.com Group Holding Limited (NASDAQ: YXT) (“YXT.com” or the “Company”), a provider of AI-enabled enterprise productivity solutions, today announced its unaudited financial results for the full year ended December 31, 2024 and a US$10 million Share Repurchase Program.

    Financial Highlights for the Full Year of 2024

    • Total revenues were RMB331.2 million (US$45.4 million) for the full year of 2024, compared with RMB424.0 million in the prior year. On the pro forma basis as if the deconsolidation of CEIBS Publishing Group Limited (“CEIBS PG”) occurred as of the beginning of 2022, the pro forma revenues would have been RMB327.9 million (US$44.9 million) for the full year of 2024, compared with RMB324.6 million for the full year of 2023, representing an increase of 1.0%.
    • Gross margin was 61.8% for the full year of 2024, compared with 54.1% in the prior year, representing an increase of 7.7%.
    • Net loss was RMB92.1 million (US$12.6 million), compared with RMB229.8 million in the prior year, representing a decrease of 59.9%.
    • Number of subscription customers was 2,405 as of December 31, 2024, compared with 3,230 as of December 31, 2023. After adjusting for the deconsolidation of CEIBS PG, which accounted for 686 customers, the net change of 139 customers reflects the Company’s strategic shift toward large enterprise accounts with consistent demand for corporate learning solutions, and reflects a planned reduction of small and medium-sized customers from the Company’s portfolio.
    • Net revenue retention rates of subscription customers remained stable at 100.9%, compared with 101.4% in the prior year.

    Mr. Peter Lu, Director, Founder and Chairman of the Board of YXT.com, commented, “The rapid development of AI has created tremendous opportunities for our company, allowing us to successfully transform from digital learning to intelligent learning and expand our offerings into talent management. In 2024, our AI initiatives delivered tangible results in cost reduction and efficiency improvement, significantly narrowing our losses while enhancing value for both customers and shareholders. Our three new AI-powered business lines have already entered customer validation phase and will soon be brought to market, further expanding our business portfolio. As we execute our global expansion strategy this year, YXT.com is positioned at the forefront of the AI-driven industry transformation, ready to create sustainable value for our customers and investors alike.”

    Mr. Pun Leung Liu, Chief Financial Officer of YXT.com, added, “Our financial results for the full year of 2024 demonstrate the effectiveness of our operational optimization initiatives. Through strategic cost management and AI-enabled operational improvements across our business, we significantly narrowed our net loss to RMB92.1 million from RMB229.8 million. We remain committed to disciplined cost control while continuing to invest in strategic areas that drive long-term growth, particularly our technology capabilities and enterprise-focused solutions. With a healthy balance sheet and solid development strategy, we believe we are well-positioned to create long-term value for our shareholders.”

    Financial Results for the Full Year of 2024

    Revenues

    Revenues were RMB331.2 million (US$45.4 million), compared with RMB424.0 million in the prior year, representing a decrease of 21.9%. On the pro forma basis as if the deconsolidation of CEIBS PG occurred as of the beginning of 2022, the pro forma revenues would have been RMB327.9 million (US$44.9 million) for the full year of 2024, compared with RMB324.6 million for the full year of 2023, representing an increase of 1.0%.

    • Revenues from corporate learning solutions were RMB325.6 million (US$44.6 million), compared with RMB411.8 million in the prior year.
      • Revenues from subscription based corporate learning solutions were RMB301.8 million (US$41.3 million), compared with RMB347.8 million in the prior year. The change was primarily due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB64.9 million; and (ii) the strategic suspension of certain ancillary online teaching tools. This was partially offset by an RMB18.9 million increase driven by the Company’s updated business expansion strategy of focusing on large enterprise subscription customers with strong and steady demand for corporate learning solutions.
      • Revenues from non-subscription based corporate learning solutions were RMB23.8 million (US$3.3 million), compared with RMB64.0 million in the prior year. The change was primarily due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB31.2 million; and (ii) reduced offline activities reflecting the Company’s strategic shift towards subscription-based corporate learning solutions.
    • Revenues from others were RMB5.6 million (US$0.8 million), compared with RMB12.2 million in the prior year. The change primarily reflects fewer customized software projects completed in 2024, aligning with the Company’s new strategic focus.

    Cost of revenues

    Cost of revenues was RMB126.5 million (US$17.3 million), compared with RMB194.5 million in the prior year, representing a decrease of 34.9%. This was mainly due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB44.5 million; and (ii) cost reductions resulting from operational adjustments. Improved cost efficiencies were achieved through lower instructor compensation costs stemming from reduced offline activities, aligning with the Company’s strategic shift towards subscription-based corporate learning solutions, as well as through continuous efforts in optimizing human resources and effectively managing expenses.

    Gross margin

    Gross margin was 61.8%, compared with 54.1% in the prior year, representing an increase of 7.7%. This was mainly due to the Company’s new strategic focus on large enterprise subscription customers and ongoing cost optimization efforts.

    Sales and marketing expenses

    Sales and marketing expenses were RMB144.2 million (US$19.8 million), compared with RMB244.4 million in the prior year, representing a decrease of 41.0%. This was mainly due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB62.7 million; and (ii) decreases in compensation paid to sales and marketing staff due to the Company’s efforts in optimizing its human resources.

    Research and development expenses

    Research and development expenses were RMB116.1 million (US$15.9 million), compared with RMB176.5 million in the prior year, representing a decrease of 34.2%. This was mainly due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB22.5 million; and (ii) decreases in compensation paid to research and development staff due to the Company’s efforts in optimizing its human resources and increasing its research and development efficiency.

    General and administrative expenses

    General and administrative expenses were RMB138.4 million (US$19.0 million), compared with RMB142.9 million in the prior year, representing a decrease of 3.1%. This was mainly due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB17.3 million; and (ii) a decrease in share-based compensation paid to general and administrative staff due to the completion of the amortization of certain share-based incentives. The decrease was partially offset by one-time IPO-related professional fees and litigation costs occurring in 2024.

    Net loss and adjusted net loss

    Net loss was RMB92.1 million (US$12.6 million), compared with a net loss of RMB229.8 million in the prior year, representing a decrease of 59.9%. Adjusted net loss was RMB199.3 million (US$27.3 million), compared with an adjusted net loss of RMB277.6 million in the prior year, representing a decrease of 28.2%.

    Earnings/(loss) per share

    Basic net income per share was RMB2.90 (US$0.40) and diluted net loss per share was RMB0.55 (US$0.07), compared with basic and diluted net loss per share of RMB4.71 in the prior year. The improvement in basic earnings per share was primarily attributable to (i) the deemed contribution to ordinary shareholders due to modifications and extinguishment of the Company’s convertible redeemable preferred shares on July 1, 2024; and (ii) lower net loss in the full year of 2024 as compared with the prior year. The improvement was partially offset by net accretion on convertible redeemable preferred shares to redemption value in the full year of 2024.

    Recent Development

    On March 27, 2025, the Company has successfully completed a strategic rebranding initiative, adopting the “Radnova” name for its potential international operations. YXT.com operates its business in China through Jiangsu Radnova Intelligence Technology Co., Ltd. (formerly Jiangsu Yunxuetang Network Technology Co., Ltd.). As part of its global expansion, the Company has established a new entity in Singapore to serve as a headquarter for its overseas business to be conducted in the future. This strategic location will enable YXT.com to better serve and expand into international markets. The “Radnova” trademark will be used for the Company’s future international operations, symbolizing its transition from a China-focused e-learning company to a global AI-enabled enterprise productivity solutions provider.

    YXT.com today announced that its board of directors has authorized the Company to adopt a share repurchase program under which the Company may repurchase up to US$10 million of its ordinary shares in the form of American depositary shares (“ADSs”) during a two-year period (the “Share Repurchase Program”).

    The Company’s proposed repurchases, if adopted, may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in derivative transactions, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing, structure and dollar amount of repurchase transactions will be subject to among others, the market conditions, terms to be agreed with the relevant repurchase agent, the trading prices of ADSs, and the Securities and Exchange Commission (the “SEC”) Rule 10b-18 and/or Rule 10b5-1 requirements. The Company’s board of directors will review the Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund repurchases from its existing cash balance.

    Balance Sheet

    As of December 31, 2024, the Company had cash and cash equivalents and restricted cash, short-term investments and long-term bank deposits of RMB418.2 million (US$57.3 million), compared with RMB496.2 million as of December 31, 2023.

    Conference Call Information

    The Company’s management team will hold a conference call at 9:00 P.M. U.S. Eastern Time on Thursday, March 27, 2025 (or 9:00 A.M. Beijing Time on Friday, March 28, 2025) to discuss the financial results. Details for the conference call are as follows:

    All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.

    A live and archived webcast of the conference call will be available at the Company’s investor relations website at https://ir.yxt.com/.

    Non-GAAP Financial Measures

    In evaluating our business, we consider and use adjusted net loss as a supplemental non-GAAP measure to review and assess our operating performance. Adjusted net loss is net loss excluding amortization of incremental intangible assets resulting from business combination, gain on deconsolidation of CEIBS PG, share-based compensation, change in fair value of derivative liabilities, net of income taxes, to the extent applicable. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of the non-GAAP measure facilitates investors’ assessment of our operating performance.

    The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measure is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. We compensate for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

    Exchange Rate Information

    This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

    Safe Harbor Statements

    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to”, or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    About YXT.com

    YXT.com (NASDAQ: YXT) is a technology company focusing on enterprise productivity solutions. With a mission to “Empower people and organization development through technology,” The Company strives to become the supreme provider in building and boosting enterprise productivity by combining over a decade of experience in tech-enabled talent learning and development and with AI-augmented task copilots and unleashing the power of knowledge and synergy. Since its inception, YXT.com has supported and received recognition from numerous Global and China Fortune 500 companies.

    YXT.com operates its business in China through “Jiangsu Radnova Intelligence Technology Co., Ltd.,” formerly known as “Jiangsu Yunxuetang Network Technology Co., Ltd.”. YXT.com has established an entity in Singapore to serve as a headquarter for its overseas business to be conducted in the future, with the “Radnova” trademark to serve international markets.

    Contact
    Robin Yang
    ICR, LLC
    YXT.IR@icrinc.com
    +1 (646) 405-4883

     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)
     
        As of
    December 31,    		   As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    ASSETS            
    Current assets:            
    Cash and cash equivalents   320,489   417,920   57,255
    Restricted Cash   –   322   44
    Short-term investments   58,128   –   –
    Accounts receivable, net   32,790   19,386   2,656
    Amounts due from related parties   –   2,000   274
    Prepaid expenses and other current assets, net   12,028   35,791   4,903
    Total current assets   423,435   475,419   65,132
                 
    Non-current assets:            
    Property, equipment and software, net   23,402   15,175   2,079
    Intangible assets, net   12,720   7,069   968
    Goodwill   164,113   163,837   22,446
    Long-term investments   126,341   114,432   15,677
    Operating lease right-of-use assets, net   34,997   25,655   3,515
    Other non-current assets   22,265   20,349   2,788
    Long-term bank deposits   117,573   –   –
    Total non-current assets   501,411   346,517   47,473
    Total assets   924,846   821,936   112,605
                 
    LIABILITIES, MEZZANINE AND SHAREHOLDERS’ (DEFICIT)/EQUITY            
    Current liabilities            
    Accounts payable   17,855   7,389   1,013
    Amounts due to related parties   –   2,452   336
    Short-term borrowings   46,800   163,000   22,331
    Deferred revenue, current   188,485   125,428   17,184
    Acquisition consideration payable   14,775   14,775   2,024
    Other payable and accrued liabilities   89,937   72,028   9,867
    Derivative liabilities   100,279   –   –
    Operating lease liabilities, current   15,818   8,966   1,228
    Total current liabilities   473,949   394,038   53,983
                 
    Non-current liabilities            
    Long-term borrowings   219,000   125,500   17,193
    Operating lease liabilities, non-current   20,257   17,458   2,392
    Deferred revenue, non-current   58,952   57,710   7,906
    Total non-current liabilities   298,209   200,668   27,491
    Total liabilities   772,158   594,706   81,474
     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)
     
        As of
    December 31,    		   As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    Mezzanine equity            
    Series A convertible redeemable preferred shares (US$0.0001 par value, 15,040,570 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   408,139     –     –  
    Series B convertible redeemable preferred shares (US$0.0001 par value, 7,085,330 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   199,518     –     –  
    Series C convertible redeemable preferred shares (US$0.0001 par value, 23,786,590 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   493,788     –     –  
    Series D convertible redeemable preferred shares (US$0.0001 par value, 37,152,161 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   1,059,434     –     –  
    Series E convertible redeemable preferred shares (US$0.0001 par value, 26,417,318 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   1,402,802     –     –  
    Total mezzanine equity   3,563,681     –     –  
                 
    Shareholders’ (deficit)/equity            
    Ordinary shares (US$0.0001 par value 390,518,031 and 500,000,000 shares authorized as of December 31, 2023 and December 31, 2024, respectively; 48,253,425 and 180,226,597 shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   33     129     18  
    Additional paid-in capital   16,671     3,489,553     478,067  
    Statutory reserve   4,322     –     –  
    Accumulated other comprehensive income   23,775     25,096     3,438  
    Accumulated deficit   (3,490,681 )   (3,287,548 )   (450,392 )
    Total YXT.COM Group Holding Limited shareholders’ (deficit)/equity   (3,445,880 )   227,230     31,131  
    Non-controlling interests   34,887     –     –  
    Total shareholders’ (deficit)/equity   (3,410,993 )   227,230     31,131  
    Total liabilities, mezzanine equity and shareholders’ (deficit)/equity   924,846     821,936     112,605  
     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)
     
        Year ended December 31,
        2023   2024
        RMB   RMB   US$
                 
    Revenues:            
    Corporate learning solutions   411,822     325,579     44,604  
    Others   12,194     5,611     769  
    Total revenues   424,016     331,190     45,373  
                 
    Cost of revenues   (194,474 )   (126,522 )   (17,333 )
    Sales and marketing expenses   (244,379 )   (144,217 )   (19,758 )
    Research and development expenses   (176,537 )   (116,105 )   (15,906 )
    General and administrative expenses   (142,852 )   (138,392 )   (18,960 )
    Other operating income   5,629     6,974     955  
    Loss from operations   (328,597 )   (187,072 )   (25,629 )
                 
    Interest and investment income   4,613     6,494     890  
    Interest expense   (4,650 )   (10,699 )   (1,466 )
    Impairment of available‑for‑sale debt securities   (13,144 )   (14,464 )   (1,981 )
    Gain on deconsolidation of CEIBS Publishing Group   –     78,760     10,790  
    Foreign exchange (loss)/gain, net   (350 )   550     75  
    Change in fair value of derivative liabilities   102,419     34,378     4,710  
    Loss before income tax expense   (239,709 )   (92,053 )   (12,611 )
    Income tax benefit   9,871     –     –  
    Net loss   (229,838 )   (92,053 )   (12,611 )
                 
    Net loss attributable to non-controlling interests shareholders   9,383     300     41  
                 
    Net loss attributable to YXT.COM Group Holding Limited   (220,455 )   (91,753 )   (12,570 )
                 
     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)
     
        Year ended December 31,
        2023   2024
        RMB   RMB   US$
                 
    Net loss attributable to YXT.COM Group Holding Limited   (220,455 )   (91,753 )   (12,570 )
    Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares   –     672,170     92,087  
    Deemed dividend to convertible redeemable preferred share shareholders due to modifications   –     (5,940 )   (814 )
    Net accretion on convertible redeemable preferred shares to redemption value   (9,452 )   (290,543 )   (39,804 )
    Net (loss)/income attributable to ordinary shareholders of YXT.COM Group Holding Limited   (229,907 )   283,934     38,899  
                 
    Net loss   (229,838 )   (92,053 )   (12,611 )
    Other comprehensive loss            
    Foreign currency translation adjustment, net of tax   2,385     3,742     513  
    Unrealized gain/(loss) on investments in available-for-sale debt securities, net of tax   6,988     (2,421 )   (332 )
                 
    Total comprehensive loss   (220,465 )   (90,732 )   (12,430 )
                 
    Total comprehensive loss attributable to non-controlling interests   9,383     300     41  
                 
    Total comprehensive loss attributable to YXT.COM Group Holding Limited   (211,082 )   (90,432 )   (12,389 )
                 
    Net (loss)/income attributable to ordinary shareholders of YXT.COM Group Holding Limited   (229,907 )   283,934     38,899  
    —Weighted average number of ordinary shares – basic   48,781,392     97,788,561     97,788,561  
    —Weighted average number of ordinary shares – diluted   48,781,392     168,152,425     168,152,425  
                 
    Net (loss)/income per share attributable to ordinary shareholders:            
    —Basic   (4.71 )   2.90     0.40  
    —Diluted   (4.71 )   (0.55 )   (0.07 )
     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)
     
        Year ended December 31,
        2023   2024
        RMB   RMB   US$
                 
    Net loss   (229,838 )   (92,053 )   (12,611 )
    Adjustments:            
    Amortization of incremental intangible assets resulting from business combination   16,340     –     –  
    Impairment of intangible assets   21,660     –     –  
    Gain on deconsolidation of CEIBS Publishing Group   –     (78,760 )   (10,790 )
    Share-based compensation   26,123     5,879     805  
    Change in fair value of derivative liabilities   (102,419 )   (34,378 )   (4,710 )
    Adjusted loss before income taxes   (268,134 )   (199,312 )   (27,306 )
    Adjusted income taxes   (9,500 )   –     –  
    Adjusted net loss   (277,634 )   (199,312 )   (27,306 )

    The MIL Network –

  • MIL-OSI: Qifu Technology, Inc. Announces Completion of Offering of US$690 Million Cash-par Settled Convertible Senior Notes

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 27, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced the completion of its offering of convertible senior notes (the “Notes Offering”) in an aggregate principal amount of US$690 million due 2030 (the “Notes”), including the initial purchasers’ full exercise of option to purchase an additional US$90 million principal amount of the Notes. The Notes have been offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

    The Company plans to use the net proceeds from the Notes Offering for repurchasing the American depositary shares (“ADSs”) and/or class A ordinary shares of the Company concurrently with the pricing of the Notes Offering and from time to time after the pricing of the Notes Offering pursuant to a newly established share repurchase plan (the “March 2025 Share Repurchase Plan”) authorized by the board of directors of the Company. The March 2025 Share Repurchase Plan will run in addition to the Company’s existing share repurchase plan announced in November 2024.

    The Company expects the offering to be immediately accretive to 2025 earnings per ADS upon closing, facilitated by (i) the execution of the repurchase of ADSs concurrently with the pricing of the Notes Offering with an aggregate value of approximately US$230 million from certain purchasers of the Notes in off-market privately negotiated transactions effected through one of the initial purchasers or its affiliates, as the Company’s agent, and (ii) the cash-par conversion settlement mechanism of the Notes.

    The Notes will be general unsecured obligations of the Company and bear interest at a rate of 0.50% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2025. The Notes will mature on April 1, 2030 unless repurchased, redeemed, or converted in accordance with their terms prior to such date.

    The initial conversion rate of the Notes is 16.7475 ADSs, per US$1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately US$59.71 per ADS.

    The Notes, the ADSs deliverable upon conversion of the Notes, if any, and the class A ordinary shares represented thereby or deliverable upon conversion of the Notes in lieu thereof have not been registered under the Securities Act, or any securities laws of any other places. They may not be offered or sold within the United States or to U.S. persons, except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act.

    This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

    About Qifu Technology

    Qifu Technology is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: https://ir.qifu.tech.

    Safe Harbor Statement

    Any forward-looking statements contained in this press release are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the Credit-Tech industry, governmental policies relating to the Credit-Tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For further information, please contact:

    Qifu Technology
    E-mail: ir@360shuke.com

    The MIL Network –

  • MIL-OSI USA News: A Letter to Michael Kratsios, Director of the White House Office of Science and Technology Policy

    Source: The White House

    class=”has-text-align-center”>March 26, 2025

    Dear Mr. Kratsios:

    Scientific progress and technological innovation were the twin engines that powered the American century.  The Manhattan Project fueled the atomic era.  The Apollo Program won us the space race.  The internet connected us to a digital future.  Today, we will usher in the Golden Age of American Innovation.  We will make America safer, healthier, and more prosperous than ever before.  We will create a future of American greatness for every citizen, restoring the American Dream.

    The triumphs of the last century did not happen by chance.  As World War II drew towards a close, President Franklin D. Roosevelt wrote a letter like this one to his science and technology advisor, Vannevar Bush, charging him to explore new frontiers of the mind for the sake of national greatness and pioneer science in peacetime.  Dr. Bush’s response laid the groundwork for the uniquely successful American partnership of Government, industry, and academia that built the greatest and most productive nation in human history.

    But today, rivals abroad seek to usurp America’s position as the world’s greatest maker of marvels and producer of knowledge.  We must recapture the urgency which propelled us so far in the last century.  The time has come to return to our roots and renew the American scientific enterprise for the century ahead.  So, just as FDR tasked Vannevar Bush, I am tasking you with meeting the challenges below to deliver for the American people.

    First:  How can the United States secure its position as the unrivaled world leader in critical and emerging technologies — such as artificial intelligence, quantum information science, and nuclear technology — maintaining our advantage over potential adversaries?

    We need to accelerate research and development, dismantle regulatory barriers, strengthen domestic supply chains and manufacturing, spur robust private sector investment, and advance American companies in global markets.  Rival nations are pushing hard to overtake the United States, and we must blaze a bold path to maintain our technological supremacy.

    Second:  How can we revitalize America’s science and technology enterprise — pursuing truth, reducing administrative burdens, and empowering researchers to achieve groundbreaking discoveries?

    We need new paradigms for the research enterprise, including innovative models for funding and sharing scientific research, redefining how America conducts the business of discovery.  We must build an ecosystem that attracts top talent, celebrates merit, protects our intellectual edge, and enables scientists to focus on meaningful work rather than administrative box checking.  

    Third:  How can we ensure that scientific progress and technological innovation fuel economic growth and better the lives of all Americans?

    During my first term, we made unprecedented advances in America’s scientific and technological leadership.  We launched the American Artificial Intelligence Initiative, vaulting the United States to the front of the pack in the development and deployment of artificial intelligence.  Our National Quantum Initiative established the foundation for national quantum supremacy.  We created the United States Space Force and charted a new and daring course for America’s further exploration of space.  All of this buttressed our security and bolstered our prosperity, and it reaffirmed America’s place as the world’s preeminent technological superpower.

    Now, after 4 long years of weakness and complacency, we must set our sights even higher.  I am calling upon you to blaze a trail to the next frontiers of science.  We have the opportunity to cement America’s global technological leadership and usher in the Golden Age of American Innovation.  We are not just competing with other nations; we are seeking, striving, fightingto make America greater than ever before.

                                                                            Sincerely,

    MIL OSI USA News –

  • MIL-OSI: NextNav Announces Closing of $190 Million of 5% Redeemable Senior Secured, Convertible Notes Transaction

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., March 27, 2025 (GLOBE NEWSWIRE) — NextNav Inc. (the “Company” or “NextNav”) [NASDAQ: NN], a leader in next-generation positioning, navigation, and timing (“PNT”) and 3D geolocation, today announced the successful closing of the previously announced private placement of $190 million of 5% redeemable senior secured convertible notes due 2028 (“the Private Placement”). The net proceeds from the Private Placement were approximately $188.6 million after deducting certain fees and expenses (the “Net Proceeds”).

    The Company intends to use a portion of the Net Proceeds to redeem its $70 million aggregate principal amount of 10% Senior Secured Notes due 2026 (the “Existing Notes”). The Existing Notes will be redeemed in full at 101% of the principal amount plus any accrued and unpaid interest.

    About NextNav

    NextNav Inc. (Nasdaq: NN) is a leader in next-generation positioning, navigation and timing (PNT), enabling a whole new ecosystem of applications and services that rely upon 3D geolocation and PNT technology. Powered by low-band licensed spectrum, NextNav’s positioning and timing technologies deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency and commercial use cases.

    For more information, please visit https://nextnav.com/ or follow NextNav on X at https://x.com/NextNav or LinkedIn at https://www.linkedin.com/company/nextnav/.

    Forward-Looking Statements

    This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including without limitation, statements about the redemption of the Existing Notes. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks include, but are not limited to, those related to the Company’s ability to complete the transactions on the proposed terms or on the anticipated timeline, or at all. These forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Readers are directed to the Company’s periodic and other reports filed with the Securities and Exchange Commission (the “SEC”) for a description of such risks and uncertainties. The Company undertakes no obligation to update any forward-looking statements. In evaluating those statements, you should specifically consider various factors, including the risks and uncertainties discussed in the Company’s Annual and Quarterly Reports on Forms 10-K and 10-Q and in other reports the Company files with the SEC. Actual events or the Company’s actual results may differ materially from the forward-looking statements.

    Source: NN-FIN

    Investor Contact:
    IR@nextnav.com

    Media Contact:
    NNmedia@nextnav.com

    The MIL Network –

  • MIL-OSI: Abacus Global Management Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    – Delivered Record Full Year Revenue and Growth While Executing on Strategic Acquisitions and Initiatives –

    – Fourth Quarter 2024 Total Revenue Grows 40% Year-over-Year to $33.2 Million –

    – Full-Year Policy Originations Grow 63% to 1,034 –

    – Initiating Full Year 2025 Outlook for Adjusted Net Income Between $70 and $78 Million –

    ORLANDO, Fla., March 27, 2025 (GLOBE NEWSWIRE) — Abacus Global Management (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today reported results for the fourth quarter ended December 31, 2024.

    “We concluded 2024 with another solid quarter of profitable growth and significant milestones, capping off a record year for Abacus. In addition to our strong financial results, we undertook meaningful strategic initiatives that have significantly expanded our business. Over the past 12 months, we strengthened our executive team through key hires, successfully raised substantial equity capital to fuel our growth initiatives, secured significant debt financing to optimize our capital structure, completed two strategic acquisitions that expanded our capabilities and market reach, and dramatically grew both the scope and scale of our operations across multiple business lines and geographies.”

    “Subsequent to year-end, in early March, we successfully rebranded to Abacus Global Management, which better reflects our evolution and global market presence. As we look ahead, we’re off to a strong start in 2025 – expecting to once again grow our adjusted net income for the full year by over 50%. We remain very excited about our vast market opportunity and are well positioned to capitalize on our momentum to drive long-term growth and create shareholder value.”

    Fourth Quarter 2024 Highlights

    • Total revenue for the fourth quarter of 2024 grew 40% to $33.2 million, compared to $23.6 million in the prior-year period. The increase was primarily driven by higher active management revenue, increased capital deployed and more policies sold directly to third parties.
    • Origination capital deployment for the fourth quarter of 2024 increased 41% to $96.6 million, compared to $68.3 million in the prior-year period; number of policy originations for the fourth quarter of 2024 was 214.
    • GAAP net loss attributable to shareholders for the fourth quarter of 2024 was $18.3 million, compared to net loss of $6.2 million in the prior-year period, primarily driven by an $18.6 million increase in non-cash expenses related to employee stock compensation, as well as non-recurring acquisition-related costs and higher interest expense.
    • Adjusted net income (a non-GAAP financial measure) for the fourth quarter of 2024 more than doubled to $13.4 million, compared to $5.9 million in the prior-year period.
    • Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2024 grew 51% to $16.6 million, compared to $11.1 million in the prior-year period. Adjusted EBITDA margin (a non-GAAP financial measure) for the fourth quarter of 2024 was 50.0%, compared to 46.7% in the prior-year period.
    • Annualized return on invested capital (ROIC) (a non-GAAP financial measure) for the fourth quarter of 2024 was 11%.
    • Annualized Return on equity (ROE) (a non-GAAP financial measure) for the fourth quarter of 2024 was 13%.

    Full Year 2024 Results

    • Full year 2024 total revenues grew 69% to $111.9 million, compared to $66.4 million in the prior year, primarily driven by higher active management revenue, increased capital deployed and more policies sold directly to third parties.
    • Originations capital deployment for the full year 2024 was $327.8 million, an increase of 50% from the prior year; number of policy originations grew 63% to 1,034, compared to 633 in the prior year.
    • GAAP net loss attributable to shareholders for the full year 2024 was $24.0 million, compared to net GAAP income of $9.5 million in the prior year.
    • Adjusted net income (a non-GAAP financial measure) for the full year 2024 increased 58% to $46.5 million, compared to $29.4 million in the prior year, primarily due to increases in non-cash stock-based compensation and related tax effect, acquisition-related costs, and acquired intangible asset amortizations.
    • Adjusted EBITDA for the full year 2024 grew 57% to $61.6 million, compared to $39.3 million in the prior year. Adjusted EBITDA margin (a non-GAAP measure) for the full year 2024 was 55.0%, compared to 59.2% in the prior year.
    • Return on invested capital (ROIC) (a non-GAAP measure defined below) for the full year 2024 was 15%.
    • Return on equity (ROE) (a non-GAAP measure defined below) for the full year 2024 was 17%.

    Liquidity and Capital

    As of December 31, 2024, the Company had cash and cash equivalents of $128.8 million, balance sheet policy assets of $371.4 million and outstanding long-term debt of $342.4 million.

    2025 Outlook

    The company is initiating its full year 2025 outlook for Adjusted net income to be between $70 million and $78 million. The range implies growth of between 51% to 68% compared to full year 2024 Adjusted net income of $46.5 million.

    The Company is unable to provide a comparable outlook for, or a reconciliation to net income because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items.

    For a definition of Adjusted net income, see “Non-GAAP Financial Information” below.

    Webcast and Conference Call

    A webcast and conference call to discuss the Company’s results will be held today beginning at 5:00 p.m. (Eastern Time). A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacusgm.com. The dial-in number for the conference call is (877) 407-9716 (toll-free) or (201) 493-6779 (international). Please dial the number 10 minutes prior to the scheduled start time.

    A webcast replay of the call will be available at ir.abacusgm.com for one year following the call.

    Non-GAAP Financial Information

    Adjusted Net Income, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for non-controlling interest income, amortization, change in fair value of warrants and non-cash stock-based compensation and the related tax effect of those adjustments. Management believes that Adjusted Net Income is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. A reconciliation of Adjusted Net Income to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below.

    Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and certain non-recurring items that in our judgement significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Abacus’ control. A reconciliation of Adjusted EBITDA to Net income attributable to Abacus Global Management, the most directly comparable GAAP measure, appears below.

    Adjusted EBITDA margin, a non-GAAP financial measure, is defined as Adjusted EBITDA divided by Total revenues. A reconciliation of Adjusted EBITDA margin to Net income margin, the most directly comparable GAAP measure, appears below.

    Annualized return on invested capital (ROIC), a non-GAAP financial measure, is defined as Adjusted net income for the quarter divided by the result of Total Assets less Intangible assets, net, Goodwill and Current Liabilities multiplied by four. ROIC is not a measure of financial performance under GAAP. We believe ROIC should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP.

    Annualized return on equity (ROE), a non-GAAP financial measure, is defined as Adjusted net income divided by total shareholder equity multiplied by four. ROE is not a measure of financial performance under GAAP. We believe ROE should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. The below table presents our calculation of ROE.

    Forward-Looking Statements

    All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” “intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

    While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the fact that Abacus’s loss reserves are bases on estimates and may be inadequate to cover its actual losses; the failure to properly price Abacus’s insurance policies; the geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment objectives; the inability to raise capital on favorable terms or at all; the effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies.

    These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.

    About Abacus Global Management

    Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.

    Contacts :

    Investor Relations

    Robert F. Phillips – SVP Investor Relations and Corporate Affairs
    rob@abacusgm.com
    (321) 290-1198

    David Jackson – IR/Capital Markets Associate
    david@abacusgm.com
    (321) 299-0716

    Abacus Global Management Public Relations
    press@abacusgm.com

     
    ABACUS GLOBAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEET
         
      December 31, December 31,
        2024     2023  
    ASSETS    
    CURRENT ASSETS:    
    Cash and cash equivalents $ 131,944,282   $ 25,588,668  
    Equity securities, at fair value   –     2,252,891  
    Accounts receivable   15,785,531     2,149,111  
    Accounts receivable, related party   7,113,369     79,509  
    Due from affiliates   1,527,062     1,007,528  
    Other receivables   –     –  
    Income taxes receivable   2,099,673     –  
    Prepaid expenses and other current assets   1,094,729     699,127  
    Total current assets   159,564,646     31,776,834  
         
    Property and equipment, net   1,025,066     400,720  
    Intangible assets, net   79,786,793     29,623,130  
    Goodwill   238,296,200     140,287,000  
    Operating right-of-use assets   4,722,573     1,893,659  
    Life settlement policies, at cost   1,083,977     1,697,178  
    Life settlement policies, at fair value   370,398,447     122,296,559  
    Noncurrent management and performance fee receivable, related party   13,379,301     –  
    Available-for-sale securities, at fair value   2,205,904     1,105,935  
    Other investments, at cost   1,850,000     1,650,000  
    Other assets   1,851,845     998,945  
    Equity securities, at fair value   –     96,107  
    TOTAL ASSETS $ 874,164,752   $ 331,826,067  
         
    LIABILITIES AND STOCKHOLDERS’ EQUITY    
    CURRENT LIABILITIES:    
    Current portion of long-term debt, at fair value $ 37,430,336   $ 13,029,632  
    Current portion of long-term debt   1,000,000     –  
    Accrued expenses   6,139,472     4,354,225  
    Operating lease liabilities   515,597     118,058  
    Due to affiliates   –     5,236  
    Due to former members   –     1,159,712  
    Contract liabilities, deposits on pending settlements   2,473,543     507,000  
    Accrued transaction costs   483,206     –  
    Other current liabilities   14,423,925     3,400,734  
    Income taxes payable   –     751,734  
    Total current liabilities   62,466,079     23,326,331  
         
    Long-term debt, net   224,742,029     33,818,090  
    Long-term debt, at fair value, net   105,120,100     55,318,923  
    Long-term debt, related party   12,525,635     37,653,869  
    Noncurrent retrocession fee payables   5,312,214     –  
    Operating lease liabilities   4,580,158     1,796,727  
    Deferred tax liability   26,778,865     9,199,091  
    Warrant liability   9,345,000     6,642,960  
    TOTAL LIABILITIES   450,870,080     167,755,991  
         
    COMMITMENTS AND CONTINGENCIES    
    Preferred stock, $0.0001 par value; 1,000,000 authorized shares authorized; none issued or outstanding   –     –  
    Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 96,731,194 and 63,388,823 shares issued at December 31, 2024 and 2023, respectively   10,133     6,339  
    Treasury stock – at cost; 1,048,226 and 146,650 shares repurchased at December 31, 2024 and 2023, respectively   (12,025,137 )   (1,283,062 )
    Additional paid-in capital   494,064,113     199,826,278  
    Accumulated deficit   (57,896,606 )   (34,726,135 )
    Accumulated other comprehensive income   –     108,373  
    Non-controlling interest   (857,831 )   138,283  
    Total stockholders’ equity   423,294,672     164,070,076  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 874,164,752   $ 331,826,067  
         
    ABACUS GLOBAL MANAGEMENT, INC. CONSOLIDATED STATEMENT OF OPERATIONS
               
      Three Months Ended December 31,   Years Ended December 31,
        2024     2023       2024     2023  
    REVENUES:          
    Active management $ 29,041,030   $ 21,274,316     $ 102,819,361   $ 61,195,377  
    Origination fees   1,062,910     2,233,683       5,457,147     4,203,900  
    Asset management fees   2,841,481     –       2,841,481     –  
    Portfolio servicing fees   232,960     187,548       772,169     1,002,174  
    Technology services   33,628     –       33,628     –  
    Total revenues   33,212,009     23,695,547       111,923,786     66,401,451  
    COST OF REVENUES (excluding depreciation and amortization stated below):        
    Cost of revenue (including stock-based compensation)   3,719,321     1,570,994       11,371,733     6,390,921  
    Related party cost of revenue   –     91,476       –     99,456  
    Cost of revenue (including stock-based compensation)   3,719,321     1,662,470       11,371,733     6,490,377  
    Gross Profit   29,492,688     22,033,077       100,552,053     59,911,074  
    OPERATING EXPENSES:          
    Sales and marketing   2,411,442     1,788,748       9,063,384     4,905,747  
    General and administrative (including stock-based compensation)   40,338,172     15,369,189       81,734,518     26,482,571  
    Loss on change in fair value of debt   799,024     2,046,193       4,835,351     2,356,058  
    Unrealized loss (gain) on investments   1,458,173     (877,754 )     238,012     (1,369,112 )
    Realized gain on investments   (1,484,322 )   –       (2,341,066 )   –  
    Depreciation and amortization expense   2,732,373     1,712,934       7,910,158     3,409,928  
    Total operating expenses   46,254,862     20,039,310       101,440,357     35,785,192  
    Operating (loss) income   (16,762,174 )   1,993,767       (888,304 )   24,125,882  
    OTHER INCOME (EXPENSE):          
    Loss on change in fair value of warrant liability   5,785,000     (3,260,960 )     (2,702,040 )   (4,204,360 )
    Interest (expense)   (5,861,740 )   (6,246,126 )     (18,279,686 )   (9,866,821 )
    Interest income   727,863     523,481       2,398,691     594,764  
    Other income (expense)   (94,570 )   (144,879 )     38,040     (146,443 )
    Total other income (expense)   556,553     (9,128,484 )     (18,544,995 )   (13,622,860 )
    Net (loss) income before provision for income taxes   (16,205,621 )   (7,134,717 )     (19,433,299 )   10,503,022  
    Income tax expense   2,803,883     (769,885 )     5,484,738     1,468,535  
    NET (LOSS) INCOME   (19,009,504 )   (6,364,832 )     (24,918,037 )   9,034,487  
    LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST   (752,271 )   (142,447 )     (956,987 )   (482,139 )
    NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (18,257,233 ) $ (6,222,385 )   $ (23,961,050 ) $ 9,516,626  
               
    (LOSS) EARNINGS PER SHARE:          
    (Loss) earnings per share—basic $ (0.22 ) $ (0.10 )   $ (0.34 ) $ 0.17  
    (Loss) earnings per share—diluted $ (0.22 ) $ (0.10 )   $ (0.34 ) $ 0.16  
               
    Weighted-average stock outstanding—basic [1]   81,784,013     63,352,743       70,761,830     56,951,414  
    Weighted-average stock outstanding—diluted [1]   81,784,013     64,169,227       70,761,830     57,767,898  
               
    [1] The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.
               
    ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED NET INCOME AND ADJUSTED EPS
               
        Full Year Full Year For the three months ended
          2024     2023   12/31/2024 12/31/2023
    Adjusted Net Income and Adjusted EPS          
    Net income attributable to Abacus Life, Inc.   $ (23,961,050 ) $ 9,516,626   $ (18,257,233 ) $ (6,222,383 )
    Net income attributable to non-controlling interests     (956,987 )   (482,139 )   (752,271 )   (142,447 )
    Depreciation and Amortization expense     7,748,269     3,364,167     2,676,144     1,682,084  
    Stock compensation expense     43,435,215     10,768,024     24,760,007     6,184,392  
    Business Acquisition Accounting expenses     8,403,065     –     5,129,947     –  
    Change in fair value of warrant liability     2,702,040     4,204,360     (5,785,000 )   3,260,960  
    Tax impact of executive RSUs     9,151,161     2,069,993     5,632,379     1,161,722  
    Adjusted Net Income   $ 46,521,713   $ 29,441,031   $ 13,403,973   $ 5,924,328  
               
    Weighted-average shares of Class A common stock outstanding     70,761,830     56,951,414     81,784,013     64,169,227  
    Adjusted EPS   $ 0.66   $ 0.52   $ 0.16   $ 0.09  
               
               
    ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED EBITDA
               
        Full Year Full Year For the three months ended
    Adjusted EBITDA     2024     2023   12/31/2024 12/31/2023
    Net income   $ (24,918,037 ) $ 9,034,487   $ (19,009,504 ) $ (6,364,830 )
    Depreciation and Amortization     7,910,159     3,409,928     2,732,374     1,712,934  
    Interest expense     18,279,686     9,866,821     5,861,740     6,246,126  
    Interest income     (2,398,691 )   (594,764 )   (727,863 )   (523,481 )
    Income Tax     5,484,738     1,468,535     2,803,883     (769,884 )
    Stock compensation     43,435,215     10,768,024     24,760,007     6,184,392  
    Other (Income) / Expenses     (38,040 )   146,443     94,570     144,878  
    Change in fair value of warrant liability     2,702,040     4,204,360     (5,785,000 )   3,260,960  
    Business Acquisition expenses     8,403,065     –     5,129,947     –  
    Change in fair value of debt     4,835,351     2,356,058     799,024     2,046,193  
    Realized and Unrealized loss / (gain) on investments     (2,103,054 )   (1,369,112 )   (26,149 )   (877,756 )
    Adjusted EBITDA   $ 61,592,432   $ 39,290,780   $ 16,633,029   $ 11,059,532  
               
    Revenue   $ 111,923,786   $ 66,401,451   $ 33,212,009   $ 23,695,547  
               
    Adjusted EBITDA Margin     55 %   59 %   50 %   47 %
    Net (Loss) Income Margin     -22 %   14 %   -57 %   -27 %
               
    ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED RETURN ON INVESTED CAPITAL (ROIC)  
                   
        For the 3 mo period
    ended    		 YTD   For the 3 mo period
    ended    		 YTD  
        9/30/2024 9/30/2024   12/31/2024 12/31/2024  
    Total Assets   $ 477,309,168   $ 477,309,168     $ 874,164,752   $ 553,012,056   (1)
    Less:              
    Intangible assets, net     (24,653,141 )   (24,653,141 )     (79,786,793 )   (39,710,021 ) (1)
    Goodwill     (139,930,190 )   (139,930,190 )     (238,296,200 )   (164,610,895 ) (1)
    Total current liabilities     (23,862,348 )   (23,862,348 )     (62,466,079 )   (41,386,709 ) (1)
    Total Invested Capital   $ 288,863,489   $ 288,863,489     $ 493,615,680   $ 307,304,431    
                   
    Adjusted Net Income   $ 14,879,252   $ 33,322,456     $ 13,403,973   $ 46,521,713    
    Adjusted Annualized ROIC     21 %   15 %     11 %   15 %  
                   
    Note:              
    (1) Weighted Average for the full year.              
                   
                   
    ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED RETURN ON EQUITY (ROE)  
                   
        For the 3 mo period
    ended    		 YTD   For the 3 mo period
    ended    		 YTD  
        9/30/2024 9/30/2024   12/31/2024 12/31/2024  
    Total stockholders’ equity   $ 257,939,628   $ 257,939,628     $ 423,294,672   $ 275,856,140   (1)
                   
    Adjusted Net Income   $ 14,879,252   $ 33,322,456     $ 13,403,973   $ 46,521,713    
    Adjusted Annualized ROE     23 %   17 %     13 %   17 %  
                   
    Note:              
    (1) Weighted Average for the full year            

    The MIL Network –

  • MIL-OSI: NextNRG Reports Strong Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Stronger Revenue, Improved Margins, and Expanded Volumes

    — FY 2024 Revenue Increased 20% to $27.8 Million from $23.2 Million in 2023 —
    — FY 2024 Gross Profit Grew 64% to $2.3 Million, Up from $1.4 Million in 2023 —

    — Q4 2024 Revenue Increased 21% to $6.9 Million from $5.7 Million in Q4 2023 —
    — Q4 2024 Gross Profit Grew 97% to $652 Thousand, Up from $330 Thousand in Q4 2023 —

    Conference Call Scheduled March 31stat 4:30 PM ET

    MIAMI, March 27, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (NASDAQ: NXXT), a pioneer in AI-driven energy innovation—transforming how energy is produced, managed, and delivered through its advanced Utility Operating System, smart microgrid technology, wireless EV charging, and on-demand mobile fuel delivery solutions— today reported financial results for the fourth quarter and fiscal year ended December 31, 2024, and provided a strategic update on its key growth initiatives.

    The Company will hold a conference call to discuss its fourth quarter and full year 2024 financial results on March 31st at 4:30 pm ET. Dial in and webcast details are below.

     
    Selected Financial & Operational Highlights
     
    Metric Q4 2024
    (unaudited)    		 Q4 2023
    (unaudited)    		 FY 2024 FY 2023
    Revenue $6.9M $5.7M $27.8M $23.2M
    Gross Profit $652K $330K $2.3M $1.4M

    “We entered 2024 with the clear goal of laying the groundwork for long-term growth—and we believe we delivered on that vision,” said Michael D. Farkas, CEO of NextNRG. “Through enhanced operating efficiency and higher-margin fuel delivery, we increased revenues by 20%, expanded gross profit, while investing in transformative technologies. Our pipeline in microgrids and EV infrastructure is larger than ever, and we believe we are just beginning to unlock the full value of our platform. Additionally, our expanding footprint in mobile fueling is set to open significant opportunities to convert these fleets to electric, aligning with our commitment to sustainable energy solutions”

    Strategic and Operational Milestones

    • Corporate Rebranding: Completed transition from EzFill Holdings to NextNRG, Inc. in Q1 2025, aligning with the Company’s expanded clean energy vision.
    • Fueling Platform Growth: Delivered 7.2 million gallons in 2024 (+22% YOY), supported by 140 operational trucks across six states.
    • Smart Microgrid Pipeline: Company expects to put out guidance on expanded microgrid pipeline in the next quarter.
    • EV Innovation: Advanced static and dynamic wireless EV charging solutions (grid to vehicle and vehicle to grid capabilities) through exclusive technology licenses from Florida International University.
    • Capital Raise: Completed $15 million public offering in February 2025 to support scale and strengthen the balance sheet.

    Fiscal Year 2024 Financial Highlights

    • Revenue increased 20% year-over-year to $27.8 million, compared to $23.2 million in 2023, driven by volume growth and improved fuel margin.
    • Gross profit rose to approximately $2.3 million, a 44% increase from the prior year.
    • Cash balance at year-end was $438,299, up from $226,985 at the end of 2023.

    Fourth Quarter 2024 Performance

    • Revenue for Q4 2024 totaled $6.9 million, an increase of 21% compared to $5.7 million in Q4 2023, driven by higher fuel volumes and improved margin per gallon.
    • Gallons delivered during the quarter rose to 1.8 million, up from 1.5 million in the prior-year period, reflecting new fleet accounts and increased market penetration.
    • Average fuel margin per gallon expanded to $0.71, compared to $0.65 in Q4 2023, reflecting a continued focus on pricing optimization and operational discipline.
    • Gross profit for the quarter more than doubled year-over-year to $652,000, compared to $330,000 in Q4 2023.

    Looking Ahead

    NextNRG enters 2025 with a clear mandate: to scale its AI/ML-powered energy solutions through a combination of SaaS contracts, infrastructure deployment, and recurring mobile fueling revenue. The Company is targeting sustainable long-term growth across multiple verticals.

    “We believe NextNRG’s integrated platform—combining mobile fueling, wireless EV charging, and AI-optimized Utility Operating System and smart microgrids—is uniquely positioned to power the distributed energy future.”

    Teleconference and Webcast Information

    To participate, domestic callers may dial 1-866-524-3160 and international callers may dial 1-412-317-6760 at least 10 minutes prior to the start of the call and ask to join the NextNRG call.

    A simultaneous webcast of the call may be accessed here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=YHcg0e4d

    A replay of the call will be available at 1-877-344-7529 or 1-412-317-0088, access code 1610449, through April 7, 2025. The call will also be available for replay on the Company’s website at www.nextnrg.com.

    About NextNRG, Inc.

    NextNRG Inc. (NextNRG) is Powering What’s Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging, and on-demand mobile fuel delivery to create an integrated ecosystem.

    At the core of NextNRG’s strategy is its Utility Operating System which leverages AI and ML to help make existing utilities’ energy management as efficient as possible; and the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

    NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division and Shell Oil’s trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV supporting more efficient fuel delivery while advancing clean energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions.

    To find out more visit: www.nextnrg.com

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

    Investor Relations Contact

    NextNRG, Inc.
    Sharon Cohen
    SCohen@nextnrg.com

    The MIL Network –

  • MIL-OSI: BEN Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., March 27, 2025 (GLOBE NEWSWIRE) — Brand Engagement Network Inc. (BEN) (NASDAQ: BNAI), an innovator in AI-driven customer engagement solutions, today announced its financial results and key business highlights for the fourth quarter and full year ended December 31, 2024.

    “2024 was a defining year for BEN, as we accelerated our expansion in key sectors like automotive, media, and healthcare. In Q4, we successfully integrated our AI-powered solutions with Cox Automotive’s Dealer.com and formed strategic partnerships in Mexico and Europe, further strengthening our global presence,” said Paul Chang, CEO of Brand Engagement Network. “BEN’s innovation enables businesses to adopt safe, secure, turn-key AI solutions to drive efficiency in many aspects of operations in a scalable, cost-effective manner. As we look forward to 2025, we’re excited to build on our recent momentum, refine our solutions in high-growth sectors, and further expand our AI capabilities to meet market demands.”

    Q4 2024 Key Business Highlights:

    • Walid Khiari Appointed CFO and COO: Walid Khiari, with over 20 years of experience in finance and 15 years as a technology investment banker advising software companies, will lead BEN’s next phase of innovation and global expansion.
    • Cataneo Acquisition: BEN has agreed to acquire 100% of Cataneo GmbH for $19.5 million in cash and stock to expand its global media reach and strengthen its AI-driven advertising capabilities. The transaction is subject to securing financing and obtaining customary regulatory approvals and guarantees by certain BEN shareholders. Closing is currently targeted for Q2 2025.
    • AI-Driven Radio Advertising with Vybroo & Grupo Siete: BEN and Cataneo GmbH partnered with Vybroo and Grupo Siete on a pilot program to modernize radio advertising in Mexico by streamlining ad placement and optimizing campaign performance.
    • Cox Automotive Partnership: BEN successfully integrated its Digital AI Assistant with Cox Automotive’s Dealer.com, enhancing customer engagement and dealership operations through personalized, multimodal experiences.
    • CareHub: BEN signed an agreement with CareHub to deploy GenAI Agents to assist nurse care managers with Remote Patient Monitoring to deliver improved patient outcomes specifically for Chronic Care Management.

    Conference Call and Webcast Information
    The Company will host a conference call and webcast today, Thursday, March 27, 2025, at 5:00 p.m. ET. CEO Paul Chang and CFO and COO Walid Khiari will lead the call and provide an overview of the company’s financial performance, key business highlights, and strategic outlook.

    Participants can register here to access the live webcast of the conference call. Those who prefer to join the call via phone can register using this link to receive a dial-in number and unique PIN.

    The webcast will be archived for one year following the conference call and can be accessed on BEN’s investor relations website at https://investors.beninc.ai/.

    About Brand Engagement Network (BEN)
    Brand Engagement Network Inc. (NASDAQ: BNAI) innovates in AI-powered customer engagement, delivering safe, intelligent, and scalable solutions. Its proprietary Engagement Language Model (ELM™) and Retrieval-Augmented Generation (RAG) architecture enable highly personalized interactions supported by customers’ curated data in closed-loop environments. BEN develops AI-driven engagement solutions for the life sciences, automotive, and retail industries, featuring AI-powered avatars for outbound campaigns, inbound customer service, and real-time recommendations. With a global AI research and development team, BEN provides secure cloud-based or on-premises deployments, granting complete control of the technology stack and ensuring compliance with GDPR, CCPA, HIPAA, and SOC 2 Type 1 standards. The company holds 21 patents, with 28 pending, demonstrating its commitment to advancing AI-driven consumer engagement. For more information, visit www.beninc.ai.

    Forward-Looking Statements
    This communication contains “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, that are not historical facts, and involve risks and uncertainties that could cause actual results of BEN to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipates,” “believes,” “continue,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” or “would,” or, in each case, their negative or other variations or comparable terminology.

    These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside BEN’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: uncertainties as to the timing of the acquisition with Cataneo Gmbh (the “Acquisition”); the risk that the Acquisition may not be completed on the anticipated terms in a timely manner or at all; (the failure to satisfy any of the conditions to the consummation of the Acquisition, including the ability to obtain financing to fund the Acquisition on terms that are acceptable or at all; the possibility that any or all of the various conditions to the consummation of the Acquisition may not be satisfied or waived; the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; the effect of the announcement or pendency of the transactions contemplated by the purchase agreement on the Company’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; risks related to diverting management’s attention from the Company’s ongoing business operations; uncertainty as to the timing of completion of the Acquisition; risks that the benefits of the Acquisition are not realized when and as expected; risks relating to the uncertainty of the projected financial information with respect to BEN; uncertainty regarding and the failure to realize the anticipated benefits from future production-ready deployments; the attraction and retention of qualified directors, officers, employees and key personnel; our ability to grow our customer base; BEN’s history of operating losses; BEN’s need for additional capital to support its present business plan and anticipated growth; technological changes in BEN’s market; the value and enforceability of BEN’s intellectual property protections; BEN’s ability to protect its intellectual property; BEN’s material weaknesses in financial reporting; BEN’s ability to navigate complex regulatory requirements; the ability to maintain the listing of BEN’s securities on a national securities exchange; the ability to implement business plans, forecasts, and other expectations; the effects of competition on BEN’s business; and the risks of operating and effectively managing growth in evolving and uncertain macroeconomic conditions, such as high inflation and recessionary environments. The foregoing list of factors is not exhaustive.

    BEN cautions that the foregoing list of factors is not exclusive. BEN cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEN does not undertake nor does it accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, and it does not intend to do so unless required by applicable law. Further information about factors that could materially affect BEN, including its results of operations and financial condition, is set forth under “Risk Factors” in BEN’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q subsequently filed with the Securities and Exchange Commission.

    Media Contact 
    Amy Rouyer
    P: 503-367-7596
    E: amy@beninc.ai

    Investor Relations
    Susan Xu
    P: 778-323-0959
    E: sxu@allianceadvisors.com

    The MIL Network –

  • MIL-OSI: Intermap Announces 2024 Results and 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Company reports 2024 revenue of $17.6 million, net income of $2.5 million

    Company projects 2025 revenue of $30 – 35 million and an adjusted EBITDA margin of ~28%

    Conference call today at 5:00 pm ET to discuss results and guidance

    DENVER, March 27, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced 2024 results and 2025 guidance.

    For the full year ending December 31, 2024 (unaudited)

    • Revenue of $17.6 million, compared with $6.2 million in 2023
    • Acquisition Services revenue of $10.5 million versus nil in 2023
    • Value-added Data revenue of $3.1 million, compared with $1.9 million in 2023
    • Software and Solutions revenue of $4.0 million, compared with $4.3 million in 2023
    • 23% adjusted EBITDA margin
    • Net income of $2.5 million, compared with net loss of $3.7 million in 2023

    For the fourth quarter ending December 31, 2024 (unaudited)

    • Revenue of $7.4 million, compared with $1.2 million in the fourth quarter of 2023
    • Acquisition Services revenue of $5.5 million versus nil in the fourth quarter of 2023
    • Value-added Data revenue of $1.0 million versus $0.3 million in the fourth quarter of 2023
    • Software and Solutions revenue of $1.0 million, compared with $.9 million in the fourth quarter of 2023
    • 27% adjusted EBITDA margin
    • Net income of $1.5 million, compared with a net loss of $1.0 million in the fourth quarter of 2023

    “2024 reflects a significant inflection point for Intermap. We secured major contract wins and reported revenue and EBITDA at the high end of our guidance,” said Patrick A. Blott, Intermap Chairman and CEO. “Our 2025 guidance reinforces our commitment to sustainable growth and market leadership, and the C$12 million equity financing that we closed in February gives us the balance sheet to execute on our existing government contracts and advance new opportunities in our pipeline.”

    2024 government wins

    2024 commercial achievements

    Subsequent to December 31, 2024

    2025 Guidance

    • Revenue of $30 – 35 million
    • Adjusted EBITDA margin of ~28%

    Intermap experienced significant growth in 2024, including increasing its total assets by 2.6x to $12.0 million and expanding its shareholder base in Canada, the United States and internationally through the completion of various private placements and its Listed Issuer Financing offerings. The Company now has more than 2,000 shareholders and a market capitalization greater than U.S. $75 million. Due to this significant increase in assets and its number of shareholders, Intermap will register under and become subject to the reporting requirements of the U.S. Securities Exchange Act of 1934 (as amended, the Exchange Act). Because Intermap qualifies as a foreign private issuer under the Exchange Act, the Company will be subject to a lesser disclosure regime than domestic U.S. companies and will be filing its registration statement on Form 40-F. In the future, investors will be able to access Intermap’s securities filings on both EDGAR and SEDAR+.

    Intermap’s audited annual financial statements for the year ended December 31, 2024, the annual management discussion and analysis for the corresponding period, related management certifications of annual filings and its annual information form will be filed and available on SEDAR+ www.sedarplus.ca on March 31, 2025.

    Learn more about Intermap at intermap.com/investors.

    Conference Call Details
    Intermap’s CEO Patrick A. Blott, CFO Jennifer Bakken and COO Jack Schneider will host a live webinar today, at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation.

    Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss the fourth quarter and full year of 2024 results.

    DATE: Thursday, March 27, 2025
    TIME: 5:00 pm ET
    WEBCAST: Register

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies
    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

  • MIL-OSI USA: FEMA Mitigation Experts Offer Rebuilding Advice in Charlotte County

    Source: US Federal Emergency Management Agency 2

    FEMA Mitigation Experts Offer Rebuilding Advice in Charlotte County

    TALLAHASSEE, Fla.– As Floridians rebuild, survivors of Hurricanes Milton, Helene and Debby can get free advice on how to rebuild stronger and safer against storms. FEMA mitigation specialists will be available to answer questions and offer free home improvement tips and proven methods to lessen damage from future disasters.This information is geared for do-it-yourself work and general contractors.FEMA specialists will be available from March 27 through April 5 from 8:00 a.m. to 4:30 p.m. ET, Monday – Friday and on Saturday from 8:00 a.m. to 2:30 p.m. ET, at the following location:Charlotte County: Home Depot, 12621 McCall Road, Port Charlotte, FL 33981Mitigation is an effort to reduce the loss of life and property damage by lessening the impact of a disaster through   construction and remodeling best practices.An insurance specialist will be present to answer National Flood Insurance Program (NFIP) questions. Disaster Survivor Assistance teams will be on hand to provide updates on FEMA applications and answer questions.Stay in Touch with FEMAIt is important to let FEMA know about any changes to your contact information. You may update contact information or check on the status of your application by:Visiting DisasterAssistance.govCalling FEMA directly at 800-621-3362Using the FEMA app###FEMA’s mission is helping people before, during and after disaster.Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account. Also, follow on X FEMA_Cam.  For preparedness information follow the Ready Campaign on X at @Ready.gov, on Instagram @Ready.gov or on the Ready Facebook page.  
    lindsay.tozer
    Thu, 03/27/2025 – 15:38

    MIL OSI USA News –

  • MIL-OSI USA: DBEDT NEWS RELEASE: Visitor Spending Increased in February 2025

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: Visitor Spending Increased in February 2025

    Posted on Mar 27, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    RESEARCH AND ECONOMIC ANALYSIS DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    1. EUGENE TIAN

    CHIEF STATE ECONOMIST

     

    VISITOR SPENDING INCREASED IN FEBRUARY 2025

     

     

    FOR IMMEDIATE RELEASE

    March 27, 2025

     

     

    HONOLULU – According to preliminary statistics from the Department of Business, Economic Development and Tourism (DBEDT), there were 240,525 total visitors in Hawai‘i on any given day (average daily census) in February 2025, which was an increase from February 2024 (236,008 visitors, +1.9%), but fewer than pre-pandemic February 2019 (246,741 visitors, -2.5%). Total spending by all visitors in February 2025 measured in nominal dollars was $61.7 million per day, up from February 2024 ($57.1 million per day, +8.0%) and much higher than February 2019 ($49.6 million per day, +24.4%).

    2024 was a leap year and included an extra day in February. To directly compare with February 2025 data, the average daily census was used as a measure of visitor volume and visitor spending and air capacity data were stated on a per day basis, where applicable. Total visitor spending and total visitor arrival are presented in the Glance and Island Highlight tables at the end of this news release.

    Among visitors who came by air service in February 2025, the average daily census of 111,573 U.S. West visitors was an increase from February 2024 (108,614 visitors, +2.7%) and February 2019 (96,870 visitors, +15.2%). In February 2025, U.S. West visitors’ total spending was $28.3 million per day, which was more than February 2024 ($25.1 million per day, +13.1) and February 2019 ($17.8 million per day, +58.8%).

    In February 2025, the average daily census of 69,151 U.S. East visitors was greater than February 2024 (64,408 visitors, +7.4%) and February 2019 (63,462 visitors, +9.0%). U.S. East visitors’ total spending in February 2025 was $19.3 million per day, higher than February 2024 ($16.8 million per day, +14.7%) and February 2019 ($13.3 million per day, +45.1%).

    In February 2025, the average daily census of 9,992 visitors from Japan declined compared to February 2024 (11,691 visitors, -14.5%) and February 2019 (24,408 visitors, -59.1%). Total spending by Japanese visitors in February 2025 was $2.4 million per day, down from February 2024 ($2.8 million per day, -14.1%) and February 2019 ($5.9 million per day, -58.8%).

    In February 2025, the average daily census of 20,686 Canadian visitors decreased from February 2024 (20,977 visitors, -1.4%) and February 2019 (29,741 visitors, -30.4%). Total spending by Canadian visitors in February 2025 was $5.0 million per day, higher than February 2024 ($4.7 million per day, +6.2%), but less than February 2019 ($5.5 million per day, -8.7%).

    In February 2025, the average daily census of 25,841 visitors from all other international markets (including visitors from Oceania, Other Asia, Europe, Latin America, Guam, the Philippines and the Pacific Islands) dropped compared to February 2024 (27,166 visitors, -4.9%) and February 2019 (29,939 visitors, -13.7%).

    Among visitors who came to Hawai‘i by out-of-state cruise ships, the average daily census in February 2025 of 3,283 visitors was more than February 2024 (3,152 visitors, +4.1%) and February 2019 (2,322 visitors, +41.4%).

    In February 2025, there were 4,475 transpacific flights with 994,193 seats that serviced the Hawaiian Islands. This averaged out to 160 flights and 35,507 air seats per day, which was a decrease from February 2024 (161 flights with 36,016 seats per day) and from February 2019 (165 flights with 36,106 seats per day). Fewer flights and seats from Japan, Canada, Korea and Australia to Hawai‘i entirely offset growth in air capacity from the U.S. mainland.

    VIEW FULL NEWS RELEASE AND TABLES

     

    Statement by DBEDT Director James Kunane Tokioka

     

    For February 2025, average daily visitor spending at $256.40 per visitor was the highest level historically in nominal terms. Though the inflation rate is not available for February, it is likely that the visitor spending is an increase (6% in nominal terms) after adjusting for inflation (January 2025 Honolulu consumer inflation was 4.1%).

    As for Canadian visitor arrivals, DBEDT will continue to closely monitor this market. Canada and Hawai‘i have a longstanding relationship and we are cautiously optimistic that although Canadian travel to the continental U.S. may decrease, it may not mean that Hawai‘i visits will decrease in the same manner. At this time, we do not see flight cancelations from Air Canada or WestJet.

    It is encouraging to see that the number of visitors from the continental U.S. increased this February at 1.2 percent higher than last February even though last year was a leap year. Compared with pre-pandemic February 2019, U.S. visitor arrivals increased by 16.6 percent. It is expected that the U.S. East market will perform better this year.

    # # #

     

     

    Media Contacts:

     

    Laci Goshi 

    Communications Officer

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

     

    Jennifer Chun

    Director of Tourism Research

    Department of Business, Economic Development and Tourism

    Phone: 808-973-9446

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI USA: DCCA NEWS RELEASE: DCCA ISSUES CONSUMER ALERT ON 23ANDME BANKRUPTCY AND CONSUMER RIGHTS TO PROTECT GENETIC DATA

    Source: US State of Hawaii

    DCCA NEWS RELEASE: DCCA ISSUES CONSUMER ALERT ON 23ANDME BANKRUPTCY AND CONSUMER RIGHTS TO PROTECT GENETIC DATA

    Posted on Mar 27, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA

    OFFICE OF CONSUMER PROTECTION

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    NADINE Y. ANDO

    DIRECTOR

    KA LUNA HOʻOKELE

    MANA MORIARTY

    EXECUTIVE DIRECTOR    

         DCCA ISSUES CONSUMER ALERT ON 23ANDME BANKRUPTCY AND CONSUMER RIGHTS TO PROTECT GENETIC DATA

     

    FOR IMMEDIATE RELEASE

    March 27, 2025

    HONOLULU — The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA) is issuing a consumer alert regarding the recent bankruptcy filing of the company 23andMe. DCCA’s Office of Consumer Protection advises Hawai‘i consumers to manage their sensitive information carefully and offers guidance on how to delete or control access to their genetic information stored with the company.

     

    23andMe, a direct-to-consumer genetic testing company, announced its bankruptcy filing on March 23, 2025. In its press release, the company stated it intends to “commence a process to sell substantially all of its assets,” while continuing to operate “in the ordinary course throughout the sale process.” Currently, the company has stated there are no planned changes to how it stores, manages, or protects customer data. However, the bankruptcy raises the risk that 23andMe may attempt to sell customers’ genetic data and other private information as part of the bankruptcy proceedings.

    Hawai‘i consumers should be aware of the procedures to delete or withdraw consent for the use of their genetic data. Those who wish to delete their genetic data from 23andMe or revoke permission for their DNA samples to be used in research can follow these simple steps:

    How to Delete Genetic Data from 23andMe:

    1. Sign in to your 23andMe account at www.23andme.com.
    2. Navigate to the “Settings” section of your profile.
    3. Scroll down to the “23andMe Data” section at the bottom of the page.
    4. Click “View” next to the “23andMe Data” heading.
    5. If you would like to keep a copy of your genetic data, download your data before continuing.
    6. Locate the option to delete your data.
    7. Select “Permanently Delete Data.”
    8. Check your email for a confirmation link and follow the instructions to complete the deletion process.

     

    How to Destroy Your 23andMe Test Sample:

    If you allowed 23andMe to store your saliva sample and DNA but now wish to opt out, you can update your preferences on your account page under the “Preferences” section.

     

    How to Revoke Permission for Your Genetic Data to be Used in Research:

    If you previously consented to allowing 23andMe and third-party researchers to use your genetic data for research purposes, you can withdraw your consent by visiting the “Research and Product Consents” section of your account settings.

    “Consumers can demand the removal and destruction of their genetic data from 23andMe,” stated OCP Executive Director Mana Moriarty. “The Office of Consumer Protection encourages all 23andMe customers to take action to safeguard their sensitive data against misuse or unauthorized exposure, which can lead to severe consequences such as identity theft and compromised privacy.”

    By taking these actions, Hawai‘i consumers can take control of their genetic information and better protect their privacy. The DCCA is committed to ensuring the safety and privacy of Hawai‘i residents and will continue to monitor this issue.

    For more information on Hawai‘i consumer protection laws and issues, please visit the official DCCA website at https://hdcca.hawaii.gov/s/.

    ###

    Media Contact:

    Communications Office
    Department of Commerce and Consumer Affairs

    Phone: 808-586-2760
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI USA: Office of the Governor — News Release — Governor Green Makes Key Announcements for Water Resource Management and the Judiciary

    Source: US State of Hawaii

    Office of the Governor — News Release — Governor Green Makes Key Announcements for Water Resource Management and the Judiciary

    Posted on Mar 27, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI 
    KA MOKU ʻĀINA O HAWAIʻI 

    JOSH GREEN, M.D. 
    GOVERNOR
    KE KIAʻĀINA 

    GOVERNOR GREEN MAKES KEY ANNOUNCEMENTS FOR WATER RESOURCE MANAGEMENT AND THE JUDICIARY

    FOR IMMEDIATE RELEASE
    March 27, 2025

    HONOLULU — Governor Josh Green, M.D., has appointed Hannah Kihalani Springer to the Commission on Water Resource Management (CWRM), effective immediately.

    Springer will serve through June 30, 2028, pending confirmation by the Hawaiʻi State Senate. She has been appointed to the Loea seat on the commission, which is reserved for a member with substantial experience or expertise in traditional Hawaiian water resource management techniques and in traditional Hawaiian riparian usage.

    A kamaʻāina of Kaʻūpūlehu in North Kona, Springer has served on numerous advisory councils, nonprofit boards and state commissions focused on environmental protection, cultural heritage and community-based resource management. She previously served as a member of both the Hawaiʻi County Planning Commission and the Public Access, Open Space and Natural Resources Preservation Commission, as well as the Board of Trustees for the Office of Hawaiian Affairs. Her leadership spans organizations such as the Akaka Foundation for Tropical Forests, Kuaʻāina Ulu ʻAuamo and the Kaʻūpūlehu Marine Life Advisory Committee. Through her work, Springer has championed the integration of traditional knowledge and community voices into decisions affecting Hawaiʻi’s land and water.

    “Hannah Springer’s lifelong commitment to ʻāina stewardship, cultural wisdom and public service makes her an invaluable addition to the Commission on Water Resource Management,” said Governor Green. “Her perspective will help ensure that our approach to managing water resources reflects the values and priorities of Hawaiʻi’s people and places. I am proud to appoint her to this important role.”

    Springer expressed humility and enthusiasm upon learning of the appointment. “If confirmed, I look forward to bringing the sensibility of a kamaʻāina of a water-scarce and fire-prone region, to the work of the commission,” she said.

    In his newest Judicial selection, Governor Green has nominated Kauanoe A. D. Jackson to serve as a Circuit Court Judge in the Circuit Court of the Third Circuit (island of Hawaiʻi) for a term of 10 years, in accordance with Article VI, Section 3 of the Hawaiʻi State Constitution. The nomination is subject to Senate confirmation.

    Jackson currently serves as the Supervising Deputy Prosecuting Attorney in the Hawaiʻi County Office of the Prosecuting Attorney – West Hawaiʻi office, where she oversees felony prosecutions, supervises attorneys and staff and contributes to administrative leadership. Since joining the office in 2007, she has served in progressively senior roles, including as Circuit Court Co-Supervising Deputy and as a lead prosecutor in several high-profile felony trials. Her 18-year legal career also includes specialized assignments in narcotics and traffic safety, reflecting both breadth and depth in criminal law.

    “Kauanoe Jackson’s extensive courtroom experience, steady leadership and unwavering commitment to public safety and justice make her exceptionally qualified to serve on the bench,” said Governor Green. “Her deep understanding of Hawaiʻi Island’s communities and legal landscape will be a tremendous asset to the Third Circuit.”

    “I am deeply honored by Governor Green’s nomination and grateful for the opportunity to continue serving our community in this new capacity. I look forward to upholding justice with fairness, integrity and a steadfast commitment to the people of Hawai‘i Island.”

    A photo of CWRM Loea appointee Springer can be found here.
    A photo of Judicial nominee Jackson can be found here.

    # # #

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Office: 808-586-0120
    Email: [email protected]

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI: ARB IOT Group Limited Unveils Cutting-Edge Smart AI Robot to Revolutionize Fertilization in Agriculture

    Source: GlobeNewswire (MIL-OSI)

    Kuala Lumpur, Malaysia, March 27, 2025 (GLOBE NEWSWIRE) — ARB IOT Group Limited (“ARB IOT” or the “Company”) (NASDAQ: ARBB) has unveiled its AI-powered fertilizer system that seamlessly integrates the intelligent multi-functional agricultural robot (“Smart AI Robot”). This innovation is set to revolutionize modern farming by optimising fertilisation processes, enhancing crop yield, and promoting sustainable farming. This advanced AI-powered robot represents a significant leap forward in precision agriculture.

    The Smart AI Robot features unmanned field operations, modular design, all-terrain capability, centimetre-level positioning, ultra-long endurance, quick-replaceable battery, and precise operation, among others. It can be widely used in various types of plants such as palm oil, durian, lychee, mango, citrus, and orchards to realize unmanned spraying, mowing, fertilizing and delivery. The Company’s AI-powered fertilizer system will contribute to the materialization of a new mode of environmentally friendly agriculture production, through a series of new energy unmanned robotics and a big data platform that carry out intelligent and standardized management of various types of agricultural plants with fully automated fertilization, pesticide application, diagnostic scanning of plant and fruit conditions, and soil NPK (nitrogen, phosphorus, potassium) measurement.

    It is estimated that by 2027, approximately 35% of Malaysia’s oil palm land will be overaged. Currently, only approximately 17% of such land has trees in the optimal four to eight-year range where motorised cutters could be effective—though their performance remains inconsistent. In Sabah and Sarawak, which account for approximately 55% of Malaysia’s oil palm areas, the terrain is dominated by steep hills and vast peatlands.

    The Company’s AI-powered fertilizer system utilizes cutting-edge machine learning algorithms and real-time soil data analysis to determine the precise amount of fertilizer needed for each section of farmland. When paired with the Smart AI Robot, the system is able to automate fertilizer application, minimize waste, maximize crop yield, and reduce environmental impact.

    “Traditional farming methods often rely on manual labor and generic fertilizer application, leading to inefficiencies and excessive resource consumption. By integrating AI and automation, our Smart AI Robot empowers farmers with more efficient and sustainable farming practices. This technology is a major step towards addressing global food security and environmental challenges” said Dato’ Sri Liew Kok Leong, CEO of ARB IOT. “With our AI-driven solution, farmers can now achieve precision farming at an unprecedented scale, ensuring optimal nutrient distribution tailored to specific crop and soil conditions.”

    Key benefits of the integrated Smart AI Robot include:

    • Precision Application: AI-driven data analytics ensure targeted fertilizer distribution, reducing overuse and underuse.
    • Automation and Efficiency: The autonomous agricultural robot reduces the need for manual labor, operating seamlessly across vast farmlands.
    • Sustainability: By minimizing fertilizer runoff and optimizing nutrient absorption, the system supports eco-friendly farming practices.
    • Cost Reduction: The conversion of solid fertilizers to liquid form leads to cost savings by reducing waste and improving absorption efficiency.
    • Real-time Monitoring: The AI system continuously collects and analyzes soil health and crop growth data, allowing for timely adjustments.

    The convergence of IoT technology with our smart farming system enables real-time monitoring through strategically placed sensors across plantations. These sensors capture data on soil moisture, temperature, humidity and other key environmental factors, providing farmers with instant insights via a central digital hub. This empowers them to make data-driven decisions, respond proactively to environmental changes and optimize farm productivity.

    With a focus on AI-driven advancements, we aim to drive progress in precision agriculture worldwide.

    About ARB IOT Group Limited

    ARB IOT Group Limited is a provider of complete solutions to clients for the integration of Internet of Things (IoT) systems and devices from designing to project deployment. We offer a wide range of IoT systems as well as provide customers a substantial range of services such as system integration and system support service. We deliver holistic solutions with full turnkey deployment from designing, installation, testing, pre-commissioning, and commissioning of various IoT systems and devices as well as integration of automated systems, including installation of wire and wireless and mechatronic works.

    Safe Harbor Statement

    This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, 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. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward looking statements, other than as required by applicable law.

    For further information, please contact:
    ARB IOT Group Limited
    Investor Relations Department
    Email: contact@arbiotgroup.com

    The MIL Network –

  • MIL-OSI: Gevo Reports Fourth Quarter 2024 Financial Results and Reaffirms Business Update

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., March 27, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leading developer of cost effective, renewable hydrocarbon fuels and chemicals with reduced greenhouse gas emissions, today announced financial results for the fourth quarter and full year ended December 31, 2024, and reaffirmed the Business Update that was released on March 7, 2025 (the “Business Update”), which is available on our website at https://investors.gevo.com/news-releases/news-release-details/gevo-provides-business-update-1.

    2024 Fourth Quarter Financial Highlights

    • Ended the fourth quarter with cash, cash equivalents and restricted cash of $259.0 million.
    • Combined operating revenue and investment income was $8.9 million and $32.7 million for the fourth quarter and full year 2024, respectively.
      • On a standalone basis, our RNG subsidiary generated revenue of $15.8 million during the year ended December 31, 2024. This reflects an increase of $0.3 million compared to the previous year, primarily due to higher sales of environmental attributes from our RNG project. We expect a lower CI score in anticipation of receiving the final pathway approval under the LCFS Program, which is anticipated in the first quarter of 2025. 
    • Loss from operations of $19.6 million for the fourth quarter.
    • Non-GAAP adjusted EBITDA loss1 of $11.3 million for the fourth quarter.
    • Sale of environment attributes net of $5.4 million for the fourth quarter.
    • RNG subsidiary generated a loss from operations of $3.5 million, and non-GAAP adjusted EBITDA profit1 of $2.7 million for the fourth quarter.
    • Net loss per share of $.08 for the fourth quarter.

    1        Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses for shared service functions, and non-cash stock-based compensation to GAAP loss from operations. A reconciliation of adjusted EBITDA to GAAP loss from operations is provided in the financial statement tables following this release. Adjusted EBITDA was referred to as “cash EBITDA” in previous periods.

    2024 Fourth Quarter Financial Results

    Operating revenue. During 2024, operating revenue decreased $0.3 million compared to the prior year, primarily due to lower sales of environmental attributes from our RNG project. This is due to a buildup of environmental attribute inventory in anticipation of receiving the final pathway approval under the LCFS Program, which we expect to result in a lower CI score. The approval is anticipated in the first quarter of 2025. During 2024, we sold 366,557 MMBtu of RNG from our RNG project, resulting in biogas commodity sales of $0.7 million and environmental attribute sales of $15.1 million. Additionally, we recognized $0.8 million of licensing and development revenue from the agreement with LG Chem as well as $0.3 million from the sale of isooctane and software services during 2024.

    Cost of production. Cost of production remained consistent during 2024, compared to the prior year.

    Depreciation and amortization. Depreciation and amortization, which includes depreciation and amortization which was allocated to inventory and is included in depreciation and amortization upon the sale of the associated inventory, decreased $0.7 million during 2024, compared to the prior year, primarily due to the timing of sales of environmental attribute inventory.

    Research and development expense. Research and development expense decreased $1.1 million during 2024, compared to the prior year, primarily due to a reduction of consulting expenses and personnel related costs.

    General and administrative expense. General and administrative expense increased $3.2 million during 2024 compared to the prior year, primarily due to increases in personnel costs related to the hiring of highly qualified and skilled professionals, and professional consulting fees, partially offset by a decrease in stock-based compensation.

    Project development costs. Project development costs are related to our future Alcohol-to-Jet Projects and Verity and consist primarily of employee expenses, preliminary engineering costs, and technical consulting costs. Project development costs increased $3.4 million during 2024, compared to the prior year, primarily due to patent related costs, increases in personnel costs, and consulting fees.

    Acquisition related costs. Certain acquisition costs incurred related to the Red Trail Purchase Agreement during the year ended December 31, 2024.

    Facility idling costs. Facility idling costs are related to care and maintenance of our Luverne Facility. Facility idling costs decreased by $1.1 million during 2024, compared to the prior year.

    Loss from operations. The Company’s loss from operations increased by $9.0 million during the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to the increase in costs related to acquisitions, general and administrative expenses, and project development costs.

    Interest expense. Interest expense increased by $1.7 million during 2024 compared to the prior year, primarily due to interest on the Remarketed Bonds.

    Interest and investment income. Interest and investment income decreased $3.4 million during 2024, compared to the prior year, primarily due to the usage of cash for our capital projects and operating costs, resulting in a lower balance of cash equivalent investments during 2024.

    Other income. Other income increased $1.6 million during 2024, compared to the prior year, primarily due to the termination of the expediting procurement agreement with a local utility which resulted in a one-time charge of $1.6 million in 2023.

    Webcast and Conference Call Information

    Hosting today’s conference call at 4:30 p.m. ET will be Dr. Patrick R. Gruber, Chief Executive Officer, L. Lynn Smull, Chief Financial Officer, Dr. Paul Bloom, Chief Business Officer and Dr. Eric Frey, Vice President of Corporate Development. They will review Gevo’s financial results and provide an update on recent corporate highlights.

    To participate in the live call, please register through the following event weblink: https://register.vevent.com/register/BIfe02700a31384d12946e60bf35964cb8. After registering, participants will be provided with a dial-in number and pin.

    To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/h9wkbjf5.

    A webcast replay will be available two hours after the conference call ends on March 27, 2025. The archived webcast will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

    About Gevo

    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent CCS facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty ATJ fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Forward-Looking Statements

    Certain statements in this press release and the Business Update may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, the financing and the timing of our NZ1 project, the agreement with LG Chem, the DOE loan guarantee process, the Red Trail Energy acquisition and timing of its closing, the successful integration of the CultivateAI acquisition, the success and revenue of Verity, the success of our ETO business, our financial condition, our results of operation and liquidity, our business plans, our business development activities, our Alcohol-to-Jet Projects, financial projections related to our business, our RNG project, our fuel sales agreements, our plans to develop our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, the ability of our products to contribute to lower greenhouse gas emissions, particulate and sulfur pollution, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Non-GAAP Financial Information

    This press release contains a financial measure that does not comply with U.S. generally accepted accounting principles (“GAAP”), including non-GAAP adjusted EBITDA. Non-GAAP adjusted EBITDA excludes depreciation and amortization, allocated intercompany expenses for shared service functions, and non-cash stock-based compensation from GAAP loss from operations. Management believes this measure is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial measure also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial measure is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.

    Gevo, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands, except share and per share amounts)
                 
        December 31, 2024      December 31, 2023
    Assets              
    Current assets              
    Cash and cash equivalents   $ 189,389     $ 298,349  
    Restricted cash     1,489       77,248  
    Trade accounts receivable, net     2,411       2,623  
    Inventories     4,502       3,809  
    Prepaid expenses and other current assets     5,920       4,353  
    Total current assets     203,711       386,382  
    Property, plant and equipment, net     221,642       211,563  
    Restricted cash     68,155       —  
    Operating right-of-use assets     1,064       1,324  
    Finance right-of-use assets     1,877       210  
    Intangible assets, net     8,129       6,524  
    Goodwill     3,740       —  
    Deposits and other assets     75,623       44,319  
    Total assets   $ 583,941     $ 650,322  
    Liabilities              
    Current liabilities              
    Accounts payable and accrued liabilities   $ 22,006     $ 22,752  
    Operating lease liabilities     333       532  
    Finance lease liabilities     2,001       45  
    Loans payable     21       130  
    2021 Bonds payable, net     —       67,967  
    Total current liabilities     24,361       91,426  
    Remarketed Bonds payable, net     67,109       —  
    Loans payable     —       21  
    Operating lease liabilities     966       1,299  
    Finance lease liabilities     187       187  
    Other long-term liabilities     1,830       —  
    Total liabilities     94,453       92,933  
    Commitments and Contingencies              
    Stockholders’ Equity              
    Common stock, $0.01 par value per share; 500,000,000 shares authorized; 239,176,293 and 240,499,833 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively.     2,392       2,405  
    Additional paid-in capital     1,287,333       1,276,581  
    Accumulated deficit     (800,237 )     (721,597 )
    Total stockholders’ equity     489,488       557,389  
    Total liabilities and stockholders’ equity   $ 583,941     $ 650,322  
    Gevo, Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except share and per share amounts)
                 
           Year Ended December 31, 
           2024        2023  
    Total operating revenues   $ 16,915     $ 17,200  
    Operating expenses:              
    Cost of production     12,002       11,991  
    Depreciation and amortization     18,298       19,007  
    Research and development expense     5,576       6,637  
    General and administrative expense     45,798       42,628  
    Project development costs     18,166       14,732  
    Acquisition related costs     4,932       —  
    Facility idling costs     2,967       4,040  
    Total operating expenses     107,739       99,035  
    Loss from operations     (90,824 )     (81,835 )
    Other income (expense)              
    Interest expense     (3,879 )     (2,161 )
    Interest and investment income     15,740       19,090  
    Other income (expense), net     323       (1,309 )
    Total other income, net     12,184       15,620  
    Net loss   $ (78,640 )   $ (66,215 )
    Net loss per share – basic and diluted   $ (0.34 )   $ (0.28 )
    Weighted-average number of common shares outstanding – basic and diluted     231,674,716       238,687,621  
    Gevo, Inc.
    Condensed Consolidated Statements of Comprehensive Loss
    (In thousands)
                 
        Year Ended December 31, 
         2024        2023  
    Net loss   $ (78,640 )   $ (66,215 )
    Other comprehensive income:            
    Unrealized gain on available-for-sale securities     —       1,040  
    Comprehensive loss   $ (78,640 )   $ (65,175 )
    Gevo, Inc.
    Condensed Consolidated Statements of Stockholders’ Equity
    (In thousands, except share amounts)
                                       
        For the Year Ended December 31, 2024 and 2023
        Common Stock         Accumulated Other   Accumulated    Stockholders’
           Shares      Amount      Paid-In Capital      Comprehensive Loss      Deficit      Equity
    Balance, December 31, 2023      240,499,833        $ 2,405        $ 1,276,581        $ —        $ (721,597 )      $ 557,389  
    Non-cash stock-based compensation   —       —       14,847       —       —       14,847  
    Stock-based awards and related share issuances, net   5,784,668       58       495       —       —       553  
    Repurchase of common stock   (7,190,006 )     (72 )     (4,638 )     —       —       (4,710 )
    Issuance of common stock upon exercise of warrants   81,798       1       48       —       —       49  
    Net loss   —       —       —       —       (78,640 )     (78,640 )
    Balance, December 31, 2024   239,176,293     $ 2,392     $ 1,287,333     $ —     $ (800,237 )   $ 489,488  
                                       
    Balance, December 31, 2022      237,166,625        $ 2,372        $ 1,259,527        $ (1,040 )      $ (655,382 )      $ 605,477  
    Non-cash stock-based compensation   —       —       17,087       —       —       17,087  
    Stock-based awards and related share issuances, net   3,333,208       33       (33 )     —       —       —  
    Other comprehensive income   —       —       —       1,040       —       1,040  
    Net loss   —       —       —       —       (66,215 )     (66,215 )
    Balance, December 31, 2023   240,499,833     $ 2,405     $ 1,276,581     $ —     $ (721,597 )   $ 557,389  
    Gevo, Inc.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
                 
        Year Ended December 31, 
        2024        2023  
    Operating Activities                 
    Net loss   $ (78,640 )   $ (66,215 )
    Adjustments to reconcile net loss to net cash used in operating activities:              
    Stock-based compensation     14,733       17,087  
    Depreciation and amortization     18,298       19,007  
    Amortization of marketable securities discount     —       (102 )
    Other noncash expense     2,497       908  
    Changes in operating assets and liabilities, net of effects of acquisition:            
    Accounts receivable     417       (2,147 )
    Inventories     (706 )     670  
    Prepaid expenses and other current assets, deposits and other assets     (19,050 )     (25,620 )
    Accounts payable, accrued expenses and non-current liabilities     5,068       2,693  
    Net cash used in operating activities     (57,383 )     (53,719 )
    Investing Activities              
    Acquisitions of property, plant and equipment     (51,085 )     (54,455 )
    Proceeds from sale of investment tax credit     15,336       —  
    Payment of earnest money deposit     (10,000 )     —  
    Acquisition of CultivateAI, net of cash acquired     (6,070 )     —  
    Proceeds from maturity of marketable securities     —       168,550  
    Proceeds from sale of property, plant and equipment     —       34  
    Net cash (used in) provided by investing activities     (51,819 )     114,129  
    Financing Activities              
    Proceeds from issuance of Remarketed Bonds     68,155       —  
    Extinguishment of 2021 Bonds, net     (68,155 )     —  
    Payment of debt offering costs     (1,665 )     —  
    Proceeds from the exercise of warrants     49       —  
    Payment of loans payable     (130 )     (167 )
    Payment of finance lease liabilities     (906 )     (22 )
    Repurchases of common stock     (4,710 )     —  
    Net cash used in financing activities     (7,362 )     (189 )
    Net (decrease) increase in cash and cash equivalents     (116,564 )     60,221  
    Cash, cash equivalents and restricted cash at beginning of period     375,597       315,376  
    Cash, cash equivalents and restricted cash at end of period   $ 259,033     $ 375,597  
    Gevo, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (In thousands)
                             
           Three Months Ended December 31,       Year Ended December 31, 
           2024        2023        2024        2023  
    Non-GAAP Adjusted EBITDA (Consolidated):                            
    Loss from operations   $ (19,646 )   $ (21,337 )   $ (90,824 )   $ (81,835 )
    Depreciation and amortization     6,076       4,684       18,298       19,007  
    Stock-based compensation     2,248       4,335       14,733       17,087  
    Non-GAAP adjusted EBITDA (loss) (Consolidated)   $ (11,322 )   $ (12,318 )   $ (57,793 )   $ (45,741 )
                             
        Three Months Ended December 31,    Year Ended December 31, 
        2024     2023        2024     2023  
    Non-GAAP Adjusted EBITDA (Gevo NW Iowa RNG):                        
    Loss from operations   $ (3,497 )   $ (1,274 )   $ (8,760 )   $ (7,656 )
    Depreciation and amortization     5,233       1,606       8,580       6,705  
    Allocated intercompany expenses for shared service functions     890       890       3,561       3,561  
    Stock-based compensation     46       42       171       102  
    Non-GAAP adjusted EBITDA (Gevo NW Iowa RNG)   $ 2,672     $ 1,264     $ 3,552     $ 2,712  

    Media Contact
    Heather Manuel
    Vice President of Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Corporate Development
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI Video: Happy Birthday Radio Davos! What we learned from 5 years of Forum podcasts

    Source: World Economic Forum (video statements)

    Radio Davos is 5 years old – and a lot has happened in that time – the end of COVID, the dawn of gen-AI, geopolitical upheaval. We look back on highlights from the Forum’s weekly podcast that looks for solutions to the world’s biggest challenges.

    This episode includes clips from the very first episode, and interviews with actor Matt Damon on getting water to the poorest; musician Nile Rodgers on generative AI; and an astronaut speaking to us from space. Episodes featured:

    World Water Day with Matt Damon and Gary White: https://www.weforum.org/podcasts/radio-davos/episodes/world-water-day-with-matt-damon-and-gary-white/

    Space – how advances up there can help life down here: https://www.weforum.org/podcasts/radio-davos/episodes/space-how-advances-up-there-can-help-life-down-here/

    Don’t Look Up: https://www.weforum.org/podcasts/radio-davos/episodes/dont-look-up/

    In the age of the ‘manosphere’, what’s the future for feminism? With Jude Kelly of the WOW Festival: https://www.weforum.org/podcasts/radio-davos/episodes/jude-kelly-wow-foundation/

    The promises and perils of AI – Stuart Russell on Radio Davos: https://www.weforum.org/podcasts/radio-davos/episodes/ai-stuart-russell/

    AI vs Art: Will AI rip the soul out of music, movies and art, or help express our humanity?: https://www.weforum.org/podcasts/radio-davos/episodes/ai-vs-art-nile-rodgers-hollywood/

    Check out all our podcasts on wef.ch/podcasts:  YouTube: – https://www.youtube.com/@wef/podcasts Radio Davos – subscribe: https://pod.link/1504682164 Meet the Leader – subscribe: https://pod.link/1534915560 Agenda Dialogues – subscribe: https://pod.link/1574956552 Join the World Economic Forum Podcast Club: https://www.facebook.com/groups/wefpodcastclub
       

    https://www.youtube.com/watch?v=ILn_pvU5APM

    MIL OSI Video –

  • MIL-OSI Russia: Dmitry Chernyshenko: State funding distributed to leading engineering schools of the second wave

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Universities participating in the second wave of the Advanced Engineering Schools project reported on the work done over the year. All 20 schools created at the end of 2023 remained in the project. Based on the results of their defenses, they will receive funding from the federal budget in the amount of more than 4 billion rubles.

    “Advanced engineering schools, in close cooperation with partner companies, make an important contribution to the training of highly qualified engineering personnel and the creation of developments to achieve technological leadership – the national goal set by President Vladimir Putin. In our country, the development of advanced engineering schools is carried out within the framework of the national project “Youth and Children”. In total, there are currently 50 advanced engineering schools in 23 regions. By 2030, on the instructions of the head of state, their number should be increased to 100. Based on the results of the defenses, 20 Russian universities, on the basis of which advanced engineering schools were opened, will receive more than 4 billion rubles in 2025,” said Deputy Prime Minister Dmitry Chernyshenko.

    The head of the Ministry of Education and Science, Valery Falkov, noted that the project “Advanced Engineering Schools” found a great response from representatives of the real sector of the economy.

    “If at the start of the implementation of our flagship project, the schools had about 80 industrial partners, now their number has increased by 3.5 times – now there are more than 280. Among the partners of advanced schools in different regions of the country are such large companies as, for example, Rosatom, Roscosmos, Rostec, Sibur Holding, Gazprom Neft. It is important that business does not just finance the development programs of advanced engineering schools, it participates in the development of educational programs, organizes internships for students, sends specialists as mentors to universities and facilitates the employment of students,” the minister emphasized.

    In 2024, leading engineering schools managed to attract 1.2 rubles from extra-budgetary sources for every budget ruble. This year, schools plan to raise the bar.

    The reports on the implementation of the development programs of the PIS are assessed by the Council for the Review of Issues and Coordination of Activities of Advanced Engineering Schools according to a number of criteria, including the ambitiousness of the goals and the results of their implementation (including compliance with the Strategy for Scientific and Technological Development of Russia), work with high-tech companies and the amount of funds that enterprises have invested in the school.

    Participants of the Advanced Engineering Schools project of the second selection wave are divided into three groups. Thus, schools from the first group have been allocated 311.8 million rubles for 2025. Participants of the second group – 210.1 million rubles. The third group – 88.1 million rubles.

    The first group consists of:

    — National Research University “Moscow Institute of Electronic Technology”,

    — Almetyevsk State Technological University “Higher School of Oil”,

    — Kazan National Research Technical University named after A.N. Tupolev – KAI,

    — MIREA – Russian Technological University,

    — Rybinsk State Aviation Technical University named after P.A.Soloviev.

    Composition of the second group:

    — South Ural State University (National Research University),

    — Togliatti State University,

    — Saint Petersburg State University,

    — Grozny State Oil Technical University named after Academician M.D. Millionshchikov,

    — Tula State University,

    — Russian University of Transport,

    — Saint Petersburg State Electrotechnical University “LETI” named after V.I. Ulyanov (Lenin),

    — Ulyanovsk State University,

    — Moscow State University named after. M.V. Lomonosov,

    — Emperor Alexander I St. Petersburg State University of Railway Engineering.

    Composition of the third group:

    — Cherepovets State University,

    — Sakhalin State University,

    — Voronezh State University,

    — Omsk State Technical University,

    — Moscow State Technological University “Stankin”.

    The first wave (30 PISs created in 2022) will report on their activities in April and continue to operate using funds from industrial partners.

    The Advanced Engineering Schools project was developed by the Ministry of Education and Science as one of 42 strategic initiatives approved by the Government and was part of the state program “Scientific and Technological Development of the Russian Federation”. As part of the implementation of the Decree of the President of Russia dated May 7, 2024 No. 309 “On the national development goals of the Russian Federation for the period up to 2030 and for the future up to 2036”, since 2025 the continuity of the activities of the PISH project was ensured by including them in the federal project “Universities for the Generation of Leaders” of the national project “Youth and Children”.

    The goal of the project is to train highly qualified engineering personnel capable of ensuring the country’s achievement of technological sovereignty.

    In 2024, 6,000 people studied in 50 advanced engineering schools, more than 1,500 students completed practical training and internships, more than 13,500 engineers and more than 14,000 teachers improved their qualifications. More than 1,200 new educational programs for advanced training of engineering personnel were developed, more than 400 special educational spaces equipped with modern equipment were created. 81 thousand schoolchildren took part in the activities of the PISH.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-Evening Report: Reliable science takes time. But the current system rewards speed

    Source: The Conversation (Au and NZ) – By Jason Chin, Senior Lecturer, College of Law, Australian National University

    P.Cartwright/Shutterstock

    Lately, there have been many headlines on scientific fraud and journal article retractions. If this trend continues, it represents a serious threat to public trust in science.

    One way to tackle this problem – and ensure public trust in science remains high – may be to slow it down. We sometimes refer to this philosophy as “slow science”. Akin to the slow food movement, slow science prioritises quality over speed and seeks to buck incentive structures that promote mass production.

    Slow science may not represent an obvious way to improve science because we often equate science with progress, and slowing down progress does not sound very appealing. However, progress is not just about speed, but about basing important societal decisions on strong scientific foundations. And this takes time.

    Unfortunately, the pressures and incentives modern scientists face are almost universally against slow science. Secure, permanent university jobs are scarce, and with budget cuts, this appears to be getting worse.

    As a result, the pressure to publish has never been higher. Indeed, in my yearly performance meetings, I am asked how many articles I’ve published and what is the status of the journals I published in. I am not asked how robust my methods are and how discerning my peer reviewers were.

    The problems with fast science

    Our current “fast science” approach has produced a host of problems.

    Much as with fast food, scientists are incentivised to produce as much science as possible in as little time as possible. This can mean cutting corners. We know, for instance, that larger samples lead to more trustworthy results because they are more likely to be representative of the relevant population. However, collecting large samples takes time and resources.

    Fast science is also associated with gaming the system. As a hypothetical example, an educational scientist might collect data to find evidence for their theory that a new teaching style promotes better learning. Then, they look at the data and realise the intervention did not quite improve learning. But if you squint at it, there might be a trend if you drop a couple of pesky outliers that didn’t see a benefit. So, they do just that.

    This an example of what’s known as a “questionable research practice”, because it’s not considered outright fraud by conventional standards. Surveys in many fields suggest these practices are widespread, with about 50% of scientists saying they have engaged in them at least once.

    Fast science is also associated with more obviously unethical practices.

    Reports of fabricated data are likely due, in part, to scientists trying to publish as quickly as possible. An industry has even sprung up around scientific fraud – what are known as “paper mills”. These organisations produce articles around fabricated data and then sell authorship to those papers.

    Surveys have shown about 50% of scientists have engaged in questionable research practices such as slightly tweaking research data.
    National Cancer Institute/Unsplash

    Why trustworthy science takes time

    So, what does slow science look like and how can it help?

    The late English statistician Douglas Altman provided one of the most famous descriptions of the slow science mantra: “We need less research, better research, and research done for the right reasons”.

    In many ways, it is the opposite of fast science: large samples and careful, well-documented, transparent practices.

    Recall the hypothetical example of the scientists testing a new education practice. Rather than immediately jumping into data collection, the slow practice would be to first write a “registered report”. In other words, scientists would write out their theory and how they propose to test that theory, and send that out for peer review prior to collecting data.

    The journal would then follow the normal process of soliciting peer reviews and allowing the scientists to revise their report in response to those reviews. Then, the authors would collect data, with publication in the journal being assured as long as they follow the agreed upon methods.

    There are two major benefits to registered reports: it allows for peer feedback while it is still possible to improve the study and it removes an incentive to engage in questionable or fraudulent practices. Using the registered report format can take longer. But it is associated with more credible findings.

    Two other slow practices worth mentioning are conducting research in a way that is reproducible and correcting errors in the existing body of research.

    In theory, all science should be reproducible. That is, scientists should share their methods and data such that other scientists can both verify that work and build on it (developing new recipes, to continue the analogy to slow food).

    Similarly, cleaning up the scientific record is incredibly important. For the same reasons that chef Gordon Ramsay likes to a clean a kitchen out before improving it, science needs to get a handle on what existing findings are reliable before we can build on them.

    This means carefully going through existing publications to find studies that show indications of being fabricated or otherwise unreliable. This sleuthing is rare among university scientists because it does not typically result in publications. But it is highly important.

    Slow science is the opposite of fast science: large samples and careful, well-documented, transparent practices.
    National Cancer Institute/Unsplash

    Slow science is slowly gaining steam

    Currently, it requires bravery to engage in slow science.

    Universities are keen to move up the university rankings lists. Those rankings are driven by publishing. So, universities hire, promote and retain their scientists based on their publications. This makes it risky to slow down.

    There are, however, some reasons to hope. Movements are afoot to redefine research quality to take into account more aspects of slow science.

    The Declaration on Research Assessment is a worldwide initiative to move away from ranking systems that ignore the principles of slow science.

    Grassroots organisations are also creating platforms for more open and exacting peer review.

    And advocates for more careful research practices have recently been appointed to important positions, such as with research funders and academic journals.

    These developments are worth following and building upon because society does not need heaps of low-quality science. It needs science that deserves trust.

    Jason Chin is affiliated with the Association for Interdisciplinary Metaresearch and Open Science (AIMOS), a charity that promotes the study and improvement of research methods. AIMOS is a co-founder of the open peer-review platform, MetaROR.

    – ref. Reliable science takes time. But the current system rewards speed – https://theconversation.com/reliable-science-takes-time-but-the-current-system-rewards-speed-249497

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Massive boost to innovation in South East Queensland

    Source: Workplace Gender Equality Agency

    Over $200 million in funding contributed by the Albanese and Crisafulli Governments and industry partners will help South East Queensland become a leading innovator in health and biotech, through the South East Queensland Innovation Economy Fund.

    The Fund has awarded eight successful projects $94 million in joint Government funding, with industry leaders across critical sectors co-contributing over $122 million. This partnership between governments and industry will unlock $217 million worth of investments across South East Queensland.

    Successful projects include:

    • A $25 million grant to establish the Health and Advanced Technology Research and Innovation Centre (HATRIC) at the Gold Coast will build on the region’s leadership in biomedicine, biotechnology and additive manufacturing.
    • Bringing together Griffith University, neighbouring hospitals and medical institutes, the project will leverage another $75 million from partners to expand the cutting-edge Gold Coast Health and Knowledge Precinct. It already employs more than 14,000 people, and is home to innovation such as the world’s first artificial rotary heart.
    • An Australian-first biomedical scale-up and manufacturing facility will be established at the Bogo Road Innovation Precinct, thanks to $3 million in funding. The new Hub will support start-ups to develop innovative medical products, manufacture them on site and undertake clinical trials, positioning Brisbane to become leaders in bio-manufacturing. 
    • A $25 million grant awarded to the AATLIS Innovation Precinct Industry Biotechnology Centre (IBC) to bring together start-ups and industry leaders to establish Australia’s first vertically-integrated biotechnological facility to support the rapid design, building and testing of new solutions for the agriculture sector.
    • The University of Sunshine Coast Innovation Centre will be upgraded with five new specialist innovation labs to boost jobs and accelerate the local economy, thanks to a nearly $3 million investment. It includes a new Digital Health Productivity Lab, which will harness technology to advance innovation in the aged care sector and improve patient experience.

    Quotes attributable to Federal Minister for Cities Jenny McAllister:

    “The Albanese Government is building Australia’s future by backing Queensland innovation.

    “By bringing together the expertise of universities, research institutes and industry, we can boost innovation, and create local jobs.

    “It’s terrific to see investment in biotech that will not just improve health outcomes but also provide opportunities to build our economic future by leveraging world class research.

    Quotes attributable to Queensland Minister for Science and Innovation Andrew Powell:

    “Queensland Government is dedicated to investing in a thriving innovation ecosystem in South East Queensland.

    “Strategic investment in world-class innovation precincts will drive the creation of high value knowledge-intensive jobs that will propel South East Queensland into a new era of prosperity.

    “These precincts are the incubators for solutions to the region’s most pressing social and economic challenges.”

    Further information:

    SEQ Innovation Economy Fund successful applicants:

    Applicant Location Joint Commonwealth and Queensland Funding Project description
    Therapeutic Innovation Australia Limited Boggo Road Innovation Precinct, Brisbane $3 million Establishing the Bioproduction Hub (PM1) for multi modal therapeutics Phase 1 manufacturing at TRI. This Australian-first facility will enable production of biologics, vaccines, radiopharmaceuticals and mRNA therapeutics to support first-in-human clinical trials. The integration of specialist therapeutic manufacturing capability, quality control and regulatory expertise aims to streamline and fast-track the pathway from discovery science to clinical evaluation.
    Translational 
    Research Institute    		 Boggo Road Innovation Precinct, Dutton Park $6,807,251

    This project will supercharge the Translational Manufacturing (TM@TRI) project and in turn supercharge the Boggo Road Innovation

    Precinct, accelerating the impact of this critical infrastructure.
    Southern RNA LNP-mRNA-Enable Project (LEAP): Driving LNP-mRNA Therapeutics to Clinical Trials $2,777,667

    The LNP-mRNA-Enable project aims to supercharge Queensland’s biomedical sector by building infrastructure and capacity that will unlock Queensland’s ability to locally translate and produce mRNA therapeutics. Led by Southern RNA and supported by research and industry partners in the field, the project will specifically develop capability around the development and manufacturing of Lipid

    Nanoparticle-mRNA, a vital step in the production and delivery of mRNA.
    Witmack Industrial AATLIS Innovation Precinct Industry Biotechnology Centre (IBC), Toowoomba $25,000,000

    The AATLIS Innovation Precinct Industry Biotechnology Centre (IBC) is a groundbreaking $50m initiative to establish Australia’s first vertically integrated biotechnological facility for distribution, sales, logistics, R&D, and toll manufacturing.

    This “One Stop Shop” will integrate AI-driven research and world-class technology with best-practice manufacturing capabilities and global end-users to strengthen supply chain security, advance environmentally conscious practices like reducing synthetic chemical use, and boost economic growth and export opportunities.

     
    University of Queensland

    Queensland Animal Science Precinct, Lockyer Valley

     

    		 $21,807,000 Queensland Animal Science Innovation Hub – a place animal producers, farmers and industry can test and trial, scale and commercialise new farming and biosecurity innovations which enhances food security and the supply of affordable and reliable meat and animal products to Queensland and the world.

    University of the Sunshine Coast

     

    		 Innovation Centre Sunshine Coast, Sunshine Coast $2,724,431 Future Skills Lab – five future skills specialist innovation labs, delivered in partnership with industry, and equipped with the latest tools and resources that accelerate the design, prototyping and testing of cutting-edge digital innovations.
    Urban Utilities Luggage Point Innovation Precinct, Brisbane

    $7,670,811

    		 Luggage Point Innovation Precinct Expansion: Pioneering Sustainable Water Solutions for Green Industries. Creating new spaces for pilot projects, sampling and research; and innovation-enabling infrastructure that will drive development and commercialisation of innovative water-related products and technologies including accelerating recycled water innovation; encouraging the adoption of recycled water; addressing persistent contaminants; and enabling hydrogen production to develop novel products from biogas, biosolids and organic waste.
    Griffith University Gold Coast Health and Knowledge Precinct, Gold Coast $25 million Health and Advanced Technology Research and Innovation Centre (HATRIC), a partnership between Griffith University (GU) and Economic Development Queensland is a new building that will significantly boost and synthesise the precinct’s capabilities, creating a seamless interface between university R&D and commercialisation with industry partners. Innovations enabled through HATRIC may include spinal injury repair, new vaccines, rehabilitation equipment, artificial ligaments, customised bionics for limb loss, quantum technologies for sportstech and circular economy technologies in recycling medical waste and lithium-ion batteries.

    More information on the SEQ Innovation Economy Fund can be found at SEQ Innovation Economy Fund | Advance Queensland.

    MIL OSI News –