Asia Pacific – Page 711

MIL-OSI: Diversified Royalty Corp. Announces Additions to the Mr. Lube + Tires Royalty Pool, May 2025 Cash Dividend and Q1 2025 Earnings Release Date

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) and Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) announced today that effective May 1, 2025 the Mr. Lube + Tires royalty pool (the “Mr. Lube + Tires Royalty Pool”) has been adjusted to include the royalties from six new flagship Mr. Lube + Tires locations and remove one flagship Mr. Lube + Tires location that has permanently closed. With the adjustment for these five net new locations, the Mr. Lube + Tires Royalty Pool now includes 149 flagship locations.

Sean Morrison, President and Chief Executive Officer of DIV, stated, “Mr. Lube + Tires continues to generate strong same-store-sales-growth across its franchise system and is well positioned to continue this impressive growth moving forward”.

Pamela Lee, President and Chief Executive Officer of Mr. Lube + Tires, stated, “Mr. Lube + Tires is proud of the performance of our franchisees in 2024. We continue to be focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of our franchisees, and continuing to provide best-in-class service to our customers”.

Additions to the Mr. Lube + Tires Royalty Pool

Subject to certain performance criteria being met, and the LP Amendment as described further below, the Mr. Lube + Tires Royalty Pool is adjusted annually on May 1 (the “Adjustment Date”) to include new Mr. Lube + Tires locations that have been open since July 1 of the previous reporting period and to remove Mr. Lube + Tires locations that have been permanently closed during the previous year.

The initial consideration paid to Mr. Lube + Tires for the estimated net additional royalty revenue was $4.0 million, representing 80% of the total estimated consideration of $5.0 million. The initial consideration of $4.0 million was elected by DIV to be paid in the form of 1,460,419 Common Shares of DIV on the basis of the 20-day volume weighted average closing price of the Common Shares for the period ended April 24, 2025 of $2.7363 per Common Share.

The remaining consideration payable for the additional royalty revenue of the six new Mr. Lube + Tires locations added to the Royalty Pool on May 1, 2025 will be paid to Mr. Lube + Tires on May 1, 2026, the next Adjustment Date, and will be adjusted to reflect the actual system sales of these six new locations for the year ending December 31, 2025, net of the lost system sales of the one permanently closed Mr. Lube + Tires location removed from the Mr. Lube + Tires Royalty pool on May 1, 2025.

On May 1, 2023, the Mr. Lube + Tires Royalty Pool was adjusted to include royalties from five new flagship Mr. Lube + Tires locations. The initial consideration previously paid by DIV was $4.7 million, which represented 80% of the total estimated consideration for those five locations, which estimate was based on the forecast system sales of these five locations for year ending December 31, 2023. As a result of a previously-announced amendment (the “LP Amendment”) to the amended and restated limited partnership agreement (the “LP Agreement”) of DIV’s direct subsidiary ML Royalties Limited Partnership (“ML LP”), the remaining consideration payable for the additional royalty revenue of the five Mr. Lube + Tires locations (the “2023 True-Up Locations”) added to the Mr. Lube + Tires Royalty Pool on May 1, 2023 was to be paid to Mr. Lube + Tires on May 1, 2025 (as opposed to May 1, 2024), and adjusted to reflect the actual system sales of these five new locations for the year ending December 31, 2024 (as opposed to the actual system sales for the year ending December 31, 2023).

The actual system sales for the 2023 True-Up Locations added to the Royalty Pool on May 1, 2023 has now been determined for the year ended December 31, 2024 to be $10.1 million. The total consideration payable to Mr. Lube + Tires for the net additional royalty revenue of these 2023 True-Up Locations based on their actual system sales for the year ended December 31, 2024 is $7.1 million. After taking into account the $4.7 million previously paid by DIV to Mr. Lube + Tires on May 1, 2023 for the 2023 True-Up Locations, DIV paid Mr. Lube + Tires the remaining $2.4 million of cash consideration for the net additional royalty revenue of these 2023 True-Up Locations on May 1, 2025.

For further details with respect to the manner in which annual adjustments of the Mr. Lube + Tires Royalty Pool occur and the agreements underlying the procedures therefor, see DIV’s Annual Information Form dated March 24, 2025 as well as the LP Amendment, copies of each of which are available on SEDAR+ at www.sedarplus.com.

May 2025 Cash Dividend

DIV is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of May 1, 2025 to May 31, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on May 30, 2025 to shareholders of record as of the close of business on May 15, 2025.

Q1 2025 Earnings Release Date

DIV will release earnings results for the three months ended March 31, 2025 following the closing of regular trading on the Toronto Stock Exchange on May 14, 2025.

About Diversified Royalty Corp.

DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

Forward Looking Statements

Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information and financial outlook, although not all forward-looking information and financial outlook contain these identifying words. Specifically, forward-looking information and financial outlook in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the payment for the remaining consideration payable to Mr. Lube + Tires for the additional royalty revenue from the six Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025; DIV’s belief that Mr. Lube + Tires will continue to generate strong same-store-sales-growth across its franchise system and is well positioned to continue its impressive growth moving forward; Mr. Lube + Tires being focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of its franchisees, and continuing to provide best-in-class service to its customers; the amount and timing of the May 2025 dividend to be paid to DIV’s shareholders; the timing of DIV releasing earnings results for the three months ended March 31, 2025; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied in such forward-looking information and financial outlook. DIV believes that the expectations reflected in the forward-looking information and financial outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: Mr. Lube + Tires will continue to make royalty payments in the amounts and at the times required, or at all; the amount of, or timing of the payment for, the additional consideration payable to Mr. Lube + Tires for the six additional Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025 will occur in the amount or at the time estimated; that transactions completed with Mr. Lube + Tires for the additions to the Mr. Lube + Tires Royalty Pool will be accretive to DIV shareholders; that Mr. Lube + Tires will realize any of the intended benefits of its growth strategy; that Mr. Lube + Tires will continue to grow its brand; that Mr. Lube + Tires will continue opening new stores, or that such stores will be successful if opened; that Mr. Lube + Tires will succeed in strengthening store level economics of its franchisees; that Mr. Lube + Tires will continue to provide best-in-class service to its customers; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s most recently filed management’s discussion and analysis, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

In formulating the forward-looking information and financial outlook contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; the performance of the Mr. Lube + Tires flagship locations in the Mr. Lube + Tires Royalty Pool will be consistent with DIV’s expectations; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

To the extent any forward-looking information in this news release constitutes a “financial outlook” within the meaning of applicable securities laws, such information is being provided to provide investors with an estimate of the financial impact to DIV of transactions with Mr. Lube + Tires described in this news release.

All of the forward-looking information and financial outlook in this news release is qualified in its entirety by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information and financial outlook included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Additional Information

Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

Contact:
Sean Morrison, President and Chief Executive Officer
Diversified Royalty Corp.
(604) 235-3146

Greg Gutmanis, Chief Financial Officer and VP Acquisitions
Diversified Royalty Corp.
(604) 235-3146

The MIL Network –

May 2, 2025

MIL-OSI: Fairfax India Holdings Corporation First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

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

(*Note*:		All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS^®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)

TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces a net loss of $211.2 million ($1.57 net loss per diluted share) in the first quarter of 2025, compared to a net loss of $293.5 million in the first quarter of 2024 ($2.17 net loss per diluted share). The company’s book value per share decreased 7.4% to $19.41 at March 31, 2025 from $20.96 at December 31, 2024, primarily due to unrealized losses recorded on the company’s publicly listed investments.

Highlights for the first quarter of 2025 included the following:

The company recorded a net change in unrealized losses on investments of $222.9 million, principally from decreases in the fair values of the company’s publicly listed investments in IIFL Capital (formerly IIFL Securities) ($106.8 million), IIFL Finance ($64.5 million), Fairchem Organics ($28.1 million), 5paisa ($10.0 million) and CSB Bank ($9.9 million), and private company investment in Sanmar ($19.2 million) (primarily due to a decrease in the publicly traded share price of its subsidiary, Chemplast), partially offset by an increase in the fair value of the company’s private company investment in Seven Islands ($18.7 million).
On February 20, 2025 the company completed its previously announced investment of an additional 10.0% equity interest in Bangalore International Airport Limited (“BIAL”) for a purchase price of $255.0 million. In accordance with the agreement with Siemens Project Ventures GmbH (“Siemens”), the company paid an initial installment on the closing date and recognized a payable for securities purchased of $170.9 million, representing the second and third installments to be paid in the third quarters of 2025 and 2026, respectively.
In February 2025, the company also increased the borrowing limit of its revolving credit facility from

$175.0 million to $250.0 million, including the use of letters of credit. The company issued a letter of credit for $170.9 million in favour of Siemens equal to the deferred purchase price for the additional 10.0% equity interest in BIAL. The increased borrowing limit and Siemens letter of credit will be reduced over a period of approximately eighteen months in accordance with the terms of the amended credit agreement and letter of credit.

Fairfax India is in strong financial health, with cash and marketable securities at March 31, 2025 of $113.0 million and $79.2 million available under its revolving credit facility.

There were 134.8 million and 135.4 million weighted average common shares outstanding during the first quarters of 2025 and 2024, respectively. At March 31, 2025 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed first quarter report can be accessed at its website www.fairfaxindia.ca.

Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

For further information, contact:	John Varnell, Vice President, Corporate Affairs
	(416) 367-4755

Information on
CONSOLIDATED BALANCE SHEETS
as at March 31, 2025 and December 31, 2024
(unaudited – US$ thousands)
	March 31, 2025		December 31, 2024
Assets
Cash and cash equivalents		21,616		59,322
Bonds		114,823		180,507
Common stocks		3,419,382		3,381,206
Total cash and investments		3,555,821		3,621,035

Interest and dividends receivable		5,093		8,849
Income taxes refundable		175		174
Other assets		844		722
Total assets		3,561,933		3,630,780

Liabilities
Accounts payable and accrued liabilities		1,106		1,300
Accrued interest expense		2,736		8,611
Income taxes payable		1,547		5,379
Payable to related parties		9,434		10,099
Payable for securities purchased		170,850		—
Deferred income taxes		129,973		149,780
Borrowings		498,479		498,349
Total liabilities		814,125		673,518

Equity
Common shareholders’ equity		2,617,071		2,826,495
Non-controlling interests		130,737		130,767
Total equity		2,747,808		2,957,262
		3,561,933		3,630,780

Book value per share	$	19.41	$	20.96


Information on
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
for the three months ended March 31, 2025 and 2024
(unaudited – US$ thousands except per share amounts)
	First quarter
	2025			2024
Income
Interest	3,196			5,038
Dividends	2,998			7,049
Net realized gains on investments	616			116,924
Net change in unrealized losses on investments	(222,862		)	(410,927		)
Net foreign exchange gains (losses)	3,245			(376		)
	(212,807		)	(282,292		)
Expenses
Investment and advisory fees	9,399			9,484
General and administration expenses	1,648			2,536
Interest expense	6,755			6,380
	17,802			18,400

Loss before income taxes	(230,609		)	(300,692		)
Recovery of income taxes	(19,142		)	(7,483		)
Net loss	(211,467		)	(293,209		)

Attributable to:
Shareholders of Fairfax India	(211,224		)	(293,504		)
Non-controlling interests	(243		)	295
	(211,467		)	(293,209		)

Net loss per basic and diluted share	$	(1.57	)	$	(2.17	)
Shares outstanding (weighted average)	134,839,462			135,365,933



Information on
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
for the three months ended March 31, 2025 and 2024
(unaudited – US$ thousands)
	First quarter
	2025			2024
Net loss	(211,467		)	(293,209		)
Other comprehensive income (loss), net of income taxes
Item that may be subsequently reclassified to net earnings (loss)
Unrealized foreign currency translation gains (losses), net of income taxes of nil (2024 – nil)	2,046			(5,708		)
Comprehensive loss	(209,421		)	(298,917		)

Attributable to:
Shareholders of Fairfax India	(209,391		)	(298,926		)
Non-controlling interests	(30		)	9
	(209,421		)	(298,917		)

This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds. The company uses this measure to monitor short term liquidity risk.

The MIL Network –

May 2, 2025

MIL-OSI Security: Yemeni Man Charged in Federal Indictment Alleging He Sent ‘Black Kingdom’ Malware to Extort Businesses, Schools, and Medical Clinics

Source: Office of United States Attorneys

LOS ANGELES – A Yemeni national was charged today in a three-count federal grand jury indictment alleging he deployed the so-called “Black Kingdom” ransomware against computer servers owned organizations worldwide, including businesses, schools, and hospitals in the United States, including a medical billing services company in the San Fernando Valley.

Rami Khaled Ahmed, 36, a.k.a. “Black Kingdom,” of Sana’a, Yemen, is charged with one count of conspiracy, one count of intentional damage to a protected computer, and one count of threatening damage to a protected computer. He is believed to be residing in Yemen.

According to the indictment, from March 2021 to June 2023, Ahmed and others infected computer networks of several U.S.-based victims, including a medical billing services company in Encino, a ski resort in Oregon, a school district in Pennsylvania, and a health clinic in Wisconsin. Ahmed developed and deployed Black Kingdom ransomware to exploit a vulnerability in Microsoft Exchange.

The ransomware either encrypted data from victims’ computer networks or claimed to take that data from the networks. When the malware was successful, the ransomware then created a ransom note on the victim’s system that directed the victim to send $10,000 worth of Bitcoin to a cryptocurrency address controlled by a co-conspirator and to send proof of this payment to a Black Kingdom email address.

During the conspiracy, the Black Kingdom conspirators caused the transmission of the Black Kingdom malware to approximately 1,500 computer systems in the United States and elsewhere.

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

If convicted, Ahmed would face a statutory maximum sentence of five years in federal prison for each count.

The FBI is investigating this matter with assistance from the New Zealand Police.

Assistant United States Attorneys Angela C. Makabali and Alexander Gorin of the Cyber and Intellectual Property Crimes Section are prosecuting this case.

MIL Security OSI –

May 2, 2025

MIL-OSI: Guggenheim Investments Announces May 2025 Closed-End Fund Distributions

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

The following dates apply to the distributions:

Record Date May 15, 2025

Ex-Dividend Date May 15, 2025

Payable Date May 30, 2025

Distribution Schedule
NYSE Ticker	Closed-End Fund Name	Distribution Per Share	Change from Previous Distribution	Frequency
AVK	Advent Convertible and Income Fund	$0.1172^†		Monthly
GBAB	Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust	$0.12573^†		Monthly
GOF	Guggenheim Strategic Opportunities Fund	$0.1821^†		Monthly
GUG	Guggenheim Active Allocation Fund	$0.11875^†		Monthly

^† A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $246 billion^* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

*Assets under management are as of 3.31.2025 and include leverage of $15.2bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

Analyst Inquiries
William T. Korver
cefs@guggenheiminvestments.com

Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
Member FINRA/SIPC (05/25) 64740

The MIL Network –

May 2, 2025

MIL-OSI USA: Hagerty Introduces Charles Kushner, Trump’s Nominee to be U.S. Ambassador to France and Monaco

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty
WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations Committee and former U.S. Ambassador to Japan, introduced Charles “Charlie” Kushner, President Trump’s nominee to be U.S. Ambassador to France and Monaco.

*Click the photo above or here to watch*
Remarks as prepared for delivery:
Chairman Risch and Ranking Member Shaheen, thank you for holding this important nominations hearing today.
It is my honor to introduce my good friend, Charles “Charlie” Kushner—President Trump’s nominee to be the U.S. Ambassador to France and Monaco.
I have been fortunate to get to know Charlie, his wife Seryl and their wonderful family.
Their children—Dara, Nicole, Josh, and Jared—are all tremendously successful in their own right and I’ve had the pleasure to know and work closely with Jared and his wife, Ivanka.
The Kushner children—are a testament to the family’s values and character and are, in many ways, Charlie and Seryl’s finest achievement.
Charlie truly embodies the “American Dream.”
As the son of Holocaust survivors who immigrated to the United States in the 1940s with nothing, Charlie rose to become one of the country’s most successful real estate developers—indeed, he’s a skilled and talented negotiator, a leader who treats his employees like family, and a respected philanthropist.
As a lifelong businessman who served as U.S. Ambassador to Japan during President Trump’s first term, I believe the skills and experiences that have made Charlie successful in the private sector will drive his success as America’s ambassador in Paris.
Yet President Trump selected Charlie for this role—not only because of his business acumen and experience in tough negotiations, but also because Charlie is a deeply patriotic American who recognizes the strategic and historical importance of our transatlantic relationships.
Charlie understands the unique and enduring bond between the United States and France—a bond rooted in shared history, democratic values, and mutual interests.
He is committed to advancing U.S. national security interests by deepening the U.S.-France alliance through pragmatic defense collaboration and fair, reciprocal trade relations.
In short, Charlie is a do-er, and he’s energized not only to represent our country, but also accomplish things for the American people.
I am confident that Charlie, when he is confirmed, will work tirelessly to build a more secure and prosperous future for both the American and French people.
I look forward to his testimony today and to working with my colleagues on this committee to ensure his nomination moves forward as quickly as possible.

MIL OSI USA News –

May 2, 2025

MIL-OSI: Cenovus to hold first-quarter 2025 conference call and webcast and 2025 Annual Meeting of Shareholders on May 8

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its first-quarter 2025 results on Thursday, May 8, 2025. The news release will provide consolidated first-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

First-quarter 2025 conference call: 9 a.m. MT (11 a.m. ET)

For analysts wanting to join the call, please register in advance at Conference Call registration.

To participate, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

To listen to the conference call online, a live audio webcast will also be available and archived for approximately 30 days.

Annual Meeting of Shareholders

Cenovus will also host its Annual Meeting of Shareholders on May 8, 2025, at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is also available under Investors at cenovus.com.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts:

Investors	Media
Investor Relations general line 403-766-7711	Media Relations general line 403-766-7751

The MIL Network –

May 2, 2025

MIL-OSI USA: Mfume Joins Bicameral Letter on Cuts to Medicaid in District of Columbia

Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

WASHINGTON, DC – Amid reports that House Republicans plan to reduce the Federal Medical Assistance Percentage (FMAP) in the District of Columbia, Congressman Steny H. Hoyer (MD-05), Congresswoman Eleanor Holmes Norton (D-DC), and Senator Chris Van Hollen (D-MD) led 15 Members in sending a letter to leaders on the House Committee on Energy & Commerce decrying the proposed cuts to Medicaid in the District. The letter is signed by all Democrats in the National Capital Region, including Senators Mark Warner (D-VA), Tim Kaine (D-VA), and Angela Alsobrooks (D-MD), and Representatives Robert “Bobby” Scott (VA-03), Gerry Connolly (VA-11), Donald Beyer, Jr. (VA-08), Jamie Raskin (MD-08), Kweisi Mfume (MD-07), Glenn Ivey (MD-04), Jennifer L. McClellan (VA-04), Eugene Vindman (VA-07), Suhas Subramanyam (VA-10), Johnny Olszewski (MD-02), Sarah Elfreth (MD-03), and April McClain Delaney (MD-06).

In 2024, 264,332 people enrolled in Medicaid in the District, including 3 in every 7 children, 4 in every 5 nursing home residents, and 1 in every 2 working-age adults with disabilities. Many of these Americans risk losing coverage if D.C.’s FMAP is reduced. A lower FMAP would also force hospitals, clinics, and local health centers to close their doors, undermining care for everyone in the region.

“It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care,” the Members wrote in their letter. “Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers.”

“Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day,” the Members continued.

“As a top children’s hospital and the region’s only Pediatric Level 1 Trauma Center, we are deeply concerned that the proposed cuts to D.C. Medicaid will have unintended consequences and will put critical health care for children at risk,” said Michelle Riley-Brown, President and CEO of Children’s National Hospital. “These proposals would force us to immediately scale back the specialized care that hundreds of thousands of families from all 50 states and D.C. rely on each year, including the 55 percent of our patients who are covered by Medicaid.”

“Cutting DC’s Medicaid funding would decimate health care, emergency preparedness, and public safety in the city, impacting not only DC residents but those who work and visit the city,” said Jacqueline Bowens, President and CEO of DC Hospital Association. “Cuts would force reductions in services at hospitals and have a ripple effect on the city budget and essential public safety services, including police, fire, education, and substance abuse, mental health, and homeless services.”

The full text of the letter is included below:

Dear Chairman Guthrie, Ranking Member Pallone, Chairman Carter, and Ranking Member DeGette:

We write in strong opposition to the proposals contemplated in the FY25 Budget Resolution to cut Medicaid. It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care. Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers. These indispensable providers serve low-income, military-connected, and disabled children and adults, and play a unique role in our nation’s capital.

We write with particular concern regarding proposals to reduce the Federal Medical Assistance Percentage (FMAP) for the District of Columbia. Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day. Notably, this includes Members of Congress and their staff, members of the administration, visiting dignitaries, and their families, as well as families across the country who rely on D.C.’s specialized care. We all depend on and expect our nation’s capital to have a quality, responsive health care system. Efforts to weaken that system through cuts to Medicaid undermine the stability and resilience our region requires and would have reverberating effects across the country.

In 1997, a Republican Congress passed the National Capital Revitalization and Self-Government Improvement Act of 1997 (Revitalization Act), which established the current 70 percent D.C. FMAP and transferred certain functions and costs from the D.C. government to the federal government. Congress passed the Revitalization Act in part because it recognized that it imposes unique revenue limitations on D.C., which operates as a state, county, and city. Congress imposes three main revenue limitations on D.C.: D.C. cannot tax income earned in D.C. by nonresidents, depriving D.C. of more than $3 billion in revenue per year; D.C. cannot permit buildings to exceed certain height limitations; and D.C. cannot tax its sizable federal property.

As it currently stands, other jurisdictions are entitled to a higher FMAP than D.C. The Consolidated Appropriations Act, 2023 set the FMAP for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands permanently at 83% and set the FMAP for Puerto Rico at 76% through FY 2027. Five states (Mississippi, West Virginia, Alabama, New Mexico, and Kentucky) have FMAPs that are higher than D.C.

Reducing D.C.’s FMAP would weaken care for all in the Washington, D.C. metropolitan region, regardless of insurance status. Medicaid supports nearly a quarter of D.C.’s population, including 3 in 7 children and 4 in 5 nursing home residents. For example, proposals to reduce D.C.’s FMAP from 70 percent to 50 percent would create a $1.1 billion annual hole in local funds and ultimately result in a total loss of $2.1 billion per year in program funds to local hospitals, universities, and providers. This equates to a 40 percent cut in funding directly impacting health care providers. Hospitals in the region project at least $232 million in uncompensated care due to D.C.’s FMAP reductions, with at least one medical system expecting to close altogether. Impacts would reverberate across fire and emergency services, police recruitment and retention, and behavioral health resources and threaten the ability of hospitals and other safety net providers to stay open. Community-based providers in Virginia and Maryland risk being overwhelmed, as demand rises from D.C. residents seeking timely care.

Further, without corresponding funding or infrastructure support, it would be challenging for the rest of the region to shoulder the responsibility for regional emergency response. D.C.’s four Level I trauma centers, including those at Children’s National Hospital and MedStar Washington Hospital Center, provide vital care for patients in major incidents or emergency situations, including those involving Members of Congress, federal employees, and visitors. Reducing D.C.’s FMAP would have a particularly disproportionate impact on the provision of trauma and specialty capacities, principally for burn and pediatric patients.

Reductions to D.C.’s FMAP would adversely limit regional access to life-saving and specialized pediatric care. We note with particular alarm the potential impacts on Children’s National, which provides specialized care to patients from all 50 states, including West Virginia, Pennsylvania, Florida, and North Carolina. 73% of hospital stays and emergency department visits at Children’s National are covered by Medicaid. Reductions in Medicaid funding would likely result in the hospital making significant cuts to primary care, behavioral health, and outpatient subspecialty services, with families having to travel further to obtain such care or going without it. Further, local federally qualified health centers (FQHCs) anticipate that a change to D.C.’s FMAP would result in a loss of coverage for more than 33,000 adult health center patients and a loss of $58 million in payments, leaving them unable to serve over 24,000 of their current patients.

Reductions to D.C.’s FMAP would be catastrophic for our local providers and pose grave challenges to ensuring patients in the mid-Atlantic region and beyond receive necessary care. As you consider potential policy options through Budget Reconciliation, we urge you to strongly oppose all cuts to Medicaid and to protect the current FMAP for the District of Columbia.

###

MIL OSI USA News –

May 2, 2025

MIL-OSI: iRhythm Technologies Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended March 31, 2025.

First Quarter 2025 Financial Highlights

Revenue of $158.7 million, a 20.3% increase compared to first quarter 2024
Gross margin of 68.8%, a 250-basis point increase compared to first quarter 2024
Unrestricted cash, cash equivalents, and marketable securities of $520.6 million as of March 31, 2025
Increased fiscal year 2025 guidance for revenue and adjusted EBITDA margin

Recent Operational Highlights

Strong quarterly revenue unit volume driven by momentum from innovative value-based care accounts as well as demand from Zio AT in the United States and record demand in the United Kingdom
Expanded global reach with commercial launch of Zio monitor in Japan, highlighting our continued commitment to bringing our innovative digital healthcare solutions to millions of people worldwide
As presented at ACC.25, two large real-world studies in over one million patients revealed that short-term, Holter-duration monitoring frequently misses actionable arrhythmias – 64% of daily-symptom patients with actionable arrhythmias went undetected in the first 48 hours – and that patient-reported symptoms are an unreliable predictor of arrhythmic events^1,2
AVALON study recently presented at Heart Rhythm Society found that the Zio^® long-term continuous monitor (LTCM) associated with higher adjusted odds of arrhythmia detection, fewer repeat tests, and reduced likelihood of cardiovascular events compared to other modalities and LTCM brands in the follow-up year³

“The first quarter of 2025 demonstrated continued commercial momentum, with revenue growth exceeding 20% year-over-year, driven by upstream expansion in the patient care pathway and strength in our Zio AT business,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “We’ve seen increasing demand from recently opened accounts while also driving penetration within innovative, value-based care and risk-bearing entities. With our recent commercial launch in Japan, we are now actively driving physician and health system awareness of Zio in six markets outside the U.S., contributing to our milestone of 10 million patient reports posted since iRhythm’s inception. With strong execution across multiple growth levers and additional catalysts on the horizon, we are more excited than ever as we continue to enable the earlier diagnosis of cardiac arrhythmias, opening the potential to reduce costs and deliver meaningful value for patients, our customers, healthcare systems, and shareholders.”

First Quarter Financial Results
Revenue for the first quarter of 2025 was $158.7 million, up 20.3% from $131.9 million during the same period in 2024. The increase was driven by growth in demand for Zio services.

Gross profit for the first quarter of 2025 was $109.2 million, up 24.8% from $87.5 million during the same period in 2024, while gross margin was 68.8%, up from 66.3% during the same period in 2024. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to volume leverage as well as operational efficiencies, partially offset by an increased blended cost per unit from a higher Zio AT product mix.

Operating expenses for the first quarter of 2025 were $141.8 million, compared to $125.7 million for the same period in 2024. Adjusted operating expenses for the first quarter of 2025 were $140.4 million, compared to $125.7 million during the same period in 2024. The increase in adjusted operating expenses was primarily driven by funding of innovation and incremental costs to serve a growing volume of patients globally.

Net loss for the first quarter of 2025 was $30.7 million, or a diluted loss of $0.97 per share, compared with net loss of $45.7 million, or a diluted loss of $1.47 per share, for the same period in 2024. Adjusted net loss for the first quarter of 2025 was $30.3 million, or a diluted loss of $0.95 per share, compared with an adjusted net loss of $38.1 million, or a diluted loss of $1.23 per share, for the same period in 2024. The decrease in net loss was primarily driven by our revenue growth and operating leverage achieved through implementation of efficiency initiatives.

Unrestricted cash, cash equivalents, and marketable securities were $520.6 million as of March 31, 2025.

2025 Annual Guidance
iRhythm projects revenue for the full year 2025 between $690 million to $700 million. Adjusted EBITDA margin for the full year 2025 is expected to range from approximately 7.5% to 8.5% of revenues.

Webcast and Conference Call Information
iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

Use of Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA margin estimates for full year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, certain intellectual property litigation expenses and settlements, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

Beginning in the first quarter of 2025, we have excluded third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc. Factors we considered in arriving at this determination to exclude these patent litigation costs from our non-GAAP financial measures include frequency and complexity of the patent litigation, the counterparty involved, and the expected magnitude of patent litigation costs for this matter.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, international market expansion, anticipated productivity and quality improvements, and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

Media Contact
Kassandra Perry
irhythm@highwirepr.com

Battisti, T, Pinkerton, R, Fokin, V. et al. “Arrhythmias in patietns with daily vs non-daily symptoms undergoing long-term continuous patch ECG monitoring.” JACC. 2025 Apr, 85 (12_Supplement) 221.
Battisti, T, Pinkerton, R, Fokin, V. et al.“Symptom-Rhythm Correlation Patterns in Patients Undergoing Ambulatory ECG Monitoring: Analysis of Over 1 Million Patients.” JACC. 2025 Apr, 85 (12_Supplement) 37.
Russo, Pierantonio et al. “Assessment of Variation in AmbuLatory Cardiac MONitoring: Real-World Evidence of Commercially Insured Beneficiaries.” Heart Rhythm, Volume 22, Issue 4, S547.

IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (In thousands, except par value) (unaudited)

	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	375,278		$	419,597
Marketable securities		145,311			115,956
Accounts receivable, net		80,639			79,941
Inventory		14,336			14,039
Prepaid expenses and other current assets		20,449			16,286
Total current assets		636,013			645,819
Property and equipment, net		130,850			125,092
Operating lease right-of-use assets		46,171			47,564
Restricted cash		8,358			8,358
Goodwill		862			862
Long-term strategic investments		62,745			61,902
Other assets		41,099			41,852
Total assets	$	926,098		$	931,449
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	11,946		$	7,221
Accrued liabilities		79,976			84,900
Deferred revenue		3,282			2,932
Operating lease liabilities, current portion		16,140			15,867
Total current liabilities		111,344			110,920
Long-term senior convertible notes		647,237			646,443
Other noncurrent liabilities		8,727			8,579
Operating lease liabilities, noncurrent portion		72,125			74,599
Total liabilities		839,433			840,541
Stockholders’ equity:
Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at March 31, 2025 and December 31, 2024		—			—
Common stock, $0.001 par value – 100,000 shares authorized; 32,144 shares issued and 31,915 shares outstanding at March 31, 2025, respectively; 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively		32			31
Additional paid-in capital		901,085			874,607
Accumulated other comprehensive loss		143			165
Accumulated deficit		(789,595	)		(758,895	)
Treasury stock, at cost; 229 shares at March 31, 2025 and December 31, 2024		(25,000	)		(25,000	)
Total stockholders’ equity		86,665			90,908
Total liabilities and stockholders’ equity	$	926,098		$	931,449

IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited)

	Three Months Ended March 31,
		2025			2024
Revenue, net	$	158,677		$	131,929
Cost of revenue		49,461			44,413
Gross profit		109,216			87,516
Operating expenses:
Research and development		21,519			16,994
Acquired in-process research and development		296			—
Selling, general and administrative		119,957			108,660
Total operating expenses		141,772			125,654
Loss from operations		(32,556	)		(38,138	)
Interest and other income (expense), net:
Interest income		4,919			3,057
Interest expense		(3,273	)		(2,860	)
Loss on extinguishment of debt		—			(7,589	)
Other income (expense), net		875			(105	)
Total interest and other income (expense), net		2,521			(7,497	)
Loss before income taxes		(30,035	)		(45,635	)
Income tax provision		665			32
Net loss	$	(30,700	)	$	(45,667	)
Net loss per common share, basic and diluted	$	(0.97	)	$	(1.47	)
Weighted-average shares, basic and diluted		31,590			31,033

IRHYTHM TECHNOLOGIES, INC. Reconciliation of GAAP to Non-GAAP Financial Information (in thousands, except per share data) (unaudited)

	Three Months Ended March 31,
		2025			2024
Adjusted EBITDA reconciliation*
Net loss, as reported¹	$	(30,700	)	$	(45,667	)
Interest expense		3,273			2,860
Interest income		(4,919	)		(3,057	)
Changes in fair value of strategic investments		(843	)		—
Income tax provision		665			32
Depreciation and amortization		5,210			5,131
Stock-based compensation		23,344			20,991
Business transformation costs		503			—
Intellectual property litigation costs²		832			—
Loss on extinguishment of debt		—			7,589
Adjusted EBITDA	$	(2,635	)	$	(12,121	)

Adjusted net loss reconciliation*
Net loss, as reported¹	$	(30,700	)	$	(45,667	)
Business transformation costs		503			—
Intellectual property litigation costs²		832			—
Changes in fair value of strategic investments		(843	)		—
Loss on extinguishment of debt		—			7,589
Tax effect of adjustments³		(91	)		—
Adjusted net loss	$	(30,299	)	$	(38,078	)

Adjusted net loss per share reconciliation*
Net loss per share, as reported¹	$	(0.97	)	$	(1.47	)
Business transformation costs per share		0.02			—
Intellectual property litigation costs per share²		0.03			—
Changes in fair value of strategic investments per share		(0.03	)		—
Loss on extinguishment of debt per share		—			0.24
Tax effect of adjustments per share³		—			—
Adjusted net loss per share	$	(0.95	)	$	(1.23	)
Weighted-average shares, basic and diluted		31,590			31,033

Adjusted operating expense reconciliation*
Operating expense, as reported	$	141,772		$	125,654
Business transformation costs		(503	)		—
Intellectual property litigation costs²		(832	)		—
Adjusted operating expense	$	140,437		$	125,654

*Certain numbers expressed may not sum due to rounding.
¹ Net loss for the three months ended March 31, 2025 includes $0.3 million of acquired in-process research and development expense.
² Excludes third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc.
³ Income tax impact of Non-GAAP adjustments listed.

The MIL Network –

May 2, 2025

MIL-OSI: Trupanion Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, May 01, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the first quarter ended March 31, 2025.

“Q1 was a strong start to the year, with performance ahead of plan across key metrics,” said Margi Tooth, Chief Executive Officer and President of Trupanion. “We saw early momentum in both retention and pet acquisition, and with expanded margins in our subscription business, we’re well-positioned to continue to invest in growth.”

First Quarter 2025 Financial and Business Highlights

Total revenue was $342.0 million, an increase of 12% compared to the first quarter of 2024.
Total enrolled pets (including pets from our other business segment) was 1,667,637 at March 31, 2025, a decrease of 2% over March 31, 2024.
Subscription business revenue was $233.1 million, an increase of 16% compared to the first quarter of 2024.
Subscription enrolled pets was 1,052,845 at March 31, 2025, an increase of 5% over March 31, 2024.
Net loss was $(1.5) million, or $(0.03) per basic and diluted share, compared to a net loss of $(6.9) million, or $(0.16) per basic and diluted share, in the first quarter of 2024.
Adjusted EBITDA was $12.2 million, compared to adjusted EBITDA of $4.8 million in the first quarter of 2024.
Operating cash flow was $16.0 million and free cash flow was $14.0 million in the first quarter of 2025. This compared to operating cash flow of $2.4 million and free cash flow of $(0.6) million in the first quarter of 2024.
At March 31, 2025, the Company held $321.8 million in cash and short-term investments, including $48.8 million held outside the insurance entities, with an additional $15.0 million available under its credit facility.

Conference Call
Trupanion’s management will host a conference call today to review its first quarter 2025 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at https://investors.trupanion.com/ and will be archived online for 3 months upon completion of the conference call. Participants can access the conference call by dialing 1-866-250-8117 (United States) or 1-412-317-6011 (International). A telephonic replay of the call will also be available after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10197710.

About Trupanion
Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, and certain countries in Continental Europe with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to continue to grow its enrollments and revenue, and otherwise execute its business plan. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.

In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; our ability to implement and maintain effective controls, including to remediate material weaknesses in internal controls over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to successfully implement our alliance with Aflac; the ability to continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website; our ability to retain key personnel; and deliberations and determinations by the Trupanion board based on the future performance of the company or otherwise.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequently filed reports on Forms 10-Q, 10-K and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov or the Investor Relations section of Trupanion’s website at https://investors.trupanion.com.

Non-GAAP Financial Measures
Trupanion’s stated results may include certain non-GAAP financial measures. These non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry as other companies in its industry may calculate or use non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Trupanion’s reported financial results. The presentation and utilization of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Trupanion urges its investors to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures in its consolidated financial statements, and not to rely on any single financial or operating measure to evaluate its business. These reconciliations are included below and on Trupanion’s Investor Relations website.

Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Trupanion believes that providing various non-GAAP financial measures that exclude stock-based compensation expense and depreciation and amortization expense allows for more meaningful comparisons between its operating results from period to period. Trupanion offsets new pet acquisition expense with sign-up fee revenue in the calculation of net acquisition cost because it collects sign-up fee revenue from new members at the time of enrollment and considers it to be an offset to a portion of Trupanion’s new pet acquisition expense. Trupanion believes this allows it to calculate and present financial measures in a consistent manner across periods. Trupanion’s management believes that the non-GAAP financial measures and the related financial measures derived from them are important tools for financial and operational decision-making and for evaluating operating results over different periods of time.

Trupanion, Inc. Condensed Consolidated Statements of Operations (in thousands, except share data)
		Three Months Ended March 31,
			2025			2024
	(unaudited)
Revenue:
Subscription business		$	233,064		$	201,134
Other business			108,911			104,987
Total revenue			341,975			306,121
Cost of revenue:
Subscription business			189,845			172,132
Other business			101,027			97,762
Total cost of revenue⁽¹⁾^,(²⁾			290,872			269,894
Operating expenses:
Technology and development⁽¹⁾			8,072			6,960
General and administrative⁽¹⁾			19,892			14,673
New pet acquisition expense⁽¹⁾			20,516			16,843
Depreciation and amortization			3,791			3,785
Total operating expenses			52,271			42,261
Loss from investment in joint venture			(305	)		(103	)
Operating loss			(1,473	)		(6,137	)
Interest expense			3,211			3,596
Other (income), net			(3,240	)		(2,843	)
Loss before income taxes			(1,444	)		(6,890	)
Income tax (benefit) expense			39			(38	)
Net loss		$	(1,483	)	$	(6,852	)

Net loss per share:
Basic and diluted		$	(0.03	)	$	(0.16	)
Weighted average shares of common stock outstanding:
Basic and diluted			42,775,955			41,917,094

⁽¹⁾Includes stock-based compensation expense as follows:
		Three Months Ended March 31,
			2025			2024
Cost of revenue		$	1,259		$	1,390
Technology and development			1,151			1,254
General and administrative			4,528			3,449
New pet acquisition expense			2,892			2,059
Total stock-based compensation expense		$	9,830		$	8,152

⁽²⁾The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:
		Three Months Ended March 31,
			2025			2024
Veterinary invoice expense		$	247,450		$	233,569
Other cost of revenue			43,422			36,325
Total cost of revenue		$	290,872		$	269,894

Trupanion, Inc. Condensed Consolidated Balance Sheets (in thousands, except share data)
	March 31, 2025			December 31, 2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	166,308		$	160,295
Short-term investments		155,508			147,089
Accounts and other receivables, net of allowance for credit losses of $1,046 at March 31, 2025 and $1,117 at December 31, 2024		290,104			274,031
Prepaid expenses and other assets		16,417			15,912
Total current assets		628,337			597,327
Restricted cash		39,702			39,235
Long-term investments		376			373
Property, equipment and internal-use software, net		101,938			102,191
Intangible assets, net		12,130			13,177
Other long-term assets		16,356			17,579
Goodwill		38,323			36,971
Total assets	$	837,162		$	806,853
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	9,681		$	11,532
Accrued liabilities and other current liabilities		36,907			33,469
Reserve for veterinary invoices		54,042			51,635
Deferred revenue		267,357			251,640
Long-term debt – current portion		1,350			1,350
Total current liabilities		369,337			349,626
Long-term debt		127,526			127,537
Deferred tax liabilities		1,884			1,946
Other liabilities		4,742			4,476
Total liabilities		503,489			483,585
Stockholders’ equity:
Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 43,804,141 and 42,775,955 issued and outstanding at March 31, 2025; 43,516,631 and 42,488,445 shares issued and outstanding at December 31, 2024		—			—
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding		—			—
Additional paid-in capital		578,293			568,302
Accumulated other comprehensive loss		(715	)		(2,612	)
Accumulated deficit		(227,371	)		(225,888	)
Treasury stock, at cost: 1,028,186 shares at March 31, 2025 and December 31, 2024		(16,534	)		(16,534	)
Total stockholders’ equity		333,673			323,268
Total liabilities and stockholders’ equity	$	837,162		$	806,853

Trupanion, Inc. Condensed Consolidated Statements of Cash Flows (in thousands)
	Three Months Ended March 31,
		2025			2024
	(unaudited)
Operating activities
Net loss	$	(1,483	)	$	(6,852	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization		3,791			3,785
Stock-based compensation expense		9,830			8,152
Other, net		349			(202	)
Changes in operating assets and liabilities:
Accounts and other receivables		(15,965	)		(10,718	)
Prepaid expenses and other assets		(204	)		287
Accounts payable, accrued liabilities, and other liabilities		1,527			(5,131	)
Reserve for veterinary invoices		2,407			(885	)
Deferred revenue		15,712			13,998
Net cash provided by operating activities		15,964			2,434
Investing activities
Purchases of investment securities		(40,875	)		(19,193	)
Maturities and sales of investment securities		33,242			19,005
Purchases of property, equipment, and internal-use software		(1,928	)		(3,065	)
Other		588			516
Net cash used in investing activities		(8,973	)		(2,737	)
Financing activities
Repayment of debt financing		(338	)		(338	)
Proceeds from exercise of stock options		1,024			372
Shares withheld to satisfy tax withholding		(915	)		(245	)
Other		(230	)		(75	)
Net cash used in financing activities		(459	)		(286	)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net		(52	)		(313	)
Net change in cash, cash equivalents, and restricted cash		6,480			(902	)
Cash, cash equivalents, and restricted cash at beginning of period		199,530			170,464
Cash, cash equivalents, and restricted cash at end of period	$	206,010		$	169,562

The following tables set forth our key operating metrics.

	Three Months Ended March 31,
		2025			2024
Total Business:
Total pets enrolled (at period end)		1,667,637			1,708,017
Subscription Business:
Total subscription pets enrolled (at period end)		1,052,845			1,006,168
Monthly average revenue per pet	$	77.53		$	69.79
Average pet acquisition cost (PAC)	$	267		$	207
Average monthly retention		98.28	%		98.41	%


	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
Total Business:
Total pets enrolled (at period end)		1,667,637			1,677,570			1,688,903			1,699,643			1,708,017			1,714,473			1,712,177			1,679,659
Subscription Business:
Total subscription pets enrolled (at period end)		1,052,845			1,041,212			1,032,042			1,020,934			1,006,168			991,426			969,322			943,958
Monthly average revenue per pet	$	77.53		$	76.02		$	74.27		$	71.72		$	69.79		$	67.07		$	65.82		$	64.41
Average pet acquisition cost (PAC)	$	267		$	261		$	243		$	231		$	207		$	217		$	212		$	236
Average monthly retention		98.28	%		98.25	%		98.29	%		98.34	%		98.41	%		98.49	%		98.55	%		98.61	%

The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands):

	Three Months Ended March 31,
		2025			2024
Net cash provided by operating activities	$	15,964		$	2,434
Purchases of property, equipment, and internal-use software		(1,928	)		(3,065	)
Free cash flow	$	14,036		$	(631	)

The following tables reflect the reconciliation between GAAP and non-GAAP measures (in thousands except percentages):
	Three Months Ended March 31,
		2024			2023
Veterinary invoice expense	$	247,450		$	233,569
Less:
Stock-based compensation expense⁽¹⁾		(763	)		(862	)
Other business cost of paying veterinary invoices⁽³⁾		(79,269	)		(81,213	)
Subscription cost of paying veterinary invoices (non-GAAP)	$	167,418		$	151,494
% of subscription revenue		71.8	%		75.3	%

Other cost of revenue	$	43,422		$	36,325
Less:
Stock-based compensation expense⁽¹⁾		(482	)		(420	)
Other business variable expenses⁽³⁾		(21,736	)		(16,498	)
Subscription variable expenses (non-GAAP)	$	21,204		$	19,407
% of subscription revenue		9.1	%		9.6	%

Technology and development expense	$	8,072		$	6,960
General and administrative expense		19,892			14,673
Less:
Stock-based compensation expense⁽¹⁾		(5,396	)		(4,258	)
Development expenses⁽²⁾		(1,406	)		(1,178	)
Fixed expenses (non-GAAP)	$	21,162		$	16,197
% of total revenue		6.2	%		5.3	%

New pet acquisition expense	$	20,516		$	16,843
Less:
Stock-based compensation expense⁽¹⁾		(2,873	)		(1,857	)
Other business pet acquisition expense⁽³⁾		(3	)		(13	)
Subscription acquisition cost (non-GAAP)	$	17,640		$	14,973
% of subscription revenue		7.6	%		7.4	%

⁽¹⁾ Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation according to GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.3 million for the three months ended March 31, 2025.
⁽²⁾ Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
⁽³⁾ Excluding the portion of stock-based compensation expense attributable to the other business segment.

The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
	Three Months Ended March 31,
		2025			2024
Operating Loss	$	(1,473	)	$	(6,138	)
Non-GAAP expense adjustments
Acquisition cost		17,643			14,985
Stock-based compensation expense⁽¹⁾		9,514			7,397
Development expenses⁽²⁾		1,406			1,179
Depreciation and amortization		3,791			3,785
Gain (loss) from investment in joint venture		(305	)		(103	)
Total adjusted operating income (non-GAAP)	$	31,186		$	21,312

Subscription Business:
Subscription operating income (loss)	$	1,065		$	(4,525	)
Non-GAAP expense adjustments
Acquisition cost		17,640			14,973
Stock-based compensation expense⁽¹⁾		7,772			5,882
Development expenses⁽²⁾		958			774
Depreciation and amortization		2,584			2,487
Subscription adjusted operating income (non-GAAP)	$	30,019		$	19,591

Other Business:
Other business operating loss	$	(2,233	)	$	(1,510	)
Non-GAAP expense adjustments
Acquisition cost		3			12
Stock-based compensation expense⁽¹⁾		1,742			1,516
Development expenses⁽²⁾		448			404
Depreciation and amortization		1,207			1,298
Other business adjusted operating income (non-GAAP)	$	1,167		$	1,720

⁽¹⁾ Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.3 million for the three months ended March 31, 2025.
⁽²⁾ Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.

The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):

	Three Months Ended March 31,
		2025			2024
Subscription revenue	$	233,064		$	201,134
Subscription cost of paying veterinary invoices		167,418			151,493
Subscription variable expenses		21,204			19,407
Subscription fixed expenses*		14,423			10,642
Subscription adjusted operating income (non-GAAP)	$	30,019		$	19,591
Other business revenue		108,911			104,987
Other business cost of paying veterinary invoices		79,269			81,213
Other business variable expenses		21,736			16,498
Other business fixed expenses*		6,739			5,555
Other business adjusted operating income (non-GAAP)	$	1,167		$	1,721
Revenue		341,975			306,121
Cost of paying veterinary invoices		246,687			232,707
Variable expenses		42,940			35,905
Fixed expenses*		21,162			16,197
Total business adjusted operating income (non-GAAP)	$	31,186		$	21,312

As a percentage of revenue:	Three Months Ended March 31,
		2024			2023
Subscription revenue		100.0	%		100.0	%
Subscription cost of paying veterinary invoices		71.8	%		75.3	%
Subscription variable expenses		9.1	%		9.6	%
Subscription fixed expenses*		6.2	%		5.3	%
Subscription adjusted operating income (non-GAAP)		12.9	%		9.7	%

Other business revenue		100.0	%		100.0	%
Other business cost of paying veterinary invoices		72.8	%		77.4	%
Other business variable expenses		20.0	%		15.7	%
Other business fixed expenses*		6.2	%		5.3	%
Other business adjusted operating income (non-GAAP)		1.1	%		1.6	%

Revenue		100.0	%		100.0	%
Cost of paying veterinary invoices		72.1	%		76.0	%
Variable expenses		12.6	%		11.7	%
Fixed expenses*		6.2	%		5.3	%
Total business adjusted operating income (non-GAAP)		9.1	%		7.0	%

*Fixed expenses represent shared services that support both our subscription and other business segments and, as such, are generally allocated to each segment pro-rata based on revenues.

Adjusted operating income is a non-GAAP financial measure that adjusts operating income (loss) to remove the effect of acquisition cost, development expenses, non-recurring transaction or restructuring expenses, and gain (loss) from investment in joint venture. Non-cash items, such as stock-based compensation expense and depreciation and amortization, are also excluded. Acquisition cost, development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization are expected to remain recurring expenses for the foreseeable future, but are excluded from this metric to measure scale in other areas of the business. Management believes acquisition costs primarily represent the cost to acquire new subscribers and are driven by the amount of growth we choose to pursue based primarily on the amount of our adjusted operating income period over period. Accordingly, this measure is not indicative of our core operating income performance. We also exclude development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization because some investors may not view those items as reflective of our core operating income performance.

Management uses adjusted operating income and the margin on adjusted operating income to understand the effects of scale in its non-acquisition cost and development expenses and to plan future advertising expenditures, which are designed to acquire new pets. Management uses this measure as a principal way of understanding the operating performance of its business exclusive of acquisition cost and new product exploration and development initiatives. Management believes disclosure of this metric provides investors with the same data that the Company employs in assessing its overall operations and that disclosure of this measure may provide useful information regarding the efficiency of our utilization of revenues, return on advertising dollars in the form of new subscribers and future use of available cash to support the continued growth of our business.

The following tables reflect the reconciliation of adjusted EBITDA to net loss (in thousands):

	Three Months Ended March 31,
		2025			2024
Net loss	$	(1,483	)	$	(6,852	)
Excluding:
Stock-based compensation expense		9,514			7,398
Depreciation and amortization expense		3,791			3,785
Interest income		(2,835	)		(3,045	)
Interest expense		3,211			3,596
Income tax expense (benefit)		39			(38	)
Adjusted EBITDA	$	12,237		$	4,844

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
Net (loss) income	$	(1,483	)	$	1,656		$	1,425		$	(5,862	)	$	(6,852	)	$	(2,163	)	$	(4,036	)	$	(13,714	)
Excluding:
Stock-based compensation expense		9,514			8,036			8,127			8,381			7,398			6,636			6,585			6,503
Depreciation and amortization expense		3,791			3,924			4,381			4,376			3,785			3,029			2,990			3,253
Interest income		(2,835	)		(2,999	)		(3,232	)		(3,135	)		(3,045	)		(2,842	)		(2,389	)		(2,051	)
Interest expense		3,211			3,427			3,820			3,655			3,596			3,697			3,053			2,940
Income tax expense (benefit)		39			38			39			(44	)		(38	)		130			(43	)		(238	)
Goodwill impairment charges		—			5,299			—			—			—			—			—			—
Non-recurring transaction or restructuring expenses		—			—			—			—			—			—			8			65
(Gain) loss from equity method investment		—			—			(33	)		—			—			—			(110	)		—
Adjusted EBITDA	$	12,237		$	19,381		$	14,527		$	7,371		$	4,844		$	8,487		$	6,058		$	(3,242	)

Contacts:

Investors:
Laura Bainbridge, Senior Vice President, Corporate Communications
Gil Melchior, Director, Investor Relations
Investor.Relations@trupanion.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af9a2ab5-2802-4ca8-8a90-199e1c54b91a

The MIL Network –

May 2, 2025

MIL-OSI: iRhythm Launches Zio® Long-Term Continuous Monitoring Service in Japan as the Zio® ECG Recording and Analysis System, Advancing AI-Powered Arrhythmia Detection

Source: GlobeNewswire (MIL-OSI)

iRhythm Zio^®Long-Term Continuous Monitoring (LTCM) system — commercially introduced in Japan as the Zio^®ECG Recording and Analysis System — brings AI-powered, continuous, uninterrupted ECG monitoring for up to 14 days to Japan
Launch is timely amid a growing demand for early, accurate detection of arrhythmias in Japan, the second largest ambulatory cardiac monitoring market in the world, where the prevalence is expected to rise alongside an aging population^1-3

SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC) today announced the commercial launch in Japan of its Zio^® long-term continuous ECG monitoring (LTCM) system, commercially introduced in this market as the Zio^® ECG Recording and Analysis System. The system provides up to 14 days of continuous, uninterrupted ECG monitoring and leverages a deep-learned artificial intelligence (AI) algorithm approved by Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) – and represents a significant advancement over other ambulatory cardiac monitoring options in Japan, including commonly used wired Holter monitors, which capture only 24 to 48 hours of data and other patch-based services that monitor only up to 7 days.

“We are honored to introduce our AI-powered Zio ECG Recording and Analysis System that provides up to 14 days of continuous, uninterrupted cardiac monitoring to Japan, where we see a meaningful opportunity to help advance arrhythmia detection,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “Together with our trusted distribution partner, Senko Medical Instrument, we are committed to expanding access to advanced cardiac monitoring that supports clinical excellence and aligns with Japan’s dedication to high-quality, patient-centered care.”

Advancing Arrhythmia Detection in Japan

The Zio ECG Recording and Analysis System consists of a prescription-only, patch-based ECG monitoring device (Zio monitor, iRhythm’s latest-generation ECG patch), worn for up to 14 days, and the ZEUS (Zio ECG Utilization Software) system.

The unique attributes of the Zio ECG Recording and Analysis System offer meaningful advantages for patients and clinicians:

Zio monitor (Patch ECG Device): Improving Patient Monitoring Experience

The latest-generation patch ECG is thinner, lighter, and smaller—designed for comfortable, discreet wear, ease of use,⁴ and patient satisfaction^5,6
Enables up to 14 days of continuous, uninterrupted ECG monitoring
Demonstrates 99% patient compliance with prescribed wear time⁶^-8 and 99% analyzable data, delivering high-quality, actionable data^6,10,11

Zio Service (End-to-End Monitoring System): Combining Advanced AI with Human Expertise

PMDA-approved, deep-learned AI algorithm detects 13 arrhythmia types, as well as sinus rhythm and artifact, and is clinically proven to perform at the level of cardiologists^11-14
End-of-wear reports are reviewed and validated by certified cardiographic technicians (CCTs), with 99% physician agreement^6,8
Zio ECG Recording and Analysis System is associated with the highest diagnostic yield and lowest likelihood of retesting compared to other monitoring services, including other LTCMs and 24- to 48-hour duration Holter monitoring services^6,^8,^15-²⁰
In clinical settings, the Zio LTCM service may help reduce misinterpretation of ECG data and improve clinical efficiency¹²

Zio^® monitor by iRhythm Technologies,
part of the Zio^®ECG Recording and Analysis System

“The Zio service represents a new step forward in how we monitor for arrhythmias in Japan,” said Dr. Kohei Yamashiro, Vice President and Director of the Heart Rhythm Center at Takatsuki General Hospital (Osaka Prefecture), the first hospital in Japan to introduce the Zio ECG Recording and Analysis System. “Its ease of use, extended monitoring period, and clear reporting provide important benefits for both patients and clinicians.”

Clinically Proven Performance

The clinical value of the Zio LTCM service has been demonstrated in a robust, growing body of clinical evidence. The Cardiac Ambulatory Monitor EvaLuation of Outcomes and Time to Events (CAMELOT) study, published in the American Heart Journal, found that Zio LTCM service was associated with the highest yield of specified arrhythmia diagnosis and the lowest likelihood of repeat testing compared to all other monitoring services.

iRhythm’s comprehensive clinical evidence, encompassing more than 125 original research manuscripts²¹ and insights derived from over 2 billion hours of curated heartbeat data⁹ and more than 10 million patient reports posted since the company’s inception, underscore the company’s ongoing commitment to expanding evidence that supports improved patient outcomes.

“The Zio long-term continuous monitoring service offers a clinically validated approach to arrhythmia detection by combining advanced AI with expert clinical review to support accurate and timely diagnoses,” said Dr. Mintu Turakhia, iRhythm Chief Medical Officer, Chief Scientific Officer, and EVP of Product Innovation. “As the need for effective long-term monitoring grows, we believe the introduction of Zio LTCM in Japan presents an opportunity to enhance patient care and support evolving clinical needs in cardiac monitoring—an impact also recognized by the Japanese Heart Rhythm Society.”

Cardiac Arrhythmias and Prevalence in Japan

A cardiac arrhythmia is a condition in which the heart beats too quickly, too slowly, or irregularly due to abnormal electrical impulses. If undetected and untreated, some arrhythmias can damage the heart, brain, or other organs and lead to an increased risk of stroke and death.^22-24

These potential complications make accurate, timely arrhythmia detection and diagnosis critical to improving patient outcomes and quality of life.

The prevalence of cardiac arrhythmias continues to rise globally, and Japan is the second largest ambulatory cardiac monitoring market in the world with an estimated 1.6 million tests prescribed annually. This number is expected to continue to increase based on stroke and cardiovascular disease burden in Japan’s aging population.^1-3

Availability in Japan
Zio^® ECG Recording and Analysis System will be available to healthcare customers beginning May 2025, with nationwide availability anticipated by July 2025, through Senko Medical Instrument, iRhythm’s exclusive distribution partner in Japan.

Outside of Japan, iRhythm offers its Zio^® portfolio of cardiac monitoring solutions in Austria, the Netherlands, Spain, Switzerland, the United States, and the UK – and remains dedicated to bringing access to its advanced cardiac monitoring to even more patients, clinicians and healthcare systems around the world.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm and the Zio^® LTCM service in Japan, please visit irhythmtech.com/jp/ja. For additional information about iRhythm, please visit its corporate website at i rhythmtech.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these include statements regarding the Japanese market opportunity, our ability to penetrate the Japanese market, and expansion of patient access to our products and services in Japan. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

Media Contact
Kassandra Perry
irhythm@highwirepr.com

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

—-
Footnotes

Irie S, Tada H. The Relationship between Holter Electrocardiography and Atrial Fibrillation Diagnosis Using Real-World Data in Japan. Int Heart J. 2023;64(2):178-187.
Matsuda S. Health Policy in Japan – Current Situation and Future Challenges. JMA Journal, 2019.
Annual Pharmaceutical Production Statistics, Ministry of Health, Labour, and Welfare (“MHLW”).
Data on file. iRhythm Technologies, 2023.
Zio monitor Instructions for Use. iRhythm Technologies, 2023.
Based on US data.
Data on file. iRhythm Technologies, 2022.
Zio service provides continuous, uninterrupted recording and a comprehensive end-of-wear report.
Data on file. iRhythm Technologies, 2024.
Analyzable time is based off median values for a 14-day prescription
Data on file. iRhythm Technologies, 2020.
Hannun et al. Cardiologist-level arrhythmia detection and classification in ambulatory electrocardiograms using a deep neural network. Nat Med. 2019;25:65-69. https://doi.org/10.1038/s41591-018-0268-3
Deep learned algorithm is only available in the United States, European Union, Switzerland, United Kingdom, and Japan.
FDA 510K clearance, CE mark, UKCA mark, and PMDA-approval.
Reynolds et al. Comparative effectiveness and healthcare utilization for ambulatory cardiac monitoring strategies in Medicare beneficiaries. Am Heart J. 2024;269:25–34. https://doi.org/10.1016/j.ahj.2023.12.002
Diagnostic yield was assessed based upon the evaluation of specified arrhythmias, which refer to an arrhythmia encounter diagnosis as per Hierarchical Condition Categories (HCC) 96.
Based on previous generation Zio XT device data. Zio monitor utilizes the same operating principles and ECG algorithm. Additional data on file.
Zio LTCM service refers to Zio XT and Zio monitor service.
Contraindications: Do not use the Zio monitor for critical care patients or for patients with symptomatic episodes where instance variations in cardiac performance could result in immediate danger to the patients or when real-time or in-patient monitoring should be prescribed. (Refer to the Zio monitor Instructions for Use for the full list of contraindications)
Zio monitor and ZEUS are Japan PMDA approved.
Data on file. iRhythm Technologies, 2025.
Ataklte et al. Meta-analysis of ventricular premature complexes and their relation to cardiac mortality in general populations. The American Journal of Cardiology. 2013;112(8):1263-1270. doi:10.1016/j.amjcard.2013.05.065
Lin et al. Long-term outcome of non-sustained ventricular tachycardia in structurally normal hearts. PLOS ONE. 2016;11(8). doi:10.1371/journal.pone.0160181
Wolf et al. Atrial fibrillation as an independent risk factor for stroke: The Framingham Study. Stroke. 1991;22(8):983-988. doi:10.1161/01.str.22.8.983

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ffe8ed2-1063-4455-8784-d0278fd46373

The MIL Network –

May 2, 2025

MIL-OSI: SB Financial Group Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights Over the First Quarter Prior Year Include:

Adjusted net income of $2.7 million, after accounting for $0.7 million of nonrecurring merger expenses, was up 23.2 percent from the prior year adjusted net income of $2.2 million, with adjusted Diluted Earnings Per Share (“DEPS”) of $0.42. Unadjusted net income and EPS were slightly below the prior year quarter.
Successful completion of the Marblehead Bank acquisition, adding $56 million of low-cost deposits and $19 million in loans.
Interest income of $17.4 million increased by 13.5 percent from $15.3 million reported in the prior year quarter.
Loan growth of $96.7 million, or 9.8 percent from the prior-year quarter, with growth from the linked quarter of $41.6 million. This was our fourth consecutive quarter of sequential expanding loan growth, year over year. Growth adjusted for the Marblehead acquisition would be $78.2 and $23.1 million, from the linked quarter.
Deposit growth of $159.7 million, or 14.4 percent from the prior-year quarter, with growth from the linked quarter of $119.4 million. Growth adjusted for the Marblehead acquisition would be $103.7 and $63.4 million, from the linked quarter.
Tangible book value (“TBV”) per share ended the quarter at $15.79 up $0.86 per share or 5.8 percent from the prior year quarter. Absent the per share dilution from the acquisition of $0.87, TBV would have been up $1.73 per share or 11.6 percent.

Earnings Highlights	Three Months Ended
($ in thousands, except per share & ratios)	Mar. 2025			Mar. 2024		% Change
Operating revenue	$	15,386		$	13,131	17.2	%
Interest income		17,372			15,300	13.5	%
Interest expense		6,093			6,120	-0.4	%
Net interest income		11,279			9,180	22.9	%
Provision for credit losses		387			–	N/M
Noninterest income		4,107			3,951	3.9	%
Noninterest expense		12,410			10,282	20.7	%
Net income		2,158			2,368	-8.9	%
Merger adjusted Earnings per diluted share		0.42			0.33	27.3	%
Earnings per diluted share		0.33			0.35	-5.7	%
Merger adjusted Return on Avg. Assets		0.76	%		0.67%	13.4	%
Return on average assets		0.60	%		0.71%	-15.5	%
Merger adjusted Return on Avg. Equity		8.35	%		7.26%	15.0	%
Return on average equity		6.63	%		7.72%	-14.1	%

“Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.”

Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively.

RESULTS OF OPERATIONS

Consolidated Revenue

In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders.

Mortgage Loan Business

Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024.


Mortgage Banking
($ in thousands)	Mar. 2025			Dec. 2024			Sep. 2024			Jun. 2024			Mar. 2024			Prior Year Growth
Mortgage originations	$	39,775		$	72,534		$	70,715		$	75,110		$	42,912		$	(3,137	)
Mortgage sales		39,279			62,301			61,271			55,835			36,623			2,656
Mortgage servicing portfolio		1,432,184			1,427,318			1,406,273			1,389,805			1,371,713			60,471
Mortgage servicing rights		14,965			14,868			14,357			14,548			14,191			774


Revenue
Loan servicing fees		894			886			874			862			855			39
OMSR amortization		(294	)		(358	)		(370	)		(335	)		(273	)		(21	)
Net administrative fees		600			528			504			527			582			18
OMSR valuation adjustment		11			288			(465	)		38			181			(170	)
Net loan servicing fees		611			816			39			565			763			(152	)
Gain on sale of mortgages		849			1,196			1,311			1,277			781			68
Mortgage banking revenue, net	$	1,460		$	2,012		$	1,350		$	1,842		$	1,544		$	(84	)

Noninterest Income and Noninterest Expense

“Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted.


Noninterest Income/Noninterest Expense
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Prior Year Growth
Noninterest Income (NII)	$	4,107	$	4,557	$	4,123	$	4,386	$	3,951	$	156
NII / Total Revenue		26.7%		29.5%		28.8%		31.5%		30.1%		-3.4%
NII / Average Assets		1.1%		1.3%		1.2%		1.3%		1.2%		-0.1%
Total Revenue Growth		17.2%		2.2%		4.5%		-0.6%		-6.1%		23.3%

Noninterest Expense (NIE)	$	12,410	$	11,003	$	11,003	$	10,671	$	10,282	$	2,128
Efficiency Ratio		80.0%		71.1%		76.8%		75.9%		78.2%		1.8%
NIE / Average Assets		3.4%		3.2%		3.2%		3.2%		3.1%		0.3%
Net Noninterest Expense/Avg. Assets		-2.3%		-1.9%		-2.0%		-1.9%		-1.9%		-0.4%
Total Expense Growth		20.7%		6.1%		5.0%		3.2%		-4.6%		25.3%

Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent.

“Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein.

Balance Sheet

As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.

Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management’s commitment to enhancing shareholder value and the Company’s disciplined approach to capital management.

During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company’s dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.

“As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions,” said Mr. Klein, Chairman, President, and CEO. “Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes.”


Loan Balances
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Annual Growth
Commercial	$	125,878	$	124,764	$	123,821	$	123,287	$	120,016	$	5,862
% of Total		11.6%		11.9%		12.0%		12.3%		12.1%		4.9%
Commercial RE		509,518		479,573		459,449		434,967		429,362		80,156
% of Total		46.8%		45.8%		44.6%		43.3%		43.3%		18.7%
Agriculture		61,443		64,680		64,887		64,329		62,365		(922	)
% of Total		5.6%		6.2%		6.3%		6.4%		6.3%		-1.5%
Residential RE		319,307		308,378		314,010		316,233		314,668		4,639
% of Total		29.3%		29.5%		30.5%		31.5%		31.7%		1.5%
Consumer & Other		72,128		69,340		67,788		66,574		65,141		6,987
% of Total		6.6%		6.6%		6.6%		6.6%		6.6%		10.7%
Total Loans	$	1,088,274	$	1,046,735	$	1,029,955	$	1,005,390	$	991,552	$	96,722
Total Growth Percentage												9.8%


Deposit Balances
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024		Annual Growth
Non-Int DDA	$	240,446	$	232,155	$	222,425	$	208,244	$	219,395	$	21,051
% of Total		18.9%		20.1%		19.2%		18.7%		19.7%		9.6%
Interest DDA		208,583		201,085		202,097		190,857		169,171		39,412
% of Total		16.4%		17.4%		17.4%		17.1%		15.2%		23.3%
Savings		285,902		237,987		241,761		231,855		244,157		41,745
% of Total		22.5%		20.6%		20.8%		20.8%		21.9%		17.1%
Money Market		257,013		222,161		228,182		225,650		221,362		35,651
% of Total		20.2%		19.3%		19.7%		20.2%		19.9%		16.1%
Time Deposits		279,276		259,217		265,068		258,582		258,257		21,019
% of Total		22.0%		22.5%		22.9%		23.2%		23.2%		8.1%
Total Deposits	$	1,271,220	$	1,152,605	$	1,159,533	$	1,115,188	$	1,112,342	$	158,878
Total Growth Percentage												14.3%

Asset Quality

As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025.

The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management.

“Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management,” stated Mark Klein, Chairman, President, and CEO. “While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth.”


Nonperforming Assets
($ in thousands, except ratios)	Mar. 2025		Dec. 2024		Sep. 2024		Jun. 2024		Mar. 2024			Annual Change
Commercial & Agriculture	$	3,418	$	2,927	$	2,899	$	2,781	$	897	$	2,521
% of Total Com./Ag. loans		1.82%		1.55%		1.54%		1.48%		0.49%		281.0%
Commercial RE		798		807		813		475		49		749
% of Total CRE loans		0.16%		0.17%		0.18%		0.11%		0.01%		1528.6%
Residential RE		1,608		1,539		1,536		1,247		1,295		313
% of Total Res. RE loans		0.50%		0.50%		0.49%		0.39%		0.41%		24.2%
Consumer & Other		227		243		270		231		193		34
% of Total Con./Oth. loans		0.31%		0.35%		0.40%		0.35%		0.30%		17.6%
Total Nonaccruing Loans		6,051		5,516		5,518		4,734		2,434		3,617
% of Total loans		0.56%		0.53%		0.54%		0.47%		0.25%		148.6%
Foreclosed Assets and Other Assets		73		–		–		510		510		(437	)
Total Change (%)												-85.7%
Total Nonperforming Assets	$	6,124	$	5,516	$	5,518	$	5,244	$	2,944	$	3,180
% of Total assets		0.41%		0.40%		0.40%		0.39%		0.22%		108.02%

Webcast and Conference Call

The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

About SB Financial Group

Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

Forward-Looking Statements

Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Investor Contact Information:

Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com

Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com

		SB FINANCIAL GROUP, INC.
		CONSOLIDATED BALANCE SHEETS – (Unaudited)

				March			December			September			June			March
			($ in thousands)		2025			2024			2024			2024			2024

ASSETS
	Cash and due from banks			$	105,145		$	25,928		$	49,348		$	21,983		$	26,602
	Interest bearing time deposits				1,565			1,565			1,706			2,417			2,417
	Available-for-sale securities				199,721			201,587			211,511			207,856			213,239
	Loans held for sale				4,286			6,770			8,927			7,864			4,730
	Loans, net of unearned income				1,088,274			1,046,735			1,029,955			1,005,390			991,552
	Allowance for credit losses				(15,391	)		(15,096	)		(15,278	)		(15,612	)		(15,643	)
	Premises and equipment, net				21,875			20,456			20,715			20,860			20,985
	Federal Reserve and FHLB Stock, at cost				5,340			5,223			5,223			5,204			6,512
	Foreclosed assets and other assets				73			–			–			510			510
	Interest receivable				5,072			4,908			4,842			4,818			3,706
	Goodwill				27,158			23,239			23,239			23,239			23,239
	Cash value of life insurance				30,871			30,685			30,488			30,294			30,103
	Mortgage servicing rights				14,965			14,868			14,357			14,548			14,191
	Other assets				12,048			12,649			8,916			12,815			13,869

			Total assets	$	1,501,002		$	1,379,517		$	1,393,949		$	1,342,186		$	1,336,012



LIABILITIES AND SHAREHOLDERS’ EQUITY
	Deposits
		Non interest bearing demand		$	240,446		$	232,155		$	222,425		$	208,244		$	219,395
		Interest bearing demand			208,583			201,085			202,097			190,857			169,171
		Savings			285,902			237,987			241,761			231,855			244,157
		Money market			257,013			222,161			228,182			225,650			221,362
		Time deposits			279,276			259,217			265,068			258,582			258,257

			Total deposits		1,271,220			1,152,605			1,159,533			1,115,188			1,112,342

	Short-term borrowings				11,058			10,585			15,240			15,178			12,916
	Federal Home Loan Bank advances				35,000			35,000			35,000			35,000			35,000
	Trust preferred securities				10,310			10,310			10,310			10,310			10,310
	Subordinated debt net of issuance costs				19,702			19,690			19,678			19,666			19,654
	Interest payable				2,634			2,351			3,374			2,944			2,772
	Other liabilities				19,552			21,468			17,973			18,421			19,295

			Total liabilities		1,369,476			1,252,009			1,261,108			1,216,707			1,212,289

	Shareholders’ Equity
		Common stock			61,319			61,319			61,319			61,319			61,319
		Additional paid-in capital			14,955			15,194			15,090			15,195			14,978
		Retained earnings			117,397			116,186			113,515			112,104			109,938
		Accumulated other comprehensive loss			(26,872	)		(30,234	)		(24,870	)		(31,801	)		(31,547	)
		Treasury stock			(35,273	)		(34,957	)		(32,213	)		(31,338	)		(30,965	)

			Total shareholders’ equity		131,526			127,508			132,841			125,479			123,723

			Total liabilities and shareholders’ equity	$	1,501,002		$	1,379,517		$	1,393,949		$	1,342,186		$	1,336,012

SB FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME – (Unaudited)

($ in thousands, except per share & ratios)			At and for the Three Months Ended

			March		December			September		June		March
Interest income				2025		2024			2024		2024		2024
	Loans
	Taxable		$	15,244	$	14,920		$	14,513	$	13,883	$	13,547
	Tax exempt			115		122			127		124		123
	Securities
	Taxable			1,169		1,178			1,192		1,226		1,274
	Tax exempt			38		35			37		37		37
	Other interest income			806		592			679		384		319

		Total interest income		17,372		16,847			16,548		15,654		15,300

Interest expense
	Deposits			5,352		5,169			5,568		5,208		5,090
	Repurchase agreements & other			24		41			43		36		34
	Federal Home Loan Bank advances			362		369			369		370		613
	Trust preferred securities			160		177			187		187		188
	Subordinated debt			195		194			195		194		195

		Total interest expense		6,093		5,950			6,362		5,995		6,120


Net interest income				11,279		10,897			10,186		9,659		9,180

	Provision for credit losses			387		(76	)		200		–		–

Net interest income after provision
for loan losses				10,892		10,973			9,986		9,659		9,180

Noninterest income
	Wealth management fees			864		916			882		848		865
	Customer service fees			879		842			870		875		880
	Gain on sale of mtg. loans & OMSR			849		1,196			1,311		1,277		781
	Mortgage loan servicing fees, net			611		816			39		565		763
	Gain on sale of non-mortgage loans			15		10			20		105		10
	Title insurance revenue			397		478			485		406		266
	Net gain on sales of securities			–		–			–		–		–
	Gain (loss) on sale of assets			–		–			200		–		–
	Other			492		299			316		310		386

		Total noninterest income		4,107		4,557			4,123		4,386		3,951

Noninterest expense
	Salaries and employee benefits			6,237		6,185			6,057		6,009		5,352
	Net occupancy expense			893		702			706		707		769
	Equipment expense			1,072		1,127			1,069		1,060		1,077
	Data processing fees			1,439		821			758		727		769
	Professional fees			1,034		895			659		615		758
	Marketing expense			165		207			241		176		197
	Telephone and communication expense			139		136			128		156		105
	Postage and delivery expense			137		116			145		89		97
	State, local and other taxes			224		224			208		230		245
	Employee expense			174		168			228		159		178
	Other expenses			896		422			804		743		735

		Total noninterest expense		12,410		11,003			11,003		10,671		10,282


Income before income tax expense				2,589		4,527			3,106		3,374		2,849

	Income tax expense			431		892			752		261		481

Net income			$	2,158	$	3,635		$	2,354	$	3,113	$	2,368

Common share data:
	Basic earnings per common share		$	0.33	$	0.55		$	0.35	$	0.47	$	0.35
	Diluted earnings per common share		$	0.33	$	0.55		$	0.35	$	0.47	$	0.35

Average shares outstanding (in thousands):
	Basic:			6,481		6,575			6,660		6,692		6,715
	Diluted:			6,502		6,599			6,675		6,700		6,723

SB FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited)

($ in thousands, except per share & ratios)	At and for the Three Months Ended

	March			December			September			June			March
SUMMARY OF OPERATIONS		2025			2024			2024			2024			2024

Net interest income	$	11,279		$	10,897		$	10,186		$	9,659		$	9,180
Tax-equivalent adjustment		41			42			44			43			43
Tax-equivalent net interest income		11,320			10,939			10,230			9,702			9,223
Provision for credit loss		387			(76	)		200			–			–
Noninterest income		4,107			4,557			4,123			4,386			3,951
Total operating revenue		15,386			15,454			14,309			14,045			13,131
Noninterest expense		12,410			11,003			11,003			10,671			10,282
Pre-tax pre-provision income		2,976			4,451			3,306			3,374			2,849
Net income		2,158			3,635			2,354			3,113			2,368

PER SHARE INFORMATION:
Basic earnings per share (EPS)		0.33			0.55			0.35			0.47			0.35
Diluted earnings per share		0.33			0.55			0.35			0.47			0.35
Common dividends		0.145			0.145			0.140			0.140			0.135
Book value per common share		20.29			19.64			20.05			18.80			18.46
Tangible book value per common share (TBV)		15.79			16.00			16.49			15.26			14.93
Market price per common share		20.82			20.91			20.56			14.00			13.78
Market price to TBV		131.8	%		130.7	%		124.7	%		91.8	%		92.3	%
Market price to trailing 12 month EPS		12.2			12.1			11.8			7.9			7.9

PERFORMANCE RATIOS:
Return on average assets (ROAA)		0.60	%		1.04	%		0.68	%		0.93	%		0.71	%
Pre-tax pre-provision ROAA		0.83	%		1.28	%		0.96	%		1.01	%		0.86	%
Return on average equity (ROE)		6.63	%		11.13	%		7.32	%		10.16	%		7.72	%
Return on average tangible equity		8.32	%		13.58	%		8.97	%		12.59	%		9.55	%
Efficiency ratio		80.00	%		71.09	%		76.78	%		75.86	%		78.17	%
Earning asset yield		5.23	%		5.18	%		5.16	%		5.02	%		4.97	%
Cost of interest bearing liabilities		2.32	%		2.36	%		2.53	%		2.47	%		2.55	%
Net interest margin		3.40	%		3.35	%		3.17	%		3.10	%		2.99	%
Tax equivalent effect		0.01	%		0.01	%		0.02	%		0.01	%		0.01	%
Net interest margin, tax equivalent		3.41	%		3.36	%		3.19	%		3.11	%		3.00	%
Non interest income/Average assets		1.14	%		1.31	%		1.20	%		1.31	%		1.19	%
Non interest expense/Average assets		3.45	%		3.15	%		3.20	%		3.18	%		3.08	%
Net noninterest expense/Average assets		-2.31	%		-1.85	%		-2.00	%		-1.87	%		-1.90	%

ASSET QUALITY RATIOS:
Gross charge-offs		87			195			29			–			66
Recoveries		2			13			2			16			9
Net charge-offs		85			182			27			(16	)		57
Nonperforming loans/Total loans		0.56	%		0.53	%		0.54	%		0.47	%		0.25	%
Nonperforming assets/Loans & OREO		0.56	%		0.53	%		0.54	%		0.52	%		0.30	%
Nonperforming assets/Total assets		0.41	%		0.40	%		0.40	%		0.39	%		0.22	%
Allowance for credit loss/Nonperforming loans		254.35	%		273.68	%		276.83	%		329.78	%		642.69	%
Allowance for credit loss/Total loans		1.41	%		1.44	%		1.48	%		1.55	%		1.58	%
Net loan charge-offs/Average loans (ann.)		0.03	%		0.07	%		0.01	%		(0.01	%)		0.02	%

CAPITAL & LIQUIDITY RATIOS:
Loans/ Deposits		85.61	%		90.81	%		88.82	%		90.15	%		89.14	%
Equity/ Assets		8.76	%		9.24	%		9.53	%		9.35	%		9.26	%
Tangible equity/Tangible assets		6.96	%		7.66	%		7.97	%		7.72	%		7.63	%
Common equity tier 1 ratio (Bank)		12.35	%		13.43	%		13.19	%		13.98	%		13.84	%

END OF PERIOD BALANCES
Total assets		1,501,002			1,379,517			1,393,949			1,342,186			1,336,012
Total loans		1,088,274			1,046,735			1,029,955			1,005,390			991,552
Deposits		1,271,220			1,152,605			1,159,533			1,115,188			1,112,342
Shareholders equity		131,526			127,508			132,841			125,479			123,723
Goodwill and intangibles		29,125			23,597			23,613			23,630			23,646
Tangible equity		102,401			103,911			109,228			101,849			100,077
Mortgage servicing portfolio		1,432,184			1,427,318			1,406,273			1,389,805			1,371,713
Wealth/Brokerage assets under care		519,158			547,697			557,724			525,713			525,517
Total assets under care		3,452,344			3,354,532			3,357,946			3,257,704			3,233,242
Full-time equivalent employees		262			252			248			249			245
Period end common shares outstanding		6,483			6,494			6,624			6,676			6,702
Market capitalization (all)		134,982			135,780			136,189			93,458			92,359

AVERAGE BALANCES
Total assets		1,459,896			1,395,473			1,376,849			1,342,847			1,333,236
Total earning assets		1,346,354			1,301,872			1,283,407			1,246,099			1,230,736
Total loans		1,076,328			1,040,580			1,018,262			1,005,018			993,310
Deposits		1,227,449			1,163,531			1,145,964			1,120,367			1,091,803
Shareholders equity		131,944			130,647			128,608			122,510			123,058
Goodwill and intangibles		26,714			23,605			23,621			23,638			23,654
Tangible equity		105,230			107,042			104,987			98,872			99,404
Average basic shares outstanding		6,481			6,575			6,660			6,692			6,715
Average diluted shares outstanding		6,502			6,599			6,675			6,700			6,723

SB FINANCIAL GROUP, INC.
	Rate Volume Analysis – (Unaudited)
	For the Three Months Ended Mar. 31, 2025 and 2024

	($ in thousands)	Three Months Ended Mar. 31, 2025							Three Months Ended Mar. 31, 2024
		Average					Average		Average					Average
Assets		Balance			Interest		Rate		Balance			Interest		Rate

	Taxable securities	$	196,880		$	1,276	2.63	%	$	210,252		$	1,413	2.70	%
	Overnight Cash		66,460			699	4.27	%		20,729			180	3.48	%
	Nontaxable securities		6,686			38	2.30	%		6,445			37	2.30	%
	Loans, net		1,076,328			15,359	5.79	%		993,310			13,670	5.52	%

	Total earning assets		1,346,354			17,372	5.23	%		1,230,736			15,300	4.99	%

	Cash and due from banks		10,339							4,512
	Allowance for loan losses		(15,238	)						(15,830	)
	Premises and equipment		21,082							21,281
	Other assets		97,359							92,537

	Total assets	$	1,459,896						$	1,333,236

Liabilities
	Savings, MMDA and interest bearing demand	$	709,324		$	2,959	1.69	%	$	605,243		$	2,525	1.67	%
	Time deposits		276,253			2,393	3.51	%		258,592			2,565	3.98	%
	Repurchase agreements & other		13,106			24	0.74	%		15,993			34	0.85	%
	Advances from Federal Home Loan Bank		35,044			362	4.19	%		51,030			613	4.82	%
	Trust preferred securities		10,310			160	6.29	%		10,310			188	7.31	%
	Subordinated debt		19,694			195	4.02	%		19,646			195	3.98	%

	Total interest bearing liabilities		1,063,731			6,093	2.32	%		960,814			6,120	2.55	%

	Non interest bearing demand		241,872			–				227,968			–

	Total funding		1,305,603				1.89	%		1,188,782				2.06	%
							44.20	%					1
	Other liabilities		22,349							21,396

	Total liabilities		1,327,952							1,210,178

	Equity		131,944							123,058

	Total liabilities and equity	$	1,459,896						$	1,333,236

	Net interest income				$	11,279						$	9,180

	Net interest income as a percent of average interest-earning assets – GAAP measure						3.40	%						2.99	%

	Net interest income as a percent of average interest-earning assets – non GAAP						3.41	%						3.00	%
	– Computed on a fully tax equivalent (FTE) basis

Non-GAAP reconciliation	Three Months Ended

($ in thousands, except per share & ratios)	Mar. 31, 2025			Mar. 31, 2024

Total Operating Revenue	$	15,386		$	13,131
Adjustment to (deduct)/add OMSR recapture/impairment *		(11	)		(181	)

Adjusted Total Operating Revenue		15,375			12,950


Total Operating Expense	$	12,410		$	10,282
Adjustment for merger expenses		(726	)		–

Adjusted Total Operating Expense		11,684			10,282


Income before Income Taxes		2,589			2,849
Adjustment for OMSR*/Merger Expenses		715			(181	)

Adjusted Income before Income Taxes		3,304			2,668


Provision for Income Taxes		431			481
Adjustment for OMSR/Merger Expenses **		150			(38	)

Adjusted Provision for Income Taxes		581			443


Net Income		2,158			2,368
Adjustment for OMSR*/Merger Expenses		565			(143	)

Adjusted Net Income		2,723			2,225


Diluted Earnings per Share		0.33			0.35
Adjustment for OMSR*/Merger Expenses		0.09			(0.02	)

Adjusted Diluted Earnings per Share	$	0.42		$	0.33


Return on Average Assets		0.60	%		0.71	%
Adjustment for OMSR*/Merger Expenses		0.15	%		-0.04	%

Adjusted Return on Average Assets		0.75	%		0.67	%

*valuation adjustment to the Company’s mortgage servicing rights

**tax effect is calculated using a 21% statutory federal corporate income tax rate

The MIL Network –

May 2, 2025

MIL-OSI USA: Strickland, Randall Re-Launch Puget Sound Recovery Caucus

Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)

Washington, D.C. – Today, during the annual Puget Sound Day on the Hill, U.S. Representatives Marilyn Strickland (WA-10) and Emily Randall (WA-06) announced the re-launch of the Puget Sound Recovery Caucus for the 119^th Congress.

The Caucus, which was founded in 2013 by then-Representatives Denny Heck and Derek Kilmer, focuses on recovering Puget Sound through steps like preventing pollution from urban stormwater runoff, protecting and restoring habitat, and restoring and re-opening shellfish beds. Representative Emily Randall, who was elected in 2024, replaces Kilmer as Co-Chair.

“The Puget Sound is a national treasure, not only because of its breathtaking beauty, but also because of how critical it is to our economy, jobs, tribal treaty rights, and the environment. We all know how vital the Puget Sound is to our fish and wildlife habitat, biodiversity, and water supply – which is all the more reason to act now. I look forward to the re-launch of the Puget Sound Recovery Caucus, alongside my colleague, Congresswoman Randall, to ensure that we have federal support for the Puget Sound’s recovery and revitalization,” said Strickland.

“I am elated to join Rep. Strickland in co-leading the Puget Sound Recovery Caucus. The Puget Sound is a cornerstone of our region’s natural beauty, and a vital ecosystem whose health is inextricably linked to our communities, culture, and economy. Yet, it faces persistent and growing threats that demand urgent and sustained action,” said Rep. Emily Randall. “Through the work of this Caucus, we hope to help direct the federal government’s enduring commitment to protecting and restoring this irreplaceable resource — from revitalizing salmon populations and safeguarding critical habitats to advancing broader climate resilience. I am deeply grateful to our partners for their unwavering dedication to preserving the Puget Sound for generations to come.”

“The Puget Sound Recovery Caucus has long been a strong advocate in Congress for the recovery and protection of Puget Sound, and we are proud to support the relaunch of this important effort,” said Larry Epstein, Deputy Director of the Puget Sound Partnership. “We are fortunate to have such dedicated leadership in our congressional delegation. Through their support, we can continue making investments that protect public health, strengthen local economies, restore vital salmon habitats, and build resilience against flooding.”

“We welcome the continued leadership of Rep. Marilyn Strickland and fresh energy from Rep. Emily Randall as they carry on the work that Reps. Denny Heck and Derek Kilmer began when they created the Puget Sound Recovery Caucus in 2013,” said Ed Johnstone, Chairman of the Northwest Indian Fisheries Commission. “Recovering Puget Sound is absolutely essential to the protection and continued exercise of our treaty-protected rights. The Puget Sound Recovery Caucus can help us build climate resilience and face ongoing challenges from unchecked human development and recreational impacts from an ever-expanding population.”

###

MIL OSI USA News –

May 2, 2025

MIL-OSI USA: Jayapal Leads 142 Members in Demanding Answers Regarding the Revocation of Student Visas

Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

WASHINGTON, DC — U.S. Representative Pramila Jayapal (WA-07), Ranking Member of the Immigration Integrity, Security, and Enforcement Subcommittee, is leading 142 Members of Congress in demanding answers regarding the termination of students’ legal status. Despite the Trump Administration’s claim last week that it would reverse course, only Immigration and Customs Enforcement (ICE) has made any policy change. While students are no longer immediately deportable, they will be unable to return to the United States once they go home after the semester ends, as the State Department is not restoring students’ visa status.

“This is not about national security. It is about using immigration enforcement as a weapon to stifle political dissent, restrict due process, and enforce an exclusionary and nativist vision of America that runs counter to everything our institutions of higher learning stand for,” wrote the Members. “Across the country, students are being picked up – in some cases by masked immigration agents in unmarked cars – and being held in detention facilities with no warning and limited information as to why they are being deported.”

According to recent reporting, more than 1,800 students and recent graduates across 280 colleges and universities have had their visas revoked. Since Trump took office, the Department of Homeland Security (DHS) has also confirmed that at least 4,736 have had their legal status terminated in the Student and Exchange Visitor Information System (SEVIS). However, DHS does not have the authority to terminate this legal status except under very specific circumstances, none of which have been met in the vast majority of these cases.

“Our campuses have been spaces where students and scholars from around the world come together to challenge assumptions, push the boundaries of knowledge, and foster the innovation that has made our country a global leader,” continued the Members. “But today, the Trump administration’s heavy-handed and politically motivated immigration enforcement is turning university campuses into places of fear, rather than learning, and these actions deter students from coming to study at U.S. institutions.”

Reporting has also shown that the State Department has been using Artificial Intelligence (AI) tools to identify students to target through their social media accounts. This aspect is especially troubling as social media accounts may not feature students’ names, and AI facial recognition is often prone to mistakes, at significantly higher rates when identifying people of color.

The full text of the letter can be read here.

The letter was signed by Pramila Jayapal (WA-07), Jamie Raskin (MD-08), Gabe Amo (RI-01), Yassamin Ansari (AZ-03), Jake Auchincloss (MA-04), Becca Balint (VT-At Large), Nanette Barragán (CA-44), Joyce Beatty (OH-03), Wesley Bell (MO-01), Ami Bera (CA-06), Donald S. Beyer, Jr. (VA-08), Suzanne Bonamici (OR-01), Shontel Brown (OH-11), Julia Brownley (CA-26), Nikki Budzinski (IL-13), Salud Carbajal (CA-24), André Carson (IN-07), Troy Carter (LA-02), Greg Casar (TX-35), Sean Casten (IL-06), Kathy Castor (FL-14), Joaquin Castro (TX-20), Judy Chu (CA-28), Gilbert Cisneros (CA-31), Yvette Clarke (NY-09), Emanuel Cleaver (MO-05), Steve Cohen (TN-09), Gerald Connolly (VA-11), J. Luis Correa (CA-46), Angie Craig (MN-02), Jason Crow (CO-06), Danny K. Davis (IL-07), Madeleine Dean (PA-04), Diana DeGette (CO-01), Rosa DeLauro (CT-03), Suzan DelBene (WA-01), Chris Deluzio (PA-17), Mark DeSaulnier (CA-10), Maxine Dexter (OR-03), Lloyd Doggett (TX-37), Veronica Escobar (TX-16), Adriano Espaillat (NY-13), Dwight Evans (PA-03), Cleo Fields (LA-06), Lizzie Fletcher (TX-07), Bill Foster (IL-11), Valerie Foushee (NC-04), Laura Friedman (CA-30), Maxwell Frost (FL-10), John Garamendi (CA-08), Jesús “Chuy” García (IL-04), Robert Garcia (CA-42), Sylvia Garcia (TX-29), Jimmy Gomez (CA-34), Maggie Goodlander (NH-02), Al Green (TX-09), Jahana Hayes (CT-05), Jim Himes (CT-04), Steven Horsford (NV-04), Val Hoyle (OR-04), Jared Huffman (CA-02), Glenn Ivey (MD-04), Jonathan Jackson (IL-01), Sara Jacobs (CA-51), Henry C. “Hank” Johnson, Jr. (GA-04), Julie Johnson (TX-32), Sydney Kamlager-Dove (CA-37), William Keating (MA-09), Robin Kelly (IL-02), Timothy Kennedy (NY-26), Ro Khanna (CA-17), Raja Krishnamoorthi (IL-08), Rick Larsen (WA-02), John Larson (CT-01), Summer Lee (PA-12), Teresa Leger Fernandez (NM-03), Mike Levin (CA-49), Sam Liccardo (CA-16), Ted Lieu (CA-36), Zoe Lofgren (CA-18), Stephen Lynch (MA-08), Seth Magaziner (RI-02), John Mannion (NY-22), Doris Matsui (CA-07), Jennifer McClellan (VA-04), Betty McCollum (MN-04), James P. McGovern (MA-02), LaMonica McIver (NJ-10), Gregory Meeks (NY-05), Robert Menendez (NJ-08), Dave Min (CA-47), Gwen Moore (WI-04), Joe Morelle (NY-25), Kelly Morrison (MN-03), Seth Moulton (MA-06), Kevin Mullin (CA-15), Jerrold Nadler (NY-12), Eleanor Holmes Norton (DC), Alexandria Ocasio-Cortez (NY-14), Johnny Olszewski (MD-02), Ilhan Omar (MN-05), Jimmy Panetta (CA-19), Nancy Pelosi (CA-11), Scott Peters (CA-50), Brittany Pettersen (CO-07), Chellie Pingree (ME-01), Mark Pocan (WI-02), Ayanna Pressley (MA-07), Mike Quigley (IL-05), Delia Ramirez (IL-03), Emily Randall (WA-06), Luz Rivas (CA-29), Deborah Ross (NC-02), Andrea Salinas (OR-06), Linda Sánchez (CA-38), Mary Gay Scanlon (PA-05), Jan Schakowsky (IL-09), Robert C. “Bobby” Scott (VA-03), Terri Sewell (AL-07), Lateefah Simon (CA-12), Adam Smith (WA-09), Melanie Stansbury (NM-01), Marilyn Strickland (WA-10), Suhas Subramanyam (VA-10), Eric Swalwell (CA-14), Mark Takano (CA-39), Shri Thanedar (MI-13), Mike Thompson (CA-04), Bennie G. Thompson (MS-02), Dina Titus (NV-01), Rashida Tlaib (MI-12), Jill Tokuda (HI-02), Paul Tonko (NY-20), Lori Trahan (MA-03), Lauren Underwood (IL-14), Juan Vargas (CA-52), Gabe Vasquez (NM-02), Marc Veasey (TX-33), Nydia M. Velázquez (NY-07), Maxine Waters (CA-43), Bonnie Watson Coleman (NJ-12), and Nikema Williams (GA-05).

It was also endorsed by AFL-CIO; American Friends of Combatants for Peace; American Friends Service Committee; Amnesty International USA; Asian Americans Advancing Justice | AAJC; Asian Americans Advancing Justice | Chicago; Asian Americans Advancing Justice Southern California; Brooklyn for Peace; Center for Constitutional Rights; Center for International Policy Advocacy; Coalition for Humane Immigrant Rights (CHIRLA); CODEPINK; Council on American-Islamic Relations (CAIR); DAWN; Friends Committee on National Legislation; Habonim Dror North America; Hindus for Human Rights; HIstorians for Peace and Democracy; IfNotNow Movement ; Illinois Coalition for Immigrant and Refugee Rights; IMEU Policy Project; Immigrant Legal Resource Center (ILRC); Indivisible; International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW); J Street; Jewish Voice for Peace Action; MADRE; Minnesota Peace Project; MPower Change Action Fund; National Immigrant Justice Center; New Jewish Narrative; Nonviolence International; OneAmerica; Partners for Progressive Israel; Peace Action; Presbyterian Church (USA), Office of Public Witness; Presidents’ Alliance on Higher Education and Immigration; Reconsider; Service Employees International Union (SEIU); Southeast Asia Resource Action Center (SEARAC); Stop AAPI Hate; United Church of Christ.

Issues: Arts & Education, Immigration

MIL OSI USA News –

May 2, 2025

MIL-OSI: GSI Technology, Inc. Reports Fourth Quarter and Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

SUNNYVALE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — GSI Technology, Inc. (NASDAQ: GSIT) today reported financial results for its fourth fiscal quarter and fiscal year ended March 31, 2025.

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

	Three Months Ended									12 Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
Net revenues	$	5,883		$	5,414		$	5,152		$	20,518		$	21,765
Gross margin (%)		56.1	%		54.0	%		51.6	%		49.4	%		54.3	%
Operating expenses	$	5,575		$	6,978		$	7,172		$	20,975		$	32,254
Operating loss	$	(2,276	)	$	(4,055	)	$	(4,514	)	$	(10,835	)	$	(20,431	)
Net loss	$	(2,230	)	$	(4,029	)	$	(4,321	)	$	(10,639	)	$	(20,087	)
Net loss per share, diluted	$	(0.09	)	$	(0.16	)	$	(0.17	)	$	(0.42	)	$	(0.80	)

Lee-Lean Shu, Chairman and Chief Executive Officer, stated, “Our fourth quarter revenue increased 14% year-over-year and 9% sequentially to $5.9 million, reflecting strong demand for our legacy SRAM chips. This performance, combined with disciplined cost management, led to a significantly reduced net loss and lower cash burn for the quarter.”

Mr. Shu continued, “ I am excited to announce that we secured an initial order for our radiation-hardened SRAM from a North American prime contractor, with follow-on orders expected in fiscal 2026. This sale also carries a significantly higher gross margin than our traditional SRAM chips. In parallel, we are actively pursuing heritage status for this chip, which will improve our market readiness and open important new sales channels. On the APU front, we expect to receive production-ready Gemini-II chips and Leda-2 boards by the end of the first quarter of fiscal 2026. In addition, our Gemini-II SBIR programs with the Space Development Agency (SDA) and US Air Force Research Laboratory (AFRL) remain on schedule. We delivered a server with a Leda-2 board to AFRL and will soon ship a Gemini-II card to SDA. Funds from these programs are offsetting our R&D expenditures for Gemini-II.”

Mr. Shu concluded, “We are especially excited about a recent enhancement to Plato: adding the integration of a camera interface directly into the chip. This and other enhanced connectivity features create a compact, all-in-one optimized AI and LLM engine for edge devices, particularly well suited for agents requiring object recognition. With the ability to process data locally, without relying on cloud infrastructure, Plato now offers a powerful and flexible accelerator for next-generation edge computing applications. The new capability has increased strategic interest in Plato, and we are currently in preliminary discussions with multiple parties to secure partnerships to fund the next phase of development.”

Commenting on the outlook for GSI’s first quarter of fiscal 2026, Mr. Shu stated, “Our current expectations for the upcoming first quarter of fiscal 2026 is for net revenues in a range of $5.5 million to $6.3 million, with gross margin of approximately 56% to 58%.”

Fiscal Year 2025 Summary Financials

The Company reported net revenues of $20.5 million for the fiscal year ended March 31, 2025, compared to $21.8 million for fiscal 2024. Gross margin was 49.4% for fiscal 2025 compared to 54.3% in fiscal 2024. The decrease in gross margin was primarily due to product mix and the effect of lower revenue on the fixed costs in our cost of revenues.

Total operating expenses were $21.0 million in fiscal 2025, compared to $32.3 million in fiscal 2024. Research and development expenses were $16.0 million, compared to $21.7 million in the prior fiscal year. Selling, general and administrative expenses were $10.8 million, compared to $10.6 million in fiscal 2024. The decline in research and development expenses was primarily due to cost reductions announced in August 2024. Research and development expense in fiscal 2024 included pre-production mask costs of $2.4 million related to our Gemini-II product.

Research and development expenses in fiscal 2025 and fiscal 2024 were reduced by $1.2 million and $440,000, respectively, reflecting government funding under the SBIR programs. Operating expenses in fiscal 2025 include a gain on the sale of assets of $5.8 million from the sales of the Company’s headquarters building in Sunnyvale, CA, in a sales and leaseback transaction.

The operating loss for fiscal 2025 was $(10.8) million compared to an operating loss of $(20.4) million in the prior year. The fiscal 2025 net loss included interest and other income of $326,000 and a tax provision of $130,000, compared to $414,000 in interest and other income and a tax provision of $70,000 in the prior fiscal year.

Net loss for fiscal 2025 was $(10.6) million, or $(0.42) per diluted share, compared to a net loss of $(20.1) million, or $(0.80) per diluted share, for fiscal 2024.

Fourth Quarter Fiscal Year 2025 Summary Financials

The Company reported net revenues of $5.9 million for the fourth quarter of fiscal 2025, compared to $5.2 million for the fourth quarter of fiscal 2024 and $5.4 million for the third quarter of fiscal 2025. Gross margin was 56.1% in the fourth quarter of fiscal 2025 compared to 51.6% in the fourth quarter of fiscal 2024 and 54.0% in the preceding third quarter of fiscal 2025. The sequential increase in gross margin in the fourth quarter of fiscal 2025 was primarily due to higher revenue and product mix.

In the fourth quarter of fiscal 2025, sales to KYEC were $1.7 million, or 29.5% of net revenues, compared to $544,000, or 10.6% of net revenues, in the same period a year ago and $1.2 million, or 22.7% of net revenues, in the prior quarter. In the fourth quarter of fiscal 2025, sales to Nokia were $444,000, or 7.5% of net revenues, compared to $694,000, or 13.5% of net revenues, in the same period a year ago and $239,000, or 4.4% of net revenues, in the prior quarter. Military/defense sales were 30.7% of fourth quarter shipments compared to 35.5% of shipments in the comparable period a year ago and 30.0% of shipments in the prior quarter. SigmaQuad sales were 39.3% of fourth quarter shipments compared to 42.4% in the fourth quarter of fiscal 2024 and 39.1% in the prior quarter.

Total operating expenses in the fourth quarter of fiscal 2025 were $5.6 million, compared to $7.2 million in the fourth quarter of fiscal 2024 and $7.0 million in the prior quarter. Research and development expenses were $3.0 million, compared to $4.8 million in the prior-year period and $4.0 million in the prior quarter. Research and development expenses in the fourth quarter of fiscal 2025 were reduced by $870,000, reflecting government funding under the SBIR programs. Selling, general and administrative expenses were $2.6 million in the quarter ended March 31, 2025, compared to $2.4 million in the prior year quarter and $3.0 million in the previous quarter.

Fourth quarter fiscal 2025 operating loss was $(2.3) million compared to an operating loss of $(4.5) million in the prior-year period and $(4.1) million in the prior quarter. Fourth quarter fiscal 2025 net loss included interest and other income of $52,000 and a tax provision of $6,000, compared to $108,000 in interest and other income and a tax benefit of $(85,000) for the same period a year ago. In the preceding third quarter, net loss included interest and other income of $70,000 and a tax provision of $44,000.

Net loss in the fourth quarter of fiscal 2025 was $(2.2) million, or $(0.09) per diluted share, compared to a net loss of $(4.3) million, or $(0.17) per diluted share, for the fourth quarter of fiscal 2024 and a net loss of $(4.0) million, or $(0.16) per diluted share, for the third quarter of fiscal 2025.

Total fourth quarter pre-tax stock-based compensation expense was $512,000 compared to $693,000 in the comparable quarter a year ago and $429,000 in the prior quarter.

At March 31, 2025, the Company had $13.4 million in cash and cash equivalents, compared to $14.4 million at March 31, 2024. Working capital was $16.4 million as of March 31, 2025 versus $24.7 million at March 31, 2024. Stockholders’ equity as of March 31, 2025 was $28.2 million, compared to $36.0 million as of the fiscal year ended March 31, 2024.

Conference Call

Management will conduct a conference call to review the Company’s financial results for the fourth quarter and fiscal year 2025 and its current outlook for the first quarter of fiscal 2026 at 1:30 p.m. Pacific time (4:30 p.m. Eastern Time) today.

To participate in the call, please dial 1-877-407-3982 in the U.S. or 1-201-493-6780 for international approximately 10 minutes prior to the above start time and provide Conference ID 13753362. The call will also be streamed live via the internet at www.gsitechnology.com.

A replay will be available from May 1, 2025, at 7:30 p.m. Eastern Time through May 8, 2025, at 11:59 p.m. Eastern Time by dialing toll-free for the U.S. 1-844-512-2921 or international 1-412-317-6671 and entering pin number 13753362. A webcast of the call will be archived on the Company’s investor relations website under the Events and Presentations tab.

About GSI Technology

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

Forward-Looking Statements

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

Source: GSI Technology, Inc.

Contacts:

Investor Relations:

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

Media Relations:

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

Company:

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


GSI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)

	Three Months Ended									Twelve Months Ended
	March 31,			Dec. 31,			March 31,			March 31,			March 31,
		2025			2024			2024			2025			2024

Net revenues	$	5,883		$	5,414		$	5,152		$	20,518		$	21,765
Cost of goods sold		2,584			2,491			2,494			10,378			9,942

Gross profit		3,299			2,923			2,658			10,140			11,823

Operating expenses:

Research & development		2,966			4,037			4,818			16,005			21,689
Selling, general and administrative		2,609			2,997			2,354			10,763			10,565
Gain from sale of assets		–			(56	)		–			(5,793	)		–
Total operating expenses		5,575			6,978			7,172			20,975			32,254

Operating loss		(2,276	)		(4,055	)		(4,514	)		(10,835	)		(20,431	)

Interest and other income (expense), net		52			70			108			326			414

Loss before income taxes		(2,224	)		(3,985	)		(4,406	)		(10,509	)		(20,017	)
Provision (benefit) for income taxes		6			44			(85	)		130			70
Net loss	$	(2,230	)	$	(4,029	)	$	(4,321	)	$	(10,639	)	$	(20,087	)


Net loss per share, basic	$	(0.09	)	($	0.16	)	$	(0.17	)	$	(0.42	)	$	(0.80	)
Net loss per share, diluted	$	(0.09	)	($	0.16	)	$	(0.17	)	$	(0.42	)	$	(0.80	)

Weighted-average shares used in
computing per share amounts:

Basic		25,604			25,546			25,297			25,498			25,144
Diluted		25,604			25,546			25,297			25,498			25,144


Stock-based compensation included in the Condensed Consolidated Statements of Operations:

	Three Months Ended									Twelve Months Ended
	March 31,			Dec. 31,			March 31,			March 31,			March 31,
		2025			2024			2024			2025			2024

Cost of goods sold	$	42		$	50		$	53		$	199		$	228
Research & development		263			121			331			1,010			1,411
Selling, general and administrative		207			258			309			1,053			1,199
	$	512		$	429		$	693		$	2,262		$	2,838

GSI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

	March 31, 2025		March 31, 2024
Cash and cash equivalents	$	13,434	$	14,429
Accounts receivable		3,169		3,118
Inventory		3,891		4,977
Other current assets		2,961		1,954
Assets held for sale		0		5,629
Net property and equipment		808		1,148
Operating lease right-of-use assets		9,547		1,553
Other assets		9,507		9,656
Total assets	$	43,317	$	42,464

Current liabilities	$	7,074	$	5,365
Long-term liabilities		8,017		1,129
Stockholders’ equity		28,226		35,970
Total liabilities and stockholders’ equity	$	43,317	$	42,464

The MIL Network –

May 2, 2025

MIL-Evening Report: As Dutton champions nuclear power, Indigenous artists recall the profound loss of land and life that came from it

Source: The Conversation (Au and NZ) – By Josephine Goldman, Sessional Academic, School of Languages and Cultures, Discipline of French and Francophone Studies, University of Sydney

Opposition Leader Peter Dutton’s promise to power Australia with nuclear energy has been described by experts as a costly “mirage” that risks postponing the clean energy transition.

Beyond this, however, the Coalition’s nuclear policy has, for many First Nations peoples, raised the spectre of the last time the atomic industry came to Australia.

Indigenous peoples across Oceania share memories of violent histories of nuclear bomb testing, uranium mining and waste dumping – all of which disproportionately affected them and/or their ancestors.

Two sides of the same coin

While it may be tempting to separate them, the links between military and civilian nuclear industries – that is, between nuclear weapons and nuclear energy plants – are well established. According to a 2021 paper by energy economists Lars Sorge and Anne Neumann: “In part, the global civilian nuclear industry was established to legitimatise the development of nuclear weapons.”

The causative links between military and civilian uses of nuclear power flow in both directions.

As Sorge and Neumann write, many technologies and skills developed for use in nuclear bombs and submarines end up being used in nuclear power generation. Another expert analysis suggests countries that receive peaceful nuclear assistance, in the form of nuclear technology, materials or skills, are more likely to initiate nuclear weapons programs.

Since the first atomic bombing of Hiroshima in 1945, Indigenous peoples across the Pacific have been singing, writing and talking about nuclear colonialism. Some were told the sacrifice of their lands and lifeways was “for the good of mankind”.

Today, they continue to use their bodies and voices to push back against the promise of a benevolent nuclear future – a vision that has often been used justify their and their ancestors’ suffering and displacement.

Black mist and brittle landscapes

In 2023, Bangarra Dance Company produced Yuldea. This performance centres on the Yooldil Kapi, a permanent desert waterhole.

For millennia, this water source sustained the Aṉangu and Nunga peoples and a multitude of other plant and animal life across the Great Victorian Desert and far-west South Australia.

In 1933, Yuldea became the site of the Ooldea Mission. Then, in 1953, when the British began testing nuclear bombs at nearby Emu Field (1953) and Maralinga (1956–57), the local Aṉangu Pila Nguru were displaced from their land to the mission.

Directed by Wirangu and Mirning woman Frances Rings, Yuldea tells the story of this Country in four acts: act one, Supernova; act two, Kapi (Water); act three, Empire; and act four, Ooldea Spirit.

The impacts of nuclear testing are directly confronted in a section titled Black Mist (in act three, Empire). Dancers’ bodies twist and spasm as a black mist falls from the sky, representing the fog of radioactive particles that resulted from weapons testing. In reality, this fog could cause lifelong injuries when inhaled or ingested, including blindness.

But Yuldea is more than just a story of destruction. By exploring Aṉangu and Nunga relationships with Country before and after nuclear testing, it affirms their enduring presence in the region. This is captured in the opening prose:

We are memory.
Glimpsed through shimmering light on water.
A story place where black oaks stand watch.
Carved into trees and painted on rocks.
North – South – East – West.
A brittle landscape of life and loss.

To acknowledge is to remember

The podcast Nu/clear Stories (2023-), created by Mā’ohi (Tahitian) women Mililani Ganivet and Marie-Hélène Villierme, uses storytelling to grapple with the consequences of colonial nuclear testing.

Ganivet and Villierme address the memories of French nuclear testing on the islands of Moruroa and Fangataufa in Mā’ohi Nui (French Polynesia) from 1963 to 1996.

Rather than using a linear understanding of time, which keeps the past in the past and idealises a future of “progress”, Nu/clear Stories draws on Indigenous philosophies of cyclical or spiral time to insist that by turning to the past, we can understand how history shapes the present and future.

As Ganivet says when introducing the first episode, Silences and Questions:

We are part of a long genealogy of people who found the courage to speak before us. […] To acknowledge them here is to remember that without them we would not be able to speak today. And so today, we stand on their shoulders, with the face firmly turned towards the past, but with our eyes gazing deep into the future.

Protest march against French nuclear testing in the Pacific, Willis Street, Wellington. Evening post (Newspaper. 1865-2002) :Photographic negatives and prints of the Evening Post newspaper.
Ref: 1/4-020364-F. Alexander Turnbull Library, Wellington, New Zealand. /records/22809366, CC BY-NC

Stories in the Tomb

In her 2018 poem video Anointed, Part III of the series Dome, Marshall Islander woman Kathy Jetn̄il-Kijiner pays homage to Runit Island. This island in the Enewetak Atoll was transformed into a dumping site for waste from US nuclear bomb tests between 1946 and 1958.

A huge concrete dome was built on Runit Island in the 1970s to cover about 85,000 cubic metres of radioactive waste. The island became known as “the Tomb” to the Enewetak people – a tomb that still leaks nuclear radiation into the ocean today.

Nuclear bombs were exploded above ground and underwater on the Bikini and Enewetak Atolls. A huge concrete dome on Runit Island, built to contain nuclear waste, has given the island the nickname ‘the Tomb’.
Wikimedia

However, like the creators behind Yuldea and Nu/clear Stories, Jetn̄il-Kijiner refuses to remember Runit Island as only a nuclear graveyard. Instead, she approaches it like a long-lost family member or ancestor who she hopes will be full of stories.

Jetn̄il-Kijiner speaks to the island through her poem, drawing a devastating contrast between what it once was and what it is now:

You were a whole island, once. You were breadfruit trees heavy with green globes of fruit whispering promises of massive canoes. Crabs dusted with white sand scuttled through pandanus roots. Beneath looming coconut trees beds of ripe watermelon slept still, swollen with juice. And you were protected by powerful irooj, chiefs birthed from women who could swim pregnant for miles beneath a full moon.

Then you became testing ground. Nine nuclear weapons consumed you, one by one by one, engulfed in an inferno of blazing heat. You became crater, an empty belly. Plutonium ground into a concrete slurry filled your hollow cavern. You became tomb. You became concrete shell. You became solidified history, immoveable, unforgettable.

While Jetn̄il-Kijiner describes herself as “a crater empty of stories”, she continues to find stories in the Tomb: namely, the legend of Letao, the son of a turtle goddess who turned himself into fire and, in the hands of a small boy, nearly burned a village to the ground.

Juxtaposing this fire with the US’s nuclear bombs, she ends her poem with “questions, hard as concrete”:

Who gave them this power?
Who anointed them with the power to burn?

The link between past and future

In their book Living in a nuclear world: From Fukushima to Hiroshima (2022), Bernadette Bensaude-Vincent and others explore how “nuclear actors” frame nuclear technology as “indispensable”, “mundane” and “safe” by neatly severing nuclear energy from nuclear history.

This framing helps nuclear actors avoid answering concrete questions. It also helps to hides the colonial history of nuclear technologies – histories which leak into the present. But not everyone accepts this framing.

Indigenous artists remind us the nuclear past must be front-of-mind as we look to shape the future.

During her PhD thesis – funded by the Australian Government Research Training Program – Josephine worked on photographic works by Marie-Hélène Villierme. She has also interviewed Villierme in the past, and worked with her collaboratively on a book chapter on her work (published in Francophone Oceania Today (2024)).

– ref. As Dutton champions nuclear power, Indigenous artists recall the profound loss of land and life that came from it – https://theconversation.com/as-dutton-champions-nuclear-power-indigenous-artists-recall-the-profound-loss-of-land-and-life-that-came-from-it-249371

MIL OSI Analysis – EveningReport.nz –

May 2, 2025

MIL-Evening Report: Schools today also teach social and emotional skills. Why is this important? And what’s involved?

Source: The Conversation (Au and NZ) – By Kristin R. Laurens, Professor, School of Psychology and Counselling, Queensland University of Technology

DGLImages/Shutterstock

The school curriculum has changed a lot from when many parents and grandparents were at school.

Alongside new approaches to learning maths and increasing attention on technology, there is a compulsory focus on social and emotional skills.

Children start developing these skills by watching and observing others as babies. But they also need to be taught about them more actively – think about parents telling kids to say “thank you” or making sure they take turns when playing with friends.

How do schools teach social and emotional skills? And why is it important? Our new research shows how these lessons can improve students’ wellbeing and lead to better academic results.

What do schools teach about social and emotional skills?

As the Productivity Commission noted in 2023, schools should support students’ social and emotional wellbeing to help them “cope with the various stresses of life”. It also found strong social and emotional skills support students’ ability to engage and learn at school.

Since 2010, social and emotional skills have been a compulsory part of the Australian Curriculum. This involves four key strands for students from the first year of school to Year 10:

self-awareness: understanding your strengths and limitations and having confidence you can achieve goals
self-management: identifying and managing your emotions, thoughts and behaviours in different situations. This includes managing stress and controlling impulses
social awareness: understanding other perspectives, empathising with others from different backgrounds and cultures and understanding social expectations for behaviour
relationship skills: forming and maintaining healthy relationships, communicating and cooperating. This also includes responsible decision-making and understanding morals and consequences.

How are these skills taught?

Teaching these skills can be done in two ways.

The first is by incorporating them into core academic subjects. For example, an English teacher might ask students to discuss the emotions, behaviours and relationships of characters in a novel. Teachers should also model the skills in their interactions with students.

To do this effectively, teachers need specific knowledge of how to teach these skills. Busy schools may not prioritise this professional development for teachers because, unlike academic knowledge, these skills are not assessed.

The second approach is to use a structured program designed to develop these skills. These programs can particularly help teachers with less training in social and emotional teaching.

However, we know these programs are not always available or implemented adequately in schools. For example, in 2015 we surveyed 600 public, Catholic and independent NSW primary schools. Fewer than two-thirds (60%) taught social and emotional skills using formal programs. And of the programs used, one in three (34%) had either never been tested or showed no positive effects on students’ social-emotional skills.

Why is this important?

But research tells us formal programs can work. Our 2025 study looked at the social and emotional skills of 18,600 Year 6 students in NSW government and non-government primary schools. We also used data from their school leaders about the types of social and emotional skills programs they used – or did not use.

We found students who received structured, evidence-based programs (on average, over three to four years) had better social and emotional skills on our self-report survey than those who did not.

Students who received these programs had social and emotional skills that were 7-10 percentile points better than those who did not. That is, in a group of 100 students, they ranked 7-10 places higher.

But it showed there was only a benefit if programs were evidence-based – this means they had been formally tested to check they could be taught effectively by teachers in the classroom.

Social and emotional skills include being able to identify your emotions and cooperating with others.
DGLImages/Shutterstock

There are academic benefits as well

In another 2025 study, we followed students as they went to high school. We wanted to see how their social and emotional skills in primary school related to their later academic achievement.

We linked our survey data on NSW Year 6 students’ self-awareness and self-management skills with their NAPLAN reading and numeracy scores in Year 7. We could do this for almost 24,000 students who participated in our survey and in NAPLAN.

We found increases in these skills were linked to increases in NAPLAN scores. Standard gains ranged between 8–20 percentile points.

This fits with other research which shows students with strong self-awareness and self-management are more confident about achieving academic goals and more engaged and focused on their learning. This in turn helps them engage and persevere with challenges, so they achieve more academic learning.

What now?

Our research shows how programs teaching social and emotional skills can give young people fundamental skills to navigate learning and life beyond school. But implementation is patchy and not always based on evidence. School today involves more than reading, maths and facts. This means all schools need resources and access to effective programs to teach social and emotional skills.

Kristin R. Laurens received funding for this research from the Australian Research Council and the National Health and Medical Research Council of Australia.

Emma Carpendale received an Australian Government Research Training Program Stipend scholarship and a Queensland University of Technology Faculty of Health Excellence Top-Up scholarship.

– ref. Schools today also teach social and emotional skills. Why is this important? And what’s involved? – https://theconversation.com/schools-today-also-teach-social-and-emotional-skills-why-is-this-important-and-whats-involved-253342

MIL OSI Analysis – EveningReport.nz –

May 2, 2025

MIL-Evening Report: Logging devastated Victoria’s native forests – and new research shows 20% has failed to grow back

Source: The Conversation (Au and NZ) – By Maldwyn John Evans, Senior Research Fellow, Fenner School of Environment and Society, Australian National University

Old growth mountain ash forest in the Maroondah water supply catchment, Victoria. Chris Taylor

Following the end of native logging in Victoria on January 1 2024, the state’s majestic forests might be expected to regenerate and recover naturally. But our new research shows that’s not always the case.

We quantified the extent of regeneration following logging in the eucalypt forests of southeastern Australia between 1980 and 2019. This included nearly 42,000 hectares of logged mountain ash forest in Victoria’s Central Highlands.

We analysed satellite data, logging records, on-ground surveys and drone photography, and discovered that nearly 20% of logged areas failed to regenerate. This represents more than 8,000 hectares of forest lost. All that remains in these areas are grassy clearings, dense shrublands or bare soils.

We also found the rate of regeneration failure has increased over the past decade. While failure was rare in the 1980s, it became much more common over time – affecting more than 80% of logged sites by 2019.

These regeneration failures weren’t random. They were found mostly in close proximity to each other, on areas with steep slopes, relatively low elevation, and where the area of clear-felled forest was long and narrow.

Our research shows more needs to be done to restore Victoria’s forest after logging.

Failed regeneration in the Upper Thomson water supply catchment.
Chris Taylor/Lachie McBurnie

Restoring majestic forests and their vital services

Victoria is home to some of the most spectacular forests on the planet. They include extensive stands of mountain ash, the tallest flowering plant on Earth, which can grow to almost 100 metres in height. Alpine ash, another giant, can grow up to 60m tall.

These forests have great cultural significance to Indigenous people and support many recreational and tourism activities.

Healthy forest ecosystems also deliver clean water and carbon storage services. In fact, mountain ash forests contain more carbon per hectare than most other forests around the world.

But Victoria’s forests have long been logged for timber and pulp. The main method of logging – clearfelling – scars the landscape, leaving large areas devoid of trees if natural tree regeneration fails.

Mountain ash is especially vulnerable

Our research revealed 19.2% of areas logged between 1980 and 2019 in our study area (8,030ha out of 41,819ha cut) failed to regenerate naturally.

We also found strong evidence of a significant increase in the extent of failed regeneration over 40 years, increasing from less than two hectares per cutblock in 1980 (about 7.5%) to more than nine hectares per cutblock in 2019 (about 85%), on average.

We found regeneration failure was more likely in mountain ash forests compared with other forest types.

This adds to the case for listing the mountain ash forests of the Central Highlands of Victoria as a threatened ecological community.

The presence of non-eucalypt categories of vegetation indicates large areas of regeneration failure in forest near Mt Matlock, in the Central Highlands of Victoria.
Chris Taylor

A responsibility to restore

Under Victoria’s Code of Forest Practice for Timber Production, logged native forests must be properly regenerated within two to three years of harvest.

That’s because it is nearly impossible for the native forest to regenerate after three years without human intervention. The young trees face too much competition from grass and shrubs.

These degraded areas no longer hold the value they once did and they cannot provide the same level of ecosystem services such as carbon storage, water purification, or habitat for wildlife.

With no current government restoration plan, these landscapes will remain degraded indefinitely. The Victorian government retains legal responsibility to restore these degraded forests, but currently lacks any large-scale restoration strategy, making action urgently required.

Photographs of vegetation categories on logged sites: Eucalyptus regeneration near Toolangi (A), grass-dominated area near Mt Matlock (B), shrubby vegetation at Ballantynes Saddle (C), Daviesia vegetation near Mt Matlock (D), Acacia near Mt Baw Baw (E), and bare earth near Mt Matlock (F).
Chris Taylor

A way forward: using green bonds to fund regeneration

Our research shows the regeneration of forests after logging is not guaranteed. Nature often needs a helping hand. But we need to find ways to fund these projects.

Globally, governments have used “green bonds” to lower the cost of borrowing tied explicitly to measurable environmental results.

Victoria already has green bonds “to finance new and existing projects that offer climate change and environmental benefits”. But funds are typically used to finance investments in transport, renewable energy, water and low carbon buildings.

As part of a coalition of researchers, environmental organisations, and finance sector partners we proposed a A$224 million green bond for forest regeneration. This proposal was put to the Victorian government via the Treasury Corporation of Victoria.

Green bond funding would help leverage co-investment from the Commonwealth government and philanthropic partners to improve monitoring and biodiversity outcomes in native forests.

As part of the proposed green bond, areas of logged forest where natural regeneration has failed would be restored.

Other investments under the green bond could include creating tourism ventures (and associated jobs), controlling feral animals such as deer, and biodiversity recovery – creating habitat for endangered species such as the southern greater glider and Leadbeater’s possum, for example.

The $224 million required for the ten years of the green bond — or around $22.4 million per year — is less than the substantial losses Victoria incurred on its investment in VicForests over the past decade.

Our research suggests leaving nature to its own devices would mean losing a fifth of the forests logged over the past 40 years. Bringing the trees back has multiple benefits and would be well worth the investment.

Maldwyn John Evans receives funding from the Australian Government.

David Lindenmayer receives funding from The Australian Government, the Australian Research Council and the Victorian Government. He is a Councillor with the Biodiversity Council and a Member of Birdlife Australia.

Chris Taylor 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. Logging devastated Victoria’s native forests – and new research shows 20% has failed to grow back – https://theconversation.com/logging-devastated-victorias-native-forests-and-new-research-shows-20-has-failed-to-grow-back-254465

MIL OSI Analysis – EveningReport.nz –

May 2, 2025

MIL-Evening Report: What are the symptoms of measles? How long does the vaccine last? Experts answer 6 key questions

Source: The Conversation (Au and NZ) – By Phoebe Williams, Paediatrician & Infectious Diseases Physician; Senior Lecturer & NHMRC Fellow, Faculty of Medicine, University of Sydney

fotohay/Shutterstock

So far in 2025 (as of May 1), 70 cases of measles have been notified in Australia, with all states and territories except Tasmania and the Australian Capital Territory having recorded at least one case. Most infections have occurred in New South Wales, Victoria and Western Australia.

We’ve already surpassed the total number of cases recorded in all of 2023 (26 cases) and 2024 (57 cases).

Measles outbreaks are currently occurring in every region of the world. Most Australian cases are diagnosed in travellers returning from overseas, including popular holiday destinations in Southeast Asia.

But although Australia eliminated local transmission of measles in 2014, recently we’ve seen measles infections once again in Australians who haven’t been overseas. In other words, the virus has been transmitted in the community.

So with measles health alerts and news reports popping up often, what do you need to know about measles? We’ve collated a list of commonly Googled questions about the virus and the vaccine.

1. What is measles?

Measles is one of the most contagious diseases known to affect humans. In fact, every person with measles can infect 12 to 18 others who are not immune. The measles virus can survive in the air for two hours, so people can inhale the virus even after an infected person has left the room.

Measles predominantly affects children and those with weaker immune systems. Up to four in ten people with measles will need to go to hospital, and up to three in 1,000 people who get measles will die.

In 2023, there were more than 100,000 deaths from measles around the world.

2. What are the symptoms of measles?

The signs and symptoms of measles usually start 7–14 days after exposure to the virus, and include rash, fever, a runny nose, cough and conjunctivitis. The rash usually starts on the face or neck, and spreads over three days to eventually reach the hands and feet. On darker skin, the rash may be harder to see.

Complications from measles are common, and include ear infections, encephalitis (swelling of the brain), blindness and breathing problems or pneumonia. These complications are more likely in children.

Pregnant women are also at greater risk of serious complications, and measles can also cause preterm labour and stillbirth.

Even in people who recover from measles, a rare (and often fatal) brain condition can occur many years later, called subacute sclerosing panencephalitis.

Children are most vulnerable to measles.
Jacob Lund/Shutterstock

3. What’s the difference between measles and chickenpox?

Measles and chickenpox are caused by different viruses, although both commonly affect children, and vaccines can prevent both diseases. Chickenpox is caused by the varicella zoster virus, which is also transmitted through the air, and can cause fever, rash and rare (yet serious) complications.

The chickenpox rash is different to the rash seen in measles. It often starts on the chest or back, appearing first as separate red bumps that evolve into fluid-filled blisters, called vesicles. Chickenpox can also appear later in life as shingles.

4. Can you get measles twice?

The simple answer is no. If you contract measles, you should have lifelong immunity afterwards.

In Australia, people born before 1966 would have most likely been infected with measles, because the vaccine wasn’t available to them as children. They are therefore protected from future infection.

Measles infection however can reduce the immune system’s ability to recognise infections it has previously encountered, leaving people vulnerable to many of the infections to which they previously had immunity. Vaccination can protect against this.

5. What is the measles vaccine, and at what age do you get it?

The measles vaccine contains a live but weakened version of the measles virus. In Australia, measles vaccinations are given as part of a combination vaccine that contains the measles virus alongside the mumps and rubella viruses (the MMR vaccine), and the chickenpox virus (MMRV).

Under the national immunisation program, children in Australia receive measles vaccines at 12 months (MMR) and 18 months of age (MMRV). In other countries, the age of vaccination may vary – but at least two doses are always needed for optimal immunity.

In Australia, children are vaccinated against measles at 12 and 18 months.
Zhuravlev Andrey/Shutterstock

Measles vaccines can be given earlier than 12 months, from as early as six months, to protect infants who may be at higher risk of exposure to the virus (such as those travelling overseas). Infants who receive an early dose of the measles vaccine still receive the usual two recommended doses at 12 and 18 months old.

Australians born between 1966 and 1994 (those aged roughly 20–60) are considered to be at greater risk of measles, as the second dose was only recommended from November 1992. Australia is seeing breakthrough measles infections in this age group.

An additional measles vaccine can be given to these adults at any time. It’s safe to get an extra dose even if you have been vaccinated before. If you are unsure if you need one, talk to your GP who may check your measles immunity (or immunisation record, if applicable) before vaccinating.

However, as the measles vaccine is a live vaccine, it’s not safe to give to people with weakened immune systems (due to certain medical conditions) or pregnant women. It’s therefore important that healthy, eligible people receive the measles vaccine to protect themselves and our vulnerable population.

6. How long does a measles vaccine last?

The measles vaccine is one of the most effective vaccines we have. After two doses, about 99% of people will be protected against measles for life.

And the measles vaccine not only protects you from disease. It also stops you from transmitting the virus to others.

Phoebe Williams receives research funding focused on reducing antimicrobial resistance and neonatal sepsis from the National Health and Medical Research Council and the Gates Foundation.

Archana Koirala is the chair of the Vaccination Special Interest Group and a committee member of the Australian and New Zealand paediatric infectious diseases network with Australasian Society of Infectious Diseases. Her vaccine and seroprevalence research has been funded by the Australian Government Department of Health and Aged Care and NSW Health.

– ref. What are the symptoms of measles? How long does the vaccine last? Experts answer 6 key questions – https://theconversation.com/what-are-the-symptoms-of-measles-how-long-does-the-vaccine-last-experts-answer-6-key-questions-255496

MIL OSI Analysis – EveningReport.nz –

May 2, 2025

MIL-Evening Report: How the US ‘war on woke’ and women risks weakening its own military capability

Source: The Conversation (Au and NZ) – By Bethan Greener, Associate Professor of Politics, Te Kunenga ki Pūrehuroa – Massey University

US Defense Secretary Pete Hegseth during a visit with Michigan Air National Guard troops, April 29. Getty Images

With US Secretary of Defense Pete Hegseth’s “proud” cancellation this week of the military’s Women, Peace and Security (WPS) program, the “war on woke” has found its latest frontier – war itself.

Stemming from a United Nations Security Council resolution in 2000, the WPS initiative aimed to increase the participation of women in public institutions, including in the security sector and in peace-making roles.

The WPS agenda aims to better understand how women, men, boys and girls experience war, peace and security differently. It increases operational effectiveness and supports the underlying goal of gender equality, described by the UN as the “number one predictor of peace”.

In the military context, it emphasises the need to increase the participation of women and to better protect non-combatant women in war, particularly from the prevalence of conflict-related sexual violence.

The decision to end the program as part of a wider war on diversity, equity and inclusion seems to assume national security and military power are incompatible with the promotion of racial and gender equality.

In other words, it assumes certain types of people aren’t really cut out to be “warfighters”. And it asserts that anything other than basic skill (such as weapons handling) undermines readiness and ability in warfare.

History and the available evidence suggest both ideas are wrong.

The archetypal warrior envisaged by Hegseth and others is one who relies on very traditional concepts of what constitutes a warrior and who that might be: not female, definitely not transgender, ideally also not gay.

Recent bans on transgender personnel in the US military, the removal of mandatory mental resilience training, and the
“disappearance” from US museums and memorials of the records of the military contribution of women and minorities, reinforce these ideas.

The ideal soldier, according to the new doctrine, is straight, white, physically fit, stoic and male. Yet people of all stripes have served their countries ably and with honour.

Hard-won progress in retreat

Military service is allocated a privileged kind of status in society, despite (or perhaps because of) the ultimate sacrifice it can entail. That status has long been the preserve of men, often of a particular class or ethnicity.

But women and minorities around the world have fought for the right to enter the military, often as part of broader campaigns for greater equality within society in general.

But there remains resistance to these “interlopers”. No matter their individual capabilities, women are painted as too physically weak, as a threat to combat unit cohesion, or a liability because of their particular health needs.

Women, in particular, are often perceived as being too emotional or lacking authority for military command. Minorities are seen as requiring distracting rules about cultural sensitivity, presenting language challenges, or are stereotyped as not cut out for leadership.

But problem solving – a key military requirement – is best tackled with a range of views and approaches. Research from the business world shows diverse teams are more successful, including delivering higher financial returns.

At a more granular level, we also know that minority groups have often outperformed other military units, as exemplified by the extraordinary feats of the New Zealand Māori Pioneer Battalion in World War I and the 28th Māori Battalion in World War II.

Women, too, have proved themselves many times over, most recently in the wars in Iraq and Afghanistan. As well as matching the skills of their male counterparts, they also had different, useful approaches to roles such as intelligence gathering in conflict zones.

US Marines on a military exercise – but history shows us there’s more than one type of successful soldier.
Getty Images

The ‘woke warrior’

The competence of military personnel is not determined by sex, gender, sexuality or ethnicity. Rather, competence is determined by a combination of learned skills, training, education, physical ability, mental agility, resilience, experience, interpersonal skills and leadership qualities.

Any suggestion that military units are best served by being made up of only heterosexual men with “alpha” tendencies is undermined by the evidence. In fact, a monocultural, hypermasculine military may increase the potential for harrassment, bullying or worse.

Modern military roles also involve a much wider range of skills than the traditional and stereotypically male infantry tasks of digging, walking with a pack, firing guns and killing an enemy.

In modern warfare, personnel may also need to engage in “hearts and minds” counterinsurgency, or in “grey zone” tactics, where specialisations in intelligence, cyber or drone piloting are more highly prized. Militaries are also much more likely to be deployed to non-warfighting roles, such as humanitarian aid and disaster relief.

This isn’t to say “controlled aggression” and other traditionally alpha-male attributes don’t have their place. But national military strategies increasingly stress the need to train ethical and compassionate soldiers to successfully carry out government objectives.

The evolution of war requires the evolution of the military forces that fight them. The cancellation of the Women, Peace and Security program in the US threatens to put a stop to this process, at least in that country.

Despite Pete Hegseth’s claim to be increasing “warfighting” capability, then, there is a real chance the move will decrease operational effectiveness, situational awareness and problem solving in conflict situations.

Far from being peripheral, the Women, Peace and Security program is central to the future of all military activity, and to developing conceptions of war, peace and security. Hegseth’s “proud moment” looks less like winning a “war on woke” and more like a retreat from an understanding of the value a diverse military has created.

Bethan Greener 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. How the US ‘war on woke’ and women risks weakening its own military capability – https://theconversation.com/how-the-us-war-on-woke-and-women-risks-weakening-its-own-military-capability-255710

MIL OSI Analysis – EveningReport.nz –

May 2, 2025

MIL-OSI USA: King, Daines Introduce Bipartisan Bill to Preserve America’s Parks and Public Lands

US Senate News:

Source: United States Senator for Maine Angus King

WASHINGTON, D.C. — U.S. Senators Angus King (I-ME) and Steve Daines (R-MT), leaders of the Senate National Parks Subcommittee, are introducing bipartisan legislation to strengthen and better manage public lands across the country. The America the Beautiful Act would reauthorize the National Parks and Public Land Legacy Restoration Fund (LRF) and increase its funding to address serious maintenance backlog and ensure that America’s public lands can be enjoyed for generations to come.

Senator King first introduced the bipartisan Restore Our Parks Act in July 2018 which established the “National Park Service Legacy Restoration Fund” to reduce the maintenance backlog by allocating existing revenues the government collects from on and offshore energy development. It was passed in the 2020 Great American Outdoors Act, but now requires reauthorization.

“People travel from across the globe to experience the natural beauty of America’s public lands — from Maine to Montana and across the nation,” said Senator King, Ranking Member of the Senate National Parks Subcommittee. “However, deferred repairs on aging infrastructure like roads and trails can become unsafe and diminish the visitor experience for those enjoying our public lands and National Parks. By addressing maintenance backlog and reauthorizing the Legacy Restoration Fund, the bipartisan America the Beautiful Act will help better protect our lands and the visitor experience. This is an important step forward in creating lasting protections for our public lands and continues to demonstrate that stewardship is not partisan.”

“When President Trump signed my Great American Outdoors Act into law in 2020, it was the greatest conservation win for Montana and the entire country in 50 years. I’m proud to work with my colleagues to strengthen that win and protect our outdoor way of life for generations to come,” said Senator Daines, Chairman of the Senate National Parks Subcommittee. “The America the Beautiful Act will fund crucial projects and address maintenance backlogs, so that people can get outside and enjoy the natural beauty we’re lucky to have here in the U.S.”

“America’s parks are our legacy to uphold — and bold action is essential to fulfill that promise. The National Park Foundation applauds Senators Daines and King for their leadership in introducing bipartisan legislation to reauthorize the Legacy Restoration Fund,” said Jeff Reinbold, President and CEO of the National Park Foundation. “Since its establishment through the Great American Outdoors Act, this vital program has already delivered billions toward transformative infrastructure projects across our national parks. As we approach America’s 250th anniversary, reauthorizing this investment affirms a bold democratic ideal — that every generation deserves to experience our parks as we do today. We look forward to working with Congress to ensure these magnificent landscapes and historic sites can continue welcoming visitors for generations to come.”

“We applaud the leadership of U.S. Senators Steve Daines (R-MT) and Angus King (I-ME) in reintroducing legislation to reauthorize the Legacy Restoration Fund. This proven, bipartisan investment keeps national parks running. The reauthorization of this bill will allow Acadia National Park to continue to make progress against a long list of needed projects that are essential for protecting resources and elevating the visitor experience. With nearly 4 million visits to Acadia in 2024 alone, and over 330 million to national parks nationwide, continued investment to maintain park infrastructure is critical,” said Eric Stiles, President & CEO, Friends of Acadia.

The America the Beautiful Act reauthorizes the LRF for through 2033 and increases funding to $2 billion per year to help address the maintenance backlog in national parks and public lands. Currently, the maintenance backlog for each agency is as follows:

U.S. Park Service: $23.26 billion
U.S. Forest Service: $8.695 billion
U.S. Fish and Wildlife Service: $2.65 billion
U.S. Bureau of Land Management: $5.72 billion
U.S. Bureau of Indian Education: $804.5 million

Senators Kevin Cramer (R-ND), Mark Warner (D-VA), Tim Sheehy (R-MT), and Jeanne Shaheen (D-NH) are original cosponsors of the America the Beautiful Act. The legislation is supported by over 40 public lands, conservation and recreation groups.

Read the bill text HERE and a one pager on the bill HERE.

As a lifelong advocate for conservation and Chairman of the Energy and Natural Resources Subcommittee on National Parks, Senator King is among the Senate’s most prominent voices advocating for conservation. Senator King helped lead the passage the Great American Outdoors Act (GAOA) into law; the legislation that included the Legacy Restoration Fund (LRF). Because of his work, in 2020, Senator King was awarded the inaugural National Park Foundation (NPF) “Hero” Award. Since the creation of the LRF, Senator King has pushed park leaders to discuss funding maintenance efforts, maintaining a sufficient NPS workforce, and managing growing park visitation.

Senator King’s work on this legislation is the culmination of more than four decades of work on land conservation efforts in Maine, including helping to establish the Land for Maine’s Future program in 1987 and supporting extensive conservation projects during his time as Governor. Under King’s leadership in his eight years as Maine governor, he put more Maine land under conservation than in the state’s 175 year history.

MIL OSI USA News –

May 2, 2025

MIL-OSI USA: ICYMI: Murkowski, Schatz Reintroduce Legislation to Help Veterans with Disabilities

US Senate News:

Source: United States Senator for Alaska Lisa Murkowski

05.01.25

Washington, DC – U.S. Senators Lisa Murkowski (R-AK) and Brian Schatz (D-HI) reintroduced the Deliver for Veterans Act. This legislation expands an existing Department of Veterans Affairs (VA) grant program to allow the funds awarded to a veteran to acquire an adapted vehicle to also be used to cover the cost of shipping the vehicle to where it’s needed.

“Our veterans in rural Alaska, deserve the same access to the specialized grant programs and services that they would get if they lived elsewhere in the country,” said Senator Murkowski. “There is a significant financial burden associated with transporting a car to many of the rural communities around Alaska. As the state with the highest number of veterans per capita, I want those with disabilities living in Alaska to be able to benefit from the VA’s many excellent programs. Ensuring that they can affordably transport handicapped-modified vehicles to their homes is an important step.”

“Disabled veterans deserve access to every benefit they have earned – regardless of where they live,” said Senator Schatz. “Our bill is about basic fairness and will help disabled veterans in Hawai‘i and other isolated areas receive the specialized vehicles they need to go about their daily lives.”

At present, the program provides eligible veterans with a stipend of $26,417.20 to purchase or modify accessible vehicles. However, those funds cannot be used to ship their vehicles, making it exceedingly difficult for veterans to acquire these vehicles in Alaska and Hawaii. The Deliver for Veterans Act would amend the grant program to allow coverage of these additional costs.

MIL OSI USA News –

May 2, 2025

MIL-OSI USA: News Release – DOH Encourages Community Awareness and Support for Mental Health

Source: US State of Hawaii

News Release – DOH Encourages Community Awareness and Support for Mental Health

Posted on May 1, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF HEALTH

KA ʻOIHANA OLAKINO

JOSH GREEN, M.D.
GOVERNOR

KE KIA‘ĀINA

KENNETH S. FINK, M.D., MGA, MPH
DIRECTOR

KA LUNA HO‘OKELE

DOH ENCOURAGES COMMUNITY AWARENESS AND SUPPORT FOR MENTAL HEALTH

FOR IMMEDIATE RELEASE

May 1, 2025 25-045

HONOLULU — The Hawaiʻi Department of Health (DOH), Child and Adolescent Mental Health Division (CAMHD), Adult Mental Health Division (AMHD), the Children’s Mental Health Acceptance (CMHA) Planning Hui and community partners are joining together in May to celebrate Mental Health Month.

“We are committed to removing barriers for those seeking help and supporting people with the resources they need to care for themselves and their families,” said Tia L. R. Hartsock, director of the Office of Wellness and Resilience, housed in the Office of the Governor. “Together with partners like CAMHD and AMHD, we’re working to create resilient communities where no one feels shame about their struggles, and we reach out when having a hard time — whether it’s talking story with a friend or professional help.”

Mental Health Month reminds us that it is essential for us to build supportive communities that empower those in need to seek the support and treatment they deserve. Mental health is a significant public health issue for all ages:

One in seven youth has a mental or behavioral health disorder, and
One in five adults live with a mental illness.

Mental Health in Hawaiʻi

Fewer than one out of four public middle school students (about 23%) and about one out of five high school students (about 20%) got the kind of help they needed most of the time or always (among students who reported having felt sad, empty, hopeless, angry, or anxious).
Of public middle school students, about 34% have felt sad or hopeless almost every day for two or more weeks in a row, so they stopped doing some usual activities; about 26% have seriously thought about killing themselves.
Of public high school students, in the past 12 months, about 35% felt sad or hopeless almost every day for two or more weeks in a row, so they stopped doing some usual activities; about 16% have seriously considered attempting suicide.

“Too many of our keiki feel like they don’t know how to get the help they need,” said Keli Acquaro, administrator for CAMHD. “Every child deserves to feel seen, heard and supported when it comes to their mental health. Show the young people in your life that their mental health matters – listen without judgment, offer support and remind them they are not alone.”

More than one in three adults (37.1%) reported at least one day in the past 30 days when their mental health was not good.
More than one in eight adults (13.9%) have been diagnosed with a depressive disorder by a health professional.

“Mental health challenges touch many lives in Hawaiʻi, and prioritizing mental well-being is essential for the health of our entire community,” said Dr. Gavin Takenaka, administrator for AMHD.

Mental Health Month Events Statewide

Help spread the word and join in sign waving on May 8. Stand alongside mental health providers, community organizations and advocates statewide and sign wave to bring awareness to the importance of mental health. For information about this and other statewide events, please visit keikimentalhealthmatters.com.

Green is the national color of mental health acceptance, representing hope, strength, support and encouragement for people with mental health concerns. The following buildings will display green lights in support of mental health:

Oʻahu:

May 1-31: Hawai‘i State Capitol, Board of Water Supply, Hawaiʻi Medical Service Association (HMSA), Pali Momi Medical Center, Nalu Lani Plaza (Kakaʻako), Hawaiʻi Self Storage (Kaimukī and Kapolei), Hawaiki Tower and Windward Mall
April 28-May 2: IBM Building
May 5-9: Adventist Health Castle
May 26-30: Honolulu Hale and Blaisdell Center Arena

Kauaʻi:

May 1-31: YWCA of Kauaʻi and Wilcox Medical Center
May 1-15 and 22-31: Kaua‘i Veterans Center & Museum

If you or someone you know is experiencing a crisis or is in need of mental health support or resources call or text 988 or visit Hawai‘i CARES 988 to connect with a locally trained counselor 24/7 who can help with linkage to behavioral health crisis services. Call Aloha United Way 211 or text, chat or email for over 4,000 local resources.

# # #

Media Contacts:

Kristen Wong

Information Specialist

Hawaiʻi State Department of Health

Mobile: 808-953-9616

Jennifer Irvine

Public Information Specialist

Child & Adolescent Mental Health Division

Hawaiʻi State Department of Health

Office: 808-733-9346

MIL OSI USA News –

May 2, 2025

MIL-OSI USA: Justice Department Files Complaints Against Hawaii, Michigan, New York and Vermont Over Unconstitutional State Climate Actions

Source: US State of Vermont

WASHINGTON — The Justice Department today filed complaints against the states of New York and Vermont over their “climate superfund laws.” In separate actions, the Justice Department yesterday filed lawsuits against the states of Hawaii and Michigan to prevent each state from suing fossil fuel companies in state court to seek damages for alleged climate change harms.

President Trump recently directed Attorney General Pamela Bondi to take action to stop the enforcement of state laws that unreasonably burden domestic energy development so that energy will once again be reliable and affordable for all Americans. These lawsuits advance President Trump’s directive in Executive Order 14260, Protecting American Energy from State Overreach.

“These burdensome and ideologically motivated laws and lawsuits threaten American energy independence and our country’s economic and national security,” said Attorney General Pamela Bondi. “The Department of Justice is working to ‘Unleash American Energy’ by stopping these illegitimate impediments to the production of affordable, reliable energy that Americans deserve.”

“When states seek to regulate energy beyond their constitutional or statutory authority, they harm the country’s ability to produce energy and they aid our adversaries,” said Acting Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division. “The Department’s filings seek to protect Americans from unlawful state overreach that would threaten energy independence critical to the wellbeing and security of all Americans.”

According to the complaints filed yesterday in the U.S. District Courts for the District of Hawaii and the Western District of Michigan, Hawaii and Michigan intend to sue fossil fuel companies to seek damages for alleged climate change harms. The government alleges that these anticipated actions are preempted by the Clean Air Act and violate the Constitution. Such lawsuits burden energy production, force the American people to pay more for energy, and make the United States less able to defend itself from hostile foreign actors.

Complaints filed today in U.S. District Courts for the Southern District of New York and for the District of Vermont challenge expropriative laws passed by New York and Vermont. These “climate superfund” laws would impose strict liability on energy companies for their worldwide activities extracting or refining fossil fuels. The laws assess penalties for those businesses’ purported contributions to harms that those states allegedly are experiencing from climate change. The New York law seeks $75 billion from energy companies, while the Vermont law seeks an unspecified amount.

Today’s complaints allege that the New York Climate Change Superfund Act and the Vermont Climate Superfund Act are preempted by the federal Clean Air Act and by the federal foreign affairs power, and that they violate the U.S. Constitution. The Justice Department seeks a declaration that these state laws are unconstitutional and an injunction against their enforcement.

Complaints:

MIL OSI USA News –

May 2, 2025

MIL-OSI Security: Justice Department Files Complaints Against Hawaii, Michigan, New York and Vermont Over Unconstitutional State Climate Actions

Source: United States Attorneys General 1

WASHINGTON — The Justice Department today filed complaints against the states of New York and Vermont over their “climate superfund laws.” In separate actions, the Justice Department yesterday filed lawsuits against the states of Hawaii and Michigan to prevent each state from suing fossil fuel companies in state court to seek damages for alleged climate change harms.

President Trump recently directed Attorney General Pamela Bondi to take action to stop the enforcement of state laws that unreasonably burden domestic energy development so that energy will once again be reliable and affordable for all Americans. These lawsuits advance President Trump’s directive in Executive Order 14260, Protecting American Energy from State Overreach.

“These burdensome and ideologically motivated laws and lawsuits threaten American energy independence and our country’s economic and national security,” said Attorney General Pamela Bondi. “The Department of Justice is working to ‘Unleash American Energy’ by stopping these illegitimate impediments to the production of affordable, reliable energy that Americans deserve.”

“When states seek to regulate energy beyond their constitutional or statutory authority, they harm the country’s ability to produce energy and they aid our adversaries,” said Acting Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division. “The Department’s filings seek to protect Americans from unlawful state overreach that would threaten energy independence critical to the wellbeing and security of all Americans.”

According to the complaints filed yesterday in the U.S. District Courts for the District of Hawaii and the Western District of Michigan, Hawaii and Michigan intend to sue fossil fuel companies to seek damages for alleged climate change harms. The government alleges that these anticipated actions are preempted by the Clean Air Act and violate the Constitution. Such lawsuits burden energy production, force the American people to pay more for energy, and make the United States less able to defend itself from hostile foreign actors.

Complaints filed today in U.S. District Courts for the Southern District of New York and for the District of Vermont challenge expropriative laws passed by New York and Vermont. These “climate superfund” laws would impose strict liability on energy companies for their worldwide activities extracting or refining fossil fuels. The laws assess penalties for those businesses’ purported contributions to harms that those states allegedly are experiencing from climate change. The New York law seeks $75 billion from energy companies, while the Vermont law seeks an unspecified amount.

Today’s complaints allege that the New York Climate Change Superfund Act and the Vermont Climate Superfund Act are preempted by the federal Clean Air Act and by the federal foreign affairs power, and that they violate the U.S. Constitution. The Justice Department seeks a declaration that these state laws are unconstitutional and an injunction against their enforcement.

Complaints:

MIL Security OSI –

May 2, 2025

MIL-OSI Security: South Bend Man Sentenced to 82 Months in Prison

Source: Office of United States Attorneys

SOUTH BEND – Johnny Daniels, 44 years old, of South Bend, Indiana, was sentenced by United States District Court Judge Cristal C. Brisco after pleading guilty to being a convicted felon in possession of a firearm, announced Acting United States Attorney Tina L. Nommay.

Daniels was sentenced to 82 months in prison followed by 3 years of supervised release.

According to documents in the case, in April 2024 Daniels illegally possessed a loaded firearm while he assaulted and threatened the life of another person during the course of stealing items from a residence. Daniels’ prior convictions include numerous felony offenses, any one of which make it unlawful for him to possess the firearm in this case, including a robbery in which the victim was shot and killed.

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives with assistance from the South Bend Police Department and the St. Joseph County Prosecutor’s Office. The case was prosecuted by Assistant United States Attorney Joseph P. Falvey.

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.

MIL Security OSI –

May 2, 2025

MIL-OSI USA: NASA’s Chandra Diagnoses Cause of Fracture in Galactic “Bone”

Source: NASA

Astronomers have discovered a likely explanation for a fracture in a huge cosmic “bone” in the Milky Way galaxy, using NASA’s Chandra X-ray Observatory and radio telescopes.
The bone appears to have been struck by a fast-moving, rapidly spinning neutron star, or pulsar. Neutron stars are the densest known stars and form from the collapse and explosion of massive stars. They often receive a powerful kick from these explosions, sending them away from the explosion’s location at high speeds.
Enormous structures resembling bones or snakes are found near the center of the galaxy. These elongated formations are seen in radio waves and are threaded by magnetic fields running parallel to them. The radio waves are caused by energized particles spiraling along the magnetic fields.

This new image shows one of these cosmic “bones” called G359.13142-0.20005 (G359.13 for short), with X-ray data from Chandra (colored blue) and radio data from the MeerKAT radio array in South Africa (colored gray). Researchers also refer to G359.13 as the Snake.
Examining this image closely reveals the presence of a break, or fracture, in the otherwise continuous length of G359.13 seen in the image. The combined X-ray and radio data provides clues to the cause of this fracture.
Astronomers have now discovered an X-ray and radio source at the location of the fracture, using the data from Chandra and MeerKAT and the National Science Foundation’s Very Large Array. A likely pulsar responsible for these radio and X-ray signals is labeled. A possible extra source of X-rays located near the pulsar may come from electrons and positrons (the anti-matter counterparts to electrons) that have been accelerated to high energies.
The researchers think the pulsar likely caused the fracture by smashing into G359.13 at a speed between one million and two million miles per hour. This collision distorted the magnetic field in the bone, causing the radio signal to also become warped.
At about 230 light-years long, G359.13 is one of the longest and brightest of these structures in the Milky Way. To put this into context, there are more than 800 stars within that distance from Earth. G359.13 is located about 26,000 light-years from Earth, near the center of the Milky Way.
A paper describing these results appeared in the May 2024 issue of the Monthly Notices of the Royal Astronomical Society and is available here. The authors of the study are Farhad Yusuf-Zadeh (Northwestern University), Jun-Hui Zhao (Center for Astrophysics | Harvard & Smithsonian), Rick Arendt (University of Maryland, Baltimore County), Mark Wardle (Macquarie University, Australia), Craig Heinke (University of Alberta), Marc Royster (College of the Sequoias, California), Cornelia Lang (University of Iowa), and Joseph Michail (Northwestern).
NASA’s Marshall Space Flight Center in Huntsville, Alabama, manages the Chandra program. The Smithsonian Astrophysical Observatory’s Chandra X-ray Center controls science operations from Cambridge, Massachusetts, and flight operations from Burlington, Massachusetts.

Read more from NASA’s Chandra X-ray Observatory.
Learn more about the Chandra X-ray Observatory and its mission here:

chandra

https://chandra.si.edu

This release features two composite images of a long, thin, cosmic structure. With the structure’s vertical orientation, seemingly fragile dimensions, and pale grey color against the blackness of space, the images resemble medical X-rays of a long, thin, bone. The main image shows the structure in its entirety. The inset image is an annotated close-up highlighting an apparent fracture in the bone-like structure.
The structure, called G359.13, or “The Snake”, is a Galactic Center Filament. These filament formations are threaded by parallel magnetic fields, and spiraling, energized particles. The particles cause radio waves, which can be detected by radio arrays, in this case by the MeerKAT array in South Africa.
In the first composite image, the largely straight filament stretches from the top to the bottom of the vertical frame. At each end of the grey filament is a hazy grey cloud. The only color in the image is neon blue, found in a few specks which dot the blackness surrounding the structure. The blue represents X-rays seen by NASA’s Chandra X-ray Observatory.
In the annotated close-up, one such speck appears to be interacting with the structure itself. This is a fast-moving, rapidly spinning neutron star, otherwise known as a pulsar. Astronomers believe that this pulsar has struck the filament halfway down its length, distorting the magnetic field and radio signal.
In both images, this distortion resembles a small break, or spur, in the bone-like filament.

Megan WatzkeChandra X-ray CenterCambridge, Mass.617-496-7998mwatzke@cfa.harvard.edu
Lane FigueroaMarshall Space Flight Center, Huntsville, Alabama256-544-0034lane.e.figueroa@nasa.gov

MIL OSI USA News –

May 2, 2025

MIL-OSI USA: NASA Invests in Future STEM Workforce Through Space Grant Awards

Source: NASA

NASA is awarding up to $870,000 annually to 52 institutions across the United States, the District of Columbia, and Puerto Rico over the next four years. The investments aim to create opportunities for the next generation of innovators by supporting workforce development, science, technology, engineering and math education, and aerospace collaboration nationwide.
The Space Grant College and Fellowship Program (Space Grant), established by Congress in 1989, is a workforce development initiative administered through NASA’s Office of STEM Engagement (OSTEM). The program’s mission is to produce a highly skilled workforce prepared to advance NASA’s mission and bolster the nation’s aerospace sector.
“The Space Grant program exemplifies NASA’s commitment to cultivating a new generation of STEM leaders,” said Torry Johnson, deputy associate administrator of the STEM Engagement Program at NASA Headquarters in Washington. “By partnering with institutions across the country, we ensure that students have the resources, mentorship, and experiences needed to thrive in the aerospace workforce.”
The following is a complete list of awardees:

University of Alaska, Fairbanks

University of Alabama, Huntsville

University of Arkansas, Little Rock

University of Arizona

University of California, San Diego

University of Colorado, Boulder

University of Hartford, Connecticut

American University, Washington, DC

University of Delaware

University of Central Florida

Georgia Institute of Technology

University of Hawaii, Honolulu

Iowa State University, Ames

University of Idaho, Moscow

University of Illinois, Urbana-Champaign

Purdue University, Indiana

Wichita State University, Kansas

University of Kentucky, Lexington

Louisiana State University and A&M College

Massachusetts Institute of Technology

Johns Hopkins University, Maryland

Maine Space Grant Consortium

University of Michigan, Ann Arbor

University of Minnesota

Missouri University of Science and Technology

University of Mississippi

Montana State University, Bozeman

North Carolina State University

University of North Dakota, Grand Forks

University of Nebraska, Omaha

University of New Hampshire, Durham

Rutgers University, New Brunswick, New Jersey

New Mexico State University

Nevada System of Higher Education

Cornell University, New York

Ohio Aerospace Institute

University of Oklahoma

Oregon State University

Pennsylvania State University

University of Puerto Rico

Brown University, Rhode Island

College of Charleston, South Carolina

South Dakota School of Mines & Technology

Vanderbilt University, Tennessee

University of Texas, Austin

University of Utah, Salt Lake City

Old Dominion University Research Foundation, Virginia

University of Vermont, Burlington

University of Washington, Seattle

Carthage College, Wisconsin

West Virginia University

University of Wyoming

Space Grant operates through state-based consortia, which include universities, university systems, associations, government agencies, industries, and informal education organizations engaged in aerospace activities. Each consortium’s lead institution coordinates efforts within its state, expanding opportunities for students and researchers while promoting collaboration with NASA and aerospace-related industries nationwide.
To learn more about NASA’s missions, visit: https://www.nasa.gov/

MIL OSI USA News –

May 2, 2025

MIL-OSI Security: Sapulpa Woman Sentenced for Second Degree Murder

Source: Office of United States Attorneys

TULSA, Okla. – A Sapulpa woman was sentenced today for Second Degree Murder in Indian Country, announced U.S. Attorney Clint Johnson.

U.S. District Judge John D. Russell sentenced Christin Brianna Kelley, 35, to 240 months imprisonment, followed by five years of supervised release.

Shortly after 4:00 a.m. on the morning of January 9th, 2024, Kelley and the victim, Isaac Smith, were sitting in a car in the parking lot of a gas station in Sand Springs. Kelley shot Isaac Smith several times, killing him. Law enforcement recovered the loaded pistol Kelley used in a trash can near the car.

Kelley is a citizen of the Muscogee (Creek) Nation and will remain in custody pending transfer to the U.S. Bureau of Prisons.

The FBI, the Sand Springs Police Department, and the Oklahoma State Bureau of Investigations investigated the case, and Assistant U.S. Attorneys Eric Johnston and Stephen Flynn prosecuted the case.

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. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

MIL Security OSI –

May 2, 2025

MIL-OSI Video: Middle East and North Africa Regional Economic Outlook: Three Key Messages

Source: International Monetary Fund – IMF (video statements)

Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, shares three key messages from the latest economic outlook for the Middle East and North Africa region. Discover how rising global uncertainty, regional conflicts, and the need for stronger resilience are shaping the region’s economic prospects.

Read the full report: https://www.imf.org/en/Publications/REO/MECA/Issues/2025/04/24/regional-economic-outlook-middle-east-central-asia-april-2025?cid=sm-com-ig-SM2025-REOMCDEA2025001

https://www.youtube.com/watch?v=W_XRRhUUIL0

MIL OSI Video –

May 2, 2025

MIL-OSI Asia-Pac: Need to transform global IP ecosystem; IP acts as catalyst for employment, development and innovation for all countries: Daren Tang, Director General, WIPO

Source: Government of India

Need to transform global IP ecosystem; IP acts as catalyst for employment, development and innovation for all countries: Daren Tang, Director General, WIPO

The session on “The Role of IP & Copyright for Audio-Visual Performers and Content Creators” sparks insightful dialogue at WAVES 2025

Posted On: 01 MAY 2025 8:06PM by PIB Mumbai

Mumbai, 1 May 2025

A panel discussion titled “The Role of IP & Copyright for Audio-Visual Performers and Content Creators” was held today at the World Audio Visual and Entertainment Summit (WAVES) currently underway at the Jio World Centre in Mumbai. This session brought together influential voices from the global entertainment, legal and creative industries to discuss the role of intellectual property (IP) rights in empowering creators in the digital age.

The panel addressed the evolving legal landscape and highlighted the urgent need for stronger awareness and protection of IP rights, especially for performers and content creators whose work is increasingly vulnerable to unauthorised use and exploitation.

Shri Ameet Datta, veteran lawyer, moderated the session, steering a dynamic discussion among an esteemed panel of experts and creators. The panel included Mr. Daren Tang, Director General of the World Intellectual Property Organization (WIPO), who offered a global perspective on policy frameworks and WIPO’s efforts to strengthen protections for performers worldwide. He said that India’s IP journey in last 5 decades is extraordinary and its creative economy grows tremendously. He said that there is a need to transform global IP ecosystem as IP acts as catalyst for employment, development and innovation for all countries. Talking about WIPO’s creative economy data model, he said that it is helping policy makers, economists and creators of its member states to find better metrics to measure creative economy.

Feroz Abbas Khan, acclaimed director and playwright, shared insights from his decades-long experience in theatre and the challenges of safeguarding original creative works. He said that IP is about human dignity and society should first respect the work of artists.

Steve Krone, noted film and television producer, emphasized the importance of copyright in protecting investments in audio-visual storytelling and the need for standardized global enforcement mechanisms. He said that copyright is not just about money but about controlling the works of creators from exploitation.

Anjum Rajabali, veteran screenwriter, spoke about the creative process and the necessity for writers to understand and claim their rights in an increasingly complex content economy. He said that today access is far easy and restrictions should be there.

Throughout the session, the panellists delved deeply into copyright ownership, licensing, moral rights, the impact of AI and the balance between access and protection in a rapidly digitising world.

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PIB TEAM WAVES 2025 | Rajith/ Poushali /Barnali / Darshana | 131

(Release ID: 2125906) Visitor Counter : 61

MIL OSI Asia Pacific News –

May 2, 2025

Category: Asia Pacific

Two sides of the same coin

Black mist and brittle landscapes

To acknowledge is to remember

Stories in the Tomb

The link between past and future

What do schools teach about social and emotional skills?

How are these skills taught?

Why is this important?

There are academic benefits as well

What now?

Restoring majestic forests and their vital services

Mountain ash is especially vulnerable

A responsibility to restore

A way forward: using green bonds to fund regeneration

1. What is measles?

2. What are the symptoms of measles?

3. What’s the difference between measles and chickenpox?

4. Can you get measles twice?

5. What is the measles vaccine, and at what age do you get it?

6. How long does a measles vaccine last?

Hard-won progress in retreat

The ‘woke warrior’

News Release – DOH Encourages Community Awareness and Support for Mental Health

Need to transform global IP ecosystem; IP acts as catalyst for employment, development and innovation for all countries: Daren Tang, Director General, WIPOThe session on “The Role of IP & Copyright for Audio-Visual Performers and Content Creators” sparks insightful dialogue at WAVES 2025

Need to transform global IP ecosystem; IP acts as catalyst for employment, development and innovation for all countries: Daren Tang, Director General, WIPO

The session on “The Role of IP & Copyright for Audio-Visual Performers and Content Creators” sparks insightful dialogue at WAVES 2025