Category: Asia

MIL-OSI USA: Hinson Announces IA-02 Congressional Art Competition Winner

Source: United States House of Representatives – Congresswoman Ashley Hinson (IA-01)

Washington, D.C. – Congresswoman Ashley Hinson (IA-02) announced the winner of the 2025 Congressional Art Competition for Iowa’s Second District, Asia Carter. Asia is a senior at Alburnett High School in Alburnett, IA. Her winning piece, Ranch Days, will hang in the U.S. Capitol.

“Congratulations to Asia on winning this year’s Congressional Art Competition for Iowa’s Second Congressional District. I’m amazed by Asia’s talent as a young artist and look forward to seeing her artwork displayed in the United States Capitol.” – Congresswoman Ashley Hinson

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MIL OSI USA News –

May 15, 2025

MIL-OSI: POET Technologies Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of Photonic Integrated Circuits (PICs), light sources and optical modules for the AI and data center markets, today reported its unaudited condensed consolidated financial results for the first quarter ended March 31, 2025. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR+. All financial figures are in United States dollars (“USD”) unless otherwise indicated.

Management Commentary:

“In the first quarter of 2025, we continued to build momentum across multiple fronts—technology innovation, commercial progress, strategic partnerships and production capacity – positioning the company for accelerated revenue growth in the second half of the year,” said Dr. Suresh Venkatesan, Chairman & CEO of POET Technologies. “The transition out of SPX in China into Malaysia was a timely and energizing event for the Company. Opening a 10,000 square foot clean room filled with wafer-level production tools at our partner, Globetronics, was the indispensable next step to accepting volume orders from AI and cloud data center customers. As we look ahead, we are building on the strong foundation of innovative products introduced at OFC, and the reaction of customers and partners, reinforces our conviction that POET is on the cusp of a meaningful revenue inflection later this year.”

Notable Business Highlights:

Shipped final design samples of its POET Infinity transmit product line for 400G and 800G applications to three major technology leaders. The products include 400G FR4, 800G 2xFR4 and 800G DR8 transmit formats, all assembled at our high-volume production facility in Malaysia.

Demonstrated its latest innovations, POET Teralight™, a line of 1.6T highly integrated transmit and receive optical engines and the new POET Blazar™, an advanced light source at the Optical Fiber Communications (“OFC”) Conference.

Partnered with Lessengers, an innovative optical solution provider based in South Korea, to offer a differentiated 800G DR8 transceiver

Non-IFRS Financial Summary
The Company reported non-recurring engineering (“NRE”) and product revenue of $166,760 in the first quarter of 2025 compared to $8,710 for the same period in 2024 and $29,032 in the fourth quarter of 2024. Historically, the Company provided NRE services to multiple customers for unique projects that are being addressed utilizing the capabilities of the POET Optical Interposer. The Company only had small product revenue in Q1 2025.

The Company reported a net income of $6.3 million, or $0.08 per share, in the first quarter of 2025 compared with a net loss of $5.7 million, or ($0.13) per share, for the same period in 2024 and a net loss of $30.2 million, or ($0.50) per share, in the fourth quarter of 2024. The net income in the first quarter of 2025 included research and development costs of $4.3 million compared to $1.9 million for the same period in 2024 and $3.4 million in the fourth quarter of 2024. Fluctuations in R&D for a Company of this size and this stage of growth is expected on a period-over-period basis as the Company transitions from technology development to product development.

The largest component of the Company’s income was from the non-cash gain in fair value adjustment to derivative warrant liability of $15.4 million in the first quarter of 2025, compared to loss of $630,000 in the same period in 2024 and a loss of $12.4 million in the fourth quarter of 2024. This non-cash item relates to warrants issued in a foreign currency and is periodically remeasured.

Other non-cash expenses in the first quarter of 2025 included stock-based compensation of $0.8 million and depreciation and amortization of $0.7 million. Non-cash stock-based compensation and depreciation and amortization in the same period of 2024 were $0.9 million and $0.5 million, respectively. Fourth quarter 2024 stock-based compensation and depreciation and amortization were $1.4 million and $0.5 million, respectively. The Company had non-cash finance costs of $33,000 in the first quarter of 2025 compared to non-cash finance costs of $20,000 in the first quarter of 2024 and non-cash costs of $32,000 in the fourth quarter of 2024.

The Company recognized other income, including interest of $528,000 in the first quarter of 2025, compared to $52,000 in the same period in 2024 and $511,000 in the fourth quarter of 2024.

During the fourth quarter of 2024, the Company acquired the remaining 24.8% interest of SPX from SAIC. The acquisition of this interest resulted in a non-cash loss to the Company of $6,852,687. There was no impact of the acquisition transaction in the first quarter of 2025.

Cash flow from operating activities in the first quarter of 2025 was ($8.9) million compared to ($4.6) million in the first quarter of 2024 and ($8.7) million in the fourth quarter of 2024.

Summary of Financial Performance
The following is a summary of the Company’s operations over the five quarters ending March 31, 2025. This information should be read in conjunction with the Company’s financial statements filed on Sedar+ on May 14, 2025.


POET TECHNOLOGIES INC. PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS (All figures are in U.S. Dollars)

For the Quarter ended:	31-Mar-25		31-Dec-24		30-Sep-24		30-Jun-24		31-Mar-24
Revenue	166,760		29,032		3,685		–		8,710
Research and development	(4,360,192	)	(3,437,683	)	(1,765,481	)	(2,117,828	)	(1,922,066	)
Depreciation and amortization	(726,868	)	(475,281	)	(525,955	)	(509,699	)	(509,260	)
Professional fees	(276,184	)	(679,156	)	(480,871	)	(366,839	)	(409,726	)
Wages and benefits	(2,123,274	)	(758,883	)	(667,963	)	(780,146	)	(768,496	)
Loss on acquisition of 24.8% of SPX	–		(6,852,687	)	–		–		–
Stock-based compensation	(841,793	)	(1,404,995	)	(1,525,131	)	(1,591,741	)	(947,502	)
General expenses and rent	(898,056	)	(474,937	)	(465,448	)	(448,357	)	(570,819	)
Finance advisory fees	(476,802	)	(4,239,831	)	(1,319,392	)	(942,576	)	–
Derivative liability adjustment	15,382,971		(12,444,661	)	(6,179,836	)	(1,376,761	)	(629,824	)
Interest expense	(32,786	)	(31,605	)	(30,482	)	(20,833	)	(19,753	)
Other (income), including interest	527,782		511,448		216,337		174,911		52,558
Net loss	6,341,558		(30,259,239	)	(12,740,537	)	(7,979,869	)	(5,716,178	)

Net income (loss) per share – Basic	0.08		(0.50	)	(0.20	)	(0.14	)	(0.13	)
Net income (loss) per share – Diluted	–		(0.50	)	(0.20	)	(0.14	)	(0.13	)

About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to its move of production capacity from China to Malaysia, the ability of its partners to install and operate production equipment, the reaction of customers and partners to the Company’s product offerings, the success of the Company’s product development efforts, the performance of its products, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations for approval of proposals at the Company’s annual meeting of shareholders.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding its move of production capacity from China to Malaysia, the ability of its partner to meet production expectations, the reaction of customers and partners to the Company’s product offerings, the success and timing for completion of its development efforts, the introduction of new products, financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure to achieve high volume production in Malaysia on time, the failure of its products to meet performance requirements or to be produced in Malaysia on time and budget, the lack of sales in its products, once released, operational risks in the completion of the Company’s anticipated projects, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, the ability to raise additional capital and the agreement by shareholders to approve proposals put forth by the Company at shareholders’ meetings. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2 – Tel: 416-368-9411 – Fax: 416-322-5075

The MIL Network –

May 15, 2025

MIL-OSI Canada: Statement by Global Affairs Canada on decision of International Civil Aviation Organization Council to hold Russia responsible for downing of Flight MH17

Source: Government of Canada News

May 14, 2025 – Ottawa, Ontario – Global Affairs Canada

Global Affairs Canada today issued the following statement:

“Canada welcomes the recent decision of the UN’s International Civil Aviation Organization (ICAO) Council on the downing of Malaysia Airlines Flight MH17 on July 17, 2014.

“The council has found that Russia is responsible for the downing of the aircraft and that Russia breached the obligation not to use weapons against a civil aircraft in flight under Article 3 bis of the Convention on International Civil Aviation, commonly known as the Chicago Convention. In the coming weeks, the council will consider what form of reparation is in order.

“This historic decision—the first one made by the council on the merits of a legal dispute in the ICAO’s history of almost 80 years—follows proceedings initiated in 2022 by Australia and the Netherlands against Russia in response to the tragedy of Flight MH17 being shot down over eastern Ukraine, killing all 298 people on board, including one Canadian.

“We commend the council for fulfilling its responsibility to uphold the rule of law in civil aviation and for reaffirming that violations of it will not go unanswered.

“Our thoughts remain with the families and loved ones of all those who lost their lives aboard Flight MH17. Canada continues to support efforts to ensure that justice is served and to reinforce international mechanisms that protect civilian lives.”

MIL OSI Canada News –

May 15, 2025
MIL-OSI Canada: Premier leading Asia trade mission to promote B.C. investment, support good jobs
Source: Government of Canada regional news
Premier David Eby is leading a trade mission to Asia with business leaders and key government officials to strengthen partnerships, increase investment, diversify trade and create good jobs for British Columbians.

“Our largest trading partner has become increasingly unreliable, so now is the time to expand international markets for B.C. goods and develop deeper bonds with other countries,” Premier Eby said. “This trade mission is about showcasing all that B.C. has to offer, deepening our relationship with major customers, supporting good jobs here at home and building our province’s position as the economic engine of a stronger and more independent Canada.”

The trade mission is from June 1 until June 10, and includes: Tokyo and Osaka, Japan; Kuala Lumpur, Malaysia; and Seoul, South Korea. Premier Eby will be accompanied by Lana Popham, Minister of Agriculture and Food, and Paul Choi, parliamentary secretary for Asia-Pacific trade, along with representatives from B.C. businesses and research universities.

“Farmers and food processers run an economic engine for the province, creating more than 40,000 jobs and nearly $6 billion in export sales every year,” Popham said. “I am excited to showcase the best of what B.C. has to offer on an international stage while opening up new opportunities for trade, growth and innovation.”

The team will be promoting B.C.’s strengths and seeking to build relationships that will support new trade and investment in key sectors, including surging demand in Asia for clean energy, B.C. wood and forestry products, technology, LNG and critical minerals, and agricultural products such as halal foods and seafood.

This mission builds on B.C.’s trade diversification strategy and is a followup to the Premier’s trade mission to the region in 2023. Over the 10-day trip, the Premier, minister and team will be meeting with government officials, business leaders and investors to discuss trade and partnership opportunities, as well as shared priorities in key sectors.

Itinerary:

June 1-5: Tokyo and Osaka, Japan
June 5-7: Kuala Lumpur, Malaysia
June 8-10: Seoul, South Korea

Quick Facts:

The Indo-Pacific is the world’s fastest-growing economic region, and by 2040 is expected to account for more than half the global economy.

More than 41% of B.C.’s merchandise exports – totalling approximately $22.4 billion in 2024 – are directed toward Indo-Pacific markets.

Japan and South Korea are B.C.’s third- and fourth-largest trading partners, with 17% of all B.C. merchandise exports going to those two markets.

Almost half of all Canadian exports to South Korea originate in B.C., and B.C.’s share of Canadian exports to Japan is more than 38%.

Learn More:
MIL OSI Canada News –
May 15, 2025
MIL-OSI USA: Dingell, Merkley, Welch, Sanders Introduce Bill to Lower Prescription Drug Prices for All Americans
Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

Congresswoman Debbie Dingell (MI-06) along with Senators Jeff Merkley (D-OR), Peter Welch (D-VT), and Bernie Sanders (I-VT), today introduced the End Price Gouging for Medications Act.

The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.

“In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive.” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”

“Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed. If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”

“No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”

On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
- Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
- Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.

In addition to Dingell, Merkley, Welch, and Sanders, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.

“American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.

“There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President, Just Care USA.

Full text of the End Price Gouging for Medications Act can be found here.

MIL OSI USA News –
May 15, 2025
MIL-OSI USA: Treasury Secretary Bessent Defends Tax Breaks for those who Invest in China

Source: United States House of Representatives – Congressman Brad Sherman (D-CA)

WASHINGTON, D.C. – Our tax system allows for lower tax rates for capital gains on stocks to incentivize Americans to make investments that grow our economy. Yet, Americans who invest in companies abroad and build the economies of other nations – even in adversarial nations such as China – are still able to receive this preferential tax treatment. Meanwhile, China provides preferential tax treatment to investments in China, but not those made in the United States.

At a recent hearing with Treasury Secretary Scott Bessent, I asked him a few simple questions: Can you think of a reason why the American tax code should provide enormous tax benefits like the capital gains allowance to Americans who invest in Chinese stocks? Don’t we prefer American capital to be invested in America?

To which he replied that while he would never bet against America, those that do, can and should be able to receive tax benefits.

In January, President Trump signed an executive order calling for an America First Trade Policy, but apparently that means America First so long as those who send our capital to China get massive tax breaks.

“The American people deserve a tax code that puts our workers, our industries, and our national interest ahead of foreign profits,” said Congressman Brad Sherman. “If the Trump Administration is serious about an “America First” agenda, it should start by ending tax breaks for those who ship capital—and opportunity—to China.”

Rewarding U.S. investors who invest in Chinese companies that may compete with or even threaten U.S. industries is not strategic. It’s not pro-worker. And it’s certainly not America First.

Last Congress, I introduced the bipartisan No Capital Gains Allowance for American Adversaries Act, which would eliminate the capital gains tax break for investments in companies based in China, Russia, Belarus, Iran, and North Korea. It would also eliminate a related tax break, the “step-up in basis” at death, for investments in such companies, and would direct the SEC to require disclosure that no tax breaks are available for these stocks. I plan to re-introduce this bill this Congress.

Watch my exchange – Here.

See a partial transcript – Here.

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MIL OSI USA News –

May 15, 2025

MIL-OSI: MATTR Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) reported today its operational and financial results for the three months ended March 31, 2025. This press release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”) and interim consolidated financial statements for the three months ended March 31, 2025, which are available on the Company’s website and at www.sedarplus.com.

Highlights include¹:

On January 2, 2025, the Company completed its acquisition of AmerCable® Incorporated (“AmerCable”), a U.S. manufacturer of highly engineered wire and cable solutions for the net purchase price of US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. This transaction is still subject to final net working capital adjustments. AmerCable is now reported under the Company’s Connection Technologies segment;
On a consolidated basis (including Continuing Operations and Discontinued Operations), Mattr reported revenue of $343 million, net income of $53 million, Adjusted EBITDA² of $54 million, diluted Earnings Per Share (“EPS”) of 0.84 and diluted Adjusted EPS² of $0.34. Results are inclusive of Modernization, Expansion and Optimization (“MEO”)² costs of $2.7 million incurred during the quarter;
During the first quarter of 2025, Mattr’s Continuing Operations (including AmerCable) delivered revenue of $320 million, operating income of $18 million and Adjusted EBITDA of $47 million, an 80% increase compared to the first quarter of 2024;
The Connection Technologies segment’s first quarter revenue increased by 106% to $187 million compared to $91 million in the prior year’s quarter. Operating income increased by 24% to $18 million compared to $15 million in the prior year’s quarter and Adjusted EBITDA from the segment was $30 million, a 73% increase compared to the first quarter of 2024;
The Composite Technologies segment’s first quarter revenue increased by 11% to $133 million compared to $119 million in the prior year’s quarter. Operating income increased by 219% to $13 million compared to $4 million in the prior year’s quarter and Adjusted EBITDA from the segment was $21 million, a 40% increase compared to the first quarter of 2024;
During the first quarter of 2025, Discontinued Operations generated revenue of $23 million, operating income of $7 million and Adjusted EBITDA of $7 million; and
During the first quarter of 2025, the Company committed $11.6 million to new capital expenditures while outlaying approximately $24.1 million in cash, including previously accrued amounts, to support long-term growth in its Composite Technologies and Connection Technologies segments. The Company also repurchased approximately 1.0 million of its common shares for a total repurchase price of $11 million under its normal course issuer bid (“NCIB”). Subsequent to the quarter and as of April 30, 2025, the Company has repurchased 313,800 shares for an aggregate repurchase price of approximately $3.0 million.

_{^{______________________________}}^{1. The Company’s consolidated financial statements for the three months ended March 31, 2025, report Continuing Operations as the Company’s Composite Technologies and Connection Technologies reporting segments and Financial and Corporate. Discontinued Operations include Company’s Thermotite business, its final remaining pipe coating business. Total consolidated figures include figures from both Continuing Operations and Discontinued Operations}
^{2. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS are non-GAAP measures. MEO costs is a supplementary financial measure. Non-GAAP measures and supplementary financial measures do not have standardized meanings prescribed by GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.}

“The first quarter of 2025 saw Mattr leverage its unique product portfolio to deliver strong business performance despite geopolitically driven uncertainty across many end markets,” said Mike Reeves, Mattr’s President & CEO. “With customer adoption of recently released technologies accelerating, robust performance from AmerCable in its first quarter as a Mattr brand, and newly established manufacturing facilities operating at improved levels of efficiency, Q1 saw meaningful year-over-year expansion of both revenue and Adjusted EBITDA generation within both operating segments.”

“Mattr benefitted modestly during the first quarter from acceleration of purchasing decisions by some customers ahead of early April US tariff announcements. While Mattr’s own USMCA compliant products were not directly impacted by these announcements, the uncertain outlook for global trade and macro-economic conditions has undoubtedly impacted customer confidence across much of the critical infrastructure landscape. Consequently, the Company currently expects demand for its products during the second quarter of 2025, and likely beyond, will be unfavorably impacted. While the full year business impact remains unclear, we currently anticipate the second quarter of 2025 will see Mattr’s revenue and Adjusted EBITDA move lower sequentially.”

Mr. Reeves continued, “While the Company cannot control the business environment within which it operates, in recent history the talented teams across our organization have proven nimble, resilient and cost-conscious in the face of challenging conditions. As demonstrated by our first quarter performance, Mattr’s technology driven products, differentiated positioning in key markets, strong customer value proposition and rebalanced, modernized manufacturing footprint create the opportunity for market outperformance, regardless of prevailing conditions.”

Mr. Reeves concluded, “Our hard-earned balance sheet strength enables Mattr to navigate market uncertainties with confidence, remaining committed to technology development, to enhancing cost and operational efficiency across the organization, to extracting commercial synergies from our newly expanded wire and cable portfolio and to creating long-term value for our shareholders, including via additional accretive acquisitions and the continued repurchase of shares under our NCIB.”

Selected Financial Highlights

		Three Months Ended
		March 31,
		2025		2024
	_{(in thousands of Canadian dollars, except per share amounts and percentages)}	$	%	$		%
	Revenue	320,120		210,039
	Gross Profit	83,618	26%	59,768		28%
	Operating Income from Continuing Operations ^(a)	18,441	6%	4,029		2%
	Net Income (Loss) from Continuing Operations	48,069		(2,145	)
	Net Income (Loss) from Discontinued Operations	4,657		(3,494	)
	Net Income (Loss) for the period	52,726		(5,639	)
	Earnings per share:
	Basic	0.84		(0.09	)
	Diluted	0.84		(0.09	)
	Adjusted EBITDA from Continuing Operations ^(b)	46,554	15%	25,827		12%
	Adjusted EBITDA from Discontinued Operations ^(b)	7,477	32%	4,242		29%
	Total Consolidated Adjusted EBITDA from Operations ^(b)	54,031	16%	30,069		13%
	Total Consolidated Adjusted EPS from Operations ^(b)
	Basic	0.34		0.16
	Diluted	0.34		0.16
^(a)	^{Operating income for the three months ended March 31, 2025, includes no restructuring costs and other net, while operating loss for the three months ended March 31, 2024, includes $3.2 million restructuring costs and other net.}
^(b)	^{Adjusted EBITDA, adjusted EBITDA margins and Adjusted EPS are non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.}

1.0 FIRST QUARTER HIGHLIGHTS

On January 2, 2025, the Company, through its subsidiary, successfully completed the acquisition of AmerCable, a U.S.-based manufacturer of highly engineered wire and cable solutions, from Nexans USA Inc. AmerCable has been incorporated into Mattr’s Connection Technologies segment, which is now the largest segment in its portfolio. The Company paid US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. The final working capital adjustment is anticipated to be completed during the second half of the year.

During the first quarter of 2025, the Company delivered $320.1 million in revenue from Continuing Operations, a $110.1 million or a 52.4% increase from the same quarter of 2024. The Company’s operating income from Continuing Operations in the first quarter of 2025 was $18.4 million, an increase of $14.4 million, or 357.7%, compared to the first quarter of 2024. Adjusted EBITDA from Continuing Operations was $46.6 million during the first quarter of 2025, an increase of $20.7 million, or 80.3%, compared to the first quarter of 2024. These favorable movements as compared to the prior year period were driven by the addition of AmerCable and strong performance across most business lines, despite the economic uncertainties arising from tariff announcements.

The first quarter of 2025 results include $9.5 million in costs associated with the acquisition of AmerCable including the impact of $4.2 million of costs related to the non-cash inventory fair value adjustment, which was part of AmerCable purchase price allocation accounting. The Company’s financial results in the first quarter of 2025 also include the impact of $2.7 million in MEO costs related to the Company’s ongoing MEO strategy and is similar to the $2.7 million of MEO costs recorded in the first quarter of 2024. Additionally, the Company recorded a recovery of $2.2 million in share-based incentive compensation against operating income from Continuing Operations during the first quarter of 2025 driven by the change in the Company’s share price. Comparatively, operating income from Continuing Operations in the prior year’s first quarter included an expense of $7.6 million in share-based incentive compensation.

As at March 31, 2025, the Company had cash and cash equivalents totaling $52.7 million, a decrease from $502.5 million as at December 31, 2024 which included restricted cash. The decrease in cash compared to the year-end 2024 was largely attributable to closing and funding the AmerCable acquisition during the quarter.

Selected Segment Financial Highlights

		Three Months Ended
		March 31,
		2025			2024
	_{(in thousands of Canadian dollars)}	$		%	$		%
	Revenue
	Connection Technologies	187,346			90,757
	Composite Technologies	132,774			119,282
	Revenue from Continuing Operations	320,120			210,039
	Revenue from Discontinued Operations	23,301			14,422
	Operating Income (Loss)
	Connection Technologies	18,041		10%	14,543		16%
	Composite Technologies	12,807		10%	4,017		3%
	Financial and Corporate	(12,407	)		(14,531	)
	Operating Income from Continuing Operations	18,441			4,029
	Operating Income from Discontinued Operations	7,493			3,696
	Adjusted EBITDA ^(a)
	Connection Technologies	30,461		16%	17,617		19%
	Composite Technologies	21,038		16%	15,008		13%
	Financial and Corporate	(4,945	)		(6,798	)
	Adjusted EBITDA from Continuing Operations ^(a)	46,554		15%	25,827		12%
	Adjusted EBITDA from Discontinued Operations ^(a)	7,477		32%	4,242		29%
^a)	^{Adjusted EBITDA is non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.}

The Connection Technologies segment now includes the Company’s Shawflex, AmerCable and DSG-Canusa business lines, and delivered revenue of $187.3 million in the first quarter of 2025, a new first quarter record and an increase of $96.6 million when compared to the first quarter of 2024. Its operating income in the first quarter of 2025 was $18.0 million compared to $14.5 million in the first quarter of 2024. The segment delivered Adjusted EBITDA of $30.5 million during the first quarter of 2025, a $12.8 million increase versus the prior year quarter. This was the first quarter the Company’s business included AmerCable’s financial results, which significantly contributed to the increased financial performance in the Connection Technologies segment as compared to the first quarter of 2024. The AmerCable business line contributed strong performance across its end markets in the first quarter of 2025, particularly the mining sector. The Connection Technologies segment results include a $4.2 million impact from non-cash inventory fair value adjustment as part of AmerCable purchase price allocation accounting, which is added back for Adjusted EBITDA purposes. The segment successfully completed all expected first-quarter AmerCable business onboarding activities.

Consolidated revenue generation in the segment’s wire and cable businesses (Shawflex and AmerCable) was strongly favorable compared to the prior year, driven primarily by increases in the mining, energy and industrial sectors, partially offset by weaker sales into infrastructure applications, driven by customer project timing.

DSG-Canusa revenue increased marginally compared to the prior year period, primarily driven by higher sales into automotive end markets in North America as the Company gained market share despite a backdrop of reduced global automotive production during the quarter.

Year-over-year increases in segment operating income and Adjusted EBITDA were primarily driven by the addition of AmerCable, partially offset by $2.7 million of non-capitalizable MEO costs associated with the bifurcation and relocation of its North American footprint. This compares to $0.4 million of MEO cost recognized in the prior year period.

The Composite Technologies segment contains the Company’s Flexpipe® and Xerxes® business lines and delivered revenue of $132.8 million in the first quarter of 2025, an increase of $13.5 million, or 11.3%, compared to the first quarter of 2024. Operating income for the segment in the first quarter of 2025 was $12.8 million, an $8.8 million increase from the $4.0 million reported in the first quarter of 2024.

North American Flexpipe revenue increased compared to the same period in the prior year, despite significantly reduced North American completion activity, as the Company continued to secure new customers and further penetrate the large diameter product market. The business also benefitted from some customers accelerating purchases ahead of potential tariff announcements. International revenue was lower year-over-year, primarily due to the timing of orders and deliveries, with the prior-year period benefiting from a significant shipment to the Middle East.

Within Xerxes, first-quarter revenue exceeded the prior-year period, primarily driven by increased sales of Fiberglass Reinforced Plastic (FRP) tanks for retail fuel applications and Hydrochain products for storm water management applications.

Adjusted EBITDA for the Composite Technologies segment in the first quarter of 2025 was $21.0 million, an increase of $6.0 million from the $15.0 million reported in the first quarter of 2024. This increase was primarily driven by higher gross profit resulting from increased revenue. This was partially offset by a slight decline in gross margin, reflecting a change in product mix and increased freight expenses associated with pre-emptive relocation of inventory into the U.S. to mitigate potential tariff impacts. The segment did not incur any non-capitalizable MEO costs in the first quarter of 2025, as the new production facilities for Flexpipe and Xerxes were fully set up and operational, compared to $2.3 million of MEO costs incurred during the first quarter of 2024 for the setup of these production sites.

Discontinued Operations generated revenue of $23.3 million and $7.5 million of Adjusted EBITDA during the first quarter of 2025 compared to $14.4 million in revenue and $4.2 million of Adjusted EBITDA during the first quarter of 2024.

2.0 OUTLOOK

The Company acknowledges that extreme uncertainty exists regarding the magnitude and duration of tariffs impacting the movement of goods between the US and other countries, and the business and economic consequences arising from such tariffs. The Company currently manufactures products in the US and/or Canada that are sold cross-border in all of its business units and imports raw materials and component parts for the production of its products. The Company also sources raw materials from other countries that are currently subject to or may in the future become subject to tariffs by the United States government. The Company continues to diversify its supply chain and has secured sources based in several different countries for a majority of its raw material needs. The Company remains vigilant and prepared to take additional mitigation actions as needed, including raising the selling prices of its products where necessary and permitted under its contractual arrangements. The related economic uncertainty may also cause customers to pause or cancel investment decisions, which could impact overall near-term demand for the Company’s products in certain end markets. The outlook below includes the Company’s current visibility of the potential impact of tariffs. Despite near and medium term geopolitical and macroeconomic challenges, the Company remains positive on the long-term outlook and macro drivers for its products.

The Company has largely completed its disposition of non-core assets and the modernization, expansion and optimization of its North American production network, with the remaining sale of its Brazilian pipe coating business expected to close around mid 2025 and the relocation of its Shawflex manufacturing site expected to be completed at the end of the second quarter of 2025. MEO costs are expected to be $5 to $7 million in the second quarter and will mark the completion of the MEO expense recognition program by the Company. Consequently, over the course of 2025, Mattr is expected to return to more normalized operations, with a primary focus on delivering value from its restructured operational footprint while also ensuring full integration and optimization of AmerCable following its acquisition.

The Company currently anticipates revenue and Adjusted EBITDA from Continuing Operations in the second quarter of the year to fall below the first quarter of 2025, including the recognition of MEO costs during the second quarter within its Connection Technologies segment. The Company observed some accelerated customer purchasing activity during the first quarter – primarily in its Flexpipe business – as a result of tariff uncertainty, and amid this uncertainty, the Company currently anticipates some customer purchasing decisions in the second quarter and beyond may be delayed or reduced.
The Company currently anticipates sales from its Xerxes fuel and water products in the second quarter of 2025 will rise modestly compared to the first quarter as conditions become more favorable for underground installation activity. Production efficiency from the business’s recently established South Carolina site is expected to evolve favorably over the remainder of 2025.
The Company currently anticipates sales of its Flexpipe products in the second quarter of 2025 will be lower than the first quarter, as modestly higher international shipments and continued North American market share gains are likely offset by further reductions in North American completion activity, driven by tariff uncertainty and lower oil prices. Production efficiency from the business’s recently established Texas site is expected to evolve favorably over the remainder of 2025.
The Company currently anticipates sales of its DSG-Canusa products in the second quarter of 2025 will be similar to the first quarter, as lower activity from its automotive customers is expected to be offset by new customer capture and new product introduction. The production efficiency from the business’s recently established Ohio site is expected to evolve favorably over the remaining course of 2025.
The Company currently anticipates sales of Shawflex and AmerCable wire and cable products in the second quarter of 2025 will decline compared to the first quarter, driven primarily by lower deliveries into specific industrial, mining and energy applications, partially offset by higher deliveries into infrastructure applications. The timing of specific deliveries within the AmerCable business drove a particularly strong result during the first quarter, which is still expected to be the strongest quarter of 2025 for this business. Copper price volatility has also increased since the start of the year and is being closely monitored to ensure the impacts arising from any rapid movements are minimized.
The Company has successfully leveraged Shawflex resources to secure early confirmation of US and Canadian customer appetite to utilize AmerCable’s medium voltage products in specific industrial applications and continues to anticipate initial, modest benefits from these expected industrial sector commercial synergies will commence in the second half of 2025. Key AmerCable related factors impacting Connection Technology segment results to date, and going forward, include:
- The Company incurred approximately $1 million of non-routine onboarding expenses related to the acquisition of AmerCable in the first quarter, and expects additional expenses of up to $4 million over the remainder of 2025. These costs are added back for the calculation of Adjusted EBITDA.
- The revaluation of AmerCable’s inventory to fair value as part of the purchase price allocation accounting is expected to temporarily lower gross margins in the first half of the year as the inventory is sold. These costs are added back for the calculation of Adjusted EBITDA.
- The recognition of intangible assets, including goodwill, customer relationships and trade names as part of the AmerCable purchase price allocation accounting and the corresponding amortization of these assets will impact reported earnings. However, these are non-cash expenses and do not impact the Company’s underlying operational performance or cash flow.

While the Company expects to maintain its “all of the above” approach to capital allocation, with the acquisition of AmerCable and the majority of its large organic MEO projects completed, the Company’s capital deployment in 2025 is expected to focus more heavily on debt repayment and activity under its NCIB. The Company currently anticipates total full year capital expenditures will be $60-$70 million, with approximately $15 million of such amount allocated to maintenance capital, and the remaining amounts allocated to growth projects, including completion of the remaining MEO projects. Given the elevated geopolitical uncertainty, the Company continues to evaluate market conditions and remains prepared to adjust its capital program and spend as needed.
The Company has moved above its normal net-debt-to-Adjusted EBITDA ratio target of 2.0 times, including leases, as a result of its acquisition of AmerCable. Through prioritization of debt repayment, the Company currently expects to move back below its normal target ratio within 12 to 18 months of the acquisition date.

3.0 CONFERENCE CALL AND ADDITIONAL INFORMATION

Mattr will be hosting a Shareholder and Analyst Conference Call and Webcast on Thursday, May 15th, 2025 at 9:00 AM ET, which will discuss the Company’s First Quarter 2025 Financial Results. To participate via telephone, please register at https://register-conf.media-server.com/register/BI28b49f607d3649d1b1fc5343ae8247b0 and a telephone number and pin will be provided.

Alternatively, please go to the following website address to participate via webcast: https://edge.media-server.com/mmc/p/gd2jsma9. The webcast recording will be available within 24 hours of the live presentation and will be accessible for 90 days.

About Mattr

Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure.

For further information, please contact:

Meghan MacEachern
VP, Investor Relations & External Communications
Tel: 437-341-1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com

Source: Mattr Corp.
Mattr.ER

4.0 FORWARD-LOOKING INFORMATION

This news release includes certain statements that reflect management’s expectations and objectives for the Company’s future performance, opportunities and growth, which statements constitute “forward-looking information” and “forward-looking statements” (collectively “forward-looking information”) under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward-looking information involves estimates, assumptions, judgements and uncertainties. These statements may be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “anticipate”, “expect”, “believe”, “predict”, “estimate”, “continue”, “intend”, “plan” and variations of these words or other similar expressions.

Specifically, this news release includes forward-looking in-formation in the Outlook Section and elsewhere in respect of, among other things: the ability of the Company to deliver higher returns to all shareholders; the Company’s ability to deliver customer and shareholder value expansion; the expected timing for the closing of the sale of Thermotite; the gross sale proceeds of the sale of Thermotite; the anticipated timing for the final working capital adjustment for the AmerCable acquisition; the expected timing of the relocation of the Shawflex manufacturing site; the expected amount of MEO costs to be incurred in the second quarter of 2025; the expected completion of the MEO expense recognition program; the return to more normalized operations in the remainder of 2025; the decline in consolidated revenue and Adjusted EBITDA in the second quarter of 2025; the anticipated customer purchasing decisions in the second quarter of 2025 and beyond; the impact of tariffs implemented by the U.S. administration, including on the demand for the Company’s products in the second quarter of 2025 and beyond; increased sales from Xerxes fuel and water products in the second quarter of 2025; sales of Flexpipe products in the second quarter of 2025; the volume of sales of Shawflex, AmerCable and DSG-Canusa products in the second quarter of 2025; the impact of new DSG-Canusa product introduction; the impact of lower activity of automotive customers; the level of efficiency in the Company’s recently established production facilities, including the Xerxes South Carolina facility, the Flexpipe Texas facility, and the DSG-Canusa Ohio facility; the Company’s approach to capital allocation and expected capital deployment, including debt repayment and activity under the Company’s normal course issuer bid (“NCIB”).

Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward-looking information. Significant risks facing the Company include but are not limited to the risks and uncertainties described in the Company’s Management’s Discussion and Analysis under “Risks and Uncertainties” and in the Company’s Annual Information Form (“AIF”) under “Risk Factors”.

These statements of forward-looking information are based on assumptions, estimates and analysis made by management in light of its experience and perception of trends, current conditions and expected developments as well as other factors believed to be reasonable and relevant in the circumstances. These assumptions include those in respect of: the scale and duration of North American trade tariffs; expectations for demand for the Company’s products; sales trends for the Company’s products; North American onshore oilfield customer spending; the Company’s ability to increase efficiency in its newly established manufacturing facilities; the effectiveness of modernization, expansion and optimization efforts; the Company’s cash flow generation and growth outlook; activity levels across the Company’s business segments; the Company’s ability to manage supply chain disruptions and other business impacts caused by, among other things, current or future geopolitical events, conflicts, or disruptions, such as the conflict in Ukraine and related sanctions on Russia; the impact of the Russia and Ukraine conflict on the Company’s demand for products and the strength of its and its customers supply chains; the current Israel-Palestine conflict; the impact of changing interest rates and levels of inflation; regular, seasonal impacts on the Company’s businesses, including in the fiberglass reinforced plastic (“FRP”) tanks business and composite pipe business; expectations regarding the Company’s ability to attract new customers and develop and maintain relationships with existing customers; the continued availability of funding required to meet the Company’s anticipated operating and capital expenditure requirements over time; consistent competitive intensity in the business in which the Company operates; no significant or unexpected legal or regulatory developments, other shifts in economic conditions, or macro changes in the competitive environment affecting the Company’s business activities; key interest rates remaining relatively stable through the remainder of 2025; the accuracy of the forecast data from the Company’s North American convenience store customers; the accuracy of market indicators in determining industry health for AmerCable’s products, such as commodity prices, housing starts, and GDP; the impact of federal stimulus packages in the Connection Technologies reporting segment; heightened demand for electric and hybrid vehicles and for electronic content within those vehicles particularly in the Asia Pacific, Europe and Africa regions; heightened infrastructure spending in Canada, including in respect of commercial and municipal water projects, nuclear plant refurbishment and upgraded communication and transportation networks, communication networks and nuclear refurbishments; sustained health of oil and gas producers; the continued global need to renew and expand critical infrastructure, including energy generation and distribution, electrification, transportation network enhancement and storm management; the Company’s ability to execute projects under contract; the Company’s continuing ability to provide new and enhanced product offerings to its customers; that the Company will identify and successfully execute on opportunities for acquisitions or investments; the higher level of investment in working capital by the Company; the easing of supply chain shortages and the continued supply of and stable pricing or the ability to pass on higher prices to the Company’s customers for commodities used by the Company; the availability of personnel resources sufficient for the Company to operate its businesses; the maintenance of operations by the Company in major oil and gas producing regions; the adequacy of the Company’s existing accruals in respect of environmental compliance and in respect of litigation and tax matters and other claims generally; the impact of adoption of artificial intelligence and other machine learning on competition in the industries which the Company operates; the Company’s ability to meet its financial objectives; the ability of the Company to satisfy all covenants under its Credit Facility (as defined herein) and other debt obligations and having sufficient liquidity to fund its obligations and planned initiatives; and the availability, commercial viability and scalability of the Company’s greenhouse gas emission reduction strategies and related technology and products, and the anticipated costs and impacts on the Company’s operations and financial results of adopting these technologies or strategies. The Company believes that the expectations reflected in the forward-looking information are based on reasonable assumptions in light of currently available information. However, should one or more risks materialize, or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information included in this news release and the Company can give no assurance that such expectations will be achieved.

When considering the forward-looking information in making decisions with respect to the Company, readers should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not assume the obligation to revise or update forward-looking information after the date of this news release or to revise it to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

To the extent any forward-looking information in this news release constitutes future oriented financial information or financial outlooks, within the meaning of securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future oriented financial information and financial outlooks, as with forward-looking information generally, are based on the assumptions and subject to the risks noted above.

5.0 RECONCILIATION OF NON-GAAP MEASURES

The Company reports on certain non-GAAP and other financial measures that are used to evaluate its performance and segments, as well as to determine compliance with debt covenants and to manage its capital structure. These non-GAAP and other financial measures do not have standardized meanings under IFRS and are not necessarily comparable to similar measures provided by other companies. The Company discloses these measures because it believes that they provide further information and assist readers in understanding the results of the Company’s operations and financial position. These measures should not be considered in isolation or used in substitution for other measures of performance prepared in accordance with GAAP. The following is a reconciliation of the non-GAAP measures reported by the Company.

EBITDA and Adjusted EBITDA

EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is also a non-GAAP measure defined as EBITDA adjusted for items which do not impact day to day operations. Adjusted EBITDA is calculated by adding back to EBITDA the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net, hyperinflationary adjustments and the impact of transactions that are outside the Company’s normal course of business or day to day operations. The Company believes that EBITDA and Adjusted EBITDA are useful supplemental measures that provide a meaningful indication of the Company’s results from principal business activities prior to the consideration of how these activities are financed or the tax impacts in various jurisdictions and for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures. The Company presents Adjusted EBITDA as a measure of EBITDA that excludes the effect of transactions that fall outside the Company’s ordinary course of business or routine operations. Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations. It is also considered important by lenders to the Company and is included in the financial covenants of the Credit Facility.

		Three Months Ended
			March 31,			March 31,
	_{(in thousands of Canadian dollars)}		2025			2024

	Net Income (Loss) from Continuing Operations	$	48,069		$	(2,145	)

	Add:
	Income tax expense		(38,858	)		3,948
	Finance costs, net		9,230			2,226
	Amortization of property, plant and equipment, intangible assets and ROU assets		16,883			8,568
	EBITDA from Continuing Operations		35,324			12,597

	Share-based incentive compensation (recovery) cost		(2,192	)		7,632
	Foreign exchange loss		3,907			2,397
	Restructuring costs and other, net		—			3,201
	Cost associated with acquisition ^(a)		5,320			—
	Non-cash impact from inventory fair value adjustment ^(b)		4,195			—
	Adjusted EBITDA from Continuing Operations	$	46,554		$	25,827
^a)	^{Costs associated with the acquisition of AmerCable Incorporated.}
^b)	^{Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.}

Connection Technologies Segment

		Three Months Ended
			March 31,			March 31,
	_{(in thousands of Canadian dollars)}		2025			2024

	Operating Income	$	18,041		$	14,543

	Add:
	Amortization of property, plant and equipment, intangible assets and ROU assets		7,619			1,722
	EBITDA		25,660			16,265

	Share-based incentive compensation (recovery) cost		(368	)		1,319
	Restructuring costs and other, net		—			33
	Cost associated with acquisition ^(a)		974			—
	Non-cash impact from inventory fair value adjustment ^(b)		4,195			—
	Adjusted EBITDA	$	30,461		$	17,617
^a)	^{Costs associated with the acquisition of AmerCable Incorporated.}
^b)	^{Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.}

Composite Technologies Segment

		Three Months Ended
			March 31,			March 31,
	_{(in thousands of Canadian dollars)}		2025			2024

	Operating Income	$	12,807		$	4,017

	Add:
	Amortization of property, plant and equipment, intangible assets and ROU assets		8,667			6,371
	EBITDA		21,474			10,388

	Share-based incentive compensation (recovery) cost		(436	)		1,452
	Restructuring costs and other, net		—			3,168
	Adjusted EBITDA	$	21,038		$	15,008

Financial and Corporate

		Three Months Ended
			March 31,			March 31,
	_{(in thousands of Canadian dollars)}		2025			2024

	Operating Loss	$	(12,407	)	$	(14,531	)

	Add:
	Cost associated with repayment and modification of long-term debt		—			—
	Amortization of property, plant and equipment, intangible assets and ROU assets		597			475
	EBITDA		(11,810	)		(14,056	)

	Share-based incentive compensation (recovery) cost		(1,388	)		4,861
	Foreign exchange loss		3,907			2,397
	Cost associated with acquisition ^(a)		4,346			—
	Adjusted EBITDA	$	(4,945	)	$	(6,798	)
^a)	^{Costs associated with the acquisition of AmerCable Incorporated.}

Discontinued Operations

		Three Months Ended
			March 31,			March 31,
	_{(in thousands of Canadian dollars)}		2025			2024

	Net Income (Loss) from Discontinued Operations	$	4,657		$	(3,494	)

	Add:
	Income tax (recovery) expense		2,998			1,869
	Finance costs, net recovery		(162	)		(84	)
	Amortization of property, plant and equipment, intangible assets and ROU assets		—			428
	EBITDA from Discontinued Operations		7,493			(1,281	)

	Foreign exchange (gain) loss		(16	)		118
	Loss on sale of operating unit and subsidiary		—			5,405
	Adjusted EBITDA from Discontinued Operations	$	7,477		$	4,242

Total Consolidated Mattr (Continuing and Discontinued Operations)

		Three Months Ended
			March 31,			March 31,
	_{(in thousands of Canadian dollars)}		2025			2024

	Net Income (Loss)	$	52,726		$	(5,639	)

	Add:
	Income tax expense		(35,860	)		5,817
	Finance costs, net		9,068			2,142
	Amortization of property, plant and equipment, intangible assets and ROU assets		16,883			8,996
	EBITDA		42,817			11,316

	Share-based incentive compensation (recovery) cost		(2,192	)		7,632
	Foreign exchange loss		3,891			2,515
	Loss on sale of operating unit and subsidiary		—			5,405
	Restructuring costs and other, net		—			3,201
	Cost associated with acquisition ^(a)		5,320			—
	Non-cash impact from inventory fair value adjustment ^(b)		4,195			—
	Adjusted EBITDA	$	54,031		$	30,069
^a)	^{Costs associated with the acquisition of AmerCable Incorporated.}
^b)	^{Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.}

Adjusted EBITDA Margin

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue and is a non-GAAP measure. The Company believes that Adjusted EBITDA margin is a useful supplemental measure that provides meaningful assessment of the business results of the Company and its Operating Segments from principal business activities excluding the impact of transactions that are outside of the Company’s normal course of business.

See reconciliation above for the changes in composition of Adjusted EBITDA, as a result of which the table below reflects restated figures for the prior year quarter to align with the updated composition.

Operating margin is defined as operating (loss) income divided by revenue and is a non-GAAP measure. The Company believes that operating margin is a useful supplemental measure that provides meaningful assessment of the business performance of the Company and its Operating Segments. The Company uses this measure as a key indicator of financial performance, operating efficiency and cost control based on volume of business generated.

Adjusted Net Income (attributable to shareholders)

Adjusted Net Income (attributable to shareholders) is a non-GAAP measure defined as Net Income (attributable to shareholders) adjusted for items which do not impact day to day operations. Adjusted Net Income (attributable to shareholders) is calculated by adding back to Net Income (attributable to shareholders) the after tax impact of the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net and hyperinflationary adjustments. The Company believes that Adjusted Net Income (attributable to shareholders) is a useful supplemental measure that provides a meaningful indication of the Company’s results from principal business activities for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures.

Adjusted Earnings Per Share (“Adjusted EPS”)

Adjusted EPS (basic) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding. Adjusted EPS (diluted) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding, further adjusted for potential dilutive impacts of outstanding securities which are convertible to common shares. The Company presents Adjusted EPS as a measure of Earning Per Share that excludes the impact of transactions that are outside the Company’s normal course of business or day to day operations. Adjusted EPS indicates the amount of Adjusted Net Income the Company makes for each share of its stock and is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations.

Total Consolidated Mattr Adjusted EPS (Continuing and Discontinued Operations)

Three Months Ended

March 31,

_{(in thousands of Canadian dollars except for per share amounts)}

2025

2024

Earnings Per Share

Basic

Diluted

Basic

Diluted

Total Consolidated Mattr Net Income (Loss)^(a)

52,726

0.84

(5,842

)

(0.09

)

(0.09

)

Adjustments (before tax):

Share-based incentive compensation (recovery) cost

(2,192

)

7,632

Foreign exchange loss

3,891

2,515

Loss on sale of operating unit and subsidiary

—

5,405

Restructuring costs and other, net

—

3,201

Cost associated with acquisition ^(b)

5,320

—

Non-cash impact from inventory fair value adjustment ^(c)

4,195

—

Tax effect of above adjustments

(1,499

)

(2,066

)

Tax impact of the AmerCable acquisition

(40,819

)

—

Total Consolidated Mattr Adjusted Net Income (non-GAAP) ^(a)

21,622

0.34

10,845

0.16

^(a)

^{Attributable to Shareholders of the Company.}

^(b)

^{One-time costs associated with the acquisition of AmerCable Incorporated.}

^(c)

^{One-time cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.}

Total Net debt-to-Adjusted EBITDA

Total Net debt-to-Adjusted EBITDA is a non-GAAP measure defined as the sum of long-term debt, current lease liabilities and long-term lease liabilities, less cash and cash equivalents (including restricted cash), divided by the Consolidated (Continuing and Discontinued Operations) Adjusted EBITDA, as defined above, for the trailing twelve-month period. The Company believes Total Net debt-to-Adjusted EBITDA is a useful supplementary measure to assess the borrowing capacity of the Company. Total Net debt-to-Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate how long a company would need to operate at its current level to pay of all its debt. It is also considered important by credit rating agencies to determine the probability of a company defaulting on its debt.

See discussion above for the changes into the composition of Adjusted EBITDA. The table below reflects restated figures for the prior year quarters to align with current presentation.

		March 31,		December 31
_{(in thousands of Canadian dollars except Net debt-to-EBITDA ratio)}		2025			2024

Long-term debt	$	449,633		$	471,238
Lease Liabilities		165,869			163,127
Cash and cash equivalents (and restricted cash)		(52,716	)		(502,490	)
Total Net Debt		562,786			131,875

Q1 2024 Adjusted EBITDA		—			30,069
Q2 2024 Adjusted EBITDA		42,824			42,824
Q3 2024 Adjusted EBITDA		36,743			36,743
Q4 2024 Adjusted EBITDA		21,060			21,060
Q1 2025 Adjusted EBITDA		54,031			—
Trailing twelve-month Adjusted EBITDA	$	154,658		$	130,696
Total Net debt-to-Adjusted EBITDA		3.64			1.01

Total Interest Coverage Ratio

Total Interest Coverage Ratio is a non-GAAP measure defined as Consolidated Adjusted EBITDA (Continuing and Discontinued Operations), as defined above, for the trailing twelve-month period, divided by finance costs, net, for the trailing twelve-month period. The Company believes Total Interest Coverage Ratio is a useful supplementary measure to assess the Company’s ability to honor its debt payments. Total Interest Coverage Ratio is used by many analysts as one of several important analytical tools to judge a company’s ability to pay interest on its outstanding debt. It is also considered important by credit rating agencies to determine a company’s riskiness relative to its current debt or for future borrowing.

		March 31,	December 31
_{(in thousands of Canadian dollars except Net debt-to-EBITDA ratio)}		2025		2024

Q1 2024 Adjusted EBITDA	$	—	$	30,069
Q2 2024 Adjusted EBITDA		42,824		42,824
Q3 2024 Adjusted EBITDA		36,743		36,743
Q4 2024 Adjusted EBITDA		21,060		21,060
Q1 2025 Adjusted EBITDA		54,031		—
Trailing twelve-month Adjusted EBITDA	$	154,658	$	130,696

Q1 2024 Finance cost, net		—		2,142
Q2 2024 Finance cost, net		4,341		4,341
Q3 2024 Finance cost, net		4,804		4,804
Q4 2024 Finance cost, net		5,846		5,846
Q1 2025 Finance cost, net		9,068		—
Trailing twelve-month finance cost, net	$	24,059	$	17,133
Total Interest Coverage Ratio		6.43		7.63

Modernization, Expansion and Optimization (“MEO”) Costs

MEO costs is a supplementary financial measure. MEO costs not eligible for capitalization are reported as selling, general and administrative expenses or as cost of goods sold and incurred in support of the Company’s certain specific, planned capital investments into high-return growth and efficiency improvement opportunities. These include the following:

The replacement of the Company’s Rexdale facility in Toronto, Ontario and the expansion of its Connection Technologies segment’s North American manufacturing footprint through:
- a new heat-shrink tubing production site in Fairfield, Ohio; and
- a new wire and cable production site in Vaughan, Ontario.
The addition of two new manufacturing facilities and the elimination of aging manufacturing facilities within the Composite Technologies network, namely:
- the shut-down and exit of aging production capabilities in the Xerxes FRP tank production site footprint;
- a new Xerxes FRP tank production site in Blythewood, South Carolina;
- a new Flexpipe composite pipe production site in Rockwall, Texas along with the co-located Hydrochain™ stormwater infiltration chamber production line.

The Company considers these costs incremental to its normal operating base and would not have been incurred if these projects were not ongoing.

6.0 ADDITIONAL INFORMATION

Additional information relating to the Company, including its AIF, is available on SEDAR+ at www. sedarplus.com and on the “Investors Centre” page of the Company’s website at: https://investors.Mattr.com/Investor-Center/default.aspx.

Dated: May 14, 2025

The MIL Network –

May 15, 2025

MIL-OSI: Red Cat Reports Financial Results for First Quarter 2025 and Provides Corporate Update

Source: GlobeNewswire (MIL-OSI)

SAN JUAN, Puerto Rico, May 14, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, reports its financial results for the first quarter ended March 31, 2025 and provides a corporate update.

Recent Operational Highlights

Announced the expansion of our multi-domain Family of Systems with a new line of Unmanned Surface Vessels (USVs). This strategic move marks Red Cat’s official entry into the rapidly evolving maritime autonomy market and reinforces its position as a provider of comprehensive, interoperable unmanned systems for air, land, and sea operations.
Expanded our Red Cat Futures Industry Consortium to include Palantir and Palladyne to boost AI capabilities in contested environments, including visual navigation.
Introducing Black Widow™ and Edge 130 drones to the Latin American market at LAAD 2025 in Rio De Janeiro, Brazil in April 2025.
Introduced our Black Widow™ short-range reconnaissance drone and Edge 130 Tricopter to the Middle East market at the International Defense Exhibition and Conference in Abu Dhabi, UAE, Feb 17-21, 2025.
Introduced Black Widow™ to the Asia Pacific Market at the AISSE conference in Putrajaya, Malaysia in January 2025.
Announced that the Black Widow drone and FlightWave Edge 130 were included on the list of 23 platforms and 14 unique components and capabilities selected as winners of the Blue UAS Refresh. The platforms will undergo National Defense Authorization Act (NDAA) verification and cyber security review with the ultimate goal of joining the Blue UAS List.
Partnered with Palantir to deploy Warp Speed, Palantir’s manufacturing OS. This collaboration will transform our supply and manufacturing operations with Palantir’s AI enabled monitoring, process flow enhancement and comprehensive data analysis. Palantir’s Warp Speed will optimize Red Cat’s production and streamline its supply chain, change management, and quality assurance, ultimately reducing costs and improving margins.

First Quarter 2025 Financial Highlights

Quarterly Revenue of $1.7 million
Ended the quarter with cash and accounts receivable of $9.3 million
In addition, closed funding of $30.0 million subsequent to quarter end
Reiterate 2025 annual revenue guidance of $80 to $120 million for calendar year 2025, which consists of:
- $25 to $65 million in SRR-related Black Widow sales
- $25 million in Non-SRR Black Widow sales
- $25 million in Edge 130 sales
- $5m in Fang FPV sales

“Red Cat’s momentum continues to build as we execute on our strategy to deliver advanced, AI-enabled unmanned systems across air, land, and sea,” said Jeff Thompson, Red Cat CEO. “Our partnership with Palantir to deploy Warp Speed is optimizing our manufacturing and cost efficiency, while our expansion into maritime autonomy with Unmanned Surface Vessels significantly expands our Family of Systems. A strong balance sheet bolstered by a recent $30 million capital raise positions us strongly to meet growing domestic and international demand in the second half of 2025.”

“Our balance sheet remains strong as we transition to production and delivery of our new Black Widow drones,” said Chris Ericson, Red Cat CFO. “We have bolstered our quarter-end cash and receivables of $9 million with an additional $30 million from a capital raise executed soon after quarter-end. This liquidity has given us ample strength and ability to expand manufacturing to meet the impending demands of the U.S. Army’s SRR program and international opportunities for the second half of 2025.”

Conference Call Today

CEO Jeff Thompson and CFO Chris Ericson will host an earnings conference call at 4:30 p.m. ET on Wednesday, May 14, 2025, to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session. Interested parties can attend the conference call through a live webcast that can be accessed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=OqffyYp4

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed-wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA-compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com


RED CAT HOLDINGS
Condensed Consolidated Balance Sheets

		March 31,			December 31,
		2025			2024
ASSETS

Cash	$	7,722,410		$	9,154,297
Accounts receivable, net		1,554,295			489,316
Inventory, including deposits		17,107,860			13,592,900
Intangible assets including goodwill, net		25,718,450			26,124,133
Other		7,552,833			6,243,621

TOTAL ASSETS	$	59,655,848		$	55,604,267

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable and accrued expenses	$	2,712,333		$	3,289,634
Debt obligations		350,000			350,000
Customer deposits		220,517			227,484
Operating lease liabilities		2,329,194			1,617,596
Convertible notes payable		25,132,556			—
Total liabilities		30,744,600			5,484,714

Stockholders’ capital		176,779,302			174,864,256
Accumulated deficit/comprehensive loss		(147,868,054	)		(124,744,703	)
Total stockholders’ equity		28,911,248			50,119,553
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	59,655,848		$	55,604,267

Condensed Consolidated Statements of Operations

	Three months ended March 31,
	2025			2024
Revenues	$	1,629,662		$	6,614,029

Cost of goods sold		2,480,072			5,492,825

Gross (loss) profit		(850,410	)		1,121,204

Operating Expenses
Research and development		3,432,593			2,669,502
Sales and marketing		3,314,748			1,410,506
General and administrative		4,880,448			3,084,495
Total operating expenses		11,627,789			7,164,503
Operating loss		(12,478,199	)		(6,043,299	)

Other expense (income)		10,645,152			(635,676	)

Net loss from continuing operations		(23,123,351	)		(5,407,623	)

Loss from discontinued operations		—			(1,373,457	)
Net loss	$	(23,123,351	)	$	(6,781,080	)

Loss per share – basic and diluted	$	(0.27	)	$	(0.09	)

Weighted average shares outstanding – basic and diluted		85,505,520			74,204,622


Condensed Consolidated Statements of Cash Flows

		Three months ended March 31,
		2025			2024
Cash Flows from Operating Activities
Net loss from continuing operations	$	(23,123,351	)	$	(5,407,623	)
Non-cash expenses		12,886,204			1,129,679
Changes in operating assets and liabilities		(5,670,590	)		(97,316	)
Net cash used in operating activities		(15,907,737	)		(4,375,260	)

Cash Flows from Investing Activities
Proceeds from divestiture of consumer segment		—			1,000,000
Purchases of property and equipment		(273,103	)		(75,991	)
Net cash (used in) provided by investing activities		(273,103	)		924,009

Cash Flows from Financing Activities
Proceeds from issuance of convertible notes payable, net		14,432,879			—
Proceeds from exercise of stock options		316,074			—
Payments of debt obligations, net		—			(147,147	)
Net cash provided by (used in) financing activities		14,748,953			(147,147	)

Net cash used in discontinued operations		—			(194,969	)

Net decrease in Cash		(1,431,887	)		(3,793,367	)
Cash, beginning of period		9,154,297			10,245,064
Cash, end of period	$	7,722,410		$	6,451,697

The MIL Network –

May 15, 2025

MIL-OSI: dLocal Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

Record highs across key financial and operational metrics.
TPV milestone of US$8 billion, +53% YoY and +5% QoQ. In constant currency, TPV increased +72% YoY.
Revenue and gross profit record highs of US$217 million and US$85 million. Continued geographic diversification.
Adjusted EBITDA of US$58 million, with Adjusted EBITDA/Gross Profit at 68%, demonstrating our ability to scale efficiently.
Strong cash flow, with free cash flow to net income conversion at 85%, reinforcing cash generating financial model.

MONTEVIDEO, Uruguay, May 14, 2025 (GLOBE NEWSWIRE) — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology – first payments platform, today announced its financial results for the first quarter ended March 31, 2025.

dLocal’s management team will host a conference call and audio webcast on May 14, 2025 at 5:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.

The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.

“The first quarter of 2025 demonstrated strong execution across many of the levers of our strategic plan. Our commercial team effectively leveraged existing merchant relationships and established new partnerships. Financially, we executed our investment plan in a responsible and efficient manner. In addition, our operations and technology teams delivered improved effectiveness to our merchants, and our legal and regulatory teams focused on expanding our license portfolios,” said Pedro Arnt, CEO of dLocal.

First quarter 2025 financial highlights

dLocal reports in US dollars and in accordance with IFRS as issued by the IASB

Total Payment Volume (“TPV”) reached a record US$8.1 billion in the first quarter, up 53% year-over-year compared to US$5.3 billion in the first quarter of 2024 and up 5% compared to US$7.7 billion in the fourth quarter of 2024. In constant currency, TPV growth for the period would have been 72% year-over-year.
Revenues amounted to US$216.8 million, up 18% year-over-year compared to US$184.4 million in the first quarter of 2024 and up 6% compared to US$204.5 million in the fourth quarter of 2024. This quarter-over-quarter increase, above TPV growth, was driven by higher cross-border share in the mix, and partially offset by Mexico, given the commerce seasonality effect in the fourth quarter and partial volume loss with a large merchant. In constant currency, revenue growth for the period would have been 36% year-over-year.
Gross profit was US$84.9 million in the first quarter of 2025, up 35% compared to US$63.0 million in the first quarter of 2024 and up 1% compared to US$83.7 million in the fourth quarter of 2024. The quarter-over-quarter comparison was primarily due to (i) Argentina, with gross profit following revenue trends, in addition to increasing advancement volumes (which have higher take rates) and wider FX spreads in Q1 2025 vs Q4 2024; and (ii) Other LatAm markets, with notable performance in Chile. These positive factors were partially offset by (i) Brazil, due to the migration to the Payment Orchestration model, which brings lower take rates, coupled with one-off incremental processing costs; and (ii) Mexico, as explained above. In addition, despite volume growth across various countries, Other Africa and Asia was adversely affected by increased processing costs in South Africa and Nigeria. In constant currency, gross profit growth for the period would have been 59% year-over-year.
As a result, gross profit margin was 39% in this quarter, compared to 34% in the first quarter of 2024 and 41% in the fourth quarter of 2024.
Gross profit over TPV was at 1.05% decreasing from 1.19% in the first quarter of 2024 and from 1.09% compared to the fourth quarter of 2024.
Operating profit was US$45.8 million, up 70% compared to US$26.9 million in the first quarter of 2024 and up 8% compared to US$42.3 million in the fourth quarter of 2024. Operating expenses grew by 8% year-over-year, explained by the increase in headcount, as we continue to invest in our capabilities. On the sequential comparison, operating expenses decreased by 6% quarter-over-quarter, primarily attributed to a reduction in G&A and Technology & Development expenses, driven by the decrease in third-party services, travel expenses and timing of implementation of new initiatives. This decrease was partially offset by the growth in headcount and increase in Sales & Marketing expenses, driven by key commercial events.
As a result, Adjusted EBITDA was US$57.9 million, up 57% compared to US$36.8 million in the first quarter of 2024 and up 2% compared to US$56.9 million in the fourth quarter of 2024.
Adjusted EBITDA margin was 27%, compared to the 20% recorded in the first quarter of 2024 and 28% in the fourth quarter of 2024. Adjusted EBITDA over gross profit of 68% increased compared to 58% in the first quarter of 2024 and slightly increased compared to 68% in the fourth quarter of 2024, marking the fourth consecutive quarter of improvement.
Net financial result was US$7.0 million gain, compared to a net finance gain of US$0.2 million in the first quarter of 2024 and a net finance loss of US$1.1 million in the fourth quarter of 2024, as explained in the Net Income section.
Our effective income tax rate decreased to 10% from 27% last quarter (or 16% when excluding the tax settlement, as mentioned in the fourth quarter earnings release), as result of higher cross-border share of pre-tax income and a lower pre-tax income in Brazil given the higher costs, as explained previously.
Net income for the first quarter of 2025 was US$46.7 million, or US$0.15 per diluted share, up 163% compared to a profit of US$17.7 million, or US$0.06 per diluted share, for the first quarter of 2024 and up 57% compared to a profit of US$29.7 million, or US$0.10 per diluted share for the fourth quarter of 2024. During the current period, net income was mostly affected by the positive non-cash mark to market effect related to our Argentine bond investments and lower finance costs.
Free cash flow for the first quarter of 2025 amounted to US$39.7 million, up 200% year-over-year compared to US$13.2 million in the first quarter of 2024 and up 22% compared to US$32.5 million in the fourth quarter of 2024. The variation quarter-over-quarter is primarily explained by improved operational results, partially offset by normal variability in corporate working capital and higher income tax paid and capex.
As of March 31, 2025, dLocal had US$511.5 million in cash and cash equivalents, which includes US$355.9 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$58.0 million from US$298.0 million as of March 31, 2024, despite the US$100 million in shares repurchased throughout 2024. When compared to the US$317.8 million Corporate cash and cash equivalents position as of December 31, 2024, it increased by US$38.1 million quarter-over-quarter.

The following table summarizes our key performance metrics:

	Three months ended March 31
	2025	2024	% change
Key Performance metrics	(In millions of US$ except for %)
TPV	8,107	5,310	53%
Revenue	216.8	184.4	18%
Gross Profit	84.9	63.0	35%
Gross Profit margin	39%	34%	5p.p
Adjusted EBITDA	57.9	36.8	57%
Adjusted EBITDA margin	27%	20%	7p.p
Adjusted EBITDA/Gross Profit	68%	58%	10p.p
Profit	46.7	17.7	163%
Profit margin	22%	10%	12p.p

Special note regarding Adjusted EBITDA and Adjusted EBITDA Margin

dLocal has only one operating segment. dLocal measures its operating segment’s performance by Revenues, Adjusted EBITDA and Adjusted EBITDA Margin, and uses these metrics to make decisions about allocating resources. Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the finance income and costs, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges,other operating gain/loss,other non-recurring costs, and inflation adjustment. dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by consolidated revenues. dLocal defines Adjusted EBITDA to Gross Profit Ratio as Adjusted EBITDA divided by Gross Profit. Although Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, (“Operating Segments”), Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Nevertheless, dLocal’s Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics should not be viewed in isolation or as a substitute for net income for the periods presented under IFRS. dLocal also believes that its Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics are useful metrics used by analysts and investors, although these measures are not explicitly defined under IFRS. Additionally, the way dLocal calculates operating segment’s performance measures may be different from the calculations used by other entities, including competitors, and therefore, dLocal’s performance measures may not be comparable to those of other entities. Finally, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

The table below presents a reconciliation of dLocal’s Adjusted EBITDA to net income:

$ in thousands	Three months ended March 31
	2025	2024
Profit for the period	46,667	17,718
Income tax expense	5,262	7,114
Depreciation and amortization	5,062	3,762
Finance income and costs, net	(6,969)	(299)
Share-based payment non-cash charges	6,020	4,461
Other operating loss¹	422	1,819
Impairment loss / (gain) on financial assets	386	(177)
Inflation adjustment	885	2,368
Other non-recurring costs²	123	–
Adjusted EBITDA	57,858	36,766

Note: ¹ The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal. ² Other non-recurring costs consist of costs not directly associated with the Company’s core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2025.

dLocal Limited Certain financial information Consolidated Condensed Interim Statements of Comprehensive Income for the three-month period ended March 31, 2025 and 2024 (All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

	Three months ended March 31
	2025	2024
Continuing operations
Revenues	216,759	184,430
Cost of services	(131,880)	(121,459)
Gross profit	84,879	62,971

Technology and development expenses	(6,767)	(5,465)
Sales and marketing expenses	(7,135)	(4,631)
General and administrative expenses	(24,324)	(24,332)
Impairment (loss)/gain on financial assets	(386)	177
Other operating (loss)/gain	(422)	(1,819)
Operating profit	45,845	26,901
Finance income	12,228	18,257
Finance costs	(5,259)	(17,958)
Inflation adjustment	(885)	(2,368)
Other results	6,084	(2,069)
Profit before income tax	51,929	24,832
Income tax expense	(5,262)	(7,114)
Profit for the period	46,667	17,718

Profit attributable to:
Owners of the Group	46,630	17,708
Non-controlling interest	37	10
Profit for the period	46,667	17,718

Earnings per share (in USD)
Basic Earnings per share	0.16	0.06
Diluted Earnings per share	0.15	0.06

Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation on foreign operations	3,526	(669)
Other comprehensive income for the period, net of tax	3,526	(669)
Total comprehensive income for the period, net of tax	50,193	17,049

Total comprehensive income for the period
Owners of the Group	50,174	17,036
Non-controlling interest	19	13
Total comprehensive income for the period	50,193	17,049

dLocal Limited Certain financial information Consolidated Condensed Interim Statements of Financial Position as of March 31, 2025 and December 31, 2024 (All amounts in thousands of U.S. dollars)

	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	511,506	425,172
Financial assets at fair value through profit or loss	125,487	129,319
Trade and other receivables	477,349	496,713
Derivative financial instruments	463	2,874
Other assets	28,001	18,805
Total Current Assets	1,142,806	1,072,883

Non-Current Assets
Trade and other receivables	15,518	18,044
Deferred tax assets	5,468	5,367
Property, plant and equipment	4,007	3,377
Right-of-use assets	3,852	3,645
Intangible assets	65,301	63,318
Other assets	4,695	4,695
Total Non-Current Assets	98,841	98,446
TOTAL ASSETS	1,241,647	1,171,329

LIABILITIES
Current Liabilities
Trade and other payables	614,133	597,787
Lease liabilities	1,107	1,137
Tax liabilities	20,631	21,515
Derivative financial instruments	1,098	6,227
Financial liabilities	54,248	50,455
Provisions	543	500
Total Current Liabilities	691,760	677,621

Non-Current Liabilities
Deferred tax liabilities	1,862	1,858
Lease liabilities	2,825	2,863
Total Non-Current Liabilities	4,687	4,721
TOTAL LIABILITIES	696,447	682,342

EQUITY
Share Capital	570	570
Share Premium	187,671	186,769
Treasury Shares	(200,980)	(200,980)
Capital Reserve	38,556	33,438
Other Reserves	(17,390)	(20,934)
Retained earnings	536,654	490,024
Total Equity Attributable to owners of the Group	545,081	488,887
Non-controlling interest	119	100
TOTAL EQUITY	545,200	488,987
TOTAL EQUITY AND LIABILITIES	1,241,647	1,171,329

dLocal Limited Certain interim financial information Consolidated Statements of Cash flows for the three-month period ended March 31, 2025 and 2024 (All amounts in thousands of U.S. dollars)

	Three months ended March 31
	2025	2024
Cash flows from operating activities
Profit before income tax	51,929	24,832
Adjustments:
Interest Income from financial instruments	(5,106)	(7,442)
Interest charges for lease liabilities	41	43
Other interests charges	883	127
Finance expense related to derivative financial instruments	414	9,878
Net exchange differences	4,142	7,637
Fair value loss/(gain) on financial assets at FVPL	(7,343)	(10,815)
Amortization of Intangible assets	4,584	3,424
Depreciation and disposals of PP&E and right-of-use	703	400
Share-based payment expense, net of forfeitures	6,020	4,461
Other operating gain	422	1,819
Net Impairment loss/(gain) on financial assets	386	(177)
Inflation adjustment and other financial results	6,083	(5,892)
	63,158	28,295
Changes in working capital
Increase in Trade and other receivables	21,082	(32,836)
Decrease / (Increase) in Other assets	1,025	3,219
Increase / (Decrease) in Trade and Other payables	16,346	45,964
Increase / (Decrease) in Tax Liabilities	965	(1,120)
Increase / (Decrease) in Provisions	43	4
Cash (used) / generated from operating activities	102,619	43,526
Income tax paid	(7,208)	(3,558)
Net cash (used) / generated from operating activities	95,411	39,968

Cash flows from investing activities
Acquisitions of Property, plant and equipment	(945)	(786)
Additions of Intangible assets	(6,567)	(5,022)
Acquisition of financial assets at FVPL	(41,374)	–
Collections of financial assets at FVPL	47,416	(243)
Interest collected from financial instruments	5,106	7,442
Payments for investments in other assets at FVPL	(10,000)	–
Net cash (used in) / generated investing activities	(6,364)	1,391

Cash flows from financing activities
Interest payments on lease liability	(41)	(43)
Principal payments on lease liability	(663)	(95)
Finance expense paid related to derivative financial instruments	(3,132)	(10,151)
Net proceeds from financial liabilities	5,790	–
Interest payments on financial liabilities	(2,166)	–
Other finance expense paid	(714)	(127)
Net cash used in by financing activities	(926)	(10,416)
Net increase in cash flow	88,121	30,943

Cash and cash equivalents at the beginning of the period	425,172	536,160
Net (decrease)/increase in cash flow	88,121	30,943
Effects of exchange rate changes on inflation and cash and cash equivalents	(1,787)	5,254
Cash and cash equivalents at the end of the period	511,506	572,357

About dLocal
dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers in more than 40 countries across Africa, Asia, and Latin America. Through the “One dLocal” platform (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.

Forward-looking statements
This press release contains certain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance are based on current management expectations and involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission. Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. In addition, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA, because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

Investor Relations Contact:
investor@dlocal.com

Media Contact:
media@dlocal.com

The MIL Network –

May 15, 2025

MIL-OSI: Aterian Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

SUMMIT, N.J., May 14, 2025 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”), a consumer products company, today announced financial results for the first quarter ended March 31, 2025 (“Q1 2025”). The Company also provided an update on a series of initiatives that are underway to mitigate the impact of tariffs on the Company’s performance, including the commencement of a cost optimization plan designed to produce annual savings of approximately $5 – $6 million.

“While tariffs did not have a direct impact on our first quarter results, the uncertainty in the broader macroeconomic environment led to some softness in consumer demand,” said Arturo Rodriguez, Chief Executive Officer. “That said, sales seasonality remained consistent with prior years, and we continued to see solid performance across our core products.”

First Quarter 2025 Highlights
All comparisons are to the first quarter ended March 31, 2024 (“Q1 2024”)

Net revenue was $15.4 million compared to $20.2 million, primarily reflecting the previously announced SKU rationalization designed to focus on the Company’s most profitable products and changes to Amazon’s affiliate market program leading to reduced traffic and conversions for certain products.
Gross margin was 61.4% compared to 65.1%, reflecting a change in product mix.
Contribution margin decreased to 13.4% from 14.1%.
Operating loss narrowed to $(3.7) million from an operating loss of $(5.3) million. Q1 2025 operating loss included $(0.8) million of non-cash stock compensation, while Q1 2024 operating loss included $(1.7) million of non-cash stock compensation, and restructuring costs of $(0.6) million.
Net loss improved to $(3.9) million from $(5.2) million. Q1 2025 net loss included ($0.8) million of non-cash stock compensation and a gain on fair value of warrant liability of $0.1 million, while Q1 2024 net loss included ($1.7) million of non-cash stock compensation, restructuring costs of $(0.6) million, and a gain on fair value of warrant liability of $0.5 million.
Adjusted EBITDA loss was $(2.5) million compared to a loss of $(2.6) million.
Total cash balance at March 31, 2025 declined to $14.3 million from $18.0 million at December 31, 2024.

Tariff Mitigation Initiatives and Cost Optimization Plan

Mr. Rodriguez continued, “The uncertainty created by tariffs and broader macroeconomic conditions has energized our team to manage those elements of Aterian’s business that are within our control, including: 1) reducing fixed costs; 2) accelerating our plan of re-sourcing and diversifying our manufacturing; 3) hastening our advance towards a more resilient business model by deepening our expansion into consumables, the majority of which will be US-manufactured; and 4) strategically raising prices.”

“The actions we are taking will allow us to maintain an acceptable level of revenue during this transition period, conserve cash, preserve margin, maximize cash flow, and optimize our cost structure, all while maintaining the high level of innovation and customer service that has defined our company. This is a significant undertaking; however, we believe that these initiatives will mitigate the effects of tariffs on our results in 2025 and position Aterian to pivot towards a return to growth and profitability beyond 2025, even under prolonged tariff pressure.”

Tariff Response

Accelerated product re-sourcing and diversification initiatives to regions with more favorable cost and tariff structures.
Established a new goal of manufacturing no more than 30% of goods from China by the end of 2025 compared to a previously stated objective to reduce manufacturing in China to less than 40% by the second half of 2026.
Implemented strategic pricing increases across our product portfolio.
Remained on track for the late Q3 2025 launch of our Squatty Potty flushable wipes. We are redoubling our efforts to launch a portfolio of new tariff-exempt US-sourced consumable products in 2025, including additional wipe-based products.
Paused new product category launches originating in Asia, specifically our hard electronic goods.
Implemented supply chain and inventory changes, including partnering with our manufacturers to find cost savings, renegotiating price and delivery timelines, and accelerating expansion into non-US territories to mitigate the impact of tariffs and redirect a portion of our previously produced China inventory.

Cost Optimization Plan

These initiatives include emphasizing targeted workforce reductions and vendor savings. The plan is expected to generate $5-$6 million of pre-tax cost savings, $5 million of which is expected to be realized by the end of 2025 with the balance realized in 2026. The Company currently estimates that it will incur approximately $2.3 million in total costs associated with the plan.

Guidance Commentary

Josh Feldman, Chief Financial Officer, commented, “The current economic landscape is marked by significant uncertainty, and the rapidly changing market conditions make it challenging to predict future developments. Because of that, we are withdrawing our previously issued net revenue and Adjusted EBITDA guidance for 2025. However, we do believe that the steps underway will soften the impact of tariffs and their related costs for much of 2025. We will continue to evaluate our ability to provide guidance as the year progresses.”

Webcast and Conference Call Information

Aterian will host a live conference call to discuss financial results today, May 14, 2025, at 5:00 p.m. Eastern Time, which will be accessible by telephone and the internet. Investors interested in participating in the live call can dial:

(800) 715-9871 (Domestic)
(646) 307-1963 (International)
Passcode: 1616427

Participants may also access the call through a live webcast at https://ir.aterian.io. The archived online replay will be available for a limited time after the call in the investors section of the Aterian corporate website.

Non-GAAP Financial Measures
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Non-GAAP Financial Measures” section below. The most directly comparable GAAP financial measure for EBITDA and adjusted EBITDA is net loss and we are reporting a net loss for the quarter ending March 31, 2025 due primarily to our operating losses, which includes stock-based compensation expense, and interest expense. We are unable to reconcile the forward-looking statements of EBITDA and adjusted EBITDA in this press release to their nearest GAAP measures because the nearest GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.

About Aterian, Inc.
Aterian, Inc. (Nasdaq: ATER) is a consumer products company that builds and acquires leading e-commerce brands with top-selling consumer products, in multiple categories, including home and kitchen appliances, health and wellness and air quality devices. The Company sells across the world’s largest online marketplaces with a focus on Amazon, Walmart and Target in the U.S. and on its own direct to consumer websites. Our primary brands include Squatty Potty, hOmeLabs, Mueller Living, PurSteam, Healing Solutions and Photo Paper Direct.

Forward Looking Statements
All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements regarding our ability to successfully implement our tariff mitigation and cost optimization plans, and the current global environment and inflation and our ability to return to growth and profitability beyond 2025, even under prolonged tariff pressure. These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to our ability to continue as a going concern, the effect of tariffs and other costs on our results, our ability to continue to operate following our reduction in workforce, our ability to meet financial covenants with our lenders, our ability to maintain and to grow market share in existing and new product categories; our ability to continue to profitably sell the SKUs we operate; our ability to maintain Amazon’s Prime badge on our seller accounts or reinstate the Prime badge in the event of any removal of such badge by Amazon; our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to consumer demand, our cash flows, financial condition, forecasting and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and our ability to integrate such companies and technologies with our business; our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Contact:

The Equity Group

Devin Sullivan
Managing Director
dsullivan@equityny.com

Conor Rodriguez
Associate
crodriguez@equityny.com


ATERIAN, INC. Consolidated Balance Sheets (in thousands, except share and per share data)

	December 31, 2024			March 31, 2025
ASSETS
Current assets:
Cash	$	17,998		$	14,337
Accounts receivable, net		3,782			3,391
Inventory		13,749			18,144
Prepaid and other current assets		3,190			3,512
Total current assets		38,719			39,384
Property and equipment, net		685			689
Intangibles, net		9,757			9,366
Other non-current assets		381			379
Total assets	$	49,542		$	49,818
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Credit facility	$	6,948		$	7,511
Accounts payable		3,080			6,164
Seller notes		466			471
Accrued and other current liabilities		8,804			8,404
Total current liabilities		19,298			22,550
Other liabilities		227			229
Total liabilities		19,525			22,779
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized and 8,750,741 and 8,748,741 shares outstanding at December 31, 2024 and March 31, 2025, respectively		9			9
Additional paid-in capital		742,591			743,374
Accumulated deficit		(711,677	)		(715,573	)
Accumulated other comprehensive loss		(906	)		(771	)
Total stockholders’ equity		30,017			27,039
Total liabilities and stockholders’ equity	$	49,542		$	49,818


ATERIAN, INC. Consolidated Statements of Operations *(in thousands, except share and per share data)*

	Three Months Ended March 31,
		2024			2025
Net revenue	$	20,214		$	15,360
Cost of goods sold		7,046			5,936
Gross profit		13,168			9,424
Operating expenses:
Sales and distribution		13,214			9,661
General and administrative		5,232			3,459
Total operating expenses		18,446			13,120
Operating loss		(5,278	)		(3,696	)
Interest expense, net		323			175
Change in fair value of warrant liabilities		(517	)		(55	)
Other expense, net		7			60
Loss before provision for income taxes		(5,091	)		(3,876	)
Provision for income taxes		71			20
Net loss	$	(5,162	)	$	(3,896	)
Net loss per share, basic and diluted	$	(0.76	)	$	(0.52	)
Weighted-average number of shares outstanding, basic and diluted		6,789,955			7,452,957


ATERIAN, INC. Consolidated Statement of Cash Flows *(in thousands, except share and per share data)*

	Three Months Ended March 31,
		2024			2025
OPERATING ACTIVITIES:
Net loss	$	(5,162	)	$	(3,896	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		428			408
Provision for sales returns		64			(72	)
Amortization of deferred financing cost and debt discounts		83			37
Stock-based compensation		1,667			783
Change in deferred tax expense		(5	)		—
Change in inventory provisions		(976	)		86
Change in fair value of warrant liabilities		(517	)		(55	)
Allowance for credit losses		—			(147	)
Changes in assets and liabilities:
Accounts receivable		1,843			538
Inventory		2,846			(4,481	)
Prepaid and other current assets		249			33
Accounts payable, accrued and other liabilities		(526	)		2,898
Cash used in operating activities		(6	)		(3,868	)
INVESTING ACTIVITIES:
Purchase of fixed assets		(36	)		—
Purchase of minority equity investment		(200	)		—
Cash used in investing activities		(236	)		—
FINANCING ACTIVITIES:
Repayments on seller notes		(153	)		—
Borrowings from MidCap credit facilities		11,453			10,296
Repayments for MidCap credit facilities		(13,244	)		(9,777	)
Insurance obligation payments		(254	)		(235	)
Insurance financing proceeds		—			156
Cash provided by (used in) financing activities		(2,198	)		440
Foreign currency effect on cash and restricted cash		(49	)		123
Net change in cash and restricted cash for the year		(2,489	)		(3,305	)
Cash and restricted cash at beginning of year		22,195			19,143
Cash and restricted cash at end of year	$	19,706		$	15,838
RECONCILIATION OF CASH AND RESTRICTED CASH:
Cash		17,545			14,337
Restricted Cash—Prepaid and other current assets		2,032			1,372
Restricted cash—Other non-current assets		129			129
TOTAL CASH AND RESTRICTED CASH	$	19,706		$	15,838

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	$	402		$	200
Cash paid for taxes	$	3		$	5
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash consideration paid to contractors	$	620		$	—
Non-cash minority equity investment	$	50		$	—

Non-GAAP Financial Measures

We believe that our financial statements and the other financial data included in this press release have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the U.S. (“GAAP”). However, for the reasons discussed below, we have presented certain non-GAAP measures herein.

We have presented the following non-GAAP measures to assist investors in understanding our core net operating results on an on-going basis: (i) Contribution Margin; (ii) Contribution margin as a percentage of net revenue; (iii) EBITDA (iv) Adjusted EBITDA; and (v) Adjusted EBITDA as a percentage of net revenue. These non-GAAP financial measures may also assist investors in making comparisons of our core operating results with those of other companies.

As used herein, Contribution margin represents gross profit less amortization of inventory step-up from acquisitions (included in cost of goods sold) and e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). As used herein, Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and provision for income taxes. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of warrant liability, restructuring expenses, and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. Contribution margin, EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to loss from operations or net loss, as determined under GAAP.

We present Contribution margin and Contribution margin as a percentage of net revenue, as we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to gross profit, provides useful supplemental information for investors. Specifically, Contribution margin and Contribution margin as a percentage of net revenue are two of our key metrics in running our business. All product decisions made by us, from the approval of launching a new product and to the liquidation of a product at the end of its life cycle, are measured primarily from Contribution margin and/or Contribution margin as a percentage of net revenue. Further, we believe these measures provide improved transparency to our stockholders to determine the performance of our products prior to fixed costs as opposed to referencing gross profit alone.

In the reconciliation to calculate contribution margin, we add e-commerce platform commissions, online advertising, selling and logistics expenses (“sales and distribution variable expense”) to gross profit to inform users of our financial statements of what our product profitability is at each period prior to fixed costs (such as sales and distribution expenses such as salaries as well as research and development expenses and general administrative expenses). By excluding these fixed costs, we believe this allows users of our financial statements to understand our products performance and allows them to measure our products performance over time.

We present EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provide useful supplemental information for investors. We use these measures with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue are useful to investors in assessing the operating performance of our business without the effect of non-cash items.

Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue may not be comparable to similar titled measures in other organizations because other organizations may not calculate Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue in the same manner as we do. Our presentation of Contribution margin and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.

We recognize that EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects:

our capital expenditures or future requirements for capital expenditures or mergers and acquisitions;
the interest expense or the cash requirements necessary to service interest expense or principal payments, associated with indebtedness;
depreciation and amortization, which are non-cash charges, although the assets being depreciated and amortized will likely have to be replaced in the future, or any cash requirements for the replacement of assets;
changes in cash requirements for our working capital needs; or
changes in fair value of warrant liabilities

Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is and is expected to remain a key element of our overall long-term incentive compensation package.

We also recognize that Contribution margin and Contribution margin as a percentage of net revenue have limitations as analytical financial measures. For example, Contribution margin does not reflect:

general and administrative expense necessary to operate our business;
research and development expenses necessary for the development, operation and support of our software platform;
the fixed costs portion of our sales and distribution expenses including stock-based compensation expense; or
changes in fair value warrant liabilities

Contribution Margin

The following table provides a reconciliation of Contribution margin to gross profit and Contribution margin as a percentage of net revenue to gross profit as a percentage of net revenue, which are the most directly comparable financial measures presented in accordance with GAAP.


	Three Months Ended March 31,
		2024			2025
	(in thousands, except percentages)
Gross Profit	$	13,168		$	9,424
Less:
E-commerce platform commissions, online advertising, selling and logistics expenses		(10,320	)		(7,373	)
Contribution margin	$	2,848		$	2,051
Gross Profit as a percentage of net revenue		65.1	%		61.4	%
Contribution margin as a percentage of net revenue		14.1	%		13.4	%

Adjusted EBITDA

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable financial measure presented in accordance with GAAP:


	Three Months Ended March 31,
		2024			2025
	(in thousands, except percentages)
Net loss	$	(5,162	)	$	(3,896	)
Add:
Provision for income taxes		71			20
Interest expense, net		323			175
Depreciation and amortization		428			408
EBITDA		(4,340	)		(3,293	)
Other expense, net		7			60
Change in fair market value of warrant liabilities		(517	)		(55	)
Restructuring expense		558			—
Stock-based compensation expense		1,667			783
Adjusted EBITDA	$	(2,625	)	$	(2,505	)
Net loss as a percentage of net revenue		(25.5	)%		(25.4	)%
Adjusted EBITDA as a percentage of net revenue		(13.0	)%		(16.3	)%

Each of our products typically goes through the Launch phase and depending on its level of success is moved to one of the other phases as further described below:

Launch phase: During this phase, we leverage our technology to target opportunities identified using AIMEE (Artificial Intelligence Marketplace e-Commerce Engine) and other sources. This phase also includes revenue from new product variations and relaunches. During this period of time, due to the combination of discounts and investment in marketing, our net margin for a product could be as low as approximately negative 35%. Net margin is calculated by taking net revenue less the cost of goods sold, less fulfillment, online advertising and selling expenses. These primarily reflect the estimated variable costs related to the sale of a product.
Sustain phase: Our goal is for every product we launch to enter the sustain phase and become profitable, with a target of positive 15% net margin for most products, within approximately three months of launch on average. Net margin primarily reflects a combination of manual and automated adjustments in price and marketing spend.
Liquidate phase: If a product does not enter the sustain phase or if the customer satisfaction of the product (i.e., ratings) is not satisfactory, then it will go to the liquidate phase and we will sell through the remaining inventory. Products can also be liquidated as part of inventory normalization especially when steep discounts are required.

The following tables break out our first quarter of 2024 and 2025 results of operations by our product phases (in thousands):


	Three months ended March 31, 2024
	Sustain		Launch		Liquidation/ Other		Fixed Costs		Stock Based Compensation		Total
Net revenue	$	18,200	$	408	$	1,606	$	—	$	—	$	20,214
Cost of goods sold		6,449		125		472		—		—		7,046
Gross profit		11,751		283		1,134		—		—		13,168
Operating expenses:
Sales and distribution expenses		8,833		232		1,255		2,595		299		13,214
General and administrative		—		—		—		3,864		1,368		5,232

	Three months ended March 31, 2025
	Sustain		Launch		Liquidation/ Other		Fixed Costs		Stock Based Compensation		Total
Net revenue	$	14,638	$	386	$	336	$	—	$	—	$	15,360
Cost of goods sold		5,499		241		196		—		—		5,936
Gross profit		9,139		145		140		—		—		9,424
Operating expenses:
Sales and distribution expenses		6,879		268		326		1,996		192		9,661
General and administrative		—		—		—		2,868		591		3,459

The MIL Network –

May 15, 2025

MIL-OSI: Logansport Financial Corp. Announces Second Quarter Dividend

Source: GlobeNewswire (MIL-OSI)

LOGANSPORT, Ind., May 14, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp. (OTCBB – Symbol “LOGN”), an Indiana corporation which is the holding company for Logansport Savings Bank, a State Commercial bank located in Logansport, Indiana, announces that Logansport Financial Corp. has declared a quarterly cash dividend of $.45 on each share of its common stock for the second quarter of 2025. The dividend is payable on July 14, 2025 to the holders of record on June 13, 2025.

Contact: Kristie Richey
Chief Financial Officer
Phone 574-722-3855
Fax 574-722-3857

The MIL Network –

May 15, 2025
MIL-OSI Security: From the Top End to the Philippines: MRF-D 25.3 bolsters U.S.-Philippine alliance

Source: United States INDO PACIFIC COMMAND

PUERTO PRINCESA, Philippines — From the northern coast of Australia to the southern edge of the Philippine archipelago, U.S. Marines with the Marine Rotational Force – Darwin (MRF-D) 25.3 Marine Air-Ground Task Force (MAGTF) spent the last month executing rapid maneuver, joint and combined integrated fires, and combined exercises alongside Philippine and Australian allies across one of the world’s most complex and challenging maritime regions.

MIL Security OSI –

May 15, 2025
MIL-OSI Security: Father and Son Sentenced for Role in International Market Manipulation Scheme Related to New Jersey Deli

Source: Office of United States Attorneys

CAMDEN, N.J. – A father and son were sentenced on May 13, 2025, for their roles in orchestrating a large-scale market manipulation scheme related to two publicly traded companies, U.S. Attorney Alina Habba announced.

Peter Coker, Sr., 82, of Chapel Hill, North Carolina, and Peter Coker, Jr., 56, formerly of Hong Kong, China, had pleaded guilty, on December 19, 2024, before U.S. District Judge Christine P. O’Hearn to securities fraud and conspiracy to commit securities fraud. Coker, Sr. was sentenced to six months’ imprisonment, three years’ supervised release, including six months’ home detention, and fines totaling $500,000. Coker, Jr. was sentenced to 40 months’ imprisonment, three years’ supervised release, and fines totaling $250,000.

James Patten, 65, of Winston-Salem, North Carolina also previously pleaded guilty to the same charges and is awaiting sentencing.

According to documents filed in this case and statements made in court:

From 2014 through September 2022, Peter Coker Sr., Peter Coker Jr., and Patten conspired to enrich themselves through a scheme to manipulate securities prices via a pattern of coordinated trading, which injected inaccurate information into the marketplace, creating false impressions of supply and demand for these securities.

As part of the securities fraud scheme, the defendants targeted two publicly traded companies—Hometown International Inc. and E-Waste Corp.—which both traded on the OTC Link Alternative Trading System, also known as the OTC Marketplace. The OTC Marketplace is an alternative trading system that contains three tiers of markets, which are largely based on the quality and quantity of the listed companies’ information and disclosures.

Coker Sr., Coker Jr., and Patten took steps to gain control of both entities’ management and stock with the ultimate intention of entering reverse mergers, a transaction through which an existing public company merges with a private operating company. A successful reverse merger would allow the defendants to sell shares of each entity at a significant profit.

In or around 2014, two New Jersey residents began the process of opening a local deli in Paulsboro, New Jersey. One of the individuals discussed his interest in opening the deli with Patten, a long-time friend, who suggested the creation of Hometown International, an umbrella corporation, under which the deli would operate as a wholly owned subsidiary. Unbeknownst to the deli owners, after Hometown International was formed, Patten and his associates began positioning Hometown International as a vehicle for a reverse merger that would yield substantial profit to them.

Around October 2019, Hometown International began selling shares on the OTC Marketplace. Patten, Coker Sr., and Coker Jr. furthered their scheme by gaining control of Hometown International’s management and its shares from the deli owners. Coker Sr., Coker Jr., and Patten took similar actions to gain control of E-Waste Corporation’s stock and management. The defendants also arranged for the transfer of millions of shares of stock to a number of nominee entities, including entities controlled by Coker Jr., in an effort to mask their control of the shares.

In addition, the defendants transferred shares to family members, friends, and associates and gained control over their trading accounts by obtaining their log-in information to conceal the defendants’ involvement. The defendants then used those accounts to commit a number of coordinated trading events, often referred to as match and wash trades, to trade in Hometown International and E-Waste Corp.’s stock on both sides of the transaction.

These tactics artificially inflated the price of Hometown International and E-Waste’s stock by giving the false impression that there was a genuine market interest in the stock. Their scheme had the ultimate impact of artificially inflating Hometown International’s stock by approximately 939 percent and E-Waste’s stock by approximately 19,900 percent.

U.S. Attorney Habba credited special agents of the FBI’s Philadelphia Division, under the direction of Special Agent in Charge Wayne A. Jacobs, and special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark, with the investigation. He also thanked special agents from FBI Charlotte, FBI Los Angeles, FBI San Francisco, FBI Denver, and FBI Knoxville, for their assistance.

The government is represented by Lauren E. Repole, Deputy Chief of the Criminal Division, and Assistant U.S. Attorney Aaron Webman of the Economic Crimes Unit.

###

Defense counsel:

Peter Coker, Sr.: John Azzarello, Esq. (Morristown, New Jersey), William McGovern, Esq. (New York, New York)

Peter Coker, Jr.: Zach Intrater and Marc Agnifilo (New York, New York)

MIL Security OSI –

May 15, 2025
MIL-OSI Russia: Released lists shed light on Japanese germ warfare units’ activities in China

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

TOKYO, May 14 (Xinhua) — The National Archives of Japan on Wednesday released lists of personnel of three biological warfare units of the Imperial Japanese Army.

The documents contain detailed personal information on members of Units 1644, 8604 and 8609, including names, dates of birth, family register details, addresses and assignment details.

These lists, originally under the control of the Ministry of Health, Labor and Welfare, were transferred to the National Archives in March 2024 and were included in the list of documents to be released to the public in March 2025.

The documents were released at the request of researchers, including renowned bacteriological warfare expert and professor emeritus at the Shiga Prefectural University of Medical Sciences, Katsuo Nishiyama.

Kazuo Nishiyama said Wednesday that the discovery of the lists disproves previous claims that the germ warfare units existed.

During the invasion of China, the Japanese army formed several biological warfare units, including the infamous “Unit 731.” –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Video: Secretary-General/Peacekeeping, Yemen & other topics – Daily Press Briefing | United Nations

Source: United Nations (Video News)

Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

Highlights:
Secretary-General/peacekeeping
Peacekeeping ministerial meeting
Yemen
Security Council
Occupied Palestinian Territory
Lebanon
Syria
Syria returnees
Deputy Secretary-General/trip announcement
Somalia
Haiti
José “Pepe” Mujica
Noon briefing guests – tomorrow
Noon briefing guest – Andrew Saberton

SECRETARY-GENERAL/PEACEKEEPING
The Secretary-General is continuing his meetings in Berlin. As you know, he is in Berlin to attend the Ministerial Meeting on Peacekeeping. Right now, he is meeting with Friedrich Merz, Federal Chancellor of Germany and they are just starting a press stakeout.
Earlier today, he said that he is heartened by the exceptional turn-out of Ministers from across the globe, representing the full range of peacekeeping partners. Just to let you know that we have an update that more than 130 Member States were present and 74 Member States made pledges to support peace operations.
The Secretary-General added that this meeting comes at a time when unfortunately, peacekeeping operations are facing serious liquidity problems. He called on all Member States to respect their financial obligations, paying their contributions in full and on time.
These remarks were made during a joint press conference with the Federal Minister for Foreign Affairs, Johann Wadephul, and Federal Minister of Defence, Boris Pistorius. He noted that he is especially pleased to be in Berlin so soon after the new Government took office, and he looks forward to building on our partnership in the time ahead.
Mr. Guterres also met today with Ms. Reem Alabali-Radovan, Minister for Development and Economic Cooperation of Germany. Tomorrow, he is scheduled to hold discussions with Frank-Walter Steinmeier, the President of Germany, before he departs to Iraq to attend the League of Arab States Summit.  

PEACEKEEPING MINISTERIAL MEETING 
During the Peacekeeping Ministerial in Berlin, the United Nations unveiled a new multi-year initiative funded by the Federal Republic of Germany to provide women troops deployed in Peace Operations with gender-specific protective gear, including ballistic vests and helmets. During an award ceremony held earlier today during the Member States’ gathering, Nils Hilmer, State Secretary at the German Ministry of Defense and Atul Khare, Under-Secretary-General for Operational Support, announced the selection of Fiji, Guatemala, Kenya, Malawi, Malaysia, Mongolia and Tanzania, to receive the equipment – in recognition of their commitment to the Uniformed Gender Parity Strategy and the deployment of women in operational roles. The project, worth one million Euros in total, aims to enhance the performance, safety and security of women peacekeepers in complex and volatile mission environments and ultimately promote their participation in peacekeeping efforts.

YEMEN
Hans Grundberg, the Special Envoy for Yemen, briefed the Security Council this morning and welcomed the announcement on 6 May of a cessation of hostilities between the USA and Ansar Allah. He said that this step represents an important and necessary de-escalation in the Red Sea and in Yemen following the resumption, on 15 March, of US airstrikes against targets in Ansar Allah-controlled areas.
He said that events in recent weeks, however, have also served as stark reminders that Yemen is ensnared in the wider regional tensions. The attack carried out by Ansar Allah on Ben Gurion Airport on 4 May, and the subsequent strikes by Israel on Hudaydah Port, Sana’a Airport, and other locations in response, represent a dangerous escalation, and the threats and attacks, regrettably, continue.
Tom Fletcher, the Under-Secretary-General for Humanitarian Affairs, told Council members that the humanitarian situation is deteriorating, and those most in peril are the country’s children. Half of Yemen’s children – or 2.3 million – are malnourished, he said, and 600,000 of them are severely so.
Mr. Fletcher warned that Yemen’s 2025 humanitarian response plan is barely 9 per cent funded – less than half of what we received at the same time last year. These shortfalls have very real consequences. He said that we expect pipeline gaps as early as June or July – right when malnutrition numbers will peak.  
Mr. Grundberg will speak at the stakeout once he is done in the Council and we will let you know when that happens.

Full Highlights:
https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=14%20May%202025

https://www.youtube.com/watch?v=EoV4ApxYiYE

MIL OSI Video –

May 15, 2025
MIL-OSI Video: Peacekeeping: UN Chief urges stronger global support |Peacekeeping Ministerial 2025 | United Nations

Source: United Nations (Video News)

“Blue helmets can mean the difference between life and death,” UN Secretary-General António Guterres urged renewed global commitment to peacekeeping during the opening of the UN Peacekeeping Ministerial in Berlin, warning that operations are facing unprecedented financial and political pressure.

“My thanks to Germany for bringing us together at this consequential moment,” Guterres said. “This year marks the 80th anniversary of the United Nations organization was founded on the conviction that peace is possible if we work as one United’s human family. That is what our peace operations are about.”

Highlighting the symbolic and operational importance of the United Nations peacekeeping forces, the Secretary-General stated, “The UN Blue Helmets are the most globally recognized symbol of the world’s ability to come together to help countries move from conflict to peace.”

Guterres pointed to several countries that transitioned from war to stability with the help of UN missions. “There is a long list of countries that have achieved durable peace with the support of UN peacekeeping, including Cambodia, Cote d’Ivoire, El Salvador, Liberia, Namibia, Mozambique, Sierra Leone and Timor-Leste. Many of these countries now themselves contribute troops,” he said.

However, he also emphasized the human cost of these missions. “Through the decades, 4400 peacekeepers have fallen in the line of duty. Their service and sacrifice will never be forgotten,” he said, inviting participants to join him in a moment of silence.

As part of a broader reform process initiated by Member States, Guterres referenced the “Pact for the Future,” which calls for a comprehensive review of peace operations. “The review will examine how we can make peacekeeping operations more adaptable, flexible and resilient while recognizing the limitations in situations where there is little or no peace to keep,” he said.

He acknowledged the difficulties of operating in increasingly polarized geopolitical contexts. “We see increasing differences of views around our peacekeeping operations work, and then what circumstances with what mandates they should be deploys. And for how long,” he noted.

Guterres also addressed the challenge of shrinking financial resources. “Peace operations can only succeed when backed by robust mandates and clear, predictable and sustained contributions, both financial and logistical,” he stated. “It is crucial that we are able to use the increasingly limited resources we have and use them well.”

Concluding his address, the Secretary-General called for continued Member State engagement. “Supported at every step by Member States, we look forward to your government’s support and ideas as we tackle these challenges together,” he said.

https://www.youtube.com/watch?v=L6sqSjouK68

MIL OSI Video –

May 15, 2025
MIL-OSI United Nations: Philippine Academic Society for Climate and Disaster Resilience (PASCDR)

Source: UNISDR Disaster Risk Reduction

Mission

Philippine Academic Society for Climate and Disaster Resilience (PASCDR) is an organization dedicated to consolidate academic resources and expertise to assist in climate change adaptation (CCA) and disaster risk reduction (DRR).

PASCDR is conceived as a platform where the Filipino academic community can share knowledge, experiences, resources and commitment towards our resilience to disasters and climate crises.

MIL OSI United Nations News –

May 15, 2025
MIL-Evening Report: A law change will expand who we remember on Anzac Day – the New Zealand Wars should be included too

Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato

The New Zealand Wars memorial in new Plymouth. Wikimedia Commons, CC BY-SA

Anzac Day has come and gone again. But – lest we forget – war and its consequences are not confined to single days in the calendar. Nor do we only remember those who fought at Gallipoli more than a century ago.

This gradual expansion of the scope and meaning of April 25 is now about to grow further, with the Anzac Day Amendment Bill currently before parliament. Its goal is to make the commemoration “broader and more inclusive than it currently is”.

Remembrance will soon include “other conflicts and persons who have served New Zealand in time of war or in warlike conflicts in the past and in the future that are not currently covered”.

New Zealand personnel who served in United Nations missions, and who fought or died in training, will be recognised, as will civilians who served in war or warlike conflicts. Without doubt, it is an excellent initiative.

The question is, does it go far enough? The obvious omission, if the new law is intended to be “broader” and include past wars, is the conflict that helped shape (and still shapes) the country we are today: the New Zealand Wars.

Of course, including this pivotal period from 1843 to 1872 plays into the politics of today, given the land confiscations and other injustices the New Zealand Wars also represent. The question is whether their inclusion can avoid becoming a culture war in the process.

How Anzac Day has grown

The case for explicitly including the New Zealand Wars is strong. It is thought about 500 British and colonial troops, 250 of their Māori allies (sometimes known as kūpapa), and 2,000 Māori fighting against the Crown died in these conflicts.

It was also during these wars that Australian and New Zealand military cooperation (the earliest form of Anzacs, in a sense) actually began. Around 2,500 Australian men enlisted for irregular New Zealand militia units, many encouraged by the offer of land grants in return for serving.

Furthermore, Anzac Day has gradually grown over time to include wars and military conflicts beyond the tragedy in Turkey, first observed in 1916 when the government gazetted a half-day holiday (later made into a full public holiday in 1921) .

The government again changed the law governing Anzac Day in 1949 to include World War II and the 11,500 New Zealand citizens who died in it. Significantly, it also added the South African/Boer War (which killed 59 New Zealanders), setting a precedent for bringing pre-first world war events into the frame.

In 1966, Anzac Day’s scope grew again to recognise those “who at any time have given their lives for New Zealand and the British Empire or Commonwealth of Nations”. This allowed commemorations to cover the Cold War period, during which New Zealanders were killed in the Malayan Emergency (15), Korea (38) and Vietnam (37).

Remembering without prejudice

The counterargument to including the New Zealand Wars in an expanded Anzac Day might be that we already have a dedicated day of observance: Te Pūtake o te Riri on October 28, the date the Declaration of Independence of the United Tribes of New Zealand (precursor to the Treaty of Waitangi) was signed in 1835.

First observed in 2018, the commemorations take place in different locations each year. And perhaps one day, young New Zealanders will talk about the events at Rangiriri, Gate Pā, Matawhero and Ngātapa in the same way they now talk about Gallipoli, Passchendaele, Crete and Monte Cassino.

But the problem is that a two-tier system seems to have been created. Te Pūtake o te Riri was not made an official holiday and has struggled for wider recognition. While there is some public funding available, it is not on the scale of Anzac Day.

Te Pūtake o te Riri can and will continue to evolve, and it’s focus on the causes and injustices of these conflicts should not be diminished.

But an expanded and more inclusive Anzac Day, which recognises those who fought and died, would add another layer of meaning to a date long enshrined in the national calendar, similar to the way National Memorial Day in the United States encompasses their Civil War.

We are now at a point in history when the injustices of the early colonial government have at least been acknowledged through the Treaty settlement process. It would make sense for the New Zealand Wars to be folded into the Anzac Day Amendment Bill.

The words “lest we forget” should also apply to those who fell in the nation’s third most costly military conflict. That way we can remember all of the fallen, without prejudice.

Public submissions on the Anzac Day Amendment Bill close on Thursday May 22.

Alexander Gillespie 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. A law change will expand who we remember on Anzac Day – the New Zealand Wars should be included too – https://theconversation.com/a-law-change-will-expand-who-we-remember-on-anzac-day-the-new-zealand-wars-should-be-included-too-256682

MIL OSI Analysis – EveningReport.nz –

May 15, 2025
MIL-OSI NGOs: Russia: Sentencing of election observer Grigory Melkonyants a brazen attack on peaceful activism

Source: Amnesty International –

Reacting to the sentencing of Russian civil society activist and prisoner of conscience Grigory Melkonyants to five years in prison, Marie Struthers, Amnesty International’s Eastern Europe and Central Asia Director, said:

“The Russian authorities instigated this criminal case in order to silence one of the country’s most respected election observers. Grigory Melkonyants has committed no crime – his only ‘offence’ was defending the right to free and fair elections in Russia. This is nothing more than a brazen and politically motivated clampdown on peaceful activism.

Grigory Melkonyants has committed no crime – his only ‘offence’ was defending the right to free and fair elections in Russia

Marie Struthers, Amnesty International’s Eastern Europe and Central Asia Director

“Grigory Melkonyants must be released unconditionally and his conviction quashed. The legislation that was used to target him must be repealed. The international community cannot remain silent – neither on this appalling verdict nor on the outrageous assault on civic space that is taking place in Russia.”

Background

The Basmanny District Court of Moscow also imposed a 9-year ban on Grigory Melkonyants, co-chair of the independent election watchdog Golos, participating in any civic activity. He was charged with purportedly organizing the activities of an “undesirable organization” – a nebulous term arbitrarily used by the Russian authorities to ban any organization they regard as a threat and to criminalize any association with said organizations.

The charges stem from Grigory Melkonyants’s alleged links to the European Network of Election Monitoring Organizations (ENEMO), which was declared “undesirable” in Russia in 2021. Melkonyants and Golos have consistently denied any institutional connection to ENEMO.

Grigory Melkonyants was arrested in August 2023. Amnesty International considers him a prisoner of conscience, prosecuted and imprisoned solely for his peaceful activism.

Throughout its 25-year history, Golos and its activists have faced harassment and persecution by the authorities. In 2013, it became the first organization in Russia to be labelled a “foreign agent” and was dissolved in 2016. Following the “foreign agent” designation, a movement under the same name was founded, which also engaged in election monitoring. In 2021, the movement and 20 of its activists and coordinators were declared “foreign agents.”

MIL OSI NGO –

May 15, 2025
MIL-OSI Global: Andor showcases the power of music to oppose tyranny – an homage to the French Resistance

Source: The Conversation – UK – By Clare V. Church, Fellow of the Institute of Historical Research, School of Advanced Study, University of London

Warning: this article contains spoilers for Andor season two, up to episode nine.

This week, many fans are diving into the final episodes of Andor season two on Disney+. Meanwhile, others are still reeling from last week’s powerful episode.

Episodes seven through nine of the Star Wars spin-off show depicted the tragedy of the fictional Ghorman massacre and its political fallout. Set chronologically two years before Star Wars: Episode IV – A New Hope, the episodes present the peaks of the Galactic Empire’s oppressive rule over the planet Ghorman, which culminates in a mass slaughter of peaceful Ghor protesters in the capital city’s main plaza.

Episode eight, Who Are You?, is a poignant portrayal of propaganda, collective resistance and military force.

A particularly emotive scene comes when Lezine (Thierry Godard) – a member of a local rebel group called the Ghorman Front – begins to sing in the midst of the Ghor’s demonstration. Soon, all members of the peaceful protest join Lezine’s chorus in an act that signals not aggression, but community.

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The moment echoes the French Resistance’s use of music to defy Nazi rule throughout the second world war. The French Resistance was a movement of civilians and combatants who opposed the German occupation of France.

While the episode’s parallels to Earth-side conflicts throughout historical and modern eras do not start and stop with the French Resistance, it is worth unpacking these similarities further. Doing so reveals insights into the power of art — and specifically music – in fighting tyranny.

The political parallels between Star Wars and Andor

The Star Wars franchise has long been analysed for its political storytelling. The original trilogy, for instance, makes connections to the French Revolution, the second world war and the Vietnam war. There are overarching themes of colonialism, fascist dictatorship and guerrilla warfare.

Andor is no exception. Showrunner Tony Gilroy uses two 12-episode seasons to narrate the birth of a rebellion and subsequent revolution. Critics and Star Wars pundits alike have commented on the show’s parallels to historical and contemporary conflicts, with think-pieces and social-media threads comparing season two’s plot points to the America’s 2003 invasion of Iraq, the Russo-Ukrainian war and even the conflict in Gaza.

The Ghor sing their anthem as an act of defiance in Andor season two, episode eight.

The Ghorman massacre has become an especially explosive talking point given its significance to the overall series. At the start of season two, it becomes clear that the Galactic empire requires a mineral – kalkite – that is unique to Ghorman to supply its “energy initiative” (the Death Star).

The empire subsequently launches a devastating propaganda campaign to turn the galaxy against the Ghor. This is done in anticipation of eventually carrying out a genocide against the planet’s people to clear the path for unimpeded mineral extraction. In turn, it is the Ghorman massacre that prompts Senator Mon Mothma (Genevieve O’Reilly) to publicly declare her opposition to the “monstrous” Emperor Palpatine (Ian McDiarmid) and lead the Rebel Alliance – as seen in the films Rogue One (2016) and Episode IV – A New Hope (1977).

In the lead-up to the Ghorman massacre, some of the Ghor initiate an underground resistance against the empire’s forces – often haphazard and disjointed, but resilient all the same. Several storytelling devices are used to evoke the spirit of the French Resistance.

For one, Gilroy casts French actors to play many of the Ghorman Front leaders, including Ewens Abid, Thierry Godard and Caroline Vanier. Second, the Ghor language is based on a combination of French phonetics and Italian grammar. Combined with the accents of the Ghor actors, it conjures the feeling of the French language, without directly using its vocabulary.

The costuming of the Ghor is also suggestive of second world war France, as they don trench coats and berets.

Music as a tool against tyranny

In the episode, the protesters sing the Ghor national anthem: We Are The Ghor! Its lyrics yield imagery of the “valley” and “highland”, as well as call upon its nationals to “raise your eyes to homeland skies”, “call your kin to come and sing”, and “tight the weave and roll the sleeve”.

Describing the creation of the anthem, composer Nicholas Britell remarked that his and Gilroy’s goal was to “create something that felt timeless and authentic, but which could also feel like an emotional rallying cry”.

The French national anthem, La Marseillaise, has served a similar mandate since its adoption in 1795. It was used as a political tool of resistance throughout the second world war.

French soldiers are shown singing La Marseillaise in a scene from Casablanca (1942).

Upon Germany’s defeat of France in 1940, the Nazi occupiers swiftly banned French citizens from singing La Marseillaise. In November 1940, however, thousands of French students and civilians marched around the Arc de Triomphe while chanting the anthem in a show of defiance. To end the display of unity, occupying forces violently dispersed the demonstration, injuring and arresting many.

Members of the French Resistance also gained a second anthem throughout the war, titled Le Chant des Partisans, which was composed and performed by Anna Marly. Like We Are The Ghor!, the tune evokes rural landscapes, hard workers and kin, as well as issues demands to its listeners-in-arms to “sing” as one.

There are many accounts of Le Chant being used to oppose Nazi rule. It was played, for instance, over the radio to signal an incoming message for the French Resistance. It was also reportedly hummed between members of the Maquis during sabotage operations. One account even relays the story of French fighters who whistled the song while they were forced by the Germans to dig their own graves.

The trailer for season two of Andor.

These examples from history and fantasy demonstrate the power of music to oppose tyranny. While in itself an act of nonviolence, singing in a group is a tool of community building – an indispensable component of overcoming authoritarianism. Tellingly, in an interview with DECIDER, Andor creator Gilroy explained that authoritarianism is always “about the destruction of community”.

When you sing along with the crowd at a beloved artist’s concert or belt the anthem ahead of a heated sports match, it is the joy of community that is felt – a feeling of oneness among a swath of strangers. It is therefore in this musical moment – reminiscent of not just the French Resistance but of all movements that have deployed music in defiance – that the fictional realm of Andor’s Who Are You? tragically tells the truth.

For fans, it aptly brings to bear the unshakeable capacity of singing to combat oppression, be it here on Earth, or in a galaxy, far, far away.

Clare V. Church 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. Andor showcases the power of music to oppose tyranny – an homage to the French Resistance – https://theconversation.com/andor-showcases-the-power-of-music-to-oppose-tyranny-an-homage-to-the-french-resistance-256522

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI: Fiera Capital Corporation announces increase to previously announced bought deal offering of 7.75% Senior Subordinated Unsecured Debentures to $70 million

Source: GlobeNewswire (MIL-OSI)

MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Fiera Capital Corporation (“Fiera Capital” or the “Company”) (TSX: FSZ) is pleased to announce that, due to strong demand, it has entered into a revised agreement with Scotiabank, CIBC Capital Markets, Desjardins Capital Markets and RBC Capital Markets, as joint bookrunners, on behalf of a syndicate of underwriters which also included National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc. and Raymond James Ltd. (collectively, the “Underwriters”), to increase the size of its previously announced bought deal offering of senior subordinated unsecured debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”) to $70 million. Fiera Capital has also granted the Underwriters an option to purchase up to an additional $10.5 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering. The Offering is expected to close on or about June 3, 2025.

The Debentures will bear interest at a rate of 7.75% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, with the first interest payment on December 31, 2025. The December 31, 2025 interest payment will represent accrued interest from the closing of the Offering, to but excluding December 31, 2025. The Debentures will mature on June 30, 2030 (the “Maturity Date”).

The Debentures will not be redeemable prior to June 30, 2028 (the “First Call Date”), except upon the occurrence of a change of control of the Company in accordance with the terms of the indenture (the “Indenture”) governing the Debentures. On and after the First Call Date and prior to June 30, 2029, the Debentures will be redeemable in whole or in part from time to time at the Company’s option at a redemption price equal to 103.875% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after June 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures.

The Company will have the option to satisfy its obligation to repay the principal amount of the Debentures due at redemption or maturity by issuing and delivering that number of freely tradeable Class A subordinate voting shares (the “Class A Shares”) in accordance with the terms of the Indenture.

The Debentures will not be convertible into Class A Shares at the option of the holders at any time.

The net proceeds of the Offering will be used to fund the redemption of the Company’s 8.25% Senior Subordinated Unsecured Debentures due December 31, 2026 (the “2026 Debentures”) that the Company intends to effect on the first call-date, December 31, 2025, and for general corporate purposes. Pending such use, the net proceeds from the Offering will temporarily be used by the Company to reduce indebtedness under the Company’s unsecured revolving credit facility. The foregoing is not a redemption notice with respect to the 2026 Debentures. Any redemption of the 2026 Debentures will be made pursuant to a notice of redemption under the indenture governing those securities.

The Debentures will be direct, senior subordinated unsecured obligations of the Company which will rank pari passu with one another and will rank (a) effectively subordinate to any existing and future secured indebtedness of the Company but only (other than with respect to the Senior Credit Facilities (as defined in the Indenture)) to the extent of the value of the assets securing such secured indebtedness, (b) subordinate to the obligations under the current and future Senior Credit Facilities (as defined in the Indenture), (c) pari passu with the Company’s existing 2026 Debentures and 6.00% Senior Subordinated Unsecured Debentures due June 30, 2027 and, except as prescribed by law, all existing and future unsecured indebtedness (other than the Senior Credit Facilities) that by its terms is not subordinated in right of payment to the Debentures, including indebtedness to trade creditors, and (d) senior to all existing and future unsecured indebtedness that by its terms is subordinated in right of payment to the Debentures, including any convertible unsecured subordinated debentures which may be issued by the Company in the future. In addition, the Debentures will be structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries.

A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada. The Offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Legal advisors

Legal advice is being provided to Fiera Capital by Fasken Martineau DuMoulin LLP. Legal advice is being provided to the Underwriters by Norton Rose Fulbright Canada LLP.

Forward-Looking Statements

This document may contain certain forward-looking statements relating to future events or, future performance reflecting management’s expectations or beliefs regarding future events, including, without limitation, business and economic conditions, outlook and trends, Fiera Capital’s growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. In particular, this press release includes forward-looking statements relating to the proposed timing of completion of the Offering and the anticipated use of the net proceeds of the Offering. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as “assumption, “continue”, “estimate”, “forecast”, “goal”, “guidance”, “likely”, “plan”, “objective”, “outlook”, “potential”, “foresee”, “project”, “strategy”, “target”, and other similar words or expressions or future or conditional verbs (including in their negative form), such as “aim”, “anticipate”, “believe”, “could”, “expect”, “foresee”, “intend”, “may”, “plan”, “predict”, “seek”, “should”, “strive” and “would”.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management’s expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, Fiera Capital does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. These risks include, but are not limited to, the failure or delay in satisfying any of the conditions to the completion of the Offering. Additional factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital’s interim condensed and annual consolidated financial statements, and its latest Annual Report and Annual Information Form filed on www.sedarplus.ca. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM).

Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration.

Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital’s Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions

Additional information about Fiera Capital, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca

SOURCE Fiera Capital Corporation

The information contained in press releases and company news is valid as of the date indicated. You should not assume that statements remain accurate or valid after the date.

For more information: Analysts and investors, Marie-France Guay, Senior Vice President, Treasury and Investor Relations, Fiera Capital Corporation, 514 294-5878, mguay@fieracapital.com

The MIL Network –

May 15, 2025
MIL-OSI Asia-Pac: LCQ6: Expansion of United Christian Hospital

Source: Hong Kong Government special administrative region

Following is a question by the Hon Tang Ka-piu and a reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (May 14):

Question:

There are views pointing out that the expansion project of United Christian Hospital (UCH) has been delayed since its launch in 2015, and that the design specifications do not meet the latest medical requirements. In this connection, will the Government inform this Council:

(1) of the progress of the aforesaid expansion project and the exact date when the expanded facilities will officially commence operation; whether the completion date of the project is later than originally planned; if so, of the main reasons for that;

(2) as there are views that the design of the renovated buildings and facilities (e.g. height of storeys and load bearing standards, etc) under the aforesaid expansion project is different from the specifications of new hospitals nowadays and may not meet the storage or operational requirements of some medical devices, whether the Government knows if the Hospital Authority has put in place remedial measures or make appropriate arrangements in this regard; and

(3) whether the playground site adjacent to UCH be retained for use in the next phase of the hospital’s expansion project; if so, of the specific boundary of the site and the timetable for planning and survey works; if not, the reasons for that?

Reply:

President,

Established in 1973, the United Christian Hospital (UCH) is a major acute general hospital in the Kowloon East Cluster (KEC). It provides 24-hour accident and emergency (A&E) services and a range of specialist out-patient, inpatient, ambulatory, extended care and community medical services. Together with the Tseung Kwan O Hospital and the Haven of Hope Hospital in the cluster, the UCH provides comprehensive clinical services to the residents of the Kwun Tong and Sai Kung districts. To meet the ever-increasing healthcare service demand of the two districts, the Government obtained funding approval from the Legislative Council to carry out the main works of the expansion project of the UCH in 2020, which is one of the 16 projects under the First Hospital Development Plan (HDP).

Having consulted the Hospital Authority (HA), the reply to various parts of the question raised by the Hon Tang Ka-piu is as follows:

(1) The UCH expansion project will not only bring about additional diagnostic and medical facilities to comprehensively improve the ambulatory care services and integrated healthcare services, but also provide a new oncology centre and an additional 560 beds as well as five operating theatres. The area of the expanded A&E Department will be increased to more than 250 per cent, from the existing 1 600 square metres to 4 240 square metres.

The main works of the expansion project commenced in September 2020 and were originally planned for completion by 2024. Due to some delays, the Ambulatory Block is now anticipated to be progressively completed starting from the end of 2025 and to commence operation in phases in mid-2026 the earliest.

The expansion project of the UCH involves in-situ expansion and redevelopment. During the works period, on-going clinical operations have to be maintained to provide service and the new block has to interface with the existing hospital premises. As such, adjustments are required to address various construction constraints during the works period. The works progress is therefore affected and deviates from the previously over-optimistically estimated completion time. In addition, other major reasons of the delay can be summarised in the following three points:

(a) Site constraints

The limited space and vehicular access at UCH, the extensive and complex nature of the project, its location in an old district and the adjacent slope, together with the numerous underground utility pipes and facilities and the difference between their actual and expected locations have resulted in modifications to the design from time to time. The existing underground utilities were also needed to accommodate the actual ground conditions.

(b) Unsatisfactory performance of the consultants and the contractors of the works

The HA has repeatedly urged the consultants and contractors of the works to take measures to catch up with works progress. If it is proved that the delay was caused by inappropriate design or works arrangements, the HA will follow up in accordance with the terms of the contracts.

(c) Impact from the COVID-19 epidemic and inclement weather

The contractors’ deployment of manpower and supplies of materials had long been affected by the COVID-19 since the commencement of works in September 2020. The severe epidemic situation during the fifth wave of the epidemic in early 2022 had hindered the progress of the works project. Besides, major exterior works were also affected by inclement weather, resulting in the extension of the overall construction period.

The expansion project involves in-situ redevelopment, with clinical services being maintained under sub-optimal conditions. I would like to express my gratitude towards all healthcare staff of the UCH and KEC for their patient-oriented spirit in providing high-quality services to the patients unwaveringly, as well as towards the public for their understanding and patience towards the inconveniences during the works period. The HA will continue to maintain close communication with District Councils and the community and report the related works progress and service developments in a timely manner.

(2) In respect of hospital works projects involving in-situ redevelopment or expansion, as the projects need to be undertaken amidst on-going hospital operations with new block(s) interfacing with existing portions of hospital premises, constraints would be imposed to the relevant designs and the works. Such constraints, however, are not insurmountable. The HA has been taking measures to address them. In setting up healthcare services and facilities in the UCH, existing conditions and constraints, as well as the operational needs have been taken into consideration while new medical facilities are set up in accordance with the relevant standards and specifications, with the structure of the building reinforced according to the requirements in the Building (Construction) Regulation if necessary to ensure that such facilities can operate and meet service needs.

(3) The Government announced in 2018 that it has invited the HA to commence planning for the Second HDP, which was to be implemented to meet the service demand up to 2036. With the changes in the planning and development strategies in Hong Kong and the population policy of the Government, as well as the latest corresponding change in population projections in Hong Kong, the Health Bureau and the HA are currently reviewing the Second HDP by extending the planning horizon to up to 2041 and beyond to project the healthcare services demand. The Health Bureau and the HA also consider the supply of the land required, various major transport infrastructure development plans, etc, as well as the development need of individual hospitals and its cost-effectiveness for optimising the Second HDP, so as to determine the distribution, scale and priority, etc of various hospital development projects under the Second HDP.

In the light of the experience gained under the First HDP, the Government will, in the Second HDP, strive to implement hospital development projects on clear sites as far as practicable (such as a composite development in an adjacent government site of existing hospitals) so as to optimise the development potential of the projects, minimise the impact on existing hospital operations and enhance the cost-effectiveness of the redevelopment. In the case of UCH, exploring the use of the adjoining recreational ground as a decanting site for further expansion is an option that may be considered.

After the completion of the review, the Government will announce the details of the Second HDP at an appropriate juncture.

Thank you, President.

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Asia-Pac: Grade 1 historic building Haw Par Mansion guided tour features new virtual reality exhibition

Source: Hong Kong Government special administrative region

Grade 1 historic building Haw Par Mansion guided tour features new virtual reality exhibition
Co-organised by the Antiquities and Monuments Office (AMO) of the Development Bureau (DEVB), the Hang Seng University of Hong Kong and the Hong Kong Chu Hai College, the “Virtual Reality: The ‘Ten Courts of Hell’ of Tiger Balm Garden” exhibition is sponsored by the Aw Boon Haw Foundation and with venue support from the Commissioner for Heritage’s Office of the DEVB.

Premised on a virtual reality metaverse platform developed by the Hang Seng University of Hong Kong and the Hong Kong Chu Hai College, the exhibition focuses on reconstructing the former “Ten Courts of Hell” of the Tiger Balm Garden. Participants wearing virtual reality headsets can explore details of the murals of the “Ten Courts of Hell” and learn about the historical and cultural contexts through an interactive interface. There will also be display boards introducing the “Ten Courts of Hell” and videos of the project.

The guided tours of the Haw Par Mansion are free of charge and conducted in Cantonese from Fridays to Sundays and on public holidays (except for the first three days of Lunar New Year). Four sessions will be held per day, and each session can accommodate 24 participants. Docents will guide participants through the private garden and the Mansion’s interior, introducing its history, architectural features and heritage value, followed by the “Virtual Reality: The ‘Ten Courts of Hell’ of Tiger Balm Garden” exhibition. The public can enrol in the guided tours through the AMO’s website (www.amo.gov.hk/en/visitor-centre/docent-services/public/haw-par-mansion/index.html
Located at No. 15A, Tai Hang Road, Hong Kong, the Haw Par Mansion was the residence of Mr Aw Boon Haw, an overseas Chinese merchant. It was accorded Grade 1 historic building status in 2009.
Issued at HKT 18:17

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Asia-Pac: Speech by CE at Partnering for Success – Hong Kong as a “Super Connector” and “Super Value-adder” High-level Business Luncheon in Kuwait (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Chief Executive, Mr John Lee, at the Partnering for Success – Hong Kong as a “Super Connector” and “Super Value-adder” High-level Business Luncheon in Kuwait today (May 14):

Your Excellency Khalifa Abdullah Dhahi Al-Ajeel Al-Askar (Minister of Commerce and Industry of Kuwait), Excellency Ambassador Zhang Jianwei (Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the State of Kuwait), Excellency Mr Rabah Al-Rabah (Director General of Kuwait Chamber of Commerce and Industry), distinguished guests, ladies and gentlemen,

As-salamu alaykum. Good afternoon. It is a great pleasure to be with you today in Kuwait, home to one of the world’s largest oil reserves, and a country as committed to talent development as it is to economic diversification.

This is our second day in your resplendent capital, Kuwait City, where past, present and future – in design, culture, lifestyle and so much more – come together like no other city in the world.

Yesterday, I was honoured to have met with His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the Amir of Kuwait; His Highness Sheikh Sabah Al-Khaled Al-Hamad Al-Mubarak Al-Sabah, the Crown Prince of Kuwait; His Excellency Sheikh Fahad Yousuf Saud Al-Sabah, Acting Prime Minister of Kuwait, and other senior government officials. I thanked them sincerely for the time, interest and hospitality they have shown us, from the moment we arrived in Kuwait. Kuwait has generously arranged for our government delegates to stay at Bayan Palace, a majestic landmark in Kuwait City. I reaffirmed to them the commitment, and sincerity, of Hong Kong and Mainland China in strengthening relations with Kuwait.

Yes, I am delighted to be here. So too, are the business and professional leaders with me, a delegation counting some 30 Hong Kong business and institutional heads, together with high-profile representatives of over 20 Chinese Mainland companies from seven provinces and municipalities across the country.

The delegation brings with them wide-ranging expertise, and invaluable experience, from both Hong Kong and Mainland China, in green development, and innovation and technology, including advanced manufacturing, artificial intelligence, new energy and materials, health and smart city evolution. They also offer Hong Kong’s wealth of experience in finance, infrastructure, transport and logistics, as well as global business operations and deal-making.

We are here to better understand the opportunities of Kuwaiti business and investment. To explore how Hong Kong, Mainland China and Kuwait, working together, can create long-term mutual opportunities.

We’re also here to explore closer ties with the Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf, GCC), which, as all of you know, includes Kuwait. Kuwait currently holds the presidency of the GCC, wielding significant influence in the region’s development.

Our ties run deep and far. China, our country, and Kuwait established diplomatic ties in 1971 – making Kuwait the first GCC country to do so. Last year, trade between China and Kuwait reached well over US$16 billion.

Kuwait, I’m pleased to note, was the first country in the Middle East to sign a Belt and Road co-operation document with China. From of the Central Bank of Kuwait’s headquarters building and housing projects, to telecommunications and smart city developments, Chinese enterprises have participated in numerous infrastructure and business projects here.

Hong Kong treasures its trade ties with Kuwait, too. Last year, our bilateral merchandise trade totalled US$200 million, up more than 21 per cent over the year before.

Hong Kong’s trade with the GCC last year reached nearly US$20 billion, up 53 per cent over the past four years. And that robust growth is underpinned by our mutual will to advance trade ties.

Thanks to our internationally recognised professional services sector, Hong Kong is a pivotal player in the Belt and Road Initiative. In 2023, we included a Middle East Forum, for the first time, at our annual Belt and Road Summit. And we continue to feature Middle East speakers and guests at the Summit.

Hong Kong’s Belt and Road Summit will take place in September this year. As earlier the Chairman of the Trade Development Council (Hong Kong Trade Development Council) said, it’s our 10th anniversary Summit, and I invite you all to join us, to take part in a world of Belt and Road opportunities – in business, investment and more.

And the Asian Financial Forum, Hong Kong’s flagship event bringing together prominent leaders in finance and business sectors, hosted its first GCC Chapter this January.

Yes, the ties between Hong Kong and the Middle East continue to grow and diversify.

They include the launching of the Middle East’s first two exchange-traded funds tracking Hong Kong stocks. Hong Kong is partnering with a Middle East sovereign wealth fund, too. Together, we are committed to jointly establishing a US$1 billion fund, investing in companies connected to Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area.

The Greater Bay Area, let me add, is a cluster city development that brings together Hong Kong, Macao and nine southern cities in China. The fast-integrating regional economic powerhouse presents a collective GDP (Gross Domestic Product) that closely rivals the world’s 10th largest economy.

Hong Kong has much to offer Kuwait. Asia’s financial hub and one of the world’s three biggest financial centres, Hong Kong is also the world’s largest offshore Renminbi business centre. Coupled with our Islamic finance experience, Hong Kong is a trusted partner in your project financing – today and long down the road.

Free trade is among our great competitive advantages, fuelling our success for the past two centuries. Hong Kong is a free port, and we will continue to be a free port. Like our country, we are a vocal advocate of a multilateral, rules-based global economy, in spite of mounting protectionism and geopolitical tensions.

And that, ladies and gentlemen, is a testament to our “one country, two systems” governing principle at work.

Under the principle, the Hong Kong Special Administrative Region has its own legal, legislative and judicial systems. Our legal system is a common law system, similar to that in many major financial hubs around the globe. We maintain our own currency, with no capital or foreign exchange controls. Information, capital, goods and people flow freely in Hong Kong.

The principle of “one country, two systems” also gives Hong Kong unparalleled access to our country’s markets and wide-ranging opportunities. It allows us, as well, to pursue our longstanding ties with the world at large, the Middle East very much included.

As today’s luncheon title, Partnering for Success: Hong Kong as a “super connector” and “super value-adder” emphasises, we do more than connecting companies and people. We also add value to their businesses, their services and their future.

With companies and investors from Mainland China, and all over the world, looking for a financial haven in this time of global economic uncertainty, Hong Kong is flourishing, and keen to work with you, our partners.

An international financial newspaper, spotlighting the Hong Kong Exchange and its record quarterly profits, recently noted that Hong Kong has, and I quote, “benefited from a spate of initial public offerings and rising interest from Mainland Chinese and global investors in Hong Kong-listed shares, especially of technological-related companies, driven by optimism over China’s progress in artificial intelligence”.

That speaks of Hong Kong’s “one country, two systems” advantages working for you – linking a world of investors to the secure and rapidly growing Chinese market.

It helps, and greatly, that Hong Kong’s economy is inextricably tied to our common law system and a judiciary that exercises its powers independently, a legal regime that resembles many of the world’s leading financial hubs. They give international companies and investors – Kuwait certainly included – all the confidence and the certainty they need to do business, in Hong Kong and throughout China. Kuwait certainly included.

Ladies and gentlemen, I’m pleased to note that during our visit, Hong Kong and Kuwait have reached consensus on 24 concrete deliverables, through MOUs and related agreements. A ceremony will take place in just a moment.

The agreements cover a broad range of collaboration, from trade and the economy, to investment promotion, financial services, aviation and the maritime industries, post-secondary education, the legal profession, sports and more.

And our customs authorities will commence negotiations on the mutual recognition of respective Authorized Economic Operator Programmes. This will create smoother, more convenient international links for our respective companies, making it much easier to do business together.

Our Airport Authority Hong Kong will soon sign a new MOU with Kuwait Airways, aimed at enhancing air connectivity between the two regions, fostering operational excellence, supporting sustainability, and advancing talent development in the aviation sector.

They will lay a solid foundation for long-term collaboration between our two economies and our two peoples.

That just touches on our growing co-operation. Indeed, we are now looking into opening a second Hong Kong Economic and Trade Office in the GCC region, to manage our many ongoing Middle East projects and prospects in the offering.

One key area is boosting merchandise trade between our economies. Hong Kong, I’m pleased to say, has signed Comprehensive Double Taxation Agreements (IPPA) with five of the six GCC states. We have also entered into Investment Promotion and Protection Agreements with three of the states, with Kuwait being the first. We have also substantially concluded negotiations on an IPPA with Qatar, our previous stop on this trip, and commenced negotiations with another state.

Indeed, our burgeoning trade and investment co-operation, I believe, could well add momentum to the possibility of a free trade agreement between Hong Kong and the GCC. I look forward to our continuing discussions with the Council.

Beyond business and investment connectivity, there is boundless promise, too, in co-operating in sectors such as arts and culture.

Yesterday, we had the pleasure of visiting the dazzling Sheikh Abdullah Al Salem Cultural Centre, one of the world’s largest museum complexes. Seeing, firsthand, Kuwait’s compelling commitment to arts, culture and science. I must add that Kuwait is this year’s Arab Culture Capital, presenting nearly 100 activities as part of the country’s cultural celebration.

Like Kuwait, Hong Kong believes in the primacy of arts and culture. Meanwhile, Hong Kong’s West Kowloon Cultural District is rising as one of the world’s largest cultural developments. And we are committed to becoming the world’s East-meets-West centre for international cultural exchange. That very much includes Kuwait and the Middle East in general.

My thanks to our Hong Kong Economic and Trade Office in the Middle East and the Hong Kong Trade Development Council for organising today’s welcome gathering. And to the Kuwait Direct Investment Promotion Authority and the Kuwait Chamber of Commerce and Industry for kindly supporting us on this memorable occasion.

Ladies and gentlemen, I know you will enjoy today’s luncheon. Including, let me add, a musical performance by TroVessional, a Hong Kong group dedicated to Cantonese and Chinese ethnic music, brought to engaging life with classic Chinese instruments.

Enjoy it and thank you!

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Asia-Pac: Health Bureau responds to enquiries regarding ban on flavoured conventional smoking products

Source: Hong Kong Government special administrative region

In response to media enquiries regarding the rationale behind the Health Bureau’s proposal to ban flavoured conventional smoking products under the new phase of tobacco control measures, the Health Bureau gave the following response today (May 14):

Tobacco companies have been adding various flavourings, such as menthol, fruit and confectionary flavourings, into conventional smoking products to disguise the harshness of tobacco smoke, making it easier for non-smokers to initiate and maintain smoking habit. Research showed that banning flavoured conventional cigarettes can reduce the chances of young people using tobacco.

The Health Bureau has already clearly stated in the Consultation Document on Tobacco Control Strategies in 2023 and subsequent relevant Legislative Council documents that around 50 countries and regions worldwide, including 27 European Union member states, Canada and the United Kingdom, have banned the sale of flavoured cigarettes. China’s Taiwan region also announced last year the prohibition of the use of specified flavour additives in tobacco products.

The Health Bureau reiterates that banning flavoured conventional smoking products is not unique to Hong Kong, nor is it “over the top”. Contrarily, Hong Kong needs to align itself with international tobacco control policies through this legislative work.

Ends/Wednesday, May 14, 2025
Issued at HKT 22:14

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Banking: Empowering teen students to achieve more with Copilot Chat and Microsoft 365 Copilot
Source: Microsoft

Headline: Empowering teen students to achieve more with Copilot Chat and Microsoft 365 Copilot

Learn about Microsoft 365 Copilot availability for students aged 13 and older. Enhance learning with AI, enterprise protection, and IT controls.

We’re excited to announce Copilot Chat and Microsoft 365 Copilot availability for students aged 13 and older is coming this summer with enterprise data protection and IT controls. AI provides new and unique learning opportunities when integrated thoughtfully as a complement to established practices with input from educators. A study from Microsoft Research found that most students demonstrated remarkable curiosity when using AI, asking sophisticated questions that extended beyond their task at hand and led to deeper understanding. Further, the latest report from LinkedIn calls for action to equip the future workforce with AI and uniquely human skills as demand is rapidly increasing.

We’re optimistic about the opportunities that lie ahead to help students advance their learning and build skills to prepare for success in their future. We’ll share impact and insights from our private preview for students aged 13 and older, product details, and resources to help you get started.

Try Copilot Chat today

Increasing student agency with Copilot Chat

Throughout our preview, we heard feedback from K-12 institutions that reinforced the importance of providing training and support for educators and students, setting appropriate guidelines, and granting permission to experiment and learn together. They also demonstrated what’s possible when these needs are met. Read on for testimonials from Fulton County Schools and Brisbane Catholic Education, with more insights from our preview and resources later in the blog.

Fulton County Schools first set a foundation with an AI task force, evaluation of over 200 use cases, and alignment on critical goals such as preparing students for their future and giving every student the opportunity to learn in a way that works best for them. After initial training, educators introduced Copilot Chat as a thought partner, provided coaching on topics like prompting, and quickly saw student confidence and curiosity increase. Students used it to ideate, receive immediate feedback without judgment, design multimedia projects, identify and fix code errors, adjust content based on their preferences or pace, and manage their time. Educators are also now able to challenge them more than ever, and students are using Copilot Chat as a force multiplier to bring their ideas and passions to life in ways they couldn’t previously imagine or access.

Hear Johns Creek High School educators and students share their experience with Copilot Chat in their own words in the following video and read the full story.

Read the Johns Creek High School story

For Brisbane Catholic Education (BCE), the journey began with a plan to use AI to support their mission to teach, challenge, and transform in a time where there are increasing needs for reduction of administrative workload and evolution of learning models for digital-native students. Educators in an early trial reported saving an average of 9.3 hours per week which contributed to BCE’s interest and confidence to expand access more broadly. Copilot Chat increased student agency, enabled more project-based work, and accelerated a shift they’ve been trying to make for years to help students truly become learners, not just receivers of knowledge. Shane Tooley, Assistant Principal, noted, “The real promise of Copilot Chat isn’t efficiency—it’s cognition. It’s helping us push students beyond knowledge recall into evaluation, synthesis, and justification.”

BCE’s success was built on strong leadership buy-in, aligning AI with broader strategic goals, ongoing measurement, and transparent engagement with opportunities for co-design. It sparked new ways of thinking, a culture of sharing, and thoughtful reflection on the future of education. Learn more about how BCE boosts agency and efficiency with Copilot Chat and Microsoft 365 Copilot.

My role has shifted from lesson planner to facilitator and mentor. One of the most powerful moments was watching a student ask Copilot Chat to reformat their assignment for dyslexia accessibility. That’s agency. That’s personalization. And it happened without pulling the teacher away from the rest of the class.

Michael Parker, Student Academic Performance and Growth Leader, Trinity College

Get started with Copilot Chat, learn more about Microsoft 365 Copilot

Copilot Chat offers free, secure AI chat powered by GPT-4o and the ability to maintain IT control with enterprise data protection and management and is included with Microsoft 365. It also includes features like file upload, image generation, Copilot Pages, and agents. Learn more by reviewing our Copilot Chat documentation. Copilot Chat will be generally available for students aged 13 and older this summer and administrators will need to take additional steps to grant access based on their institution’s plans and preferences. We recommend administrators review the details on managing Copilot Chat access for students and begin taking the next steps to prepare today.

Manage Copilot Chat access for students

When you add a Microsoft 365 Copilot license, Copilot Chat becomes more powerful by drawing on the Microsoft Graph for access and understanding of your institutional data, working directly in productivity apps like Outlook, Microsoft Teams, PowerPoint, and Excel, and using advanced measurement and management tools. Microsoft 365 Copilot will be eligible to purchase as an add-on for students aged 13 and older with a Microsoft 365 subscription later in May 2025. Higher education institutions like Indiana University and Miami Dade College are already seeing the impact of Microsoft 365 Copilot to enhance career readiness and increase student engagement.

Copilot Chat and Microsoft 365 Copilot offer enterprise data protection, the same enterprise terms available in our Microsoft 365 offerings. This means we secure your data, your data is private, your existing Microsoft 365 access controls and policies apply, you’re guarded against AI security and copyright risks, and your data isn’t used to train foundation models. Keeping your institutional data protected is important, and Copilot Chat has built-in safeguards to help ensure it stays that way. Additionally, IT administrators and security professionals can further secure, manage, and analyze the use of Copilot Chat, Microsoft 365 Copilot, Copilot Studio, and agents across their institution with the Copilot Control System.

We look forward to hearing how Copilot Chat and Microsoft 365 Copilot bring new opportunities to life for your students and institutions. A National 4-H Council survey with young people found that many kids (72%) are seeking support from adults in learning how to use these tools correctly and with confidence. The importance of helping students, educators, and staff adapt to an evolving future will increase and we’ll continue to provide access to the latest technology and relevant resources.

Explore Microsoft Copilot for personal use

Many students are not only starting to use AI tools in the classroom, but also at home and for purposes outside of schoolwork. Microsoft Copilot for individuals is designed to inform, entertain, and inspire and can be accessed for free with a Microsoft personal account. Learn more about default settings and policies to protect those aged 13 and older using Microsoft Copilot. Microsoft 365 Personal or Family is also available for use of productivity apps and credits for new AI features. Eligible students can receive a 50% discount on Microsoft 365 Personal and starting today—students in the United States can sign up for a free three-month trial.

Additional insights from our preview

We want to thank the inspiring educators, students, and institutional leaders who have shared their insights with us and agreed to share them more broadly with you. Participants emphasized the importance of professional development, guidelines, prompting practice, and creating space for transparency and sharing of successes and failures. Educators noticed Copilot Chat helped keep students engaged, immediately receive and act on feedback, improve their research and analysis process, explore counterarguments, and build AI skills that they’ve already begun using to their advantage in the hiring process and even teaching to their employers in part-time jobs. Students also appreciated time savings, providing relief from the stress of deadlines, through the ability to easily brainstorm, troubleshoot issues, ask unlimited questions, and learn at their own pace.

Shane Tooley, Assistant Principal Curriculum at St. Peter Claver College says, “If you’re on the fence about AI, it comes down to this: Your students will surprise you. Given the chance, they’ll use AI ethically and meaningfully. The key is to guide them—not restrict them. Show them what good use looks like.”

Students in Onslow County enjoyed interacting with Copilot Chat to learn more about historical figures, create questions geared towards their specific needs, and receive assistance while away from school. One educator reflected, “Using AI was an eye-opening experience, all I had ever heard or thought about were the negatives, but actually using it allowed me to see many of the wonderful benefits it can bring to our students’ educational experience.”

Jorge Ledezma, Director of Educational Technology, Santa Margarita Catholic High School advises, “It’s crucial to provide AI literacy courses and resources so that students can learn how to use AI responsibly. Furthermore, emphasizing the importance of privacy and security when using AI tools is vital. This not only helps students understand the ethical implications but also ensures they are well-prepared to navigate the digital world safely.”

In Saga Prefecture, ⁠instructors helped students use Copilot Chat to learn how to prompt AI tools, program 3D games in Python, resolve issues on their own, and take initiative to further explore their interests. They used Copilot Chat side by side with Microsoft MakeCode for easy access to troubleshooting support and the ability to ask deeper questions about the task at hand. Educators and leaders emphasized the importance of data protection when providing AI tools to their students.

Dr. Faisal Al Busaidi, Director General of Information Technology, Ministry of Education Oman urges, “Successful adoption of Copilot Chat hinges on the preparedness of educators. I strongly encourage institutions to invest in structured training programs that empower teachers to guide students in using AI tools effectively and thoughtfully.”

Educators at Our Lady of the Southern Cross College, Dalby noted that Copilot Chat fostered further independence and critical thinking for their students as they reflected on how to use AI effectively and responsibly in and outside of school. They also expressed the importance of providing training for students and staff, and that like any new technology in education—the experience will only be as good as the guidelines and learning sequence that accompany it.

Lisvette Flores Quiñones, Department of Education, Puerto Rico shared “Copilot Chat’s use in education and document management has been incredibly beneficial in all teaching and learning processes, I look forward to continuing learning and exploring the potential of AI. I encourage my students to start with Copilot Chat, adjust information to their learning style, and to be specific in their prompts to achieve great results.”

Microsoft 365 Copilot Chat

Use free, secure AI chat powered by GPT-4o with agents and IT controls.

Resources to begin your AI journey

Educators in our preview program consistently highlighted the need for training in AI rollout and we have several resources and tools to help you and your students get started:
- AI Classroom Toolkit – Try this creative resource to introduce AI to teen students that blends engaging narrative stories with instructional information for an immersive and informative learning experience.
- Copilot Chat Adoption Kit – Review the collection of resources for IT, educators, and guardians to get started with Copilot Chat.
- Family Safety Toolkit – Learn more about online safety guidance for all ages, tools and tips, and resources we have developed over time through engagement with young people and digital safety partnerships.
- Minecraft Education AI Foundations – Discover a set of accessible, interactive materials for building AI literacy such as curriculum, short videos, Minecraft lessons, and more.
- Additional free AI tools – Explore the AI-enhanced Learning Accelerators to help students build foundational skills, GitHub Copilot to empower the next generation of developers, and Khan Academy Writing Coach.
- FarmBeats for Students program expansion – Access a free, comprehensive course providing training on precision agriculture, data science, and AI designed for classrooms of all kinds.
Discover even more resources for educators, leaders, and administrators:
MIL OSI Global Banks –
May 15, 2025
MIL-OSI USA: Republicans Shoot Down Rep. Peters’ Amendment to Save Medicaid for Millions of Needy Americans
Source: United States House of Representatives – Congressman Scott Peters (52nd District of California)

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Washington, D.C. – Today, during the 17^th hour of the marathon Energy and Commerce Committee meeting on the Republican tax plan, Representative Scott Peters (CA-50) offered an amendment to protect millions of Americans from being kicked off Medicaid. Their legislation would kick 13.7 million people off their healthcare, according to a new analysis by the non-partisan Congressional Budget Office. In every state that has experimented with so-called “work requirements,” employment was not increased, but tens of thousands of people – many of whom are in fact working – have lost their healthcare. The Republican majority on the committee rejected Rep. Peters’ commonsense amendment to protect sick and uninsured Americans on a party-line vote of 23-28.

Speaking on his amendment, Rep. Peters stated, “I want to talk about what’s at stake today. Medicaid covers more than 72 million Americans. That includes nearly 40 million children, 7 million seniors, and 15 million people with disabilities. In my district alone, Medicaid (or Medi-Cal, as we call it), covers nearly one in five people. Across the San Diego region, that number is almost one in three. Medicaid helps working families who don’t get health insurance through their jobs, and it keeps struggling rural hospitals afloat. Medicaid provides treatment for opioid addiction and mental health services for those who need them the most. And let’s not forget: Medicaid is also the largest provider of long-term care in this country.”

He continued, “Look, I believe that work is valuable. It provides stability, dignity, and a path toward opportunity. I also believe deeply that every American who can work should be encouraged and supported in doing so. But time and again, when states have made these cuts, we have not seen increases in employment. But we have seen people lose health coverage, more red tape for doctors, and worse health outcomes.”

And he concluded, “People who should qualify still lose coverage. My constituents—veterans with post-traumatic stress injury, new mothers recovering from childbirth, or people managing chronic conditions often can’t make it through the reporting process in time. My Republican colleagues will point to the bill text and say people with disabilities are clearly exempted. Tragically, it already takes people who are disabled almost 8 months to receive a formal determination from the Social Security Administration. So, this bill would kick disabled people who have health care today off of their coverage. That’s because many of them are covered by the Affordable Care Act’s Medicaid expansion, which the legislation before us would gut. And even for those who do work — often in low-wage, unstable jobs — these mandates create a penalty for workers. A missed shift, a lost job, or a technical error can trigger a cascade that ends in lost coverage. That’s not promoting work. It’s punishing job loss. When people lose Medicaid, they don’t stop getting sick. They just stop getting preventive care. They end up in the emergency room, often sicker, and often at greater cost to their family and the taxpayers.”

Watch Rep. Peters’ opening statement against the Republican tax plan here.

Watch Rep. Peters’ remarks on the Republican tax plan’s fossil fuel favoritism here.

CA-50 Medicaid Facts:
- 156,100 people in the district rely on Medicaid for health coverage—that’s 20 percent of all district residents.
  - 34,700 children in the district are covered by Medicaid.
  - 17,700 seniors in the district are covered by Medicaid.
  - 64,900 adults in the district have Medicaid coverage through Medicaid expansion—that includes pregnant women who are able to access prenatal care sooner because of Medicaid expansion, parents, caretakers, veterans, people with substance use disorder and mental health treatment needs, and people with chronic conditions and disabilities.
- At least five hospitals in the district had negative operating margins in 2022. These hospitals would be especially hard-hit by cuts to Medicaid. For example:
  - Scripps Mercy Hospital had a negative 25.3 percent operating margin—and nearly 22 percent of its revenue came from Medicaid.
  - Sharp Coronado Hospital had a negative 3.5 percent operating margin—and over 36 percent of its revenue came from Medicaid.
  - University of California San Diego Medical Center had a negative 2.4 percent operating margin—and nearly 19 percent of its revenue came from Medicaid.
- There are 54 health center delivery sites in the district that serve 529,944 patients.
- Those health centers and patients rely on Medicaid—statewide, 69 percent of health center patients rely on Medicaid for coverage.
- Health centers will not be able to stay open and provide the same care that they do today, with more uninsured and underinsured patients. They are already operating on thin margins—in 2023, nationally, nearly half of health centers had negative operating margins.
- Medicaid cuts put health centers at risk, including:
  - Family Health Centers of San Diego
  - Neighborhood Healthcare
  - North County Health Project
  - San Diego American Indian Health Centers
  - St. Vincent De Paul Village
Read Rep. Peters full remarks below:

I want to talk about what’s at stake today. Medicaid covers more than 72 million Americans. That includes nearly 40 million children, 7 million seniors, and 15 million people with disabilities.



In my district alone, Medicaid (or Medi-Cal, as we call it), covers nearly one in five people. Across the San Diego region, that number is almost one in three.



Medicaid helps working families who don’t get health insurance through their jobs, and it keeps struggling rural hospitals afloat.



Medicaid provides treatment for opioid addiction and mental health services for those who need them the most. And let’s not forget: Medicaid is also the largest provider of long-term care in this country.



If you have a loved one who relies on home care or if you have a grandparent in a nursing home, Medicaid is there to make sure they get the care they need.

So, when Republicans propose slashing Medicaid, let’s be clear about what that really means. It means seniors will be kicked out of nursing homes. It means people with disabilities will lose their independence. It means kids will miss critical doctor visits.



We know this because we’ve seen it before.



Let’s look at Arkansas. When the state piloted its Medicaid work requirement, over 18,000 people lost coverage.



Not because they refused to work, but because they struggled to report their hours in a newly created, online-only portal.



The vast majority of these people had jobs. Many more were caring for disabled relatives, recovering from illness, or navigating mental health challenges. The problem is: the work requirement didn’t account for that.



Local doctors and clinics felt the strain almost immediately. Physicians reported longer waits. Patients missed their follow-up appointments. Emergency rooms saw increases in uncompensated care.



It wasn’t just those subject to the mandate who suffered—everyone in the system felt the impact including the elderly, pregnant women, children, and people with disabilities.



Similar results followed when Georgia experimented with its own mandate. The evidence is consistent: Republican policies will increase red tape and cut health care coverage for everyone, but they do not increase employment for “able-bodied” people.



Medicaid is the difference between children getting the medication they need or not. It’s the difference between a working mother affording prenatal care or risking her pregnancy.



It’s the difference between a senior being able to stay in their home or being forced into a nursing facility.



Look, I believe that work is valuable. It provides stability, dignity, and a path toward opportunity. I also believe deeply that every American who can work should be encouraged and supported in doing so.



But time and again, when states have made these cuts, we have not seen increases in employment. But we have seen people lose health coverage, more red tape for doctors, and worse health outcomes.



We’ve heard plenty of arguments today that there are exemptions for the elderly or people with disabilities.



The problem is: in practice, these exemptions are often poorly implemented and difficult to navigate, as is the bill before us.



People who should qualify still lose coverage. My constituents—veterans with post-traumatic stress injury, new mothers recovering from childbirth, or people managing chronic conditions often can’t make it through the reporting process in time.



My Republican colleagues will point to the bill text and say people with disabilities are clearly exempted.



Tragically, it already takes people who are disabled almost 8 months to receive a formal determination from the Social Security Administration.



So, this bill would kick disabled people who have health care today off of their coverage.



That’s because many of them are covered by the Affordable Care Act’s Medicaid expansion, which the legislation before us would gut.



And even for those who do work—often in low-wage, unstable jobs—these mandates create a penalty for workers.



A missed shift, a lost job, or a technical error can trigger a cascade that ends in lost coverage. That’s not promoting work. It’s punishing job loss.



When people lose Medicaid, they don’t stop getting sick. They just stop getting preventive care. They end up in the emergency room, often sicker, and often at greater cost to their family and the taxpayers.



The evidence is overwhelming: these policies will drastically cut Medicaid funding and take health care away from more than 13 million Americans.



The short-term spending cuts we may see on our balance sheet will be outweighed by downstream costs—in both dollars and American lives.



We can do better than this, I encourage my colleagues to vote yes on my amendment.

###

MIL OSI USA News –
May 15, 2025
MIL-OSI USA: Reps. Russell Fry (SC-07) and Mike Levin (CA-49) Introduce MAPOceans Act to Enhance Access to Recreational Waterway Data
Source:

Reps. Russell Fry (SC-07) and Mike Levin (CA-49) Introduce MAPOceans Act to Enhance Access to Recreational Waterway Data

Washington, D.C. – Today, Congressmen Russell Fry (SC-07) and Mike Levin (CA-49) introduced the Modernizing Access to Our Public Oceans (MAPOceans) Act, legislation that will modernize public access to vital data about U.S. waterways. By requiring the Secretary of Commerce to digitize and display real-time marine data through GPS and smartphone applications, the bill aims to improve the recreational experience for boaters and anglers, support safe and legal activity on the water, and strengthen coastal economies.

Building on the success of the MAPLand Act (2022) and the MAPWaters Act (which passed the House in January 2025), the MAPOceans Act would require the National Oceanic and Atmospheric Administration (NOAA) to consolidate, standardize, and digitize public information about U.S. marine waters and make that information easily accessible in real time.

Specifically, the bill would:
- Provide real-time status updates on which waterways are open or closed to entry or watercraft, low-elevation aircraft, or diving.
- Digitize restrictions related to motorized propulsion, fuel type, and specific types of watercraft (e.g., motorboats, kayaks, personal watercraft, airboats, ships).
- Display fishing regulations and restrictions, including no-take zones, marine protected areas, and rules about specific equipment or bait (such as circle hooks or descending devices).
- Publish continuously updated geographic information (GIS) data on navigation, bathymetric information, and depth charts.
- Require the Department of Commerce to partner with non-federal entities—including states, Indian Tribes, Native Hawaiian organizations, private industry, data experts, and academic institutions—to ensure accurate and up-to-date information.
“The MAPOceans Act is a commonsense bill to help Americans enjoy our nation’s waters and coastlines more safely and responsibly,” said Congressman Fry. “Whether you’re a fisherman or a boater, this bill gives individuals the easily accessible real-time information they need and ensures that Americans who rely on our waterways—whether for work or recreation—have the tools to access and enjoy our natural resources.”

“Our district is home to terrific coastal waters that offer recreational and economic benefits to our entire region,” said Congressman Levin. “Every resident and visitor should be able to easily access clear information about how to responsibly enjoy these areas. This bipartisan bill will help ensure that’s the case while promoting the long-term protection of these natural resources. I look forward to working with Rep. Fry to advance this important legislation through the House.”

Senators Ted Cruz (R-TX) and Angus King (I-ME) reintroduced the bill in the Senate, where it passed the Senate Commerce, Science, and Transportation Committee by voice vote in March 2025.

The bill has received endorsements from the following organizations: South Carolina Boating & Fishing Alliance, American Sportfishing Association, Theodore Roosevelt Conservation Partnership, Marine Retailers Association of the Americas, International Game Fish Association, Center for Sportfishing Policy, Congressional Sportsmen’s Foundation, Boat Owners Association of The United States (BoatUS), and National Marine Manufacturers Association (NMMA).

“Boaters and anglers want to follow the rules, but too often those rules are buried in scattered websites or outdated PDFs,” said President and CEO of the South Carolina Boating & Fishing Alliance Gettys Brannon. “For a coastal state like South Carolina, where access to our waterways drives tourism, supports small businesses, and defines our way of life, the MAPOceans Act will bring clarity to the chaos. It gives the public one clear source to understand where they can fish, anchor, or operate. It’s a long-overdue fix that makes federal waterways more accessible and more manageable for everyone on the water. We thank Congressman Fry for his leadership on this important legislation.”

“The MAPOceans Act will provide many benefits for the millions of saltwater anglers who fish our nation’s marine waters every year,” said President and CEO of the American Sportfishing Association (ASA) Glenn Hughes. “This legislation will ease access to information on federal fishing regulations through navigation tools and mapping applications, helping anglers and boaters stay up-to-date with changing regulations and opportunities. ASA and the recreational fishing industry thank Representatives Fry and Levin for their leadership of this legislation, which will simplify access to a wide range of recreational information, allowing anglers to feel confident they’re in compliance with the law as they’re heading out on the water.”

“America’s incredible saltwater recreation opportunities should be easily enjoyed by all,” said President and CEO of the Theodore Roosevelt Conservation Partnership Joel Pedersen. “The MAPOceans Act will help simplify boating and recreational fishing information by digitizing not easily accessible regulations and making them readily available to the public. TRCP thanks Representatives Fry and Levin for their leadership to introduce and advance this important public access legislation.”

“Accurate charts are one of the basic safety tools for all boaters,” said Government Affairs Manager for Boat Owners Association of The United States, BoatUS David Kennedy. “The MAPOceans Act will ensure the information collected by federal agencies will get on the chart plotters, mobile devices and even paper charts that boaters rely upon.”

“The National Marine Manufacturers Association (NMMA) applauds the introduction of the MAPOceans Act, which would provide recreational boaters and anglers with more easily accessible resources and information to enjoy America’s waterways in a responsible and safe way,” said NMMA President and CEO Frank Hugelmeyer. “NMMA appreciates Representatives Fry and Levin’s support of the $230 billion recreational boating community and their steadfast leadership on this issue.”

Several organizations also submitted this letter.

Congressman Fry serves on both the House Energy and Commerce Committee and the House Judiciary Committee. To stay up to date with Congressman Fry and his work for the Seventh District, follow his official Facebook, Instagram, and X pages and visit his website at fry.house.gov.

MIL OSI USA News –
May 15, 2025
MIL-OSI Global: China-US trade war: the next 90 days are a big deal for Beijing as it seeks long-term solutions

Source: The Conversation – UK – By Chee Meng Tan, Assistant Professor of Business Economics, University of Nottingham

Washington and Beijing have finally agreed a pause in their escalating trade war. US and Chinese officials announced in Geneva this week that US tariffs on Chinese goods would fall to 30%, while Chinese tariffs on US products would drop back to 10%.

But the real battle to determine the fate of future US-Sino relations will be in negotiations that take place in the next 90 days. As both sides jostle to protect respective national interests, a win is possible for China. But that probably hinges on whether Donald Trump sees what’s on offer as a win for him as well.

The 90-day deal to deescalate tariffs, which begins on May 14, includes significant concessions, and shows a willingness from both sides to negotiate.

In early April, US tariffs on Chinese products had soared to 145%, while Beijing imposed a 125% tariff on US imports. US supermarkets had begun to warn of imminent stock shortages.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Donald Trump was quick to claim a significant win from Monday’s deal, but so did China.

Was this really a win for either side? So far the only progress is the roll back of tariffs to levels before the trade war intensified in April 2025.

But for China, the latest tariff reduction has provided much needed, if short term, economic relief, even if no one knows what will happen after 90 days. The Chinese stock market rallied immediately after the announcement. China is attempting to repair its ailing economy fuelled by a real estate crisis that began in 2021. So, Beijing needs more triumphs of this sort, as it realises that fiscal stimulus may be ineffective in the face of overwhelming tariffs.

So, what measures should Beijing take to ensure that US tariffs remain low, if not lower?

Before the trade war between the US and China began in July 2018, tariffs imposed by Washington on Beijing and vice versa were relatively low. In January 2018, US tariffs on Chinese exports stood at 3.1%, while Chinese tariffs on US exports were at 8%. While the current 10% Chinese tariffs on US goods isn’t far from the pre-trade war level, the same cannot be said of US tariffs on Chinese goods, which stand at 30%.

What’s a big win for China?

For Beijing, a big win would be a return of the pre-trade war tariffs or the absence of tariffs entirely. But either outcome is highly unlikely.

A major obstacle is Trump’s need for a political win. In early April this year, the US president has harshly criticised foreign nations for having “looted, pillaged, raped, and plundered” the US. To address this problem, the US has imposed a minimum tariff of 10% on all nations sending exports to the US. And if Washington were to reduce tariffs on Chinese products to under 10%, then he would be expected to do the same with the rest of the world.

Even this 90-day deal with China could be seen as capitulation by Trump, who was already under pressure from the US stock market and business leaders to roll back the high tariffs on Chinese goods. But revising baseline tariffs downwards to below 10% for the rest of the world would be seen as an even greater cop out.

This could eat into Trump’s political capital and harm the Republican party’s chances at midterm elections scheduled for 2026. All of which seems unlikely.

Details of the US and China trade war pause start to be revealed.

What China hopes is for future US tariffs to get back to around 10%. This represents a massive improvement from the previous 145% imposed by the White House in April this year. But for Washington to save face and claim a believable victory of its own to reduce tariffs, Beijing needs to offer something in return.

Sticking points

One significant issue affecting US-Sino relations is the drug fentanyl. According to the US Drug Enforcement Agency (DEA), fentanyl, which is responsible for tens of thousands of US deaths each year, comes primarily from China and Mexico.

Washington expects Beijing to do more to stem the flow of the drug and chemicals used to make the drug from flowing into the US. To push China to take action on this, the US imposed a 30% tariff on China instead of the baseline 10% it has put on all other nations.

Beijing sees things differently and claimed that Washington is engaging in a “smear campaign” and aims to “shift blame” on China for not doing enough when the country has some of the strictest drug laws in the world.

Trump sees the fentanyl problem as a national security issue, and says China needs to provide sufficient concessions in stemming the outflow of the drug so that the White House can justify the lowering of tariffs below the existing 30%.

But China can do more to secure lower tariffs. As part of the present trade deal, China has agreed to lift its export ban of critical minerals to the US. This is a crucial for the US as these items are essential in manufacturing advanced weaponry.

If Beijing can guarantee the flow of critical minerals to the US, and assure its support for US agriculture, an important political support base for Trump, then it is likely that a Trump administration would lower, and more importantly, maintain these tariffs in the foreseeable future.

China probably will want to hedge its bets. It needs to engage with the US and lower US tariffs as much as possible, but will want to look at other options, rather than relying on an unpredictable Trump. It will look to increase its trade with other significant regional players such as the Association of Southeast Asian Nations, an economic bloc that promotes economic growth among its member nations.

Ultimately, China needs policy continuity from Washington. Without it, any plans that it has in recovering its sluggish economy won’t work.

But like any good trader, Trump will likely find it difficult to pass up a good deal, especially when the US has to deal with its own economic problems. So if Beijing can find a way to make a deal that works and brings a symbolic win for both sides, it is likely to get Trump’s attention.

Chee Meng Tan 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. China-US trade war: the next 90 days are a big deal for Beijing as it seeks long-term solutions – https://theconversation.com/china-us-trade-war-the-next-90-days-are-a-big-deal-for-beijing-as-it-seeks-long-term-solutions-256535

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI Russia: The 7th Central Asian Conference on Climate Change was held in Ashgabat

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

ALMATY, May 14 (Xinhua) — The 7th Central Asian Conference on Climate Change was held in Ashgabat, the capital of Turkmenistan, from Tuesday to Wednesday. The main theme of the event was stated as “Achieving the global goal of climate finance through regional and national actions in Central Asia,” the International Information Center of Turkmenistan reported on Wednesday.

The conference was organized by the Regional Environmental Center for Central Asia and the Government of Turkmenistan, and was held with the support of the World Bank and the German Society for International Cooperation (GIZ).

Over the course of two days, representatives of countries in the region and international organizations discussed common approaches to combating climate challenges.

The opening ceremony featured welcoming speeches from the Minister of Environmental Protection of Turkmenistan, as well as high-ranking representatives of the World Bank, GIZ, the EU and the UN Development Programme. During a special session, representatives of the World Bank, the UK, the EU and Italy outlined their approaches and spoke about climate finance opportunities for Central Asian countries. Particular attention was paid to mechanisms for the effective use of funds raised.

The key topics of the second day of the event were transboundary landscape restoration and combating land degradation.

Conference participants confirmed their understanding of common climate challenges and the readiness of Central Asian countries to work together, naming the transition from discussions to practical actions as a priority goal and promising to continue work on forming a regional climate agenda and preparing for future summits. –0–

MIL OSI Russia News –

May 15, 2025

Category: Asia

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Increasing student agency with Copilot Chat

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Additional insights from our preview

Resources to begin your AI journey

What’s a big win for China?

Sticking points