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  • MIL-OSI Economics: Asian Development Blog: As Nations Reshore, ASEAN Should Explore Trade, Digitalization and Connectivity

    Source: Asia Development Bank

    The Association of Southeast Asian Nations should leverage trade, tourism, and digitalization to foster economic resilience and sustainable growth amid global economic uncertainty.

    There is a growing sense that the global economy is moving towards a more competitive era as countries are reshoring. Many are bringing their supply chains back home to reduce risks from disruptions. Others are deploying tariffs and other barriers to advance their domestic agenda. 

    Issues around climate change and rivalry around frontier technology (artificial intelligence, big data, internet of things) are increasingly being discussed as issues of national security. 

    To address these issues, the 10 countries of the Association of Southeast Asian Nations (ASEAN) must work collectively to achieve their goals of a better economic future of their people and the protection of their national interest. A particular focus on trade, digitalization and connectivity is needed.

    Trade is likely to be focused on services, which covers cross-border transactions under finance, telecom, travel, transport and other business services, like professionals and consultancy services. Each of these plays an important role in ASEAN countries in terms of job creation and economic growth. Post-COVID-19, in the face of a slowdown in goods trade, trade in services showed positive momentum and even positioned ASEAN as a net exporter of services. 

    Travel services, particularly, hold promise for ASEAN as it underscores ASEAN’s attractiveness as a tourist destination. Hence, while aiming to deliver a competitive tourism sector, the ASEAN countries are expected to collectively work on tourism enablers like infrastructure, skills development, marketing promotion, product development and others to increase intra-regional travel in ASEAN, which currently constitutes more than 40% of ASEAN’s total international tourism, adding to the economic resilience of the region.

    The digital economy (including e-commerce, e-health, e-payments, customs automation) at the regional level is expected to grow from $300 billion to almost $1 trillion by 2030. This is reported to reach $2 trillion if the right kind of digital connectivity policies are put in place through regional cooperation. 

    Member countries should consider their collective actions as a regional public good, where benefits from greater trade, travel, digitalization, and connectivity will deliver on sustainable and resilient outcomes for people residing in the region.
     

    The Digital Economy Framework Agreement is a key element of this cooperation. It centers around digital standards, data flow, cybersecurity, digital trade, talent mobility and other digital public infrastructure. 

    Additional benefits from digital cooperation are expected through positive climate impact, creating $12-30 billion in social cost savings, enhancing resilience, creating new employment and improving accessibility of people to educational and healthcare resources. 

    Finally, connectivity that is both physical and institutional in nature is expected to serve the economic competitiveness of ASEAN countries, raising their capacity to engage better with bigger economies of Asia and elsewhere. Sustainable infrastructure – clean energy, low-carbon transport and improved energy efficiency for urban infrastructure – is gaining traction. 

    Combining this with greater cooperation around digitalization, seamless cross-border logistics and supply chains, facilitating the cross-border movement of goods, services and people will safeguard the environment and foster resilience of the countries in the region. 

    The collective thinking about sustainable infrastructure is helpful for ASEAN member countries that have committed to the Paris Agreement and have submitted their Nationally Determined Contributions targeting net zero carbon dioxide (CO2) emissions by 2050 and net zero greenhouse gas emissions by 2065, to limit temperature increases of no more than 1.5°C.

    It is opportune for ASEAN policymakers to think afresh on ways to work together. Although there are signs of economic fragmentation at a global level, there are also areas that require cross-border cooperation. 

    Economic independence has grown over time in the region. With emerging pressing issues of digitalization and climate change, mismanaged interdependence may result in costs and lead to economic setbacks. 

    Therefore, for the next term of ASEAN regional cooperation 2045, the member countries should consider their collective actions as a regional public good, where benefits from greater trade, travel, digitalization, connectivity will deliver sustainable and resilient outcomes for people in the region. 
     

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: President Lai’s response to Pope Francis’s 2025 World Day of Peace message  

    Source: Republic of China Taiwan

    Details
    2025-01-17
    President Lai meets former US Vice President Mike Pence
    On the afternoon of January 17, President Lai Ching-te met with former Vice President of the United States Mike Pence. In remarks, President Lai thanked former Vice President Pence for his contributions to the deepening of Taiwan-US relations, noting that he actively helped to strengthen Taiwan-US cooperation and facilitate the normalization of military sales to Taiwan, and did his utmost to deepen the Taiwan-US economic partnership. The president indicated that former Vice President Pence also spoke up for Taiwan on numerous occasions at international venues, backing Taiwan’s international participation. President Lai expressed hope for a stronger Taiwan-US partnership to maintain peace and stability throughout the world, and that the two sides can advance bilateral exchanges in such areas as the economy, trade, and industry. A translation of President Lai’s remarks follows: I am delighted to welcome former Vice President Pence and Mrs. Karen Pence to the Presidential Office. Former Vice President Pence is not only an outstanding political leader in the US, but also a staunch supporter of Taiwan on the international stage. On behalf of the people of Taiwan, I would like to take this opportunity to extend our deepest gratitude to former Vice President Pence for his contributions to the deepening of Taiwan-US relations. Thanks to former Vice President Pence’s strong backing, ties between Taiwan and the US rose to unprecedented heights during President Donald Trump’s first administration. Former Vice President Pence actively helped to strengthen Taiwan-US security cooperation and facilitate the normalization of military sales to Taiwan, helping Taiwan reinforce its self-defense capabilities. He also did his utmost to deepen the Taiwan-US economic partnership. Former Vice President Pence also paid close attention to the military threats and diplomatic isolation faced by Taiwan. He spoke up for Taiwan on numerous occasions at international venues, taking concrete action to back Taiwan’s international participation. We were truly grateful for this. As we speak, China’s political and military intimidation against Taiwan persist. China and other authoritarian regimes, such as Russia, North Korea, and Iran, are continuing to converge and present serious challenges to democracies around the globe. At this moment, free and democratic nations must come together to bolster cooperation. I believe that a stronger Taiwan-US partnership can be an even more powerful force in maintaining peace and stability throughout the world. Former Vice President Pence has previously supported the signing of a trade agreement between Taiwan and the US. Taiwan looks forward to continuing to work with the new US administration and Congress to advance bilateral exchanges in such areas as the economy, trade, and industry. This is the first time that former Vice President Pence and Mrs. Pence are visiting Taiwan, and their visit is significantly meaningful for Taiwan-US exchanges. On behalf of the people of Taiwan, I want to extend a warm welcome. Moving forward, I hope we will jointly realize even more fruitful achievements through Taiwan-US cooperation. Former Vice President Pence then delivered remarks, thanking President Lai for his hospitality on his and his wife’s first visit to Taiwan, saying that it is an honor to be here to reaffirm the bonds of friendship between the people of America and the people of Taiwan, which are strong and longstanding. The former vice president indicated that the American people admire the people of Taiwan and all that has been accomplished in a few short decades for Taiwan to rise to one of the world’s preeminent economic powers and free societies. He said that he is grateful for President Lai’s courageous and bold leadership of Taiwan, and grateful to be able to express the support of the overwhelming majority of the American people for this alliance. Former Vice President Pence indicated that the values shared by Taiwan and the US, including freedom, the rule of law, and respect for human rights, bind us together in a partnership that transcends geographic boundaries and cultures. He then assured President Lai that China’s increasingly aggressive posture in the Taiwan Strait and across the Indo-Pacific, for the values and interests that both sides share, is deeply concerning to the American people. Former Vice President Pence stated that America is a Pacific nation, and is committed to the status quo, adding that they recognize it is China that wants to change the status quo that America, Taiwan, and other allies in the region want to preserve, which has created an environment of extraordinary growth and prosperity. The former vice president concluded by once again thanking President Lai and his team for their gracious hospitality and conveying best wishes to him and the people of Taiwan. Former Vice President Pence then assured President Lai that just as Taiwan will never surrender its freedom, he will continue to be a voice for a strong US-Taiwan relationship in the defense and the benefit of Taiwan, the US, and the free world. Later that day, Vice President Bi-khim Hsiao hosted a banquet for former Vice President Pence and his delegation at Taipei Guest House to thank him for his longstanding friendship and staunch support for Taiwan-US ties.  

    Details
    2025-01-17
    President Lai meets delegation to 60th Inaugural Ceremonies of US president and vice president
    On the morning of January 16, President Lai Ching-te met with Taiwan’s delegation to the 60th Inaugural Ceremonies of the President and Vice President of the United States. In remarks, President Lai stated that democratic Taiwan stands united, working hard to deepen Taiwan-US ties together. He then entrusted the delegation with three missions: to convey best wishes from the people of Taiwan, convey our firm commitment to democracy, and help Taiwan-US relations reach a new milestone. A translation of President Lai’s remarks follows: The 60th Inaugural Ceremonies of the President and Vice President of the US will be held on January 20. I want to thank Speaker Han Kuo-yu (韓國瑜), president of the Legislative Yuan, for accepting my invitation to lead our nation’s representative delegation to the event. I also thank Legislative Yuan Members Ko Chih-en (柯志恩), Wang Ting-yu (王定宇), Ko Ju-chun (葛如鈞), Lee Yen-hsiu (李彥秀), Chen Kuan-ting (陳冠廷), Kuo Yu-ching (郭昱晴), and Chen Gau-tzu (陳昭姿) for joining this visit to the US to attend the inauguration of President Donald Trump and Vice President J.D. Vance. We have gathered together today despite differences in party affiliation because in democratic Taiwan, while parties may compete domestically, when it comes to engagement externally, they stand united and share responsibility, working hard to deepen Taiwan-US ties and strive for the best interests of the nation. We share the value of defending freedom and democracy, and we share the goal of advancing peace and prosperity. Today, we engage with the world together as those from the same country – the Republic of China (Taiwan). In this complex and volatile new international landscape, and as the nation faces difficulties and challenges, I want to stress that in Formosa, there is no hostility that cannot be let go, and no hardship that cannot be overcome. Unity is the most important, and I hope that Taiwan can stand united, because there is true strength in unity. Democratic Taiwan must stand united in engaging with the world and initiate exchanges with confidence. On that ground, I am entrusting this delegation with three key missions. First, convey best wishes from the people of Taiwan. Just last year, Taiwan and the US celebrated the 45th anniversary of the passage of the Taiwan Relations Act. And on May 20, the US sent a senior bipartisan delegation to congratulate me and Vice President Bi-khim Hsiao on our inauguration. As the leader of this cross-party delegation, Speaker Han must clearly convey the well-wishes of the people of Taiwan, congratulate President Trump and Vice President Vance on their inauguration, and wish success to the new administration and prosperity to the US. Second, clearly convey the firm commitment of the people of Taiwan to democracy. The theme of these inaugural ceremonies is “Our Enduring Democracy: A Constitutional Promise.” Taiwan and the US share the universal value of democracy and are staunch allies. I hope that the delegation can faithfully convey the firm commitment to democracy that the people of Taiwan have, which will not change even in the face of authoritarian threats. Taiwan is willing to stand side by side with the US and other members of the democratic community to defend the sustainable development of global democracy and prevent the expansion of authoritarianism. Third, help Taiwan-US relations reach a new milestone. In recent years, Taiwan-US relations have continued to grow, with the first agreement under the Taiwan-US Initiative on 21st Century Trade having formally taken effect last month. This morning, the House of Representatives also passed the US-Taiwan Expedited Double-Tax Relief Act. I hope that the delegation can help Taiwan-US relations reach a new milestone through these exchanges so that our relations continue to grow, our cooperation expands even more, and so that we can achieve even greater success after the new administration takes office. Four years ago, Taiwan’s representative to the US inaugural ceremonies was Vice President Hsiao, who was then our representative to the US. Everyone has a lot to learn from her. I have specially invited everyone here to converse so that you can draw from Vice President Hsiao’s experience and ensure an even smoother visit. Washington, DC was also hit by a rare blizzard recently, and the weather has been very cold, so make sure to stay warm. I am sending everyone off with hand warmers and thermoses so that you can bring some warmth from Taiwan with you on your journey. And I ask that Speaker Han exercise his wisdom to help generate some warmth between the ruling and opposition parties through cooperation, which they can then bring back to Taiwan. Let us unite to give our all for diplomacy so that we can unite to give our all for Taiwan. I wish the delegation a smooth and safe trip, and hope your missions can be carried out successfully. Speaker Han then delivered remarks, stating that it was an honor to be invited by President Lai to organize a delegation to represent our nation at the 60th Inaugural Ceremonies of the President and Vice President of the US in Washington, DC, and express the Republic of China’s sincere and cordial best wishes. The Legislative Yuan’s president has assumed this important task numerous times in the past, he said, not only to represent the government of the Republic of China, but also to take on the mission of conveying the voices of 23 million people. He went on to say that he is honored to take up the baton, lead eight legislators to the US to attend this celebration that will attract global attention, and express sincere best wishes to newly elected President Trump, Vice President Vance, and the new administration’s team. As enjoined by President Lai, he hopes the delegation’s trip will help open a new chapter in Taiwan-US exchanges. Speaker Han stated that the US is the most free and democratic country in the world. He noted that in 1776 in the US Declaration of Independence, founding father Thomas Jefferson propounded the concept of “unalienable rights,” and emphasized that the people have a right to freedom and the pursuit of happiness, democratic ideas that have long been rooted in the people’s hearts. Today, he said, democracy is also embedded in the DNA of Taiwan’s 23 million people, and this hard-won democratic achievement is a result of the concerted efforts of our pioneering predecessors, thinkers, and activists over the past 100 years. Speaker Han stated that during this visit, the Legislative Yuan delegation hopes to convey the voice of Taiwan as a democratic country. Taiwan’s security, he said, is like the four legs of a table: The first leg is defending the Republic of China, the second is defending freedom and democracy, the third is maintaining Taiwan-US relations, and the fourth is maintaining cross-strait peace. The delegation will travel to the US amidst severe cold weather to show that we value our relationship with the US, and our citizens have great hopes and expectations. Speaker Han stated that this will be a cross-party delegation of eight legislators, all of whom have a strong sense of mission. He hopes that all democratic nations will acknowledge Taiwan’s importance, and pay attention to Taiwan’s 23 million people. The delegation, he said, will do its utmost to convey the goodwill and warmth that the people of Taiwan give to each and every one of our good friends.

    Details
    2025-01-17
    President Lai confers decoration on former Lithuanian Foreign Minister Gabrielius Landsbergis
    On the morning of January 14, President Lai Ching-te conferred the Order of Brilliant Star with Special Grand Cordon upon former Minister of Foreign Affairs Gabrielius Landsbergis of the Republic of Lithuania in recognition of his remarkable contributions to deepening Taiwan-Lithuania relations. In remarks, President Lai thanked former Minister Landsbergis for standing firmly with Taiwan and remaining a staunch defender of democratic values, yielding fruitful cooperative results. The president expressed hope that the two countries will engage in even more cooperation and exchanges in such areas as the economy, trade, technology, and culture, and continue to advocate for the values of freedom and democracy so that together we can contribute even more to our nations’ development and to peace and prosperity throughout the world. A translation of President Lai’s remarks follows: Today, by conferring the Order of Brilliant Star with Special Grand Cordon upon former Minister Landsbergis, we recognize his outstanding contributions during his time as foreign minister of Lithuania. On behalf of the people of Taiwan, I thank him for the key role he has played in deepening Taiwan-Lithuania relations. During the COVID-19 pandemic, thanks to the efforts of former Minister Landsbergis, Lithuania was the first European nation to donate vaccines to Taiwan. On that occasion, he stated that “freedom-loving people should look out for each other.” His statement was very moving and left a deep impression on many Taiwanese people. We will never forget it. Former Minister Landsbergis has continued to express the spirit of those words through his concrete actions. With his staunch support, Taiwan and Lithuania have mutually established representative offices. Moreover, our representative office in Lithuania was the first in Europe to incorporate “Taiwan” in its name. As for bilateral cooperation, Taiwan and Lithuania have seen fruitful results in such fields as semiconductors, laser technology, finance, and medicine. Be it overcoming the challenges posed by the pandemic or resisting expanding authoritarianism, former Minister Landsbergis has stood firmly with Taiwan and remained a staunch defender of democratic values. We greatly admire and appreciate his spirit. Today, authoritarian regimes continue to converge, posing threats and challenges to democracies around the world. Taiwan, Lithuania, and other democratic countries must come closer together, drawing on the strength of unity, so as to jointly safeguard freedom and democracy and uphold the rules-based international order. Looking ahead, we hope that Taiwan and Lithuania will engage in even more cooperation and exchanges in such areas as the economy, trade, technology, and culture. Let us continue to advocate for the values of freedom and democracy. Together, we can contribute even more to our nations’ development and to peace and prosperity throughout the world. In closing, I once again thank you, former Minister Landsbergis, for your support and for all that you have done for Taiwan. We welcome you and your wife to visit often. I wish you both a smooth and successful visit in Taiwan, and hope you leave with lasting memories.    Former Minister Landsbergis then delivered remarks, saying that it is a great honor to receive the decoration today. He noted that only partially can he accept the honor, as there have been many people who worked together with him in the ministry and in the whole country who support the people of Taiwan and see the benefit of supporting democracy in Taiwan. He often says that in Lithuania they remember well the fight for their freedom, and just today, he mentioned, he was shown the permanent exhibition in the Presidential Office, where he saw similar pictures of Taiwanese people fighting for democracy. He emphasized that not even one generation has passed since these events took place here in Taipei or similar events took place in Vilnius. Former Minister Landsbergis said that decision-makers in the Lithuanian government are either people who were themselves fighting for freedom, or, as in his case, those who were sitting on the shoulders of parents who were fighting for freedom. So for them, he underlined, freedom, democracy, liberty, and sovereignty are very real concepts that they cherish, not just things read about in a history book. He said that this is the main connector between Lithuania and Taiwan, a feeling of freedom and support for each other. Former Minister Landsbergis stated that in the face of authoritarians who do not wish us prosperity, who do not wish us freedom and future achievements, what he expects from the future is that the friendship, collaboration, and mutual support between Lithuania and Taiwan will inspire others to join in. This, he said, will make other countries not be afraid to support freedom and democracy, and will allow our group of friends to continue to grow. Lithuanian history, the former minister said, is difficult, and a big part of it was fighting for their freedom. He explained that during the 19th century when Lithuania was part of Russia’s empire, they had several revolutions and uprisings with the aim of becoming free, and that they were fighting for that freedom alongside Poland and Belarus. He then applied a phrase that they used in the revolution of 1864 – “for your freedom and ours,” meaning that they will continue to fight for their freedom while helping Taiwan fight for ours. Also in attendance at the ceremony were former Minister Landsbergis’ wife Dr. Austėja Landsbergienė and Lithuanian Representative to Taiwan Paulius Lukauskas.

    Details
    2025-01-17
    Presidential Office thanks White House for its statement on enduring US commitment to Indo-Pacific region
    On January 10 (US EST), the US White House released a statement on the United States’ Enduring Commitment to the Indo-Pacific Region, in which it reaffirms its position of using a range of methods to help Taiwan maintain a sufficient self-defense capability so as to maintain peace and stability in the Indo-Pacific region and across the Taiwan Strait. Presidential Office Spokesperson Karen Kuo (郭雅慧) on January 11 expressed sincere gratitude to the US government for taking concrete actions to fulfill its security commitments to Taiwan, advancing the close Taiwan-US security partnership, and supporting Taiwan in its efforts to enhance its self-defense capabilities and resilience. Spokesperson Kuo stated that the deepening Taiwan-US security partnership is a critical cornerstone for peace and stability in the Indo-Pacific region. She noted that Taiwan, as a force for good and regional stability, will continue to work alongside like-minded countries to strengthen defense resilience as we jointly defend the values of freedom and democracy and ensure the peace, stability, and prosperity of the Indo-Pacific region.

    Details
    2025-01-17
    President Lai meets Ronald Reagan Presidential Foundation and Institute delegation
    On the morning of January 9, President Lai Ching-te met with a delegation from the Ronald Reagan Presidential Foundation and Institute (RRPFI). In remarks, President Lai thanked RRPFI President David Trulio and members of RRPFI for remaining undaunted by China’s threats and sanctions, and lending great support to Taiwan. He emphasized that facing the continued expansion of authoritarianism, Taiwan will actively implement the Four Pillars of Peace action plan to preserve regional peace and stability, safeguard the values of democracy and freedom, and advance worldwide prosperity and development. President Lai expressed hope that they can continue to collaborate to promote the development of Taiwan-United States relations and put RRPFI’s principles into practice. A translation of President Lai’s remarks follows: First, let me warmly welcome President Trulio, who is leading this delegation from RRPFI to Taiwan. And on behalf of all the people of Taiwan, I want to extend our heartfelt condolences in wake of the ongoing fires in California. I hope that they can be put out swiftly so that harm is reduced, and I hope that those who are injured are able to receive timely help. President Reagan was a staunch friend of Taiwan. The Six Assurances he put forward in 1982 and the Taiwan Relations Act passed by Congress in 1979 form the bedrock of Taiwan-US relations. The incorporation of the Six Assurances into the Asia Reassurance Initiative Act of 2018 further established bipartisan, bicameral, and cross-agency US support for Taiwan. With authoritarianism continuing to expand, President Reagan’s conviction of peace through strength is proving to be especially crucial as democracies unite to protect freedom, democracy, peace, and the rules-based international order. RRPFI honors President Reagan’s legacy by championing such principles as individual liberty, economic opportunity, global democracy, and national pride. Many of you have served previous US administrations as part of national security teams, and many of you are longstanding friends of Taiwan. I sincerely hope that we can continue to collaborate to promote the development of Taiwan-US relations and put RRPFI’s principles into practice. I also want to extend particular gratitude to President Trulio and RRPFI for lending great support to Taiwan. Undaunted by China’s threats and sanctions, you warmly welcomed former President Tsai Ing-wen to the Ronald Reagan Presidential Library during her stopover in California in April 2023 and arranged a delegation to visit Taiwan in October of the same year. As for the continued expansion of authoritarianism, Taiwan will meet it head on, and uphold President Reagan’s spirit of peace through strength. We will actively implement the Four Pillars of Peace action plan by strengthening national defense, building economic security, and demonstrating stable and principled cross-strait leadership, as well as promoting values-based diplomacy. Bolstering Taiwan’s cooperation with the US and other democracies will preserve regional peace and stability, safeguard the values of democracy and freedom, and advance worldwide prosperity and development. President Trulio then delivered remarks, first thanking President Lai for his warm welcome and saying that he and the delegation are deeply honored to be with him in Taiwan, along with so many top leaders in his administration. President Trulio added that they are proud to advance President Reagan’s legacy and timeless principles, and our collective shared values. President Trulio indicated that President Reagan visited Taiwan twice before he became president. Acknowledging what President Lai stated, he noted that it was President Reagan’s administration that developed what became known as the Six Assurances, a framework that to this day serves as the foundation of relations between the US and Taiwan. More broadly, President Trulio said, President Reagan knew that America’s strength and the strength of its allies and friends are key to global peace, prosperity, and security. He said President Reagan also knew that societies that provide economic opportunity and democracy offer a better life for their citizens. In fact, he stated, President Reagan said that freedom is not the sole prerogative of a lucky few, but the inalienable and universal right of all human beings. President Trulio went on to say that Taiwan’s open society and thriving democracy make the commitment to freedom here plain for all to see. President Trulio noted that RRPFI had the honor of visiting Taipei in October 2023, when the delegation met then-President Tsai. He said that their return visit to Taipei at the start of 2025 comes at a crucial time, and that part of what makes that timing so significant is that there will be a new administration inaugurated in Washington in about 10 days. Over the course of their visits to Taiwan, President Trulio said, it has been plain to see that Taiwan stands strong as a vibrant democracy, with political parties sharing a commitment to democratic principles. He said it is also plain to see that Taiwan’s advanced economy and global technological leadership present positive opportunities for the US. He added that it is also plain to see that the security situation across the Taiwan Strait demands a continued commitment to peace through strength, including through robust partnership with Taiwan and sustained US deterrence. President Trulio stated that he looks forward to addressing the opportunities and challenges facing Taiwan and the US, and is confident that together, we will further well into the future our shared commitment to freedom and democracy, economic opportunity, and security and stability. The delegation also included RRPFI Washington Director Roger Zakheim, Director of the Alexander Hamilton Center for Classical and Civic Education at the University of Florida William Inboden, Palantir Technologies Senior Counselor Jamie Fly, former Deputy White House Staff Secretary Catherine Bellah, Anduril Industries Policy Director Dustin Walker, Hudson Institute Adjunct Fellow Alexander Benard, RRPFI Policy Director Rachel Hoff, and RRPFI Digital Strategy and Communications Director James Rogers.

    Details
    2025-01-01
    President Lai delivers 2025 New Year’s Address
    On the morning of January 1, President Lai Ching-te delivered his 2025 New Year’s Address, titled “Bolstering National Strength through Democracy to Enter a New Global Landscape,” in the Reception Hall of the Presidential Office. President Lai stated that today’s Taiwan is receiving international recognition for its performance in many areas, among them democracy, technology, and economy. In this new year, he said, Taiwan must be united, and we must continue on the right course. The president expressed hope that everyone in the central and local governments, regardless of party, can work hard together, allowing Taiwan sure footing as it strides forward toward ever greater achievements.  President Lai emphasized that in 2025, we must keep firm on the path of democracy, continue to bolster our national strength, make Taiwan more economically resilient, enhance the resilience of supply chains for global democracies, and continue working toward a Balanced Taiwan and generational justice, ensuring that the fruits of our economic growth can be enjoyed by all our people. The president said that Taiwan will keep going strong, and we will keep walking tall as we enter the new global landscape. A translation of President Lai’s address follows: Today is the first day of 2025. With a new year comes new beginnings. I wish that Taiwan enjoys peace, prosperity, and success, and that our people lead happy lives. Taiwan truly finished 2024 strong. Though there were many challenges, there were also many triumphs. We withstood earthquakes and typhoons, and stood firm in the face of constant challenges posed by authoritarianism. We also shared glory as Taiwan won the Premier12 baseball championship, and now Taiwanese people around the world are all familiar with the gesture for Team Taiwan. At the Paris Olympics, Wang Chi-lin (王齊麟) and Lee Yang (李洋) clinched another gold in men’s doubles badminton. Lin Yu-ting (林郁婷) took home Taiwan’s first Olympic gold in boxing. At the International Junior Science Olympiad, every student in our delegation of six won a gold medal. And Yang Shuang-zi’s (楊双子) novel Taiwan Travelogue, translated into English by King Lin (金翎), became a United States National Book Award winner and a tour de force of Taiwan literature on the international level. Our heroes of Taiwan are defined by neither age nor discipline. They have taken home top prizes at international competitions and set new records. They tell Taiwan’s story through their outstanding performances, letting the world see the spirit and culture of Taiwan, and filling all our citizens with pride. My fellow citizens, we have stood together through thick and thin; we have shared our ups and downs. We have wept together, and we have laughed together. We are all one family, all members of Team Taiwan. I want to thank each of our citizens for their dedication, fueling Taiwan’s progress and bringing our nation glory. You have given Taiwan even greater strength to stand out on the global stage. In this new year, we must continue bringing Taiwan’s stories to the world, and make Taiwan’s successes a force for global progress. In 2025, the world will be entering a new landscape. Last year, over 70 countries held elections, and the will of the people has changed with the times. As many countries turn new pages politically, and in the midst of rapid international developments, Taiwan must continue marching forward with steady strides. First, we must keep firm on the path of democracy. Taiwan made it through a dark age of authoritarianism and has since become a glorious beacon of democracy in Asia. This was achieved through the sacrifices of our democratic forebears and the joint efforts of all our citizens. Democracy’s value to Taiwan lies not just in our free way of life, or in the force driving the diverse and vigorous growth of our society. Democracy is the brand that has earned us international trust in terms of diplomacy. No matter the threat or challenge Taiwan may face, democracy is Taiwan’s only path forward. We will not turn back. Domestic competition among political parties is a part of democracy. But domestic political disputes must be resolved democratically, within the constitutional system. This is the only way democracy can continue to grow. The Executive Yuan has the right to request a reconsideration of the controversial bills passed in the Legislative Yuan, giving it room for reexamination. Constitutional institutions can also lodge a petition for a constitutional interpretation, and through Constitutional Court adjudication, ensure a separation of powers, safeguard constitutional order, and gradually consolidate the constitutional system. The people also have the right of election, recall, initiative, and referendum, and can bring together even greater democratic power to show the true meaning of sovereignty in the hands of the people. In this new year, the changing international landscape will present democratic nations around the world with many grave challenges. Russia’s invasion of Ukraine and conflict between Israel and Hamas rage on, and we are seeing the continued convergence of authoritarian regimes including China, Russia, North Korea, and Iran, threatening the rules-based international order and severely affecting peace and stability in the Indo-Pacific region and the world at large. Peace and stability in the Taiwan Strait are essential components for global security and prosperity. Taiwan needs to prepare for danger in times of peace. We must continue increasing our national defense budget, bolster our national defense capabilities, and show our determination to protect our country. Everyone has a responsibility to safeguard Taiwan’s democracy and security. We must gather together every bit of strength we have to enhance whole-of-society defense resilience, and build capabilities to respond to major disasters and deter threats or encroachment. We must also strengthen communication with society to combat information and cognitive warfare, so that the populace rejects threats and enticements and jointly guards against malicious infiltration by external forces. Here at home, we must consolidate democracy with democracy. Internationally, we must make friends worldwide through democracy. This is how we will ensure security and peace. The more secure Taiwan, the more secure the world. The more resilient Taiwan, the sounder the defense of global democracy. The global democratic community should work even closer together to support the democratic umbrella as we seek ways to resolve the war in Ukraine and conflict between Israel and Hamas. Together, we must uphold stability in the Taiwan Strait and security in the Indo-Pacific, and achieve our goal of global peace. Second, we must continue to bolster our national strength, make Taiwan more economically resilient, and enhance the resilience of supply chains for global democracies. In the first half of 2024, growth in the Taiwan Stock Index was the highest in the world. Our economic growth rate for the year as a whole is expected to reach 4.2 percent, leading among the Four Asian Tigers. Domestic investment is soaring, having exceeded NT$5 trillion, and inflation is gradually stabilizing. Export orders from January to November totaled US$536.6 billion, up 3.7 percent from the same period in 2023. And compared over the same period, exports saw a 9.9 percent increase, reaching US$431.5 billion. Recent surveys also show that in 2024, the average increase in salaries at companies was higher than that in 2023. Additionally, over 90 percent of companies plan to raise salaries this year, which is an eight-year high. All signs indicate that Taiwan’s economic climate continues to recover, and that our economy is growing steadily. Our overall economic performance is impressive; still, we must continue to pay attention to the impact on Taiwan’s industries from the changing geopolitical landscape, uncertainties in the global economic environment, and dumping by the “red supply chain.”  For a nation, all sectors and professions are equally important; only when all our industries are strong can Taiwan be strong as a nation. Our micro-, small-, and medium-sized enterprises (MSMEs) are the lifeblood of Taiwan, and the development of our various industrial parks has given Taiwan the impetus for our prosperity. We must carry the spirit of “Made in Taiwan” forward, bringing it to ever greater heights. Thus, beyond just developing our high-tech industry, our Executive Yuan has already proposed a solution that will help traditional industries and MSMEs comprehensively adopt technology applications, engage in the digital and net-zero twin transition, and develop channels, all for better operational structures and higher productivity. Taiwan must continue enhancing its economic resilience. In recent years, Taiwan has significantly increased its investments in the US, Japan, Europe, and the New Southbound countries, and such investment has already surpassed investment in China. This indicates that our efforts in diversifying markets and reducing reliance on any single market are working. Moving forward, we must keep providing assistance so that Taiwan industries can expand their global presence and market internationally from a solid base here in Taiwan. At the same time, Taiwan must use democracy to promote economic growth with the rest of the world. We must leverage our strengths in the semiconductor and AI industries. We must link with democratic countries so that we can together enhance the resilience of supply chains for global democracies. And through international cooperation across many sectors, such as UAVs, low-orbit communications satellites, robots, military, security and surveillance, or biopharmaceuticals, renewable energy technology, new agriculture, and the circular economy, we must keep abreast of the latest cutting-edge technology and promote diverse development. This approach will help Taiwan remain a leader in advancing global democratic supply chains, ensuring their security and stability. Third, we must continue working toward a Balanced Taiwan and generational justice, ensuring that the fruits of our economic growth can be enjoyed by all our people. Democracy means the people have the final say. Our nation belongs to all 23 million of us, without regard for ethnic group, generation, political party, or whether we live in urban or rural areas. In this new year, we must continue to pursue policies that promote the well-being of the nation and the people. But to that end, the central government needs adequate financial resources to ensure that it can enact each of these measures. Therefore, I hope that the ruling and opposition parties can each soberly reconsider the amendments to the Act Governing the Allocation of Government Revenues and Expenditures and find a path forward that ensures the lasting peace and stability of our country. For nine consecutive years, the minimum wage has continued to rise. Effective today, the minimum monthly salary is being raised from NT$27,470 to NT$28,590, and the hourly salary from NT$183 to NT$190. We hope by raising the pay for military personnel, civil servants, and educators for two consecutive years, coupled with benefits through wage increases and tax reductions, that private businesses will also raise wages, allowing all our people to enjoy the fruits of our economic growth. I know that everyone wants to pay lower taxes and rent. This year, we will continue to promote tax reductions. For example, unmarried individuals with an annual income of NT$446,000 or less can be exempt from paying income tax. Dual-income families with an annual income of NT$892,000 or less and dual-income families with two children aged six or younger with an annual income of NT$1,461,000 or less are also exempt from paying income tax. Additionally, the number of rent-subsidized housing units will also be increased, from 500,000 to 750,000 units, helping lighten the load for everyone. This year, the age eligibility for claiming Culture Points has been lowered from 16 to 13 years, so that now young people aged between 13 and 22 can receive government support for experiencing more in the arts. Also, our Taiwan Global Pathfinders Initiative is about to take effect, which will help more young people in Taiwan realize their dreams by taking part in education and exchange activities in many places around the world. We are also in the process of establishing a sports ministry to help young athletes achieve their dreams on the field, court, and beyond. The ministry will also be active in developing various sports industries and bringing sports and athletics more into the lives of the people, making our people healthier as a result. This year, as Taiwan becomes a “super-aged society,” we will launch our Long-term Care 3.0 Plan to provide better all-around care for our seniors. And we will expand the scope of cancer screening eligibility and services, all aimed at creating a Healthy Taiwan. In addition, Taiwan will officially begin collecting fees for its carbon fee system today. This brings us closer in line with global practices and helps us along the path to our goal of net-zero emissions by 2050. We will also continue on the path to achieving a Balanced Taiwan. Last month, the Executive Yuan launched the Trillion NT Dollar Investment National Development Plan and its six major regional flagship projects. Both of these initiatives will continue to expand the investment in our public infrastructure and the development of local specialty industries, narrowing urban-rural and wealth gaps so that all our people can live and work in peace and happiness. My fellow citizens, today’s Taiwan is receiving international recognition for its performance in many areas, among them democracy, technology, and economy. This tells us that national development is moving in the right direction. In this new year, Taiwan must be united, and we must continue on the right course. We hope that everyone in the central and local governments, regardless of party, can work hard together to ensure that national policies are successfully implemented, with the people’s well-being as our top priority. This will allow Taiwan sure footing as it strides forward toward ever greater achievements. In this new year, we have many more brilliant stories of Taiwan to share with the world, inspiring all Taiwanese, both here and around the world, to cheer time and again for the glory of Taiwan. Taiwan will keep going strong. And we will keep walking tall as we enter the new global landscape. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: World Health Organization (WHO) delivers critical support to Bugna Woreda and surroundings amid humanitarian needs

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

    Download logo

    Bugna woreda, Amhara region, located in Ethiopia’s North Zone, has faced significant challenges due to prolonged conflict, drought, and food insecurity. Home to over 100,000 residents, endured over a year without access to essential commodities, medical supplies, and support, leaving its population in a dire state.  The conflict’s impact was devastating, with farmers unable to access fertilizer for the 2024 farming season, exacerbating food insecurity in an area already grappling with drought.

    Recognizing the urgent need for intervention, WHO mobilized resources and personnel to support Bugna Woreda and provided PED SAM kits, IEHK kits and Trauma kits support from the Central Emergency Response Fund (CERF), the European Union (ECHO) and the United States Agency for International Development (USAID). The efforts focused on improving access to essential health and nutrition services, providing critical medical supplies, and supporting vaccination campaigns. WHO worked closely with local health authorities to strengthen the capacity of health centers and health posts, ensuring that they can better serve the community despite the challenging conditions.

     WHO donated medical supplies

    Items

    Sum of Total

    (IEHK 2017, BASIC) MODULE, MALARIA

    36

    (IEHK 2017, BASIC) MODULE, MEDICINES

    36

    (IEHK 2017, BASIC) MODULE, RENEWABLE AND EQUIPMENT

    12

    (IEHK 2017, SUPPLEMENTARY) MODULE, MALARIA

    5

    (IEHK 2017, SUPPLEMENTARY) MODULE, RENEWABLE

    7

    (IEHK 2021, SUPPLEMENTARY) MODULE, PEP, treatments for 50 adults + 10 children

    5

    (Kit PED-SAM 2020) MODULE 2, MEDICINES PED ORAL

    12

    (Kit PED-SAM 2020) MODULE 3, MEDICINES PED INJECTABLES

    12

    (Kit PED-SAM 2020) MODULE 6, RENEWABLES

    6

    (TESK 2019 mod 1A) SET 1A5, DRUGS, DANGEROUS GOODS

    4

    (TESK 2019 mod 1A) SET 1A6, DRUGS, INFUSIONS

    2

    (TESK 2019 mod 1A) SET 1A7, DRUGS, DISINFECTANTS

    6

    (TESK 2019 mod 1B) SET 1B3, RENEWABLES, INJECTION MATERIAL

    6

    Despite operational hardships, healthcare workers remained at their posts, showing immense resilience and dedication to their community.

    WHO’s support was crucial in mitigating the impacts of the access challenge. It provided much-needed medical, allowing health facilities to procure essential items and pay their workers. WHO also advocated for sustained humanitarian access to Bugna Woreda, ensuring that the flow of supplies continued uninterrupted.

    Distributed by APO Group on behalf of World Health Organization (WHO) – Ethiopia.

    MIL OSI Africa –

  • MIL-OSI: Information about shares issued by INVL Technology and votes granted

    Source: GlobeNewswire (MIL-OSI)

    Please be informed, that on 30 January 2025 INVL Technology has transferred part of its shares – 18,568 units – to the employees of INVL Technology’s subsidiaries, who acquired the right to realization of the option right under the basis and terms of signed option agreements. Considering this, INVL Technology hereby announces the data on its issued shares as of 30 January 2025:

    Type of shares Number of shares and total voting rights granted by the issued shares, units Number of votes for the quorum of the General Shareholders Meeting, units Nominal value, EUR Total nominal
    Value and authorized capital, EUR    		 Portion of the authorized capital, %
    Ordinary registered shares 12,175,321 12,008,423 0.29 3,530,843.09 100

    The person authorized to provide additional information:
    INVL Technology Managing Partner
    Kazimieras Tonkūnas
    E-mail  k.tonkunas@invltechnology.lt

    The MIL Network –

  • MIL-OSI Russia: Mikhail Mishustin takes part in the international digital forum “Digital Almaty 2025”

    Translartion. Region: Russians Fedetion –

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

    The Prime Minister spoke at the plenary session of the Digital Almaty 2025 forum “Industrial AI: technologies for a new era” and took part in the Digital Almaty Awards ceremony

    Before the plenary session, Mikhail Mishustin, together with the heads of delegations participating in the forum, inspected the exhibition of digital projects.

    Mikhail Mishustin and Prime Minister of Kazakhstan Olzhas Bektenov

    January 31, 2025

    Mikhail Mishustin, together with the heads of delegations participating in the forum, inspected the exhibition of digital projects

    January 31, 2025

    Mikhail Mishustin, together with the heads of delegations participating in the forum, inspected the exhibition of digital projects

    January 31, 2025

    Mikhail Mishustin, together with the heads of delegations participating in the forum, inspected the exhibition of digital projects

    January 31, 2025

    Previous news Next news

    Mikhail Mishustin and Prime Minister of Kazakhstan Olzhas Bektenov

    The annual international digital forum “Digital Almaty” has been held since 2018 and is a major event in the CIS in the field of innovative technologies with the participation of representatives of business, the IT community, government agencies, international experts and the media.

    Visit

    Its goal is to conduct a dialogue at the global and regional levels, as well as to exchange experiences in the field of digital transformation (with an emphasis on areas such as the development of human capital and creative industries, the use of robotic technologies, the digitalization of industry, healthcare and education).

    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-OSI Economics: GlobalData 2025 Cloud Predictions: AI and economics will drive growth and change in IaaS

    Source: GlobalData

    GlobalData 2025 Cloud Predictions: AI and economics will drive growth and change in IaaS

    Posted in Technology

    2024 was a good year for hyperscalers and cloud providers who capitalized on their clients’ need for access to more processing and storage due to escalating growth in data volumes.  The hyperscalers continued to expand their solution portfolios, creating in some cases almost unfathomably vast catalogues. While some businesses opt to repatriate some workloads to private or on-premise environments for cost and other reasons, the expectation is that Infrastructure as a Service (IaaS) expansion will continue in 2025, with AI being a major factor in this expansion, according to a recent advisory report by GlobalData, a leading data and analytics company.

    GlobalData’s report titled “2025 Enterprise Predictions: Cloud Reconsidered,”  reveals that cost-containment and new regulations will be important factors in enterprise cloud decision-making in 2025.

    Amy Larsen DeCarlo, Principal Analyst, Enterprise Technology and Services at GlobalData, comments: “Even as economic uncertainty looms, the demand for more processing power and storage fuelled in large part by work in GenAI and synthetic AI will keep the hyperscalers and other cloud providers in excellent position in the coming year. Another byproduct of the increase in AI-powered applications will be greater interest in edge computing.  Hyperscalers and their partners will both benefit from this.”

    Concerns about costs on the part of enterprise and public sector entities will be a major influence on cloud investments this year.

    Larsen DeCarlo adds: “The onus is on cloud providers to deliver solutions that help organizations refine their cloud implementations, a fact of which they are keenly aware.

    “Organizations will advance their FinOps work internally, engaging individual IT operations teams with lines of business and finance to improve operational results and reduce expenses.  The hyperscalers who deliver effective tools to support this work will gain a point of differentiation.”

    GlobalData notes that even as organizations invest more in cloud services, regulatory changes will drive them to re-examine their current implementations and make changes in what they deploy to public and private clouds.

    Larsen DeCarlo concludes: “Hyperscalers have maintained a focus on developing vertically specific solutions for industries such as finance and healthcare. They will continue to build these out in 2025 while also expanding local infrastructure in regions including the Middle East and Africa as well as Asia.”

    MIL OSI Economics –

  • MIL-OSI: Change in the total number of shares and votes in Anoto

    Source: GlobeNewswire (MIL-OSI)

    Anoto Group AB (”Anoto”) has as previously announced carried out a directed share issue, a set-off issue, and a rights issue of ordinary shares, which has resulted in a changed number of shares and votes in Anoto.

    Through the directed share issue and the set-off issue, the number of shares and votes has increased by 125,043,750 and 230,636,107 respectively. Through the rights issue, the outcome of which was announced through a press release on 30 December 2024, the number of shares and votes has increased by 414,823,830.

    The total number of shares and votes in Anoto as of 31 January 2025 amounts to 1,102,362,753.

    This information is published in accordance with Chapter 4, Section 9 of the Swedish Financial Instruments Trading Act (SFS 1991:980). This information was submitted for publication on 31 January 2025, at 7 am CET. 

    For further information, please contact:
    Kevin Adeson, Chairman of the board of Anoto Group AB (publ)
    For more information about Anoto, please visit www.anoto.com or email ir@anoto.com
    Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm

    About Anoto Group
    Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a lead-er in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also holds a stake in Knowledge AI, a leading AI based education solution company. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Samsung Electronics Announces Fourth Quarter and FY 2024 Results

    Source: Samsung

    Samsung Electronics today reported financial results for the fourth quarter and the fiscal year 2024.
     
    The Company posted KRW 75.8 trillion in consolidated revenue and KRW 6.5 trillion in operating profit in the quarter ended December 31, 2024. For the full year, it reported KRW 300.9 trillion in annual revenue and KRW 32.7 trillion in operating profit.
     
    Although fourth quarter revenue and operating profit decreased on a quarter-on-quarter (QoQ) basis, annual revenue reached the second-highest on record, surpassed only in 2022. Meanwhile, operating profit was down KRW 2.7 trillion QoQ, due to soft market conditions especially for IT products, and an increase in expenditures including R&D.
     
    In the first quarter of 2025, while overall earnings improvement may be limited due to weakness in the semiconductors business, the Company aims to pursue growth through increased sales of smartphones with differentiated AI experiences, as well as premium products in the Device eXperience (DX) Division.
     
    For 2025 as a whole, the Company plans to enhance technological and product advantages in AI, continue to meet future demand for high-value-added products and drive sales growth in premium segments.
     
    With market conditions expected to remain soft in 1H for the Device Solutions (DS) Division, the Company will focus on securing technology leadership for mid- to long-term growth. Samsung Display Corporation (SDC) will look to strengthen its leading position in high-end products by enhancing product competitiveness, and the DX Division will focus on extending its leadership in delivering AI experiences across a diverse product portfolio.
     
    The Company’s capital expenditures in 2024 reached a total of KRW 53.6 trillion, including KRW 46.3 trillion spent in the DS Division and KRW 4.8 trillion in SDC. In the fourth quarter, the total was KRW 17.8 trillion, with KRW 16 trillion allocated to the DS Division and KRW 1 trillion to SDC.
     
     
    Semiconductors To Optimize Portfolio Centered on Advanced Nodes
    The DS Division posted KRW 30.1 trillion in consolidated revenue and KRW 2.9 trillion in operating profit in the fourth quarter of 2024.
     
    The Memory Business achieved record-high fourth-quarter revenue, backed by a higher blended DRAM average selling price (ASP) due to the increased sales of high-bandwidth memory (HBM) and high-density DDR5 for servers. However, operating profit decreased slightly compared to the previous quarter as a result of increased R&D expenses to secure future technology leadership, as well as the initial ramp-up costs to secure production capacity for cutting-edge nodes.
     
    In the first quarter of 2025, amid ongoing uncertainties in demand, the Memory Business will shift its business portfolio to more high-value-added products by accelerating the migration to cutting-edge nodes to respond to the demand for high-performance and high-density products.
     
    For DRAM, the Memory Business seeks to increase the share of DDR5 and LPPDR5x shipments by accelerating the transition to the 1b nanometer (nm) process. As for NAND, the Business is executing the technology migration from V6 to V8 while increasing sales of V7 QLC-based server SSDs.
     
    In 2025, overall memory market demand is expected to recover from the second quarter. The Memory Business is reducing the portion of legacy DRAM and NAND products to align with market demand and accelerating the migration to cutting-edge nodes. The Business will continue to strengthen its business competitiveness and optimize its portfolio by increasing the portion of high value-added products such as HBM, DDR5, LPDDR5x, GDDR7 and server SSDs based on advanced process nodes.
     
    Earnings at the System LSI Business declined in the quarter due to weak mobile demand and higher R&D expenses to advance cutting-edge product development.
     
    In the first quarter of 2025, earnings are expected to remain weak due to delayed entry into the flagship system-on-a-chip (SoC) market. However, demand for core products such as image sensors and DDI is expected to increase on the back of flagship smartphone launches.
     
    In 2025, the System LSI Business will focus on further enhancing its flagship SoC through product optimization. For image sensors, the Business will proactively respond to high-resolution needs — such as for 200-megapixel (MP) telephoto and main cameras.
     
    The overall profit for the Foundry Business decreased due to lower utilization rates and higher R&D expenses for advanced-node technology. Its 2nm GAA technology is under active development, with the design-kit (DK) already distributed to customers for product design, while the 4nm process is mass producing HPC products based on stable yields.
     
    Looking ahead to the first quarter of 2025, earnings are expected to remain weak due to sluggish mobile demand and fixed-cost burden stemming from lower utilization rates. In this environment, the Foundry Business will concentrate on advancing leading-edge process development and enhancing process maturity to expand opportunities in AI and HPC applications and customer engagement for advanced nodes.
     
    As for 2025, the Business will continue to secure orders from major customers by ramping up and stabilizing the 2nm GAA technology, while simultaneously bolstering the 4nm technology and design infrastructure to meet the growing mobile and HPC needs.
     

    Display To Strengthen Product Competitiveness in 2025
    SDC posted KRW 8.1 trillion in consolidated revenue and KRW 0.9 trillion in operating profit for the fourth quarter.
     
    SDC reported declining profits QoQ due to sluggish smartphone demand and rising competition for the mobile display business, and achieved double-digit revenue growth QoQ for the large display business, with an increase in year-end TV sales.
     
    In the first quarter of 2025, the earnings outlook for the mobile display business is conservative, as the overall smartphone market demand is expected to remain weak. For the large display business, TVs with enhanced image quality are scheduled to launch, as well as high-resolution monitors.
     
    In 2025, SDC aims to sustain its leadership in the high-end segment by strengthening product competitiveness. For the large display business, SDC will increase sales of diversified high-performance TVs and monitors.
     
     
    MX To Drive Flagship-Centric Sales, Reinforce Leadership in Mobile AI
    The Mobile eXperience (MX) and Networks businesses posted KRW 25.8 trillion in consolidated revenue and KRW 2.1 trillion in operating profit for the fourth quarter.
     
    The MX Business reported a QoQ decrease in sales and profit, in part due to the fading effects of new flagship model launches. However, on a full-year basis, flagship sales saw robust growth on the back of double-digit growth of the Galaxy S24 series featuring Galaxy AI, with tablets and wearables also increasing in both value and shipments.
     
    In the first quarter of 2025, the MX Business plans to drive sales growth based on its flagship models, particularly the newly launched Galaxy S25 series, and will continue to lead the AI smartphone market through promotion of new AI experiences and product competitiveness.
     
    In 2025, the MX Business will reinforce its mobile AI leadership by providing more personalized, differentiated AI experiences while also strengthening the foldable lineup to generate new customer demand. Additionally, the Business plans to expand sales by providing advanced AI features and rich Galaxy ecosystem experiences for premium tablets, notebooks, wearables and the upcoming XR device.
     
    While prices of major components are expected to increase this year due to advancements in hardware specifications, the MX Business aims to improve profitability by continuing to build out Galaxy AI and expand sales centered on flagship products.
     
    In the fourth quarter, the Networks Business reported significant improvements in revenue and operating profit in key markets. For 2025, performance is set to improve as the Business expects to win new orders and as major operators expand their network and increase adoption of virtualized and open radio access networks (vRAN/ORAN).
     

    Vision AI Expected To Drive Growth for Visual Display
    The Visual Display (VD) and Digital Appliances (DA) Businesses posted KRW 14.4 trillion in consolidated revenue and KRW 0.2 trillion in operating profit in the fourth quarter.
     
    The VD Business saw revenue increase in the fourth quarter due to expanded sales and an improved sales mix through peak-season promotion, yet profitability decreased slightly as a result of increased cost from intensified competition amid largely stagnant TV demand.
     
    In the first quarter of 2025, while overall TV demand is expected to decrease YoY due to growing domestic and global economic uncertainties, demand for high-value-added products is projected to remain solid. The Business will try to improve profitability and expand strategic product sales through new model launches based on the Vision AI strategy for Samsung’s AI screens.
     
    In 2025, the overall TV market is expected to grow slightly in major emerging markets. The VD Business plans to lead the AI screen market under Samsung’s “Home AI” vision, integrating AI into all connected device experiences based on the SmartThings platform and expand the adoption of Samsung Knox security solutions.

    MIL OSI Economics –

  • MIL-OSI USA: Murphy To RFK Jr.: It Isn’t Believable You Will Become Consistent With Science If You Become HHS Secretary

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    January 30, 2025

    [embedded content]

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor, and Pensions Committee, on Thursday questioned Robert F. Kennedy Jr. at a hearing on his nomination for Secretary of Health and Human Services. Murphy challenged Kennedy’s credibility and pressed him on past statements comparing America’s vaccine program to the Holocaust and the Catholic Church’s pedophilia scandal. Murphy argued that Kennedy’s long history of spreading misinformation about vaccines raises serious concerns about his ability to lead HHS, emphasizing the need for a Secretary who prioritizes science and public trust.

    A full transcript of Murphy’s exchange with Kennedy can be found below:

    MURPHY: “Thank you very much, Mr. Chairman. Mr. Kennedy, thank you for joining us here today. Listen, credibility matters so much when you lead the most important health agency in the world. The Secretary of HHS has got to be trusted that he’s telling the truth, that he cares about science, [and] has no political agenda.

    “Mr. Kennedy, I want to go back to some of your testimony yesterday, before the Finance Committee, when you either feigned ignorance about some very clear statements that you have made in the past, or you outright denied saying things about the vaccine program that you have undoubtedly said.

    “So with a day’s hindsight, I want to give you another chance to be honest about the things you have said. Senator Warnock asked you yesterday if you had compared America’s vaccine program to the Catholic Church’s pedophilia scandal. You said you never said that. Now I’m not asking you to explain what you said.”

    KENNEDY: “I didn’t say I never said that. I did not say that I hadn’t said that, Senator. I said [I didn’t say] the other question he asked me, about the Nazi death camps.”

    MURPHY: “That’s fine, you’re doubling down on that. Senator Warnock also asked you if you compared America’s vaccine campaign to the Nazi death camps and the Holocaust. Again, you said yesterday you didn’t say that.”

    KENNEDY: “I did not say that.”

    MURPHY: “Senator Bennett asked you yesterday if you had made an allegation that AIDS is a different disease in Africa than it is in America. On that one you said you didn’t recall. Having had a day to think about it, do you recall saying that AIDS is a different disease in Africa than it is in the United States?”

    KENNEDY: “I looked up that passage in my book and found that indeed the diagnostics for AIDS are very different in Africa and the United States– that the list of symptoms is almost completely different.” 

    MURPHY: “So let me just– I’ll submit this for the record, but having denied the first two statements, let me just read what you said. You said in 2013, ‘Is it hyperbole to say that the people who run our vaccine program should be in jail? They should be in jail. To me, this is like Nazi death camps. Look at what it does to the families [who participate in the vaccine program]. I can’t tell why somebody would do something like that. I can’t tell you why ordinary Germans participated in the Holocaust. I can’t tell you what was going on in their minds.’ 

    “With respect to the pedophilia scandal, you said: ‘The pedophilia scandal in the Catholic Church is a perfect metaphor for what’s happening in the United States. The vaccine program– it’s the same reason we had a pedophilia scandal in the Catholic Church. It’s because people were able to convince themselves that the institution of the church was more important than these little boys and girls who were being raped. 

    “I don’t disagree with Senator Mullin. I don’t want a HHS Secretary that’s not going to question science. I think it’s important to question science. But you’re not questioning science– you’ve made up your mind. You have spent your entire career undermining America’s vaccine program. You make these purposeful comparisons to those that are administering the vaccine program to the Nazi executioners, to the people who covered up the Catholic Church’s pedophilia scandal, because you have made a decision that there is a comparison; that there is evil in the vaccine program as there was evil in the pedophilia scandal and the Nazi death camps. 

    “You aren’t exploring science, you have made up your mind. You have spent your entire career trying to undermine these programs. The reason that these statements–these incredibly aggressive, over-the-top statements–matter to us is because it just isn’t believable that when you become secretary, you are all of a sudden going to be consistent with science. People who have spent their career saying these kinds of things, running the kinds of campaigns that you have run, don’t all of a sudden change their stripes. So Mr. Chairman, I will submit these statements into the record.”

    KENNEDY: “Can I respond to that, Senator? My statement about the Catholic Church is almost identical to the findings of the Government Oversight Investigation Committee that investigated the CDC’s vaccine program in 2003. Senator Burr was Chairman of that committee. And he said that the certain individuals in that program had written off a generation of kids because of ‘misplaced institutional loyalty to the CDC’ and because of ‘entanglements with the drug companies.’”

    MURPHY: “You equate pedophilia to the administration of vaccines?”

    KENNEDY: “It wasn’t pedophilia.”

    MURPHY: “You said it was a perfect metaphor.” 

    KENNEDY: “If you have one in 36 kids who has neurological injuries, and if that is linked, that should be studied.”

    MURPHY: “Is it a perfect metaphor?”

    KENNEDY: “It’s not a perfect metaphor, but there’s no metaphor that’s perfect. I am pro-vaccine. I am going to support the vaccine program. I want kids to be healthy, and I’m coming in here to get rid of the conflicts of interest within the agency and make sure that we have gold standard, evidence-based science. And if you show me where I’m wrong on this, show me a single statement I’ve made about science that is erroneous.”

    MURPHY: “Thank you.”

    MIL OSI USA News –

  • MIL-OSI Economics: Panasonic Well Venturing into the Future of Family Wellness

    Source: Panasonic

    Headline: Panasonic Well Venturing into the Future of Family Wellness

    Yoky Matsuoka, Executive Officer of Panasonic Holdings Corporation and Panasonic Well Director, took the stage with Yuki Kusumi, Group CEO, during the opening keynote at CES 2025. She announced that Umi, a holistic digital family wellness platform and coach, will be launched in the US as an example of Panasonic Go.*1 We interviewed Yoky about Panasonic Well, the vision to commercializing Umi, and the outlook for the future.
    ＊1: A global corporate growth initiative promoting business transformation using AI.

    Integration of wellness and technologies: Panasonic Well taking up challenges

    Panasonic Well, led by Yoky, is a venture and business incubator committed to building new services and technologies that improve the well-being of all people, with a focus on the wellness of modern families. Yoky is an accomplished executive and technologist with over two decades of leadership experience. She is a renowned robotics and neuroscience expert, recognized for her groundbreaking work and honored with the MacArthur Genius Award.
    Yoky: Partly due to my past experiences, Panasonic Well tends to be seen as simply a developer of AI or technologies. However, we are able to create solutions at the intersection of responsible tech and human care because we understand what is needed to achieve wellness. This is Panasonic Well’s strength.

    Yoky Matsuoka and Panasonic Well staff (at the CES 2025 Panasonic booth)

    The first project that Yoky initiated at Panasonic was Yohana, a next-generation family concierge service.
    Yoky: During the COVID-19 pandemic, people’s work styles and how they spent time with their family saw drastic changes. At that time, we conducted surveys to get a deeper look at the challenges underlying their problems and did exhaustive research on how we could develop relevant solutions. We launched Yohana in 2021 in the US, then later in Japan, to respond to the time-consuming needs of families by proposing suggestions for meal menus, birthday presents, and so on. The Yohana team, composed of actual humans, has completed over 300,000 tasks on behalf of our customers. This work accumulated to a total of more than one million hours for our customers’ time, which we were able to give back to them. However, we have been unable to provide adequate solutions for using the time created by Yohana to strengthen family ties or improve self-care.
    At Panasonic Well, we have continued our research to ensure that AI will be able to resolve challenges facing families in the future. Furthermore, a survey*2 conducted in the US revealed that half of the “sandwich generation”*3 parents, including myself, feel overwhelmed by stress and that 65% feel lonely. This shows that strengthening family ties and self-care are indispensable for the elderly. Consequently, we developed Umi*4 to address these crises in family ｗell-being.
    ＊2: U.S. Surgeon General Issues Advisory on the Mental Health and Well-Being of Parents (August 2024).＊3: A generation simultaneously supporting aging parents while raising children.＊4: The word “umi” means ocean in Japanese. This name was chosen because it evokes an image of health and well-being, since it not only has a calming effect but also gives people the feeling of vastness and the availability of unlimited resources.

    Umi: A new AI partner supporting family wellness

    Yoky: Umi will start by providing an app as a family well-being coach that facilitates behavioral changes toward achieving family wellness. By encouraging multi-generation families to cultivate wellness habits that fit their diverse needs and lifestyles, it can be a family partner that supports their health and well-being. Activities & fitness, nutrition, sleep, and stress management are essential for wellness, and among these, the first two have been increasingly attracting attention in recent years. Accordingly, Umi’s AI agent assists in behavioral changes for all family members from their childhood, especially in the areas of activities & fitness and nutrition.

    From the video shown during the keynote. Left: Umi suggests ideas for enjoying a weekend, and family members exchange opinions.

    Right: Umi explains key points of communication with elderly parents based on advice from experts.

    Specifically, using wide-ranging data learned through questions and communications with family members, Umi’s AI sets personalized goals for individuals and suggests necessary actions to meet these goals while considering their feasibility. For example, Umi may propose a monthly target number of steps for a user, but if it learns through conversations that it is not feasible due to the user’s busy schedule, Umi may set another more achievable target for eating more nutritious meals. Since the priorities of activities & fitness and nutrition vary among individuals, it is essential to tailor this process for each family member.
    One of Umi’s features enables all family members including children to share conversations, not only 1-to-1 communication. This coordinates family wellness through communication and eventually leads to behavioral change. We delve deeply into the app features like tone of voice and tweak between strong and soft tones to make suggestions best suited for encouraging behavioral changes. Umi also visualizes your progress and enables you to review the outcomes to establish actions as routines.

    Panasonic Well: Committed to building a wellness ecosystem

    Dr. Myechia Minter-Jordan, CEO of AARP

    During the keynote, Yoky introduced the Panasonic Well Partner Collective, which consists of leading health and wellness businesses, organizations, and research institutions, as well as a partnership with the American Association of Retired Persons (AARP),*5 an NPO with approximately forty million members in the US. Dr. Myechia Minter-Jordan, CEO of AARP, took the stage and emphasized that technology is critical to living a healthy life for an increasing number of older people and their families around the world. Yoky also introduced the Family Wellness Innovation Challenge, a global competition co-sponsored by AARP and Panasonic Well for start-ups who pursue relevant technologies and services, and the prize winners were announced at the end.
    ＊5: Aiming at improving the quality of life of older people, AARP provides information and support related to health, economic, and social challenges.

    Yoky: During the development of Umi, we placed much emphasis on building a business ecosystem.*6 Typical examples are partnerships with companies that provide services as needed or those that give expert advice based on the communications carried out between users and Umi.
    ＊6: A large economic network of various companies and organizations that collaborate to create greater value.

    Group CEO Kusumi joined the award ceremony of the Family Wellness Innovation Challenge and praised the grand prix winner.

    The sandwich generation is under a great deal of emotional, time, and economic pressure, and more than half of the families in the US face these burdens.*7 Partnerships are critical for resolving such issues. The Family Wellness Innovation Challenge is a significant step toward expanding such partnerships. We received over 550 applications from around the world, including Japan. I joined the latter half of the screening process myself and interviewed applicants in person. We announced the winners at CES partly to find partners who align with our initiatives, and many participants actually approached us demonstrating their interest. By taking this opportunity, we want to further expand the ecosystem and respond to a wider range of use cases.
    ＊7: World Economic Forum “More than half of Americans in their 40s are ‘sandwiched’ between an aging parent and their own children” (April 2022).

    Daniela Amodei, Co-founder and President of Anthropic

    Since collaboration with AI partners is indispensable in promoting Panasonic Go, Group CEO Kusumi announced in his keynote a strategic partnership with Anthropic in the US, a company that shares the Panasonic Group’s belief that AI must be safe, understandable, and designed to deeply align with human values. In response, Yoky stated that Umi will be equipped with Anthropic’s Claude AI assistant. Daniela Amodei, Co-founder and President of Anthropic, joined her and explained that Claude has added value in all aspects of business, from customer service to decision-making, over the years. She expressed her determination to help the Panasonic Group enhance its overall creativity while delivering better business results by leveraging Claude’s high reliability and safety.
    Yoky: Anthropic has grown while placing great emphasis on ethics, privacy, and responsibility, and its large language models (LLMs) have gained a high reputation in the US. Umi, committed to supporting the health and well-being for all with wellness as a gateway, cannot be viable without innovations based on Anthropic’s AI ethics. Anthropic AI is particularly excellent at family calendar management and chat promotion, so we will be able to provide a service where Umi discusses the scheduling of hospital visits with users, prepares and manages their schedule with AI, and then even reserves a taxi. We expect further collaboration with a diverse range of partners by expanding the breadth of services in this way.

    Umi and Panasonic Well’s future strategy

    Yoky: I feel that being able to demonstrate Umi’s capabilities at CES was very meaningful. Umi’s first key vision for the future is to provide a one-stop solution. We hope to develop Umi into a platform that knows all family members well, capable of making good suggestions in response to their wellness consultations without the need to access different sources.

    The Umi booth at CES 2025, where many visitors attentively listened to the explanations of booth staff while trying out screen demonstrations

    In front of the Partner Collective panel displays. Quite a few representatives of companies expressed their support and consulted with staff of Panasonic Well.

    The second vision is to strengthen the ecosystem by expanding our network of partnerships. We will select partners based on their attitudes toward AI ethics and customer needs. We hope that more companies and organizations will participate in the Umi ecosystem in the future, even if their various services overlap. We believe that optimal solutions for problems and concerns can be provided to more customers only when Umi is backed up by a diverse range of partners.
    Umi will launch services from the US while aiming to establish a global ecosystem to ensure deployment in other countries and regions. The Panasonic Group is unrivaled in its touchpoints with customers in households and it is important to leverage this advantage. We, as the provider of Umi, look forward to collaborating closely with the business divisions to identify mutually beneficial approaches to solve our customer pain points.

    While Panasonic Well is a company capable of making customers around the world healthy and happy through wellness solutions, we want to be the forerunner that will lead Panasonic Go, an initiative to promote corporate transformation of Panasonic. We will pioneer the creation of new products and businesses by leveraging AI and other advanced technologies. We will also establish AI platforms in collaboration with partners and our operating companies.
    Furthermore, we are conscious of our contributions to the AI-based transformation of the entire Panasonic Group. In addition to promoting teamwork with departments in charge of AI at Panasonic Holdings and other organizations, we will provide inspiration and lead initiatives to encourage every Panasonic Group employee to embrace AI, unleashing tremendous progress in their tasks and in the products and services they develop.

    Panasonic Go aims to expand AI-driven hardware, software, and solutions businesses to approximately 30% of the Panasonic Group’s revenue by 2035. However, the Panasonic Group won’t be able to meet the goal only through the efforts of Panasonic Well and Blue Yonder. All business divisions and departments across the Panasonic Group need to create AI-driven revenue streams. We at Panasonic Well hope to contribute to the attainment of our goal by implementing the approaches I’ve described. If we succeed in meeting our goal, the day may come when the entire Panasonic Group is regarded as a leader in AI technologies.

    Under Yoky’s leadership, Panasonic Well will continue to provide innovative solutions driven by AI and other advanced technologies, thus contributing to family wellness. It will also promote AI use throughout the Panasonic Group’s businesses and work at the forefront of Panasonic Go.

    The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

    MIL OSI Economics –

  • MIL-OSI Economics: Monitoring Business Cycle Fluctuations in Asia

    Source: Asia Development Bank

    The paper explains how the index can monitor monthly business cycles in Asian economies using updated economic indicators across six categories: consumption, investment, trade, government, financial, and external sectors. It shows that machine learning algorithms accurately track output gap movements, offering a robust tool for monitoring economic fluctuations.

    MIL OSI Economics –

  • MIL-Evening Report: Fiji’s HIV crisis is a regional challenge that demands a regional response

    Source: The Conversation (Au and NZ) – By Sharon McLennan, Senior Research and Teaching Fellow, School of Health, Te Herenga Waka — Victoria University of Wellington

    In the words of UNAIDS Asia Pacific Regional Director Eamonn Murphy, rising HIV infections in Fiji “put the entire Pacific region at risk”.

    Fiji’s minister of health declared an official HIV outbreak in January, citing 1,093 new cases from January to September 2024 – triple the number from the same period in 2023.

    The World Health Organization defines a disease outbreak based on the number of cases being in excess of normal expectations. Similar to an epidemic, an outbreak typically refers to a more limited geographic area.

    Declaring an outbreak enables prompt public health response measures and mobilises domestic and international resources to respond to the crisis.

    Why is there an HIV outbreak?

    The outbreak has been attributed to Fiji’s ongoing methamphetamine crisis. The island nation is a major hub for drug trafficking to Australia and New Zealand, contributing to an upsurge in drug use.

    Preliminary Ministry of Health data show half of the newly diagnosed individuals receiving anti-retroviral therapy contracted HIV through injecting drugs.

    However, the crisis extends beyond drug use. Increasing urbanisation, homelessness and unemployment, coupled with disconnection from traditional land and culture, contribute to risky health behaviours.

    Many Fijians express concern that eroding family values are driving this behaviour, with reports of children as young as eight using drugs, engaging in prostitution or begging.

    Low HIV awareness and social stigma compound these factors. Many Fijians are reluctant to get tested and, if positive, to receive care. Knowledge of HIV prevention is low: a 2021 survey found less than a third of those aged between 15 and 24 had comprehensive HIV knowledge.

    A decade of underfunding and reduced international support has also undermined Fiji’s HIV prevention strategies and service. This has exacerbated low levels of HIV/AIDs awareness, and the deterioration of health and treatment services.

    Why is the region at risk?

    Fiji is a regional hub for education and business, attracting students and economic migrants from across the region. There’s a real risk the virus will spread to other island nations via returning workers and students, potentially undetected for long periods.

    Fiji is also a major tourist destination. Unsuspecting visitors, whose fun in the sun extends to drug use or unsafe sexual activities, may be at risk.

    There is also a risk of reputational damage for the tourism industry, whose success relies on marketing Fiji as a safe and happy destination. With Fiji still recovering from COVID’s impact on tourism, the new crisis is a major threat.

    Fiji is also experiencing significant outward migration (5% net in 2023), mostly to Australia and New Zealand. This raises the risk of virus spread through established migration pathways, including labour mobility policies such as the Pacific Australia Labour Mobility scheme and New Zealand’s Recognised Seasonal Employer schemes.

    The HIV surge will be costly for the country and the region. HIV/AIDS strains household finances through lost income and increased healthcare costs, diverts public spending from other areas, with flow-on impacts for national and regional economies.

    What is being done to combat the outbreak?

    The Ministry of Health’s 90-day HIV Outbreak Response Plan fast-tracks high-impact interventions. These include harm-reduction programs, condom distribution, and prophylactic pre-exposure treatment.

    This complements the HIV Surge Strategy 2024–2027, a long-term road map for strengthening Fiji’s health system based on the United Nations’ global “95-95-95” targets: 95% rates of testing, treatment and viral suppression in the population.

    However, as the health minister noted, the outbreak declaration “reflects the alarming reality that HIV is evolving faster than our current services can cater for”.

    Consequently, external assistance is ramping up. The UN Development Programme has delivered 3,000 anti-retroviral drugs to Fiji. The Australian government’s Indo-Pacific HIV Partnership with UNAIDS is also supporting Fiji to scale up prevention.

    Funding is starting to trickle down to the front lines. For example, with support from Australia and New Zealand, the Fiji Reproductive and Family Health Association is working with experts on awareness, prevention and care strategies to reverse the surge.

    Fiji is not immediately affected by US President Donald Trump’s decision to withdraw the US from the World Health Organization and a threatened defunding of HIV treatment programs around the world. But the uncertainty makes addressing the outbreak even more urgent.

    Duty of care: Australian Prime Minister Anthony Albanese at the Pacific Islands Forum in Suva, 2022.
    Getty Images

    What can Australia and New Zealand do at home?

    Both countries bear particular responsibility and face specific risks. Their domestic drug markets drive regional trafficking, fuelling Fiji’s meth crisis and the HIV outbreak.

    Continued support for regional anti-narcotics initiatives is crucial, as is addressing domestic drug demand.

    As beneficiaries of Fijian labour migration, Australia and New Zealand also have a duty of care for migrants. This includes education, screening and treatment for Pacific communities, and access to preventive treatments which are currently not funded for migrants in either country.

    Finally, tourists and travellers need to be educated about the risks, and take precautions.

    The outbreak declaration demonstrates Fiji’s commitment to addressing the crisis but success will require regional cooperation.

    Australia and New Zealand are key stakeholders whose domestic policies and support can significantly affect the outbreak’s trajectory, contribute to a unified Pacific response and protect regional public health.

    Sharon McLennan gratefully acknowledges the valuable input and guidance of Avendra Prakash (Chair, Reproductive & Family Health Association of Fiji), Dr Akisi Ravono (University of Fiji) and Dr Johanna Thomas-Maude (Victoria University of Wellington).

    Sharon McLennan receives funding from the Royal Society Te Apārangi.

    – ref. Fiji’s HIV crisis is a regional challenge that demands a regional response – https://theconversation.com/fijis-hiv-crisis-is-a-regional-challenge-that-demands-a-regional-response-248536

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Tuberville Questions Nominee to be Secretary of the Army, Advocates for Alabama Military Bases

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) questioned President Trump’s nominee for Secretary of the Army, Daniel Driscoll, in his Senate Armed Services Committee (SASC) confirmation hearing. Sen. Tuberville and Mr. Driscoll discussed delays in military construction at Redstone Arsenal. Sen. Tuberville also discussed the need to better incentivize new military recruits, following the announcement of his new Chairmanship of the SASC Subcommittee on Personnel.

    Read excerpts from Sen. Tuberville’s remarks below or watch on YouTube or Rumble.

    ON ARMY PILOT TRAINING PROGRAMS:

    TUBERVILLE: “Thank you, Mr. Chairman. Mr. Driscoll, thanks for being here. Thanks for your service. I wanna echo the thoughts about what’s happened last night here [in] our home territory is devastating. […] Fort Novosel in my state of Alabama, you know, we train all the vertical lift Army pilots, as you well know. […] I wanna get your thoughts on what you think about the new curriculum for a flight school that the Army has proposed. This affects all the pilots in the Army. And I wanna get your commitment continuing an open dialogue about the Army’s intent on how best to leverage existing resources. We’re cutting back on sorties. We’re not putting money in training like we used to—like we need to do. We’re undertrained in some areas. So, I’d like to get your thoughts on the curriculum and your thoughts about the future of vertical lift, especially with the new vertical lift that the Army is purchasing for the future fights that we might have.”

    DRISCOLL: “Senator, to your comment on what occurred last night, I think we’re all collectively gonna have to take a deep dive and figure out what occurred there. The early indicators from what I’ve seen on television—I have no other access to information—is that it might have been a training exercise gone wrong that had catastrophic outcomes. And so, we’re going to have to work together to make sure that never occurs again or at least to mitigate the odds that it could ever occur again. And then specifically the future of vertical flight—if you look at the contested airspace with our peer China and what we will have to do. Our vertical assets are going to have to be able to get further and faster with lower signature than they do today. That being said, if you look at FARA, the current push for the Army, it is early in its development, it is incredibly expensive, and we are likely going to have to work with the Black Hawk’s and the Chinook’s and the assets that we have today. And so, if confirmed, I would wanna get briefed on this and do a deep dive with the team to figure out how are we going to position ourselves and what training do we need for the next one day to five years until we can get to a better state.”

    ON MILCON DELAYS:

    TUBERVILLE: “Thank you. I want to discuss an issue that affects many of our installations, including mine in Huntsville, [Alabama] at Redstone, Arsenal. The issue is military construction—MILCON as we know it—we need to move fast, and the traditional military construction process is far too slow. Back at Redstone Arsenal, there are two warehouses as we speak being constructed, one for military by the [Army] Corps of Engineers and one by the FBI. These warehouses are roughly the same […], but the FBI has got a huge amount of bells and whistles, more than the military warehouse. The military warehouse is going to cost almost $56 million and it’s going to take 48 months—four years—to build this. Where the FBI facility is going to cost $40 million and [should take] take only basically a year and a half. We [have] got a problem. Okay? How on earth does this make any sense? The Army is currently running a repair by replacement pilot program that is being tested at a couple of installations to demolish older barracks and replace them with new modern facilities. The key part of this program is that it is using operations and maintenance dollars versus traditional MILCON dollars. Are you familiar with this?”

    DRISCOLL: “Senator, I had the opportunity to talk with you about in your office. Yeah—and this is the type of thing that makes my blood boil on behalf of soldiers. The Army has a limited budget to begin with. We have to be good stewards of the American taxpayer’s dollars. And when we are not, it is both the taxpayer and the soldier—and these soldiers are my friends—it is my friends that live in these barracks and raise their families there. And we need to stretch these dollars as far as we can.”

    ON MILITARY RECRUITING:

    TUBERVILLE: “Yeah. And the other small point I want to bring up, we’ve talked about recruiting. I won’t get into that. The new recruit in the army makes $25,000 a year before taxes. We just gave [them] a raise, but we can’t expect to attract the best and the brightest young men and women in the military unless we do something else […]. I know we give them a lot of perks at the end of the day, but we have got to understand [that] $25,000 [is not enough]. I mean, most of them can make that in two months’ time in some kind of big tech [job] or whatever. So, just keep that in mind as you get into recruiting. We have got to start taking care of these young men and women if we’re gonna build the fighting force that we need. Thank you.”

    DRISCOLL: “Yes, Sir.”

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Submissions: CH4 Global to open the world’s first EcoPark to grow Asparagopsis to reduce methane emissions from cows TODAY

    Production begins at CH4 Global’s first full-scale EcoPark

    ADELAIDE, Australia – January 30, 2024 – CH4 Global, Inc., will today officially open phase one of its first full-scale EcoPark, where it has begun to grow and process Asparagopsis in 10 large-scale cultivation ponds with a combined capacity of 2 million litres – capable of producing 80 metric tonnes of the seaweed each year.

    Over the next year, the facility will expand to 100 ponds capable of producing enough Asparagopsis to serve 45,000 cattle per day – a significant step toward meeting demand from CH4 Global’s existing commercial partners in Australia and beyond. With additional investment, the facility could eventually expand to 500 ponds capable of serving hundreds of thousands of cattle per day.

    Built at Louth Bay, 23km south of Port Lincoln on Eyre Peninsula, the EcoPark consists of research and development facilities, a seedling hatchery, patented in-land growth ponds, and harvesting and drying technologies to convert Asparagopsis into CH4 Global’s Methane Tamer products – allowing end-to-end production.

    The EcoPark will sustainably grow methane-reducing Asparagopsis at scale. Asparagopsis, which is a red seaweed native to South Australia, drastically reduces methane emissions from cows by up to 90 per cent.

    CH4 Global founder and Chief Executive Dr Steve Meller said the EcoPark was the first commercial facility of its kind, enabling the scalable propagation of Asparagopsis to meet the needs of feedlots under contract. CH4 Global’s system delivers consistent, high-quality production at a fraction of the cost, enabling profitability throughout the value chain without government subsidies.

    With its proprietary pond-based system, CH4 Global aims to reduce production costs by up to 90 per cent compared to conventional tank-based methods, enabling rapid scaling while positioning CH4 Global to deliver its feed supplement at a price point that ensures profitability throughout the agricultural value chain.

    “The EcoPark allows us to now grow Asparagopsis at-scale, providing more Methane Tamer to the feedlots and farmers we are already working with, and to meet the needs of the increasing number of organisations contacting us to help them change the feeding habits of their cows as we start bending the climate curve,” Dr Meller said.

    “We are well and truly working towards eliminating one billion metric tons of carbon dioxide equivalent emissions and reaching 150 million cattle by 2030 through our local and international partnerships with feedlots and farmers, and it’s fantastic to see beef from these cows hitting shelves in Australia and heading overseas.”

    Dr Meller said the Louth Bay EcoPark was an essential step on the climate journey and would be positive for the Eyre Peninsula community and economy.

    CH4 Global has committed to preventing the creation of one gigatonne of CO2 emissions by 2032.

    To do so, CH4 Global needs to reach 150 million cattle —10 per cent of the world’s total.“Along with supporting farmers in South Australia, Queensland and overseas to reduce emissions, we’re working closely with the Eyre Peninsula community by having worked with local contractors to build the EcoPark, sourcing local materials and providing regional jobs.”

    CH4 Global has also been working with First Nations communities across South Australia, including with the planting of native species and on a land management plan, and providing a gathering space on-site.

    CH4 Global has implemented a sustainable design framework for Louth Bay and future EcoParks, guiding the use and management of energy and natural resources, waste and GHG emissions, and efficient use of eco-friendly materials.

    As part of its sustainable design framework, CH4 Global has remediated the 14ha site and will be responsible for 13km of beach. Remediation has included removing 5,000 tonnes of concrete tanks – crushed and recycled; 11.76 tonnes of HDPE to be recycled in Adelaide, 10 tonnes of plastic aquaculture trays and other plastic equipment for filtering water and other purposes, which have been rehomed and reused within the community; and sent five tonnes of steel to recycling.

    About CH4 Global

    CH4 Global, founded in 2018, is on an urgent mission to bend the climate curve, through collaboration with strategic partners worldwide. We deliver market-disruptive products that enable the food industry value chain to radically reduce GHG emissions.

    The company’s first innovation, Methane Tamer feed additives for feedlot cattle, harnesses the power of Asparagopsis seaweed to reduce enteric methane emissions by up to 90 per cent.

    MIL OSI – Submitted News –

  • MIL-OSI Security: Luchese Crime Family Solider and Four Associates Plead Guilty to Crimes Including Racketeering, Money Laundering and Illegal Gambling

    Source: Office of United States Attorneys

    Earlier today and throughout the past few weeks, in federal court in Brooklyn, five members and associates of the Luchese organized crime family of La Cosa Nostra pleaded guilty to multiple crimes, including racketeering, money laundering and illegal gambling related to criminal activities throughout New York City. The proceedings were held before United States District Judge Kiyo A. Matsumoto.  Today, Luchese crime family soldier Anthony Villani pleaded guilty to racketeering, money laundering and illegal gambling.  As part of Villani’s plea agreement, he will pay $4 million in forfeiture.  His co-defendants have agreed to pay an additional approximately $1 million in forfeiture.  Villani and his co-defendants operated a large-scale, illegal online gambling business (the Gambling Business) that operated under the protection of the Luchese crime family across the New York metropolitan area.  The gambling business, known as “Rhino Sports,” operated since the early 2000s and brought millions in illicit profits annually.   

    John J. Durham, United States Attorney for the Eastern District of New York and James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the guilty pleas.

    “These guilty pleas represent a victory for the rule of law over the pernicious activities of organized crime that undermine the safety of our communities,” stated United States Attorney Durham.  “Illegal gambling businesses require enforcement and protection from mob rivals that carry the persistent threat of violence.  However, the defendants’ luck ran out and, thanks to the hard work of the team of prosecutors and investigators, they will be held accountable for their crimes and pay their debt to society.”

    FBI Assistant Director in Charge Dennehy stated: “Our investigations involving members of the Five Families don’t make the same headlines as they have historically. However, the men pleading guilty in this case illustrate how entrenched the traditional mafia are in their noxious and familiar criminality. They are less flashy these days – and a lot of that is due to the incredible cunning and tenacity agents and investigators on our FBI New York Westchester Organized Crime Task Force use to pursue members of these organizations.”

    As detailed in the indictment and court filings, for over 25 years, Villani has been involved in significant gambling operations, principally based in the Bronx and Westchester, New York, that were affiliated with multiple organized crime families.  Villani owned and operated the Gambling Business since at least 2004.  The Gambling Business was hosted using servers in Costa Rica and employed local bookmakers to pay and collect winnings.  Villani’s bookmakers included members and associates of the Luchese crime family and other La Cosa Nostra families.  As part of the scheme, Villani employed trusted individuals, including defendants Louis Tucci, Jr. and Dennis Filizzola, to assist in operating the business and collecting at least $1 million annually.  Records obtained of the Gambling Business’s website indicated that Villani’s illegal gambling operation regularly took bets from between 400 and 1,300 bettors each week, most of whom were based in New York City and the metropolitan area. At Villani’s direction, Filizzola took proceeds from the Gambling Business and used them to purchase U.S. Postal Service money orders in false names, which were then made payable to one of Villani’s property companies to appear as legitimate rental payments.   

    When sentenced, Villani faces up to 20 years in prison.  Louis Tucci, Jr., pleaded guilty on January 27, 2025 to illegal sports betting and faces up to five years in prison.  Filizzola pleaded guilty on January 21, 2025 to illegal sports betting and money laundering and faces up to five years in prison and up to 20 years in prison on those counts respectively.  James Coumoutsos pleaded guilty on January 21, 2025 to illegal sports betting and faces up to five years in prison.  Michael Praino pleaded guilty on January 10, 2025 to illegal sports gambling and faces up to five years in prison.  A sixth defendant remains at large.

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section.  Assistant United States Attorney Antoinette N. Rangel is in charge of the prosecution.  Assistant United States Attorney Claire S. Kedeshian of the Office’s Asset Recovery Section is handling forfeiture matters.

    The Defendants:

    ANTHONY VILLANI
    Age:  60
    Elmsford, NY

    JAMES COUMOUTSOS (also known as “Quick”)
    Age:  62
    Bronx, NY

    DENNIS FILIZZOLA
    Age:  61
    Cortlandt Manor, NY

    MICHAEL PRAINO (also known as “Platinum”)
    Age:  47
    Lake Worth, Florida

    LOUIS TUCCI, JR. (also known as “Tooch”)
    Age:  61
    Tuckahoe, NY

    E.D.N.Y. Docket No. 22-CR-405 (KAM)

    MIL Security OSI –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of ATSG, CTV, DFS, BERY to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Air Transport Services Group, Inc. (Nasdaq: ATSG), relating to a proposed merger with Stonepeak Nile Parent LLC. Under the terms of the agreement, Air Transport Services Group shareholders will receive $22.50 per share of Air Transport Services Group Common Stock they own.

    ACT NOW. The Shareholder Vote is scheduled for February 10, 2025.

    Click here for more information https://monteverdelaw.com/case/air-transport-services-group-inc-atsg/. It is free and there is no cost or obligation to you.

    • Innovid Corp. (NYSE: CTV), relating to the proposed merger with Mediaocean LLC. Under the terms of the agreement, Mediaocean will acquire Innovid at a price of $3.15 per share of common stock.

    ACT NOW. The Shareholder Vote is scheduled for February 11, 2025.

    Click here for more https://monteverdelaw.com/case/innovid-corp-ctv/. It is free and there is no cost or obligation to you.

    • Discover Financial Services (NYSE: DFS), relating to its proposed merger with Capital One Financial Corp. Under the terms of the agreement, DFS shareholders are expected to receive 1.0192 shares of Capital One per share they own.

    ACT NOW. The Shareholder Vote is scheduled for February 18, 2025.

    Click here for more information: https://www.monteverdelaw.com/case/discover-financial-services. It is free and there is no cost or obligation to you.

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    The MIL Network –

  • MIL-OSI USA: Sen. Kim Jackson to Hold Press Conference on ‘Equal Opportunities for Girls in Sports’ Act

    Source: US State of Georgia

    ATLANTA (January 30, 2025) — On Monday, February 3, Senate Minority Caucus Whip Kim Jackson (D–Stone Mountain) will hold a press conference to discuss Senate Bill 41. SB 41 would ensure that no student is excluded from participating in, treated differently from another student, or discriminated against in any interscholastic or intramural athletics offered by a local school system based on gender.

    EVENT DETAILS:                     

    • Date: Monday, February 3, 2025
    • Time: 11:15 a.m.
    • Location: Georgia State Capitol, South Steps, 206 Washington St SW, Atlanta, GA, 30334
    • This Event is Open to the Public.

    MEDIA OPPORTUNITIES:

    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

    “My ‘Equal Opportunities for Girls in Sports Act’ (SB 41) has been officially introduced in the Senate as of yesterday morning,” said Sen. Jackson. “I bring this bill before Georgians as a call to action to address the continuing inequities in middle and high school girls’ athletics. We invite women around the state to join us in supporting our female athletes at the Capitol on Monday, February 3rd at 11:15 a.m. for a press conference. Lets fill the South Steps with women advocating for real solutions to real problems in girls’ sports.”

    More information about SB 41 can be found here.

    # # # #

    Sen. Kim Jackson serves as Democratic Caucus Whip. She represents the 41st Senate District which includes portions of DeKalb and a small portion Gwinnett County. She may be reached at (404) 656-6882 or by email at kim.jackson@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI: Baker Hughes Announces Fourth-Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth-quarter highlights

    • Orders of $7.5 billion, including $3.8 billion of IET orders.
    • RPO of $33.1 billion, including IET RPO of $30.1 billion.
    • Revenue of $7.4 billion, up 8% year-over-year.
    • GAAP diluted EPS of $1.18 and adjusted diluted EPS* of $0.70.
    • Adjusted EBITDA* of $1,310 million, up 20% year-over-year.
    • Cash flows from operating activities of $1,189 million and free cash flow* of $894 million.

    Full-year highlights

    • Orders of $28.2 billion, including $13.0 billion of IET orders.
    • Revenue of $27.8 billion, up 9% year-over-year.
    • Attributable net income of $2,979 million.
    • GAAP diluted EPS of $2.98 and adjusted diluted EPS* of $2.35.
    • Adjusted EBITDA* of $4,591 million, up 22% year-over-year.
    • Cash flows from operating activities of $3,332 million and free cash flow* of $2,257 million.
    • Returns to shareholders of $1,320 million, including $484 million of share repurchases.

    HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the fourth-quarter and full-year 2024.

    “2024 proved to be a momentous year for Baker Hughes. We closed out the year with exceptional fourth-quarter results, setting new quarterly and annual records for revenue, free cash flow and our adjusted measures of EPS, EBITDA, and EBITDA margin. Our strategy to drive profitable growth and continuous margin improvement is working. Looking forward, we will continue our journey to transform the Company, and we expect 2025 to demonstrate another strong year of EBITDA growth, led by our IET segment,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET booked $3.8 billion of orders in the fourth quarter, supported by strong LNG orders and another gas infrastructure award. Including this strong end to the year, 2024 orders totaled $13 billion, the second highest order year ever. This order performance highlights the end-market diversity and versatility of our portfolio.”

    “Overall, our margin increase across both segments continues to demonstrate strong progress on the journey toward 20% segment EBITDA margins. Transformation actions will continue to be a major driver of our margin improvements as we progress through 2025 and beyond. We remain confident in achieving our 20% EBITDA margin targets for OFSE this year and IET in 2026.”

    “As reflected in our strong 2024 results and our exceptional margin improvement, Baker Hughes has evolved into a more profitable energy and industrial technology company. Company results are benefiting from strong execution, sharpened commercial focus and improved productivity gains. Our confidence in the durability and growth of our earnings and free cash flow positions us to continue growing our dividend, highlighted by the announcement to increase our quarterly dividend by 10% to $0.23.”

    “I would like to thank the Baker Hughes team for yet again delivering outstanding results. As we continue our journey to move Baker Hughes forward, we remain committed to our customers, shareholders, and employees,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

      Three Months Ended   Variance
    (in millions except per share amounts) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Orders $ 7,496 $ 6,676 $ 6,904   12 % 9 %
    Revenue   7,364   6,908   6,835   7 % 8 %
    Net income attributable to Baker Hughes   1,179   766   439   54 % 168 %
    Adjusted net income attributable to Baker Hughes*   694   666   511   4 % 36 %
    Operating income   665   930   651   (29 )% 2 %
    Adjusted operating income*   1,019   930   816   10 % 25 %
    Adjusted EBITDA*   1,310   1,208   1,091   8 % 20 %
    Diluted earnings per share (EPS)   1.18   0.77   0.43   54 % 171 %
    Adjusted diluted EPS*   0.70   0.67   0.51   4 % 37 %
    Cash flow from operating activities   1,189   1,010   932   18 % 28 %
    Free cash flow*   894   754   633   19 % 41 %

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    Quarter Highlights

    Industrial & Energy Technology (“IET”) recorded another strong quarter of gas infrastructure orders, booking an equipment award from Tecnicas Reunidas for the third expansion phase of the Jafurah unconventional gas field in the Kingdom of Saudi Arabia. Gas Technology Equipment (“GTE”) will supply a total of 12 electric motor-driven compression trains and auxiliary treatment equipment for gas processing. This contract builds upon Baker Hughes’ long-standing relationship with Aramco and follows previous contract awards in 2022, bringing the total to 24 electric motor-driven compressors and an additional 14 compressors supplied by Baker Hughes for multiple Jafurah gas processing plants.

    In demonstration of its well-established leadership position in liquefied natural gas (“LNG”) technology solutions, Baker Hughes received multiple project awards in the fourth quarter. As part of a master equipment supply agreement, IET received a major contract to provide a modularized LNG system and power island to Venture Global. IET also received, from Bechtel Energy, a GTE award to supply eight LM6000 PF+ driven main refrigeration compressors and eight expander compressors across two LNG trains for a nameplate capacity of approximately 11 million ton per annum for Phase 1 of Woodside Energy’s Louisiana project.

    Gas Technology Services (“GTS”) continues to demonstrate leadership in turbomachinery aftermarket service, booking several notable service and upgrade awards to backlog. GTS signed a long-term services agreement to support Phases 1 and 2 of Venture Global’s Plaquemines LNG project, and also signed a 25-year services agreement with a NextDecade affiliate to support its Rio Grande LNG facility. Additionally, GTS received an award from an energy operator to provide planned maintenance activities to assure reliability, availability, and efficiency of turbomachinery at their LNG facility in Asia Pacific. The capabilities of IET’s iCenter™ will also be utilized to drive improved outcomes for the customer. Finally, GTS booked multiple upgrade awards for gas infrastructure projects in the Middle East and Europe.

    Climate Technology Solutions (“CTS”) secured multiple awards targeting flare reduction. As announced at COP29 in Baku, Azerbaijan, CTS will provide SOCAR, the state-owned oil company of Azerbaijan, with an integrated gas recovery and hydrogen sulfide removal system to significantly reduce downstream flaring at the Heydar Aliyev Oil Refinery. Separately in the Middle East, CTS will supply electric-driven centrifugal compressors for one of the largest gas processing and flare gas recovery projects globally.

    Oilfield Services & Equipment (“OFSE”), through its Mature Assets Solutions (“MAS”) offering, received a multi-year contract from Eni to help unlock bypassed reserves in one of Europe’s largest developments. Baker Hughes will utilize its AutoTrak eXact™ rotary steerable drilling system to reduce risks and execution costs for Eni. OFSE also booked another MAS award in the Middle East to provide artificial lift services in a super-giant oilfield, including advanced permanent magnet motors for improved electric submersible pump efficiency.

    Baker Hughes experienced a strong order quarter for flexible pipe systems in Brazil. Following a third-quarter 2024 award, OFSE received another flexible pipe systems award from Petrobras after an open tender, reinforcing this important relationship and Baker Hughes’ leading position in the product line. The capability of Baker Hughes’ flexible pipe systems to address the critical issue of stress-induced corrosion cracking from CO2 resulted in this significant award for approximately 48 miles of flexible pipe systems to be installed across four different fields. Additionally, OFSE received an order from Brava Energia to supply 9 miles of flexible pipe systems to be deployed in the Campos Basin.

    OFSE also advanced its digitalization and artificial intelligence capabilities, signing an agreement with AIQ, ADNOC and CORVA to launch the AI Rate of Penetration (ROP) Optimization initiative. The project aims to enhance drilling efficiency in real-time by providing insights and recommendations for optimizing weight on bit, rotations per minute and other critical parameters.

    Consolidated Revenue and Operating Income by Reporting Segment

    (in millions) Three Months Ended   Variance
      December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Oilfield Services & Equipment $ 3,871   $ 3,963   $ 3,956     (2 )% (2 )%
    Industrial & Energy Technology   3,492     2,945     2,879     19  % 21  %
    Segment revenue   7,364     6,908     6,835     7  % 8  %
                 
    Oilfield Services & Equipment   526     547     492     (4 )% 7  %
    Industrial & Energy Technology   584     474     412     23  % 42  %
    Corporate(1)   (91 )   (91 )   (88 )   —  % (3 )%
    Inventory impairment(2)   (73 )   —     (2 )   NM    NM   
    Restructuring, impairment and other   (281 )   —     (163 )   NM     (73 )%
    Operating income   665     930     651     (29 )% 2  %
    Adjusted operating income*   1,019     930     816     10  % 25  %
    Depreciation & amortization   291     278     274     5  % 6  %
    Adjusted EBITDA* $ 1,310   $ 1,208   $ 1,091     8  % 20  %

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    “NM” is used when the percentage variance is not meaningful.

    (1)   Corporate costs are primarily reported in “Selling, general and administrative” in the consolidated statements of income (loss).

    (2)   Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).

    Revenue for the fourth quarter of 2024 was $7,364 million, an increase of 7% sequentially and an increase of 8% year-over-year. The increase in revenue year-over-year was driven by IET.

    The Company’s total book-to-bill ratio in the fourth quarter of 2024 was 1.0; the IET book-to-bill ratio was 1.1.

    Operating income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), for the fourth quarter of 2024 was $665 million. Operating income decreased $265 million sequentially and increased $13 million year-over-year. Restructuring, impairment, and other charges were $281 million in the fourth quarter of 2024, primarily related to streamlining of the OFSE operating model.

    Adjusted operating income (a non-GAAP financial measure) for the fourth quarter of 2024 was $1,019 million, which excludes adjustments totaling $354 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the fourth quarter of 2024 was up 10% sequentially and up 25% year-over-year.

    Depreciation and amortization for the fourth quarter of 2024 was $291 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2024 was $1,310 million, which excludes adjustments totaling $354 million. See Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the fourth quarter was up 8% sequentially and up 20% year-over-year.

    The sequential increase in adjusted operating income and adjusted EBITDA was driven by higher volume in IET and structural cost-out initiatives in both segments, primarily offset by lower volume in OFSE. The year-over-year increase in adjusted operating income and adjusted EBITDA was driven by higher pricing and structural cost-out initiatives in both segments, and increased volume in IET primarily from higher proportionate growth in GTE, partially offset by decreased volume in OFSE and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the fourth quarter of 2024 ended at $33.1 billion, a decrease of $0.3 billion from the third quarter of 2024. OFSE RPO was $3.0 billion, down 6% sequentially, while IET RPO was $30.1 billion, down $100 million sequentially. Within IET RPO, GTE RPO was $11.8 billion and GTS RPO was $15.0 billion.

    Income tax benefit in the fourth quarter of 2024 was $398 million reflecting the impact of a valuation allowance release in the U.S. The valuation allowance has been released primarily as a result of the U.S. moving into a cumulative three-year profit position.

    Other non-operating income in the fourth quarter of 2024 was $181 million. Included in other non-operating income were net mark-to-market gains in fair value and gains from sale for certain equity investments of $196 million.

    GAAP diluted earnings per share was $1.18. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.70. Excluded from adjusted diluted earnings per share were all items listed in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $1,189 million for the fourth quarter of 2024. Free cash flow (a non-GAAP financial measure) for the quarter was $894 million. A reconciliation from GAAP has been provided in Table 1d in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $295 million for the fourth quarter of 2024, of which $195 million was for OFSE and $87 million was for IET.

    Results by Reporting Segment
     

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions) Three Months Ended   Variance
    Segment results December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Orders $ 3,740   $ 3,807   $ 3,874     (2 )% (3 )%
    Revenue $ 3,871   $ 3,963   $ 3,956     (2 )% (2 )%
    Operating income $ 526   $ 547   $ 492     (4 )% 7  %
    Operating margin   13.6 %   13.8 %   12.4 %   -0.2pts   1.1pts  
    Depreciation & amortization $ 229   $ 218   $ 217     5  % 6  %
    EBITDA* $ 755   $ 765   $ 709     (1 )% 7  %
    EBITDA margin*   19.5 %   19.3 %   17.9 %   0.2pts   1.6pts  
    (in millions) Three Months Ended   Variance
    Revenue by Product Line December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Well Construction $ 943 $ 1,050 $ 1,122   (10 )% (16 )%
    Completions, Intervention, and Measurements   1,022   1,009   1,086   1  % (6 )%
    Production Solutions   974   983   990   (1 )% (2 )%
    Subsea & Surface Pressure Systems   932   921   758   1  % 23  %
    Total Revenue $ 3,871 $ 3,963 $ 3,956   (2 )% (2 )%
    (in millions) Three Months Ended   Variance
    Revenue by Geographic Region December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    North America $ 971 $ 971 $ 1,018   —  % (5 )%
    Latin America   661   648   708   2  % (7 )%
    Europe/CIS/Sub-Saharan Africa   740   933   707   (21 )% 5  %
    Middle East/Asia   1,499   1,411   1,522   6  % (2 )%
    Total Revenue $ 3,871 $ 3,963 $ 3,956   (2 )% (2 )%
                 
    North America $ 971 $ 971 $ 1,018   —  % (5 )%
    International   2,900   2,992   2,938   (3 )% (1 )%

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,740 million for the fourth quarter of 2024 decreased by $67 million sequentially. Subsea and Surface Pressure Systems orders were $802 million, up 3% sequentially, and up 23% year-over-year.

    OFSE revenue of $3,871 million for the fourth quarter of 2024 was down 2% sequentially, and down 2% year-over-year.

    North America revenue was $971 million, flat sequentially. International revenue was $2,900 million, down 3% sequentially, driven by declines in Europe/CIS/Sub-Saharan Africa region partially offset by growth in Middle East/Asia and Latin America.

    Segment operating income for the fourth quarter was $526 million, a decrease of $22 million, or 4%, sequentially. Segment EBITDA for the fourth quarter of 2024 was $755 million, a decrease of $10 million, or 1% sequentially. The sequential decrease in segment operating income and EBITDA was driven by lower volume, partially mitigated by positive price and productivity from structural cost-out initiatives.

    Industrial & Energy Technology

    (in millions) Three Months Ended   Variance
    Segment results December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Orders $ 3,756   $ 2,868   $ 3,030     31 % 24 %
    Revenue $ 3,492   $ 2,945   $ 2,879     19 % 21 %
    Operating income $ 584   $ 474   $ 412     23 % 42 %
    Operating margin   16.7 %   16.1 %   14.3 %   0.6pts 2.4pts
    Depreciation & amortization $ 56   $ 54   $ 51     4 % 8 %
    EBITDA* $ 639   $ 528   $ 463     21 % 38 %
    EBITDA margin*   18.3 %   17.9 %   16.1 %   0.4pts 2.2pts
    (in millions) Three Months Ended   Variance
    Orders by Product Line December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Gas Technology Equipment $ 1,865 $ 1,088 $ 1,297   71  % 44  %
    Gas Technology Services   902   778   808   16  % 12  %
    Total Gas Technology   2,767   1,866   2,105   48  % 31  %
    Industrial Products   515   494   514   4  % —  %
    Industrial Solutions   320   293   288   9  % 11  %
    Total Industrial Technology   835   787   802   6  % 4  %
    Climate Technology Solutions   154   215   123   (28 )% 25  %
    Total Orders $ 3,756 $ 2,868 $ 3,030   31  % 24  %
    (in millions) Three Months Ended   Variance
    Revenue by Product Line December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Gas Technology Equipment $ 1,663 $ 1,281 $ 1,206   30 % 38 %
    Gas Technology Services   796   697   714   14 % 11 %
    Total Gas Technology   2,459   1,978   1,920   24 % 28 %
    Industrial Products   548   520   513   5 % 7 %
    Industrial Solutions   282   257   276   10 % 2 %
    Total Industrial Technology   830   777   789   7 % 5 %
    Climate Technology Solutions   204   191   170   7 % 20 %
    Total Revenue $ 3,492 $ 2,945 $ 2,879   19 % 21 %

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

    IET orders of $3,756 million for the fourth quarter of 2024 increased by $726 million, or 24% year-over-year. The increase was driven primarily by GTE orders which were up $568 million, or 44% year-over-year.

    IET revenue of $3,492 million for the fourth quarter of 2024 increased $613 million, or 21% year-over-year. The increase was driven primarily by Gas Technology, up 28% year-over-year.

    Segment operating income for the quarter was $584 million, an increase of $172 million, or 42% year-over-year. Segment EBITDA for the quarter was $639 million, an increase of $176 million, or 38% year-over-year. The year-over-year increase in segment operating income and segment EBITDA was driven by increased volume primarily from higher proportionate growth in GTE, positive pricing, and productivity, partially offset by cost inflation.

    2024 Total Year Results

    (in millions) Twelve Months Ended   Variance
      December 31, 2024 December 31, 2023   Year-over-year
    Oilfield Services & Equipment $ 15,240   $ 16,344     (7)%
    Industrial & Energy Technology   13,000     14,178     (8)%
    Orders $ 28,240   $ 30,522     (7)%
             
    Oilfield Services & Equipment $ 15,628   $ 15,361     2%
    Industrial & Energy Technology   12,201     10,145     20%
    Segment Revenue $ 27,829   $ 25,506     9%
             
    Oilfield Services & Equipment $ 1,988   $ 1,746     14%
    Industrial & Energy Technology   1,830     1,310     40%
    Corporate(1)   (363 )   (380 )   5%
    Inventory impairment(2)   (73 )   (35 )   (110)%
    Restructuring, impairment & other   (301 )   (323 )   7%
    Operating income   3,081     2,317     33%
    Adjusted operating income *   3,455     2,676     29%
    Depreciation & amortization   1,136     1,087     4%
    Adjusted EBITDA * $ 4,591   $ 3,763     22%

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    (1)   Corporate costs are primarily reported in “Selling, general and administrative” in the consolidated statements of income (loss).

    (2)   Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss). 

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted operating income; EBITDA; EBITDA margin; adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of GAAP and Adjusted Operating Income

      Three Months Ended   Twelve Months Ended
      December 31, September 30, December 31,   December 31,
    (in millions)   2024   2024   2023     2024   2023
    Operating income (GAAP) $ 665 $ 930 $ 651   $ 3,081 $ 2,317
    Restructuring, impairment & other   281   —   163     301   323
    Inventory impairment(1)   73   —   2     73   35
    Total operating income adjustments   354   —   165     375   358
    Adjusted operating income (non-GAAP) $ 1,019 $ 930 $ 816   $ 3,455 $ 2,676

    (1)   Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).

    Table 1a reconciles operating income, which is the directly comparable financial result determined in accordance with GAAP, to adjusted operating income. Adjusted operating income excludes the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to EBITDA and Adjusted EBITDA

      Three Months Ended   Twelve Months Ended
      December 31, September 30, December 31,   December 31,
    (in millions)   2024     2024     2023     2024     2023  
    Net income attributable to Baker Hughes (GAAP) $ 1,179   $ 766   $ 439   $ 2,979   $ 1,943  
    Net income attributable to noncontrolling interests   11     8     11     29     27  
    Provision (benefit) for income taxes   (398 )   235     72     257     685  
    Interest expense, net   54     55     45     198     216  
    Other non-operating (income) loss, net   (181 )   (134 )   84     (382 )   (554 )
    Operating income (GAAP)   665     930     651     3,081     2,317  
    Depreciation & amortization   291     278     274     1,136     1,087  
    EBITDA (non-GAAP)   956     1,208     926     4,216     3,405  
    Total operating income adjustments(1)   354     —     165     375     358  
    Adjusted EBITDA (non-GAAP) $ 1,310   $ 1,208   $ 1,091   $ 4,591   $ 3,763  

    (1)   See Table 1a for the identified adjustments to operating income.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to EBITDA. Adjusted EBITDA excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

      Three Months Ended   Twelve Months Ended
      December 31, September 30, December 31,   December 31,
    (in millions, except per share amounts)   2024     2024     2023       2024     2023  
    Net income attributable to Baker Hughes (GAAP) $ 1,179   $ 766   $ 439     $ 2,979   $ 1,943  
    Total operating income adjustments(1)   354     —     165       375     358  
    Other adjustments (non-operating)(2)   (189 )   (99 )   89       (335 )   (554 )
    Tax adjustments(3)   (650 )   (1 )   (181 )     (663 )   (124 )
    Total adjustments, net of income tax   (485 )   (100 )   72       (623 )   (320 )
    Less: adjustments attributable to noncontrolling interests   —     —     —       —     —  
    Adjustments attributable to Baker Hughes   (485 )   (100 )   72       (623 )   (320 )
    Adjusted net income attributable to Baker Hughes (non-GAAP) $ 694   $ 666   $ 511     $ 2,356   $ 1,622  
                 
                 
    Denominator:            
    Weighted-average shares of Class A common stock outstanding diluted   999     999     1,010       1,001     1,015  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.70   $ 0.67   $ 0.51     $ 2.35   $ 1.60  

    (1)   See Table 1a for the identified adjustments to operating income.

    (2)   All periods primarily reflect the net gain or loss on changes in fair value for certain equity investments.

    (3)   All periods reflect the tax associated with the other operating and non-operating adjustments. 4Q’24 and fiscal year 2024 include $664 million and 4Q’23 and fiscal year 2023 include $81 million, respectively, related to the release of valuation allowances for certain deferred tax assets.

    Table 1c reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1d. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow

      Three Months Ended   Twelve Months Ended
      December 31, September 30, December 31,   December 31,
    (in millions)   2024     2024     2023       2024     2023  
    Net cash flows from operating activities (GAAP) $ 1,189   $ 1,010   $ 932     $ 3,332   $ 3,062  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets   (295 )   (256 )   (298 )     (1,075 )   (1,016 )
    Free cash flow (non-GAAP) $ 894   $ 754   $ 633     $ 2,257   $ 2,045  

    Table 1d reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

    Financial Tables (GAAP)
     
    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
      Three Months Ended
    (In millions, except per share amounts) December 31, 2024 September 30, 2024 December 31, 2023
    Revenue $ 7,364   $ 6,908   $ 6,835  
    Costs and expenses:      
    Cost of revenue   5,833     5,366     5,386  
    Selling, general and administrative   585     612     634  
    Restructuring, impairment and other   281     —     163  
    Total costs and expenses   6,699     5,978     6,183  
    Operating income   665     930     651  
    Other non-operating income (loss), net   181     134     (84 )
    Interest expense, net   (54 )   (55 )   (45 )
    Income before income taxes   792     1,009     522  
    Benefit (provision) for income taxes   398     (235 )   (72 )
    Net income   1,190     774     450  
    Less: Net income attributable to noncontrolling interests   11     8     11  
    Net income attributable to Baker Hughes Company $ 1,179   $ 766   $ 439  
           
    Per share amounts:    
    Basic income per Class A common share $ 1.19   $ 0.77   $ 0.44  
    Diluted income per Class A common share $ 1.18   $ 0.77   $ 0.43  
           
    Weighted average shares:      
    Class A basic   990     993     1,001  
    Class A diluted   999     999     1,010  
           
    Cash dividend per Class A common share $ 0.21   $ 0.21   $ 0.20  
           
     
    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
      Year Ended December 31,
    (In millions, except per share amounts)   2024     2023     2022  
    Revenue $ 27,829   $ 25,506   $ 21,156  
    Costs and expenses:      
    Cost of revenue   21,989     20,255     16,756  
    Selling, general and administrative   2,458     2,611     2,510  
    Restructuring, impairment and other   301     323     705  
    Total costs and expenses   24,748     23,189     19,971  
    Operating income   3,081     2,317     1,185  
    Other non-operating income (loss), net   382     554     (911 )
    Interest expense, net   (198 )   (216 )   (252 )
    Income before income taxes   3,265     2,655     22  
    Provision for income taxes   (257 )   (685 )   (600 )
    Net income (loss)   3,008     1,970     (578 )
    Less: Net income attributable to noncontrolling interests   29     27     23  
    Net income (loss) attributable to Baker Hughes Company $ 2,979   $ 1,943   $ (601 )
           
    Per share amounts:      
    Basic income (loss) per Class A common share $ 3.00   $ 1.93   $ (0.61 )
    Diluted income (loss) per Class A common share $ 2.98   $ 1.91   $ (0.61 )
           
    Weighted average shares:      
    Class A basic   994     1,008     987  
    Class A diluted   1,001     1,015     987  
           
    Cash dividend per Class A common share $ 0.84   $ 0.78   $ 0.73  
     
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
      December 31,
    (In millions)   2024   2023
    ASSETS
    Current Assets:    
    Cash and cash equivalents $ 3,364 $ 2,646
    Current receivables, net   7,122   7,075
    Inventories, net   4,954   5,094
    All other current assets   1,771   1,486
    Total current assets   17,211   16,301
    Property, plant and equipment, less accumulated depreciation   5,127   4,893
    Goodwill   6,078   6,137
    Other intangible assets, net   3,951   4,093
    Contract and other deferred assets   1,730   1,756
    All other assets   4,266   3,765
    Total assets $ 38,363 $ 36,945
    LIABILITIES AND EQUITY
    Current Liabilities:    
    Accounts payable $ 4,542 $ 4,471
    Short-term and current portion of long-term debt   53   148
    Progress collections and deferred income   5,672   5,542
    All other current liabilities   2,724   2,830
    Total current liabilities   12,991   12,991
    Long-term debt   5,970   5,872
    Liabilities for pensions and other postretirement benefits   988   978
    All other liabilities   1,359   1,585
    Equity   17,055   15,519
    Total liabilities and equity $ 38,363 $ 36,945
         
    Outstanding Baker Hughes Company shares:    
    Class A common stock   990   998
     
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
      Three Months
    Ended
    December 31,    		 Twelve Months Ended
    December 31,
    (In millions)   2024     2024     2023  
    Cash flows from operating activities:      
    Net income $ 1,190   $ 3,008   $ 1,970  
    Adjustments to reconcile net income to net cash flows from operating activities:      
    Depreciation and amortization   291     1,136     1,087  
    Benefit for deferred income taxes   (706 )   (671 )   (59 )
    Gain on equity securities   (196 )   (367 )   (555 )
    Stock-based compensation cost   49     202     197  
    Property, plant and equipment impairment, net   77     77     (1 )
    Gain on business dispositions   —     —     (40 )
    Working capital   63     7     42  
    Other operating items, net   421     (60 )   421  
    Net cash flows provided by operating activities   1,189     3,332     3,062  
    Cash flows from investing activities:      
    Expenditures for capital assets   (353 )   (1,278 )   (1,224 )
    Proceeds from disposal of assets   58     203     208  
    Proceeds from sale of equity securities   71     92     372  
    Proceeds from business dispositions   —     —     293  
    Net cash paid for acquisitions   —     —     (301 )
    Other investing items, net   6     (33 )   (165 )
    Net cash flows used in investing activities   (218 )   (1,016 )   (817 )
    Cash flows from financing activities:      
    Repayment of long-term debt   (9 )   (143 )   (651 )
    Dividends paid   (208 )   (836 )   (786 )
    Repurchase of Class A common stock   (9 )   (484 )   (538 )
    Other financing items, net   (8 )   (64 )   (53 )
    Net cash flows used in financing activities   (234 )   (1,527 )   (2,028 )
    Effect of currency exchange rate changes on cash and cash equivalents   (37 )   (71 )   (59 )
    Increase in cash and cash equivalents   700     718     158  
    Cash and cash equivalents, beginning of period   2,664     2,646     2,488  
    Cash and cash equivalents, end of period $ 3,364   $ 3,364   $ 2,646  
    Supplemental cash flows disclosures:      
    Income taxes paid, net of refunds $ 307   $ 1,040   $ 595  
    Interest paid $ 99   $ 298   $ 309  
     

    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Friday, January 31, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain 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, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target”, “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31,2024; and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

  • MIL-OSI: Jamf to Report Fourth Quarter 2024 Financial Results on February 27, 2025

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Jan. 30, 2025 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, announced today it will report fourth quarter and fiscal year 2024 financial results for the period ended December 31, 2024, following the close of the market on Thursday, February 27, 2025. On that day, management will host a conference call and webcast at 3:30 p.m. CT (4:30 p.m. ET) to discuss the company’s business and financial results.

    Jamf Fourth Quarter 2024 Earnings Conference Call

    When: Thursday, February 27, 2025

    Time: 3:30 p.m. CT (4:30 p.m. ET)

    Live Webcast: The conference call will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com.

    Those parties interested in participating via telephone may register on Jamf’s Investor Relations website or by clicking here.

    Replay: A replay of the call will be available on the Investor Relations website beginning on February 27, 2025, at approximately 6:00 p.m. CT (7:00 p.m. ET).

    About Jamf

    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit: www.jamf.com.

    Investor Contact:
    Jennifer Gaumond
    ir@jamf.com

    Media Contact:
    media@jamf.com

    The MIL Network –

  • MIL-OSI: Wearable Devices Ltd. Announces Closing of $2.5 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Illit, Israel, Jan. 30, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced the closing of its previously announced “reasonable best efforts” public offering with a single institutional investor for the purchase and sale of 345,000 ordinary shares, 2,155,000 pre-funded warrants, and warrants to purchase up to 2,500,000 ordinary shares, at a combined offering price of $1.00 per share and accompanying warrant (the “Offering”). The Company received aggregate gross proceeds of approximately $2.5 million, before deducting placement agent fees and other offering expenses and assuming no exercise of the warrants. The warrants have an exercise price of $1.00 per share, are exercisable immediately and expire five years from the issuance date.

    The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

    A.G.P./Alliance Global Partners acted as the sole placement agent for the Offering.

    In connection with the Offering, the Company also agreed to amend existing warrants that were previously issued to the investor participating in the Offering to purchase up to 822,000 ordinary shares of the Company, with an exercise price of $2.50 per share. Such existing warrants have been amended to reduce the exercise price to $1.00 per share and expire five years following the closing of the Offering.

    The securities described above were offered pursuant to a registration statement on Form F-1, as amended (File No. 333-284023), previously filed with the Securities and Exchange Commission (“SEC”), which was declared effective on January 28, 2025. The Offering was made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and the final prospectus relating to the Offering may be obtained on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

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

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statements

    This press release 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 intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” “will” or other comparable terms. For example, we are using forward-looking statements when we discuss the expected use of proceeds from this Offering. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC, including the registration statement on Form F-1, as amended (File No. 333-284023). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI: AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA BARBARA, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — AppFolio, Inc. (NASDAQ: APPF) (“AppFolio” or the “Company”), a technology leader powering the future of the real estate industry, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2024.

    “I am proud of our strong performance in 2024 as we continue to deliver value to our customers through differentiated industry-leading innovation,” said Shane Trigg, President and CEO, AppFolio. “Our investments in AI and the resident experience are translating into meaningful outcomes for our customers and fueling our mission to build the platform where the real estate industry comes to do business. We are acquiring, growing, and retaining customers while delivering exceptional service.”

    Financial Highlights for Fourth Quarter of 2024

    • Revenue grew 19% year-over-year to $204 million.
    • Total units under management grew 6% year-over-year to 8.7 million.
    • GAAP operating income was $23 million, or 11.3% of revenue, compared to operating income of $28 million, or 16.4% of revenue in Q4 2023.
    • Non-GAAP operating income was $41 million, or 20.2% of revenue, compared to an operating income of $42 million, or 24.3% of revenue, in Q4 2023.
    • Net cash provided by operating activities was $37 million, or 18.0% of revenue, compared to $31 million, or 18.1% of revenue, in Q4 2023.
    • Non-GAAP free cash flow was $35 million, or 17.3% of revenue, compared to $34 million, or 19.9% of revenue, in Q4 2023.

    Financial Highlights for Fiscal Year 2024

    • Revenue grew 28% year-over-year to $794 million.
    • GAAP operating income was $136 million, or 17.1% of revenue, compared to operating income of $1 million, or 0.2% of revenue, in fiscal year 2023.
    • Non-GAAP operating income was $200 million, or 25.2% of revenue, compared to operating income of $76 million, or 12.2% of revenue, in fiscal year 2023.
    • Net cash provided by operating activities was $188 million, or 23.7% of revenue, compared to $60 million, or 9.7% of revenue, in fiscal year 2023.
    • Non-GAAP free cash flow was $182 million, or 22.9% of revenue, compared to $74 million, or 11.9% of revenue, in fiscal year 2023.

    Financial Outlook
    Based on information available as of January 30, 2025, AppFolio’s outlook for fiscal year 2025 follows:

    • Full year revenue is expected to be in the range of $920 million to $940 million.
    • Full year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 24.5% to 26.5%.
    • Diluted weighted average shares outstanding are expected to be approximately 37 million for the full year.

    Conference Call Information
    As previously announced, the Company will host a conference call today, January 30, 2025, at 2:00 p.m. Pacific Time (PT), 5:00 p.m. Eastern Time (ET), to discuss the Company’s fourth quarter and fiscal year 2024 financial results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/ed7u6ptp/. To access the call by phone, please go to the following link: https://register.vevent.com/register/BIdc9c20754ec649859552be5efc7cfa83, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on AppFolio’s Investor Relations website at https://ir.appfolioinc.com/news-events/events.

    The Company also provides announcements regarding its financial results and other matters, including SEC filings, investor events, and press releases, on its Investor Relations website at https://ir.appfolioinc.com/, as a means of disclosing material nonpublic information and for complying with AppFolio’s disclosure obligations under Regulation FD.

    About AppFolio
    AppFolio is a technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit ir.appfolioinc.com.

    Investor Relations Contact:
    Lori Barker
    ir@appfolio.com

    Use of Non-GAAP Financial Measures
    Reconciliations of current and historical non-GAAP financial measures to AppFolio’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables entitled “Statement Regarding the Use of Non-GAAP Financial Measures.”

    AppFolio is unable, at this time, to provide GAAP equivalent guidance measures on a forward-looking basis for non-GAAP operating margin because certain items that impact this measure are uncertain, out of our control, or cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

    Forward-Looking Statements
    This press release 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, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future’” “predicts, “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to future operating results and financial position, including the Company’s fiscal year 2025 financial outlook, anticipated future expenses and investments, the Company’s business opportunities, the impact of the Company’s strategic actions and initiatives, the potential benefits and effect of the Company’s AI and resident experience related services and their impact on the Company’s plans, objectives, expectations and capabilities.

    Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include those risks, uncertainties and other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 1, 2024, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in the Company’s other filings with the SEC. You should read this press release with the understanding that the Company’s actual future results may be materially different from the results expressed or implied by these forward-looking statements.

    The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
    (in thousands)
        December 31,
    2024    		   December 31,
    2023
    Assets        
    Current assets        
    Cash and cash equivalents   $ 42,504   $ 49,509
    Investment securities—current     235,745     162,196
    Accounts receivable, net     24,346     20,709
    Prepaid expenses and other current assets     32,807     39,943
    Total current assets     335,402     272,357
    Property and equipment, net     24,483     28,362
    Operating lease right-of-use assets     17,472     19,285
    Capitalized software development costs, net     15,429     21,562
    Goodwill     96,410     56,060
    Intangible assets, net     49,057     2,357
    Deferred income taxes     76,910     —
    Other long-term assets     11,515     8,906
    Total assets   $ 626,678   $ 408,889
    Liabilities and Stockholders’ Equity        
    Current liabilities        
    Accounts payable   $ 2,378   $ 1,141
    Accrued employee expenses     30,157     35,567
    Accrued expenses     14,658     21,723
    Other current liabilities     16,087     11,335
    Total current liabilities     63,280     69,766
    Operating lease liabilities     37,476     41,114
    Deferred tax liabilities     —     697
    Other liabilities     6,632     —
    Total liabilities     107,388     111,577
    Stockholders’ equity     519,290     297,312
    Total liabilities and stockholders’ equity   $ 626,678   $ 408,889
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
    (in thousands, except per share amounts)
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023     2024       2023
    Revenue(1) $ 203,664     $ 171,830   $ 794,202     $ 620,445
    Costs and operating expenses:              
    Cost of revenue (exclusive of depreciation and amortization)(2)   76,189       61,275     282,067       238,076
    Sales and marketing(2)   33,436       21,501     110,597       107,602
    Research and product development(2)   42,296       34,847     160,375       151,364
    General and administrative(2)   23,449       19,035     85,974       93,452
    Depreciation and amortization   5,336       6,933     19,545       28,988
    Total costs and operating expenses   180,706       143,591     658,558       619,482
    Income from operations   22,958       28,239     135,644       963
    Other income, net   697       286     697       3
    Interest income, net   3,499       2,404     13,981       7,031
    Income before provision for income taxes   27,154       30,929     150,322       7,997
    (Benefit from) provision for income taxes   (75,580 )     661     (53,746 )     5,295
    Net income $ 102,734     $ 30,268   $ 204,068     $ 2,702
    Net income per common share:              
    Basic $ 2.82     $ 0.85   $ 5.63     $ 0.08
    Diluted $ 2.79     $ 0.83   $ 5.55     $ 0.07
    Weighted average common shares outstanding              
    Basic   36,374       35,812     36,252       35,629
    Diluted   36,783       36,596     36,782       36,417
     

    (1) The following table presents our revenue categories:

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023     2024       2023
    Core solutions $ 47,631     $ 41,252   $ 180,605     $ 156,692
    Value Added Services   153,334       127,990     605,011       454,098
    Other   2,699       2,588     8,586       9,655
    Total revenue $ 203,664     $ 171,830   $ 794,202     $ 620,445
     

    (2) Includes stock-based compensation expense as follows:

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023     2024       2023
    Costs and operating expenses:                      
    Cost of revenue (exclusive of depreciation and amortization) $ 1,261     $ 798   $ 4,522     $ 3,703
    Sales and marketing   2,746       1,081     8,030       5,983
    Research and product development   5,789       5,123     25,414       20,974
    General and administrative   6,228       5,430     22,361       21,704
    Total stock-based compensation expense $ 16,024     $ 12,432   $ 60,327     $ 52,364
     
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
    (in thousands)
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023       2024       2023  
    Cash from operating activities              
    Net income (loss) $ 102,734     $ 30,268     $ 204,068     $ 2,702  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
    Depreciation and amortization   4,986       6,385       17,790       26,500  
    Amortization of operating lease right-of-use assets   489       514       2,030       2,132  
    Gain on lease modification   —       —       —       (4,281 )
    Deferred income taxes   (76,937 )     (494 )     (76,937 )     (490 )
    Stock-based compensation, including as amortized   16,374       12,980       62,081       54,852  
    Other   (2,074 )     (1,590 )     (8,220 )     (3,108 )
    Changes in operating assets and liabilities:              
    Accounts receivable   1,489       (349 )     (3,383 )     (4,206 )
    Prepaid expenses and other assets   3,015       (12,781 )     4,126       (13,493 )
    Accounts payable   1,850       (80 )     1,559       (1,565 )
    Operating lease liabilities   53       576       (3,143 )     (2,504 )
    Accrued expenses and other liabilities   (15,413 )     (4,246 )     (11,812 )     3,744  
    Net cash provided by operating activities   36,566       31,183       188,159       60,283  
    Cash from investing activities              
    Purchases of available-for-sale investments   (51,854 )     (86,821 )     (317,173 )     (195,740 )
    Proceeds from sales of available-for-sale investments   9,984       —       9,984       1,013  
    Proceeds from maturities of available-for-sale investments   76,280       58,130       240,035       152,382  
    Purchases of property and equipment   (195 )     (3,109 )     (2,016 )     (9,041 )
    Capitalization of software development costs   (1,058 )     (1,431 )     (5,170 )     (4,825 )
    Proceeds from equity-method investment   —       —       —       629  
    Cash paid in business acquisition, net of cash acquired   (77,421 )     —       (77,421 )     —  
    Net cash used in investing activities   (44,264 )     (33,231 )     (151,761 )     (55,582 )
    Cash from financing activities              
    Proceeds from stock option exercises   11       410       3,924       2,595  
    Tax withholding for net share settlement   (12,226 )     (8,790 )     (47,327 )     (28,556 )
    Net cash used in financing activities   (12,215 )     (8,380 )     (43,403 )     (25,961 )
    Net decrease in cash, cash equivalents and restricted cash   (19,913 )     (10,428 )     (7,005 )     (21,260 )
    Cash, cash equivalents and restricted cash              
    Beginning of period   62,667       60,187       49,759       71,019  
    End of period $ 42,754     $ 49,759     $ 42,754     $ 49,759  
     
    RECONCILIATION FROM GAAP TO NON-GAAP RESULTS
    (UNAUDITED)
    (in thousands, except per share data)
          Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
            2024       2023       2024       2023  
    Costs and operating expenses:          
      GAAP cost of revenue (exclusive of depreciation and amortization) $ 76,189     $ 61,275     $ 282,067     $ 238,076  
        Stock-based compensation expense   (1,261 )     (798 )     (4,522 )     (3,703 )
        Workforce reduction costs   —       —       —       (2,135 )
      Non-GAAP cost of revenue (exclusive of depreciation and amortization) $ 74,928     $ 60,477     $ 277,545     $ 232,238  
      GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue   37 %     36 %     36 %     38 %
      Non-GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue   37 %     35 %     35 %     37 %
                       
      GAAP sales and marketing $ 33,436     $ 21,501     $ 110,597     $ 107,602  
        Stock-based compensation expense   (2,746 )     (1,081 )     (8,030 )     (5,983 )
        Workforce reduction costs   —       —       —       (3,401 )
      Non-GAAP sales and marketing $ 30,690     $ 20,420     $ 102,567     $ 98,218  
      GAAP sales and marketing as a percentage of revenue   16 %     13 %     14 %     17 %
      Non-GAAP sales and marketing as a percentage of revenue   15 %     12 %     13 %     16 %
                       
      GAAP research and product development $ 42,296     $ 34,847     $ 160,375     $ 151,364  
        Stock-based compensation expense   (5,789 )     (5,123 )     (25,414 )     (20,974 )
        Workforce reduction costs   —       —       —       (2,635 )
      Non-GAAP research and product development $ 36,507     $ 29,724     $ 134,961     $ 127,755  
      GAAP research and product development as a percentage of revenue   21 %     20 %     20 %     24 %
      Non-GAAP research and product development as a percentage of revenue   18 %     17 %     17 %     21 %
                       
      GAAP general and administrative $ 23,449     $ 19,035     $ 85,974     $ 93,452  
        Stock-based compensation expense   (6,228 )     (5,430 )     (22,361 )     (21,704 )
        Gain on lease modification   —       —       —       4,281  
        CEO separation costs, net   —       —       —       (11,520 )
        Workforce reduction costs   —       —       —       (2,106 )
      Non-GAAP general and administrative $ 17,221     $ 13,605     $ 63,613     $ 62,403  
      GAAP general and administrative as a percentage of revenue   12 %     11 %     11 %     15 %
      Non-GAAP general and administrative as a percentage of revenue   8 %     8 %     8 %     10 %
                       
      GAAP depreciation and amortization $ 5,336     $ 6,933     $ 19,545     $ 28,988  
        Amortization of stock-based compensation capitalized in software development costs   (350 )     (548 )     (1,754 )     (2,489 )
        Amortization of purchased intangibles   (1,744 )     (619 )     (2,100 )     (2,476 )
      Non-GAAP depreciation and amortization $ 3,242     $ 5,766     $ 15,691     $ 24,023  
      GAAP depreciation and amortization as a percentage of revenue   3 %     4 %     2 %     5 %
      Non-GAAP depreciation and amortization as a percentage of revenue   2 %     3 %     2 %     4 %
                                     
          Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
            2024       2023       2024       2023  
    Income from operations:              
      GAAP income from operations $ 22,958     $ 28,239     $ 135,644     $ 963  
        Stock-based compensation expense   16,024       12,432       60,327       52,364  
        Amortization of stock-based compensation capitalized in software development costs   350       548       1,754       2,489  
        Amortization of purchased intangibles   1,744       619       2,100       2,476  
        Gain on lease modification   —       —       —       (4,281 )
        CEO separation costs, net   —       —       —       11,520  
        Workforce reduction costs   —       —       —       10,278  
      Non-GAAP income from operations $ 41,076     $ 41,838     $ 199,825     $ 75,809  
                       
    Operating margin:              
      GAAP operating margin   11.3 %     16.4 %     17.1 %     0.2 %
        Stock-based compensation expense as a percentage of revenue   7.8       7.2       7.6       8.4  
        Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue   0.2       0.3       0.2       0.4  
        Amortization of purchased intangibles as a percentage of revenue   0.9       0.4       0.3       0.4  
        Gain on lease modification as a percentage of revenue   —       —       —       (0.7 )
        CEO separation costs, net as a percentage of revenue   —       —       —       1.9  
        Workforce reduction costs as a percentage of revenue   —       —       —       1.8  
      Non-GAAP operating margin   20.2 %     24.3 %     25.2 %     12.2 %
                       
    Net income (loss):              
      GAAP net income $ 102,734     $ 30,268     $ 204,068     $ 2,702  
        Stock-based compensation expense   16,024       12,432       60,327       52,364  
        Amortization of stock-based compensation capitalized in software development costs   350       548       1,754       2,489  
        Amortization of purchased intangibles   1,744       619       2,100       2,476  
        Gain on lease modification   —       —       —       (4,281 )
        CEO separation costs, net   —       —       —       11,520  
        Workforce reduction costs   —       —       —       10,278  
        Income tax effect of adjustments   (86,898 )     (11,556 )     (107,372 )     (15,415 )
      Non-GAAP net income $ 33,954     $ 32,311     $ 160,877     $ 62,133  
                       
    Net income per share, basic:              
      GAAP net income per share, basic $ 2.82     $ 0.85     $ 5.63     $ 0.08  
        Non-GAAP adjustments to net income   (1.89 )     0.05       (1.19 )     1.66  
      Non-GAAP net income per share, basic $ 0.93     $ 0.90     $ 4.44     $ 1.74  
                       
    Net income per share, diluted:              
      GAAP net income per share, diluted $ 2.79     $ 0.83     $ 5.55     $ 0.07  
        Non-GAAP adjustments to net income   (1.87 )     0.05       (1.18 )     1.64  
      Non-GAAP net income per share, diluted $ 0.92     $ 0.88     $ 4.37     $ 1.71  
                       
      Weighted-average shares used in GAAP per share calculation              
        Basic   36,374       35,812       36,252       35,629  
        Diluted   36,783       36,596       36,782       36,417  
                       
      Weighted-average shares used in non-GAAP per share calculation              
        Basic   36,374       35,812       36,252       35,629  
        Diluted   36,783       36,596       36,782       36,417  
                                       
          Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
            2024       2023       2024       2023  
    Free cash flow:        
      GAAP net cash provided by operating activities $ 36,566     $ 31,183     $ 188,159     $ 60,283  
        Purchases of property and equipment   (195 )     (3,109 )     (2,016 )     (9,041 )
        Capitalized software development costs   (1,058 )     (1,431 )     (5,170 )     (4,825 )
        CEO separation costs payment   —       —       —       14,926  
        Partial lease termination payment   —       —       —       2,851  
        Severance payments for workforce reduction   —       7,624       566       9,425  
      Non-GAAP free cash flow $ 35,313     $ 34,267     $ 181,539     $ 73,619  
                       
    Free cash flow margin:            
      GAAP net cash provided by operating activities as a percentage of revenue   18.0 %     18.1 %     23.7 %     9.7 %
        Purchases of property and equipment as a percentage of revenue   (0.1 )     (1.8 )     (0.3 )     (1.4 )
        Capitalized software development costs as a percentage of revenue   (0.6 )     (0.8 )     (0.6 )     (0.8 )
        CEO separation costs payment as a percentage of revenue   —       —       —       2.4  
        Partial lease termination payment as a percentage of revenue   —       —       —       0.5  
        Severance payments for workforce reduction as a percentage of revenue   —       4.4       0.1       1.5  
      Non-GAAP free cash flow margin   17.3 %     19.9 %     22.9 %     11.9 %
       

    Statement Regarding the Use of Non-GAAP Financial Measures

    We use the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

    • Non-GAAP presentation of income (loss) from operations, costs and operating expenses, operating margin, net income (loss), and net income (loss) per share. These measures exclude certain non-cash or non-recurring items, including stock-based compensation expense, amortization of stock-based compensation capitalized in software development costs, amortization of purchased intangibles, CEO separation costs, net, gain on lease modification, workforce reduction costs, and the related income tax effect of these adjustments, as applicable and described below. Non-GAAP operating margin is calculated as non-GAAP operating income (loss) from operations as a percentage of revenue.
    • Non-GAAP free cash flow. Non-GAAP free cash flow is defined as net cash from operating activities, less purchases of property and equipment, capitalization of software development costs, payments for separation costs and lease termination payments and severance payments for workforce reduction. We use free cash flow to evaluate our generation of cash from operations that is available for purposes other than capital expenditures and capitalized software development costs. Additionally, we believe that information regarding free cash flow provides investors with a perspective on the cash available to fund ongoing operations. We review cash flows generated from operations after taking into consideration capital expenditures and the capitalization of software development costs due to the fact that these expenditures are considered to be a necessary component of ongoing operations. Free cash flow margin is calculated as free cash flow as a percentage of revenue.

    We use each of these non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these adjustments also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods.

    In particular, we believe these non-GAAP financial measures are useful to investors and others in assessing our operating performance due to the following factors:

    • Stock-based compensation expense and amortization of stock-based compensation capitalized in software development costs. We utilize stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of our stockholders while ensuring long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses, which include costs related to our workforce reduction, vary for reasons that are generally unrelated to financial and operational performance in any particular period.
    • Amortization of purchased intangibles. We view amortization of purchased intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period.
    • CEO separation costs, net. We incurred one-time separation costs associated with our former Chief Executive Officer’s Transition and Separation Agreement, dated March 1, 2023. We have excluded these costs, as we do not consider such amounts to be part of the ongoing operation of our business.
    • Gain on lease modification. In January 2023 and June 2023, we amended our San Diego lease. We have excluded any gain related to the remeasurement of the lease liability, as we do not consider such amounts to be part of the ongoing operation of our business.
    • Workforce reduction costs. We incurred one-time severance and related personnel costs associated with our workforce reduction in the third quarter of 2023. We have excluded these costs, along with the subsequent cash payments, as we do not consider such amounts to be part of the ongoing operation of our business.
    • Income tax effects of adjustments. We utilize a fixed long-term projected tax rate in our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of other non-GAAP adjustments. The projected rate, which we have determined to be 25%, considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We periodically re-evaluate this tax rate, as necessary, for significant events, based on relevant tax law changes, and material changes in the forecasted geographic earnings mix.

    Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

    The MIL Network –

  • MIL-OSI: Zoom to Release Financial Results for the Fourth Quarter and Full Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM) today announced it will release its financial results for the fourth quarter and full fiscal year 2025 on Monday, February 24, 2025, after the market closes.

    A live Zoom Webinar of the event can be accessed at 2:00 pm PT / 5:00 pm ET through Zoom’s investor relations website at https://investors.zoom.us. A replay will be available approximately two hours after the conclusion of the live event.

    About Zoom
    Zoom’s mission is to provide an AI-first work platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer experience teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Public Relations
    Colleen Rodriguez
    Head of Global PR for Zoom
    press@zoom.us

    Investor Relations
    Charles Eveslage
    Head of Investor Relations for Zoom
    investors@zoom.us

    The MIL Network –

  • MIL-OSI: GSI Technology, Inc. Reports Third Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its third fiscal quarter ended December 31, 2024.

    Summary Financial Results Table (in thousands, except per share amounts)

      Three Months Ended   Nine Months Ended
      Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    Net revenues $ 5,414     $ 4,550     $ 5,318     $ 14,635     $ 16,613  
    Gross margin (%)   54.0 %     38.6 %     55.9 %     46.7 %     55.2 %
    Operating expenses $ 6,978     $ 7,341     $ 9,660     $ 15,400     $ 25,082  
    Operating loss $ (4,055 )   $ (5,584 )   $ (6,685 )   $ (8,559 )   $ (15,917 )
    Net loss $ (4,029 )   $ (5,458 )   $ (6,601 )   $ (8,409 )   $ (15,766 )
    Net loss per share, diluted $ (0.16 )   $ (0.21 )   $ (0.26 )   $ (0.33 )   $ (0.63 )
                                           

    Lee-Lean Shu, Chairman and Chief Executive Officer, stated, “In the third quarter, revenue reached $5.4 million, up 2% year-over-year and 19% sequentially. Our core SRAM sales are strengthening as customer orders rebound due to normalized inventory levels and increasing demand from a key customer whose systems are integral to manufacturing leading AI chips. We anticipate this customer to become our largest revenue contributor in fiscal 2025.”

    Mr. Shu concluded, “The development of our APU technology is progressing steadily. The Gemini-II chip is on track for a February tape-out with availability in May, aligning with a milestone with the Space Development Agency SBIR. The latest version of Gemini-II takes AI to the next level by combining advanced neural networks with cutting-edge radar imaging technology, like Synthetic Aperture Radar (SAR), designed to tackle important challenges in defense and aerospace. We can leverage Gemini-II’s architecture to accelerate the development of Plato, our next-generation chip, with a cost-effective, faster-to-market strategy. Plato’s ultra-low-power design will target rapidly growing markets for edge AI and large language model solutions. Additionally, increased operational efficiency and SRAM sales improvement position us for stability as we continue to evaluate strategic alternatives.”

    Commenting on the outlook for GSI’s fourth quarter of fiscal 2025, Mr. Shu stated, “Our current expectations for the upcoming fourth quarter is for net revenues in a range of $5.4 million to $6.2 million, with gross margin of approximately 55% to 57%.”

    Third Quarter Fiscal Year 2025 Summary Financials

    The Company reported net revenues of $5.4 million for the third quarter of fiscal 2025, compared to $5.3 million for the third quarter of fiscal 2024 and $4.6 million for the second quarter of fiscal 2025. Gross margin was 54.0% in the third quarter of fiscal 2025 compared to 55.9% in the third quarter of fiscal 2024 and 38.6% in the preceding second quarter of fiscal 2025. The sequential increase in gross margin in the third quarter of fiscal 2025 was primarily due to higher revenue, product mix and severance costs associated with manufacturing workforce reductions in the prior quarter.

    In the third quarter of fiscal 2025, sales to Nokia were $239,000, or 4.4% of net revenues, compared to $807,000, or 15.2% of net revenues, in the same period a year ago and $812,000, or 17.8% of net revenues, in the prior quarter. Military/defense sales were 30.0% of third quarter shipments compared to 28.2% of shipments in the comparable period a year ago and 40.2% of shipments in the prior quarter. SigmaQuad sales were 39.1% of third quarter shipments compared to 46.9% in the third quarter of fiscal 2024 and 38.6% in the prior quarter.

    Total operating expenses in the third quarter of fiscal 2025 were $7.0 million, compared to $9.7 million in the third quarter of fiscal 2024 and $7.3 million in the prior quarter. Research and development expenses were $4.0 million in the third quarter of fiscal 2025, compared to $7.0 million in the prior-year period and $4.8 million in the prior quarter. Selling, general and administrative expenses were $3.0 million in the quarter ended December 31, 2024, compared to $2.7 million in the prior-year period and $2.6 million in the previous quarter.

    Third quarter fiscal 2025 operating loss was $(4.1) million compared to an operating loss of $(6.7) million in the prior-year period and $(5.6) million in the prior quarter. Third quarter fiscal 2025 net loss included interest and other income of $70,000 and a tax provision of $44,000, compared to $155,000 in interest and other income and a tax provision of $71,000 for the same period a year ago. In the preceding second quarter, net loss included interest and other income of $149,000 and a tax provision of $23,000.

    Net loss in the third quarter of fiscal 2025 was $(4.0) million, or $(0.16) per diluted share, compared to a net loss of $(6.6) million, or $(0.26) per diluted share, for the third quarter of fiscal 2024 and a net loss of $(5.5) million, or $(0.21) per diluted share, for the second quarter of fiscal 2025.

    Total third quarter pre-tax stock-based compensation expense was $429,000 compared to $649,000 in the comparable quarter a year ago and $663,000 in the prior quarter.

    At December 31, 2024, the Company had $15.1 million in cash and cash equivalents, compared to $14.4 million at March 31, 2024. Working capital was $17.9 million as of December 31, 2024 versus $19.1 million at March 31, 2024. Stockholders’ equity as of December 31, 2024 was $29.9 million, compared to $36.0 million as of the fiscal year ended March 31, 2024.

    Conference Call

    Management will conduct a conference call to review the Company’s financial results for the third quarter of fiscal year 2025 and its current outlook for the fourth quarter of fiscal 2025 at 1:30 p.m. Pacific time (4:30 p.m. Eastern Time) today.

    To participate in the call, please dial 1-877-407-3982 in the U.S. or 1-201-493-6780 for international approximately 10 minutes prior to the above start time and provide Conference ID 13751185. The call will also be streamed live via the internet at www.gsitechnology.com.

    A replay will be available from January 30, 2025, at 7:30 p.m. Eastern Time through February 6, 2025, at 11:59 p.m. Eastern Time by dialing toll-free for the U.S. 1-844-512-2921 or international 1-412-317-6671 and entering pin number 13751185. A webcast of the call will be archived on the Company’s investor relations website under the Events and Presentations tab.

    About GSI Technology

    Founded in 1995, GSI Technology, Inc. is a leading provider of semiconductor memory solutions. GSI’s resources are focused on bringing new products to market that leverage existing core strengths, including radiation-hardened memory products for extreme environments and Gemini-I, the associative processing unit designed to deliver performance advantages for diverse artificial intelligence applications. GSI Technology is headquartered in Sunnyvale, California, and has sales offices in the Americas, Europe, and Asia. For more information, please visit www.gsitechnology.com.

    Forward-Looking Statements

    The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding GSI Technology’s expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to GSI Technology as of the date hereof, and GSI Technology assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a variety of risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with the normal quarterly and fiscal year-end closing process. Examples of risks that could affect our current expectations regarding future revenues and gross margins include those associated with fluctuations in GSI Technology’s operating results; GSI Technology’s historical dependence on sales to a limited number of customers and fluctuations in the mix of customers and products in any period; global public health crises that reduce economic activity; the rapidly evolving markets for GSI Technology’s products and uncertainty regarding the development of these markets; the need to develop and introduce new products to offset the historical decline in the average unit selling price of GSI Technology’s products; the challenges of rapid growth followed by periods of contraction; intensive competition; delays or unanticipated costs that may be encountered in the development of new products based on our in-place associative computing technology and the establishment of new markets and customer and partner relationships for the sale of such products; and delays or unexpected challenges related to the establishment of customer relationships and orders for GSI Technology’s radiation-hardened and tolerant SRAM products. Many of these risks are currently amplified by and will continue to be amplified by, or in the future may be amplified by, economic and geopolitical conditions, such as changing interest rates, worldwide inflationary pressures, military conflicts and declines in the global economic environment. Further information regarding these and other risks relating to GSI Technology’s business is contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.

    Source: GSI Technology, Inc.

    Contacts:

    Investor Relations:

    Hayden IR
    Kim Rogers
    385-831-7337
    kim@haydenir.com

    Media Relations:

    Finn Partners for GSI Technology
    Ricca Silverio
    415-348-2724
    gsi@finnpartners.com

    Company:

    GSI Technology, Inc.
    Douglas M. Schirle
    Chief Financial Officer
    408-331-9802

    GSI TECHNOLOGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
    (Unaudited)
                       
            Three Months Ended   Nine Months Ended
            Dec. 31,
    		   Sept. 30,
    		   Dec. 31,   Dec. 31,
    		   Dec. 31,
              2024       2024       2023       2024       2023  
                       
    Net revenues $ 5,414     $ 4,550     $ 5,318     $ 14,635     $ 16,613  
    Cost of goods sold   2,491       2,793       2,343       7,794       7,448  
                       
    Gross profit    2,923       1,757       2,975       6,841       9,165  
                       
    Operating expenses:            
                       
      Research & development   4,037       4,788       6,976       13,039       16,871  
      Selling, general and administrative   2,997       2,553       2,684       8,154       8,211  
      Gain from sale of assets   (56 )     –       –       (5,793 )     –  
          Total operating expenses   6,978       7,341       9,660       15,400       25,082  
                       
    Operating loss   (4,055 )     (5,584 )     (6,685 )     (8,559 )     (15,917 )
                       
    Interest and other income, net   70       149       155       274       306  
                       
    Loss before income taxes   (3,985 )     (5,435 )     (6,530 )     (8,285 )     (15,611 )
    Provision for income taxes   44       23       71       124       155  
    Net loss   $ (4,029 )   $ (5,458 )   $ (6,601 )   $ (8,409 )   $ (15,766 )
                       
                       
    Net loss per share, basic $ (0.16 )   $ (0.21 )   $ (0.26 )   $ (0.33 )   $ (0.63 )
    Net loss per share, diluted $ (0.16 )   $ (0.21 )   $ (0.26 )   $ (0.33 )   $ (0.63 )
                       
    Weighted-average shares used in            
         computing per share amounts:            
                       
    Basic     25,546       25,467       25,256       25,463       25,094  
    Diluted     25,546       25,467       25,256       25,463       25,094  
                       
                       
    Stock-based compensation included in the Condensed Consolidated Statements of Operations:  
                       
            Three Months Ended   Nine Months Ended
            Dec. 31,
    		   Sept. 30,
    		   Dec. 31,   Dec. 31,
    		   Dec. 31,
              2024       2024       2023       2024       2023  
                       
    Cost of goods sold $ 50     $ 51     $ 51     $ 157     $ 175  
    Research & development   121       336       325       747       1,080  
    Selling, general and administrative   258       276       273       846       890  
            $ 429     $ 663     $ 649     $ 1,750     $ 2,145  
                       
    GSI TECHNOLOGY, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
    (Unaudited)
             
        Dec. 31, 2024   March 31, 2024
    Cash and cash equivalents $ 15,085   $ 14,429
    Accounts receivable   3,583     3,118
    Inventory   3,885     4,977
    Other current assets   1,267     1,954
    Assets held for sale   –     5,629
    Net property and equipment   883     1,148
    Operating lease right-of-use assets   9,858     1,553
    Other assets   9,572     9,656
    Total assets $ 44,133   $ 42,464
             
    Current liabilities $ 5,900   $ 5,365
    Long-term liabilities   8,300     1,129
    Stockholders’ equity   29,933     35,970
    Total liabilities and stockholders’ equity $ 44,133   $ 42,464
             

    The MIL Network –

  • MIL-OSI: Cipher Mining Announces $50 Million PIPE Investment from SoftBank Group

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today announced a $50 million investment from SoftBank Group Corp. (TSE: 9984, “SoftBank”), one of the world’s most prominent investment holding companies. The $50 million PIPE investment will support Cipher’s HPC data center development business and establish SoftBank as a significant primary investor in Cipher.

    “We are thrilled to welcome SoftBank as an important investor in Cipher. This investment comes at a pivotal moment in Cipher’s growth trajectory, as the Company continues to attract attention for its pipeline of sites and innovative solutions in industrial-scale data centers. SoftBank’s focus on innovation in technology and AI development aligns with our vision to establish ourselves as a leader in HPC data center development,” said Tyler Page, Cipher’s CEO.

    Keefe, Bruyette, & Woods Inc. acted as financial advisor to the Company, and Latham & Watkins LLP acted as legal counsel to the Company.

    About Cipher

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

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. Cipher intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about Cipher’s beliefs and expectations regarding its planned business model and strategy, its HPC data center development and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

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

    Contacts:
    Investor Contact:
    Courtney Knight
    Head of Investor Relations at Cipher Mining
    courtney.knight@ciphermining.com

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

    The MIL Network –

  • MIL-OSI Submissions: Tech and Employment – Report: Over 280,000 employees in the tech sector laid off in 2024, another 11,000 job cuts in 2025 – Associated News Network

    Source: Associated News Network

    As new rounds of mass layoffs at major technology companies are being announced in 2025, I am reaching out with our latest report, examining the workforce reductions that occurred around the world in 2024. We also discovered at least 11,000 employees in the technology sector have lost their jobs since the beginning of the year.

    The team at RationalFX aggregated layoff announcements sourced from U.S. WARN notices, the job portal TrueUp, TechCrunch and the Layoffs.fyi layoff tracker for the entirety of 2024. We also looked into the latest layoffs since the beginning of January 2025, focusing on companies in the technology sector.

    According to our research, at least 280,991 employees in tech companies were laid off last year, while January brought another 11,299 job reductions from major companies, including Meta, Microsoft, and Amazon.

    Here are a few key takeaways from the report:

    • Globally, 280,991 layoffs occurred in the tech sector in 2024. In the U.S. alone, 267 companies reduced their workforce with a combined 157,950 job losses.
    • More than half of all layoffs in the tech sector were initiated by U.S.-based companies (157,950 or 56.21% of all), followed by 19,495 job cuts in German companies, 14,740 layoffs in South Korean firms, 14,675 layoffs in Chinese ones, and 12,608 job cuts in companies based in Japan.
    • The tech company with the most significant layoffs in 2024 was U.S. PC maker Dell, which reduced its headcount by 18,500, followed by Intel (15,100 layoffs), and Amazon (14,968 layoffs).
    • California is the U.S. state with the most tech sector layoffs, accounting for 40.4% of all job cuts in the U.S. and roughly 22.7% of all tech layoffs in the world. In 2024, 126 California-based tech firms laid off a combined 63,791 employees.
    • In January 2025, another 11,299 employees in tech companies lost their positions, with this number representing only the confirmed layoffs. Thousands more have been left unemployed with no official statement by their employers.

    Together, the 21 companies with the largest layoffs in 2024 announced a total of 156,654 job reductions. The wave of layoffs continues as companies focus on cutting costs, downsizing, and streamlining operations following significant hiring sprees during the COVID-19 pandemic. Investments in artificial intelligence have also pushed the number of layoffs high as simpler, repetitive tasks are assigned to AI systems, while human workers are either transferred to other departments or laid off.

    Further details about the layoffs in the tech sector and the reasons for job reductions, as well as the complete methodology behind our research, are available in the full report.  (ref. https://www.rationalfx.com/forex-brokers/the-tech-industrys-workforce-crisis-2024s-layoffs-surpass-280000-and-continue-in-2025/ )

    Daniel Lane
    Data Analyst
    AssociatedNews Network

    MIL OSI – Submitted News –

  • MIL-OSI: Riverview Bancorp Reports Net Income of $1.2 Million in Third Fiscal Quarter 2025; Results Highlighted by Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, Wash., Jan. 30, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $1.2 million, or $0.06 per diluted share, in the third fiscal quarter ended December 31, 2024, compared to $1.6 million, or $0.07 per diluted share in the second fiscal quarter ended September 30, 2024, and $1.5 million, or $0.07 per diluted share, in the third fiscal quarter a year ago.

    In the first nine months of fiscal 2025, net income was $3.8 million, or $0.18 per diluted share, compared to $6.8 million, or $0.32 per diluted share, in the first nine months of fiscal 2024.

    “Riverview’s operating performance during the third fiscal quarter reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields,” stated Nicole Sherman, President and Chief Executive Officer. “While loan payoffs impacted net loan growth during the third quarter, loan production outperformed the previous three quarters and newly funded loans are being boarded at higher rates than the legacy portfolio. Although we still have work to do, we remain focused on managing our balance sheet and improving our performance metrics and profitability in the remainder of fiscal year 2025.”

    Third Quarter Highlights (at or for the period ended December 31, 2024)

    • Net interest income increased to $9.4 million for the quarter, compared to $8.9 million in the preceding quarter and $9.3 million in the third fiscal quarter a year ago.
    • Net interest margin (“NIM”) was 2.60% for the quarter, a 14 basis point improvement compared to the preceding quarter and a 11 basis point improvement compared to the year ago quarter.
    • Riverview Trust Company assets under management increased to $872.6 million at December 31, 2024. Asset management fees continue to improve and increased to $1.4 million for the quarter ended December 31, 2024.
    • Asset quality remained strong, with non-performing assets at $469,000, or 0.03% of total assets at December 31, 2024.
    • Riverview recorded no provision for credit losses during the current quarter, compared to a $100,000 provision in the preceding quarter and no provision in the year ago quarter.
    • Total loans were $1.05 billion at December 31, 2024, compared to $1.06 billion at September 30, 2024, and $1.02 billion at December 31, 2023.
    • Total deposits were $1.22 billion at December 31, 2024, compared to $1.24 billion at September 30, 2024 and $1.22 billion at December 31, 2023.
    • Tangible book value per share (non-GAAP) was $6.20 at December 31, 2024, compared to $6.33 at September 30, 2024, and $6.21 at December 31, 2023.

    Income Statement Review
    Riverview’s net interest income was $9.4 million in the current quarter, compared to $8.9 million in the preceding quarter, and $9.3 million in the third fiscal quarter a year ago. The increase compared to the preceding quarter was driven by higher interest earning asset yields due to higher origination rates on new loan growth as well as loan repricing in addition to the recognition of a loan prepayment fee and related loan fees totaling $318,000. In the first nine months of fiscal 2025, net interest income was $27.2 million, compared to $29.5 million in the first nine months of fiscal 2024. Investment income decreased compared to the nine month period a year ago due to the strategic investment restructuring that was executed in the fourth quarter of fiscal 2024.

    Riverview’s NIM was 2.60% for the third quarter of fiscal 2025, a 14 basis point increase compared to 2.46% in the preceding quarter and a 11 basis-point increase compared to 2.49% in the third quarter of fiscal 2024. “As anticipated, NIM improved during the quarter, as higher yields in interest earning assets offset the modest increase in deposit costs,” said David Lam, EVP and Chief Financial Officer. “With the recent Fed rate reductions, we anticipate deposit costs to further stabilize in future quarters. Additionally, the rate cuts reduced the interest expense on borrowings, which also benefitted NIM during the current quarter.” In the first nine months of fiscal 2025, the net interest margin was 2.51% compared to 2.64% in the same period a year earlier.

    Investment securities decreased $17.8 million during the quarter to $337.2 million at December 31, 2024, compared to $354.9 million at September 30, 2024, and decreased $92.0 million compared to $429.1 million at December 31, 2023. The average securities balances for the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, were $364.2 million, $378.4 million, and $458.0 million, respectively. The weighted average yields on securities balances for those same periods were 1.82%, 2.05%, and 2.01%, respectively. The duration of the investment portfolio at December 31, 2024 was approximately 5.3 years. The anticipated investment cashflows over the next twelve months is approximately $42.8 million. There were no investment purchases during the third fiscal quarter of 2025.

    Riverview’s yield on loans improved to 4.97% during the third fiscal quarter, compared to 4.80% in the preceding quarter, and 4.56% in the third fiscal quarter a year ago. “Loan yields improved during the current quarter as a result of higher rates on new loan originations and higher rates on existing loans that have come up for repricing, when compared to the existing loan portfolio. We continue to explore opportunities to enhance our loan yield by expanding our commercial business portfolio offerings to include more variable rate loan structures,” said Mike Sventek, EVP and Chief Lending Officer. Deposit costs increased to 1.32% during the third fiscal quarter compared to 1.26% in the preceding quarter, and 0.68% in the third fiscal quarter a year ago due to clients seeking higher deposit yields. The increase from clients seeking higher deposit yields was less impactful quarter over quarter compared to the increase from the third fiscal quarter a year ago given the relative change in the interest rate environment during those respective periods.

    Non-interest income was $3.3 million during the third fiscal quarter of 2025 compared to $3.8 million in the preceding quarter and $3.1 million in the third fiscal quarter of 2024. The preceding quarter included approximately $525,000 in income related to a legal expense recovery from the prior year. In the first nine months of fiscal 2025, non-interest income increased to $10.5 million compared to $9.7 million in the same period a year ago.

    Asset management fees were $1.4 million during the third fiscal quarter and the second fiscal quarter, and $1.3 million in the third fiscal quarter a year ago. Asset management fees increased compared to the year ago quarter due to new client relationships and the continued positive market performance in the equity markets during the third quarter. Riverview Trust Company’s assets under management were $872.6 million at December 31, 2024, compared to $871.6 million at September 30, 2024, and $942.4 million at December 31, 2023.

    Non-interest expense was $11.2 million during the third fiscal quarter, compared to $10.7 million in the preceding quarter and $10.6 million in the third fiscal quarter a year ago. Salary and employee benefits, the largest component of non-interest expense, remained flat during the current quarter compared to the preceding quarter. Professional fees increased during the current quarter compared to the preceding quarter due to higher consulting costs. Additionally, non-interest expense for preceding quarter included a fraud loss recovery. The efficiency ratio was 87.6% for the third fiscal quarter, compared to 83.7% for the previous quarter and 85.2% in the third fiscal quarter a year ago. Year-to-date, non-interest expense was $32.8 million compared to $30.6 million in the first nine months of fiscal 2024.

    Riverview’s effective tax rate for the third fiscal quarter of 2025 was 21.8%, compared to 21.4% for the preceding quarter and 20.6% for the year ago quarter.

    Balance Sheet Review
    While loan production increased during the third quarter, total loans decreased primarily due to two large loan payoffs. Total loans decreased $15.9 million during the quarter to $1.05 billion at December 31, 2024, compared to $1.06 billion three months earlier and increased $26.9 million compared to $1.02 billion a year earlier. Riverview’s loan pipeline was $49.1 million at December 31, 2024, compared to $43.5 million at the end of the preceding quarter. New loan originations during the quarter were $31.1 million, compared to $25.6 million in the preceding quarter and $51.3 million in the third fiscal quarter a year ago. Since December 31, 2024, the loan pipeline has increased to $64.2 million.

    Undisbursed construction loans totaled $19.5 million at December 31, 2024, compared to $34.1 million at September 30, 2024, with the majority of the undisbursed construction loans expected to be funded over the next several quarters. The decrease was due to one large construction project being completed during the quarter and moving out of the construction category to a permanent loan category, before being paid off. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $14.5 million at December 31, 2024, compared to $11.1 million at September 30, 2024. Revolving commercial business loan commitments totaled $46.9 million at December 31, 2024, compared to $48.4 million at September 30, 2024. Utilization on these loans totaled 17.60% at December 31, 2024, compared to 23.88% at September 30, 2024. The weighted average rate on loan originations during the quarter was 7.04% compared to 7.65% in the preceding quarter.

    The office building loan portfolio totaled $113.4 million at December 31, 2024, compared to $112.4 million at September 30, 2024. The average loan balance of the office building loan portfolio was $1.5 million with an average loan-to-value ratio of 53.8% and an average debt service coverage ratio of 1.99x. Office building loans within the Portland core consists of three loans totaling $20.6 million which is approximately 18.2% of the total office building loan portfolio or 2.0% of total loans.

    Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 46.8% at December 31, 2024, compared to 49.2% at September 30, 2024, and 51.1% at December 31, 2023. The decrease in non-interest checking account balances during the quarter was in part due to seasonal client calendar year-end activity for payments and distributions. As in prior quarters, money market balances and CDs increased during the quarter as we are still seeing a subset of clients still looking for higher yields. Total deposits decreased $18.5 million during the quarter to $1.22 billion at December 31, 2024, compared to $1.24 billion at September 30, 2024, and were unchanged compared to a year ago. Riverview Bank had moved customer deposits to Riverview Trust as a higher yielding deposit alternative and those assets were all retained within the Company during the period of increasing interest rates and the Company has the ability to move or reciprocate these deposits back to the Bank if the need arises.

    FHLB advances decreased $18.1 million during the quarter to $84.2 million at December 31, 2024, compared to $102.3 million at September 30, 2024. FHLB advances decreased during the quarter as a result of the decrease in investment securities and loans receivable balances with the proceeds from both used to pay down borrowings.

    Shareholders’ equity was $158.3 million at December 31, 2024, compared to $160.8 million three months earlier and $158.5 million one year earlier. Tangible book value per share (non-GAAP) was $6.20 at December 31, 2024, compared to $6.33 at September 30, 2024, and $6.21 at December 31, 2023. Riverview paid a quarterly cash dividend of $0.02 per share on January 14, 2025, to shareholders of record on January 2, 2025.

    Credit Quality
    “Asset quality metrics continue to remain very stable, as we continue to diligently monitor our loan portfolio closely for any signs of stress,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled $168,000 or 0.02% of total loans as of December 31, 2024, compared to $149,000, or 0.01% of total loans at September 30, 2024, and $186,000, or 0.02% of total loans at December 31, 2023. There was one non-performing government guaranteed loan totaling $301,000 at both December 31, 2024 and September 30, 2024. At December 31, 2024, including government guaranteed loans, non-performing assets were $469,000, or 0.03% of total assets.

    Riverview recorded $114,000 in net loan charge-offs for the current quarter. This compared to $2,000 in net loan recoveries for the preceding quarter. Riverview recorded no provision for credit losses for the current quarter, compared to $100,000 in provision for credit losses for the preceding quarter.

    Classified assets were $225,000 at December 31, 2024, compared to $326,000 at September 30, 2024, and $215,000 at December 31, 2023. The classified assets to total capital ratio was 0.1% at December 31, 2024, compared to 0.2% at September 30, 2024, and 0.1% a year earlier. Criticized assets were $50.4 million at December 31, 2024, compared to $50.7 million at September 30, 2024, and $37.2 million at December 31, 2023. Criticized assets remained stable during the current quarter compared to the prior quarter. The increase compared to a year ago was primarily due to one relationship that was moved to the criticized asset category during the preceding quarter as the loans goes through probate. The Company does not anticipate any loss from this relationship.

    The allowance for credit losses was $15.4 million at December 31, 2024, compared to $15.5 million at September 30, 2024, and $15.4 million at December 31, 2023. The allowance for credit losses represented 1.47% of total loans at December 31, 2024, compared to 1.46% at September 30, 2024, and 1.51% a year earlier. The allowance for credit losses to loans, net of government guaranteed loans (non-GAAP), was 1.54% at December 31, 2024, compared to 1.53% at September 30, 2024, and 1.59% a year earlier.

    Capital/Liquidity
    Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.47% and a Tier 1 leverage ratio of 10.86% at December 31, 2024. Tangible common equity to average tangible assets ratio (non-GAAP) was 8.84% at December 31, 2024.

    Riverview has approximately $450.1 million in available liquidity at December 31, 2024, including $164.4 million of borrowing capacity from the FHLB and $285.7 million from the Federal Reserve Bank of San Francisco (“FRB”). At December 31, 2024, the Bank had $84.2 million in outstanding FHLB borrowings.

    At December 31, 2024, the uninsured deposit ratio was 23.8%. Available liquidity under the FRB borrowing line would cover nearly 100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover 155% of the estimated uninsured deposits.

    On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions. During the third quarter, the Company repurchased 200,073 shares of common stock at an average price of $5.43.

    Non-GAAP Financial Measures
    In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.

    Tangible shareholders’ equity to tangible assets and tangible book value per share:
                         
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   March 31,
    2024    		    
                         
    Shareholders’ equity (GAAP)   $ 158,270     $ 160,774     $ 158,472     $ 155,588      
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )     (27,076 )    
    Exclude: Core deposit intangible, net     (196 )     (221 )     (298 )     (271 )    
    Tangible shareholders’ equity (non-GAAP)   $ 130,998     $ 133,477     $ 131,098     $ 128,241      
                         
    Total assets (GAAP)   $ 1,508,609     $ 1,548,397     $ 1,590,623     $ 1,521,529      
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )     (27,076 )    
    Exclude: Core deposit intangible, net     (196 )     (221 )     (298 )     (271 )    
    Tangible assets (non-GAAP)   $ 1,481,337     $ 1,521,100     $ 1,563,249     $ 1,494,182      
                         
    Shareholders’ equity to total assets (GAAP)     10.49 %     10.38 %     9.96 %     10.23 %    
                         
    Tangible common equity to tangible assets (non-GAAP)     8.84 %     8.78 %     8.39 %     8.58 %    
                         
    Shares outstanding     21,134,758       21,096,968       21,111,043       21,111,043      
                         
    Book value per share (GAAP)   $ 7.49     $ 7.62     $ 7.51     $ 7.37      
                         
    Tangible book value per share (non-GAAP)   $ 6.20     $ 6.33     $ 6.21     $ 6.07      
                         
                         
    Pre-tax, pre-provision income                    
        Three Months Ended   Nine Months Ended
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
                         
    Net income (GAAP)   $ 1,232     $ 1,557     $ 1,452     $ 3,755     $ 6,767  
    Include: Provision for income taxes     343       425       377       1,021       1,897  
    Include: Provision for credit losses     –       100       –       100       –  
    Pre-tax, pre-provision income (non-GAAP)   $ 1,575     $ 2,082     $ 1,829     $ 4,876     $ 8,664  
    Allowance for credit losses reconciliation, excluding Government Guaranteed loans
                     
    (Dollars in thousands)   December 31, 2024   September 30, 2024   December 31, 2023   March 31, 2024
                     
    Allowance for credit losses   $ 15,352     $ 15,466     $ 15,361     $ 15,364  
                     
    Loans receivable (GAAP)   $ 1,045,109     $ 1,060,977     $ 1,018,199     $ 1,024,013  
    Exclude: Government Guaranteed loans     (49,024 )     (49,983 )     (51,809 )     (51,013 )
    Loans receivable excluding Government Guaranteed loans (non-GAAP)   $ 996,085     $ 1,010,994     $ 966,390     $ 973,000  
                     
    Allowance for credit losses to loans receivable (GAAP)     1.47 %     1.46 %     1.51 %     1.50 %
                     
    Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP)     1.54 %     1.53 %     1.59 %     1.58 %
                     
                     
    Non-performing loans reconciliation, excluding Government Guaranteed Loans
                     
        Three Months Ended    
    (Dollars in thousands)   December 31, 2024   September 30, 2024   December 31, 2023    
                     
    Non-performing loans (GAAP)   $ 469     $ 450     $ 186      
    Less: Non-performing Government Guaranteed loans     (301 )     (301 )     –      
    Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP)   $ 168     $ 149     $ 186      
                     
    Non-performing loans to total loans (GAAP)     0.04 %     0.04 %     0.02 %    
                     
    Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP)     0.02 %     0.01 %     0.02 %    
                     
    Non-performing loans to total assets (GAAP)     0.03 %     0.03 %     0.01 %    
                     
    Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP)     0.01 %     0.01 %     0.01 %    


    About Riverview
    Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at December 31, 2024, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

    “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.

    The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.

     
    RIVERVIEW BANCORP, INC. AND SUBSIDIARY       
    Consolidated Balance Sheets
    (In thousands, except share data) (Unaudited) December 31, 2024   September 30, 2024   December 31, 2023   March 31, 2024
    ASSETS              
                   
    Cash (including interest-earning accounts of $12,573, $12,453, $23,717 and $12,164) $ 25,348     $ 30,960     $ 37,553     $ 23,642  
    Investment securities:              
    Available for sale, at estimated fair value   124,874       132,953       196,461       143,196  
    Held to maturity, at amortized cost   212,295       221,991       232,659       229,510  
    Loans receivable (net of allowance for credit losses of $15,352, $15,466, $15,361, and $15,364)   1,029,757       1,045,511       1,002,838       1,008,649  
    Prepaid expenses and other assets   12,945       13,585       14,486       14,469  
    Accrued interest receivable   4,639       4,570       5,248       4,415  
    Federal Home Loan Bank stock, at cost   4,742       5,557       8,026       4,927  
    Premises and equipment, net   22,731       22,956       22,270       21,718  
    Financing lease right-of-use assets   1,144       1,163       1,221       1,202  
    Deferred income taxes, net   9,471       8,688       10,033       9,778  
    Goodwill   27,076       27,076       27,076       27,076  
    Core deposit intangible, net   196       221       298       271  
    Bank owned life insurance   33,391       33,166       32,454       32,676  
                   
    TOTAL ASSETS $ 1,508,609     $ 1,548,397     $ 1,590,623     $ 1,521,529  
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
                   
    LIABILITIES:              
    Deposits $ 1,219,002     $ 1,237,499     $ 1,218,892     $ 1,231,679  
    Accrued expenses and other liabilities   17,634       17,789       26,740       16,205  
    Advance payments by borrowers for taxes and insurance   317       848       299       581  
    Junior subordinated debentures   27,069       27,048       26,982       27,004  
    Federal Home Loan Bank advances   84,200       102,304       157,054       88,304  
    Finance lease liability   2,117       2,135       2,184       2,168  
    Total liabilities   1,350,339       1,387,623       1,432,151       1,365,941  
                   
    SHAREHOLDERS’ EQUITY:              
    Serial preferred stock, $.01 par value; 250,000 authorized, issued and outstanding, none   –       –       –       –  
    Common stock, $.01 par value; 50,000,000 authorized,              
    December 31, 2024 – 21,134,758 issued and outstanding;              
    September 30, 2024 – 21,096,968 issued and outstanding;   209       211       211       211  
    December 31, 2023 – 21,111,043 issued and outstanding;              
    March 31, 2024 – 21,111,043 issued and outstanding;              
    Additional paid-in capital   54,227       55,057       54,982       55,005  
    Retained earnings   118,988       118,179       120,734       116,499  
    Accumulated other comprehensive loss   (15,154 )     (12,673 )     (17,455 )     (16,127 )
    Total shareholders’ equity   158,270       160,774       158,472       155,588  
                   
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,508,609     $ 1,548,397     $ 1,590,623     $ 1,521,529  
                   
    RIVERVIEW BANCORP, INC. AND SUBSIDIARY
    Consolidated Statements of Income
      Three Months Ended   Nine Months Ended
    (In thousands, except share data) (Unaudited) Dec. 31, 2024 Sept. 30, 2024 Dec. 31, 2023   Dec. 31, 2024 Dec. 31, 2023
    INTEREST INCOME:            
    Interest and fees on loans receivable $ 13,201   $ 12,683   $ 11,645     $ 37,936   $ 34,288  
    Interest on investment securities – taxable   1,589     1,874     2,231       5,435     6,826  
    Interest on investment securities – nontaxable   65     65     65       195     196  
    Other interest and dividends   272     320     331       902     954  
    Total interest and dividend income   15,127     14,942     14,272       44,468     42,264  
                 
    INTEREST EXPENSE:            
    Interest on deposits   4,101     3,855     2,059       11,403     5,264  
    Interest on borrowings   1,638     2,145     2,889       5,914     7,466  
    Total interest expense   5,739     6,000     4,948       17,317     12,730  
    Net interest income   9,388     8,942     9,324       27,151     29,534  
    Provision for credit losses   –     100     –       100     –  
                 
    Net interest income after provision for credit losses   9,388     8,842     9,324       27,051     29,534  
                 
    NON-INTEREST INCOME:            
    Fees and service charges   1,492     1,524     1,533       4,556     4,871  
    Asset management fees   1,443     1,433     1,266       4,434     3,920  
    Bank owned life insurance (“BOLI”)   225     279     211       715     669  
    Other, net   181     605     46       844     288  
    Total non-interest income, net   3,341     3,841     3,056       10,549     9,748  
                 
    NON-INTEREST EXPENSE:            
    Salaries and employee benefits   6,471     6,477     6,091       19,336     17,979  
    Occupancy and depreciation   1,871     1,921     1,698       5,687     4,930  
    Data processing   743     695     712       2,202     2,096  
    Amortization of core deposit intangible   25     25     27       75     81  
    Advertising and marketing   317     367     282       994     950  
    FDIC insurance premium   174     166     178       518     530  
    State and local taxes   327     234     355       777     814  
    Telecommunications   54     52     56       153     161  
    Professional fees   429     304     353       1,223     961  
    Other   743     460     799       1,859     2,116  
    Total non-interest expense   11,154     10,701     10,551       32,824     30,618  
                 
    INCOME BEFORE INCOME TAXES   1,575     1,982     1,829       4,776     8,664  
    PROVISION FOR INCOME TAXES   343     425     377       1,021     1,897  
    NET INCOME $ 1,232   $ 1,557   $ 1,452     $ 3,755   $ 6,767  
                 
    Earnings per common share:            
    Basic $ 0.06   $ 0.07   $ 0.07     $ 0.18   $ 0.32  
    Diluted $ 0.06   $ 0.07   $ 0.07     $ 0.18   $ 0.32  
    Weighted average number of common shares outstanding:            
    Basic   21,037,246     21,097,580     21,113,464       21,081,851     21,146,888  
    Diluted   21,037,246     21,097,580     21,113,464       21,081,851     21,148,679  
                 
    (Dollars in thousands)   At or for the three months ended   At or for the nine months ended
        Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    AVERAGE BALANCES                    
    Average interest–earning assets   $ 1,436,130     $ 1,446,098     $ 1,494,341     $ 1,439,834     $ 1,494,443  
    Average interest-bearing liabilities     1,019,265       1,011,688       1,028,817       1,010,419       1,021,532  
    Net average earning assets     416,865       434,410       465,524       429,415       472,911  
    Average loans     1,053,342       1,048,536       1,015,741       1,043,274       1,008,429  
    Average deposits     1,232,450       1,216,769       1,209,524       1,220,443       1,235,032  
    Average equity     160,532       158,428       153,901       158,179       155,264  
    Average tangible equity (non-GAAP)     133,245       131,116       126,511       130,867       127,847  
                         
                         
    ASSET QUALITY   Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023        
                         
    Non-performing loans   $ 469     $ 450     $ 186          
    Non-performing loans excluding SBA Government Guarantee (non-GAAP)     168       149       186          
    Non-performing loans to total loans     0.04 %     0.04 %     0.02 %        
    Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)     0.02 %     0.01 %     0.02 %        
    Real estate/repossessed assets owned   $ –     $ –     $ –          
    Non-performing assets   $ 469     $ 450     $ 186          
    Non-performing assets excluding SBA Government Guarantee (non-GAAP)     168       149       186          
    Non-performing assets to total assets     0.03 %     0.03 %     0.01 %        
    Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)     0.01 %     0.01 %     0.01 %        
    Net loan charge-offs (recoveries) in the quarter   $ 114     $ (2 )   $ (15 )        
    Net charge-offs (recoveries) in the quarter/average net loans     0.04 %     0.00 %     (0.01 )%        
                         
    Allowance for credit losses   $ 15,352     $ 15,466     $ 15,361          
    Average interest-earning assets to average interest-bearing liabilities     140.90 %     142.94 %     145.25 %        
    Allowance for credit losses to non-performing loans     3273.35 %     3436.89 %     8258.60 %        
    Allowance for credit losses to total loans     1.47 %     1.46 %     1.51 %        
    Shareholders’ equity to assets     10.49 %     10.38 %     9.96 %        
                         
                         
    CAPITAL RATIOS                    
    Total capital (to risk weighted assets)     16.47 %     16.14 %     16.67 %        
    Tier 1 capital (to risk weighted assets)     15.21 %     14.88 %     15.42 %        
    Common equity tier 1 (to risk weighted assets)     15.21 %     14.88 %     15.42 %        
    Tier 1 capital (to average tangible assets)     10.86 %     10.72 %     10.53 %        
    Tangible common equity (to average tangible assets) (non-GAAP)     8.84 %     8.78 %     8.39 %        
                         
                         
    DEPOSIT MIX   Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   March 31, 2024    
                         
    Interest checking   $ 257,975     $ 267,254     $ 272,019     $ 289,824      
    Regular savings     169,181       172,454       199,911       192,638      
    Money market deposit accounts     236,912       227,505       225,727       209,164      
    Non-interest checking     312,839       341,116       350,744       349,081      
    Certificates of deposit     242,095       229,170       170,491       190,972      
    Total deposits   $ 1,219,002     $ 1,237,499     $ 1,218,892     $ 1,231,679      
                         
    COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS        
            Other       Commercial
        Commercial   Real Estate   Real Estate   & Construction
        Business   Mortgage   Construction   Total
    December 31, 2024   (Dollars in thousands)
    Commercial business   $ 224,506     $ –     $ –     $ 224,506  
    Commercial construction     –       –       32,442       32,442  
    Office buildings     –       113,350       –       113,350  
    Warehouse/industrial     –       108,356       –       108,356  
    Retail/shopping centers/strip malls     –       89,871       –       89,871  
    Assisted living facilities     –       363       –       363  
    Single purpose facilities     –       262,556       –       262,556  
    Land     –       4,062       –       4,062  
    Multi-family     –       78,822       –       78,822  
    One-to-four family construction     –       –       17,514       17,514  
    Total   $ 224,506     $ 657,380     $ 49,956     $ 931,842  
                     
    March 31, 2024                
    Commercial business   $ 229,404     $ –     $ –     $ 229,404  
    Commercial construction     –       –       20,388       20,388  
    Office buildings     –       114,714       –       114,714  
    Warehouse/industrial     –       106,649       –       106,649  
    Retail/shopping centers/strip malls     –       89,448       –       89,448  
    Assisted living facilities     –       378       –       378  
    Single purpose facilities     –       272,312       –       272,312  
    Land     –       5,693       –       5,693  
    Multi-family     –       70,771       –       70,771  
    One-to-four family construction     –       –       16,150       16,150  
    Total   $ 229,404     $ 659,965     $ 36,538     $ 925,907  
                     
                     
    LOAN MIX   Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   March 31, 2024
    Commercial and construction   (Dollars in thousands)
    Commercial business   $ 224,506     $ 236,895     $ 229,249     $ 229,404  
    Other real estate mortgage     657,380       659,439       648,782       659,965  
    Real estate construction     49,956       51,498       42,167       36,538  
    Total commercial and construction     931,842       947,832       920,198       925,907  
    Consumer                
    Real estate one-to-four family     97,760       96,911       96,266       96,366  
    Other installment     15,507       16,234       1,735       1,740  
    Total consumer     113,267       113,145       98,001       98,106  
                     
    Total loans     1,045,109       1,060,977       1,018,199       1,024,013  
                     
    Less:                
    Allowance for credit losses     15,352       15,466       15,361       15,364  
    Loans receivable, net   $ 1,029,757     $ 1,045,511     $ 1,002,838     $ 1,008,649  
                     
                     
    DETAIL OF NON-PERFORMING ASSETS              
        Southwest            
        Washington   Other   Total    
    December 31, 2024   (Dollars in thousands)    
    Commercial business   $ 43     $ –     $ 43      
    Commercial real estate     93       –       93      
    Consumer     32       –       32      
    Government Guaranteed Loans     –       301       301      
    Total non-performing assets   $ 168     $ 301     $ 469      
                     
                    At or for the three months ended   At or for the nine months ended
    SELECTED OPERATING DATA Dec. 31, 2024   Sept. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
                       
    Efficiency ratio (4)   87.63 %     83.71 %     85.23 %     87.07 %     77.94 %
    Coverage ratio (6)   84.17 %     83.56 %     88.37 %     82.72 %     96.46 %
    Return on average assets (1)   0.32 %     0.40 %     0.37 %     0.33 %     0.57 %
    Return on average equity (1)   3.04 %     3.90 %     3.75 %     3.15 %     5.80 %
    Return on average tangible equity (1) (non-GAAP)   3.67 %     4.71 %     4.57 %     3.81 %     7.04 %
                       
    NET INTEREST SPREAD                  
    Yield on loans   4.97 %     4.80 %     4.56 %     4.83 %     4.53 %
    Yield on investment securities   1.82 %     2.05 %     2.01 %     2.00 %     2.02 %
    Total yield on interest-earning assets   4.18 %     4.11 %     3.81 %     4.10 %     3.77 %
                       
    Cost of interest-bearing deposits   1.81 %     1.76 %     0.98 %     1.73 %     0.82 %
    Cost of FHLB advances and other borrowings   5.43 %     5.92 %     5.83 %     5.83 %     5.77 %
    Total cost of interest-bearing liabilities   2.23 %     2.35 %     1.91 %     2.27 %     1.66 %
                       
    Spread (7)   1.95 %     1.76 %     1.90 %     1.83 %     2.11 %
    Net interest margin   2.60 %     2.46 %     2.49 %     2.51 %     2.64 %
                       
    PER SHARE DATA                  
    Basic earnings per share (2) $ 0.06     $ 0.07     $ 0.07     $ 0.18     $ 0.32  
    Diluted earnings per share (3)   0.06       0.07       0.07       0.18       0.32  
    Book value per share (5)   7.49       7.62       7.51       7.49       7.51  
    Tangible book value per share (5) (non-GAAP)   6.20       6.33       6.21       6.20       6.21  
    Market price per share:                  
    High for the period $ 5.88     $ 4.72     $ 6.48     $ 5.88     $ 6.48  
    Low for the period   4.59       3.79       5.35       3.64       4.17  
    Close for period end   5.74       4.71       6.40       5.74       6.40  
    Cash dividends declared per share   0.0200       0.0200       0.0600       0.0600       0.1800  
                       
    Average number of shares outstanding:                  
    Basic (2)   21,037,246       21,097,580       21,113,464       21,081,851       21,146,888  
    Diluted (3)   21,037,246       21,097,580       21,113,464       21,081,851       21,148,679  
                       

    (1)      Amounts for the periods shown are annualized.
    (2)      Amounts exclude ESOP shares not committed to be released.
    (3)      Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
    (4)      Non-interest expense divided by net interest income and non-interest income.
    (5)      Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
    (6)      Net interest income divided by non-interest expense.
    (7)      Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

    Contact: Nicole Sherman, President & CEO
    David Lam, CFO 
    Dan Cox, COO
    360-693-6650

    The MIL Network –

  • MIL-OSI: Diamondback Energy, Inc. Announces Drop Down Transaction

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced that it has entered into a definitive purchase agreement with Viper Energy, Inc. (“Viper”), a subsidiary of Diamondback, to sell certain mineral and royalty interests from subsidiaries of Diamondback for $1 billion in cash and approximately 69.6 million units of Viper’s operating subsidiary (“OpCo”, and such units the “OpCo Units”) in a drop down transaction (“Drop Down”). The tax advantaged OpCo units, which will be issued together with an equal number of shares of Class B common stock of Viper, are exchangeable for shares of Class A common stock of Viper.

    Based on the volume weighted average sales price of Viper’s common stock for the 30-trading day period ending on January 24, 2025 of $49.55, the transaction is valued at a total of $4.45 billion. Viper expects to fund the cash portion of this transaction through a combination of cash on hand, borrowings under Viper’s credit facility, and proceeds from one or more capital markets transactions, subject to market conditions and other factors.

    “This Drop Down transaction with Viper is a major milestone in the continued synergy capture and execution of corporate development objectives related to the Endeavor transaction,” stated Travis Stice, Chairman and Chief Executive Officer of Diamondback. “Additionally, the Drop Down will accelerate debt reduction and increase Diamondback’s exposure to Viper’s differentiated growth profile and market-leading minerals position.”

    Timing and Approvals

    Diamondback expects the transaction to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions and approval of the transaction by Viper’s stockholders.

    Advisors

    RBC Capital Markets is serving as financial advisor to Diamondback. Kirkland & Ellis LLP is acting as legal advisor to Diamondback.

    Evercore is acting as financial advisor to the Audit Committee of Viper’s Board of Directors. Hunton Andrews Kurth LLP is acting as legal advisor to Viper’s Audit Committee.

    About Diamondback

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger, the Drop Down transaction and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

    Additional Information about the Drop Down and Where to Find It

    In connection with the Drop Down, Viper expects to file relevant materials with the SEC including a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Viper will mail the definitive proxy statement to each Viper stockholder entitled to vote at the special meeting relating to the Drop Down. This document is not a substitute for the proxy statement or for any other document that Viper may file with the SEC and send to its stockholders in connection with the Pending Drop Down. INVESTORS AND STOCKHOLDERS IN VIPER ARE URGED TO CAREFULLY READ THE VIPER PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE DROP DOWN THAT VIPER WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND THE PARTIES TO THE TRANSACTION. The definitive proxy statement, the preliminary proxy statement, and other relevant materials in connection with the Drop Down (when they become available) and any other documents filed by Viper with the SEC, may be obtained free of charge at the SEC’s website www.sec.gov. Copies of the documents filed with the SEC by Viper will be available free of charge on Viper’s website at www.viperenergy.com/investors.

    Participants in the Solicitation

    Viper and its directors and executive officers, and Diamondback as its parent and major stockholder, may be deemed, under SEC rules, to be participants in the solicitation of proxies from Viper’s stockholders in connection with the Drop Down. Information about the directors and executive officers of Viper and, as applicable, about Diamondback, is set forth in (i) in Viper’s proxy statement for its 2024 annual meeting, including under the headings “Proposal 1—Election of Directors”, “Executive Officers”, “Compensation Discussion and Analysis”, “Compensation Tables”, “Stock Ownership” and “Certain Relationships and Related Transactions,” which was filed with the SEC on April 25, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1602065/000119312524113976/d796418ddef14a.htm, (ii) Viper’s Annual Report on Form 10-K for the year ended December 31, 2023, including under the headings “Item 10. Directors, Executive Officers and Corporate Governance”, “Item 11. Executive Compensation”, “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” and “Item 13. Certain Relationships and Related Transactions, and Director Independence”, which was filed with the SEC on February 22, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1602065/000160206524000010/vnom-20231231.htm and (iii) subsequent statements of changes in beneficial ownership on file with the SEC.

    Additional information about Diamondback may be found in Diamondback’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed by Diamondback with the SEC. These documents may be obtained free of charge from the SEC’s website at www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    Additional information regarding the participants in the proxy solicitation and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials filed by Viper with the SEC when they become available. These documents may be obtained free of charge from the SEC’s website at www.sec.gov and Viper’s website at www.viperenergy.com/investors.

    No Offer or Solicitation

    This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Diamondback Investor Contact:

    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

  • MIL-OSI: Viper Energy, Inc., A Subsidiary of Diamondback Energy, Inc., Announces Drop Down Transaction and Operations Update

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today provided an update on Q4 2024 financial and operating results.

    FOURTH QUARTER HIGHLIGHTS

    • Q4 2024 average daily production of 29,859 bo/d (56,109 boe/d)
    • Q4 2024 average unhedged realized prices of $69.91 per barrel of oil, $0.84 per Mcf of natural gas, and $22.15 per barrel of natural gas liquids
    • During the fourth quarter of 2024, the Company recorded total operating income of $228.7 million
    • Declared Q4 2024 combined base-plus-variable dividend of $0.65 per Class A common share; payable on March 13, 2025 to Class A shareholders of record at the close of business on March 6, 2025

    Additionally, the Company announced today it and its operating subsidiary Viper Energy Partners LLC (“OpCo”) have entered into a definitive purchase and sale agreement to acquire all of the equity interests of certain mineral and royalty-interest owning subsidiaries of Diamondback in exchange for $1.0 billion of cash and approximately 69.6 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary adjustments (the “Drop Down”). The transaction was negotiated for the Company by the Audit Committee of its Board of Directors, which consists solely of independent directors and is appointed by the Board of Directors to oversee all related party transactions. The cash portion of this transaction is expected to be funded through a combination of cash on hand, borrowings under the Company’s credit facility, and proceeds from one or more capital markets transactions, subject to market conditions and other factors. The Company expects the transaction to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions, including the approval of the transaction by a majority of the Company’s stockholders not affiliated with Diamondback.

    The Company today also announced it and OpCo have entered into a separate definitive purchase and sale agreement to acquire certain mineral and royalty interests from Morita Ranches Minerals LLC in exchange for approximately $211 million of cash and approximately 2.4 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary adjustments (the “Quinn Ranch Acquisition” and together with the Drop Down, the “Pending Acquisitions”). The cash portion of this transaction is expected to be funded through a combination of cash on hand and borrowings under the Company’s credit facility. The Company expects the transaction to close during the first quarter of 2025, subject to customary closing conditions.

    PENDING ACQUISITIONS COMBINED HIGHLIGHTS

    • Approximately 23,100 net royalty acres (“NRAs”) in the Midland Basin; additional acreage in the Delaware and Williston Basins (approximately 1,700 NRAs combined)
    • Diamondback operates >70% of the Midland Basin NRAs with an approximately 5.0% average net revenue interest (“NRI”) across high-quality and largely undeveloped acreage
    • Expected average daily oil production for full year 2025 of approximately 18,000 bo/d (32,000 boe/d); includes contribution from Diamondback’s expected development plan (11.0-12.0 net 100% royalty interest wells) and 6.7 net existing DUCs and permits operated by third party operators
    • Viper currently expects Diamondback to complete roughly 300-325 gross locations on the acquired properties in 2026 with an estimated average ~6.0% NRI; expected to drive an increase in Diamondback-operated production from an average of approximately of 11,000 bo/d in 2025 to approximately 14,000 bo/d in 2026
    • Third party operated acreage located primarily in Martin, Midland, and Reagan counties; ExxonMobil (~35% of third party operated acreage) is the largest operator with diversified exposure to other leading well-capitalized operators in the Midland Basin
    • Substantial near and long-term financial accretion; expected to be >10% accretive to cash available for distribution per Class A share immediately upon closing
    • Each of the Pending Acquisitions has an effective date of January 1, 2025

    PRO FORMA VIPER HIGHLIGHTS

    • Giving effect to only the assumed closing of the Quinn Ranch Acquisition during Q1 2025, initiating average daily production guidance for Q1 2025 of 30,000 to 31,000 bo/d (54,000 to 56,000 boe/d)
    • Upon the assumed closing of the Drop Down during Q2 2025, expect average daily production for the balance of 2025 in the range of 47,000 to 49,000 bo/d (85,000 to 88,000 boe/d); the midpoint is approximately 61% higher than standalone Viper’s Q4 2024 average daily oil production
    • Based on Diamondback’s expected development plans, Viper expects its Diamondback-operated production to increase to approximately 31,000 bo/d in 2026, up from approximately 27,000 bo/d on a pro forma basis in 2025
    • Viper expects to own an interest in approximately 75% of the total amount of gross wells that Diamondback would plan to develop over the next five years at today’s activity levels; expect to own an estimated ~6.0% NRI in these wells
    • Total inventory of Diamondback-operated locations with a greater than 10% IRR at $50 WTI of approximately 334 net locations
    • Approximately 60,200 NRAs in the Permian Basin, approximately 36,300 of which are operated by Diamondback; represents increases of approximately 70% and 90%, respectively
    • Maintaining return of capital commitment of at least 75% of cash available for distribution
    • Conservative leverage of <1.0x expected at year-end 2025 based on current commodity prices

    “We are excited to announce today the highly anticipated, transformative Drop Down transaction between Viper and Diamondback. This transaction, combined with the Quinn Ranch Acquisition, furthers Viper’s alignment with Diamondback’s expected development plan and positions Viper to continue to deliver organic growth driven by the Diamondback drillbit for multiple years ahead. The pro forma size and scale provided to Viper, and the continued support of our parent company, meaningfully enhances the unmatched advantage Viper has in the minerals and royalty market,” stated Travis Stice, Chief Executive Officer of Viper.

    Mr. Stice continued, “In addition to being immediately accretive to all relevant financial metrics, this conservatively financed transaction also reduces Viper’s pro forma leverage to below 1.0x. Looking ahead, Viper’s leading scale and fortress balance sheet will enable the Company to continue to opportunistically consolidate the highly fragmented minerals market through a disciplined and focused approach.”

    Advisors

    Evercore is serving as financial advisor to the Audit Committee of Viper’s Board of Directors and Hunton Andrews Kurth LLP is serving as the Audit Committee’s legal advisor for the Drop Down.

    RBC Capital Markets is serving as financial advisor to Diamondback and Kirkland & Ellis LLP is serving as its legal advisor for the Drop Down.

    For the Quinn Ranch Acquisition, Akin Gump Strauss Hauer & Feld LLP is serving as Viper’s legal advisor and Vinson & Elkins LLP is serving as legal advisor for Morita Ranches Minerals LLC.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of the federal securities laws, which involve certain risks, uncertainties and assumptions that could cause the results to differ materially from those expected by the management of Viper. All statements, other than historical facts, that address activities that Viper assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including specifically the statements regarding the pending acquisitions discussed in this news release and any potential capital markets transactions and other funding sources for the pending acquisitions, as well as statements regarding the pro forma results for the pending acquisitions and Viper’s operating and financial expectations following those acquisitions, including existing and future production on the mineral and royalty acreage subject to the pending acquisitions and Diamondback’s plans with respect to such Diamondback-operated acreage.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: the completion of the pending acquisitions on anticipated terms and timing or at all, including obtaining the requisite regulatory and stockholder approvals for the Pending Drop Down, the satisfaction of other conditions to the pending acquisitions, uncertainties as to whether the pending acquisitions, if consummated, will achieve their anticipated benefits within the expected time periods or at all, and those risks described in Item 1A of Viper’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, subsequent Forms 10-Q and 8-K and other filings Viper makes with the SEC, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Viper’s website at www.viperenergy.com/investor-overview, as well as those risks that will be more fully described in the definitive proxy statement on Schedule 14A that is intended to be filed with the SEC in connection with the Pending Drop Down.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Viper conducts its business in a very competitive and rapidly changing environment and new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

    Additional Information about the Pending Drop Down and Where to Find It

    In connection with the Pending Drop Down, Viper expects to file relevant materials with the SEC including a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Viper will mail the definitive proxy statement to each stockholder entitled to vote at the special meeting relating to the Pending Drop Down. This news release is not a substitute for the proxy statement or for any other document that Viper may file with the SEC and send to its stockholders in connection with the Pending Drop Down. INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PENDING DROP DOWN THAT VIPER WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND THE PARTIES TO THE TRANSACTION. The definitive proxy statement, the preliminary proxy statement, and other relevant materials in connection with the Pending Drop Down (when they become available) and any other documents filed by Viper with the SEC, may be obtained free of charge at the SEC’s website www.sec.gov. Copies of the documents filed with the SEC by Viper will be available free of charge on Viper’s website at www.viperenergy.com/investor-overview.

    Participants in the Solicitation

    Viper and its directors and executive officers, and Diamondback as its parent and major stockholder, may be deemed, under SEC rules, to be participants in the solicitation of proxies from Viper’s stockholders in connection with the Pending Drop Down. Information about the directors and executive officers of Viper and, as applicable, about Diamondback, is set forth in (i) in Viper’s proxy statement for its 2024 annual meeting, including under the headings “Proposal 1—Election of Directors”, “Executive Officers”, “Compensation Discussion and Analysis”, “Compensation Tables”, “Stock Ownership” and “Certain Relationships and Related Transactions,” which was filed with the SEC on April 25, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1602065/000119312524113976/d796418ddef14a.htm, (ii) Viper’s Annual Report on Form 10-K for the year ended December 31, 2023, including under the headings “Item 10. Directors, Executive Officers and Corporate Governance”, “Item 11. Executive Compensation”, “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” and “Item 13. Certain Relationships and Related Transactions, and Director Independence”, which was filed with the SEC on February 22, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1602065/000160206524000010/vnom-20231231.htm and (iii) subsequent statements of changes in beneficial ownership on file with the SEC.

    Additional information about Diamondback may be found in Diamondback’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed by Diamondback with the SEC. These documents may be obtained free of charge from the SEC’s website at www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    Additional information regarding the participants in the proxy solicitation and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials filed with the SEC when they become available. These documents may be obtained free of charge from the SEC’s website at www.sec.gov and Viper’s website at www.viperenergy.com/investor-overview.

    No Offer or Solicitation

    This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Investor Contact:

    Austen Gilfillian
    +1 432.221.7420
    agilfillian@diamondbackenergy.com

    Source: Viper Energy, Inc.; Diamondback Energy, Inc.

    The MIL Network –

  • MIL-OSI: AI Expert’s Video Presentation on Trump and Musk’s Plan to Rebuild America’s Economy with Artificial Intelligence

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Jan. 30, 2025 (GLOBE NEWSWIRE) — A quiet but powerful revolution is underway in the United States, one that will define global power for the next century. Backed by President Donald Trump and led by Elon Musk, this groundbreaking collaboration represents a bold vision for America’s future: to dominate the global race for artificial intelligence and redefine what economic and technological leadership looks like.

    James Altucher of Paradigm Press Group, a 40-year veteran in AI and emerging technologies, calls this partnership a “game-changing moment in history” in his recent video presentation. Altucher explains, “This isn’t just a new development in AI—it’s the foundation for an entirely new way of life. We’re building systems that will not only enhance productivity but also shape how governments, industries, and economies function for decades.”

    A New Kind of Power

    According to Altucher, artificial intelligence is no longer just a tool; it’s becoming the engine of economic and military power. “In the past, wars were won with weapons. Today, they’ll be won with intelligence—real intelligence,” he said.

    While details of this initiative remain closely guarded, Altucher hints that what is being developed has the capacity to disrupt not only industries but also global power structures. “What’s happening now is unlike anything we’ve seen before. This isn’t incremental innovation—it’s a leap forward that will put America ahead in ways the rest of the world can’t catch up to.”

    Altucher describes this as “a national effort” that will integrate AI into every aspect of society, from infrastructure to defense. “Imagine systems that think faster than humans, anticipate problems before they occur, and can adjust to threats in real time. That’s where we’re heading.”

    Why Timing Matters

    With other global powers, like China, heavily investing in artificial intelligence, Altucher emphasizes the importance of the United States taking action now. “This isn’t about keeping up; it’s about staying ahead,” he said. “If we hesitate, the balance of power will shift. But with the right strategy, we can secure America’s leadership for the next 50 years.”

    President Trump’s decision to roll back restrictive AI regulations has already paved the way for private-sector innovation, enabling Musk and his collaborators to take AI development to new heights.

    “This is a rare moment where government and private industry are working hand in hand,” Altucher said. “Trump’s leadership and Musk’s vision are aligning to create something that will define the future.”

    The Shadow Players

    Altucher also notes that while Musk is the face of this effort, an overlooked company is playing a pivotal role in its execution. “Behind every major breakthrough, there’s always an unsung hero,” he said. “This company is the key to making the system work—without it, the entire vision collapses.”

    Shaping the World’s Future

    Altucher concludes that the implications of this AI alliance go far beyond technological advancement. “This isn’t just about making systems smarter. It’s about creating a future where intelligence drives everything—economies, governments, and everyday life,” he said. “It’s a defining moment for the United States, and those paying attention now are witnessing history in the making.”

    With Trump’s administration enabling AI innovation and Musk leading the charge, America is not just preparing for the future—it’s building it.

    About James Altucher

    James Altucher of Paradigm Press Group is a leading authority on artificial intelligence and emerging technologies. With over four decades of expertise, Altucher has been at the forefront of identifying technological shifts and their impact on industries and society.

    Media Contact:
    Derek Warren
    Public Relations Manager
    Paradigm Press Group
    Email: dwarren@paradigmpressgroup.com

    The MIL Network –

  • MIL-OSI United Nations: Committee on the Rights of the Child Holds Sixteenth Informal Meeting with States

    Source: United Nations – Geneva

    The Committee on the Rights of the Child this afternoon held its sixteenth informal meeting with States.  Committee Experts discussed the Committee’s draft general comment on realising children’s rights through access to justice and effective remedies, its communication and simplified reporting procedures, and its work on artificial intelligence and on children in armed conflict, among other topics. 

    Ann Marie Skelton, Committee Chair, opening the meeting, said since the last meeting with States, the thirty-fifth anniversary of the Convention on the Rights of the Child was marked in 2024 by many commemorations across the world, highlighting the global dedication to children’s rights. The Committee had not considered it to be a good moment to celebrate children’s rights, which were under much pressure from around the world, including due to gang violence and conflict. However, the Convention demonstrated a common commitment to upholding and advancing the rights of children. States that were in situations of armed conflict still came to the Committee for the dialogues, including during the last year, where difficult but constructive conversations had been held. 

    Also providing opening statements were Committee Experts Hynd Ayoubi Idrissi, Benoit Van Keirsbilck, Sopio Kiladze and Mikiko Otani. 

    Finland, Mexico, South Africa, Chile, Ukraine, Luxembourg and Pakistan participated in the discussion.

    Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here.  The programme of work of the Committee’s ninety-eighth session and other documents related to the session can be found here.

    The Committee will next meet in public on Friday, 31 January, at 5 p.m. to adopt its concluding observations and recommendations on the reports of Slovakia, Eritrea, Honduras, Saint Kitts and Nevis, Peru, the Gambia and Ecuador, which were reviewed during the session, and publicly close the ninety-eighth session.

    Opening Statements by Committee Experts

    ANN MARIE SKELTON, Committee Chair, said since the last meeting with States, the thirty-fifth anniversary of the Convention on the Rights of the Child was marked in 2024 by many commemorations across the world, highlighting the global dedication to children’s rights.  The Committee had not considered it to be a good moment to celebrate children’s rights, which were under much pressure from around the world, including due to gang violence and conflict.  However, the Convention demonstrated a common commitment to upholding and advancing the rights of children.  States that were in situations of armed conflict still came to the Committee for the dialogues, including during the last year, where difficult but constructive conversations had been held. 

    Since the last meeting with States, the status of ratification of and accession to the Convention had not changed; the Convention had been ratified or acceded to by all States except the United States. There had only been one new ratification of one of the Committee’s Optional Protocols during the last year, with Kazakhstan ratifying the Optional Protocol on the communications procedure. Since the last meeting, the Committee had not received any new initial reports under the two substantive Optional Protocols; 36 initial reports were still overdue under the Optional Protocol on the involvement of children in armed conflict, and 46 were overdue under the Optional Protocol on the sale of children, child prostitution and child pornography.

    The Committee had reviewed 23 States party reports since the last meeting with States.  The cancellation of the pre-sessional working group due to the liquidity crisis had slowed down the backlog of reports, which would be 62 at the end of the session. 

    In August 2024, the Committee signed a Memorandum of Understanding with the African Committee of Experts on the Rights and Welfare of the Child to further strengthen the cooperation between the two Committees.  In June 2024, a joint statement was issued with that Committee on the situation of children in armed conflict, with a particular focus on education.  The Committee also took concrete steps to strengthen its cooperation with the Special Representative of the Secretary-General on Children in Armed Conflict and the Special Representative of the Secretary-General on Violence against Children, by signing cooperation agreements with their two offices.

    Ms. Skelton said the Committee was frustrated at the late announcement and cancellation of the pre-session due to the liquidity crisis.  It meant that some States that had been scheduled were unable to attend.  Treaty body strengthening had reached a key moment with the adoption of the treaty body resolution in December 2024.  The Committee would continue to discuss the possibility of adopting a predictable calendar during 2025.  The discontinuance of meetings in hybrid or online format had a negative impact on the participation of civil society organizations, national human rights institutions, and United Nations agencies in the Committee’s work, preventing the Committee from engaging with children around the world. The support of States to ensure the continuation of the meetings would be appreciated. 

    HYND AYOUBI IDRISSI, Committee Expert, speaking on inquiries relating to the Optional Protocol on communications, said the Committee would continue with a normal follow-up as described in the Optional Protocol.  There had been two investigations, one with a country visit and one which was duly completed, with the report currently being adopted.  The Committee had completed two requests to undertake investigations but would not initiate investigations on the requests received. 

    BENOIT VAN KEIRSBILCK, Committee Expert, said currently 52 States had ratified the Optional Protocol on individual communications, but the rate and level of ratification remained low, and this should be improved.  The Committee encouraged States to ratify the Optional Protocol and to provide legal avenues for children to address violations of child rights.  Around 259 cases had been registered and 163 decisions had been adopted.  When views were adopted, in the majority of cases, the Committee found a violation of children’s rights, but there were numerous cases where a positive solution had been found for the child.  The Committee’s jurisprudence showed how the Convention had contributed to children’s rights, with the climate change case being a notable example. 

    The Optional Protocol on individual communications had supported more than 100 children to access education, and prevented children from returning to countries where they would suffer serious human rights violations. Challenges were continuing to affect the Optional Protocol, most notably the lack of resources affecting the Office of the High Commissioner for Human Rights.  The Committee would welcome support from States in this regard, particularly by supporting positions of junior professional officers to support the work of the petition section.  The Office’s lack of capacity had had an increase on the backlog, which was becoming increasingly worrying. 

    The Committee was currently working on a general observation, focusing on the rights of the child to have access to the justice system and effective legal recourse.  Broad consultations had been conducted in 2024, and more than 300 contributions had been received from across the globe.  More than 100 consultations had been held, including many with children, which had led to the implementation of a report.  A first draft had been compiled and subjected to discussions within the Committee, and the Committee had launched a new round of consultations on the text, which would then be adopted in a plenary system. 

    SOPIO KILADZE, Committee Expert, said the explosion of artificial intelligence had created a wide range of opportunities for children, but it also created significant challenges to children’s rights, including safety.  Last year the Committee had decided to focus its work on children and artificial intelligence to allow the Committee to support State parties on positive dynamics in artificial intelligence, in line with child rights.  For this reason, since last year, the topic of artificial intelligence was addressed during the dialogues with each State party, in different contexts.  The Committee had established excellent cooperation with key partners in the artificial intelligence space and had held a closed event in September 2024 for sharing information on child online protection.  As a follow-up, a Working Group on artificial intelligence and child rights was recently created.  The Committee was also working on a joint statement on artificial intelligence and child rights, which would be the first of its kind.  State parties’ contribution to this statement was crucial. 

    MIKIKO OTANI, Committee Expert, said the Committee’s biennial report to the General Assembly included a thematic section on children’s rights and armed conflict, which reflected that the reporting period had been marked by a serious violation of children’s rights in conflict settings.  Close to half a billion children lived in conflict zones around the world, which was double the number from 1990.  During the reporting period, the Committee reviewed reports by several States parties in conflict or post-conflict and made several detailed recommendations concerning children in armed conflict in its concluding observations. 

    Last year, the Committee participated in the Geneva policy workshop on children in armed conflict.  The Committee also decided to take a more holistic response to children in armed conflict during dialogues with States parties, which allowed the Committee to address broader issues of children in armed conflict.  As of now, 37 States parties to the Optional Protocol on children in armed conflict had overdue initial reports.  The Committee had decided to use the simplified reporting procedure to encourage the submission of overdue reports by States parties. 

    Ms. Skelton said five Committee members would soon be leaving the Committee, including Mikiko Otani, Luis Ernesto Pedernera Reyna, Velina Todorova, Zara Ratou and herself.

    Statements and Questions by States Parties

    In the ensuing discussion, speakers representing States parties said they appreciated the opportunity to engage with the Committee and reiterated their support to the Convention and the treaty bodies.  It was regretful that there were no more ratifications on the Optional Protocol on a communications procedure.  The Committee’s support to implementing the Convention was highly appreciated, and the efforts of the Committee in contributing to the enhancement of children’s rights was commended.  One speaker particularly commended the Committee’s commitment to protecting children in the online environment. 

    The situation of children in armed conflict was extremely worrying, and the Committee’s efforts to strengthen the protection of these children were welcomed.  Speakers wished every success to those Committee members who were ending their mandate.  Some speakers noted that hybrid meetings were an important tool for the participation of civil society, children and those from least developed countries. 

    Questions asked in the discussion included: whether the Committee was currently applying the position adopted on mid-term follow up and if so, how did it work in practice?  Was the Committee engaging with civil society on this procedure? Had the Committee sought ideas to pool resources from other regional bodies affected by the liquidity crisis? How could the Committee be involved in monitoring violations committed against Ukrainian children?  Would it be possible to hold a general discussion on the further ratification by States of the Optional Protocol on children in armed conflict?  The Committee’s insights on how to strengthen the rights of children in Gaza were welcomed. 

    Responses by Committee Experts 

    ANN MARIE SKELTON, Committee Chair, said in the agreement signed with the African Committee of Experts, the Committees could consider doing joint follow-up visits in Africa.  Both groups were interested in each other’s jurisprudences under each communication procedures and would like the opportunity to learn from each other in this regard.  The Committee remained open to any suggestions from Ukraine and said days of engagement could be a possibility.  The Committee had been following discussions about the proposal for an open-ended working group dealing with education and did intend to engage in this process. 

    HYND AYOUBI IDRISSI, Committee Expert, said the Committee hoped to see progress in the implementation of recommendations made on individual communications.  The Committee would issue an A, B or C status on cases, depending on whether recommendations had been met.  The issue of the presentation of mid-year reports had not yet arisen.

    MIKIKO OTANI, Committee Expert, said the Committee had realised that more cooperation and synergy had needed to be created among the Geneva mechanisms.  The issue of children and armed conflict was being raised more frequently in the Universal Periodic Review, which gave Member States the opportunity to strengthen the Committee’s recommendation. 

    BENOIT VAN KEIRSBILCK, Committee Expert, said the Committee’s decisions on individual communications took place at two levels.  The requests often involved a demand to overhaul and change processes to ensure greater access to justice.  The Committee wanted children to have recourse at a national level, which could help them satisfy their requests and needs.  In a particular context, the Committee had continued to work with the Council of Europe, providing support to Ukrainian child refugees.  The Committee needed to ensure close contact with the Ukrainian authorities, which was how the Committee could ensure the rights of the child could be upheld during the regretful conflict. 

    ANN MARIE SKELTON, Committee Chair, said the Committee was hopeful that the current ceasefire would lead to a lasting peace so that children’s shattered lives could begin again.

    ___________

    CRC.25.09E

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

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