NewzIntel.com

Category: Asia Pacific

  • MIL-OSI Canada: New Alberta voice in Washington

    For two decades, Alberta has had strong representation in the United States, advocating for Albertans and building integral relationships with key U.S. legislators, decision makers and investors.

    Through these relationships, Alberta and the U.S. have built a $187.2 billion bilateral trade partnership, with the U.S. accounting for 90 per cent of Alberta’s total exports. To maintain and continue building these ties, it is essential that Alberta has a skilled and experienced representative in D.C.

    To prioritize this work, Alberta’s government has appointed the Honourable Nathan Cooper as Alberta’s official representative to the United States, based at the Alberta Washington Office in the U.S. capital.

    Mr. Cooper will draw on his decades of experience in public service, including his most recent experience as Speaker of the Legislative Assembly of Alberta, to lead this important work, focusing on attracting investment, expanding trade opportunities and maintaining the relationships needed to connect Alberta with key decision makers in the U.S.

    “Alberta has seen a lot of success in building its relationship with U.S. decision makers, and much of that success is thanks to the hard work of James Rajotte as Alberta’s Senior Representative to the U.S. In this evolving landscape, Alberta must maintain and build on our ties with U.S. officials, and Nathan Cooper is the right choice to fill this important role. I look forward to continuing to work closely with Nathan as we advocate for Albertans and for our province’s interests in Washington and across the U.S.”

    Danielle Smith, Premier

    “I’m honoured to be entrusted by Premier Danielle Smith with this critical assignment at such a pivotal time. Now more than ever, I see this as a vital opportunity to strengthen and advance Alberta’s long-standing relationship with the United States, ensuring stability and collaboration amid global uncertainty.”

    Nathan Cooper, Alberta’s senior representative to the United States

    “Having worked closely with Nathan, I’ve seen his unwavering commitment to Alberta’s interests. His ability to bring people together, coupled with his deep understanding of U.S. politics, makes him the ideal representative for Alberta in Washington. I’m confident his leadership will be invaluable as we navigate challenges ahead.”

    Nate Horner, Minister of Finance

    “As Speaker of the Assembly, Mr. Cooper is highly respected for his wisdom, integrity and ability to find common ground across parties. I cannot think of a better representative for Albertans in Washington.”

    Deron Bilous, senior vice-president, Counsel Public Affairs and former NDP Minister

    “Over the past few years, we have had the opportunity to work with Speaker Cooper on the Alberta – Wisconsin relationship and look forward to expanding that in his new role here in the United States. I am confident Nathan’s extensive American connections will serve Alberta well as we seek to maintain our strong bilateral relationship.”

    Robin Vos, Speaker of the Wisconsin state assembly

    “As both a business and community leader, I have full confidence that Nathan will be an invaluable asset to businesses on both sides of the border. Given the complexities of today’s political climate, his ability to bridge divides and foster economic collaboration will prove indispensable.”

    Bob Dhillon, president and CEO, Mainstreet Equity Corp.

    “Team Canada needs a strong Alberta in Washington, and Alberta needs strong representation for our trading interests. There might be some tough days ahead for the relationship between Canada and the United States, but I know Nathan Cooper will work hard for Albertans and a strong Canada.”

    Shannon Phillips, former NDP Minister of Environment and Protected Areas

    Since 2005, Alberta’s presence in the U.S. capital has helped advance the province’s economic objectives with U.S. decision makers. Alberta’s envoys have managed this important relationship from the Alberta Washington Office, which is collocated within the Canadian Embassy.

    Biography for Nathan Cooper

    The Honourable Nathan Cooper served as the member of the legislative assembly for Olds-Didsbury-Three Hills from May 5, 2015 to May 7, 2025.

    On May 21, 2019, he was elected by his fellow MLAs as the 14th Speaker of the Legislative Assembly of Alberta.

    Before his time as an MLA, Mr. Cooper served as chief of staff and director of legislative affairs for the Wildrose caucus and completed two terms as a councillor for the Town of Carstairs. He also brings extensive experience in cross-jurisdictional parliamentary affairs, including:

    • As the longest serving Canadian speaker he became dean of the Canadian Speaker Association in 2025.
    • Leading numerous parliamentary delegations to the United States, with a strong focus on relationship-building.
    • Serving as an international guest speaker at Commonwealth Parliamentary Association conferences in Canada and other Commonwealth nations.

    Mr. Cooper’s proven leadership, deep understanding of parliamentary systems and commitment to building meaningful partnerships make him exceptionally well-suited to advance Alberta’s interests in the United States.

    Quick facts

    • James Rajotte, Alberta’s previous Senior Representative to the U.S. has returned to Edmonton after four and a half years representing Alberta in the United States. He continues to serve as a senior advisor to Premier Smith focused on the U.S. file, working out of Premier Smith’s office in Alberta.
    • The salary for the senior representative to the U.S. is publicly disclosed annually in accordance with the Public Sector Compensation Transparency Act.
    • Alberta has maintained offices abroad for more than 50 years and currently has 17 offices in key markets like the United States, Japan, South Korea, the United Kingdom, Mexico, India, Singapore and the Middle East.

    Related information

    • Alberta’s international offices

    MIL OSI Canada News –

  • MIL-OSI New Zealand: One before the courts following operation targeting drug dealers in Queenstown

    Source: New Zealand Police

    A 39-year-old man is before the courts following an operation targeting illicit drug dealing in Queenstown, alongside the seizure of multiple illicit drugs and around $45,000 cash.

    Following an investigation into the distribution of illicit drugs in the community, Police executed a search warrant at a Queenstown property yesterday morning.

    The man was arrested and charged in relation to the operation.

    Following the arrest, a search of the residence located varying amounts of ketamine, cocaine, MDMA, LSD, cannabis, and psilocybin.

    Digital scales were also located, alongside $45,000 cash.

    Detective Sergeant Miriam Chittenden says Police is pleased with the result from this operation.

    “We work hard to disrupt the supply of illicit drugs within our community as we see first-hand the serious impacts and harm from these illicit drugs every day.

    Police will continue to target those who supply illicit drugs, which cause extreme harm and damage to our communities. However, we cannot do this alone, and we ask that anyone with information about the supply of illicit drugs contacts us through 105, either online or via phone.

    Information can also be reported to your local Police station or anonymously through Crime Stoppers at 0800 555 111.

    We encourage anyone affected by drug addiction to seek help through Alcohol and Drug helpline on 0800 787 797, or free text 8681.

    The 39-year-old man is due to appear in Queenstown District Court on Monday 12 May, charged with multiple charges including offers to supply LSD, offers to supply psilocybin, possession of cocaine, and possession of MDMA.

    ENDS

    Issued by Police Media Centre. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: Attorney General Bonta Busts Fraudster for Stealing Over $400,000 from a Citizen of the Pechanga Band of Indians

    Source: US State of California

    Wednesday, May 7, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    ORANGE COUNTY – California Attorney General Rob Bonta today announced the filing of felony charges against a caretaker for stealing over $400,000 from a citizen of the Pechanga Band of Indians who was a dependent adult in her care. The California Department of Justice (DOJ) received a referral from the FBI alleging that the caretaker embezzled money from the victim to pay for personal expenses. These funds were received monthly by the victim from the Pechanga Tribe.
     
    “Caretakers have a profound responsibility to treat those in their care with the highest level of compassion and dignity,” said Attorney General Bonta. “They support individuals during some of the most challenging moments in their lives. At the California Department of Justice, we are committed to fighting against all types of abuse, theft, and neglect. We will take prompt action to hold accountable anyone who exploits or harms vulnerable members of our communities.”
     
    It is alleged that between October 2018 and January 2021, the caretaker used the victim’s funds to pay for vacations, luxurious dinners, mortgage payments, and other personal expenses. DOJ filed criminal charges in the Orange County Superior Court for Embezzlement, Theft from a Dependent Adult, and Grand Theft exceeding $100,000. 
     
    It is important to note that criminal charges must be proven in a court of law. Every defendant is presumed innocent until proven guilty.
     
    The California Department of Justice’s Division of Medi-Cal Fraud and Elder Abuse (DMFEA) works to protect Californians by investigating and prosecuting those responsible for abuse, neglect, and fraud committed against elderly and dependent adults in the state, and those who perpetrate fraud on the Medi-Cal program.

    The Division of Medi-Cal Fraud and Elder Abuse receives 75 percent of its funding from the U.S. Department of Health and Human Services under a grant award totaling $69,244,976 for Federal fiscal year (FY) 2025. The remaining 25 percent is funded by the State of California. FY 2025 is from October 1, 2024, through September 30, 2025.
     
    A copy of the complaint can be found here. 

    # # #

    MIL OSI USA News –

  • MIL-OSI New Zealand: Appeal for information following Hei Hei crash

    Source: New Zealand Police

    Canterbury Police are investigating a crash in Hei Hei last month and are appealing for witnesses.

    At around 4:15pm on Saturday 12 April, a vehicle collided with a pedestrian at the corner of Buchanans Road and Carmen Road.

    The pedestrian sustained serious injuries however these are not believed to be life threatening.

    Police would like to speak to anyone who witnessed the crash, or saw a dark-coloured Mazda people mover in the Hei Hei area between 4pm and 4:30pm on 12 April.

    The vehicle travelled towards the airport along Carmen Road following the collision and was last seen at around 4:25pm turning into Roydvale Ave from Memorial Ave.

    If you have any information that could assist, including dashcam or CCTV footage, please get in touch via 105, either over the phone or online.

    You can reference file number 250413/9097.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-Evening Report: Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links?

    Source: The Conversation (Au and NZ) – By Anne Vo, Senior lecturer in Vietnamese culture and politics, University of Wollongong

    Aritra Deb/Shutterstock

    At a time of widespread global trade instability, Australia should be expanding and diversifying its economic partnerships. Supply chains remain fragile, and protectionist rhetoric is once again gaining traction in major Western economies.

    US President Donald Trump’s America First agenda includes sweeping tariffs on imports, withdrawal from multilateral agreements and pressure to take production in-house.

    At the same time, China, Australia’s largest trading partner, has often used trade for geopolitical leverage. In 2020, Beijing imposed tariffs of more than 200% on Australian wine. This wiped 30% off the sector’s export value.

    So economic diversification is not only desirable but strategically imperative.

    An opportunity

    Fifty years on from the fall of Saigon, Vietnam presents a compelling opportunity for economic and strategic diversification. The reunited country is eager to move beyond its wartime image and assert itself as an emerging economic powerhouse.

    Vietnam’s capital, Ho Chi Min City. The country has shifted from being a place synonymous with war to becoming one of the world’s top economies.
    Nguyen Quang Ngoc Tonkin/Shutterstock

    Since the launch of the Doi Moi reforms in 1986, Vietnam has embraced economic liberalisation and market-oriented policies. The Doi Moi reforms opened the economy to foreign trade, allowed private ownership and restructured state-owned enterprises.

    From a growth rate of just 1.6% in 1980, Vietnam is now set to become one of the world’s top 20 economies by 2050. In 2023 alone, it attracted A$8.5 billion in foreign direct investment, underscoring strong investor confidence.

    The 50th anniversary of reunification on April 30 provided insights into the country’s growth. Celebrations included military parades, 3D virtual reality displays and exhibitions promoting advances in technology.

    Slow to act

    Yet Australia has been slow to act. Despite geographic proximity and shared interests, Australia’s economic footprint in Vietnam remains surprisingly small. In 2023, Australian foreign direct investment totalled just A$3 million. It ranked 22nd, behind countries including Switzerland and Seychelles.

    In trade, the disparity is similarly stark. Vietnam accounts for only 2.33% of Australia’s exports and 1.4% of imports. Two-way trade between the two countries reached $26.3 billion in 2022. At the same time, Vietnam’s trade with the United States, topped A$191.9 billion.

    Some Australian firms are already making inroads. BlueScope Steel, Linfox, and SunRice have invested significantly in manufacturing, logistics and agriculture. And RMIT University has been a key player in transnational education since it opened the first of three campuses in Vietnam in 2000.

    ANZ and Qantas also have a visible presence. However, small and medium-sized enterprises – which comprise more than 98% of Australian businesses – remain largely absent. Many prefer export partnerships or distributor agreements over direct investment.

    Potential obstacles

    Australian companies have long favoured English-speaking or high-income markets. These offer greater institutional and cultural familiarity and regulatory certainty.

    Vietnam’s relationship-based commercial environment poses challenges, especially for firms lacking embedded networks and local knowledge. Concerns around regulatory transparency, intellectual property protection, contract enforcement and corruption – though improving – continue to weigh on corporate decisions.

    Small to medium enterprises, in particular, face extra barriers due to limited institutional support, regulatory understanding, market intelligence and in-country networks.

    Help from government

    The Australian government has taken some steps to catch up. The Enhanced Economic Engagement Strategy, launched in 2021, aims to double two-way investment and elevate both nations to top ten trading partner status.

    It identifies priority sectors such as agriculture, education, clean energy, digital technology and manufacturing. However, the strategy contains no enforceable legal protections, tariff concessions or means of dispute resolution.

    Manufacturing is one of the priority areas recognised in Australia’s Enhanced Economic Engagement Strategy for Vietnam.
    Hien Phung Tu/Shutterstock

    The lack of these matters. Japan, South Korea and the European Union have pursued coordinated economic strategies that include concessional loans, robust legal frameworks and in-market support services. These help their businesses thrive in Vietnam’s complex regulatory environment.

    Similarly, the EU has integrated trade promotion with legal certainty under agreements like the EU Vietnam Free Trade Agreement.

    More needs to be done

    Without comparable tools, Australia’s initiatives risk being more aspirational than actionable.

    Last year’s upgrade in bilateral ties to a Comprehensive Strategic Partnership, signals growing political will.

    For Australia to realise the potential of its relationship with Vietnam it should back long-term policies. These policies should reduce market entry barriers, incentivise small to medium enterprises and increase joint skills development.

    Investors also need legal and institutional support.

    Australia has strong potential to expand into emerging sectors. These include renewable energy, digital technology, healthcare, vocational education and training, green and smart infrastructure and agritech.

    Vietnam’s push for environmentally sustainable economic growth, digital transformation and workforce training aligns closely with Australian strengths. This creates opportunities for strategic investment and cooperation.

    There is the potential for Australia to build a dynamic partnership with Vietnam central to its long-term economic position in the Indo-Pacific.

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

    – ref. Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links? – https://theconversation.com/vietnam-is-poised-to-become-a-top-20-economy-so-why-is-australia-taking-so-long-to-make-trade-and-investment-links-255722

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition?

    Source: The Conversation (Au and NZ) – By Linda Botterill, Visiting Fellow, Crawford School of Public Policy, Australian National University

    Among the notable features of this year’s election campaign was that Australia’s second-oldest political party was apparently missing in action. At the same time, it managed to avoid the rout inflicted on its coalition partner.

    The Nationals, who have represented rural and regional Australia in the federal parliament for more than a century, were nowhere to be seen as an identifiable, separate political party.

    This isn’t unusual. The parties that make up the Coalition do highly targeted messaging in their electorates, but then fall neatly into policy lockstep when an election is called. This time, however, the Nationals seemed particularly shy.

    Leader David Littleproud stopped issuing media releases on April 24, a full nine days before the election was held, and his speech to the National Press Club given that day was not available on the party website. It is hard to imagine former party leaders Tim Fischer, John Anderson or Ian Sinclair being quite so reticent.

    The focus of the commentary since election night has been on the Liberals’ failings, particularly in the major cities. You could be forgiven for thinking “Coalition” was a synonym for “Liberals”.

    But as the Liberal Party tries to reckon with these failings, the Nats are in a position of increasing power. The great survivors of Australian politics now appear to be better at surviving than their coalition counterparts. It’s just a question of how they want to use that power and longevity.

    Growing party power

    The Nationals are a uniquely Australian phenomenon. First, they are an avowedly agrarian party in a highly urbanised country.

    Second and more distinctly, they are part of what the rest of the world would see as a decidedly odd coalition arrangement. Elsewhere, coalition governments are negotiated after the election result is known and involve public bargaining and horse trading.

    In the Australian coalition arrangement, these negotiations occur behind closed doors and can hold even in opposition. The Nats benefit because they have access to ministerial and shadow ministerial positions with the power, salary and other advantages that these confer.

    The National Party largely held its own in the face of the Labor landslide. At most, it lost one of its 10 House of Representatives seats: Calare in northern New South Wales, which has been held by a former Nat, now independent.

    Its primary vote actually increased marginally from 3.6% in 2022 to 4.0%. This is less than One Nation (6.3%) but because of its dispersed vote, One Nation didn’t win a lower house seat.

    The Nats appear likely to lose a NSW senator as part of the joint party ticket. Nonetheless, the Nats are now a proportionally larger force in the Coalition, with Nats and Nationals-aligned LNP members accounting for just over 40% of Coalition MPs.

    On that basis they could become more influential over policies and shadow portfolios. Including senators, they now account for 30% of the Coalition party room.

    At a crossroads

    The demise of the Nationals has been predicted for decades, but still they persist.

    The peculiar Australian coalition arrangement works for them. They will benefit both from holding shadow ministerial positions if the Coalition is retained and likely having a greater role in determining policy direction.

    Whether the Liberals benefit from a continuing coalition is an open question. They need to rebuild in the cities and focus on regaining the support of voters who are socially liberal but economically conservative, younger, and female. There’ll inevitably be a review of what went wrong for the Liberals, and this might best be done free of ties to the Nats.

    The choice seems to be between shifting policy closer to the ten community independents or remaining hitched to the conservative Nationals. The ill-fated nuclear power policy has, after all, been attributed to David Littleproud.

    Deciding which way to fall won’t be easy. Apparently aware of his party’s increased leverage, Nationals Senator Matt Canavan has said they were led too much by the Liberals during the last parliament. He said:

    I worry that we have been gun shy in this last term of parliament in a futile attempt to give the Liberals space or some sort of opportunity to win seats in the city.

    So is now the time for the Coalition partners to go it alone? Probably not.

    On present numbers, the Liberals could struggle to form the opposition in their own right. The combined LNP in Queensland makes the situation even more complicated.

    The Nats have no incentive to leave. Open competition could see them lose seats to the Liberals in the future.

    And besides, two Liberal leadership contenders, Angus Taylor and Sussan Ley, hold seats with significant rural histories, both of which have been held by the Country/National Party.

    Linda Botterill has in the past received funding from the Australian Research Council, the Grains Research and Development Corporation, and Rural Industries Research and Development Corporation (now Agrifutures).

    – ref. While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition? – https://theconversation.com/while-the-liberals-haemorrhaged-the-nationals-held-their-own-is-it-time-to-break-up-the-coalition-255626

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order

    Source: The Conversation (Au and NZ) – By Nicholas Ross Smith, Senior Research Fellow, National Centre for Research on Europe, University of Canterbury

    Getty Images

    There is a growing feeling in New Zealand that the regional geopolitical situation is becoming less stable and more conflicted. China has ramped up its Pacific engagement, most recently with the Cook Islands, and the United States under Donald Trump is abandoning the old multilateral world order.

    As a result, we’re beginning to see New Zealand shift away from a two-decades-long preference for engaging with multiple partners towards a more conventional balancing strategy.

    Essentially, this attempts to counter the perceived threat from a strong country – namely China – with a combination of external alliances and internal policies.

    Externally, New Zealand has sought re-align itself within the US-led security sphere. Participation in pillar two of the AUKUS security pact has been seriously discussed, and New Zealand has actively engaged with NATO as a member of the “Indo-Pacific Four” (along with Australia, Japan and the Republic of Korea).

    Internally, a NZ$12 billion “defence plan” was announced in early April. This will see New Zealand increase defence spending from just over 1% of GDP to more than 2% over the next eight years.

    Foreign Minister Winston Peters has made no secret of these changing priorities. He has said he is simply taking “the world as it is”, adding:

    this realism is a shift from our predecessors’ vaguer notions of an indigenous foreign policy that no-one else understood, let alone shared.

    This was a direct repudiation of the previous Labour government’s foreign minister, Nanaia Mahuta. Her tenure had offered a glimpse of what a foreign policy guided by te ao Māori – the Māori worldview – might look like.

    Four tikanga Māori principles underpinned the policy: manaakitanga (hospitality), whanaungatanga (connectedness), mahi tahi and kotahitanga (unity through collaboration), and kaitiakitanga (intergenerational guardianship).

    ‘The world as it is’: Foreign Minister Winston Peters speaks at Rātana celebrations in Whanganui, January 24 2025.
    Getty Images

    Beyond Western-centric thinking

    Clearly, te ao Māori offers a very different way of looking at international relations. At its core it adopts a “relational” understanding of the world that views reality as a series of entanglements: “human with human, human with nonhuman, nonhuman with human, human and nonhuman with transcendent”.

    It is also a non-anthropocentric view: humans are not the masters of the world but rather stewards or custodians of a complex web of relations.

    But as we argue in a recent Global Policy article, despite good intentions, Mahuta’s four tikanga Māori were mostly used rhetorically. They did not fundamentally alter New Zealand’s foreign policy, which remained firmly Western-centric.

    We suggest those four tikanga principles would be enhanced by adding the concept of “utu” as a kind of overarching framework.

    Largely thanks to the famous 1983 film of the same name, utu is often thought to simply mean violent revenge. In fact, it is a much deeper concept that refers to the “process of restoring physical and spiritual relationships to an equal or harmonious state”.

    Utu as a foreign policy framework

    A foreign policy underpinned by utu, therefore, would seek to build relationships that are harmonious and reciprocal.

    Harmony, in this sense, goes beyond notions of an international order characterised by global peace, greater connectedness, increased cooperation and interdependence.

    While these are important, an utu-informed view of harmony would also take into account the relationship between humans and the natural world, and between present, past and future generations.

    Similarly, in the Western-centric view, reciprocity is typically “invoked as an appropriate standard of behaviour which can produce cooperation among sovereign states”.

    But utu involves a reciprocity built through hospitality (manaakitanga), something which has to be given even if serious discord exists in a relationship. Reciprocity is also important in interactions between humans and the natural world.

    Consequently, an utu foreign policy doctrine would offer a radically different lens than New Zealand is currently using.

    A genuinely independent foreign policy

    Firstly, it would require New Zealand to reject the Western geopolitical construct
    of the “Indo-Pacific”, which vastly oversimplifies the complex realities of the region.

    And it would mean viewing China not as an existential threat, but rather as a crucial relationship that is subject to the principles of manaakitanga, despite growing discord and diplomatic challenges.

    Secondly, it would see New Zealand recognise climate change as the primary existential threat to the status quo. This would align closely with the country’s Pacific neighbours whose Blue Pacific initiative offers an alternative to the Indo-Pacific focus.

    Lastly, it would help New Zealand more consistently and coherently pursue a genuinely independent foreign policy. This should have bipartisan appeal, as it would give New Zealand a unique perspective on the world.

    Ultimately, as New Zealand faces a more complex regional environment and a range of national security challenges, utu in its true sense offers a more constructive framework.

    Perhaps adopting a more complex – and more humble – understanding of the world, as provided by te ao Māori, would give policymakers an alternative pathway to simply taking “the world as it is”.

    The author acknowledges the contribution of independent researcher Bonnie Holster, co-author of the Global Policy paper on which this article is based.

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

    – ref. ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order – https://theconversation.com/utu-as-foreign-policy-how-a-maori-worldview-can-make-sense-of-a-shifting-world-order-255602

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australia is set to be a renewables nation. After Labor’s win, there’s no turning back

    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

    bmphotographer/Shutterstock

    An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday:

    In 2022, the Australian people voted to finally act on climate change. After three years of progress […] in 2025 they said keep going.

    The election result also means the debate about energy policy is now, in broad terms, over. Australia’s energy future is wind and solar, backed by storage.

    Coal and gas will have a fast-declining role to play and nuclear energy will have none at all. Australia is set to be a renewables nation. There is no turning back now.

    Cementing renewables investment

    By continuing to build renewables capacity, the returned Labor government can position Australia on the world stage as a genuine leader on clean energy.

    The Albanese government has set a national target of more than 80% of the main national electricity grid running on renewables by 2030. With such a large majority in parliament, Labor may well be in government at that time.

    Australia already has the world’s highest per-capita solar uptake, with about 300,000 solar systems installed each year. One in three Australian homes now has rooftop solar.

    Labor is complementing this boom with a new home battery discount scheme, which aims to have more than one million batteries installed by 2030. This will help stabilise the grid by reducing demand at peak times.

    But more investment in renewables is needed. The policy certainty of a returned Labor government should help to attract international capital. This is important, because more than 70% of investment in renewables in Australia comes from offshore.

    Securing climate consensus

    Labor’s win also means it can finally bed down a national consensus on climate policy.

    A recent survey on Australian attitudes to climate action suggested community views can shift if people see action is taken by governments and big business.

    This does not mean community opposition to renewable energy will evaporate – especially in regional Australia. The federal government must work with industry players and other levels of government to ensure proper public consultation. The new Net Zero Economy Authority will play an important role in ensuring the regions and their workers benefit from the energy transition.

    For its part, the Coalition needs to do some soul-searching. Australian voters returned a number of climate-friendly independents in key seats. The Coalition also failed to win support from younger Australians, who typically view renewables favourably.

    All this suggests continued opposition to renewables is unlikely to help the Coalition form government anytime soon. What’s more, continuing to promote nuclear power – which some in the Coalition are pushing for – makes little sense in an increasingly renewables-dominated grid.

    Doubling down on international climate cooperation

    Labor’s plans to rapidly expand renewable energy strengthen Australia’s credentials to host the COP31 UN climate talks with Pacific island countries next year.

    Australia’s bid has strong support from other nations. Turkey – the only other nation with its hand up to host – has so far resisted pressure from Australia to withdraw its bid. In support of their own bid, Turkish representatives pointed to uncertainty in Australia ahead of the May election – however that uncertainty has now passed.

    Adelaide will host the talks if Australia’s bid succeeds. This will be a chance to share our world-beating renewables story – including in South Australia, which is set to achieve 100% clean electricity by 2027.

    Australia could also use the talks in South Australia to promote new export industries that use renewable energy, especially plans to produce green iron and green steel at Whyalla.

    Hosting rights could attract investment in Australia’s renewables rollout and help promote exports of critical minerals and green metals. And it would enable Australia to cement its place in the Pacific during a time of increased geo-strategic competition, by promoting a renewables partnership for the whole region.

    Australia must move fast and secure the COP31 bid at climate talks in Germany next month. Any delay risks a less ambitious summit next year, because building consensus for new initiatives takes time.

    South Australia has made a bold bid to host COP31 (SA Government)

    Seizing our economic opportunities

    As Prime Minister Anthony Albanese said during his victory speech on Saturday, renewable energy is “an opportunity we must work together to seize for the future of our economy”.

    Australia is the world’s largest exporter of raw iron ore and metallurgical coal, both used extensively in offshore steelmaking.

    But Australia can create jobs and reduce emissions by refining iron ore in Australia using renewables and green hydrogen.

    The potential export value of green iron is estimated at A$295 billion a year, or three times the current value of iron ore exports. More broadly, our clean energy exports – including green metals, fertilisers and fuels – could be worth six to eight times more than our fossil fuel exports, analysis suggests.

    A key challenge for the returned government is assuring markets such as Japan that Australia is a long-term strategic partner, even while redirecting trade and investment away from coal and gas exports and toward long-term clean energy industries.

    Embracing Australia’s future

    Australians have delivered a strong mandate for climate action. The returned Labor government must ensure this support is not squandered, and voter trust is not lost.

    This means seizing the opportunity, once and for all, to shift Australia from our past as a fossil fuel heavyweight to our future as a renewables superpower.

    Wesley Morgan is a fellow with the Climate Council of Australia

    Ben Newell receives funding from the Australian Research Council

    – ref. Australia is set to be a renewables nation. After Labor’s win, there’s no turning back – https://theconversation.com/australia-is-set-to-be-a-renewables-nation-after-labors-win-theres-no-turning-back-256081

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Delays following fire

    Source: New Zealand Police

    Motorists are advised to expect delays in Glen Innes due to a building fire in Mayfair Place around 7am.

    Mayfair Place is cordoned off and emergency services are in attendance.

    Taniwha Street and Apirana Avenue are currently closed although motorists can still use the roundabout.

    The fire is contained and there are no reports of injury.

    Motorists are advised to expect delays.

    ENDS.

    Nicole Bremner/NZ Police 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Name release: Fatal crash, Tirau

    Source: New Zealand Police

    Police can now release the name of the woman who died following a crash in Tirau on 10 April.

    She was 79-year-old Nancy Ruth Smith, of Hastings.

    We extend our condolences to her loved ones.

    The circumstances of the crash remain under investigation.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    About WF Holding Limited (NASDAQ: WFF)

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

    Forward-Looking Statements

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

    For more information, please contact:

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    HIGHLIGHTS

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

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

    KEY FINANCIAL RESULTS

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

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

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

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

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

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

    FINANCIAL HIGHLIGHTS

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

    BUSINESS HIGHLIGHTS:

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

    2025 GUIDANCE

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

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

    DIVIDEND

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

    CONFERENCE CALL DETAILS

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

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

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

    ABOUT ORMAT TECHNOLOGIES

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

    ORMAT’S SAFE HARBOR STATEMENT

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

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

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


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

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

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

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


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

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

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

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

    The MIL Network –

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

    Source: US State of California

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

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

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

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

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

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

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

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

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

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

    A copy of the complaint will be made available here.

    MIL OSI USA News –

  • MIL-OSI: FormFactor Announces Participation at Upcoming Conferences

    Source: GlobeNewswire (MIL-OSI)

    LIVERMORE, Calif., May 07, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) is pleased to announce its participation in the following investor conferences:

    B. Riley 25thAnnual Investor Conference
    Location: The Ritz-Carlton, Marina del Rey
    Date: May 21st – 22nd, 2025
    Format: 1:1’s Only

    Craig-Hallum 22ndAnnual Institutional Investor Conference
    Location: Depot Renaissance Hotel Minneapolis
    Date: May 28th, 2025
    Format: 1:1’s Only

    TD Cowen 53rdAnnual Technology, Media & Telecom Conference
    Location: InterContinental New York Barclay
    Date: May 29th, 2025
    Format: 1:1’s Only

    About FormFactor:

    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design de-bug to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    Source: FormFactor, Inc.

    FORM-F

    Investor Contact:
    Stan Finkelstein
    Investor Relations
    (925) 290-4273
    ir@formfactor.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    First Quarter 2025 Financial Highlights

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

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

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

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

    Management Commentary

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

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

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

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

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

    Portfolio Summary

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

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

    Financial Review

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

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

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

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

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

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

    Liquidity and Capital Resources

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

    MRCC Senior Loan Fund

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

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

    Non-GAAP Financial Measure – Adjusted Net Investment Income

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

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

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

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

    First Quarter 2025 Financial Results Conference Call

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

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

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

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


    Additional Supplemental Information:

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

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

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

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


    About Monroe Capital Corporation

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

    About Monroe Capital LLC

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

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

    Forward-Looking Statements

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

    SOURCE: Monroe Capital Corporation

    The MIL Network –

  • MIL-OSI: Magnite Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Contribution ex-TAC(1)Grows 12% Year-Over-Year

    Contribution ex-TAC(1)from CTV Grows 15% Year-Over-Year

    Adjusted EBITDA(1)Grows 47% Year-Over-Year

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today reported its results of operations for the quarter ended March 31, 2025.

    Q1 2025 Highlights:

    • Revenue of $155.8 million, up 4% year-over-year
    • Contribution ex-TAC(1) of $145.8 million, up 12% year-over-year
    • Contribution ex-TAC(1) attributable to CTV of $63.2 million, up 15% year-over-year, exceeded guidance of $61.0 to $63.0 million
    • Contribution ex-TAC(1) attributable to DV+ of $82.6 million, up 9% year-over year, exceeded guidance of $79.0 to $81.0 million
    • Net loss of $9.6 million, or $0.07 per share, compared to a net loss of $17.8 million, or $0.13 per share for Q1 2024
    • Adjusted EBITDA(1) of $36.8 million, up 47% year-over-year, representing a 25% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $25.0 million or a 19% margin in Q1 2024
    • Non-GAAP earnings per share(1) of $0.12, compared to non-GAAP earnings per share(1) of $0.05 for Q1 2024
    • Operating cash flow(3) of $18.2 million

    Expectations:

    • Total Contribution ex-TAC(1) for Q2 2025 to be between $154 million and $160 million
    • Contribution ex-TAC(1) attributable to CTV for Q2 2025 to be between $70 million and $72 million
    • Contribution ex-TAC(1) attributable to DV+ for Q2 2025 to be between $84 million and $88 million
    • Adjusted EBITDA operating expenses(4) for Q2 2025 to be between $110 million and $112 million
    • Performance in Q2 to date has been in line with prior expectations; however, due to tariff-driven economic uncertainty, not reaffirming full-year 2025 expectations

    “We beat the high end of our CTV and DV+ top line guidance in the first quarter, with significant outperformance in Adjusted EBITDA. Our performance has remained strong to start Q2. However, we have taken a more cautious approach to our outlook and guidance due to tariff-driven economic uncertainty. In CTV, we continue to see strong programmatic adoption and are very pleased with the growth of Netflix and their continued rollout of programmatic globally. On the DV+ side of the business, we applaud the monumental antitrust ruling against Google. This ruling and its ensuing remedies have the potential to radically transform the open internet and create a more level playing field, which could significantly increase our monetization opportunities and market share, possibly as soon as next year,” said Michael G. Barrett, CEO of Magnite.

    First quarter 2025 Results Summary        
    (in millions, except per share amounts and percentages)        
      Three Months Ended
      March 31, 2025   March 31, 2024   Change
    Favorable/ (Unfavorable)
    Revenue $155.8   $149.3   4%
    Gross profit $93.0   $83.4   11%
    Contribution ex-TAC(1) $145.8   $130.6   12%
    Net loss ($9.6)   ($17.8)   46%
    Adjusted EBITDA(1) $36.8   $25.0   47%
    Adjusted EBITDA margin(2)   25%   19%   6 ppt
    Basic and diluted net loss per share ($0.07)   ($0.13)   46%
    Non-GAAP earnings per share(1) $0.12   $0.05   140%
    Footnotes:
    (1 ) Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share are non-GAAP financial measures. Please see the discussion in the section called “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
    (2 ) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.
    (3 ) Operating cash flow is calculated as Adjusted EBITDA less capital expenditures.
    (4 ) Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA.

    First quarter 2025 Results Conference Call and Webcast:

    The Company will host a conference call on May 7, 2025 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its first quarter of 2025.

    Live conference call  
    Toll free number: (844) 875-6911 (for domestic callers)
    Direct dial number: (412) 902-6511 (for international callers)
    Passcode: Ask to join the Magnite conference call
    Simultaneous audio webcast: http://investor.magnite.com under “Events and Presentations”
       
    Conference call replay  
    Toll free number: (877) 344-7529 (for domestic callers)
    Direct dial number: (412) 317-0088 (for international callers)
    Passcode: 4251284
    Webcast link: http://investor.magnite.com under “Events and Presentations”

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

    Forward-Looking Statements:

    This press release and management’s prepared remarks during the conference call referred to above include, and management’s answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning the Company’s guidance or expectations with respect to future financial performance; acquisitions by the Company, or the anticipated benefits thereof; macroeconomic conditions or concerns related thereto; the growth of ad-supported programmatic connected television (“CTV”); our ability to use and collect data to provide our offerings; the scope and duration of client relationships; the fees we may charge in the future; key strategic objectives; anticipated benefits of new offerings; business mix; sales growth; benefits from supply path optimization; our ability to adapt to advancements in artificial intelligence; the development of identity solutions; client utilization of our offerings; the impact of requests for discounts, rebates, or other fee concessions; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; certain statements regarding future operational performance measures; and other statements that are not historical facts. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

    We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this press release and in other filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

    Non-GAAP Financial Measures and Operational Measures:

    In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP financial measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below.

    These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See “Reconciliation of Revenue to Gross Profit to Contribution ex-TAC,” “Reconciliation of net loss to Adjusted EBITDA,” “Reconciliation of net loss to non-GAAP income,” and “Reconciliation of GAAP loss per share to non-GAAP earnings per share” included as part of this press release.

    We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision or benefit for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors.

    Contribution ex-TAC:

    Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost (“TAC”). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in facilitating a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.

    Adjusted EBITDA:

    We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, other debt refinancing expenses, non-operational real estate and other expenses (income), net, and provision (benefit) for income taxes. We also track future expenses on an Adjusted EBITDA basis, and describe them as Adjusted EBITDA operating expenses, which includes total operating expenses. Total operating expenses include cost of revenue. Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA. We adjust Adjusted EBITDA operating expenses for the same expense items excluded in Adjusted EBITDA. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:

    • Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
    • Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.
    • Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:

    • Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
    • Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.
    • Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.
    • Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, and changes in the fair value of contingent consideration.
    • Adjusted EBITDA does not reflect cash and non-cash charges and changes in, or cash requirements for, acquisition and related items, such as certain transaction expenses.
    • Adjusted EBITDA does not reflect cash and non-cash charges related to certain financing transactions such as gains or losses on extinguishment of debt or other debt refinancing expenses.
    • Adjusted EBITDA does not reflect certain non-operational real estate and other (income) and expense, net, which consists of transactions or expenses that are typically by nature non-operating, one-time items, or unrelated to our core operations.
    • Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.
    • Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.
    • Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

    Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), income (loss) from operations, or any other measure of financial performance calculated and presented in accordance with GAAP.

    Non-GAAP Income (Loss) and Non-GAAP Earnings (Loss) per Share:

    We define non-GAAP earnings (loss) per share as non-GAAP income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, other debt refinance expenses, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss).

    Investor Relations Contact
    Nick Kormeluk
    (949) 500-0003
    nkormeluk@magnite.com

    Media Contact
    Charlstie Veith
    (516) 300-3569
    press@magnite.com

    MAGNITE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
           
      March 31, 2025   December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 429,708     $ 483,220  
    Accounts receivable, net   1,053,153       1,200,046  
    Prepaid expenses and other current assets   32,207       19,914  
    TOTAL CURRENT ASSETS   1,515,068       1,703,180  
    Property and equipment, net   79,134       68,730  
    Right-of-use lease assets   55,752       50,329  
    Internal use software development costs, net   26,689       26,625  
    Intangible assets, net   13,926       21,309  
    Goodwill   978,217       978,217  
    Other assets, non-current   5,864       6,378  
    TOTAL ASSETS $ 2,674,650     $ 2,854,768  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued expenses $ 1,306,517     $ 1,466,377  
    Lease liabilities, current   16,229       16,086  
    Debt, current, net of debt issuance costs   207,568       3,641  
    Other current liabilities   8,173       9,880  
    TOTAL CURRENT LIABILITIES   1,538,487       1,495,984  
    Debt, non-current, net of debt discount and debt issuance costs   349,001       550,104  
    Lease liabilities, non-current   43,759       38,983  
    Other liabilities, non-current   1,650       1,479  
    TOTAL LIABILITIES   1,932,897       2,086,550  
    STOCKHOLDERS’ EQUITY      
    Common stock   2       2  
    Additional paid-in capital   1,416,149       1,433,809  
    Accumulated other comprehensive loss   (3,592 )     (4,421 )
    Accumulated deficit   (670,806 )     (661,172 )
    TOTAL STOCKHOLDERS’ EQUITY   741,753       768,218  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,674,650     $ 2,854,768  
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    Revenue $ 155,771     $ 149,319  
    Expenses (1)(2):      
    Cost of revenue   62,799       65,902  
    Sales and marketing   48,106       43,689  
    Technology and development   22,292       26,891  
    General and administrative   23,938       26,665  
    Total expenses   157,135       163,147  
    Loss from operations   (1,364 )     (13,828 )
    Other (income) expense:      
    Interest expense, net   5,177       7,958  
    Foreign exchange (gain) loss, net   2,217       (2,315 )
    Loss on extinguishment of debt   2,152       7,387  
    Other income   (423 )     (1,292 )
    Total other expense, net   9,123       11,738  
    Loss before income taxes   (10,487 )     (25,566 )
    Benefit for income taxes   (853 )     (7,809 )
    Net Loss $ (9,634 )   $ (17,757 )
    Net loss per share:      
    Basic and diluted $ (0.07 )   $ (0.13 )
    Weighted average shares used to compute net loss per share:      
    Basic and diluted   141,852       139,297  
    (1) Stock-based compensation expense included in our expenses was as follows:
      Three Months Ended
    March 31, 2025   March 31, 2024
    Cost of revenue $ 572   $ 500
    Sales and marketing   9,144     8,236
    Technology and development   4,635     5,416
    General and administrative   6,858     6,679
    Total stock-based compensation expense $ 21,209   $ 20,831
    (2) Depreciation and amortization expense included in our expenses was as follows:
      Three Months Ended
      March 31, 2025   March 31, 2024
    Cost of revenue $ 13,025   $ 10,716
    Sales and marketing   2,448     2,610
    Technology and development   69     147
    General and administrative   59     94
    Total depreciation and amortization expense $ 15,601   $ 13,567
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    OPERATING ACTIVITIES:      
    Net loss $ (9,634 )   $ (17,757 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
    Depreciation and amortization   15,601       13,567  
    Stock-based compensation   21,209       20,831  
    Loss on extinguishment of debt   2,152       7,387  
    Amortization of debt discount and issuance costs   967       1,152  
    Non-cash lease expense   (516 )     (546 )
    Deferred income taxes   154       (7,770 )
    Unrealized foreign currency (gain) loss, net   4,496       (3,910 )
    Other items, net   (101 )     124  
    Changes in operating assets and liabilities:      
    Accounts receivable   147,859       175,313  
    Prepaid expenses and other assets   (11,469 )     (812 )
    Accounts payable and accrued expenses   (166,353 )     (249,742 )
    Other liabilities   (1,804 )     1,752  
    Net cash provided by (used in) operating activities   2,561       (60,411 )
    INVESTING ACTIVITIES:      
    Purchases of property and equipment   (14,377 )     (5,873 )
    Capitalized internal use software development costs   (2,821 )     (3,379 )
    Net cash used in investing activities   (17,198 )     (9,252 )
    FINANCING ACTIVITIES:      
    Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount   92,622       361,350  
    Repayment of the Term Loan B Facility from refinancing and repricing activities   (92,622 )     (351,000 )
    Payment for debt issuance costs   (159 )     (4,510 )
    Proceeds from exercise of stock options   252       —  
    Purchase of treasury stock   (19,229 )     —  
    Taxes paid related to net share settlement   (20,314 )     (8,941 )
    Net cash used in financing activities   (39,450 )     (3,101 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH   575       (621 )
    CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (53,512 )     (73,385 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period   483,220       326,219  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 429,708     $ 252,834  
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued)
    (In thousands)
    (unaudited)
       
      Three Months Ended
    SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: March 31, 2025   March 31, 2024
    Cash paid for income taxes $ 571   $ 729
    Cash paid for interest $ 6,679   $ 7,182
    Capitalized assets financed by accounts payable and accrued expenses and other liabilities $ 8,133   $ 7,272
    Capitalized stock-based compensation $ 422   $ 576
    Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 11,692   $ 8,255
    Operating lease right-of-use assets reduction and corresponding non-cash adjustment to operating lease liabilities $ 2,047   $ —
    Non-cash financing activity related to Amendment No. 2 to the 2024 Credit Agreement $ 270,555   $ —
    MAGNITE, INC.
    RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC
    (In thousands)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    Revenue $ 155,771   $ 149,319
    Less: Cost of revenue   62,799     65,902
    Gross Profit   92,972     83,417
    Add back: Cost of revenue, excluding TAC   52,876     47,136
    Contribution ex-TAC $ 145,848   $ 130,553
    MAGNITE, INC.
    RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
    (In thousands)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    Net loss $ (9,634 )   $ (17,757 )
    Add back (deduct):      
    Depreciation and amortization expense, excluding amortization of acquired intangible assets   8,218       5,978  
    Amortization of acquired intangibles   7,383       7,589  
    Stock-based compensation expense   21,209       20,831  
    Non-operational real estate and other (income) expense, net   (36 )     24  
    Interest expense, net   5,177       7,958  
    Foreign exchange (gain) loss, net   2,217       (2,315 )
    Loss on extinguishment of debt   2,152       7,387  
    Other debt refinancing expense   967       3,140  
    Benefit for income taxes   (853 )     (7,809 )
    Adjusted EBITDA $ 36,800     $ 25,026  
    MAGNITE, INC.
    RECONCILIATION OF NET LOSS TO NON-GAAP INCOME
    (In thousands)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    Net loss $ (9,634 )   $ (17,757 )
    Add back (deduct):      
    Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense   7,383       7,589  
    Stock-based compensation expense   21,209       20,831  
    Non-operational real estate and other (income) expense, net   (36 )     24  
    Foreign exchange (gain) loss, net   2,217       (2,315 )
    Interest expense, Convertible Senior Notes   421       421  
    Loss on extinguishment of debt   2,152       7,387  
    Other debt refinancing expense   967       3,140  
    Tax effect of Non-GAAP adjustments (1)   (6,822 )     (11,336 )
    Non-GAAP income $ 17,857     $ 7,984  
            (1 ) Non-GAAP income includes the estimated tax impact from the reconciling items between net loss and non-GAAP income. 
    MAGNITE, INC.
    RECONCILIATION OF GAAP LOSS PER SHARE TO NON-GAAP EARNINGS PER SHARE
    (In thousands, except per share amounts)
    (unaudited)
       
      Three Months Ended
      March 31, 2025   March 31, 2024
    GAAP net loss per share (1):      
    Basic and diluted $ (0.07 )   $ (0.13 )
           
    Non-GAAP income (2) $ 17,857     $ 7,984  
    Non-GAAP earnings per share $ 0.12     $ 0.05  
           
    Reconciliation of weighted-average shares used to compute net loss per share to non-GAAP weighted average shares outstanding:      
    Weighted-average shares used to compute basic net loss per share   141,852       139,297  
    Dilutive effect of weighted-average common stock options, RSUs, and PSUs   8,191       4,371  
    Dilutive effect of weighted-average ESPP shares   65       65  
    Dilutive effect of weighted-average Convertible Senior Notes   3,210       3,210  
    Non-GAAP weighted-average shares outstanding   153,318       146,943  
           
    (1) Calculated as net loss divided by basic and diluted weighted-average shares used to compute net loss per share as included in the condensed consolidated statement of operations.
    (2) Refer to reconciliation of net loss to non-GAAP income.
    MAGNITE, INC.
    CONTRIBUTION EX-TAC BY CHANNEL
    (In thousands)
    (unaudited)
       
      Contribution ex-TAC
      Three Months Ended
      March 31, 2025   March 31, 2024
    Channel:              
    CTV $ 63,225   43 %   $ 54,894   42 %
    Mobile   58,008   40 %     53,299   41 %
    Desktop   24,615   17 %     22,360   17 %
    Total $ 145,848   100 %   $ 130,553   100 %

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Expanded Product Portfolio with the Acquisition of Tech-X Corporation

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

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

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

    First Quarter 2025 and Recent Business Highlights

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

    First Quarter 2025 Financial Results

    GAAP Financial Results

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

    Key Operating Indicators and Non-GAAP Financial Results:

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

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

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

    Second Quarter and Full Year 2025 Financial Outlook

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

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

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

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

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

    Q1 2025 Conference Call Details

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

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

    About Silvaco

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

    Safe Harbor Statement

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

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

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

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

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

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

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

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

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

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

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

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

    Investor Contact:
    Greg McNiff
    investors@silvaco.com 

    Media Contact:
    Farhad Hayat
    press@silvaco.com

    The MIL Network –

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

    Source: US State of Idaho

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

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

    MIL OSI USA News –

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

    US Senate News:

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

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Rosen Introduce Legislation to Protect Sensitive Federal Data from DeepSeek, Adversarial AI Technologies

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Jacky Rosen (D-NV) introduced the Protection Against Foreign Adversarial Artificial Intelligence Act of 2025 to prohibit federal contractors from using DeepSeek, an artificial intelligence (AI) platform with direct ties to the Chinese Communist Party (CCP), to fulfill contracts with federal agencies. DeepSeek poses a significant potential national security threat and is required by Chinese law to share the data it collects with the government of the People’s Republic of China and its intelligence agencies. Several U.S. states and allied nations have already moved to block DeepSeek from government devices due to critical security concerns.
    “AI is a powerful tool which can be used to enhance things like medicine and education. But in the wrong hands, it can be weaponized. By feeding sensitive data into systems like DeepSeek, we give China another weapon,” said Dr. Cassidy.
    “The U.S. must take steps to ensure Americans’ data and our government systems are protected against cyber threats from foreign adversaries,” said Senator Rosen. “This bipartisan legislation would prevent federal contractors from using Deepseek, a CCP-linked AI platform, when carrying out government work. I will continue working across party lines to bolster our national security and protect Americans’ data.”
    Specifically, the Protection Against Foreign Adversarial Artificial Intelligence Act of 2025 would:
    Prohibit federal contractors with an active federal contract from using DeepSeek, and any successor application developed by High-Flyer, for the fulfillment, assistance, execution, or otherwise support to complete, or support in part, a contract with an agency of the U.S. federal government. 
    Allow the U.S. Secretary of Commerce, in consultation with the U.S. Secretary of Defense, may provide a waiver, if necessary, on a case-by-case basis for national security-related or research purposes.
    Include a report to Congress from the U.S. Secretary of Commerce, in consultation with the U.S. Secretary of Defense, on the national security and economic espionage threats posed by AI platforms from adversarial nations, such as China, North Korea, Iran, and Russia.
    Background
    Cassidy has been a consistent champion for online privacy and user data protection. Earlier this year, he introduced legislation to protect U.S. servicemembers’ data from adversarial nations like China and has worked to ensure that Americans can delete their personal data collected by private data broker companies.

    MIL OSI USA News –

  • MIL-OSI USA: UConn Health Disparities Institute is Breaking the Silence Around Menopause

    Source: US State of Connecticut

    On May 3 , the UConn Health Disparities Institute (HDI), in partnership with the Commission on Women, Children, Seniors, Equity and Opportunity (CWCSOEO); the Farmington

    May 3, 2025 menopause awareness event at Legislative Office Building.

    Valley (CT) Chapter of The Links, Incorporated; the Aurora Foundation for Women and Girls; and the UConn Institute for Collaboration on Health, Intervention, and Policy, kicked off Women’s Health Month by welcoming over 100 women to the Legislative Office Building in Hartford. Attendees gathered to learn, share, and connect around a natural life transition that impacts all women but is rarely discussed: menopause.

    The event began with a screening of The (M) Factor: Shredding the Silence on Menopause, a PBS documentary that explores menopause through personal stories, expert insights, and powerful truths. A lively and candid panel discussion followed, moderated by Melvette Hill, executive director of CWCSOEO. Panelists included:

    • Ivy M. Alexander, UConn School of Nursing, expert in midlife women’s health
    • Jessica Kluewer-D’Amico, UConn Health psychiatrist and geriatric mental health specialist
    • Feier Liu, UConn Health psychiatrist with expertise in women’s mental and holistic health
    • Carla Rae-Gunn Samson, OB-GYN and Director of Women’s Health at Community Health Services

    Together with the audience, the panel explored the medical, psychological, and cultural dimensions of menopause, emphasizing the racial and ethnic disparities in care, symptoms, and treatment access.

    In addition to the film screening and panel, resource tables from local organizations and our partners were present. These tables offered valuable information, support, and tools related to menopause and women’s health, giving attendees access to practical resources and care pathways.

    “We weren’t just talking. We were learning, laughing, and loving ourselves and our bodies,” said Dr. Linda Sprague Martinez, director of UConn Health Disparities Institute. “Menopause is a natural part of women’s development that has been both overlooked and pathologized for far too long. If we don’t talk about it, we can’t address it and certainly won’t understand it. All women experience menopause, and it has implications for family and community health. Yet despite its widespread impact, it remains under-researched, underfunded, and widely misunderstood.”

    Each year, approximately two million women enter menopause. This natural transition brings physical and emotional changes that can profoundly affect a woman’s well-being, relationships, and quality of life. Yet many women go through it alone, suffering in silence without access to the health information, care, or support they need.

    Research shows that racial and ethnic disparities affect both the experience of menopause, and the quality of care received. For example, the early onset of menopause—more common among Black and Hispanic women—has been linked to an increased risk of heart disease later in life. Additionally, hot flashes and night sweats tend to last longer than expected, especially for women of color:

    • Black women: 10.1 years
    • Latinas: 8.9 years
    • Non-Hispanic white women: 6.5 years
    • Chinese American women: 5.4 years
    • Japanese American women: 4.8 years
      (Source: Pausitive Health)
    Yukiyo Iida, associate director of Parent Leadership and Family Engagement with the Connecticut General Assembly’s CWCSOEO with UConn Health Disparities Institute’s Trisha Pitter and Dr. Linda Sprague Martinez.

    “We know health care inequities are pervasive and that women’s health has not been a priority,” said Trisha Pitter, director of Community Learning and Engagement at HDI. “Providers aren’t getting the training they need to understand and support women fully across the life course. This is a problem. We’re prioritizing menopause and menopause education to break the silence and address health care inequities.”

    Real Stories, Real Support

    The heart of the event came from the attendees themselves. Many women bravely shared personal stories about managing symptoms like hot flashes, sleep disruptions, mood swings, and joint pain, experiences that have often been both physically and emotionally overwhelming.

    Audience members expressed deep gratitude for having a space to finally speak openly.

    Notably, men also attended to support their partners. One participant shared: “This event helped me understand what my wife is going through, and how I can support her instead of standing on the sidelines.”

    What Comes Next

    As the event came to a close, a collective call to action was clear: “Carry what you’ve learned back into your communities. Let’s keep the conversation going, so no one has to face this natural transition alone.”

    HDI and its partners are committed to expanding their efforts through:

    • Raising awareness and education about menopause across Connecticut
    • Advocating for inclusive, research-informed policies that prioritize women’s health based on their lived experiences
    • Hosting a statewide Menopause Celebration in October to honor and empower women in this life stage

    “We’re committed to breaking the silence and ending the disparities,” said Dr. Sprague Martinez. “This is just the beginning.”

    About the UConn Health Disparities Institute
     HDI was formed in 2011 through a legislative mandate.

    Our vision is equitable health, education, and economic opportunity for all in Connecticut.

    Our mission is to advance systemic change by tackling root causes of health inequities and implementing sustainable solutions through interdisciplinary community-based participatory research partnerships, data-driven community action, and workforce development efforts with communities disproportionately impacted by inequities.

     

    MIL OSI USA News –

  • MIL-OSI Security: Lower Brule Man Sentenced to 27 Months in Federal Prison for for Possessing a Firearm While Using Drugs

    Source: Office of United States Attorneys

    PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Lower Brule, South Dakota, man convicted of Possession of a Firearm by a Prohibited Person. The sentencing took place on May 6, 2025.

    Stephen Biviano Zapata, age 28, was sentenced to two years and three months in federal prison, followed by three years of supervised release. He was also ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    Zapata was indicted by a federal grand jury in September 2024. He pleaded guilty on January 27, 2025.

    This conviction stems from a traffic stop on March 27, 2024, in Lower Brule, in the Lower Brule Sioux Indian Reservation. Law enforcement was aware Zapata had an outstanding tribal arrest warrant. Upon his arrest officers searched Zapata’s person and vehicle locating three baggies containing methamphetamine, other drug paraphernalia, and an AR-style semi-automatic rifle with two magazines containing 48 rounds of ammunition. Zapata admitted to being a methamphetamine user and submitted a sample for urinalysis testing that was positive for methamphetamine. Zapata is prohibited from possessing firearms based on his drug use.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    This case was investigated by the FBI, the Bureau of Indian Affairs-Office of Justice Services, Lower Brule Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. Assistant U.S. Attorney Meghan Dilges prosecuted the case.

    Zapata was immediately remanded to the custody of the U.S. Marshals Service. 

    MIL Security OSI –

  • MIL-OSI Security: Tooele County Man Indicted After Allegedly Assaulting Two Motorcyclists for “Trespassing”

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – A federal grand jury returned an indictment today charging a Utah man with multiple violent crimes after he allegedly zip-tied, kidnapped, and assaulted two motorcyclists who were riding their bikes in Tooele County, Utah, when they unknowingly crossed onto the Skull Valley Indian Reservation.

    Russell Allen, 50, of Tooele County, Utah, was charged by complaint on April 28, 2025.

    According to court documents, on April 26, 2025, Allen and another person allegedly assaulted the victims and told them they were trespassing on Indian land. The victims were allegedly ordered to the ground facedown, zip-tied, kicked and threatened with a knife. Allen and the other person allegedly took the victims’ belongings, including their motorcycles, purportedly as an impound for trespassing. Law enforcement later recovered the motorcycles in a maintenance shed on Skull Valley Indian Reservation Road. However, a search warrant later showed that many of the stolen items (camera equipment, cash, gift cards, wallets, and cell phones) were not recovered. The victims were then transported in a truck traveling at an estimated 100 mph to a remote desert area. The victims were then released without any of their property and had to walk over 10 miles for help from the Dugway gate guards in a hike believed to have taken six or seven hours.

    Allen is charged with kidnapping, assault, and theft while within Indian Country. His initial appearance on the indictment is May 7, 2025, at 3:00 p.m. in courtroom 8.4 before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

    Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

    The case is being investigated by the FBI Violent Crimes Task Force.

    Assistant United States Attorney Sam Pead of the United States Attorney’s Office for the District of Utah is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Security: Lower Brule Man Sentenced to 27 Months in Federal Prison for for Possessing a Firearm While Using Drugs

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Lower Brule, South Dakota, man convicted of Possession of a Firearm by a Prohibited Person. The sentencing took place on May 6, 2025.

    Stephen Biviano Zapata, age 28, was sentenced to two years and three months in federal prison, followed by three years of supervised release. He was also ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    Zapata was indicted by a federal grand jury in September 2024. He pleaded guilty on January 27, 2025.

    This conviction stems from a traffic stop on March 27, 2024, in Lower Brule, in the Lower Brule Sioux Indian Reservation. Law enforcement was aware Zapata had an outstanding tribal arrest warrant. Upon his arrest officers searched Zapata’s person and vehicle locating three baggies containing methamphetamine, other drug paraphernalia, and an AR-style semi-automatic rifle with two magazines containing 48 rounds of ammunition. Zapata admitted to being a methamphetamine user and submitted a sample for urinalysis testing that was positive for methamphetamine. Zapata is prohibited from possessing firearms based on his drug use.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    This case was investigated by the FBI, the Bureau of Indian Affairs-Office of Justice Services, Lower Brule Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. Assistant U.S. Attorney Meghan Dilges prosecuted the case.

    Zapata was immediately remanded to the custody of the U.S. Marshals Service. 

    MIL Security OSI –

  • MIL-OSI New Zealand: Oamaru Police seek public’s help after violent incidents

    Source: New Zealand Police

    A man has been arrested as Oamaru Police investigate three serious, violent incidents in 24 hours.

    Sergeant Tony Woodbridge says members of the public have played a crucial role in the arrest, and while enquiries are ongoing, those involved are believed to be known to each other.

    Two of the incidents involved individuals entering residential addresses. The first occurred on Queens Crescent at 11.45pm on Tuesday, where one person was assaulted. The second incident occurred at a Thames Highway address at 4am on Wednesday, where another person was assaulted.

    Both victims were taken to hospital with moderate injuries.

    At 4.20pm on Wednesday, Police were called to a serious assault at Centennial Park in Oamaru, where a woman was knocked unconscious. A white station wagon then drove at the offender, before ramming a black Subaru Legacy.

    After the offender left in the Subaru, the victim got into the station wagon and the vehicle left the scene.

    “The third incident occurred in a busy area, in the vicinity of a number of people, and with hockey games being played nearby,” Sergeant Woodbridge says.

    “We would like to hear from anyone who was near the Centennial Park carpark, who saw or filmed the assault, or the vehicles leaving.”

    Yesterday (7 May), Police arrested a 27-year-old Oamaru man in relation to the incidents.

    He has been charged with breaching release conditions; four counts of assault with intent to injure; wounding with intent to commit grievous bodily harm; and two counts of burglary.

    “Such serious violent incidents are always of concern, and we know this will be unsettling. I want to assure the Oamaru community that these were not random acts of violence, and we are doing everything we can to hold those responsible to account.

    “We are still working to determine why this offending took place, and enquiries are ongoing to locate other people who may have been involved.

    “Police want to thank the members of the public who have assisted us with information so far. We still need to hear from anyone who may have witnessed these events, or anyone who has information that can assist us.”

    You can update Police online now or call 105 using the reference number 250507/6833.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

    ENDS

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Membership Updates for May 2025

    Source: International Association of Drilling Contractors – IADC

    Headline: Membership Updates for May 2025

    IADC welcomes 9 new Members:

    • HOWACADEMY – Basra, Basra, Iraq

    • JOE M. LIPARI CONSULTING LLC – Cypress, Texas, US 

    • OCEAN SUPERIOR ENERGY CO. LTD. – Dammam, Saudi Arabia

    • RED BOX CONSULTANCY SERVICES LIMITED – Harrogate, North Yorkshire, UK 

    • ROGII INC. – Houston, Texas, US

    • SCORPIONS DE MEXICO SA DE CV – Reynosa, Tamaulipas, Mexico 

    • SMTC GLOBAL – Singapore

    • TOMAHAWK DOWNHOLE LLC – Broussard, Louisiana, US 

    • TRUE STANDARD, LLC – McLean, Texas, US

    MIL OSI Economics –

  • MIL-OSI Economics: Congrats to IADC’s Brooke Polk for Being Named an OTC 2025 Emerging Leader!

    Source: International Association of Drilling Contractors – IADC

    Headline: Congrats to IADC’s Brooke Polk for Being Named an OTC 2025 Emerging Leader!

    Brooke Polk, IADC VP – Accreditation Operations, was recently named a 2025 Emerging Leader by the Offshore Technology Conference (OTC). The prestigious program recognizes young professionals with less than 10 years of experience in the energy industry who have demonstrated exceptional talent, commitment, and promise as future leaders in the offshore energy sector.

    Alex Martinez, Chair of the OTC Board, stated: 

    “Our Emerging Leaders are clear representations of the talent and excellence that will define the next generation of the offshore industry. We’re proud to recognize the contributions of these young professionals and remain eager spectators to the many future accomplishments they will undoubtedly achieve.” 

    The following honorees were recognized in a special ceremony in the Energy Evolution Exchange Theater and Lounge on Tuesday, 6 May 2025 at NRG Center in Houston. 

    2025 Emerging Leaders:

    • Dr. Ellen Reat Wersan, Exploration Geoscientist, Chevron, AAPG
    • Dr. Yingda Lu, Assistant Professor, Petroleum & Geosystems Engineering Department, The University of Texas at Austin, AlChE
    • Dr. Olusola Komolafe, Project Engineer, Geosyntec Consultants Inc., ASCE
    • Brooke Polk, Vice President-Accreditation Operations, International Association of Drilling Contractors, IADC
    • Gabriel Correa Perocco, Project Manager, MODEC do Brasil, IBP
    • Dr. Zheng Fan, Assistant Professor, University of Houston, IEEE-OES
    • Sridhar Krishnamoorthy, Senior Research Fellow, PhD Research Scholar, Indian Institute of Technology Madras Chennai India, MTS
    • Daniel Toerner, Technical Sales Engineer, Bardex Corporation, SNAME
    • Olawale Ajayi, Reservoir Engineer, NNPC Limited, SPE
    • Scott Pisarik, Lead Materials and Corrosion Engineer, Chevron, TMS

    IADC wishes to congratulate Brooke and all other recipients on this impressive achievement! 

    MIL OSI Economics –

  • MIL-OSI USA: Attorney General Bonta Defends Maine’s Three-Day Waiting Period for Firearms Purchases

    Source: US State of California

    Wednesday, May 7, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    OAKLAND — California Attorney General Rob Bonta today, as part of a coalition of 19 attorneys general, joined an amicus brief in the U.S. Court of Appeals for the First Circuit in support of Maine’s law requiring a three-day waiting period for firearm purchases. Attorney General Bonta filed the brief in Beckwith v. Frey, supporting Maine’s appeal to reverse the district court’s preliminary injunction halting enforcement of the law. States across the nation protect their citizens through the application of similar waiting period laws because such laws have been proven to promote public safety and curb gun violence. 

    “Reasonable waiting period laws for firearm purchases allow states to implement background checks and create a buffer between gun purchases and gun acquisition, which have been proven to help prevent senseless and impulsive acts of gun violence in our communities,” said Attorney General Bonta. “Gun violence is an urgent public health issue we must continue defending upstream interventions that work; and waiting periods simply work. In California, we are committed to passing and defending commonsense, constitutional gun laws that save lives.”

    In today’s brief, the states argue that Maine’s waiting period law is consistent with the long-standing practice of regulating gun safety and shielding communities from gun violence by ensuring that only law-abiding and responsible persons acquire guns. Maine’s waiting period resembles measures taken by other states that explicitly impose waiting periods or the laws of states that functionally impose waiting periods through their licensing and background check schemes. The immediate purchase and acquisition of a gun allows people to act on temporary emotions and impulses, which can increase the risk of both gun suicide and gun homicide. 

    In filing the brief, Attorney General Bonta joins the attorneys general of Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, Washington, and the District of Columbia. 

    A copy of the brief can be found here. 

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: Read More (Steube, Titus Introduce Bill to Counter Drone Threats at Stadiums and Public Events)

    Source: United States House of Representatives – Congressman Greg Steube (FL-17)

    May 07, 2025 | Press ReleasesWASHINGTON — U.S. Representatives Greg Steube (R-Fla.) and Dina Titus (D-Nev.) this week led a bipartisan coalition to introduce the Disabling Enemy Flight Entry and Neutralizing Suspect Equipment (DEFENSE) Act, legislation that permits trained state and local law enforcement officers to intercept and disable hostile drones at stadiums and other large-scale events protected by temporary flight restrictions.“Whether it’s a packed stadium or a large outdoor gathering, our communities deserve to enjoy these moments without fear of surveillance or disruption from above,” said Rep. Steube. “The DEFENSE Act gives law enforcement the tools they need to protect Americans attending high-profile events from dangerous and unauthorized drones.”“People travel to Las Vegas from all over the world to experience our world class entertainment and live sporting events,” said Rep. Dina Titus. “I am proud to co-lead this bill to give our state and local law enforcement the tools they need to keep fans, athletes, performers, and stadium workers safe from aerial threats.”Current law authorizes only federal authorities to counter rogue drone incursions. While state and local authorities often have a larger presence at sporting events, the gap created in real-time event security denies state and local officials the ability to address unmanned aircraft systems (UAS) that threaten the safety of the stadium attendees. The DEFENSE Act would change that by authorizing the Department of Homeland (DHS) and the Department of Justice (DOJ) to extend temporary authority to state and local officers—provided they receive proper training and oversight—to use approved counter-UAS technology to detect, monitor, and respond to airborne threats. Authorized equipment would be limited to systems approved by DHS in coordination with DOJ, Federal Aviation Administration (FAA), Federal Communications Commission (FCC), and National Telecommunications and Information Administration (NTIA). The bill also requires full federal oversight and compliance with airspace and privacy laws.Representatives Steube and Titus partnered with four of their House colleagues, Representatives Rudy Yakym (R-Ind.), Cory Mills (R-Fla.), Jill Tokuda (D-Hawaii), and Lou Correa (D-Calif.) as well as Senators Tom Cotton (R-Ark.) and Jacky Rosen (D-Nev.) who have proposed companion legislation in the Senate.“Stadiums and spectators at large events are vulnerable to unauthorized drone activity, which puts both public safety and national security at risk,” said Senator Cotton. “Our bill empowers local authorities to safeguard large public gatherings from aerial threats.”
    “Major events — including sports and live entertainment — play a significant role in supporting our economy in Las Vegas and across the country, and we need to ensure they are safe,” said Senator Rosen. “Our bipartisan bill would enable state and local law enforcement to better mitigate threats posed by drones to the security of these high attendance events.” 
    “The DEFENSE Act allows local law enforcement to step in when drones threaten large public events,” said Rep. Yakym. “Whether it’s a sold-out game or a concert, this act ensures people can enjoy these moments without worrying about what’s flying overhead.”“With the growing number of drones in use it is paramount that our state and local law enforcement agencies are able to be granted the proper authority to protect citizens at large events and gatherings,” said Rep. Mills. “Events like NASCAR races, rallies, or other large public events should be safe and this bill provides the ability for local law enforcement agencies to protect their citizens.”“As we continue to see the rise of drones and unmanned aircraft systems as a potential threat to public safety, it’s critical that state and local law enforcement have the tools and resources they need to protect our communities, especially at large-scale events that are at increased risk,” said Rep. Tokuda. “I’m proud to join this bipartisan effort to ensure that our local partners in law enforcement can respond quickly and effectively to unauthorized drone activity and keep our people safe from harm.”“The economic engine of Orange County is tourism. From sports to live concerts, Orange County is proud to host hundreds of outdoor events each year. We must ensure that these major events which draw thousands of attendees are safe,” said Rep. Correa. “I’m proud to join my colleagues—Democrat and Republican—in introducing this commonsense, bipartisan legislation to give state and local law enforcement the tools they need to counter threats posed by drones and other unauthorized aircraft.”This legislation has the backing of numerous national sports organizations, including the NFL, MLB, NCAA, and NASCAR, which have all expressed support for expanding drone countermeasure authority to protect fans, players, and event staff. For additional background, see this report from ESPN.“The NFL applauds the bipartisan group of sponsors for their leadership in introducing the DEFENSE Act in the House of Representatives. As the threat of illicit drone activity continues to rise, it is critical that our state and local law enforcement partners have the tools and resources they need to keep fans safe at major sporting events across the country.   This legislation will help to do just that, and we urge Congress to adopt it as soon as possible.  Doing so is vital to the security of our homeland.”  —Cathy Lanier, Chief Security Officer, National Football League“Major League Baseball (MLB) applauds the leadership of Representatives Greg Steube, Dina Titus, Lou Correa, Cory Mills, and Rudy Yakym in introducing H.B. 3207, the DEFENSE Act. This bill is crucial for enabling trained state and local law enforcement to use counter-drone technology to safeguard sporting venues from unauthorized unmanned aircraft systems (UAS or drones). MLB has long recognized the threat that unauthorized drones pose to its 30 stadiums nationwide, and has urged Congress to take the requisite steps to provide law enforcement with the tools and authority necessary to protect our fans, players, and employees. If enacted, this bipartisan bill will enhance the safety of America’s pastime for the 70 million fans attending our games each year. We look forward to collaborating with the bill’s sponsors and others to advance this important piece of legislation.” —David Thomas, Major League Baseball Senior Vice President of Security and Ballpark Operations“Drone related threats continue to pose real risks for events and communities across the country. The DEFENSE Act, introduced by Representatives Steube, Titus, Correa, Mills, and Yakym, provides important authority to trusted law enforcement agencies around the country who are integral partners at each of our races.” —Allen Taylor, Managing Director, Security, NASCAR“The NCAA remains concerned about the threat of unauthorized drones at NCAA championships and college sporting events. The safety of the competitors, fans, and staff that work at NCAA events is our top priority and we applaud Rep. Steube and Rep. Titus for their leadership on this issue.” —Tim Buckley, Senior Vice President of External Affairs, NCAA“The safety of our teams and fans is a key priority at athletics events.   The SEC commends Representatives Greg Steube and Dina Titus for introducing this important legislation that is intended to provide public safety officials on campuses and in the communities they serve with enhanced measures to address unauthorized drone usage, and for joining the bipartisan leadership of Senator Tom Cotton and Senator Jacky Rosen on this issue.” —SEC Commissioner Greg SankeyRead the full bill here.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Name release: Fatal crash, Leithfield

    Source: New Zealand Police

    Police can now release the name of the man who died following a crash on SH1, Leithfield on 15 April.

    He was 49-year-old Ndafunzwa Musesengwa, of Amberley.

    Police send our condolences to his family and friends at this difficult time.

    The circumstances of the crash are under investigation.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –