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Category: Asia

  • MIL-OSI USA: Tuberville Honors Puck Esposito of Auburn as “May Veteran of the Month”

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) released a video honoring U.S. Navy Captain Paul “Puck” Esposito as the May “Veteran of the Month.”
    Excerpts from Sen. Tuberville’s remarks can be found below, and complete remarks can be found here. 

    “In Alabama, we take a lot of pride in honoring and supporting the heroes who have served in our nation’s military. But it takes people who are dedicated to this mission 24 hours a day, 365 days a year.
    No one embodies this cause better than Captain Paul “Puck” Esposito of Auburn, Alabama. The son of a World War II and Korean War veteran, Puck followed in his father’s footsteps and joined the Navy in 1986. Puck spent 30 years in active duty as a Navy Aviator. From flying Grey helicopters, serving on an exchange tour with the Canadian Air Force, to spending eight years at sea—you name it, Puck did it. He was sent on nine long deployments and served in every theater the Navy has a presence in. 
    […]
    His role at the Vets Resource Center has been an essential part of filling the gaps for Auburn student-veterans and military-affiliated students. Though the Center is largely focused on providing academic resources for its participants, Puck has taken a deeper approach. In addition to educational support, Puck and his team have worked to combat critical issues such as veteran suicide, food insecurity, and homelessness.
    Under the last decade of Puck’s leadership, Auburn’s Vets Resource Center has expanded from supporting 600 students to 2,100 currently. They put on events like Project Iron Ruck and help Auburn recognize and honor veterans at many of the University’s athletic events. We’re proud to now call Puck one of our own, and are grateful for all he does to support our veterans.”
    Senator Tuberville recognizes a different Alabama veteran each month for their service and contribution to their community. Constituents can nominate an Alabama veteran and submit their information to Senator Tuberville’s office for consideration by emailing press_office@tuberville.senate.gov. 
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

    May 9, 2025
  • MIL-OSI Economics: Innovation and Collaboration Needed to Address Ocean Sustainability Challenges Busan, Republic of Korea | 08 May 2025 APEC Secretariat

    Source: APEC Secretariat

    In a significant moment for APEC’s ongoing efforts to safeguard the ocean, Ambassador Yoon Seongmee, Chair of the 2025 APEC Senior Officials’ Meeting, and Executive Director Eduardo Pedrosa underscored the urgent need for innovative solutions and greater regional collaboration to tackle critical ocean sustainability challenges.

    Addressing APEC’s ocean and fisheries ministers at the 5th APEC Ocean-Related Ministerial Meeting held last week in Busan, Ambassador Yoon highlighted the ocean’s central role in APEC’s broader development agenda, emphasizing that it is not only a crucial resource but also a frontier for innovation.

    “The ocean connects the Asia-Pacific region; it stands as a frontier for innovation and digital transformation, as well as a key resource for prosperity,” Ambassador Yoon said. “Our collective action today will help define a sustainable and prosperous future, not only for our oceans but for all of APEC’s economies.”

    Ambassador Yoon spotlighted how APEC has evolved to meet the challenges posed by climate change, technological advancements and demographic shifts, noting that ocean issues are increasingly tied to these larger global challenges.  In this context, she also emphasized the importance of the APEC Ocean-Related Ministerial Meeting (AOMM). 

    “AOMM is the highest-level forum dedicated to cooperation on ocean and fisheries issues within APEC, and its discussions will form a vital component of the outcomes of APEC 2025.”

    Pedrosa echoed these sentiments, emphasizing that the APEC economies are deeply interconnected through the Pacific Ocean, the world’s largest body of water.

    “We are connected by the Pacific Ocean, and its resources are vital to the economic and social well-being of our economies,” Pedrosa said. “However, the ocean is facing profound challenges, and it is imperative that we continue to innovate and collaborate to secure its health and sustainability for future generations.”

    Pedrosa highlighted APEC’s strategic roadmaps that guide collective action in addressing ocean-related issues, including the APEC Roadmap on Marine Debris, the Roadmap on Combatting IUU Fishing, and the Roadmap on Small-Scale Fisheries and Aquaculture.

    “These roadmaps provide clear frameworks for APEC economies to align their efforts, implement effective measures, and protect marine ecosystems,” he noted. “They serve as a foundation for collaborative strategies to combat marine pollution, reduce illegal fishing and ensure the sustainable management of small-scale fisheries.”

    Pedrosa also emphasized how emerging technologies, such as data collection, remote sensing and traceability, will enhance APEC’s capacity to monitor and manage marine resources.

    “Innovation is crucial for the resilience of our oceans,” Pedrosa stated. “By leveraging technology, we can improve our ability to forecast, manage and protect marine ecosystems while supporting sustainable economic activities like fisheries and aquaculture.”

    As APEC economies continue to address these challenges, both Ambassador Yoon and Pedrosa emphasized the need for ongoing dialogue and action.

    “Today’s discussions represent just the beginning,” Pedrosa concluded. “Through continued cooperation and innovative solutions, we will ensure that the ocean remains a source of prosperity for all economies, while safeguarding its health for future generations.”

    Korea as the host of APEC 2025 will host a total of 13 ministerial and high-level meetings throughout the year. The next ministerial meetings on human resources development, education and trade will be held in Jeju from 12-16 May.


    For further details, please contact:
    [email protected]

    MIL OSI Economics –

    May 9, 2025
  • MIL-OSI New Zealand: Speech to the India New Zealand Business Council

    Source: NZ Music Month takes to the streets

    Good morning. Namaskar. 

    • The Chair and General Manager of the India New Zealand Business Council
    • Prime Minister Luxon and Minister of State Margherita
    • Indian High Commissioner Bhushan
    • Distinguished Guests
    • Ladies and Gentlemen

    It’s a privilege to be with you today to offer some very brief reflections on the India-New Zealand relationship. 

    These reflections follow detailed speeches by Prime Minister Luxon and Minister of State Margherita. So, we won’t seek to repeat what you have already heard. Rather, we will make just three fundamental and summarising observations.

    Observation one: New Zealand wants closer, stronger relations with India. 

    New Zealand’s Coalition Government has made clear over the past 18 months, through our actions and policies, that we intend to seriously lift our relations with India.

    As Foreign Minister, we have spent much of this Parliamentary term travelling around the world advancing New Zealand’s interests. But our very first visit outside Australia and the Pacific since returning as Foreign Minister was to India.

    This selection of Gujarat and New Delhi as early visit destinations was very deliberate. Our government wanted to send an unambiguous signal to the people and Government of India that New Zealand wishes for our countries to draw ever closer – united by shared interests and a mutual desire to build deeper, mutually beneficial cooperation.

    India’s Foreign Minister, S. Jaishankar, is one of the world’s most impressive and astute statesmen. We have been pleased to work closely with him on this project of drawing our countries closer together. 

    And we are looking forward to meeting this afternoon with Minister of State Margherita, to discuss our building bilateral relationship. 

    This meeting will also provide an opportunity for us to exchange views on the heinous terrorist attack in Kashmir last month, developments between India and Pakistan in the last few days, and New Zealand’s wish to help support a seriously rapid de-escalation of the situation. 

    Observation two: India’s rise over the past generation has been seriously impressive. 

    There are few countries in the world that have been so dramatically transformed over the past 35 years as has India. 

    We have seen hundreds of millions of Indians lifted out of poverty; huge improvements in education, health and life expectancy; and a breathtaking economic expansion. 

    And all of this has been achieved while maintaining India’s proud democratic tradition of settling the inevitable differences that emerge in a country of such immense scale and diversity at the ballot box.

    When in Delhi last year, we visited the new Indian Parliament – whose carpets feature New Zealand wool – and got a first-hand sense of the scale and magnificence of Indian democracy. 

    India’s rise has been a force for good in our region and for our world. 

    Observation three: New Zealand wants a broad-based relationship with India, as the Prime Minister said. 

    We want to draw closer with India not in one domain, but in many domains. 

    New Zealand and India are two of the world’s great, long-standing democracies – and we have a shared objective of an open, free, democratic and peaceful Indo-Pacific region. To achieve that, we need to be cooperating in as many areas as possible. 

    We need to be working across the Indo-Pacific, including with Pacific Island countries.

    We need to be helping to manage our increasingly contested and disordered strategic environment via more regular, intensive high-level dialogue. 

    We need to be addressing shared security and defence challenges, by embedding deeper engagement in these areas. 

    And the Prime Minister is right.  We will be seriously boosting our diplomatic presence in India. We should have done so 40 years ago. 

    We need to be pursuing shared trade and economic opportunities, including in tourism and education. 

    And we need to be making the most of our intensifying people, sporting and cultural connections. 

    This audience will know well that, through the painstaking work of the governments, peoples and indeed businesses of India and New Zealand, a great foundation has been laid over the past 18 months. 

    There is so much potential in the relationship between New Zealand and India. Given the serious progress our two countries have made in the last 18 months, now is the time to work to realise that potential. 

    Thank you, and best of luck for the remaining conversations at this event today. 

    MIL OSI New Zealand News –

    May 9, 2025
  • MIL-OSI USA: Hickenlooper, Colleagues Introduce Bipartisan America the Beautiful Act

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper
    Bill would increase funding to address maintenance backlog at national parks
    WASHINGTON – U.S. Senator John Hickenlooper recently joined Senators Angus King and Steve Daines to introduce the bipartisan America the Beautiful Act, which would reauthorize the National Parks and Public Land Legacy Restoration Fund (LRF) and increase its funding to address the serious maintenance backlog in our national parks and public lands.
    “Our public lands are our national treasures. We’re making sure they’re treated that way,” said Hickenlooper. “Our bill fills a critical gap in funding so Americans can enjoy our sacred outdoor spaces for generations to come.” 
    The LRF was originally passed in the 2020 Great American Outdoors Act, but now requires reauthorization. 
    This bill reauthorizes the LRF through 2033 and increases funding to $2 billion per year to help address the maintenance backlog in national parks and public lands. Currently, the maintenance backlog for each agency includes:
    U.S. Park Service: $23.26 billion
    U.S. Forest Service: $8.695 billion
    U.S. Fish and Wildlife Service: $2.65 billion
    U.S. Bureau of Land Management: $5.72 billion
    U.S. Bureau of Indian Education: $804.5 million
    Hickenlooper sits on the Senate Energy and Natural Resources Committee where he is an advocate for Colorado public lands. He recently introduced the Protect Our Parks Act of 2025 and the Save Our Forests Act of 2025 to restore National Park Service (NPS) and U.S. Forest Service (USFS) workers who were illegally fired by the Trump administration. He also took to the Senate floor and led an amendment to the Republican budget plan to protect public lands from being sold to pay for tax cuts for the ultra-wealthy. 
    Full text of the bill is available HERE. 

    MIL OSI USA News –

    May 9, 2025
  • MIL-OSI USA: Rep. Young Kim Questions Treasury Secretary Bessent at Financial Services Hearing

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – This week, U.S. Representative Young Kim (CA-40) asked questions to Treasury Secretary Scott Bessent at a House Financial Services Committee hearing.  

    Watch the full clip HERE or read highlights below. 

    On tariffs 

    Rep. Kim: Southern California, where I’m from in and the district that I represent, serves as the primary gateway to Pacific Rim, and Asian goods into the United States come through the Ports of LA and Long Beach. We are already starting to see a drop in volume as the Ports of LA and Long Beach are expected to see 35% to 30% drop when compared to a year ago. Cargo volume is one of the largest economic drivers in the region, and a long-term drop will not just impact families at the grocery stores and small businesses’ bottom line but also result in truckers and dock workers losing their jobs. So, Secretary Bessent, I would like to ask, how can you ensure that our tariff policy will not unintentionally harm American small businesses and workers in the long term? 

    Secretary Bessent: Congresswoman, we believe they are, over the long term that it will drive growth in the economy. And as I’ve said many times, it is a mistake to look at trade in isolation. The Trump economic policy is a three-legged stool. Trade, taxes, and deregulation, and we believe that the sum of the parts, that the whole is greater than the parts. As we complete each one of those that the US will serve the substantial economic growth.  

    Rep. Kim: I know that a lot of my constituents, share these concerns that we raised. I’d like to continue this discussion on this specific topic with you moving forward, because I’m concerned that these long scale tariffs, if they continue in the long term, then American working families and small businesses will suffer under price hikes and a lack of certainty. 

    On the Financial Stability Oversight Council (FSOC) 

    Rep. Kim: Under the previous administration, Secretary Yellen rescinded the non-bank systematically important financial institution and replaced it with a new framework for assessing the financial risk. This new framework overlooks the importance of prioritizing an activity based standard and a cost benefit analysis. So, Secretary Bessent, does FSOC intend to reassess the 2023 guidance so that it is more closely aligned with the thoughtful process that was created in 2019? 

    Secretary Bessent: Congresswoman, that is on our agenda.  

    Rep. Kim: Thank you. You know, as you finalize that decision, I want to emphasize that my support for a return to an activity based approach that more appropriately addresses the risk of non-banks.  

    Secretary Bessent: Treasury would be happy to work with your team on that.  

    On CDFI Fund 

    Rep. Kim: I’d like to urge you to continue your support for CDFI. CDFI Fund programs are statutory, as you know, and this has been critical in promoting the local economy in Orange County. Do you still agree that the CDFI plan has a critical role to play in fostering economic opportunity? I think I know the answer because you stated very clearly, in public statements. 

    Secretary Bessent: We believe that if CDFI officials follow their statutory obligations and do not digress into more ideological boundaries, they can be important institutions. 

    On Financial Literacy 

    Rep. Kim: As you know, last week I attended the Financial Literacy Roundtable that your team put together. I want to thank you so much because, as a co-chair of the Financial Literacy and Wealth Creation Caucus, events like that, bringing the stakeholders together and having a meaningful dialogue and conversation, I think is critically important. We need to continue that. Can you talk about how you can continue to advance financial literacy initiatives now that we are past the Financial Literacy Month?  

    Secretary Bessent: As you should know, it is a strong core belief of mine that financial literacy is the only path to economic independence and well-being. The more Americans that who can be educated, and I think we should probably go state to state and encourage each state to put in financial literacy standards for their students. 

    MIL OSI USA News –

    May 9, 2025
  • MIL-OSI Russia: Conversation between Mikhail Mishustin and General Secretary of the Central Committee of the Communist Party of Vietnam To Lam

    Translation. Region: Russian Federal

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

    The meeting took place as part of the official visit of the General Secretary of the Central Committee of the Communist Party of Vietnam to the Russian Federation.

    From the transcript:

    M. Mishustin: Good afternoon, dear comrade To Lam!

    Welcome to the Government House of the Russian Federation.

    I remember mine with great warmth visit to Hanoi in January of this year. And I would like to ask you to take this opportunity to convey my greetings and best wishes to the President of Vietnam, esteemed comrade Luong Cuong, and also to my colleague, Prime Minister comrade Pham Minh Tinh.

    We are sincerely glad for your personal participation in the celebrations on the occasion of the 80th anniversary of the Victory in the Great Patriotic War. This is a significant date for the peoples of Russia and Vietnam, who carefully preserve the historical memory of the feat of the generation of victors.

    One of the important results of World War II was the proclamation of Vietnamese independence in September 1945.

    On the eve of your visit, April 30, 50 years passed since the liberation of South Vietnam and the reunification of the country. I cordially congratulate you and all Vietnamese comrades and citizens on this anniversary. We are rightfully proud of our country’s contribution to the victory of the heroic Vietnamese people in the struggle for freedom and independence.

    Along with participation in the ceremonial events in Moscow, you will also hold talks with the President of Russia Vladimir Vladimirovich Putin. I would like to assure you that the Government of Russia will ensure prompt implementation of the decisions that will be taken at the highest level.

    Vietnam is an important partner of Russia in the Asia-Pacific region. This year we celebrate the 75th anniversary of the establishment of diplomatic relations. And we are interested in further strengthening the Russian-Vietnamese comprehensive strategic partnership.

    We are paying priority attention to increasing trade and economic cooperation and increasing mutual trade turnover. New joint projects in the fields of energy, transport, industry, agriculture, high technology and digital are also being developed. The Russian-Vietnamese intergovernmental commission, headed by my deputy Dmitry Chernyshenko from the Russian side, is actively working.

    We attach particular importance to the development of direct interaction between the regions of Russia and Vietnam. We will continue to create favorable conditions for the launch of new joint ventures, primarily with the participation of small and medium businesses.

    We also value humanitarian ties with Vietnam. Our countries have a rich national heritage. Russian classical literature is well known in Vietnam. Russia helped its Vietnamese friends create national ballet and opera.

    More and more Russian tourists visit Vietnam, get acquainted with its unique culture and art. And my stay in hospitable Hanoi, Vietnam left the warmest memories.

    I am ready to discuss with you the most pressing issues of interaction between Russia and Vietnam. Please, you have the floor, esteemed comrade To Lam.

    To be continued…

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

    MIL OSI Russia News –

    May 9, 2025
  • MIL-OSI Video: A Friendly Fast Rope

    Source: United States Department of Defense (video statements)

    @marinesand Japanese forces celebrate @MCASIwakuni’s 46th Friendship Day at MCAS Iwakuni to foster positive relationships between the air station and its Japanese hosts, offering a culturally enriching experience that displays the mutual support between the two nations.

    For more on the Department of Defense, visit: http://www.defense.gov

    https://www.youtube.com/watch?v=I3yy0oZ5iR8

    MIL OSI Video –

    May 9, 2025
  • MIL-OSI Security: Parmelee Man Sentenced to Six Years in Federal Prison for Assault with a Dangerous Weapon

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

    PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Parmelee, South Dakota, man convicted of Assault with a Dangerous Weapon. The sentencing took place on May 7, 2025.

    Leonard Little Thunder III, a/k/a Yamni Little Thunder, age 19, was sentenced to six years in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    Little Thunder was indicted by a grand jury in February 2024. He pleaded guilty on February 5, 2025.

    The conviction stems from an incident that occurred in November 2023 within the boundaries of the Rosebud Sioux Indian Reservation. On November 29, 2023, the victim, an adult male, was outside his residence near Mission, South Dakota, with multiple family members. Little Thunder drove past the residence multiple times before stopping and producing a short barrel shotgun. Little Thunder fired at the victim, causing a wound to the victim’s head. Little Thunder then fled the scene, but he was arrested a short time later at a residence south of Mission. The shotgun was seized as evidence, and Little Thunder will forfeit ownership of the shotgun to the United States.

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

    This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian Country be prosecuted in Federal court as opposed to State court.

    This case was investigated by Rosebud Sioux Tribe Law Enforcement Services and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. Assistant U.S. Attorney Kirk Albertson prosecuted the case.

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

    MIL Security OSI –

    May 9, 2025
  • MIL-OSI Security: Fort Wayne Man Sentenced to 100 Months in Prison

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

    FORT WAYNE–Yesterday, Jakwan D. Braster, 30 years old, of Fort Wayne, Indiana, was sentenced by United States District Court Chief Judge Holly A. Brady after his guilty plea to maintaining a drug-involved premises, possessing a firearm in furtherance of a drug trafficking crime, and being a convicted felon in possession of a firearm, announced Acting United States Attorney Tina L. Nommay.

    Braster was sentenced to a total of 100 months in prison followed by 2 years of supervised release.

    According to documents in the case, Braster maintained a drug house in Fort Wayne from February through August 2020 for the purpose of distributing and manufacturing controlled substances.  In August 2020, he illegally possessed firearms despite his prior felony conviction for resisting law enforcement, and he possessed those firearms in order to facilitate and protect his drug trafficking at his drug house.   

    This case was investigated by the Federal Bureau of Investigation’s Fort Wayne Safe Streets Gang Task Force, which includes the FBI, the Indiana State Police, the Allen County Sheriff’s Department, and the Fort Wayne Police Department.  Also assisting in this investigation were the Drug Enforcement Administration’s North Central Laboratory, the Indiana State Police Laboratory, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. The case was prosecuted by Assistant United States Attorneys Anthony W. Geller and Teresa L Ashcraft.

    This case was part of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

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

    MIL Security OSI –

    May 9, 2025
  • MIL-OSI Security: Three Men Charged in Southern District of Indiana for Illegally Reentering the United States after Previous Deportation Following Criminal Convictions or Charges

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

    Southern District of Indiana—Last week, three illegal aliens were arrested and charged federally with unlawfully reentering the United States after previously being deported following immigration proceedings. The charges follow an immigration and enforcement removal operation that took place in Evansville and Bloomington, Indiana between April 29 and May 1.

    According to court documents, each of the three men are Mexican nationals who illegally returned to the United States and were found by Immigration and Customs Enforcement in the Southern District of Indiana. As outlined below, court documents allege that each man had previously been convicted of crimes they committed in the United States, or had charges pending against them, or both.

    • Martin Cortez-Lopez, 36, was arrested on April 29 in Bloomington. Cortez-Lopez had previously been convicted in Florida on charges of resisting an officer with violence, possession of a controlled substance, and disorderly intoxication in a public place causing a disturbance. He currently faces charges in Monroe County, Indiana, following two incidents, one resulting in charges of possession of cocaine and operating a vehicle while intoxicated, and the other resulting in charges of possession of cocaine and operating a vehicle while intoxicated endangering a person. He has previously been removed from the United States on at least one occasion.
    • Jaime Ortiz-Guzman, 46, was arrested on May 1 in Bloomington. Ortiz-Guzman had previously been convicted in Indiana on charges of operating a vehicle while intoxicated. He currently faces charges in Monroe County, Indiana, for operating a vehicle while intoxicated causing serious bodily injury. He has previously been removed from the United States on at least one occasion.
    • Amin Reynosa-Diaz, 28, was arrested on April 29 in Evansville. Reynosa-Diaz had previously been convicted in Indiana of domestic battery. He currently faces charges in Hampton County, Virginia, for driving while intoxicated, and is wanted on multiple warrants for failing to appear in court. He has previously been removed from the United States on at least one occasion.

    If convicted, each man faces up to between two and ten years in prison.

    These charges and arrests are the latest prosecutions of illegal aliens who were found in the Southern District of Indiana after unlawfully re-entering the United States after having been previously deported. Specifically, these prosecutions involve illegal aliens who were previously convicted of crimes they committed in the United States, or who are facing pending charges, or both, for offenses including rape, domestic violence resulting in serious bodily injury, child molestation, burglary, and operating a vehicle while intoxicated.

    The following investigative agencies collaborated to make this investigation and recent warrant execution possible:

    • Immigration and Customs Enforcement
    • Federal Bureau of Investigation
    • Drug Enforcement Administration
    • Bureau of Alcohol, Tobacco, Firearms, and Explosives
    • Homeland Security Investigations
    • U.S. Marshals Service

    Acting U.S. Attorney Childress thanked Assistant U.S. Attorneys Carolyn Haney, Meredith Wood, Todd S. Shellenbarger, and Matthew B. Miller, who are prosecuting these cases. 

    These changes and arrests are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETF) and Project Safe Neighborhoods (PSN).

    An indictment or criminal complaint are merely allegations, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

    May 9, 2025
  • MIL-OSI Russia: China, Russia to bolster coordination in countering US ‘dual containment’

    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

    Moscow, May 8 /Xinhua/ — China and Russia will increase interaction and strengthen coordination to decisively counter Washington’s course of “dual containment” of China and Russia, both sides said on Thursday.

    They expressed this intention in the joint statement of China and Russia on further deepening the relations of comprehensive partnership and strategic interaction in the new era, signed by Chinese President Xi Jinping and Russian President Vladimir Putin.

    The statement indicates that the parties resolutely oppose the imposition of hostile approaches towards China and Russia on third countries in various regions of the world, as well as the discrediting of Chinese-Russian cooperation.

    The parties noted that the United States and its allies are trying to expand NATO’s presence in the Asia-Pacific region and create narrow coalitions there, involving regional countries in the implementation of their “Indo-Pacific strategies”, thereby undermining peace, stability and prosperity in the region.

    The parties consider it unacceptable to build military blocs with anti-Russian and anti-Chinese orientations with a common nuclear component, to deploy nuclear weapons in the region under the guise of “extended deterrence,” to deploy global missile defense systems and ground-based medium-range missile systems that threaten strategic stability, the statement emphasizes. –0–

    MIL OSI Russia News –

    May 9, 2025
  • MIL-OSI USA: Reed Rebukes Trump’s Misuse of Military in Immigration Enforcement

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Over the past three months, the Trump Administration has surged military personnel to the Southwest Border, Guantanamo Bay, and the U.S. southern coasts. The Administration has spent nearly $500 billion and engaged tens of thousands of troops, Navy warships, armored combat vehicles, and military aircraft in its immigration enforcement operation.

    On Thursday, U.S. Senator Jack Reed (D-RI), Ranking Member of the Senate Armed Services Committee, spoke on the Senate floor to address the unprecedented and likely illegal use of the U.S. military in domestic law enforcement. 

    A video of Senator Reed’s remarks may be viewed here.

    A copy of Senator Reed’s letter to the Department of Defense Office of Inspector General may be viewed here.

    A transcript of Senator Reed’s floor speech follows:

    REED:  Mr. President, I rise to address President Trump’s dangerous and inappropriate use of the U.S. military to carry out his immigration enforcement campaign. 

    Before I discuss the Trump Administration spending nearly half a billion dollars and sending tens of thousands of troops, ships, combat vehicles, and aircraft away from their real missions, I want to make clear that border security is a priority.  I do not support open borders.  And I believe that those who enter the United States and break our laws should be subject to deportation in accordance with the law and due process.  I have voted time and time again for billions of dollars of increased support for border agents, detection technology, and physical barriers where it makes sense. 

    Mr. President, it is no secret that our borders have been under pressure for more than a decade because of a broken immigration system that Congressional Republicans have consistently refused to help fix.  We have considered bipartisan immigration reform bills in 2006, in 2007, in 2013, and in 2024, all of which were shut down by Republicans.  The mess that we have today rests largely on their decision to put political advantage above real progress.

    Now, President Trump is ignoring Congress, ignoring the law, ignoring the Courts, and ignoring the Constitution in order to implement an immigration policy that fails to respect due process, adversely impacts our innovation economy, and to the point of my remarks, degrades our military.  In the name of his anti-immigrant efforts, President Trump is using the U.S. military to conduct operations on American soil that it has neither the training or authority to carry out.  Our troops, who are already stretched thin for time and resources, are now burning time, assets, morale, and readiness for these overblown operations.

    The President has declared an emergency at the border to justify using the military for civilian law enforcement.  This, despite border encounters currently at the lowest level since August of 2020.  Over the past 12 months, since President Biden’s executive actions last June, there has been a continued, significant decrease in unlawful border crossings – including a?more than 60 percent decrease in encounters?from May 2024 to December 2024. 

    In short, all along the Southern Border we have seen a dramatic drop in illegal crossings and migrant encounters, well before President Trump took office.  A national emergency?  It seems not. 

    We already have an entire federal agency to protect our borders and address illegal immigration: the Department of Homeland Security.  DHS includes Customs and Border Protection, Immigration and Customs Enforcement, and other law enforcement groups.  I have voted consistently to give these agencies additional resources to carry out their missions.  But immigration enforcement is not, and must not become, a function of the Department of Defense. 

    Our military has long provided technical and logistical support to DHS at the border, but always and exclusively in a supporting role, drawing a clear line between military law enforcement authorities.  Indeed, since the Reconstruction Era, U.S. presidents have been prohibited from using the military in civilian law enforcement by a law known as the Posse Comitatus Act.  This law has kept the commander-in-chief from wielding the military as a domestic political weapon, and it continues to provide an important check on the President’s ability to use the military domestically against American citizens.

    I understand American citizens asking if it matters which Department enforces immigration, as long as the job gets done.  Well, there are plenty of reasons to be concerned by the President’s current approach, even if one agrees with him politically.

    Most alarmingly, President Trump is taking real steps to militarize immigration enforcement.  Once he uses the military for this reason, it will be easier for him to use it for other purposes.  And given the tenor of his public statements, it is a reasonable fear that he may someday order the use of the armed forces in American cities and against American citizens.

    Indeed, the Brennan Center – a law and public policy institution – recently analyzed President Trump’s military actions at the border and concluded, quote: “Using the military for border enforcement is a slippery slope.  If soldiers are allowed to take on domestic policing roles at the border, it may become easier to justify uses of the military in the U.S. interior in the future.  Our nation’s founders warned against the dangers of an army turned inward, which can all too easily be turned into an instrument of tyranny.”

    Beyond these concerns, there are real, immediate consequences for our troops, which we are seeing right now.

    Readiness

    One of the military’s top priorities is readiness.  America faces real, growing threats from China, Russia, Iran, and other adversaries, and the Department of Defense needs to be laser focused on preparing troops to defend our interests abroad.

    It is difficult to explain the border missions as anything but a distraction from readiness.  We should acknowledge the jobs that our troops are actually doing there.  In the past, up to 2,000 National Guard and Reserve troops would rotate to the border each year to assist DHS and Customs and Border Patrol with basic monitoring, logistics, and warehousing activities.  These missions were designed to be “behind the scenes” logistical support to free up Border Patrol agents from administrative duties and return them back to the field to conduct their core mission of immigration enforcement.

    Today, however, Trump has surged more than 12,000 active-duty troops to the border to carry out a variety of expanded missions that do not look anything like “behind the scenes” administrative support.  For example, one Marine battalion has been stringing miles and miles of barbed wire across the California mountains.  Multiple Army infantry companies are patrolling the Rio Grande riverbank on foot, rifles loaded.  Navy aircrews are flying P-8 Poseidons – the most advanced submarine hunting planes in the world – over the desert.  Two Navy destroyers are loitering off our East and West Coasts, looking for migrant boats in the water.  And at least one Army transportation unit is changing the oil and tires on Border Patrol trucks all day, every day. 

    In addition, the Administration has wasted massive amounts of defense dollars by flying migrants out of the country using military aircraft.  Often, they have had to return them to the United States mainland just days later.  According to U.S. Transportation Command, it costs at least $20,000 per flight hour to use a C-130 and $28,500 per flight hour to use a C-17.  In comparison, contracted ICE flights that regularly transport migrants inside of the U.S. cost only $8,500 per flight hour.  President Trump’s decision to use military aircraft instead of ICE aircraft to shuttle migrants across the globe—to as far away as India—is a gross misuse of taxpayer dollars and servicemembers’ time.

    Just yesterday, we learned that the White House wanted to fly migrants, on military aircraft, to Libya, which is one of the most dangerous, hostile locations on earth.  Human rights groups have called the conditions in Libya’s network of migrant detention centers “horrific” and “deplorable.”  The plan has been cancelled for now, but it is unconscionable for the Trump Administration to consider sending migrants to Libya and endangering our troops in the process.

    Further, the Department of Defense has informed Congress that the current surge in border missions—including troop deployments and military flights—could cost as much as $2 billion by the end of the fiscal year.  Secretary Hegseth has claimed that the border mission is so overwhelming that we will have to withdraw massive numbers of troops from Europe in order to meet the demand.  Incredibly, he has also claimed that the border missions will have “no impact” on our military readiness.

    However, we know that these border missions are harming military readiness.  Last month, when the NORTHCOM commander testified before the Armed Services Committee, I asked how his forces on the border mission are maintaining their required military training.  He testified that his troops are spending 5 days a week supporting Customs and Border Patrol and other agencies, and only 1 day a week training.  In other words, 20 percent – at most – of our servicemembers’ time is being spent training on their critical military tasks.

    In my personal engagements with commanders at all levels, they have made clear that readying their formations requires extensive time and training, as well as stability for families.  Border missions will not build these warfighting requirements.  Border missions will distract from training, drain resources, and undermine readiness.  The Government Accountability Office, or GAO, has assessed previous military support missions to DHS and found them to be detrimental to unit readiness.  Specifically, in its 2021 report, GAO found that, quote, “separating units in order to assign a portion of them to the Southwest Border mission was a consistent trend in degrading readiness ratings.”

    Guantanamo Bay

    In February, President Trump issued an unprecedented order to the Defense Department to begin transporting and detaining migrants at Guantanamo Bay, Cuba.  For decades, the U.S. Naval Station at Guantanamo Bay has housed a facility called the Migrant Operations Center that is used to temporarily house migrants who are saved at sea while traveling in unsafe vessels from Cuba, Haiti, or other nearby nations.  The facility is typically unoccupied and is kept in a low-level operational state until needed and, until February, it was run by private contractors.  The intended use for this center was never to house migrants flown from the United States to Guantanamo Bay. 

    Nonetheless, President Trump ordered the military to expand the Migrant Operations Center to accommodate up to 30,000 migrants who would be brought there from the United States.  Within weeks, approximately 1,000 active-duty troops were sent to Guantanamo to build tents for this massive number of migrants.  However, once built, the tents were found not to meet ICE standards and, to date, they have never been used and are now being dismantled.  The hundreds of troops sent down for the mission have had very little to do in the meantime. 

    Since February, around 500 individuals identified by the Administration as illegal migrants have been flown to Guantanamo Bay, and most have been detained for no more than two weeks.  Rather than being taken to the Migrant Operations Center, about half of these migrants have been held on the other side of the island at the detention facility that was built and used for law of war detainees – such as 9/11 terrorist Khalid Sheikh Mohammed.

    There are currently 15 law of war detainees remaining on Guantanamo Bay.  The facilities housing these detainees have deteriorated significantly in the 20 years since they were built, and the military personnel who guard these individuals also endure the same tough conditions in these dilapidated facilities.   Needless to say, these servicemembers have been stretched thin.  Last fall, it was a significant morale boost for them when the remaining law of war detainees were moved to a “newer” facility.  Naturally, it was a blow to morale when, just one month later, they were ordered back to the older, more decrepit facility to make way for migrants at the newer facility.

    While it is crystal clear that the military is in charge of the law of war detention center at Guantanamo Bay, it is not clear who is legally responsible for the migrants being held there.  Longstanding law dictates that U.S. Immigration and Customs Enforcement maintain “custody and control” of migrants, but in the detention center, the military maintains control.  This leads to questions about who is in charge and accountable.  When I have asked those questions, the answers have often been contradictory.  That’s disturbing.  

    To investigate these issues, I traveled to Guantanamo Bay in March with several colleagues, including Senators Shaheen, Peters, King, and Padilla. We conducted a firsthand examination of the missions underway there and met with military servicemembers, ICE officers, and DHS officials to fully understand the costs and military readiness impacts of these missions.  This trip raised many new questions and concerns. 

    I have grave doubts about the legality of removing migrants from the U.S. to Cuba, a foreign nation, and detaining them there.  There are at least a dozen open cases and court orders impacting the Guantanamo mission.  The detention center has only been used for law of war detainees, and it is reckless to equate migrants with international war criminals. 

    I was outraged by the scale of wastefulness that we found there.  It is obvious that Guantanamo Bay is an illogical location to detain migrants.  The staggering financial cost to fly these migrants out of the United States and detain them at Guantanamo Bay—a mission costing tens of millions of dollars a month—is an insult to American taxpayers.  President Trump could implement his immigration policies for a fraction of the cost by using existing ICE facilities in the U.S., but he is obsessed with the image of using Guantanamo, no matter the cost.

    I am also frustrated that my Senate colleagues and I had to fly to Cuba to get answers to the questions that Defense Secretary Hegseth and Homeland Security Secretary Noem have been ducking for months.  By avoiding questions, they are putting servicemembers and officers on the ground in the position of trying to make sense of contradictory and political orders without any guidance or support from the Pentagon or DHS headquarters.

    Domestic Law Enforcement

    Since coming into office, the Trump Administration has expanded the role of the military in immigration enforcement in other troubling ways.  The movement of migrants from the U.S. to Guantanamo Bay is unprecedented, and the buildup of 12,000 active duty troops at the Southern Border, including the Army’s 10th Mountain Division and 100 armored Stryker combat vehicles, has a huge impact on our military posture.  This is a larger force than we deployed to Afghanistan in 2002 and 2003.

    This Administration has purposely placed many of our military forces into the immigration debate in this country, and I fear it will also place them in legal and ethical risk.

    For example, on March 30th, a military flight traveled from Guantanamo Bay to El Salvador with foreign nationals on board, including seven Venezuelans.  To my understanding, not a single DHS official or civilian was on the flight, meaning that military personnel maintained both custody and control of the migrants, contrary to longstanding DOD policy and practice. 

    Here is an image of that plane unloading in El Salvador.  As you can see, the crew does not include any DHS officials or civilian law enforcement personnel – only uniformed troops, who are physically handing migrants to the Salvadoran police.

    This flight would clearly have been in violation of various immigration laws and policies, recent judicial orders, and the Posse Comitatus Act, as the military carried out a core law enforcement function of deportation without any DHS officials present.  After the fact, the Administration tried to explain itself by saying it used, quote, “counter-terrorism” authorities rather than law enforcement authorities.  I am not aware of any counter-terrorism authorities that would authorize such a flight. 

    Accordingly, last month I sent a letter to the Department of Defense Office of Inspector General asking that office to conduct an inquiry into the incident and any laws or Defense Department policies that may have been violated.  I expect the IG to exercise his independence in carrying out this inquiry, and I am disturbed that the Administration continues to put servicemembers in legal and physical jeopardy through these reckless orders.  Mr. President, I would submit that letter for the record.

    I am also concerned about the Trump Administration’s dubious creation of “National Defense Areas” along the Southern Border in recent weeks.  These National Defense Areas, first designated in New Mexico and later expanded into Texas, were created when the Department of Interior transferred land, including the Roosevelt Reservation—a 60-foot-wide strip along the border—to the Department of Defense.  So now, large swaths of the border are considered military installations.  The Administration has created these zones so that when a migrant crosses the border in those areas, prosecutors can charge them with both entering the U.S. illegally and trespassing on a military installation.  In effect, the National Defense Zones evade the long-standing protections of the Posse Comitatus Act by allowing military forces to act as de facto border police, detaining migrants until they can be transferred to Customs and Border Protection.  In the Administration’s telling, this approach permits military involvement in immigration control without invoking the Insurrection Act of 1807.

    This is both unprecedented and a legal fiction.  As the Brennan Center report found, quote: “No matter how the Trump administration frames these activities… they are civilian law enforcement functions.  He cannot turn them into military operations by misusing the language of war.  These civilian law enforcement activities are not “incidental” — they are the reason for creating the installation.”

    The Administration is also considering using military bases to detain thousands of migrants inside the United States.  Unlike in past emergencies, when military bases near the border were used to hold migrants during large surges, this administration is seeking to use installations deep within the country, including in New Jersey, Indiana, Delaware, California, and Virginia.  One could be forgiven for extrapolating that these bases are being selected to hold round-ups of migrants in major cities. 

    The President is not taking these military actions out of necessity; he is testing the boundaries of our legal system, and, in my view, violating them.  If left unchecked and unchallenged, he will go much, much further in employing the armed forces in to enforce domestic immigration laws, traditionally a civilian law enforcement function.

    For years, Mr. Trump has publicly expressed his desire to use U.S. military personnel for domestic law enforcement.  During the last campaign, he repeatedly claimed that, if elected, he would order the National Guard and active-duty military to carry out mass deportations of undocumented migrants.  He even said that he would deploy the military to conduct local law enforcement in cities, and that troops could shoot shoplifters leaving the scene of a crime.

    Trump’s defenders often say that he is joking or exaggerating when he makes such claims.  But we know these are not idle threats.  In his first 100 days in office, he has declared multiple national emergencies and invoked the Alien Enemies Act of 1798 to deport migrants without due process.  Indeed, he has even unapologetically deported U.S. citizens in violation of the Constitution.  We have all seen the chilling videos of masked and hooded ICE agents arresting civilians on the street – scenes we are accustomed to seeing on the nightly news in countries run by dictators.  The Administration is expanding its operation one step at a time, and President Trump’s deployment of forces to the border, the military deportation flights, and the establishment of National Defense Areas can be interpreted as setting the stage to invoke the Insurrection Act and order the military to carry out domestic law enforcement inside the country. 

    In fact, we have seen this situation before.  In June 2020, then-President Trump, infuriated by protesters in front of the White House and across the country, ordered his staff to prepare to invoke the Insurrection Act to allow him to deploy active-duty military forces to patrol the streets of DC and other cities.  Then-Defense Secretary Mark Esper and Chairman of the Joint Chiefs of Staff Mark Milley talked him out of it, but the President clearly views this as a serious option.

    Beyond the immorality of Trump’s desire to deploy the military domestically, to do so would simply be illegal.  As I mentioned, the doctrine of Posse Comitatus is sacred in our nation to separate the military from direct law enforcement responsibilities. 

    The use of National Guard or active-duty troops should be reserved only to those rare circumstances where civilian law enforcement has collapsed, and state leaders have specifically asked for presidential assistance.  Their deployment should never be at the sole discretion of a President, as Trump has demonstrated that such power begs abuse.

    Ultimately, U.S. military members are trained to engage the enemies of the United States abroad with deadly force, not to arrest migrants on the Southern Border or to deport them from U.S. cities.  The military has a sacred role in our country, but the public’s trust is easily lost, and a pillar of our society is cracked when the commander-in-chief uses the military recklessly. 

    Our constitutional system is fundamentally designed to separate military and civilian roles, reserving police powers for law enforcement agencies, and endowing the military with the superior weaponry and firepower necessary to fight and win the nations’ wars.  When we allow the military to be used in the routine exercise of the police power, the nation teeters on the brink of autocracy and military rule.  One need not be a student of history to see how easily this backsliding can occur.  It is all around us in the world today.

    Trump’s clear intent to use the U.S. military in potentially illegal and certainly inappropriate ways for his own political benefit is antithetical to the spirit of our American democracy. Such power is the hallmark of authoritarians around the world.

    President Trump and Secretary Hegseth must use common sense, follow the law, and immediately cease the military border deployments and deportation flights.  And my colleagues, particularly my colleagues in the majority, should demand the same and hold the Administration accountable for its actions.

    I yield the floor.

    MIL OSI USA News –

    May 9, 2025
  • MIL-OSI United Kingdom: FCDO statement on DPRK ballistic missile launches: 8 May

    Source: United Kingdom – Executive Government & Departments

    Government response

    FCDO statement on DPRK ballistic missile launches: 8 May

    The FCDO has released a statement following ballistic missile launches by the Democratic People’s Republic of Korea (DPRK) on 8 May.

    An FCDO spokesperson said:

    DPRK’s ballistic missile launches on 8 May are another breach of multiple UN Security Council resolutions (UNSCRs). Unlawful ballistic missile launches continue to destabilise the peace and security of the Korean Peninsula. 

    The UK strongly urges the DPRK to stop such provocations and return to dialogue.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

    May 9, 2025
  • MIL-OSI: PDF Solutions® Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., May 08, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor and electronics ecosystem, today announced financial results for its first quarter ended March 31, 2025.

    Financial Highlights of First Quarter 2025

    • Quarterly total revenues of $47.8 million, up 16% over last year’s comparable quarter
    • Quarterly analytics revenue of $42.5 million, up 10% over last year’s comparable quarter
    • GAAP gross margin of 73% and non-GAAP gross margin of 77%
    • GAAP diluted loss per share of ($0.08) and non-GAAP diluted earnings per share of $0.21
    • Backlog of $226.7 million as of March 31, 2025
    • Completed acquisition of SecureWise LLC, a widely-used, secure, remote connectivity solution in the semiconductor manufacturing equipment industry, during the first quarter of 2025, financed using a combination of new bank debt of $70.0 million and cash on hand

    Total revenues for the first quarter of 2025 were $47.8 million, compared to $50.1 million for the fourth quarter of 2024 and $41.3 million for the first quarter of 2024. Analytics revenue for the first quarter of 2025 was $42.5 million, compared to $47.9 million for the fourth quarter of 2024 and $38.5 million for the first quarter of 2024. Integrated Yield Ramp revenue for the first quarter of 2025 was $5.3 million, compared to $2.2 million for the fourth quarter of 2024 and $2.8 million for the first quarter of 2024.

    GAAP gross margin for the first quarter of 2025 was 73%, compared to 68% for the fourth quarter of 2024 and 67% for the first quarter of 2024.

    Non-GAAP gross margin for the first quarter of 2025 was 77%, compared to 72% for the fourth quarter of 2024 and 72% for the first quarter of 2024.

    On a GAAP basis, net loss for the first quarter of 2025 was $3.0 million, or ($0.08) per diluted share, compared to net income of $0.5 million, or $0.01 per diluted share, for the fourth quarter of 2024, and net loss of $0.4 million, or ($0.01) per diluted share, for the first quarter of 2024.

    Non-GAAP net income for the first quarter of 2025 was $8.1 million, or $0.21 per diluted share, compared to non-GAAP net income of $9.9 million, or $0.25 per diluted share, for the fourth quarter of 2024, and non-GAAP net income of $5.7 million, or $0.15 per diluted share, for the first quarter of 2024.

    Financial Outlook

    “The first quarter of 2025 saw strong customer activity and platform development, driven by AI-driven digitization. Sapience Manufacturing Hub saw record bookings, and we acquired secureWISE to enhance supply chain collaboration. Our platform – spanning analytics, AI/Model Ops, enterprise connectivity, and supply chain tools – empowers customers to handle today’s complex manufacturing and testing environments and data requirements. With a strong portfolio and momentum, we reaffirm our 21-23% annual revenue growth prior guidance range for this year,” said John Kibarian, CEO and President.

    Conference Call

    As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time today. To participate on the live call, analysts and investors should pre-register at: https://register-conf.media-server.com/register/BI6d53831ac55c4a1ab7f4514ab0ec41ca. Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial into the call ten minutes ahead of the scheduled time. The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website. A copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the comparable GAAP measures, which non-GAAP measures may be used periodically by PDF Solutions’ management when discussing financial results with investors and analysts, will also be available on PDF Solutions’ website at http://www.pdf.com/press-releases following the date of this release.

    First Quarter 2025 Financial Commentary Available Online

    A Management Report reviewing the Company’s first quarter 2025 financial results will be furnished to the Securities and Exchange Commission on Form 8-K and published on the Company’s website at http://ir.pdf.com/financial-reports. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.

    Information Regarding Use of Non-GAAP Financial Measures

    In addition to providing results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), PDF Solutions also provides certain non-GAAP financial measures. Non-GAAP gross profit and margin exclude stock-based compensation expense and the amortization of acquired technology under costs of revenues. Non-GAAP net income excludes stock-based compensation expense, amortization of acquired technology under costs of revenues, amortization of other acquired intangible assets, amortization of debt issuance costs and the effects of certain non-recurring items, such as expenses for certain legal proceedings, non-recurring legal, finance, integration and other costs, loss on damaged equipment in-transit, and their related income tax effects, as applicable, as well as adjustments for the valuation allowance for deferred tax assets and reconciling items. These non-GAAP financial measures are used by management internally to measure the Company’s profitability and performance. PDF Solutions’ management believes that these non-GAAP measures provide useful supplemental information to investors regarding the Company’s ongoing operations in light of the fact that none of these categories of expense and income has a current effect on the future uses of cash (with the exception of expenses related to certain legal proceedings and non-recurring legal, finance, integration and other costs) nor do they impact the generation of current or future revenues. These non-GAAP results should not be considered an alternative to, or a substitute for, GAAP financial information, and may differ from similarly titled non-GAAP measures used by other companies. In particular, these non-GAAP financial measures are not a substitute for GAAP measures of income or loss as a measure of performance, or to cash flows from operating, investing and financing activities as a measure of liquidity. Since management uses these non-GAAP financial measures internally to measure profitability and performance, PDF Solutions has included these non-GAAP measures to give investors an opportunity to see the Company’s financial results as viewed by management. A reconciliation of the comparable GAAP financial measures to the non-GAAP financial measures is provided at the end of the Company’s condensed consolidated financial statements presented below.

    About PDF Solutions

    PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.

    Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com/.

    PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

    Forward-Looking Statements

    This press release and the planned conference call include forward-looking statements regarding the Company’s future expected business performance and financial results, including expectations about total revenue growth for 2025 and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms, that are subject to future events and circumstances. Other than statements of historical fact, all statements contained in this press release and the planned conference call are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those expressed in these forward-looking statements. Risks and uncertainties that could cause results to differ materially include risks associated with: the effectiveness of the Company’s business and technology strategies; current semiconductor industry trends and competition; rates of adoption of the Company’s solutions by new and existing customers; project milestones or delays and performance criteria achieved; cost and schedule of new product development and investments in research and development; the continuing impact of macroeconomic conditions, including inflation, changing interest rates and tariffs, the evolving trade regulatory environment and geopolitical tensions, and other trends impacting the semiconductor industry, the Company’s customers, operations, and supply and demand for its products; supply chain disruptions; the success of the Company’s strategic growth opportunities and partnerships; recent and future acquisitions, strategic alliances and relationships and the Company’s ability to successfully integrate acquired businesses and technologies; whether the Company can successfully convert backlog into revenue; customers’ production volumes under contracts that provide Gainshare; the sufficiency of the Company’s cash resources and anticipated funds from operations; the Company’s ability to obtain additional financing if needed and its ability to use support and updates for certain open-source software; and other risks and uncertainties discussed in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and any amendments to such reports. All forward-looking statements made in this press release and the conference call are made as of the date hereof, and PDF Solutions does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements.

    PDF SOLUTIONS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (In thousands)

                 
           March 31,    December 31, 
        2025      2024
                 
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 43,734     $ 90,594  
    Short-term investments     10,415       24,291  
    Accounts receivable, net     63,676       73,649  
    Prepaid expenses and other current assets     22,800       17,445  
    Total current assets     140,625       205,979  
    Property and equipment, net     56,564       48,465  
    Operating lease right-of-use assets, net     3,661       4,029  
    Goodwill     96,645       14,953  
    Intangible assets, net     58,357       12,307  
    Deferred tax assets, net     215       43  
    Other non-current assets     33,905       29,513  
    Total assets   $ 389,972     $ 315,289  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities:            
    Accounts payable   $ 9,394     $ 8,255  
    Accrued compensation and related benefits     10,902       16,855  
    Accrued and other current liabilities     13,037       8,752  
    Operating lease liabilities ‒ current portion     1,591       1,675  
    Deferred revenues ‒ current portion     27,131       25,005  
    Current portion of long-term debt, net     2,240       —  
    Total current liabilities     64,295       60,542  
    Long-term income taxes     2,932       2,915  
    Non-current operating lease liabilities     3,154       3,504  
    Long-term debt, net     66,416       —  
    Other non-current liabilities     4,195       2,291  
    Total liabilities     140,992       69,252  
                 
    Stockholders’ equity:            
    Common stock and additional paid-in capital     511,751       502,908  
    Treasury stock, at cost     (162,672 )     (159,352 )
    Accumulated deficit     (97,020 )     (93,988 )
    Accumulated other comprehensive loss     (3,079 )     (3,531 )
    Total stockholders’ equity     248,980       246,037  
    Total liabilities and stockholders’ equity   $ 389,972     $ 315,289  

    PDF SOLUTIONS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (In thousands, except per share amounts)

                       
        Three months ended
        March 31,    December 31,    March 31, 
           2025 (1)      2024       2024
                     
    Revenues:                  
    Analytics   $ 42,471     $ 47,926     $ 38,463  
    Integrated yield ramp     5,307       2,159       2,847  
    Total revenues     47,778       50,085       41,310  
                       
    Costs and Expenses:                  
    Costs of revenues     12,955       15,901       13,529  
    Research and development     14,628       14,417       12,984  
    Selling, general, and administrative     23,372       19,073       16,498  
    Amortization of acquired intangible assets     378       182       259  
    Income (loss) from operations     (3,555 )     512       (1,960 )
    Interest expense     (311 )     —       —  
    Other income (expense), net     870       962       1,692  
    Income before income tax expense     (2,996 )     1,474       (268 )
    Income tax expense     (36 )     (935 )     (125 )
    Net income (loss)   $ (3,032 )   $ 539     $ (393 )
                       
    Net income (loss) per share:                  
    Basic   $ (0.08 )   $ 0.01     $ (0.01 )
    Diluted   $ (0.08 )   $ 0.01     $ (0.01 )
                       
    Weighted average common shares used to calculate net income (loss) per share:                  
    Basic     39,088       38,783       38,500  
    Diluted     39,088       39,104       38,500  
     

    (1) Analytics Revenue includes revenue from SecureWise LLC, a wholly owned subsidiary we acquired in March 2025.


    PDF SOLUTIONS, INC.

    RECONCILIATION OF GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN (UNAUDITED)
    (In thousands)

                         
        Three months ended  
        March 31,    December 31,    March 31,   
           2025   2024   2024  
                       
    GAAP                    
    Total revenues   $ 47,778   $ 50,085   $ 41,310  
    Costs of revenues     12,955     15,901     13,529  
    GAAP gross profit   $ 34,823   $ 34,184   $ 27,781  
    GAAP gross margin     73 %   68 %   67 %
                         
    Non-GAAP                    
    GAAP gross profit   $ 34,823   $ 34,184   $ 27,781  
    Adjustments to reconcile GAAP to non-GAAP gross margin:                    
    Stock-based compensation expense     1,342     1,336     1,200  
    Amortization of acquired technology     678     583     584  
    Non-GAAP gross profit   $ 36,843   $ 36,103   $ 29,565  
    Non-GAAP gross margin     77 %   72 %   72 %

    PDF SOLUTIONS, INC.
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (UNAUDITED)
    (In thousands, except per share amounts)

                       
        Three months ended
        March 31,    December 31,    March 31, 
        2025    2024   2024 
                     
    GAAP net income (loss)    $ (3,032 )   $ 539   $ (393 )
    Adjustments to reconcile GAAP net income (loss) to non-GAAP net income:                  
    Stock-based compensation expense     6,596       6,507     6,110  
    Amortization of acquired technology under costs of revenues     678       583     584  
    Amortization of other acquired intangible assets     378       182     259  
    Expenses for certain legal proceedings (1)     115       69     —  
    Non-recurring legal, finance, integration and other costs     4,345       940     —  
    Loss on damaged equipment in-transit     —       663     —  
    Amortization of debt issuance costs     5       —     —  
    Tax impact of valuation allowance for deferred tax assets and reconciling items (2)     (970 )     375     (813 )
    Non-GAAP net income   $ 8,115     $ 9,858   $ 5,747  
                       
    GAAP net income (loss) per diluted share   $ (0.08 )   $ 0.01   $ (0.01 )
    Non-GAAP net income per diluted share   $ 0.21     $ 0.25   $ 0.15  
                       
    Weighted average common shares used in GAAP net income (loss) per diluted share calculation     39,088       39,104     38,500  
    Weighted average common shares used in non-GAAP net income per diluted share calculation     39,285       39,104     39,053  

    (1) Represents legal costs and expenses related to certain litigation and an arbitration proceeding, which are expected to continue until these matters are resolved.

    (2) The difference between the GAAP and non-GAAP income tax provisions is primarily due to the valuation allowance on a GAAP basis and non-GAAP adjustments. For example, on a GAAP basis, the Company does not receive a deferred tax benefit for foreign tax credits or research and development credits after the valuation allowance. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense is not calculated with a full U.S. federal or state valuation allowance due to the Company’s cumulative non-GAAP income and management’s conclusion that it is more likely than not to utilize its net deferred tax assets (DTAs). Each reporting period, management evaluates the need for a valuation allowance and may place a valuation allowance against its U.S. net DTAs on a non-GAAP basis if it concludes it is more likely than not that it will not be able to utilize some or all of its U.S. DTAs on a non-GAAP basis.

         
    Company Contacts:  
    Adnan Raza   Sonia Segovia
    Chief Financial Officer   Investor Relations
    Tel: (408) 516-0237   Tel: (408) 938-6491
    Email: adnan.raza@pdf.com   Email: sonia.segovia@pdf.com

    The MIL Network –

    May 9, 2025
  • MIL-OSI: Lantronix Reports Results for Third Quarter of Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Third Quarter Net Revenue of $28.5 Million
    • Third Quarter GAAP EPS of ($0.10)
    • Third Quarter Non-GAAP EPS of $0.03

    IRVINE, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for the Internet of Things (IoT) solutions enabling Artificial Intelligence (AI) Edge Intelligence, today reported results for its third quarter of fiscal 2025.

    Despite a complex macroeconomic environment, Lantronix delivered revenue within guidance and continued executing its long-term strategy toward becoming a leader in intelligent edge computing.

    Lantronix continued its leadership in AI edge intelligence and industrial connectivity through several key initiatives in the last quarter. The company enabled Teledyne/FLIR’s AI-driven drone thermal camera, validating the performance and reliability of its Open-Q™ platform in mission-critical edge vision systems. Further expanding its AI-capable compute portfolio, Lantronix launched the Open-Q™ 8550CS SoM, built on Qualcomm’s advanced QCS8550 processor, which delivers premium AI/ML performance and is designed for next-generation industrial and robotics applications.

     Q3 FY2025 Financial Results

    • Net Revenue: $28.5 million, in range of $27.0 million to $31.0 million guidance
    • GAAP EPS: ($0.10), compared to ($0.01) in Q3 FY2024 and ($0.06) in Q2 FY2025
    • Non-GAAP EPS: $0.03, compared to $0.11 in Q3 FY2024 and $0.04 in Q2 FY2025

    “We’re positioning Lantronix to lead the next wave of industrial and enterprise transformation at the edge,” said Saleel Awsare, president and CEO of Lantronix. “This quarter reflects continued investment in high-growth areas — from AI-enabled gateways to 5G connectivity — while advancing our innovation roadmap, global partnerships and talent base.”

    Q4 FY2025 Business Outlook

    Lantronix expects the following results for the fourth fiscal quarter ending June 30, 2025:

    • Revenue: $26.5 million to $30.5 million
    • Non-GAAP EPS: $0.00 to $0.02

    Conference Call and Webcast

    Management will host an investor conference call and audio webcast on Thursday, May 8, 2025, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its results for the third quarter of fiscal 2025 that ended March 31, 2025. To access the live conference call, investors should dial 1-844-802-2442 (U.S.) or 1-412-317-5135 (international) and indicate they are participating in the Lantronix fiscal 2025 third-quarter call.

    Investors can access a conference call replay starting at approximately 8:00 p.m. Pacific Time on May 8, 2025, on the Lantronix website. A telephonic replay will also be available through May 15, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada Toll-Free 855-669-9658 and entering passcode 3110521.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Discussion of Non-GAAP Financial Measures

    Lantronix believes that the presentation of non-GAAP financial information, when presented in conjunction with the corresponding GAAP measures, provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends to gain an understanding of our comparative operating performance. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations of the non-GAAP financial measures to the financial measures calculated in accordance with GAAP should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

    Non-GAAP net loss consists of net loss excluding (i) share-based compensation and the employer portion of withholding taxes on stock grants, (ii) depreciation and amortization, (iii) interest income (expense), (iv) other income (expense), (v) income tax provision (benefit), (vi) restructuring, severance and related charges, (vii) acquisition related costs, (viii) impairment of long-lived assets, (ix) amortization of purchased intangibles, (x) amortization of manufacturing profit in acquired inventory, (xi) fair value remeasurement of earnout consideration, and (xii) loss on extinguishment of debt.

    Non-GAAP EPS is calculated by dividing non-GAAP net loss by non-GAAP weighted-average shares outstanding (diluted). For purposes of calculating non-GAAP EPS, the calculation of GAAP weighted-average shares outstanding (diluted) is adjusted to exclude share-based compensation, which for GAAP purposes is treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

    Guidance on earnings per share growth is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to Lantronix’s ability to estimate the excluded items are not accessible or estimable on a forward-looking basis without unreasonable effort.

    Forward-Looking Statements

    This news release contains forward-looking statements, including statements concerning our revenue and earnings expectations for the fourth fiscal quarter of 2025, our positioning to capitalize on the next wave of industrial and enterprise transformation using edge computing, and our expectations regarding high-growth market areas. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to changes in U.S. trade policy, including recently increased or future tariffs, a pandemic or similar outbreak, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand;  the impact of a pandemic or similar outbreak on our business, employees, customers, supply and distribution chains and the global economy; our ability to successfully implement our acquisition strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; our use of AI may result in reputational, competitive or financial harm and liability; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, expected to be filed with the SEC on or about May 9, 2025 including in the section entitled “Risk Factors” in Item 1A of Part II of such report; and in our other public filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Analyst and Investor Contact:        

    investors@lantronix.com

    LANTRONIX, INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
           
      March 31,
      June 30,
      2025   2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 19,999     $ 26,237  
    Accounts receivable, net   23,648       31,279  
    Inventories, net   28,151       27,698  
    Contract manufacturers’ receivables   1,637       1,401  
    Prepaid expenses and other current assets   3,029       2,335  
    Total current assets   76,464       88,950  
    Property and equipment, net   2,768       4,016  
    Goodwill   31,089       27,824  
    Intangible assets, net   4,310       5,251  
    Lease right-of-use assets   8,974       9,567  
    Other assets   584       600  
    Total assets $ 124,189     $ 136,208  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 11,005     $ 10,347  
    Accrued payroll and related expenses   3,905       5,836  
    Current portion of long-term debt, net   3,063       3,002  
    Other current liabilities   10,594       10,971  
    Total current liabilities   28,567       30,156  
    Long-term debt, net   9,458       13,219  
    Other non-current liabilities   10,694       11,478  
    Total liabilities   48,719       54,853  
           
    Commitments and contingencies      
           
    Stockholders’ equity:      
    Common stock   4       4  
    Additional paid-in capital   306,858       304,001  
    Accumulated deficit   (231,763 )     (223,021 )
    Accumulated other comprehensive income   371       371  
    Total stockholders’ equity   75,470       81,355  
    Total liabilities and stockholders’ equity $ 124,189     $ 136,208  
           
    LANTRONIX, INC.  
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
                                           
                                           
      Three Months Ended   Nine Months Ended
      March 31,
      December 31,
      March 31,
      March 31,
      2025
      2024
      2024
      2025
      2024
    Net revenue $ 28,500     $ 31,161     $ 41,183     $ 94,084     $ 111,252  
    Cost of revenue   16,097       17,877       24,679       53,922       65,620  
    Gross profit   12,403       13,284       16,504       40,162       45,632  
    Operating expenses:                                      
    Selling, general and administrative   8,959       8,811       9,753       27,237       29,147  
    Research and development   4,463       4,984       5,186       14,403       15,017  
    Restructuring, severance and related charges   1,581       193       350       2,674       900  
    Acquisition-related costs   100       208       –       337       –  
    Fair value remeasurement of earnout consideration   –       –       –       –       (9 )
    Amortization of intangible assets   879       1,248       1,310       3,378       4,004  
    Total operating expenses   15,982       15,444       16,599       48,029       49,059  
    Loss from operations   (3,579 )     (2,160 )     (95 )     (7,867 )     (3,427 )
    Interest expense, net   (159 )     (126 )     (171 )     (404 )     (741 )
    Other income (loss), net   (19 )     8       2       (48 )     (2 )
    Loss before income taxes   (3,757 )     (2,278 )     (264 )     (8,319 )     (4,170 )
    Provision for income taxes   111       94       159       423       732  
    Net loss $ (3,868 )   $ (2,372 )   $ (423 )   $ (8,742 )   $ (4,902 )
    Net loss per share – basic and diluted $ (0.10 )   $ (0.06 )   $ (0.01 )   $ (0.23 )   $ (0.13 )
    Weighted-average common shares – basic and diluted   38,820       38,631       37,509       38,493       37,283  
                                           
    LANTRONIX, INC.
    UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
    (In thousands, except per share data)
                       
      Three Months Ended    Nine Months Ended
      March 31,   December 31,
      March 31,    March 31, 
       2025     2024     2024     2025     2024 
                       
    GAAP net loss $ (3,868 )   $ (2,372 )   $ (423 )   $ (8,742 )   $ (4,902 )
    Non-GAAP adjustments:                  
    Cost of revenue:                  
    Share-based compensation   34       48       66       146       171  
    Employer portion of withholding taxes on stock grants   –       2       1       7       6  
    Amortization of manufacturing profit in acquired inventory   44       –       190       44       696  
    Depreciation and amortization   101       114       144       338       339  
    Total adjustments to cost of revenue   179       164       401       535       1,212  
    Selling, general and administrative:                  
    Share-based compensation   1,159       1,044       1,337       3,329       4,238  
    Employer portion of withholding taxes on stock grants   13       20       21       111       68  
    Depreciation and amortization   345       348       352       1,044       1,024  
    Total adjustments to selling, general and administrative   1,517       1,412       1,710       4,484       5,330  
    Research and development:                  
    Share-based compensation   324       421       469       1,155       1,381  
    Employer portion of withholding taxes on stock grants   4       2       9       25       27  
    Depreciation and amortization   56       111       76       236       236  
    Total adjustments to research and development   384       534       554       1,416       1,644  
    Restructuring, severance and related charges   1,581       193       350       2,674       900  
    Acquisition related costs   100       208       –       337       –  
    Fair value remeasurement of earnout consideration   –       –       –       –       (9 )
    Amortization of purchased intangible assets   879       1,248       1,310       3,378       4,004  
    Litigation settlement cost   –       158       –       198       –  
    Total non-GAAP adjustments to operating expenses   4,461       3,753       3,924       12,487       11,869  
    Interest expense, net   159       126       171       404       741  
    Other (income) expense, net   19       (8 )     (2 )     48       2  
    Provision for income taxes   111       94       159       423       732  
    Total non-GAAP adjustments   4,929       4,129       4,653       13,897       14,556  
    Non-GAAP net income $ 1,061     $ 1,757     $ 4,230     $ 5,155     $ 9,654  
                       
                       
    Non-GAAP net income per share – diluted $ 0.03     $ 0.04     $ 0.11     $ 0.13     $ 0.25  
                       
    Denominator for GAAP net income (loss) per share – diluted   38,820       38,631       37,509       38,493       37,283  
    Non-GAAP adjustment   1,300       953       1,674       1,034       1,021  
    Denominator for non-GAAP net income per share – diluted   40,120       39,584       39,183       39,527       38,304  
                       
    GAAP cost of revenue $ 16,097     $ 17,877     $ 24,679     $ 53,922     $ 65,620  
    Non-GAAP adjustments to cost of revenue   (179 )     (164 )     (401 )     (535 )     (1,212 )
    Non-GAAP cost of revenue   15,918       17,713       24,278       53,387       64,408  
    Non-GAAP gross profit $ 12,582     $ 13,448     $ 16,905     $ 40,697     $ 46,844  
    Non-GAAP gross margin   44.1 %     43.2 %     41.0 %     43.3 %     42.1 %
                       
    LANTRONIX, INC.
    UNAUDITED NET REVENUES BY PRODUCT LINE AND REGION
    (In thousands)
                       
      Three Months Ended   Nine Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
      March 31,
    2025
      March 31,
    2024
    Embedded IoT Solutions $ 11,990   $ 10,784   $ 12,452   $ 36,161   $ 35,589
    IoT System Solutions   14,730     18,592     26,789     52,081     68,847
    Software & Services   1,780     1,785     1,942     5,842     6,816
      $ 28,500   $ 31,161   $ 41,183   $ 94,084   $ 111,252
                       
                       
      Three Months Ended   Nine Months Ended
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
      March 31,
    2025
      March 31,
    2024
    Americas $ 16,497   $ 16,386   $ 17,543   $ 50,303   $ 61,077
    EMEA   6,048     9,036     18,354     25,568     37,831
    Asia Pacific Japan   5,955     5,739     5,286     18,213     12,344
      $ 28,500   $ 31,161   $ 41,183   $ 94,084   $ 111,252
                       

    The MIL Network –

    May 9, 2025
  • MIL-OSI: IBEX Reports Record Quarterly Revenue and EPS, Returns to Double-Digit Growth, Raises Fiscal Year Guidance

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly revenue grew 11% versus prior year quarter – highest growth in ten quarters
    • Adjusted EPS of $0.82 – an increase of 18% to prior year quarter
    • Makes strategic entry into India – launching with leading healthcare client
    • Board authorizes a new $15 million share repurchase plan

    WASHINGTON, May 08, 2025 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its third fiscal quarter ended March 31, 2025.

      Three months ended March 31, 2025   Nine months ended March 31, 2025
    ($ millions, except per share amounts)   2025       2024     Change     2025       2024     Change
    Revenue $ 140,736     $ 126,795       11.0 %   $ 411,135     $ 384,038       7.1 %
    Net income $ 10,469     $ 10,310       1.5 %   $ 27,268     $ 23,810       14.5 %
    Net income margin   7.4 %     8.1 %     (70) bps       6.6 %     6.2 %     40 bps  
    Adjusted net income (1) $ 11,787     $ 12,558       (6.1)%     $ 30,434     $ 28,156       8.1 %
    Adjusted net income margin (1)   8.4 %     9.9 %     (150) bps       7.4 %     7.3 %     10 bps  
    Adjusted EBITDA (1) $ 19,380     $ 19,204       0.9 %   $ 51,505     $ 47,239       9.0 %
    Adjusted EBITDA margin (1)   13.8 %     15.1 %     (130) bps       12.5 %     12.3 %     20 bps  
    Earnings per share – diluted (2) $ 0.73     $ 0.57       27.5 %   $ 1.70     $ 1.29       31.9 %
    Adjusted earnings per share – diluted (1,2) $ 0.82     $ 0.70       17.9 %   $ 1.90     $ 1.53       24.4 %
                           
    (1)See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.
    (2)The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented.
     

    “Marking the continuation of a strong first half for fiscal year 2025, I am proud to report yet another quarter of record financial results,” said Bob Dechant, ibex CEO. “Ibex returned to double-digit top-line revenue growth with 11%, our highest rate in ten quarters. Our growth continues to be driven by outstanding performance within our embedded base clients, new client wins, and our ability to drive innovative AI solutions across our clients. I am excited to report that our new logo team performed extremely well with four signature wins in the quarter for a total of 12 year to date. Importantly, we achieved a major strategic milestone in the quarter with the seamless launch for a leading Healthcare company in our newest location, India. Operating in this key location has been a strategic priority for our company and further enhances our client delivery options.”

    “With the strength and trajectory of our business, we are raising guidance for both revenue and adjusted EBITDA, as well as announcing a newly authorized share repurchase plan, reflecting the board of directors’ and management’s confidence in ibex,” added Dechant.

    Third Quarter Financial Performance
    Revenue

    • Revenue of $140.7 million, an increase of 11.0% from $126.8 million in the prior year quarter. Growth was driven in our top three verticals; HealthTech (+20.0%), Travel, Transportation and Logistics (+18.7%), and Retail & E-commerce (+14.6%), along with growth in the digital acquisition business.

    Net Income and Earnings Per Share

    • Net income increased slightly to $10.5 million compared to $10.3 million in the prior year quarter. Net income was favorably impacted by an increase in gross margin as a result of the impact of revenue growth particularly in our higher margin offshore regions, offset by increases in selling, general, and administrative, interest, and income tax expenses.
    • Diluted earnings per share increased to $0.73 compared to $0.57 in the prior year quarter. Earnings per share benefited from diluted shares outstanding declining to 14.4 million compared to 18.0 million in the prior year quarter as a result of our share repurchase activities.
    • Net income margin decreased to 7.4% compared to 8.1% in the prior year quarter.
    • Non-GAAP adjusted net income decreased to $11.8 million compared to $12.6 million in the prior year quarter (see Exhibit 1 for reconciliation).
    • Non-GAAP adjusted diluted earnings per share increased to $0.82 compared to $0.70 in the prior year quarter (see Exhibit 1 for reconciliation).

    Adjusted EBITDA

    • Adjusted EBITDA increased to $19.4 million compared to $19.2 million in the prior year quarter (see Exhibit 2 for reconciliation).
    • Adjusted EBITDA margin decreased to 13.8% compared to 15.1% in the prior year quarter (see Exhibit 2 for reconciliation). This decrease was primarily driven by increases in selling, general, and administrative expenses including costs associated with our expansion into India.

    Cash Flow and Balance Sheet

    • Capital expenditures were $5.3 million compared to $1.7 million in the prior year quarter. The planned increase in capital expenditures during this quarter was driven by capacity expansion to meet growing demand in our offshore and nearshore regions.
    • Cash flow from operating activities was $8.8 million compared to $11.4 million in the prior year quarter. Free cash flow was $3.6 million compared to $9.7 million in the prior year quarter (see Exhibit 3 for reconciliation). Improvement in days sales outstanding in the quarter to 77 days was offset by the planned increased capital expenditures to fund growth and investments for expansion into India.
    • Net debt was $7.6 million, an improvement of $6.1 million compared to net debt of $13.7 million as of December 31, 2024. This reflects the impact of our $70 million TRGI share repurchase when compared to our net cash position of $61.2 million as of June 30, 2024 (see Exhibit 4 for reconciliation).

    “We achieved outstanding top and strong bottom line third quarter results. We delivered a multi-year high top-line performance with 11% revenue growth, over 7% fiscal year to date, with 19% growth in our highest margin offshore regions. Our adjusted EPS of $0.82, was up 18% over the prior year quarter, and was a record for our business. The continued expansion of our embedded client base and new client wins over the last year drove these excellent results,” said Taylor Greenwald, CFO of ibex.

    “The upward trend in our results over the last few quarters not only enable strategic investments in our growing AI capabilities and sales resources, but also our in-quarter entry into the India market. Importantly, these results instill continued confidence in the execution of our strategy, enabling us to again raise our fiscal year guidance, commence the newly authorized share repurchase plan, and continue to return value to shareholders.”

    Raised Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $540 to $545 million versus a previous range of $525 to $535 million.
    • Adjusted EBITDA is expected to be in the range of $68 to $70 million versus a previous range of $68 to $69 million.
    • Capital expenditures are expected to remain in the range of $15 to $20 million.

    Share Repurchase Plan
    The board of directors (the “Board”) has authorized a share repurchase plan to commence May 12, 2025 under which the Company may repurchase up to $15 million of its shares over the next 12 months (the “Share Repurchase Plan”).

    The Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The actual timing, number, and dollar amount of repurchase transactions will be subject to Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934.

    The Board will review the Share Repurchase Plan periodically and may authorize adjustment of its terms and size or suspend or discontinue the plan. The Company expects to fund the repurchases under this plan with its existing cash balance.

    The Share Repurchase Plan does not obligate the Company to acquire any particular amount of common shares, and the plan may be suspended or discontinued at any time at the Company’s discretion.

    Conference Call and Webcast Information
    IBEX Limited will host a conference call and live webcast to discuss its third quarter of fiscal year 2025 financial results at 4:30 p.m. Eastern Time today, May 8, 2025. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.

    Live and archived webcasts can be accessed at: https://investors.ibex.co/.

    Financial Information
    This announcement does not contain sufficient information to constitute an interim financial report as defined in Financial Accounting Standards ASC 270, “Interim Reporting.” The financial information in this press release has not been audited.

    Non-GAAP Financial Measures
    We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP.

    ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and share-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.

    About ibex
    ibex helps the world’s preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.

    Forward Looking Statements
    In addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

    IR Contact:  Michael Darwal, EVP, Investor Relations, ibex, michael.darwal@ibex.co
    Media Contact:  Daniel Burris, VP, Marketing and Communication, ibex, daniel.burris@ibex.co

     
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Unaudited)
    (in thousands)
     
      March 31,
    2025
      June 30,
    2024
    Assets      
    Current assets      
    Cash and cash equivalents $ 12,977     $ 62,720  
    Accounts receivable, net   120,035       98,366  
    Prepaid expenses   8,103       7,712  
    Due from related parties   50       192  
    Tax advances and receivables   4,976       9,080  
    Other current assets   2,523       1,888  
    Total current assets   148,664       179,958  
           
    Non-current assets      
    Property and equipment, net   30,481       29,862  
    Operating lease assets   65,726       59,145  
    Goodwill   11,832       11,832  
    Deferred tax asset, net   5,994       4,285  
    Other non-current assets   12,034       8,822  
    Total non-current assets   126,067       113,946  
    Total assets $ 274,731     $ 293,904  
           
    Liabilities and stockholders’ equity      
    Current liabilities      
    Accounts payable and accrued liabilities $ 18,430     $ 16,719  
    Accrued payroll and employee-related liabilities   29,653       30,674  
    Current deferred revenue   6,019       4,749  
    Current operating lease liabilities   14,225       12,051  
    Current debt   19,862       660  
    Due to related parties   —       60  
    Income taxes payable   821       6,083  
    Total current liabilities   89,010       70,996  
           
    Non-current liabilities      
    Non-current deferred revenue   1,060       1,128  
    Non-current operating lease liabilities   56,944       53,441  
    Long-term debt   735       867  
    Other non-current liabilities   2,801       1,673  
    Total non-current liabilities   61,540       57,109  
    Total liabilities   150,550       128,105  
           
    Stockholders’ equity      
    Common Stock   1       2  
    Additional paid-in capital   216,184       210,200  
    Treasury stock   (101,658 )     (25,367 )
    Accumulated other comprehensive loss   (6,491 )     (7,913 )
    Retained earnings / (deficit)   16,145       (11,123 )
    Total stockholders’ equity   124,181       165,799  
    Total liabilities and stockholders’ equity $ 274,731     $ 293,904  
                   
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Comprehensive Income
    (Unaudited)
    (in thousands, except per share data)
     
      Three Months Ended March 31,   Nine Months Ended March 31,
        2025       2024       2025       2024  
    Revenue $ 140,736     $ 126,795     $ 411,135     $ 384,038  
                   
    Cost of services (exclusive of depreciation and amortization presented separately below)   96,017       87,083       284,820       271,163  
    Selling, general and administrative   27,061       23,565       78,982       71,462  
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    Total operating expenses   127,407       115,513       376,786       357,478  
    Income from operations   13,329       11,282       34,349       26,560  
                   
    Interest income   32       431       926       1,529  
    Interest expense   (404 )     (124 )     (1,186 )     (339 )
    Income before income taxes   12,957       11,589       34,089       27,750  
                   
    Provision for income tax expense   (2,488 )     (1,279 )     (6,821 )     (3,940 )
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
                   
    Other comprehensive income              
    Foreign currency translation adjustments $ 374     $ (288 )   $ 851     $ (310 )
    Unrealized gain / (loss) on cash flow hedging instruments, net of tax   385       (131 )     571       70  
    Total other comprehensive income / (loss)   759       (419 )     1,422       (240 )
    Total comprehensive income $ 11,228     $ 9,891     $ 28,690     $ 23,570  
                   
    Net income per share              
    Basic $ 0.79     $ 0.59     $ 1.80     $ 1.33  
    Diluted $ 0.73     $ 0.57     $ 1.70     $ 1.29  
                   
    Weighted average common shares outstanding              
    Basic   13,264       17,468       15,109       17,880  
    Diluted   14,404       18,036       16,135       18,458  
                                   
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Cash Flows
    (Unaudited)
    (in thousands)
     
      Three Months Ended March 31,   Nine Months Ended March 31,
        2025       2024       2025       2024  
    CASH FLOWS FROM OPERATING ACTIVITIES              
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    Noncash lease expense   3,611       3,386       10,020       9,908  
    Warrant contra revenue   —       299       —       893  
    Deferred income tax   (942 )     290       (1,709 )     586  
    Share-based compensation expense   1,601       466       3,506       2,741  
    Allowance of expected credit losses   105       56       428       62  
    Impairment losses   —       1,257       —       1,257  
    Change in assets and liabilities:              
    Decrease / (increase) in accounts receivable   455       1,395       (22,050 )     (16,941 )
    Decrease / (increase) in prepaid expenses and other current assets   1,405       (3,158 )     392       (5,350 )
    Increase in accounts payable and accrued liabilities   (6,120 )     (2,880 )     (3,042 )     (2,336 )
    (Decrease) / increase in deferred revenue   (1,262 )     (1,399 )     1,203       (1,098 )
    Decrease in operating lease liabilities   (4,823 )     (3,456 )     (11,269 )     (9,907 )
    Net cash inflow from operating activities   8,828       11,431       17,731       18,478  
                   
    CASH FLOWS FROM INVESTING ACTIVITIES              
    Purchase of property and equipment   (5,267 )     (1,691 )     (13,216 )     (6,635 )
    Net cash outflow from investing activities   (5,267 )     (1,691 )     (13,216 )     (6,635 )
                   
    CASH FLOWS FROM FINANCING ACTIVITIES              
    Proceeds from line of credit   60,150       57       69,310       153  
    Repayments of line of credit   (48,550 )     (57 )     (50,210 )     (205 )
    Proceeds from the exercise of options   2,809       351       3,534       362  
    Principal payments on finance leases   (286 )     (138 )     (639 )     (342 )
    Purchase of treasury shares   (25,052 )     (8,277 )     (76,421 )     (18,551 )
    Net cash outflow from financing activities   (10,929 )     (8,064 )     (54,426 )     (18,583 )
    Effects of exchange rate difference on cash and cash equivalents   139       (27 )     168       (24 )
    Net (decrease) / increase in cash and cash equivalents   (7,229 )     1,649       (49,743 )     (6,764 )
    Cash and cash equivalents, beginning   20,206       49,016       62,720       57,429  
    Cash and cash equivalents, ending $ 12,977     $ 50,665     $ 12,977     $ 50,665  
                   
    IBEX LIMITED AND SUBSIDIARIES
    Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
                   

    EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share

    We define adjusted net income as net income before the effect of the following items: severance costs, impairment losses, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding.

    The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented:

      Three Months Ended March 31,
      Nine Months Ended March 31,
    ($000s, except per share amounts)   2025       2024       2025       2024  
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Net income margin   7.4 %     8.1 %     6.6 %     6.2 %
                   
    Severance costs   —       1,506       —       1,506  
    Impairment losses   —       1,257       —       1,257  
    Warrant contra revenue   —       299       —       893  
    Foreign currency loss / (gain)   121       (471 )     666       (571 )
    Share-based compensation expense   1,601       466       3,506       2,741  
    Total adjustments $ 1,722     $ 3,057     $ 4,172     $ 5,826  
    Tax impact of adjustments1   (404 )     (809 )     (1,006 )     (1,480 )
    Adjusted net income $ 11,787     $ 12,558     $ 30,434     $ 28,156  
    Adjusted net income margin   8.4 %     9.9 %     7.4 %     7.3 %
                   
    Diluted earnings per share $ 0.73     $ 0.57     $ 1.70     $ 1.29  
    Per share impact of adjustments to net income   0.09       0.12       0.20       0.24  
    Adjusted earnings per share $ 0.82     $ 0.70     $ 1.90     $ 1.53  
                   
    Weighted average diluted shares outstanding   14,404       18,036       16,135       18,458  
                   

    _______________
    1The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.

    EXHIBIT 2:  EBITDA, adjusted EBITDA, and adjusted EBITDA margin

    EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: severance costs, impairment losses, interest income, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue.

    The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented:

      Three Months Ended March 31, Nine Months Ended March 31,
    ($000s)   2025       2024       2025       2024  
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Net income margin   7.4 %     8.1 %     6.6 %     6.2 %
                   
    Interest expense   404       124       1,186       339  
    Income tax expense   2,488       1,279       6,821       3,940  
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    EBITDA $ 17,690     $ 16,578     $ 48,259     $ 42,942  
    Severance costs   —       1,506       —       1,506  
    Impairment losses   —       1,257       —       1,257  
    Interest income   (32 )     (431 )     (926 )     (1,529 )
    Warrant contra revenue   —       299       —       893  
    Foreign currency loss / (gain)   121       (471 )     666       (571 )
    Share-based compensation expense   1,601       466       3,506       2,741  
    Adjusted EBITDA $ 19,380     $ 19,204     $ 51,505     $ 47,239  
                   
    Adjusted EBITDA margin   13.8 %     15.1 %     12.5 %     12.3 %
                   

    EXHIBIT 3: Free cash flow

    We define free cash flow as net cash provided by operating activities less capital expenditures.

      Three Months Ended March 31, Nine Months Ended March 31,
    ($000s)   2025       2024       2025       2024  
    Net cash provided by operating activities $ 8,828     $ 11,431     $ 17,731     $ 18,478  
    Less: capital expenditures   5,267       1,691       13,216       6,635  
    Free cash flow $ 3,561     $ 9,740     $ 4,515     $ 11,843  
                                   

    EXHIBIT 4: Net (debt) / cash

    We define net (debt) / cash as total cash and cash equivalents less debt.

      March 31,   June 30,
    ($000s)   2025       2024  
    Cash and cash equivalents $ 12,977     $ 62,720  
           
    Debt      
    Current $ 19,862     $ 660  
    Non-current   735       867  
    Total debt $ 20,597     $ 1,527  
    Net (debt) / cash $ (7,620 )   $ 61,193  
                   

    The MIL Network –

    May 9, 2025
  • MIL-OSI: Globalink Investment Inc. Announces Extension of the Deadline to Complete a Business Combination to June 9, 2025

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, May 08, 2025 (GLOBE NEWSWIRE) — Globalink Investment Inc. (OTC Pink: GLLI, GLLIW, GLLIR, GLLIU) (“Globalink” or the “Company”), a special purpose acquisition company, announced today that on May 5, 2025, it caused to be deposited $60,000 (the “Extension Payment”) into its trust account (the “Trust Account”) with Continental Stock Transfer and Trust Company (“Continental”) to extend the deadline to complete its initial business combination from May 9, 2025 to June 9, 2025. The extension is the twenty-third extension since the consummation of the Company’s initial public offering on December 9, 2021, and the sixth of up to six extensions permitted under the Company’s governing documents currently in effect.

    About Globalink Investment Inc.

    Globalink is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic region, Globalink intends to pursue targets in North America, Europe, Southeast Asia, and Asia (excluding China, Hong Kong and Macau) in the medical technology and green energy industry.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “guidance” or the negative of those terms or other comparable terminology. These statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause future events to differ materially from those in the forward-looking statements, many of which are outside of the Company’s control. These factors include, but are not limited to, a variety of risk factors affecting the Company’s business and prospects, see the section titled “Risk Factors” in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 25, 2025 and the prospectus filed with the SEC on December 6, 2021 and subsequent reports filed with the SEC, as amended from time to time. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Globalink Contact:

    Say Leong Lim
    Globalink Investment Inc.
    Telephone: +6012 405 0015
    Email: limsayleong@hotmail.com 

    The MIL Network –

    May 9, 2025
  • MIL-OSI: Magnite to Participate in Upcoming Financial Conferences

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Magnite (Nasdaq: MGNI), the largest independent sell-side advertising company, today announced that members of its executive team will participate and host in-person investor meetings at the following financial conferences:

    • 20th Annual Needham Technology, Media and Consumer Conference in New York City on Tuesday, May 13 – company management will participate in a fireside chat at 10:15 a.m. ET.
    • B. Riley Securities 25th Annual Investor Conference in Marina del Rey on Wednesday, May 21, and Thursday, May 22.
    • Craig-Hallum 22nd Annual Institutional Investor Conference in Minneapolis on Wednesday, May 28.
    • Evercore ISI 4th Annual Nothing But Net Internet Investors Summit in New York City on Wednesday, May 28.
    • Bank of America Global Technology Conference in San Francisco on Tuesday, June 3 – company management will participate in a fireside chat at 2:40 p.m. PT.
    • Wolfe Research Small and Mid-Cap Conference in New York City on Thursday, June 5.
    • Rosenblatt 5th Annual Technology Summit – company management will participate in a virtual fireside chat on Tuesday, June 10 at 9:00 a.m. ET

    Live webcasts of the Needham and Bank of America fireside chats will be available in the “Events & Presentations” section of Magnite’s investor relations website at: https://investor.magnite.com. The webcast replays will be available following the conclusion of the live presentations for 90 days.

    About Magnite

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

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

    The MIL Network –

    May 9, 2025
  • MIL-OSI: Microchip Technology Announces Financial Results For Fourth Quarter and Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    For the quarter ended March 31, 2025

    • Net sales of $970.5 million, declined 5.4% sequentially and 26.8% from the year ago quarter.  The midpoint of our guidance provided on February 6, 2025 was net sales of $960.0 million.
    • On a GAAP basis: gross profit of 51.6%; operating loss of $100.3 million and 10.3% of net sales; net loss attributable to common stockholders of $156.8 million; and loss of $0.29 per diluted share. Our guidance provided on February 6, 2025 was for GAAP loss per diluted share of $0.24 to $0.14 and did not include the restructuring charges that we announced on March 3, 2025 or the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.
    • On a Non-GAAP basis: gross profit of 52.0%; operating income of $136.0 million and 14.0% of net sales; net income of $61.4 million; and EPS of $0.11 per diluted share. Our guidance provided on February 6, 2025 was for Non-GAAP EPS per diluted share of $0.05 to $0.15.
    • Returned approximately $244.8 million to stockholders in the March quarter through dividends.
    • Quarterly dividend on common stock declared for the June quarter of 45.5 cents per share.

    For fiscal year 2025

    • Net sales of $4.402 billion decreased 42.3% over the prior year.
    • On a GAAP basis: gross profit of 56.1%; operating income of $296.3 million; net loss attributable to common stockholders of $2.7 million, adversely impacted by purchase accounting adjustments associated with our previous acquisitions, restructuring charges and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025 and loss of $0.01 per diluted share.
    • On a Non-GAAP basis: gross profit of 57.0%; operating income of $1.078 billion and 24.5% of net sales; net income of $708.8 million and EPS of $1.31 per diluted share.
    • Paid down $356.2 million of total debt and returned $1.066 billion to shareholders through dividends and share repurchases.

    CHANDLER, Ariz., May 08, 2025 (GLOBE NEWSWIRE) — – (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months and fiscal year ended March 31, 2025.

    Steve Sanghi, Microchip’s CEO and President commented that “Our March quarter revenue of $970.5 million exceeded the midpoint of our guidance, and we believe marks the bottom of this prolonged industry down cycle for Microchip. The decisive actions we have taken under our nine-point-plan are enhancing our operational capabilities through more efficient manufacturing, improving inventory management, and a renewed strategic focus. As we move forward from a challenging fiscal year, we believe Microchip is better positioned to capitalize on growth opportunities as market conditions evolve.”

    Mr. Sanghi added, “A key highlight this quarter has been our inventory reduction strategy, with overall inventory dollars down $62.8 million, distribution inventory days reduced by 4 days to 33 days, and inventory days on our balance sheet decreased by 15 days from levels at December 31, 2024. We expect even more substantial inventory reduction in the June quarter as our manufacturing optimization actions are near completion.”

    Eric Bjornholt, Microchip’s Chief Financial Officer, said, “During the quarter, we executed multiple financial actions that strengthened our balance sheet. These included reducing our total net debt by roughly $1.30 billion with a mandatory convertible preferred offering. We also amended and extended our revolving line of credit with more favorable terms and financial flexibility. Our financing actions are helping to maintain our investment grade rating. We believe these strategic financial moves, alongside our disciplined cost management initiatives, position us well to navigate current market challenges while maintaining financial flexibility for future growth.”

    Rich Simoncic, Microchip’s Chief Operating Officer, said, “Our strategic initiatives continue to deliver value across markets, with our new Switchtec PCIe switches, advanced touchscreen controllers, and AI Coding software assistant demonstrating our commitment to innovation. By expanding our offerings in atomic clock technology, enhancing our microprocessors, and expanding our 10Base-T1S solutions, we believe we are well-positioned to address emerging opportunities in automotive, industrial, and e-mobility markets while accelerating our customers’ development cycles.”

    Mr. Sanghi concluded, “In the March 2025 quarter, we achieved our first positive book-to-bill ratio in nearly three years; and we have clearly reached an inflection point. Additionally, our bookings in the month of April were higher than any month in the March quarter. Balancing this with geopolitical concerns and the non-quantifiable impact of tariffs, we expect our net sales in the June 2025 quarter to be between $1.02 billion and $1.07 billion. Our focus is on translating the momentum we are seeing in our business into enhanced shareholder value while maintaining our dividend commitment as we return to growth.”

    The following table summarizes Microchip’s reported results for the three months and fiscal year ended March 31, 2025.

      Three Months Ended March 31, 2025(1) Twelve Months Ended March 31, 2025(1)
    Net sales $970.5       $4,401.6      
      GAAP % Non-GAAP(2) % GAAP % Non-GAAP(2) %
    Gross profit $501.1 51.6% $504.6 52.0% $2,467.9 56.1% $2,509.8 57.0%
    Operating (loss) income $(100.3) (10.3)% $136.0 14.0% $296.3 6.7% $1,078.0 24.5%
    Other expense $(68.0)   $(64.9)   $(257.4)   $(252.2)  
    Income tax (benefit) provision $(13.7)   $9.7   $39.4   $117.0  
    Net (loss) income $(154.6)   $61.4   $(0.5)   $708.8  
    Dividends on preferred stock $(2.2)   —   $(2.2)   —  
    Net (loss) income attributable to common stockholders $(156.8) (16.2)% $61.4 6.3% $(2.7) (0.1)% $708.8 16.1%
    Diluted net (loss) income per common share $(0.29)   $0.11   $(0.01)   $1.31  

    (1) In millions, except per share amounts and percentages of net sales.
    (2) See the “Use of Non-GAAP Financial Measures” section of this release.

    Net sales for the fourth quarter of fiscal 2025 were $970.5 million, down 26.8% from net sales of $1.326 billion in the prior year’s fourth fiscal quarter.

    GAAP net loss attributable to common stockholders for the fourth quarter of fiscal 2025 was $156.8 million, or $0.29 per diluted share, down from GAAP net income attributable to common stockholders of $154.7 million, or $0.28 per diluted share, in the prior year’s fourth fiscal quarter. For the fourth quarters of fiscal 2025 and fiscal 2024, GAAP results were adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions. The fourth quarter of fiscal 2025 GAAP results were adversely impacted by the restructuring charges that were announced on March 3, 2025 and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.

    Non-GAAP net income for the fourth quarter of fiscal 2025 was $61.4 million, or $0.11 per diluted share, down from non-GAAP net income of $310.3 million, or $0.57 per diluted share, in the prior year’s fourth fiscal quarter. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP results exclude the effect of share-based compensation, restructuring charges, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, losses on the settlement of debt, and dividends on preferred stock. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the applicable fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act. A reconciliation of our non-GAAP and GAAP results is included in this press release.

    Net sales for the fiscal year ended March 31, 2025 were $4.402 billion, a decrease of 42.3% from net sales of $7.634 billion in the prior fiscal year.

    GAAP net loss attributable to common stockholders for the fiscal year ended March 31, 2025 was $2.7 million, or $0.01 per diluted share, a decrease from net income of $1.907 billion, or $3.48 per diluted share in the prior fiscal year. Fiscal 2025 and fiscal 2024, GAAP net loss and GAAP net income results were significantly adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions and loss on debt settlement associated with our debt refinancing activities. The fiscal 2025 GAAP net loss was adversely impacted by the restructuring charges that were announced on March 3, 2025, cybersecurity incident expenses and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.

    Non-GAAP net income for the fiscal year ended March 31, 2025 was $708.8 million, a decrease of 73.7% from net income of $2.698 billion in the prior fiscal year. Non-GAAP earnings per diluted share for the fiscal year ended March 31, 2025 were $1.31, a decrease of 73.4% from the $4.92 per diluted share in the prior fiscal year. See the “Use of Non-GAAP Financial Measures” section of this release.

    Microchip announced today that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share, which is payable on June 5, 2025 to stockholders of record on May 22, 2025. The Microchip Board also declared a quarterly cash dividend on its 7.50% Series A Mandatory Convertible Preferred Stock of $16.875 per share (which represents $0.8438 per depositary share) which is payable on June 15, 2025 to stockholders of record on June 1, 2025.

    First Quarter Fiscal Year 2026 Outlook:

    The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

      Microchip Consolidated Guidance
    Net Sales $1.020 to $1.070 billion    
      GAAP(5) Non-GAAP Adjustments(1) Non-GAAP(1)
    Gross Profit 51.2% to 53.2% $9.8 to $10.8 million 52.2% to 54.2%
    Operating Expenses(2) 49.3% to 51.1% $166.1 to $170.1 million 33.4% to 34.8%
    Operating Income 0.2% to 3.9% $175.9 to $180.9 million 17.4% to 20.8%
    Other Expense, net $53.2 to $54.8 million $(0.2) to $0.2 million $53.0 to $55.0 million
    Income Tax (Benefit) Provision $(5.3) to $(1.7) million(3) $20.0 to $22.0 million $14.7 to $20.3 million(4)
    Net (loss) income $(47.9) to $(9.8) million $155.7 to $159.0 million $107.8 to $149.2 million
    Dividends on preferred stock $(27.8) million $27.8 million —
    Net (loss) income attributable to common stockholders $(75.7) to $(37.6) million $183.5 to $186.8 million $107.8 to $149.2 million
    Diluted Common Shares Outstanding Approximately 538.9 million shares 31.4 to 32.4 million shares Approximately 570.3 to 571.3 million shares
    Diluted net (loss) per common share $(0.15) to $(0.07) $0.33 $0.18 to $0.26

    (1) See the “Use of Non-GAAP Financial Measures” section of this release for information regarding our non-GAAP guidance.
    (2) We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending June 30, 2025. Therefore, our estimate of GAAP operating expenses excludes certain amounts that may be recognized as Special Charges and Other, net in the quarter ending June 30, 2025.
    (3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
    (4) Represents the expected cash tax rate for fiscal 2026, excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
    (5) Our GAAP guidance excludes the impact of any potential charges related to our ongoing evaluation of restructuring activities.

    Capital expenditures for the quarter ending June 30, 2025 are expected to be between $20 million and $25 million. Capital expenditures for all of fiscal 2026 are expected to be at or below $100 million. Consistent with the slowing macroeconomic environment in fiscal 2025, we have paused most of our factory expansion actions and reduced our planned capital investments through fiscal 2026. However, we are adding capital equipment to selectively expand our production capacity and add research and development equipment.

    Under the GAAP revenue recognition standard, we are required to recognize revenue when control of the product changes from us to a customer or distributor. We focus our sales and marketing efforts on creating demand for our products in the end markets we serve and not on moving inventory into our distribution network. We also manage our manufacturing and supply chain operations, including our distributor relationships, towards the goal of having our products available at the time and location the end customer desires.

    Use of Non-GAAP Financial Measures:  Our non-GAAP adjustments, where applicable, include the effect of share-based compensation, restructuring charges, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, losses on the settlement of debt, and dividends on preferred stock. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act.

    We are required to estimate the cost of certain forms of share-based compensation, including restricted stock units, and our employee stock purchase plan, and to record a commensurate expense in our income statement. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is affected by the price of our stock at the date of grant. The price of our stock is affected by market forces that are difficult to predict and are not within the control of management. Our other non-GAAP adjustments are either non-cash expenses, unusual or infrequent items, or other expenses related to transactions. Management excludes all of these items from its internal operating forecasts and models.

    We are using non-GAAP operating expenses in dollars, including non-GAAP research and development expenses and non-GAAP selling, general and administrative expenses, non-GAAP other expense, net, and non-GAAP income tax rate, which exclude the items noted above, as applicable, to permit additional analysis of our performance.

    Management believes these non-GAAP measures are useful to investors because they enhance the understanding of our historical financial performance and comparability between periods. Many of our investors have requested that we disclose this non-GAAP information because they believe it is useful in understanding our performance as it excludes non-cash and other charges that many investors feel may obscure our underlying operating results. Management uses non-GAAP measures to manage and assess the profitability of our business and for compensation purposes. We also use our non-GAAP results when developing and monitoring our budgets and spending. Our determination of these non-GAAP measures might not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for amounts determined in accordance with GAAP. There are limitations associated with using these non-GAAP measures, including that they exclude financial information that some may consider important in evaluating our performance. Management compensates for this by presenting information on both a GAAP and non-GAAP basis for investors and providing reconciliations of the GAAP and non-GAAP results.

    Generally, gross profit fluctuates over time, driven primarily by the mix of products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels.

    Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures and our mandatory convertible preferred stock (additional information regarding our share count is available in the investor relations section of our website under the heading “Supplemental Information”), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the June 2025 quarter between $45 and $55 per share (however, we make no prediction as to what our actual share price will be for such period or any other period).

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share amounts)
           
      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Net sales $                     970.5     $                  1,325.8     $                  4,401.6     $                  7,634.4  
    Cost of sales                          469.4                              535.9                          1,933.7                          2,638.7  
    Gross profit                          501.1                              789.9                          2,467.9                          4,995.7  
                   
    Research and development                          255.2                              240.3                              983.8                          1,097.4  
    Selling, general and administrative                          152.0                              161.8                              617.7                              734.2  
    Amortization of acquired intangible assets                          122.6                              151.2                              490.9                              605.4  
    Special charges (income) and other, net                            71.6                              (16.9 )                              79.2                              (12.3 )
    Operating expenses                          601.4                              536.4                          2,171.6                          2,424.7  
                   
    Operating (loss) income                        (100.3 )                            253.5                              296.3                          2,571.0  
                   
    Other expense, net                          (68.0 )                            (53.8 )                          (257.4 )                          (205.1 )
    (Loss) income before income taxes                        (168.3 )                            199.7                                38.9                          2,365.9  
    Income tax (benefit) provision                          (13.7 )                              45.0                                39.4                              459.0  
    Net (loss) income                        (154.6 )                            154.7                                (0.5 )                        1,906.9  
    Dividends on preferred stock                            (2.2 )                                  —                                (2.2 )                                  —  
    Net (loss) income attributable to common stockholders $                    (156.8 )   $                     154.7     $                        (2.7 )   $                  1,906.9  
                   
    Basic net (loss) income per common share $                      (0.29 )   $                        0.29     $                      (0.01 )   $                        3.52  
    Diluted net (loss) income per common share $                      (0.29 )   $                        0.28     $                      (0.01 )   $                        3.48  
                   
    Basic common shares outstanding                          538.2                              538.9                              537.3                              542.0  
    Diluted common shares outstanding                          538.2                              544.8                              537.3                              548.0  
                                   
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (in millions)
     
    ASSETS
      March 31,   March 31,
       2025    2024
    Cash and short-term investments $                       771.7   $                       319.7
    Accounts receivable, net                            689.7                          1,143.7
    Inventories                        1,293.5                          1,316.0
    Other current assets                            236.4                              233.6
    Total current assets                        2,991.3                          3,013.0
           
    Property, plant and equipment, net                        1,183.7                          1,194.6
    Other assets                      11,199.6                        11,665.6
    Total assets $                  15,374.6   $                  15,873.2
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
           
    Accounts payable and accrued liabilities $                    1,155.1   $                    1,520.0
    Current portion of long-term debt                                  —                              999.4
    Total current liabilities                        1,155.1                          2,519.4
           
    Long-term debt                        5,630.4                          5,000.4
    Long-term income tax payable                            633.4                              649.2
    Long-term deferred tax liability                              33.8                                28.8
    Other long-term liabilities                            843.6                          1,017.6
           
    Stockholders’ equity                        7,078.3                          6,657.8
    Total liabilities and stockholders’ equity $                  15,374.6   $                  15,873.2
               

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (in millions, except per share amounts and percentages; unaudited)

    RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Gross profit, as reported $ 501.1     $ 789.9     $ 2,467.9     $ 4,995.7  
    Share-based compensation expense   3.5       5.4       21.8       25.6  
    Cybersecurity incident expenses   —       —       20.1       —  
    Other manufacturing adjustments   —       4.3       —       4.3  
    Non-GAAP gross profit $ 504.6     $ 799.6     $ 2,509.8     $ 5,025.6  
    GAAP gross profit percentage   51.6 %     59.6 %     56.1 %     65.4 %
    Non-GAAP gross profit percentage   52.0 %     60.3 %     57.0 %     65.8 %
                                   

    RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Research and development expenses, as reported $ 255.2     $ 240.3     $ 983.8     $ 1,097.4  
    Share-based compensation expense   (25.6 )     (23.3 )     (104.6 )     (94.3 )
    Other adjustments   —       —       —       (0.5 )
    Non-GAAP research and development expenses $ 229.6     $ 217.0     $ 879.2     $ 1,002.6  
    GAAP research and development expenses as a percentage of net sales   26.3 %     18.1 %     22.4 %     14.4 %
    Non-GAAP research and development expenses as a percentage of net sales   23.7 %     16.4 %     20.0 %     13.1 %
                                   

    RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Selling, general and administrative expenses, as reported $ 152.0     $ 161.8     $ 617.7     $ 734.2  
    Share-based compensation expense   (11.6 )     (14.1 )     (54.0 )     (57.6 )
    Cybersecurity incident expenses   —       —       (1.3 )     —  
    Other adjustments   —       (0.8 )     (7.3 )     (1.3 )
    Professional services associated with certain legal matters   (1.4 )     (0.3 )     (2.5 )     (1.5 )
    Non-GAAP selling, general and administrative expenses $ 139.0     $ 146.6     $ 552.6     $ 673.8  
    GAAP selling, general and administrative expenses as a percentage of net sales   15.7 %     12.2 %     14.0 %     9.6 %
    Non-GAAP selling, general and administrative expenses as a percentage of net sales   14.3 %     11.1 %     12.6 %     8.8 %
                                   

    RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Operating expenses, as reported $ 601.4     $ 536.4     $ 2,171.6     $ 2,424.7  
    Share-based compensation expense   (37.2 )     (37.4 )     (158.6 )     (151.9 )
    Cybersecurity incident expenses   —       —       (1.3 )     —  
    Other adjustments   —       (0.8 )     (7.3 )     (1.8 )
    Professional services associated with certain legal matters   (1.4 )     (0.3 )     (2.5 )     (1.5 )
    Amortization of acquired intangible assets (1)   (122.6 )     (151.2 )     (490.9 )     (605.4 )
    Special charges (income) and other, net   (71.6 )     16.9       (79.2 )     12.3  
    Non-GAAP operating expenses $ 368.6     $ 363.6     $ 1,431.8     $ 1,676.4  
    GAAP operating expenses as a percentage of net sales   62.0 %     40.5 %     49.3 %     31.8 %
    Non-GAAP operating expenses as a percentage of net sales   38.0 %     27.4 %     32.5 %     22.0 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures.

    RECONCILIATION OF GAAP OPERATING (LOSS) INCOME TO NON-GAAP OPERATING INCOME

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Operating (loss) income, as reported $ (100.3 )   $ 253.5     $ 296.3     $ 2,571.0  
    Share-based compensation expense   40.7       42.8       180.4       177.5  
    Cybersecurity incident expenses   —       —       21.4       —  
    Other adjustments   —       0.8       7.3       1.8  
    Professional services associated with certain legal matters   1.4       0.3       2.5       1.5  
    Other manufacturing adjustments   —       4.3       —       4.3  
    Amortization of acquired intangible assets(1)   122.6       151.2       490.9       605.4  
    Special charges (income) and other, net   71.6       (16.9 )     79.2       (12.3 )
    Non-GAAP operating income $ 136.0     $ 436.0     $ 1,078.0     $ 3,349.2  
    GAAP operating (loss) income as a percentage of net sales (10.3) %     19.1 %     6.7 %     33.7 %
    Non-GAAP operating income as a percentage of net sales   14.0 %     32.9 %     24.5 %     43.9 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures. The use of acquired intangible assets contributed to our revenues earned during the periods presented.

    RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Other expense, net, as reported $ (68.0 )   $ (53.8 )   $ (257.4 )   $ (205.1 )
    Loss on settlement of debt   1.4       —       1.7       12.2  
    Loss on available-for-sale investments   1.7       —       3.5       —  
    Non-GAAP other expense, net $ (64.9 )   $ (53.8 )   $ (252.2 )   $ (192.9 )
    GAAP other expense, net, as a percentage of net sales (7.0) %   (4.1) %   (5.8) %   (2.7) %
    Non-GAAP other expense, net, as a percentage of net sales (6.7) %   (4.1) %   (5.7) %   (2.5) %
                   

    RECONCILIATION OF GAAP INCOME TAX (BENEFIT) PROVISION TO NON-GAAP INCOME TAX PROVISION

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Income tax (benefit) provision as reported $ (13.7 )   $ 45.0     $ 39.4     $ 459.0  
    Income tax rate, as reported   8.1 %     22.5 %     101.3 %     19.4 %
    Other non-GAAP tax adjustment   23.4       26.9       77.6       (0.3 )
    Non-GAAP income tax provision $ 9.7     $ 71.9     $ 117.0     $ 458.7  
    Non-GAAP income tax rate   13.6 %     18.8 %     14.2 %     14.5 %
                                   

    RECONCILIATION OF GAAP NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS AND GAAP DILUTED NET (LOSS) INCOME PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Net (loss) income attributable to common stockholders, as reported $ (156.8 )   $ 154.7     $ (2.7 )   $ 1,906.9  
    Dividends on preferred stock   2.2       —       2.2       —  
    Share-based compensation expense   40.7       42.8       180.4       177.5  
    Cybersecurity incident expenses   —       —       21.4       —  
    Other adjustments   —       0.8       7.3       1.8  
    Professional services associated with certain legal matters   1.4       0.3       2.5       1.5  
    Other manufacturing adjustments   —       4.3       —       4.3  
    Amortization of acquired intangible assets   122.6       151.2       490.9       605.4  
    Special charges (income) and other, net   71.6       (16.9 )     79.2       (12.3 )
    Loss on settlement of debt   1.4       —       1.7       12.2  
    Loss on available-for-sale investments   1.7       —       3.5       —  
    Other non-GAAP tax adjustment   (23.4 )     (26.9 )     (77.6 )     0.3  
    Non-GAAP net income $ 61.4     $ 310.3     $ 708.8     $ 2,697.6  
    GAAP net (loss) income attributable to common stockholders as a percentage of net sales (16.2)%     11.7 %   (0.1)%     25.0 %
    Non-GAAP net income as a percentage of net sales   6.3 %     23.4 %     16.1 %     35.3 %
    Diluted net (loss) income per common share, as reported $ (0.29 )   $ 0.28     $ (0.01 )   $ 3.48  
    Non-GAAP diluted net income per common share $ 0.11     $ 0.57     $ 1.31     $ 4.92  
    Diluted common shares outstanding, as reported   538.2       544.8       537.3       548.0  
    Diluted common shares outstanding non-GAAP   543.5       544.8       542.5       548.0  
                                   

    RECONCILIATION OF GAAP DILUTED COMMON SHARES OUTSTANDING TO NON-GAAP DILUTED COMMON SHARES OUTSTANDING

      Three Months Ended March 31,   Twelve Months Ended March 31,
      2025   2024   2025   2024
    Diluted common shares outstanding, as reported                        538.2                          544.8                          537.3                          548.0
    Dilutive effect of RSUs(1)                            2.7                                —                              4.0                                —
    Dilutive effect of 2015 Senior Convertible Debt(1)                              —                                —                              0.1                                —
    Dilutive effect of 2017 Senior Convertible Debt(1)                            0.3                                —                              0.5                                —
    Dilutive effect of preferred stock(1)                            2.3                                —                              0.6                                —
    Diluted common shares outstanding non-GAAP                        543.5                          544.8                          542.5                          548.0
                   

    (1)The non-GAAP adjustment includes the impact that is anti-dilutive on a GAAP basis for the fiscal quarter ended March 31, 2025 and fiscal year ended March 31, 2025 as the Company generated a GAAP net loss in the respective periods.

    RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    GAAP cash flow from operations, as reported $ 205.9     $ 430.0     $ 898.1     $ 2,892.7  
    Capital expenditures   (14.2 )     (40.1 )     (126.0 )     (285.1 )
    Free cash flow $ 191.7     $ 389.9     $ 772.1     $ 2,607.6  
    GAAP cash flow from operations as a percentage of net sales   21.2 %     32.4 %     20.4 %     37.9 %
    Free cash flow as a percentage of net sales   19.8 %     29.4 %     17.5 %     34.2 %
                                   

    Microchip will host a conference call today, May 8, 2025 at 5:00 p.m. (Eastern Time) to discuss this release. This call will be simulcast over the Internet at www.microchip.com. The webcast will be available for replay until June 6, 2025.

    A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) on May 8, 2025 and will remain available until 5:00 p.m. (Eastern Time) on June 6, 2025. Interested parties may listen to the replay by dialing 201-612-7415/877-660-6853 and entering access code 13752601.

    Cautionary Statement:

    The statements in this release relating to our belief that this marks the bottom of this prolonged industry down cycle for Microchip, that the decisive actions we have taken are enhancing our operational capabilities through more efficient manufacturing, improving inventory management, and a renewed strategic focus, that we believe Microchip is better positioned to capitalize on growth opportunities as market conditions evolve, that we expect even more substantial inventory reduction in the June quarter as our manufacturing optimization actions are near completion, that our financing actions are helping to maintain our investment grade rating, that we believe these strategic financial moves, alongside our disciplined cost management initiatives, position us well to navigate current market challenges while maintaining financial flexibility for future growth, that our strategic initiatives continue to deliver value across markets, our commitment to innovation, that  we believe we are well-positioned to address emerging opportunities in automotive, industrial, and e-mobility markets while accelerating our customers’ development cycles, that we have clearly reached an inflection point, that we expect our net sales in the June 2025 quarter to be between $1.020 billion and $1.070 billion, that our focus is on translating the momentum we are seeing on our business into enhanced shareholder value while maintaining our dividend commitment as we return to growth, our first quarter fiscal 2026 guidance for net sales and GAAP and non-GAAP gross profit, operating expenses, operating income, other expense, net, income tax (benefit) provision, net (loss) income, dividends on preferred stock, net (loss) income attributable to common stockholders, diluted common shares outstanding, diluted net (loss) per common share, capital expenditures for the June 2025 quarter and for all of fiscal 2026, adding capital equipment to selectively expand our production capacity and add research and development equipment, our belief that non-GAAP measures are useful to investors and our assumed average stock price in the June 2025 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in the scope and level of tariffs, interest rates or high inflation, actions taken or which may be taken by the Trump administration or the U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017); fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

    For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 8, 2025 press release, or to reflect the occurrence of unanticipated events.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 109,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    INVESTOR RELATIONS CONTACT:
    Sajid Daudi — Head of Investor Relations….. (480) 792-7385

    The MIL Network –

    May 9, 2025
  • MIL-OSI: Turtle Beach Corporation Announces Growth in Revenue, Adjusted EBITDA and Gross Margins in First Quarter 2025 Results and $75 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    –Net Revenue of $63.9 million, up 14% compared to prior year–
    –Gross Margin improved to 36.6%, an increase of approximately 470 basis points compared to prior year–
    –Net Loss of $(0.7) million compared to Net Income of $0.2 million in prior year–
    –Adjusted EBITDA of $4.1 million, up from $1.4 million in prior year–
    –Generated $40.5 million in cash flow from operations, the highest level since 2019–
    –Authorized a new $75 million stock repurchase program–

    SAN DIEGO, May 08, 2025 (GLOBE NEWSWIRE) — Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories brand, today reported strong financial results, including growth in revenue, Adjusted EBITDA, and gross margins in the first quarter ended March 31, 2025.

    First Quarter Highlights

    • Net revenue was $63.9 million, an increase of 14% compared to the prior year period.
    • Gross margin improved approximately 470 basis points to 36.6% compared to 31.8% in the prior year.
    • Net loss was $(0.7) million or ($0.03) per diluted share compared to net income of $0.2 million or $0.01 per diluted share in the prior year period.
    • Adjusted EBITDA was $4.1 million, compared to $1.4 million in the prior year period.
    • Generated $40.5 million in cash flow from operations, the highest level since 2019.
    • Authorized a new $75 million stock repurchase program.

    “With incremental revenue and margin from our March 2024 acquisition of PDP, we delivered strong Q1 growth over the prior year, despite a year-to-date decline in gaming accessories markets due to current macroeconomic headwinds. Our Adjusted EBITDA growth reflects the benefits from our expanded portfolio of next-generation gaming accessories and highlights the accretive advantages of our M&A strategy and strong execution,” said Cris Keirn, CEO, Turtle Beach Corporation.

    “As we have entered into a dynamic and complex macroeconomic environment, we have rapidly adapted our operations to better position the Company for the future. We have been prepared for the potential shift in tariffs and have quickly responded.  We proactively increased inventory levels at the start of the year, and following the announcement in early April of new tariffs, we took immediate and decisive action. We are pleased to report that because of our early planning and preparedness, we are transitioning significant production out of China. As such, following the first quarter, less than 10% of our supply for the U.S. will come from China. For the remainder of 2025, our U.S. supply will primarily come from Vietnam, and we will continue evaluating and implementing further diversification of our end-to-end supply chain. Additionally, we have mitigation plans in place should additional changes occur to the current tariff environment for Vietnam. The portion of our supply chain that we continue maintaining in China will primarily be dedicated to producing goods for non-U.S. shipments.

    “Our commitment to long-term value creation extends beyond product innovation. Over the past year, we implemented the largest share repurchase program in the Company’s history, as we continue to opportunistically return capital to shareholders. The recent decision by our board of directors to authorize the repurchase of up to $75 million of our stock over the next two years signals our continued confidence in our prospects and our continued willingness to repurchase the Company’s shares.

    “Given recent events in the broader macroeconomic environment, we’ve made thoughtful revisions in our financial outlook. We remain confident in our near-term initiatives, the expertise of our team, and our ability to drive value for shareholders. Our focus on profitability, operational efficiency, and growth continues to drive our efforts as we adapt to these evolving conditions. We appreciate the ongoing support of our shareholders and stakeholders as we work toward more growth in 2026 and execute our strategy for sustainable, long-term success.”

    Share Repurchase Update
    For the first quarter ended March 31, 2025, the Company repurchased $1.8 million of common stock. Since the Company began repurchasing shares under the prior stock repurchase authorization program in the second quarter of 2024, the Company has repurchased 1.9 million shares for an aggregate purchase price of $29.5 million. In line with its continued commitment to return capital to shareholders, the Company is opportunistically assessing various potential share repurchase strategies. The Company has authorized a new stock repurchase program of up to $75 million over the next two years. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restrictions in the Company’s debt agreements and other factors. The Company intends to fund the share repurchases using cash from operations or short-term borrowings and may suspend or discontinue repurchases at any time. The share repurchase program is scheduled to expire on May 6, 2027.

    Balance Sheet and Cash Flow Summary
    As of March 31, 2025, the Company had net debt of $43.6 million, comprised of $55.2 million of borrowings less $11.7 million of cash. During the first quarter ended March 31, 2025, the Company generated $40.5 million in cash flow from operations, the highest level since 2019.

    Financial Outlook
    Due to the ongoing macroeconomic uncertainty and the recent industry announcements regarding new game releases, the Company is revising its financial outlook for the full year 2025. The Company currently expects gaming accessories markets to improve throughout 2025 but remain down for the full year compared to 2024, resulting in Company net revenues in the range of $340 million and $360 million. As the Company continues to execute on its profitability initiatives, it currently expects Adjusted EBITDA to be between $47 million and $53 million.

    Earnings Conference Call and Webcast Details
    Turtle Beach will host a conference call and audio webcast today, May 8, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), during which management will discuss first quarter results and provide commentary on business performance and its current outlook for 2025. A question-and-answer session will follow the prepared remarks.

    The conference call may be accessed by telephone by dialing 877-407-0792 or 201-689-8263.

    A live audio webcast of the earnings conference call may be accessed on Turtle Beach’s website at corp.turtlebeach.com, along with a copy of this press release and an updated investor presentation. A telephone replay of the call will be available through May 22, 2025, and can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13752645. A replay of the webcast will also be available on the investor relations website for a limited time.

    About Turtle Beach Corporation
    Turtle Beach Corporation (the “Company”) (corp.turtlebeach.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products LLC (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: TBCH.

    Non-GAAP Financial Measures
    In addition to its reported results, the Company has included in this earnings release certain financial metrics, including Adjusted EBITDA, that the Securities and Exchange Commission define as “non-GAAP financial measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results. Non-GAAP financial measures are not an alternative to the Company’s GAAP financial results and may not be calculated in the same manner as similar measures presented by other companies. “Adjusted EBITDA” is defined by the Company as net income (loss) before interest, taxes, depreciation and amortization, stock-based compensation (non-cash), and certain non-recurring special items that we believe are not representative of core operations, as further described in Table 4. These non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The non-GAAP financial measures included herein exclude items that management does not believe reflect the Company’s core operating performance because such items are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. See a reconciliation of GAAP results to Adjusted EBITDA included as Table 4 below for the three months ended March 31, 2025, and March 31, 2024.

    By providing full year 2025 Adjusted EBITDA guidance, the Company provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2025 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to the Company without unreasonable effort due to the variability, complexity, and lack of visibility with respect to certain reconciling items between Adjusted EBITDA and net income (loss), including other income (expense), provision for income taxes and stock-based compensation. These items cannot be reasonably and accurately predicted without the investment of undue time, cost and other resources and, accordingly, a reconciliation of the Company’s Adjusted EBITDA outlook to its net income (loss) outlook for such periods is not provided. These reconciling items could be material to the Company’s actual results for such periods.

    Cautionary Note on Forward-Looking Statements
    This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

    While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to trade policies, including the imposition of tariffs on imported goods and other trade restrictions, the release and availability of successful game titles, macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacture and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

    CONTACTS

    Investors:
    tbch@icrinc.com
    (646) 277-1285

    Public Relations & Media:
    MacLean Marshall
    Sr. Director, Global Communications
    Turtle Beach Corporation
    (858) 914-5093
    maclean.marshall@turtlebeach.com

     
    Turtle Beach Corporation
    Condensed Consolidated Statements of Operations
    (in thousands, except per-share data)
    (unaudited)
    Table 1.
        Three Months Ended  
        March 31,     March 31,  
        2025     2024  
    Net revenue   $ 63,901     $ 55,848  
    Cost of revenue     40,534       38,062  
    Gross profit     23,367       17,786  
    Operating expenses:            
    Selling and marketing     12,453       9,013  
    Research and development     3,993       3,902  
    General and administrative     8,216       5,674  
    Insurance recovery     (3,439 )     –  
    Acquisition-related cost     608       4,910  
    Total operating expenses     21,831       23,499  
    Operating income (loss)     1,536       (5,713 )
    Interest expense     2,006       150  
    Other non-operating expense, net     303       370  
    Loss before income tax     (773 )     (6,233 )
    Income tax expense (benefit)     (109 )     (6,388 )
    Net income (loss)   $ (664 )   $ 155  
                 
    Net loss per share            
    Basic   $ (0.03 )   $ 0.01  
    Diluted   $ (0.03 )   $ 0.01  
    Weighted average number of shares:            
    Basic     20,506       18,321  
    Diluted     20,506       19,389  
     
     
    Turtle Beach Corporation
    Condensed Consolidated Balance Sheets
    (in thousands, except par value and share amounts)
    Table 2.
        March 31,     December 31,  
        2025     2024  
        (unaudited)        
    ASSETS      
    Current Assets:            
    Cash and cash equivalents   $ 11,684     $ 12,995  
    Accounts receivable, net     42,354       93,118  
    Inventories     73,664       71,251  
    Prepaid expenses and other current assets     14,533       11,007  
    Total Current Assets     142,235       188,371  
    Property and equipment, net     4,884       5,844  
    Goodwill     50,428       52,942  
    Intangible assets, net     40,382       42,398  
    Other assets     9,095       9,306  
    Total Assets   $ 247,024     $ 298,861  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current Liabilities:            
    Revolving credit facility   $ 6,592     $ 49,412  
    Accounts payable     39,539       34,839  
    Other current liabilities     26,294       39,421  
    Total Current Liabilities     72,425       123,672  
    Debt, non-current     45,544       45,620  
    Income tax payable     1,367       1,362  
    Other liabilities     6,814       7,603  
    Total Liabilities     126,150       178,257  
    Commitments and Contingencies            
    Stockholders’ Equity            
    Common stock     20       20  
    Additional paid-in capital     240,150       239,983  
    Accumulated deficit     (118,758 )     (118,094 )
    Accumulated other comprehensive loss     (538 )     (1,305 )
    Total Stockholders’ Equity     120,874       120,604  
    Total Liabilities and Stockholders’ Equity   $ 247,024     $ 298,861  
     
     
    Turtle Beach Corporation
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
    Table 3.
        Three Months Ended  
        March 31, 2025     March 31, 2024  
           
    CASH FLOWS FROM OPERATING ACTIVITIES            
    Net (loss) income   $ (664 )   $ 155  
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:            
    Depreciation and amortization     1,110       916  
    Amortization of intangible assets     2,016       560  
    Amortization of debt financing costs     276       70  
    Stock-based compensation     1,912       1,105  
    Deferred income taxes     (445 )     (6,716 )
    Change in sales returns reserve     1,873       (2,410 )
    Provision for obsolete inventory     486       794  
    Changes in operating assets and liabilities, net of acquisitions:            
    Accounts receivable     48,891       35,918  
    Inventories     (2,899 )     (3,063 )
    Accounts payable     4,716       8,065  
    Prepaid expenses and other assets     (3,473 )     (357 )
    Income taxes payable     (1,401 )     2  
    Other liabilities     (11,946 )     (7,782 )
    Net cash provided by operating activities     40,452       27,257  
    CASH FLOWS FROM INVESTING ACTIVITIES            
    Purchases of property and equipment     (166 )     (731 )
    Acquisition of a business, net of cash acquired     2,515       (75,494 )
    Net cash provided by (used for) investing activities     2,349       (76,225 )
    CASH FLOWS FROM FINANCING ACTIVITIES            
    Borrowings on revolving credit facilities     65,276       80,288  
    Repayment of revolving credit facilities     (108,096 )     (80,288 )
    Proceeds of term loan     –       50,000  
    Repayment of term loan     (312 )     (104 )
    Proceeds from exercise of stock options and warrants     5       1,257  
    Repurchase of common stock     (1,750 )     –  
    Debt issuance costs     –       (3,170 )
    Net cash provided by (used for) financing activities     (44,877 )     47,983  
    Effect of exchange rate changes on cash and cash equivalents     765       75  
    Net decrease in cash and cash equivalents     (1,311 )     (910 )
    Cash and cash equivalents – beginning of period     12,995       18,726  
    Cash and cash equivalents – end of period   $ 11,684     $ 17,816  
     
     
    Turtle Beach Corporation
    GAAP to Adjusted EBITDA Reconciliation
    (in thousands)
    Table 4.
        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Net (loss) income   $ (664 )   $ 155  
    Interest expense     2,006       150  
    Depreciation and amortization     3,126       1,476  
    Stock-based compensation     1,912       1,105  
    Income tax benefit (1)     (109 )     (6,388 )
    Restructuring expense (2)     5       41  
    Acquisition-related expense (3)     608       4,910  
    Insurance recovery (4)     (3,439 )     —  
    Loss on inventory in transit and other costs (5)     605       —  
    Adjusted EBITDA   $ 4,050     $ 1,449  
    (1) An income tax benefit of $7.0 million was recorded in the three months ended March 31, 2024 as a result of the reversal of a portion of the Company’s deferred tax asset valuation allowance.
    (2) Restructuring charges are expenses that are paid in connection with reorganization of our operations. These costs primarily include severance and related benefits.
    (3) Acquisition-related cost includes one-time costs we incurred in connection with acquisitions including warehouse lease impairment, professional fees such as legal and accounting along with other certain integration related costs.
    (4) Insurance proceeds from claims related to a loss of inventory while in transit that occurred in the fourth quarter of 2024.
    (5) Certain professional fees related to recovery initiatives in connection with a loss of Turtle Beach inventory while in transit that occurred in the fourth quarter of 2024.

    The MIL Network –

    May 9, 2025
  • MIL-OSI Russia: China and Russia pledge to defend the results of the Victory in World War II

    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

    Moscow, May 8 (Xinhua) — China and Russia on Thursday agreed to firmly defend the results of the victory in World War II.

    Both sides made this commitment in the joint statement between China and Russia on further deepening the comprehensive strategic partnership of coordination in the new era, which was signed by Chinese President Xi Jinping and Russian President Vladimir Putin.

    The parties promised to resolutely suppress any attempts to falsify the history of World War II, to belittle the historical achievements of China and Russia in World War II, or to denigrate the image of the liberators. The parties strongly condemned acts of desecration and destruction of memorials to fallen war heroes.

    In a joint statement, the two countries described World War II as an unprecedented catastrophe in human history, in which China and the Soviet Union became the main theaters of war in Asia and Europe and served as bulwarks of resistance to militarism and fascism.

    The document notes the enormous historical contribution of the Chinese and Soviet peoples to the protection of the dignity of humanity and the restoration of peace on the planet.

    The statement stressed that in the modern world, China and Russia have a common mission and responsibility to maintain a correct view of the history of World War II and will forever remember the righteous deeds of their peoples in safeguarding world peace.

    According to the document, the parties intend to make every effort to prevent the revival of the misanthropic ideology of Nazism and racial superiority, and will continue to jointly oppose the glorification of Nazis and their accomplices, the rise of neo-Nazism, militaristic revanchism, the encouragement of various forms of racism, racial discrimination and xenophobia.

    China and Russia called on the international community to respect and protect the principles developed by the International Military Tribunal in Nuremberg and the International Military Tribunal for the Far East aimed at preventing attempts to start wars, commit genocide, war crimes and other crimes against humanity.

    China and Russia promised to continue holding educational and commemorative events in various forms. –0–

    MIL OSI Russia News –

    May 9, 2025
  • MIL-Evening Report: Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years

    Source: The Conversation (Au and NZ) – By Marian Makkar, Senior Lecturer in Marketing, RMIT University

    Konstantin Shishkin/Shutterstock

    Workplace burnout – a state of emotional, physical, and mental exhaustion – and the COVID pandemic have sparked a rethink of the traditional 9-to-5 job.

    It’s been estimated 30% of the Australian workforce is experiencing some degree of burnout, raising serious concerns about the possible impacts on mental health.

    Is it possible – and if so, wise – to take addressing burnout into your own hands? Some responses to the problem, such as “micro-retirement”, have enjoyed recent popularity on social media.

    But a small number of people take an even more radical approach – dumping the 9-to-5 path entirely for careers that prioritise meaning, enjoyment and personal growth. We sought to find out how this move played out for one group in particular – snowsports instructors.

    Our research – published in the International Journal of Research in Marketing – covers a 10.5-year study of snowsports instructors who left their 9-to-5 jobs for a meaningful career on the slopes of Canada, Japan, the United States and New Zealand.

    We looked at instructors’ journeys into the lifestyle, how they managed their new careers, and what led some to eventually return to the 9-to-5.

    Chasing winter

    We interviewed 13 snowsports instructors aged 25 to 40 (seven men, six women), collected image and video artefacts, followed social media accounts and surveyed snow school reports. Our lead researcher also participated in the lifestyle herself.

    All our participants had at least a bachelor degree and previous steady careers in fields such as education or information technology.

    During our decade-long field work, we found instructors earned just enough money to maintain this lifestyle, often travelling with their possessions in one or two bags.

    Whistler Mountain, Canada: instructors get to live and work in places of great natural beauty.
    Kevin503/Shutterstock

    Beyond the adrenaline and beauty of a life in the snow, we found people were first motivated to enter this career to escape the corporate world and ties of modern life. One participant, Lars, said:

    If you just get a job, you get maybe 20 days off a year for the next 40 years, and once you stop, once you’ve got a job and a house and a mortgage and a kid […] you’re trapped.

    A sense of accomplishment

    At the centre of our research was the idea of building a career around the ancient Greek concept of “eudaimonia”. This term is sometimes translated to “happiness” in English, but its broader connotations mean it’s closer to “flourishing” and involves a sense of purpose and living a life of virtue.

    That’s in contrast to the related concept of “hedonism” – which centres on the pursuit of pleasure for its own sake. Eudaimonia is meant to make us reflect on life’s purpose, potential and meaning.

    As our participants mastered the sport and career, they moved from mere enjoyment or hedonism of being in the snow to finding meaning and purpose in their jobs.

    They felt a sense of accomplishment and appreciation of snowsports as a sport and job requiring dedication, care and commitment.

    Challenges along the way

    However, with every career there are demands that shape how people manage work and purposeful pursuits. Instructors must bear financial costs such as buying their own equipment, paying for certifications and accommodation.

    Eventually the lifestyle was not sustainable for some due to precarious working conditions and minimal wages. Relying on the weather to produce snow, unfair compensation and fixed-term contracts wore many down.

    An unhappy participant confessed:

    You think about money all day everyday […] working out the costs, staffing and lesson prices! Yet they (ski resort managers) tell me as an instructor that I shouldn’t think about my monetary work. Well, if it wasn’t about the money, you wouldn’t charge as much for lessons.

    In the period we studied, six returned to a regular 9-to-5 job.

    An alternative to meaningless jobs?

    The late American anthropologist David Graeber coined the phrase “bullshit jobs” to describe jobs that comprise meaningless tasks that add no real value aside from providing a salary.

    The 9-to-5 can be a grind.
    Shutterstock

    Our study offers a window into the lives of those who sought an alternative, trying to build something they love into the daily work they do to earn a living.

    For many, despite challenges the ability to ride slopes daily remained more appealing than a desk job. One told us:

    At university my first management lecturer said, ‘you could go on to be a CEO, earn $300,000 a year and have a month off every year to go skiing’, and I said, ‘or I could go skiing every day and still afford to eat and pay my rent’. It’s all I really need.

    But things didn’t work out for all of them. The experience of those who left suggests choosing meaningful work can be difficult and can force people out if the surrounding organisational system is not supportive.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years – https://theconversation.com/ever-wanted-to-ditch-the-9-to-5-and-teach-snowsports-we-followed-people-who-did-it-for-10-years-255012

    MIL OSI Analysis – EveningReport.nz –

    May 9, 2025
  • MIL-Evening Report: To split Moscow from Beijing, Trump is reviving Nixon’s ‘madman diplomacy’. It could backfire badly

    Source: The Conversation (Au and NZ) – By Ian Langford, Executive Director, Security & Defence PLuS and Professor, UNSW Sydney

    When United States President William McKinley advocated high‑tariff protectionism in 1896, he argued squeezing foreign competitors behind a 50% wall of duties would make America richer and safer.

    That logic framed US trade debates for a generation, but it was always an economic device – not a geopolitical lever.

    In 2025, Donald Trump, now the 47th US president, slapped tariffs on most imported goods to the United States, specifically targeting Chinese imports.

    Yet, despite the fact he idolises McKinley, Trump’s emerging grand strategy looks less like his customs schedule and more like Richard Nixon’s “madman” diplomacy of the early 1970s.

    Trump is signalling that unpredictability, not price schedules, will coerce adversaries and reorder alliances.

    An image of irrational resolve

    McKinley’s 1890s tariffs nearly doubled average duties, shielding domestic manufacturers but doing little to shift the global balance of power.

    The lesson from these tariffs was straightforward: protectionism may enrich some sectors, but it rarely bends rivals’ strategic choices.

    Trump’s first term flirted with McKinley-inspired trade wars, industrial policy and “America First” rhetoric. His second term “strategic reset” moves onto darker, Nixonian ground.

    Nixon and his secretary of state, Henry Kissinger, cultivated an image of irrational resolve. They hinted they might do “anything”, even use nuclear weapons, to force concessions in Vietnam and alarm the Soviet politburo.

    Nixon’s White House chief of staff, H.R. Haldeman, recalled the president demanding Moscow and Hanoi see him as a man “with his hand on the nuclear button”.

    The gambit dovetailed with a bold diplomatic inversion. By opening to Mao Zedong’s China, Nixon sought to isolate the Soviet Union.

    Trump’s ‘reverse Nixon’ efforts

    Half a century later, Trump appears to be running the tape backward.

    Rather than prying China from Russia, he is testing whether Moscow can be prised from Beijing.

    In early April, he imposed a blanket 54% tariff on Chinese goods – yet exempted Russia, Cuba and North Korea from the harshest duties.

    The White House has simultaneously floated selective sanctions relief for Moscow if Vladimir Putin shows “flexibility” on Ukraine.

    Trump’s boosters call the manoeuvre a “reverse Nixon”: befriend the weaker adversary to hem in the stronger.

    Al-Jazeera recently reported senior US officials and analysts believe deepening ties with Russia could splinter the Sino‑Russian axis that has unnerved US strategists for years.

    But Foreign Affairs warns that even if Washington dangled lavish incentives, Putin would “play Washington and Beijing off each other” rather than choose sides.

    Australia’s Strategic Policy Institute is blunter: the idea of splitting the pair is “a delusion”.

    Nor is the madman pose guaranteed to intimidate. Scholars note Nixon’s bluff worked only when coupled with painstaking back‑channel diplomacy; the façade of irrationality still required a coherent end‑game.

    Trump’s record of erratic statements on NATO, sudden tariff escalations and social media outbursts risks convincing adversaries that chaos is the message, not the method.

    Success would require discipline

    Yet, the strategic prize is real.

    A durable Sino‑Russian alignment forces Washington to split resources across two theatres, complicates sanctions enforcement, and gives Beijing access to Russian hydrocarbons and military technologies.

    Even a partial wedge – Moscow adopting neutrality in a potential Indo‑Pacific crisis, for instance – would lighten America’s load and disadvantage China.

    Can Trump craft a credible offer? Tariff exemptions and the hint of sanctions relief are carrots; resumed arms‑control talks and guarantees of Russian equities in a post‑war Ukraine settlement could sweeten the pot.

    The sticks are clear: escalating tariffs and technology bans on China, plus renewed US gas exports aimed at undercutting Sino‑Russian energy deals.

    The fact CIA Director John Ratcliffe called China the “top national security threat” in his confirmation hearings earlier this year – relegating Russia to a lesser threat – underscores the hierarchy.

    Still, success would require disciplined messaging and allied buy‑in, traits not often associated with madman theatrics.

    If European and Indo‑Pacific partners suspect Washington will mortgage Ukraine’s security or trade their markets for a fleeting Moscow détente, unity will fray.

    For Australia, the stakes are immense

    For Canberra, the calculus is stark.

    Australia’s primary challenge is a more assertive China, not a distant Russia.

    If Trump could drive even a hairline crack between Moscow and Beijing, the Indo‑Pacific balance would tilt in favour of the US and its allies.

    A Russia preoccupied with Europe or simply unwilling to share sensitive missile and space technologies would deprive China of critical enablers.

    Conversely, a bungled “reverse Nixon” strategy could embolden both autocracies.

    Should Putin benefit from US tariff exemptions and sanctions relief while deepening defence ties with Beijing — as recent drone and satellite deals suggest – Australia would face a sharper, more integrated adversarial bloc.

    The lesson, for Australia, is to hedge: continue deepening AUKUS technology sharing, accelerate long‑range strike acquisition, and tighten diplomatic coordination with Japan, India and ASEAN states.

    For Australia, perched on Asia’s faultline, the stakes are immense. A successful wedge would ease pressure on the “first‑island chain” – the chain of strategic islands that stretches from Japan through Taiwan, the Philippines and Indonesia – and give Canberra precious strategic depth.

    A failed gambit risks confronting Australian forces with a tandem of nuclear‑armed revisionists (Russia and China) emboldened by US miscalculation.

    Ian Langford 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. To split Moscow from Beijing, Trump is reviving Nixon’s ‘madman diplomacy’. It could backfire badly – https://theconversation.com/to-split-moscow-from-beijing-trump-is-reviving-nixons-madman-diplomacy-it-could-backfire-badly-255878

    MIL OSI Analysis – EveningReport.nz –

    May 9, 2025
  • MIL-OSI Canada: Saskatchewan Research Council Celebrates New Indigenous Workforce Program

    Source: Government of Canada regional news

    Released on May 8, 2025

    Today, the Saskatchewan Research Council (SRC) is pleased to officially launch its Indigenous Workforce Program and celebrate the inaugural cohort of students in a re-imagined Indigenous Summer Student Program, Kiskiyihta (Kiskee ih-taah). Kiskiyihta is a Cree word meaning to learn or to know.

    One of several employment strategies within SRC’s wider Indigenous Action Plan launched earlier this year, the Indigenous Workforce Program aims to increase the recruitment and retention of Indigenous employees at SRC. Coordinated through the Indigenous Workforce Program, Kiskiyihta provides Indigenous students studying at a Saskatchewan post-secondary institution with opportunities for hands-on learning in a research and technology environment at SRC. 

    “Through SRC’s Indigenous Workforce and Kiskiyihta Summer Student Programs, more Indigenous youth will have the chance to work in a specialized research and technology environment, gaining valuable job experience, coaching and mentorship,” Minister Responsible for SRC Warren Kaeding said. “The new initiative complements SRC’s Indigenous Action Plan, with a goal to create new employment opportunities and further advance economic reconciliation in the province.”  

    The First Nations University of Canada, the Gabriel Dumont Institute, the Saskatchewan Indian Institute of Technologies and the Saskatoon Tribal Council are integral Workforce Program collaborators. Through these relationships, SRC will work collaboratively to identify skilled candidates for summer work placements, internships, apprenticeships, co-op placements and other job opportunities. 

    Four students are part of this year’s inaugural program and will be immersed in learning experiences in SRC’s Rare Earth Element Division and Nuclear Division, as well as its Environmental Remediation and External Relations teams. 

    “We want to be an employer of choice for Indigenous Peoples by providing unique job experiences they may not have had prior access to,” SRC President and CEO Mike Crabtree said. “Our goal is to engage and empower Indigenous Peoples so they can thrive in a culturally safe workplace and achieve their professional goals.” 

    SRC’s Indigenous Workforce Program also places focus on developing strategies for the retention and advancement of Indigenous employees once they are part of SRC’s workforce, such as increasing opportunities for participation in leadership roles and all-staff events to celebrate Indigenous culture. 

    SRC is Canada’s second largest research and technology organization with 1,400 clients in 22 countries around the world. With more than 350 employees, SRC has been helping clients solve technology problems, make improvements, increase productivity and develop new markets for more than 77 years. More details about SRC’s Indigenous Action Plan can be found at src.sk.ca/IAP. 

    –30-

    For more information, contact: 

    Allison Collins
    External Relations
    Saskatchewan Research Council
    Phone: 306-385-4208
    Email: allison.collins@src.sk.ca 

    MIL OSI Canada News –

    May 9, 2025
  • MIL-OSI USA: Brownley and House Natural Resources Democrats Reject Republicans’ Plan to Sacrifice our Public Lands, Waters and Wildlife for Billionaire Tax Cuts

    Source: United States House of Representatives – Julia Brownley (D-CA)

    Washington, DC – On Tuesday, Congresswoman Julia Brownley (CA-26) and House Natural Resources Committee Democrats rejected House Republicans’ plan to sell off our lands, waters, and wildlife to fund tax cuts for billionaires in the Committee’s portion of the Republican reconciliation package. Democrats were united in the bipartisan opposition to a Republican amendment offered in the dead of night to sell off thousands of acres of public lands. While House Republicans remained silent, Democrats presented a unified front to protect communities, the American taxpayers, and our most cherished places. 

    “Republicans have launched one of the most egregious attacks on our public lands, our waters, and our health that we have ever witnessed. It hands over our national parks, forests, and precious natural resources to oil and gas corporations, putting their profits over the safety and well-being of the American people,” said Congresswoman Brownley. “In exchange for giveaways to the wealthiest polluters, American families will face higher energy costs, dirtier air and water, and more frequent environmental disasters. This is the same ‘polluters over people’ agenda that has defined the Trump Administration, where corporate greed comes first and the American people pay the price. This Republican proposal will add billions to the deficit while selling off our environment, our economy, and our future to the highest bidder. This bill is shameful, and the American people deserve better.”

    “Republicans just rammed the most extreme, anti-environment legislation in American history through the Natural Resources Committee. It’s a billionaires-first, Americans-last giveaway to benefit Big Oil and polluters,” said Ranking Member Jared Huffman (CA-02). “It guts clean air and water protections, slashes funding for our national parks, and sells off, auctions off, and even allows for giving away our public lands to special interests. For the first time, Americans who simply want their voices heard on Big Oil projects on federal land will be slapped with fees for daring to protest. House Republicans not only voted in lock-step for this cartoonishly extreme bill, they refused to participate in any public debate or discussion about it. I’m sure they had plenty of discussion with their corporate polluter puppet masters, but in the only public hearing before this bill goes to the House Floor they refused to even discuss it. The American people deserve better policy and process than what they’re getting from this GOP Congress. I’m proud that Democrats showed up and fully engaged in debating and challenging this terrible bill. We fought back. And we’ll keep fighting for Americans’ basic freedoms, which include clean air, safe water, healthy communities, and a livable planet for future generations.”

    “The only thing these budget gimmicks will do is drive up Big Oil profits, CEO pay, and shareholder dividends at the expense of our public lands and the American taxpayer,” said Congresswoman Yassamin Ansari (AZ-03). “We should be caring about the everyday Americans who are going to be suffering from the consequences of these decisions for years. Our constituents, who are already facing a climate crisis with heat wave after heat wave, who are getting sick from the pollution released by coal fired power plants and petrochemical facilities next door, all compounded by threats of serious cuts to Medicaid healthcare coverage.”

    “House Republicans are once again putting polluters over people. But as a mother, I refuse to let my children’s future be auctioned off to Big Oil. I offered common-sense amendments that range from blocking funds to agencies that refuse to comply with the courts to stopping oil and gas drilling near schools and hospitals,” said Congresswoman Maxine Dexter (OR-03). “This bill is a giveaway to Big Oil and billionaires. My amendments demand House Republicans choose: people or polluters?”

    “Instead of advancing a budget that helps address the challenges Americans are confronting, House Republicans are combining the most extreme attack on our nation’s natural resources with enormous cuts to Medicaid, Social Security, and other critical programs working families depend on every single day,” said Congresswoman Debbie Dingell (MI-06). “We should be focusing on expanding public access to federal lands, not auctioning them off. And we should be investing in our National Parks System and National Wildlife Refuges, not making it harder for Americans to visit these special places. This bill doesn’t put Americans first—it gives massive handouts to pad polluters’ pockets with no regard for the environment.”

    “This is a fire sale on our federal land and waters,” said Congresswoman Sarah Elfreth (MD-03). “This bill reduces corporate fees and eliminates environmental and judicial safeguards that our constituents deserve. And, all for what? There is no guarantee that any of those resources will benefit Americans or lower the cost of energy for our taxpayers. We’ll still be exporting this oil just like before. We’ll still be importing oil to our refineries. We’re putting at real risk the natural resources and national security assets that I’ll address with my amendments. Taxpayers will once again be footing the bill for large corporations from all over the world who score a lease to pillage our land with no recourse. I believe that our taxpayers simply deserve better.”

    “This bill is a giveaway to big oil and gas companies at the expense of our environment, workers, and communities,” said Congresswoman Val Hoyle (OR-04). “Instead of investing in bipartisan priorities like wildfire prevention or strengthening our coastal communities, it prioritizes polluters and weakens the very protections Americans rely on. I stand firmly against this reckless and misguided approach.”

    “This bill is nothing more than a billion-dollar giveaway to corporations,” said Congresswoman Teresa Leger Fernández (NM-03). “House Republicans are selling off our lands, slashing corporate royalty rates, and raising fees on clean energy—all to pay for tax breaks for billionaires. They’re making our families pay the price in higher energy bills, polluted water, and more extreme climate disasters. I offered amendments to protect Tribal sovereignty, keep revenues in oil and gas producing states like New Mexico, and block foreign adversaries from exploiting our resources. These are common sense protections—but Republicans chose to protect polluters over working families.”

    “The devastating effects of climate change will cost us trillions of dollars and lead to catastrophic threats to our civilization,” said Congressman Dave Min (CA-47). “We have both a moral and economic imperative to fight back and give our children the opportunity to grow up in a world where they can breathe clean air, drink clean water, and have the freedom to chase the American dream. That’s why I led four amendments to stand up for our environment and fight back against the Trump administration.”

    “The GOP is trying to pass a massive tax break to billionaires, and it will cost the American people $7 trillion on the backs of the American people and the expense of the environment,” said Congresswoman Melanie Stansbury (NM-01). “I was truly shocked when I read this reconciliation package before the Natural Resources Committee. It has mandatory oil and gas leasing, mining, and logging requirements. It gives away public lands and resources, not to the highest bidder, but to the lowest bidder. And, it takes away the rights of the American people to participate in planning, permitting, and holding bad actors accountable. That means impacts on public lands and waters without accountability. Furthermore, it is based on a completely false premise that will undermine the protection of our economy, our communities, and the environment. That’s why I am prepared to sit here as long as it takes to fight this bill.”

    Background

    House Republicans are squandering Americans’ money, health, and safety to pad polluters’ pockets. The House Natural Resources Committee’s portion of the Republican reconciliation package, which was pushed through without support from Committee Democrats, does the following:

    • Instantly boosts big oil and gas company profits by letting them drill and frack at bargain-basement prices while robbing taxpayers blind.
    • Puts polluters before people by letting the wealthy companies pay for legal immunity for inadequate environmental reviews and slapping Americans with exorbitant fees to protest oil and gas pollution.
    • Slashes funding for critical and popular public services like NOAA’s coastal restoration and resilience efforts and the National Parks workforce, making it harder for Americans to protect their communities from natural hazards and visit our nation’s most scenic and inspiring places.
    • Locks up 4 million acres for unprofitable coal mining – more land than the entire state of Connecticut – taking our energy policy back to the 19th century.
    • Mandates dirty mining and drilling deals that will create toxic disasters in our nation’s most pristine lands and waters, permanently polluting places like the Boundary Waters and the Arctic National Wildlife Refuge.
    • Crushes clean energy development by jacking up fees for wind and solar while slashing fees for oil and coal.
    • Wipes out protections for endangered species, including dooming the planet’s most endangered whale to extinction by waiving all sensible safeguards for offshore oil and gas operations.
    • Sells off public lands to pay for handouts to big oil and tax cuts for billionaires – a surprise, late-night amendment paves the way for a fire sale of public lands.

    Republicans had the opportunity to support common-sense safeguards and improve the bill. However, they rejected numerous Democratic amendments, including those to do the following:

    Bolster essential and lifesaving public services:

    • Congresswoman Brownley’s amendment (#65) redirecting funding to NOAA climate monitoring, weather forecasts, and disaster preparedness.
    • Congressman Magaziner’s amendment (#213) striking recissions of IRA funds for National Oceanic and Atmospheric Administration investments in coastal communities and climate resilience and facilities.
    • Congresswoman Leger Fernandez (#69) and Representative Hoyle’s (#70) amendments to fund wildland firefighting and fuels reduction.
    • Congresswoman Randall’s amendment (#18) to fund the Bureau of Indian Education, and Congresswoman Ledger Fernandez’s amendment (#38) to fund the Indian Health Service.

    Hold oil, gas, and mining companies accountable and ensure a fair return for taxpayers:

    • Congresswoman Brownley’s amendment (#61) to require DOI to assess a fee on oil and gas operators to pay for the decommissioning of offshore pipelines in the event of bankruptcy.
    • Congressman Min’s amendment (#44) to require DOI to increase financial assurances from oil and gas companies before reduced royalties can take effect.
    • Congresswoman Ansari’s amendment to (#19) to deny new leases for oil and gas companies if they have been found liable for collusion.
    • Congresswoman Stansbury’s amendment (#9) to prevent bad actor mining companies from operating on federal land if they are owned by foreign adversaries, have a history of using slave labor, or otherwise break the law.

    Prevent dangerous pollution:

    • Congresswoman Elfreth’s amendment (#129) to prohibit offshore drilling where the Defense Department has determined it is incompatible with military readiness, including off the coast of Virginia, other Atlantic Coast states, and the Eastern Gulf.
    • Ranking Member Huffman’s amendments (#20 and #35) to protect the Arctic National Wildlife Refuge and the Boundary Waters.
    • Congresswoman Rivas’s amendment (#210) striking the rescission of funding for the Council on Environmental Quality’s environmental justice screening tool.

    Stop corruption and illegal actions:

    • Congresswoman Rivas’s amendment (#183) prohibiting funding for new contracts with Elon Musk’s companies until Inspectors General determine there are no conflicts of interest.
    • Congresswoman Ansari’s amendment (#301) striking the text of the bill and inserting the STOCK Act 2.0, to prevent government officials from being able to trade individual stocks.
    • Congresswoman Stansbury’s amendment (#150) directing funds to applicable Inspectors General to report to Congress on the impacts of the Department of Government Efficiency (DOGE) actions on staffing, program services, funding, and data security.

    Ensure healthy and accessible public lands and waters:

    • Congressman Neguse’s amendment (#139) striking the language that rescinds funding National Park Service staffing.
    • Congressman Soto’s amendment (#13) to redirect funding to coral reef conservation.
    • Congresswoman Randall’s amendment (#144) restoring funding for the Fish and Wildlife Service fish passage restoration program.
    • Congresswoman Dingell’s amendment (#82) to prohibit any recissions of funds for Great Lakes fisheries, harmful algal blooms, and resilience.

    Protect Americans’ rights to provide public input:

    • Congresswoman Dexter’s amendment (#15) striking protest filing fees.
    • Ranking Member Huffman’s amendment (#247) striking the section creating a “pay-to-play” process for NEPA.

    Advance clean and affordable energy:

    • Resident Commissioner Hernández’s amendment (#201) to ensure utility-scale solar financing is implemented on schedule.
    • Congressman Min’s amendment (#45) preventing lease sales until the Trump Administration’s national energy policy includes wind and solar energy.
    • Congresswoman Hoyle’s amendment (#186) to ensure the recent firings at the Power Marketing Administrations will not result in a loss of power for ratepayers.

    A full list of amendments offered by Committee Democrats and blocked by Republicans can be found here.

    ###

    Issues: 119th Congress, Climate Crisis, Disaster Relief, Energy and Environment

    MIL OSI USA News –

    May 9, 2025
  • MIL-OSI: Franklin Electric Announces Appointment of Jennifer L. Sherman as Chairperson; Mark Carano Elected to be a Director of the Company

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., May 08, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Franklin Electric Co., Inc. (NASDAQ: FELE) has elected Jennifer L. Sherman, President and Chief Executive Officer of Federal Signal Corporation, as Chairperson effective as of May 2, 2025 for a term expiring at the 2026 Annual Meeting of Shareholders. Ms. Sherman has been a Director of the Company since 2015. Joe Ruzynski, the Company’s Chief Executive Officer, commented: “I want to congratulate Jennifer on her election as Chairperson of Franklin Electric. She knows the Company well, having served on our Board of Directors for 10 years, and I am looking forward to working closely with her to further develop and refine Franklin’s strategy.”

    In addition, the Company is pleased to announce that Mark A. Carano, Vice President, Chief Financial Officer and Treasurer of SPX Technologies, Inc. has been appointed as a director of the Company effective May 7, 2025 for a term expiring at the 2027 Annual Meeting of Shareholders. Mr. Carano has served in that role since 2023. Prior thereto, Mr. Carano served as Senior Vice President, Chief Financial Officer and Treasurer of Insteel Industries, Inc., and Chief Financial Officer of Big River Steel LLC, following 14 years in investment banking.

    Mr. Carano earned a Bachelor of Arts degree from Vanderbilt University and an MBA from Northwestern University’s Kellogg Business School.

    Ms. Sherman, Franklin’s Chairperson of the Board, commented: “I have confidence that Mark’s extensive financial and manufacturing sector experience will provide a unique perspective to our deliberations. His investment banking and corporate deal-making experience will be invaluable as Franklin Electric continues to look for opportunities to grow through accretive acquisitions. I join my fellow directors in welcoming Mark to the Board and we look forward to benefitting from his leadership and expertise.”

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers worldwide in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2024, Most Trustworthy Companies 2024, and Greenest Companies 2025; Best Places to Work in Indiana 2024; and America’s Climate Leaders 2024 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    Contact:
    Russ Fleeger
    Franklin Electric Co., Inc.
    260.824.2900

    The MIL Network –

    May 9, 2025
  • MIL-OSI Security: Man Sentenced to 20 Years in Federal Prison for Sexual Abuse on the Pine Ridge Indian Reservation

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced a Kyle, South Dakota, man convicted of Sexual Abuse. The sentencing took place on May 1, 2025.

    Louis James Swallow, 22, was sentenced to 20 years in federal prison, followed by five years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund. Swallow will be required to register as a sex offender under the Sex Offender Registration and Notification Act.

    Swallow was indicted for Aggravated Sexual Abuse of a Minor and Abusive Sexual Contact by a federal grand jury in February 2024. He pleaded guilty on February 10, 2025.

    The case was charged after an acute disclosure of forcible sexual assault by the 13-year-old victim.  She disclosed Swallow followed her while she was walking home, grabbed her, forced her to the ground, and then raped her.  In sentencing Swallow to 20 years in prison, Judge Schreier condemned Swallow’s “frightening conduct,” noting he had also been charged in Pennington County for raping and strangling a girlfriend in 2020. Judge Schreier further recognized the trauma Swallow’s violence inflicted on the 13-year-old victim.

    This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian Country be prosecuted in Federal court as opposed to State court.

    This case was investigated by the FBI. Assistant U.S. Attorney Anna Lindrooth prosecuted the case.

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

    MIL Security OSI –

    May 9, 2025
  • MIL-OSI USA: Pioneering African American Hospital in Greensboro to be Featured on N.C. Highway Historical Marker 

    Source: US State of North Carolina

    Headline: Pioneering African American Hospital in Greensboro to be Featured on N.C. Highway Historical Marker 

    Pioneering African American Hospital in Greensboro to be Featured on N.C. Highway Historical Marker 
    jejohnson6
    Thu, 05/08/2025 – 15:02

    A hospital built to meet the needs of Greensboro’s African American community during the days of segregation soon will be recognized with a North Carolina Highway Historical Marker.

    The marker commemorating L. Richardson Memorial Hospital will be dedicated during an indoor ceremony at Barber Park Event Center in Greensboro, N.C. (1500 Barber Park Dr., Greensboro, N.C.) on Thursday, May 15 at 11:30 a.m. The marker will be installed at the corner of Washington Street and Benbow Street following the ceremony.

    L. Richardson Memorial Hospital was the first modern African American hospital facility in Greensboro and the only early modern hospital in the city where the original building survives. Richardson Memorial was preceded by two small institutions, Cordice Sanitarium which opened around 1914, and Trinity Hospital for Negroes, a private facility co-founded by Dr. S.P. Sebastian that opened in 1918.

    The Greensboro Negro Hospital Association, which was created Jan. 20, 1923, sought a larger, modern facility for Greensboro’s African American residents. When the hospital opened in 1927, it had 60 beds. Monetary donations provided X-ray machinery and surgical equipment. A nursing school was established at the hospital in 1929 before it merged in 1954 with the nursing program at North Carolina A&T College. In 1934, the Greensboro Negro Hospital Association was renamed the L. Richardson Memorial Hospital, after Lunsford Richardson, pharmacist and founder of the Vick Chemical Company.

    Richardson Memorial operated at its original location on South Benbow Road until June 1966 when it moved to Southside Boulevard. Renovations through the years added new patient beds and new equipment. In 1935, the hospital treated 900 patients annually and by 1955 the number had grown to 5,325 patients.

    Until the 1960s, African American residents in Greensboro had hospital access only to Richardson Memorial until the Simkins v. Cone case led to the integration of hospitals. Ironically, this 1963 court decision resulted in the slow demise of the hospital, as many patients switched to integrated facilities. Financial problems mounted as the number of patients declined.

    The hospital continued to operate as an independent local hospital devoted to the needs of the African American community until April 1994. When Louisville-based Vencor purchased Richardson Memorial in December 1993, it was renamed Vencor Greensboro. The hospital pivoted to providing specialized care for chronically ill patients. Following Vencor’s emergence from bankruptcy in 2001, the corporation changed its name to Kindred Healthcare. Today, the building is operated under the name Kindred Hospital.

    For more information about the historical marker, please visit https://www.dncr.nc.gov/blog/2024/08/09/l-richardson-memorial-hospital-j-128, or call (919) 814-6625.

    The Highway Historical Marker Program is a collaboration between the N.C. departments of Natural and Cultural Resources and Transportation.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    May 6, 2025

    MIL OSI USA News –

    May 9, 2025
  • MIL-OSI USA: Junior Docent Workshop Planned at Museum of the Albemarle

    Source: US State of North Carolina

    Headline: Junior Docent Workshop Planned at Museum of the Albemarle

    Junior Docent Workshop Planned at Museum of the Albemarle
    jejohnson6
    Thu, 05/08/2025 – 14:48

    ELIZABETH CITY

    The Museum of the Albemarle will host a Junior Docent Workshop on Thursday, June 12, from 10 a.m. – 2 p.m. for teens ages 13–17.  Enjoy group activities and gain experience with the public while learning to help the museum – this summer and year-round – with programs and behind-the-scenes assistance.  The opportunity awaits you to meet people, participate in special events, and learn more about our region and state.  Become a Junior Docent and help keep North Carolina’s heritage alive.

     

    The workshop is free, but pre-registration is required.  Email noah.janis@dncr.nc.gov or call 252-335-1453 to register.  The deadline to sign up for this workshop is June 9.

     

    About the Museum of the Albemarle

     

    The Museum of the Albemarle is located at 501 S. Water Street, Elizabeth City, NC. (252) 335-1453. www.museumofthealbemarle.com. Find us on Facebook! Hours are Monday through Saturday, 10:00 a.m. to 4:00 p.m. Closed Sundays and State Holidays. Serving Bertie, Camden, Chowan, Currituck, Dare, Gates, Hertford, Hyde, Northampton, Pasquotank, Perquimans, Tyrrell, and Washington Counties, the museum is the northeast regional history museum of the North Carolina Division of State History Museums within the N.C.

     

    Department of Natural and Cultural Resources, the state agency with the mission to enrich lives and communities and the vision to harness the state’s cultural resources to build North Carolina’s social, cultural, and economic future. Information is available 24/7 at www.dncr.nc.gov.      

     

    About the North Carolina Department of Natural and Cultural Resources

     

    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the N.C. Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.

    May 8, 2025

    MIL OSI USA News –

    May 9, 2025
  • MIL-OSI USA: N.C. Aquarium at Fort Fisher to Begin Transformative Project This Fall

    Source: US State of North Carolina

    Headline: N.C. Aquarium at Fort Fisher to Begin Transformative Project This Fall

    N.C. Aquarium at Fort Fisher to Begin Transformative Project This Fall
    jejohnson6
    Thu, 05/08/2025 – 14:45

    KURE BEACH

    Guided by a commitment to conservation, education, and passion for inspiring the community to protect the environment, the North Carolina Aquarium at Fort Fisher (NCAFF) is launching the first phase of a $65 million expansion and renovation later this year. At the heart of this unprecedented project is the largest shark habitat in North Carolina, deepening community connections and expanding the Aquarium into the largest in the state. This multi-year renovation will transform the visitor experience on an extraordinary scale.

     

    “This project is about more than updating our facilities; it’s about moving boldly into the future, with a reimagined visitor experience unlike any other in the state,” said Hap Fatzinger, director for the North Carolina Aquariums Division. “We’re creating new, dynamic spaces that educate, connect, and empower our community.”

    Along with the expansive new shark habitat, the project includes an interactive touch pool, a live coral reef habitat, a state-of-the-art education center with a seamless pathway to outdoor learning, and a breathtaking rooftop sky deck. Students, educators, and families will come face-to-fin with the aquatic world in meaningful, lasting ways, discovering new experiential opportunities to connect with science, and conservation. The Aquarium will begin construction on the expansion later this year. The North Carolina Aquariums are a division of the North Carolina Department of Natural and Cultural Resources.

    NC Aquarium Society Support

    The North Carolina Aquarium Society launched Beneath the Surface: The Campaign for the North Carolina Aquariums to support this expansion. This campaign is a bold initiative to transform the way people of all ages learn about and engage with aquatic life and is supporting major renovation efforts at all three North Carolina Aquariums and Jennette’s Pier with the primary focus on the renovation of the NC Aquarium at Fort Fisher.

    This campaign has already raised more than $60 million thanks to support from the State of North Carolina and generous early supporters, including $2 million from the State Employees Credit Union Foundation and $7.5 million from The Endowment in New Hanover County. Additional funds are needed to support the work at all the sites. The Aquarium Society is initiating the public phase of the campaign and invites all who value aquatic education and conservation to support.

    “We’re incredibly grateful for the generous investments we’ve already received,” said Liz Baird, NC Aquarium Society President & CEO. “We now ask our community to help us cross the finish line. Every donation, no matter the size, will make waves and bring us closer to ensuring that aquatic life in North Carolina flourishes for generations to come.”

    For more information on the capital campaign or to donate, visit www.ncaquariumsociety.com/campaign.

    Looking to the Future

    While the Aquarium undergoes this monumental transformation, the facility will close to the public this fall. Follow the NCAFF social media channels to find updates and information as the project unfolds.

    Online Tickets Required
    The Aquarium is anticipating a busy summer season. Visitors should plan their visit as spots fill up quickly. Online reservations are required to visit the Aquarium at NCAFF Tickets.

     ###

    About the North Carolina Aquarium at Fort Fisher  
    The North Carolina Aquarium at Fort Fisher is just south of Kure Beach, a short drive from Wilmington on U.S. 421 and less than a mile from the Fort Fisher ferry terminal. The Aquarium is one of three Aquariums and a pier that make up the North Carolina Aquariums, a division of the Department of Natural and Cultural Resources. The mission of the Aquarium is to inspire appreciation and conservation of our aquatic environments. The Aquarium features a 235-000-gallon sand tiger shark habitat, an albino alligator, a bald eagle, a loggerhead sea turtle habitat and two families of mischievous Asian small-clawed otters.The Aquarium is accredited through the Association of Zoos and Aquariums (AZA).

    Hours: 9 a.m. to 5 p.m. daily. Admission: $12.95 ages 13-61; $10.95 children ages 3-12; $11.95 seniors (62 and older) and military with valid identification; NC EBT card holders*: $3. Free admission for children 2 and younger and N.C. Aquarium Society members and N.C. Zoo members. *EBT rate is applicable to a maximum of four tickets.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.

    About North Carolina Aquarium Society 

    The North Carolina Aquarium Society is a nonprofit (501c3) organization dedicated to supporting the North Carolina Aquariums through private fundraising, membership, and revenue generation. Established in 1986, the society partners with the N.C. Aquariums to enhance exhibits, animal care, education programs, and conservation initiatives beyond what state funding provides.

    May 8, 2025

    MIL OSI USA News –

    May 9, 2025
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