NewzIntel.com

Category: Asia

  • MIL-OSI Security: DPAA Conducts Honorable Carry Ceremony from Philippine Mission

    Source: United States INDO PACIFIC COMMAND

    JOINT BASE PEARL HARBOR-HICKAM, Hawaii  –  

    On 28 January, the Defense POW/MIA Accounting Agency conducted an honorable carry ceremony to honor service members from World War II at Joint Base Pearl Harbor-Hickam.

    An honorable carry ceremony is a tradition that honors unknown service members as they return to American soil for the first time in over 80 years.

    The 18 U.S. flag-draped transfer cases contained the potential remains of 36 unknown World War II service members who were interred at the Manila American Cemetery and Memorial in the Philippines. The cases were repatriated to the DPAA’s laboratory in Hawaii for identification and analysis.

    “Thirty-five of these brave individuals perished in captivity at the Cabanatuan prison camp, while one gave their life in the Tokyo Prison Fire during World War II,” said John M. Figuerres, the DPAA’s acting deputy director for operations.

    These service members were among those who fought bravely at the battles of Bataan and Corregidor in 1942. With no supplies, reinforcements or hope of relief, they held their ground longer than any Allied force against the Imperial Japanese army’s initial attacks.

    “After being forced to surrender, many of these service members suffered through the brutal 65-mile Bataan Death March and lost their lives while being held as prisoners,” Figuerres explained.

    The DPAA launched the Cabanatuan Project in 2014 and has since accounted for more than 90 personnel. However, more than 900 individuals remain unaccounted for.
    “As part of its ongoing efforts, the agency’s annual goal is to conduct two Philippine disinterments and repatriate about 70 transfer cases”, said U.S. Marine Corps Capt. Jordan Underwood, DPAA team leader for the disinterment.

    Additionally, the DPAA continues working to identify service members who perished in the Tokyo Military Prison in May 1945, initiating the Tokyo Prison Fire Project in 2022. Dozens of American Airmen who were being held in the Tokyo Military Prison died during the Allied firebombing of the Japanese capitol in March 1945, trapped amidst the blaze engulfing the city.

    The agency identifies potential remains using a wide variety of methods, some examples include anthropological testing, dental analysis and DNA testing in partnership with the Armed Forces Medical Examiner System.

    “The DPAA’s mission is to account for missing personnel from past conflicts. We hope to identify these service members and return them home. One family member once told me that it’s not about providing closure, but about closing a chapter of their family history, and I think that’s a great way to describe it”, said Dr. Carrie LeGarde, a DPAA scientific recovery expert. “We cannot achieve this without bringing these remains back to the DPAA laboratory.”

    For the men and women of the DPAA, an honorable carry is both a solemn occasion, and a triumph.

    “Today, after more than 84 years away from their homeland, we honor their return to the United States,” Figuerres said. “Their sacrifice stands as a testament to the extraordinary courage and resilience of the Greatest Generation. Our mission to identify these heroes continues, ensuring their legacy is preserved and their sacrifice to our nation is never forgotten.”

    For more information about the DPAA’s efforts to recover POW/MIA remains, visit https://www.dpaa.mil.

    MIL Security OSI –

  • MIL-OSI Security: Defense News: Chief of Naval Operations Adm. Lisa Franchetti met with Commander-in-Chief of the Royal Thai Navy (RTN) Adm. Jirapol Wongwit, at the Pentagon, Feb. 4, 2025.

    Source: United States Navy

    Chief of Naval Operations Adm. Lisa Franchetti met with Commander-in-Chief of the Royal Thai Navy (RTN) Adm. Jirapol Wongwit, at the Pentagon today.

    The two leaders outlined plans to enhance interoperability and capabilities, with a focus on expanding maritime domain awareness with robotic and autonomous systems, cyber security improvements, and a commitment to military modernization to address shared challenges.

    Franchetti also shared the Navigation Plan for America’s Warfighting Navy with Jirapol, which underscores her priorities of warfighting, warfighters, and the foundation that supports them, as well as building relationships with Allies and partners.
    Franchetti expressed appreciation for Thailand’s continued support for U.S. ship and aircraft visits, highlighting the recently concluded USS Carl Vinson Carrier Strike Group port visit to Laem Chabang. 

    The leaders also discussed future opportunities to enhance collaboration through participation in bilateral and multilateral exercises, including the Cobra Gold multinational exercise held in Thailand, Rim of the Pacific (RIMPAC), and CARAT Thailand (Cooperation Afloat Readiness and Training).

    Thailand is a major non-NATO ally, one of five U.S. treaty allies in the Indo-Pacific, and a leader within the Association of Southern Asian Nations (ASEAN).

    MIL Security OSI –

  • MIL-OSI Economics: Samsung Members Connect 2025: Samsung Electronics Holds Exclusive Event for Global Members To Experience Galaxy S25 Series Firsthand

    Source: Samsung

    On January 21, Samsung Electronics invited 90 Samsung Members Stars from 19 countries to San Jose, California, for the Samsung Members Connect event. Samsung Members is a Galaxy app that provides product information, exclusive benefits and a platform for users to interact. Meanwhile, Samsung Members Stars are community leaders who create high-quality content and actively engage in discussions within the app.
     
    For this exclusive event, Samsung designed various programs to ensure that participating Members could share their firsthand experiences of the new Galaxy products with the wider community. These Members were among the first to explore the upgraded Galaxy AI features and collaborated on exclusive missions with #TeamGalaxy, Samsung’s dedicated Galaxy influencers. Their real-time updates allowed Members in different regions to experience the excitement of the event as it happened.
     
    Samsung Newsroom highlighted vibrant moments from Samsung Members Connect.
     

    Members Orientation: A Hub Connecting Samsung Members Around the World
    At the “Members Orientation,” Members from different countries gathered to share their unique experiences and journeys within the community. Exchanging insights on how they effectively utilize Galaxy devices and engage with others in their respective regions, Members from diverse cultural and social backgrounds connected through meaningful discussions and fostered deeper connections within the network.
     
    ▲ Members present their contributions during the networking session.
     
     
    Galaxy AI Evolves With Greater Innovation
    At Galaxy Unpacked 2025, Members had the exclusive opportunity to get a sneak peek at the newly unveiled Galaxy S25 series — powered by an enhanced Galaxy AI.
     
    “It is truly an honor to participate in a global event hosted by Samsung. I was particularly impressed by how effortlessly I could summarize YouTube videos with just a single tap,” said Hyun-seo Chae, a Members from South Korea. “The ongoing evolution of Galaxy AI always exceeds expectations, and its groundbreaking advancements demonstrate limitless opportunities and possibilities.”
     
    ▲ Members experience the Galaxy S25 series at the Experience Zone.
     
    Following Galaxy Unpacked 2025, Sung Chang, Executive Vice President of Marketing Team, and Minseok Kang, Head of Smartphone Product Planning Team, from Mobile eXperience (MX) Business at Samsung Electronics held a Q&A session to discuss key features of the Galaxy S25 series.
     
    ▲ (From left) Sung Chang and Minseok Kang from Samsung Electronics
     
     
    Members Workshop: Samsung Members Stars and #TeamGalaxy Unite Through Galaxy
    For the first time, Samsung Members Connect featured a unique collaboration between Members and #TeamGalaxy. These workshops provided Members with an opportunity to develop key influencer skills, helping them more effectively share their experiences using Galaxy devices with the global community.
     
    During the workshop, Members and #TeamGalaxy fostered mutual growth by exchanging their strengths — deep Galaxy knowledge and content creation expertise, respectively. They actively discussed content themes and explored new features of the Galaxy S25 series to incorporate into their projects for the following day. Through these collaborative missions, Members in different countries had the opportunity to indirectly experience the Galaxy S25 series for two days.
     
    “Engaging with #TeamGalaxy has allowed me to take my content to the next level and expand the reach of Galaxy-related content,” said Sebastián Sebas, a Members from Colombia.
     
    ▲ Members and #TeamGalaxy influencers collaborate on a filming mission.
     
     
    An Epic Tour of San Francisco With Next-Level Galaxy AI
    On the final day of the event, Members embarked on a tour of San Francisco with the Galaxy S25 series. Participants visited iconic landmarks in San Francisco and completed individual and group missions that showcased the advanced features of Galaxy AI. Using the upgraded AI capabilities of the Galaxy S25 series, Members captured dynamic moments, experimented with various camera modes, and creatively applied Galaxy AI to produce high-quality content for the larger community.
     
    After an exciting day of exploration, the event concluded with a gala dinner and a Mission Awards ceremony — marking the successful completion of the four-day journey.
     
    ▲ The results of the collaborative Member missions
     
    Samsung Members Connect provided a unique opportunity to be among the first to experience the Galaxy S25 series, a product line showcasing a new AI paradigm that will seamlessly integrate into users’ daily lives. Through various programs, the diverse Members exchanged their experiences and shared the excitement of Galaxy Unpacked 2025 to the wider community. Samsung looks forward to seeing how Galaxy AI will continue to drive endless innovation, enhance the daily lives of users and shape the future ahead.

    MIL OSI Economics –

  • MIL-OSI China: Thailand to cut power, fuel supply, internet at Thai-Myanmar border

    Source: China State Council Information Office

    Thailand will cut electricity, fuel supply, and internet services to five areas in Myanmar along the Thai-Myanmar border starting on Wednesday morning, Deputy Prime Minister Phumtham Wechayachai announced on Tuesday.

    Phumtham, who also serves as the defense minister, made the announcement after chairing a meeting of the National Security Council on Tuesday afternoon.

    Speaking to reporters, he said that online fraud has caused serious harm to Thai citizens and become a national security issue. The Thai government’s investigation found that these five connection points are linked to online scam activities.

    “Starting from 9 a.m. on Wednesday, electricity, fuel supply, and internet services will be cut off to Myanmar-based power distributors at all five connection points,” he said, adding that Thai authorities have notified their Myanmar counterparts of the decision.

    According to Thai media reports, the five affected supply points are located within Myanmar’s border regions, including Myawaddy in Shan State.

    Thailand first approved electricity exports to Myanmar in 1992 and 1994, with power supplied by the Provincial Electricity Authority. Under the agreements, Thailand reserves the right to unilaterally terminate electricity supply if the recipient violates regulations, without bearing liability for compensation.

    MIL OSI China News –

  • MIL-OSI China: Thailand approves high-speed rail project to link Laos, China

    Source: China State Council Information Office

    Thailand’s cabinet on Tuesday approved the second phase of the high-speed rail project that will connect the Southeast Asian country with China through Laos, with completion expected in 2030.

    Spanning five stations, the 357-km second phase of the railway will extend an under-construction segment linking the Thai capital Bangkok and Nakhon Ratchasima province to Nong Khai at the border with Laos, said Thai government spokesman Jirayu Houngsub.

    The second phase also includes the construction of a logistics hub in the northeastern Nong Khai province, which will facilitate freight movement between Thailand’s 1-meter gauge railway and the 1.435-meter standard gauge used in the China-Laos Railway, offering a one-stop service for cargo transfer, Jirayu said in a statement.

    Following the cabinet approval, the project will proceed, taking into account the opinions of relevant agencies and complying with legal and regulatory requirements, with construction of the second phase set to begin in fiscal year 2025, the spokesperson said.

    MIL OSI China News –

  • MIL-OSI China: Guizhou eyes outsourcing sector role

    Source: China State Council Information Office 3

    A scene in The War of the Rohirrim. [Photo provided to chinadaily.com.cn]

    As Warner Bros’ animated film The Lord of the Rings: The War of the Rohirrim debuts globally, a company from Guizhou province has left its mark, having contributed keyframe animation, coloring and cinematography to the movie.

    At the helm is Xu Chenyin, manager of Junzi Qianxing Technology Media. Xu, who was a former animation professional in Japan, runs the company in Guiyang, the provincial capital. He also serves as a member of the Guizhou Committee of the Chinese People’s Political Consultative Conference.

    During the provincial legislative session in January, Xu submitted a proposal on promoting the development of Guizhou’s service outsourcing industry.

    “Guizhou has the potential to attract high-value outsourcing projects such as digital services and creative design,” he said. “With the increasing specialization of international labor, developed countries are outsourcing non-core services to regions with lower costs and higher efficiency.”

    Guiyang has already seen growth in the industry. According to local authorities, service outsourcing execution in the city grew 16.58 percent year-on-year in 2024, with offshore outsourcing surging 59.18 percent and domestic outsourcing increasing 12.67 percent.

    Beyond direct benefits, Xu said he believes that service outsourcing can accelerate industrial upgrades.

    However, he also pointed out a major challenge: a shortage of skilled talent.

    “In today’s decentralized production landscape, geographical barriers are no longer an issue in joining the global industry. The real challenge lies in addressing the talent gap.”

    This year, Xu recommended “partnering with universities, research institutes and enterprises to optimize academic programs based on market demands, introduce globally recognized certification courses and strengthen practical training”.

    He also suggested launching targeted recruitment initiatives in fields such as big data, artificial intelligence and business negotiations while offering competitive incentives.

    Xu highlighted the collaboration between Guizhou’s big data and service outsourcing sectors.

    “In animation, for example, big data offers a wealth of image, audio and video resources that serve as valuable references for production,” Xu said.

    One key example is rendering – the process of converting 3D scenes into 2D images. This resource-intensive animation step often demands costly hardware.

    “Cloud computing resources, developed through its data industry, offer a cost-effective solution. Cloud rendering platforms reduce production cycles and costs,” Xu explained.

    MIL OSI China News –

  • MIL-OSI China: Cultural vibes eagerly embraced by holiday travelers

    Source: China State Council Information Office 3

    Residents watch a dragon dance performance in Xinghua, Jiangsu province, on Sunday during Spring Festival celebrations. Various events, including folk activities and intangible cultural heritage displays, have been held across China to celebrate Spring Festival. [Zhou Shegen / XINHUA]

    Surrounded by crowds and patting the head of a fish-shaped lantern for good luck, 27-year-old Tian Jialiang immersed himself in the rich, festive vibes of Spring Festival in Zhanqi village of Shexian, Anhui province.

    Tian, who is a native of Nanchang in the neighboring province of Jiangxi, was on a four-day self-driving tour to Huangshan, Anhui, with four friends.

    “Spring Festival is one of the most important traditional holidays to the Chinese people. We came here for the village’s strong new year atmosphere and celebrations, where the performers mimic fishes’ movements to bring good luck and fortune. I think it is the essence of the festival,” Tian said.

    Spring Festival, which was added to UNESCO’s Intangible Cultural Heritage list in December, has seen people’s passion skyrocket for tourism destinations highlighting cultural vibes or folk customs.

    This year’s Spring Festival fell on Jan 29, the first day of the first month of the Chinese calendar, and marked the beginning of the Year of the Snake. People in China enjoyed an eight-day break, from Jan 28 to Tuesday.

    Reports from travel agencies showed that cultural tourism destinations were in vogue during the holiday.

    Travel portal Qunar said that cities with festive celebrations or folk customs, including Huangshan in Anhui, Chaozhou and Shantou in Guangdong province, and Quanzhou in Fujian province, were among the most sought-after destinations by its users during the holiday. These places are well known for folk events, including fish-shaped lantern shows, lion dances and hairpin flowers.

    Huangshan saw its hotel room bookings double year-on-year during the holiday.

    Another travel portal, Fliggy, said travelers have shown an increasing interest in immersive tourism events featuring Chinese cultural elements, including visiting temple fairs, wearing traditional Chinese hanfu attire for photo shoots, and appreciating lantern shows. It said that sales of tourism products related to folk custom performances grew 36 percent year-on-year on its platform.

    Liu Gengshuo, 30, who is from the northeastern province of Jilin, booked photo-shooting services featuring traditional hanfu clothing for his wife in Datong, Shanxi province, for the Spring Festival holiday.

    “It has long been our wish to embrace Chinese New Year in Datong, a city that enjoys a long-standing history and is home to much historical architecture, including temples,” Liu said. “The city is filled with a festive atmosphere and beautiful decorations. We will come again for another visit.”

    Qi Chunguang, vice-president of online travel agency Tuniu, said the addition of Spring Festival to UNESCO’s Intangible Cultural Heritage list has greatly increased people’s enthusiasm for traditional Chinese culture, and this turned places with intangible cultural events into hot tourism destinations over the holiday period.

    Some history and culture museums have also been popular, Qi said.

    “People have shown great demand and interest in high-quality travels, as they wish to explore the destination’s cultural and social practices with immersive events. I think the trend will keep the tourism industry developing this year,” he said.

    Chinese travelers also showed strong consumption power and a desire for overseas tourism destinations during the Spring Festival holiday. Figures from Fliggy showed that international cruise bookings surged 229 percent at its platform for the holiday period, and overseas destinations such as the Hong Kong and Macao special administrative regions, as well as countries in Southeast Asia, were top choices for people from the Chinese mainland.

    Cai Muzi, an analyst at travel portal Qunar, said that Thailand continues to rank near the top of Chinese people’s favorite overseas destinations because of the shorter travel hours, visa-free policy, milder climate and cheaper travel costs.

    According to Qunar, Chinese travelers set foot in more than 2,100 cities worldwide during the holiday, with the number increasing 50 percent year-on-year. In addition to Southeast Asian countries and regions, destinations in Europe, the Middle East and Africa, ranging from Hungary and Norway to Saudi Arabia and Egypt, saw an increase in tourism visits by Chinese.

    MIL OSI China News –

  • MIL-OSI China: S. Korea’s court holds 5th hearing of Yoon’s impeachment trial

    Source: China State Council Information Office 3

    South Korea’s constitutional court on Tuesday held the fifth hearing of impeachment trial on President Yoon Suk-yeol, with the arrested president being present for the third time.

    Yoon presented himself at the courtroom in central Seoul at about 2:00 p.m. local time (0500 GMT) after attending the third and fourth hearings last month.

    During the fifth hearing, Yoon said that “nothing really happened” on the night of Dec. 3 last year when he declared an emergency martial law, denying allegations that he ordered martial law troops to drag lawmakers out of the hall of the National Assembly that revoked the martial law hours later.

    Throughout the midnight hours, military helicopters landed at the National Assembly and hundreds of armed special forces troops broke into the parliamentary building, TV footage showed.

    Under the constitution, a president is required to report the martial law imposition to the National Assembly, the sole body with the right to repeal martial law.

    Yoon claimed that he intended to appeal to people in the form of martial law and lift it when the parliament voted against it, but he noted that such intention was shared only with former Defense Minister Kim Yong-hyun, not with other cabinet members.

    According to the prosecution’s indictment, Yoon urged military commanders over phone to push martial law troops into the parliamentary chamber, where the lawmakers gathered to lift the martial law, by “firing guns” and “using axes” to break the door open.

    Lee Jin-woo, former chief of the Capital Defense Command accused of his involvement in the martial law imposition, refused to testify during the hearing, saying he was restricted in testimony as his own criminal case was underway.

    Lee only admitted that he talked with Yoon on the phone on the night of the martial law declaration.

    Yeo In-hyung, former head of the Defense Counterintelligence Command, also refused to testify that he had received orders from the former defense minister to arrest and detain politicians, including chiefs of the ruling People Power Party and the main opposition Democratic Party.

    Officially confirming Yoon’s direct order to arrest the politicians, Hong Jang-won, former first deputy director of the National Intelligence Service, said in the hearing that Yoon gave him orders to help the defense counterintelligence command “round up all” of the politicians.

    Hong told lawmakers last month that he was given the orders over phone around 20 minutes after the martial law declaration.

    Yoon testified that his instructions to assist the defense counterintelligence command had nothing to do with the martial law imposition.

    Next hearings were scheduled to be held on Feb. 6, 11 and 13.

    The motion to impeach Yoon was passed through the National Assembly on Dec. 14 last year and was delivered to the constitutional court to deliberate it for up to 180 days, during which Yoon’s presidential power is suspended.

    Yoon was apprehended in the presidential office on Jan. 15, becoming the country’s first sitting president to be arrested.

    Yoon, who was named as a suspected ringleader of insurrection, was indicted under detention on Jan. 26, becoming the country’s first incumbent president to be put on trial in custody.

    The South Korean president was accused of conspiring with the former defense minister, who had already been indicted under detention, to declare unconstitutional, illegal martial law and dispatch armed forces into the National Assembly.

    MIL OSI China News –

  • MIL-OSI Economics: ADB, Fiji Sign Landmark Agreement for Urban Waste Management

    Source: Asia Development Bank

    • From left: UNDP Team Leader for Inclusive Growth Patrick Tuimalealiifano, ADB Head of Office of Markets Development and Public–Private Partnerships F. Cleo Kawawaki, Permanent Secretary for Ministry of Environment and Climate Change Sivendra Michael, Permanent Secretary for Local Government Seema Sharma, and ADB Regional Director for the Pacific Subregional Office Aaron Batten.

    News from Country Offices | 05 February 2025

    SHARE THIS PAGE

    SUVA, FIJI (5 February 2025) — The Asian Development Bank (ADB) signed a Transaction Advisory Services Agreement with Fiji’s Ministry of Local Government (MLG) to support the development of a new sanitary landfill and the rehabilitation of four open dumpsites in the Western District of Fiji. The project, envisioned as a public–private partnership (PPP), aims to address critical urban waste management challenges while ensuring environmental and public health benefits. The project will be implemented by MLG together with the Ministry of Environment and Climate Change. 

    Permanent Secretary for the Ministry of Local Government Seema Sharma and the Head of ADB’s Office of Markets Development and Public–Private Partnerships Cleo Kawawaki signed the agreement in Suva in the presence of the Regional Director of ADB’s Pacific Subregional Office in Fiji, Aaron Batten, and the Permanent Secretary for the Ministry of Environment and Climate Change, Sivendra Michael.

    “This project is a crucial step toward sustainable waste management in Fiji,” said Mr. Batten. “By leveraging public–private partnerships, we can bring innovative solutions to improve infrastructure, protect the environment, and support healthier communities.”

    The project envisions the construction of a sanitary landfill, including engineered cells, and leachate collection. The rehabilitation of existing open dumpsites will mitigate pollution and health risks, while paving the way for sustainable urban development.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    Media Contact

    SHARE THIS PAGE
    Countries
    Subjects

    MIL OSI Economics –

  • MIL-OSI China: PLA Air Force conducts routine patrol over Huangyan Dao

    Source: China State Council Information Office 2

    A spokesperson for the Chinese military on Tuesday said that the People’s Liberation Army (PLA) is on high alert for any destabilizing military activities in the South China Sea.
    On the same day, the Air Force of the PLA Southern Theater Command conducted a routine patrol in the airspace of China’s Huangyan Dao. During the patrol, the Philippines has been colluding with countries outside the region to organize the so-called “joint patrols” to deliberately undermine peace and stability in the South China Sea, according to Li Jianjian, spokesperson for the PLA Southern Theater Command.
    Li said the Air Force will remain on high alert to resolutely defend China’s territorial sovereignty and maritime rights and interests.
    “Any military activities that disrupt the South China Sea are fully under control,” said the spokesperson.

    MIL OSI China News –

  • MIL-OSI China: Estee Lauder to cut up to 7,000 jobs as sales slide

    Source: China State Council Information Office

    Estee Lauder, the U.S. multinational cosmetics company manufacturing and marketing makeup, skincare, perfume and hair care products, may trim as many as 7,000 jobs by fiscal 2026, more than 11 percent of its workforce, after it lost money in its most recent quarter as reported a 6 percent sales slump.

    “The New York-based company behind such brands as MAC, La Mer and Aveda tempered its profit outlook as the economies of China and Korea slow, in addition to global geopolitical uncertainty,” reported The Associated Press on Tuesday.

    Estee Lauder expects to book restructuring and other charges related to the job cuts of between 1.2 billion U.S. dollars and 1.6 billion dollars, before taxes.

    As of June 30, 2024, Estee Lauder had roughly 62,000 employees worldwide, according to the company’s latest annual filing.

    MIL OSI China News –

  • MIL-Evening Report: Watching the doom loop: Sydney Festival artists witness climate change, and imagine our post-apocalyptic future

    Source: The Conversation (Au and NZ) – By Blake Lawrence, PhD Candidate (Design) and Performance Artist, University of Technology Sydney

    Re-Stor(y)ing Oceania. Giacomo Cosua/Sydney Festival

    The first weeks of 2025 have seen catastrophic wildfires locally and internationally, record global ocean temperatures, and unprecedented coral bleaching events.

    Trump has signed executive orders to exit from the Paris Agreement, and locally, the Coalition continues its decades-long campaign of climate denial

    Species fall swiftly and silently to extinction. The language of bird-song collapses. For many peoples, and for many species, apocalypse is past tense.

    For climate risk researchers Laurie Laybourn and James Dyke, politics illustrates a doom loop, a political diving-towards apocalypse.

    Artists in this year’s Sydney Festival imagine exit strategies from this doom loop – and dream of taking root in its post-apocalyptic rubble.

    Anito

    Phasmahammer is the alter-ego and ongoing creative project of artist Justin Talplacido Shoulder. Anito is the latest in a series of their theatre-scale works that blend live performance with mythology, story-telling, costume and ceremony.

    We begin in the cavernous Carriageworks foyer with a living miniature fig tree.

    Damun (as it is known in the Gadigal language), Ficus rubingosa (Latin), the Port Jackson fig, is known for establishing itself insurgently in the pavements and gutters of the city’s colonial (apocalyptic) architecture.

    Here, the bonsai sits like a welcome party, stifled and vibrant in its little pot.

    In an introductory speech, Shoulder’s collaborator Matthew Stegh acknowledges the city of Sydney as “a theatre and a prison” – tripling in reference to both the experience of producing theatre for institutions, and the stunted experience of our little fig.

    Anito blends live performance with mythology, story-telling, costume and ceremony.
    Sarah Walker/Sydney Festival

    He pays homage to the ecological and cosmological traditions of Gadigal Country, and to the ancestral Philippines of Shoulder. In the next breath Stegh shifts his homage to Sydney’s histories of queer and counter-cultural performance, to sex workers, strippers, clowns, club kids and drag queens.

    He offers reflections on apocalypse and ruin, referring to the “cultish suicide pact” of white supremacy, capitalism, imperialism and colonialism – to doom loops.

    We are led into the auditorium, where Shoulder and fellow performer Eugene Choi animate a series of hallucinatory images.

    Using their bodies, costume pieces, puppetry and inflatable set design, they work with immaculate sound (Corin Ileto) and lighting (Fausto Brusamolino).

    A ghostly hologram of the buttress of a great tree fills the stage. Metallic roots writhe at its foundation. Shoulder and Choi emerge, and from there, eruptions: the first man and woman, a pair of thunder-lizards, bickering, a quadruped. A scale-bending colonial ghost smothered in lace searches tragically for something among planetary ruins. A stony reef of polyps and anemones blooms and dances. A single clap by three pairs of hands. The Big Bang.

    It is often hard to discern exactly how the images are performed. They are both magic and bewildering.
    Liz Ham/Sydney Festival

    By design, it is often hard to discern exactly how these images are performed. They are both magic and bewildering.

    For philosopher Ben Ware, thinking about the horizon of the extinction of all biological life on Earth poses a paradoxical opportunity. The only thing that can thwart the end of this world – “a world of converging and multiplying catastrophes” – is the recognition that the politics of this time have one outcome: “the slow unravelling of intimately entangled forms of life”.

    The fantasy theatre of Anito makes those intimate entanglements visual. We must begin from understanding that the way the world is organised produces its own end.

    Like Shoulder, artist communities of the Pacific know this intimately.

    Re-Stor(y)ing Oceania

    Re-Stor(y)ing Oceania is an exhibition led by artists of the South Pacific Ocean.

    Originally conceived for the Venice Biennale, and curated by Taloi Havini, the exhibition comprises two commissions by Elisapeta Hinemoa Heta and Latai Taumoepeau.

    This is a space for conversation, performance, song and activism.
    Giacomo Cosua/Sydney Festival

    The rooms of a freshly-renovated Artspace in Woolloomooloo are transformed by Heta’s architectural interventions. In one, a mass of bricks creates an altar-like structure, on which bowls of coconut milk sit in concentric circles. In another, pavers form a platform for a circle of seats. They function as stages or gathering places for conversation, performance, song and activism.

    Within these happenings, Havini and her artists speak to the narrative and politics that have produced and compounded catastrophe in the South Pacific.

    Taumoepeau’s interactive installation Deep Communion sung in minor (ArchipelaGO, THIS IS NOT A DRILL) requires visitors to row on standing-paddle-board-like treadmills, which activate immersive songs sung by Taumoepeau and her collaborators.

    The physical exacerbation and the ecological trauma on the screens coalesce in our bodies.
    Giacomo Cosua/Sydney Festival

    In conversation with Heta’s installation, these songs rise and fall, the edges of the artworks and activations become blurry. Visitors paddle towards projections visualising the rubble of marine-ecological wastelands produced by regional deep-sea extraction.

    The physical exacerbation and the ecological trauma on the screens coalesce in our bodies. To drop the oar enacts the fading of the song from the speakers. We are left with reflections of the connections between bodies and calamity, and the labour of working towards futures beyond ruin.

    Plant a Promise

    Henrietta Baird’s Plant a Promise, like Anito and Re-Stor(y)ing Oceania, is a performance with blurry edges. Its roots spread out of Bangarra’s Studio Theatre to incorporate installation, in-situ yarns (storytelling and conversation) and tree-planting projects across the city.

    Inside the theatre, three contemporary dancers animate recorded stories of Indigenous experiences of bushfires beside frustrations with the surrounding political footballing. The sentiment is clear: less talk, more action.

    Plant a Promise beckons audiences into attentiveness to the lives of trees, fire and people.
    Stephen Wilson Barker/Sydney Festival

    At its finale, audience members are invited to the stage to collaborate in the transformation of the set. We are led to take handfuls of verdant eucalyptus and acacia leaves and implant them into large woven columns that have functioned theatrically as abstracted tree-forms. The stage is transformed into a forest of our making together.

    Through its many stories, Plant a Promise beckons audiences into attentiveness to the lives of trees, fire and people.

    In the shadows of catastrophe, the roots of Indigenous knowledge systems and environmental science cross-pollinate to share and enact care for Country.

    The stage is transformed into a forest of our making together.
    Stephen Wilson Barker/Sydney Festival

    Generously, we receive a gift as we exit the theatre. The exchange of a native sapling invites us into casual conversation – into reflections on Country, and how we might, all of us, commit to it.

    Again, we begin, from the recognition of an end. More rubble. More roots.

    Putricia

    At the time of writing, Sydneysiders are enamoured with the life of another plant, gathered around livestreams and making excited trips to the city’s Botanic Gardens.

    Putricia, the resident titan arum, or corpse flower (Amorphophallus titanium), has thrown her immense flower spike into the air. She has commenced her slow strip-tease after a week of tantalising her admirers.

    In a few weeks we have become attentive to her story of life and renewal. She will likely have bloomed, wilted and returned to the soil before this text goes live.

    Performances like Putricia’s blooming, Anito, Re-Stor(y)ing Oceania and Plant a Promise offer new vantage points from which to understand ourselves in relation to the natural world, and to glimpse myriad alternatives to what feels like a diving towards our own demise.

    Performances of aliveness beside and within the ecologies we inhabit move us beyond what Ben Ware sees as a naïve sense of “hope”. Instead, these stories make material, make cultural, make real, the impossible task of imagining what comes next.

    Amid the smell of rotting corpses, the pillowy puppetry of a theatrical coral spawning event, the planting of a forest or the singing of invocations for the protection of the planet’s oceans, we might yet find ourselves. This is not a drill.

    Blake Lawrence 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. Watching the doom loop: Sydney Festival artists witness climate change, and imagine our post-apocalyptic future – https://theconversation.com/watching-the-doom-loop-sydney-festival-artists-witness-climate-change-and-imagine-our-post-apocalyptic-future-249017

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Mission Man Sentenced to Federal Prison for Larceny

    Source: Office of United States Attorneys

    PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Mission, South Dakota, man convicted of Larceny. The sentencing took place on February 3, 2025.

    Preston White Feather, age 28, was sentenced to one year in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund. White Feather was further ordered to pay restitution in the amount of $1,888.56.

    White Feather was indicted by a federal grand jury in January 2024. He pleaded guilty on October 31, 2024.

    The conviction stems from an incident that occurred in December 2023 within the boundaries of the Rosebud Sioux Indian Reservation. On December 9, 2023, White Feather stole merchandise from a convenience store in Mission, South Dakota. He was identified on surveillance video and was subsequently apprehended by law enforcement.

    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 Rosebud Sioux Tribe Law Enforcement Services. Senior Litigation Counsel Kirk Albertson prosecuted the case.   

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

    MIL Security OSI –

  • MIL-OSI Security: Sisseton Man Sentenced to Federal Prison for Child Abuse

    Source: Office of United States Attorneys

    PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Sisseton, South Dakota, man convicted of Child Abuse. The sentencing took place on January 27, 2025.

    Nathaniel Yazzie, 24, was sentenced to one year and seven months in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    Yazzie was indicted for Child Abuse by a federal grand jury in September 2024. He pleaded guilty on October 31, 2024.

    On July 29, 2024, Yazzie struck a three-year-old child multiple times in the face and head while the child was in his care. A concerned party heard the child being abused in Yazzie’s room and called law enforcement. Upon arrival at Yazzie’s residence, law enforcement found the child with a bloody lip and bruising on his face, including linear bruises consistent with being slapped. Yazzie was arrested on tribal charges, and the child was transported to the hospital for medical care.

    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 and Cheyenne River Sioux Tribe Law Enforcement Services. Assistant U.S. Attorney Wayne Venhuizen prosecuted the case.

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

    MIL Security OSI –

  • MIL-OSI: Veea Issues Letter to Shareholders

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Veea Inc. (NASDAQ: VEEA), a pioneer in edge computing and AI-driven solutions, today issued a Letter to Shareholders from Founder and Chief Executive Officer Allen Salmasi.

    Dear Fellow Shareholders,

    On the occasion of Veea ringing the Nasdaq Opening Bell on February 5, I want to welcome our shareholders and share our insights with respect to our vision, strategy, and the opportunities that lie ahead.

    Connecting the World at the Edge
    I am thrilled to share with you that a monumental shift in technology has occurred, one that now directly aligns with our vision of the future dating back to the founding of the company ten years ago. This transformation is the convergence of Edge Computing, Hyperconverged Networks, and the application of Artificial Intelligence (AI) at the very edge that all things connect to the network, commonly referred to as Edge AI.

    We have developed a portfolio of fully integrated, scalable, and turnkey wireless and wired communications and computing devices and services – VeeaHub products, VeeaWare, and VeeaCloud – that deliver cloud-to-edge solutions and allow businesses to manage high volumes of data to enable real-time applications and maintain system reliability. Our solutions have been iterated over the last several years to minimize production costs, reduce installation expenses, and deliver scalability with easy integration to third party solutions, resulting in a lower total cost of ownership compared to typical edge computing solutions.

    We possess more than 100 exclusively-owned patents covering 26 patent families, and a significant partner ecosystem. Our products have been deployed to enterprises and SMB/SMEs across several countries, providing real-world solutions across various end markets. We are transforming lives from remote villages in Indonesia, where Veea’s mesh network is empowering internet connectivity in health, education, and agriculture, to retailers in Mexico, farms in North America, a campus in Hong Kong, and a 21-acre commercial building complex in Orlando, Florida where our Veea Edge Platform is enabling common indoor and outdoor common area Wi-Fi.

    Well Positioned to Support the 5thIndustrial Revolution
    Significant advances in AI technologies are now driving the 5th Industrial Revolution, fundamentally reshaping how we live, work, and interact. Unlike previous industrial revolutions driven by mechanization, electricity, computing, and automation, the 5th Industrial Revolution is characterized by the seamless integration of AI and human intelligence to enhance decision-making, improve productivity, and drive innovation across every sector. This is not just a technological trend; it is a pivotal force shaping the future of industries, economies, and our organization.

    AI inferencing is at the heart of this revolution, driving a new business paradigm that demands a fresh approach to technology infrastructure and service delivery. AI inferencing refers to the process where a trained AI model applies its learned knowledge to analyze new, unseen data and generate predictions or decisions based on the patterns it has identified during training; essentially, it’s the “action” of using an AI model to make sense of “new information” and draw conclusions from it. For many enterprise and consumer use cases massive amounts of data must be collected and processed at the edge. Among many of its utilities, this is what Veea Edge Platform does most efficiently.

    Veea’s unique implementation of Edge AI brings the power of AI closer to where data is generated—at the “edge” of networks. This means faster decision-making, reduced latency, enhanced security, increased reliability, data privacy and sovereignty, and real-time insights without the dependency on centralized cloud infrastructure. Edge Computing complements this by processing data locally, significantly improving efficiency and reducing bandwidth costs.

    Edge Computing is not just a supporting technology—it is the core capability that enables AI inferencing to deliver real-time, context-aware insights to both enterprises and consumers alike. By processing data closer to the source, Edge Computing ensures that AI applications are responsive, resilient, and efficient. This shift requires businesses to adopt new operational models, emphasizing agility, scalability, and decentralized intelligence.

    AI-as-a-Service (AIaaS)
    At Veea, we are at the forefront of this transformation, leveraging Edge Computing to power our AI-as-a-Service (AIaaS) offerings. Traditional business models are no longer sufficient to support the speed, scale, and complexity required by broadly adopted AI-driven applications. Some believe that AI Agents will eventually replace SaaS solutions.

    Hyperconverged Networking (HCN) is the backbone that supports this rapid data processing and AI-driven environment. By integrating computing, storage, and networking into a unified system, HCN enhances scalability, simplifies IT infrastructure, and ensures robust data flow between edge devices and core systems. Veea’s virtualized software environment, supporting cloud-native applications, together with one of the most advanced HCN implementations, positions us very well to lead in the delivery of highly optimized solutions in this new era, creating unparalleled value for our customers and sustainable growth for our shareholders.

    Through the seamless integration of Edge AI, Edge Computing, and Hyperconverged Networking, all supported by Veea’s cloud-managed products, we are driving:

    – Innovation: Delivering cutting-edge products and services that meet the demands of the widest range of the rapidly evolving digital landscape.

    – Operational Efficiency: Reducing costs and improving performance for many industries.

    – Growth Opportunities: Expanding into new markets and sectors that are rapidly adopting AI inferencing and edge technologies.

    – Shareholder Value: Enhancing our competitive advantage, creating revenue streams, and supporting long-term financial performance.

    A Unique Business Model Supported by Technology that Delivers Solutions to Real World Problems
    What sets Veea apart in this transformative era is our unique business model as a Managed Service Provider (MSP) that is delivering solutions such i) as 5G fixed wireless access through our VeeaHub edge computing products with AI-driven cybersecurity, and a range of value-added services currently being rolled-out by network operators to SMBs and SME, as one of its highly scalable use cases, and ii) Edge AI inferencing through our innovative AIaaS offering with complete turnkey hardware and software solutions (i.e., full stack). This model allows us to deliver AI-powered applications and insights at scale without requiring the end-users to invest heavily in infrastructure or specialized talent.

    Through our AIaaS platform, we provide end-to-end management of AI workloads, from deployment and optimization to continuous monitoring and maintenance. This approach offers several key differentiators:

    – Scalability: Clients can easily scale their AI capabilities as their business grows, without the complexities of managing hardware and software.

    – Cost Efficiency: By offering AI on a subscription basis, we lower the barriers to entry, making advanced AI accessible to organizations of all sizes.

    – Agility: Our managed services enable rapid deployment and iteration, allowing businesses to adapt quickly to changing market demands.

    – Expertise: Clients benefit from our deep expertise in AI, edge computing, and hyperconverged networking, ensuring optimal performance and reliability.

    AI inferencing supported by Edge AI represents a compelling business model and a significant growth opportunity for several reasons:

    – Explosive Market Demand: The global demand for real-time, data-driven decision-making is rising across industries including retail, healthcare, manufacturing, smart buildings, smart cities, and smart farming. Organizations need solutions that process data instantly, making Edge AI inferencing critical.

    – Recurring Revenue Streams: The MSP and AIaaS business models enable predictable, recurring revenue through subscription-based offerings. This stabilizes our financial outlook and supports sustainable growth.

    – Competitive Advantage: Edge AI allows businesses to differentiate themselves through faster, smarter, and more secure operations. By providing managed AI inferencing services, we help our clients maintain a competitive edge, which in turn strengthens our market position.

    – Lower Total Cost of Ownership (TCO): Our managed services reduce the cost and complexity for customers, making it more attractive for businesses to adopt advanced AI without large upfront investments.

    – Global Scalability: The decentralized nature of Edge AI allows us to serve clients worldwide, expanding our reach and unlocking new markets without the limitations of traditional centralized data processing.

    – Rapid Innovation Cycle: Continuous improvements in AI algorithms, edge devices, and networking technologies create opportunities for us to innovate and offer enhanced services regularly, driving both customer retention and new customer acquisition.

    – Portable Software Stack: Our full stack software can run on third-party hardware (i.e., CPU-based or GPU-based servers, Access Points (APs), routers, etc.) with a Linux host that meet our minimum requirements, making our cloud-managed platform hardware agnostic.

    In Closing
    Our commitment to innovation and excellence, combined with a differentiated business model, not only strengthens our value proposition to customers but also positions us to develop a robust, recurring revenue stream that drives sustainable growth and profitability.

    We are committed to investing in these transformative technologies, fostering strategic partnerships, and continuing to lead in innovation. Our goal is to ensure that Veea remains at the forefront of this technological revolution, delivering growth and value to our shareholders.

    Thank you for your continued support and trust in our vision. Together, we are shaping the future.

    Warm regards,

    Allen Salmasi
    Founder & Chief Executive Officer

    About Veea
    Veea Inc. (NASDAQ: VEEA) was formed in 2014 and is headquartered in New York City with a rich history of major innovations in the development of advanced networking, wireless and computing technologies. Veea makes living and working at the edge simpler and more secure. Veea has unified multi-tenant computing, multiaccess multiprotocol communications, edge storage and cybersecurity solutions through fully integrated cloud- and edge-managed products. Veea’s fully integrated turnkey solution offers end-to-end cloud management of devices, applications and services with Zero Trust Network Access (ZTNA), optionally with a highly simplified plug and play 5G-based Secure Access Service Edge (SASE) offering. Veea Edge Platform™ enables direct connections from the wide area optical fiber, cellular and satellite networks to devices on the local area networks created by a VeeaHub® mesh cluster over network-managed Wi-Fi and IoT devices – a unique patented capability called Multiprotocol Private Network Slicing (MPNS) for ISPs to offer subscription-based services for one or a group of endpoints. Veea Developer Portal and development tools provide for rapid development of edge applications including federated learning with pre-trained models for inferencing to cost-effectively enable Edge AI for most enterprise use cases.

    Veea was recognized in 2023 by Gartner as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform™ and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World’s in its research report published in October 2023 as one of the top 10 Edge AI solution providers alongside IBM, Microsoft, Amazon Web Services among others. For more information about Veea and its product offerings, visit veea.com and follow us on LinkedIn.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Veea’s Form 10-Q for the fiscal quarter ended September 30, 2024 and any subsequent filings which Veea makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

    The Equity Group

    Devin Sullivan
    Managing Director
    dsullivan@equityny.com

    Conor Rodriguez
    Analyst
    crodriguez@equityny.com

    The MIL Network –

  • MIL-OSI USA: Chairman Mast Exposes Outrageous USAID and State Department Grants

    Source: US House Committee on Foreign Affairs

    Media Contact 202-321-9747

    WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast released the following video exposing radical, far-left grants issued by the State Department and United States Agency for International Development under the Biden administration.

    WATCH HERE

    Democrats and unaccountable bureaucrats don’t want Americans to know how their hard-earned tax dollars are being wasted abroad. Chairman Mast is here to set the record straight.

    Several egregious examples include:

    $15 million for condoms to the Taliban through USAID.

    $446,700 to promote the expansion of atheism in Nepal through the State Department.

    $1 million to boost French-speaking LGBTQ groups in West and Central Africa through the State Department.

    $14 million in cash vouchers for migrants at the southern border through the State Department.

    $20,600 for a drag show in Ecuador through the State Department.

    $47,020 for a transgender opera in Colombia through the State Department.

    $32,000 for an LGBTQ-centered comic book in Peru through the State Department.

    $55,750 for a climate change presentation warning about the impact of climate change in Argentina to be led by female and LGBT journalists through the StateDepartment.

    $3,315,446 for “being LGBTQ in the Caribbean” through USAID.

    $7,071.58 for a BIPOC speaker series in Canada through the State Department.

    $80,000 for an LGBTQ community center in Bratislava, Slovakia through the State Department.

    $3.2 million to help Tunisian migrants readjust to life in Tunisia after deportation through the State Department.

    $16,500 to foster a “united and equal queer-feminist discourse in Albanian society” through the State Department.

    $10,000 to pressure Lithuanian corporations to promote “DEI values” through the State Department.

    $8,000 to promote DEI among LGBTQ groups in Cyprus through the State Department.

    $1.5 million to promote job opportunities for LGBTQ individuals in Serbia through USAID.

    $70,884 to create a U.S.-Irish musical to promote DEI in Ireland through the State Department.

    $39,652 to host seminars at the Edinburgh International Book Festival on gender identity and racial equality through the State Department.

    $2.5 million to build electric vehicle charging stations in Vietnam’s largest cities through USAID.

    $425,622 to help Indonesian coffee companies become more climate and gender friendly through USAID.

    ###

    MIL OSI USA News –

  • MIL-OSI: Bitdeer Announces Strategic Acquisition of 101 MW Site and Gas-fired Power Project in Alberta to Deliver the Industry’s First Fully-Vertically Integrated Bitcoin Mining Site

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced the successful close of the acquisition of a fully licensed and permitted 101 MW site and gas-fired power project situated on 19 acres of land near Fox Creek, Alberta in an all-cash transaction for $21.7 million. The site has potential to scale to 1 GW of power, reflecting Alberta’s abundant energy resources, supportive regulatory posture and pro-business environment.

    The 101 MW gas-fired power project includes all permits and licenses required to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”). Bitdeer will develop and construct the power plant in partnership with a leading Engineering, Procurement and Construction (“EPC”) company and is expected to be energized by Q4 2026.

    Concurrently, the Company plans to build 99 MW of datacenter capacity for Bitcoin mining. This newly acquired site and power generation project provides the Company a unique opportunity to become the world’s first fully-vertically integrated Bitcoin miner at scale and potentially achieve some of the lowest Bitcoin mining production costs in the industry.

    Strategic Benefits

    • Full vertical integration: The Company will have control of the land, power generation, electrical and datacenter infrastructure as well as using its own internally developed and manufactured Bitcoin mining machines. The Company can deploy approximately [9] EH/s of its SEALMINER A3 mining machines upon completion, which are anticipated to have industry leading machine-level efficiency of 11-12 J/TH.
    • Low Power Costs: Projected energy production costs of approximately $20 to $25 per MWh1, based on current gas prices.
    • Sustainability & Potential Carbon Credit Upside: As part of the project acquisition, Bitdeer will deploy a carbon utilization system that captures CO2 making the project a net zero carbon producer. This initiative aims to offset Canada’s carbon tax obligations and may generate future revenue through carbon credits.
    • Energy Cost Optimization & Revenue Flexibility: The Company expects to curtail and sell power back to the Alberta grid to stabilize prices during periods of high demand. The Company estimates this could potentially optimize costs even further.

    “We are really excited about planting roots in Alberta, our first site in Canada. This acquisition is the culmination of extensive collaboration with multiple government agencies and the Canadian Blockchain Consortium. It marks a significant step in our strategy to become the first fully-vertically integrated Bitcoin miner, giving us unmatched control over costs, energy efficiency, and scalability,” said Haris Basit, Chief Strategy Officer at Bitdeer. “By combining our own power generation, SEALMINER mining machines and opportunistic grid participation, we believe this site will set a new benchmark for industry unit economics.”

    Regarding the project, Danielle Smith, Premier of Alberta said, “We are so pleased to welcome the world’s first net-zero, fully integrated off-grid Bitcoin mining facility — right here in Alberta. Today’s investment is another sign that Alberta continues to be a leader in technology and innovation not only across the country, but across the world. If you want to do business and have a plan to bring your own power, then Alberta is the place for you.”

    Estimated Costs and Development Timeline
    The Company plans to commence site preparation and initial infrastructure development in Q2 2025 and energization in Q4 2026.

    Asset Actual and Estimated Costs
    101 MW Fox Creek Site and 19-acre land near Fox Creek, Alberta $21.7 million cash
    Gas-fired power plant ~$90 million
    Electrical & datacenter infrastructure $300K per MW or ~$30 million
     

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for blockchain and high-performance computing industry. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

    For investor and media inquiries, please contact:

    Investor Relations
    Orange Group
    Yujia Zhai
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    BlocksBridge Consulting
    Nishant Sharma
    bitdeer@blocksbridge.com

    1 Assumes natural gas costs of ~$2.06 / GJ, plus regular maintenance and O&M

    The MIL Network –

  • MIL-OSI USA: Cantwell Votes NO On Advancing RFK Jr.’s Nomination for HHS Secretary

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.04.25

    Cantwell Votes NO On Advancing RFK Jr.’s Nomination for HHS Secretary

    WASHINGTON, D.C. – Today, at a meeting of the Senate Committee on Finance, U.S. Senator Maria Cantwell (D-WA) voted no on advancing the nomination of Robert F. Kennedy Jr., President Trump’s nominee to serve as Secretary of Health and Human Services.

    “I wanted to vote for Mr. Kennedy in the context of my family’s history. My dad stood behind his father the night his father gave the famous speech. I told him in my office, in my family, the Kennedy’s stood up. But when he answered Senator Cassidy’s question, and he couldn’t even give him the answer — that yes, the data is there to support vaccines today — I don’t need any more data, all of a sudden.”

    Sen. Cantwell continued: “I need someone at HHS who is going to say, we are going to be a leader in medical technology, science, vaccines, we are going to fight foreign powers, we are going to be there to provide global health. And I don’t want a recalcitrant. I need a leader. And that is why I’m voting no,” said Sen. Cantwell.

    The speech Sen. Cantwell referenced was on the night of Dr. Martin Luther King Jr.’s assassination on April 4, 1968, when Sen. Robert F. Kennedy Sr. spoke in Indianapolis and delivered the tragic news to attendees. Her father, Paul Cantwell, was standing just behind the late Senator during that speech. Today, the Kennedy-King National Commemorative Site near the site of the speech honors both Dr. King and Sen. Kennedy.   

    Last week, Sen. Cantwell grilled Robert F. Kennedy Jr. during his nomination hearing before the Senate Finance Committee on his anti-science and anti-vaccine views, and his promise to cut 600 employees from the National Institutes of Health:

    “I represent a very big innovation state – innovation in health care, specifically. Innovation like NIH funding to the Fred Hutch Cancer Center that helped develop the HPV vaccine, which has the potential to eliminate over 95% of cervical cancer. NIH also funds a lot of jobs and grants – nearly 11,000 people in the State of Washington and over $1.2 billion worth grants,” Sen. Cantwell said last week during the nomination hearing. “I definitely am troubled by the medical research side of innovation, and some of the things that you have said. In fact, this issue about laying off 600 employees at NIH.”

    Video of Sen. Cantwell’s Q&A with RFK Jr. during last week’s nomination hearing is available HERE; audio is HERE; and a transcript of Sen. Cantwell’s questioning is available HERE. Our full press release on the nomination hearing is available HERE.

    For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.

    Video of Sen. Cantwell’s remarks during today’s Finance Committee markup is available HERE, audio HERE, and transcript HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Lee Introduces Resolution Affirming USA Creation and Protection of the Panama Canal

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    WASHINGTON – Sen. Mike Lee (R-UT) has introduced a resolution recognizing the great American achievement of creating the Panama Canal, the vital importance of the Canal in trade, national security, and geopolitics, and the necessity to ensure the neutrality of the Canal from interference by global adversaries like China. The resolution is co-sponsored by Sens. Rick Scott (R-FL), Tommy Tuberville (R-AL), and Marsha Blackburn (R-TN).

    RESOLUTION

    Expressing the vital importance of the Panama Canal to the United States.

    Whereas early efforts of the Colombian government and French investors to construct a canal across Panama were unsuccessful and resulted in bankruptcy by 1889;

    Whereas, as a condition of United States Government support for Panama’s independence from Colombia, including the positioning of United States troops in the then-territory of Panama, the United States was to be assured access to construct and control a canal in perpetuity, an agreement that culminated in the Hay-Bunau-Varilla Treaty, signed at Washington November 18, 1903;

    Whereas the Panama Canal was never initiated, engineered, or built by the Panamanian government;

    Whereas the United States Government funded, pioneered, and built the Panama Canal over a 10-year period from 1904 to 1914, at a cost of $375,000,000 and 10,000 lives, and raised the canal above sea level through construction of a lock system;

    Whereas, historically, the Panama Canal has been distinct from the sovereign territory of Panama;

    Whereas the Panama Canal serves as a vital connection between the Atlantic and Pacific Oceans, connecting the east and west coasts of the United States and providing passage for more than 14,000 vessels in 2023;

    Whereas approximately 72 percent of vessels traveling through the Panama Canal are traveling to or from United States ports;

    Whereas, without the Panama Canal, vessels would have to pass through the notoriously dangerous Cape Horn, extending transit by nearly 8,000 miles;

    Whereas, in 1977, President Carter surrendered United States control over the Panama Canal in a series of trea- ties with Panama known as the ‘‘Torrijos-Carter Trea- ties’’;

    Whereas one of those treaties, the Treaty Concerning the Permanent Neutrality and Operation of the Panama Canal, signed at Washington September 7, 1977, otherwise known as the ‘‘Neutrality Treaty’’, reserved the right of the United States to use armed force to defend the permanent neutrality of the Panama Canal;

    Whereas, for nearly a decade, the People’s Republic of China has steadily increased its footprint in the Panama Canal;

    Whereas, in 2016, Panama ceded control of Margarita Island, the Panama Canal’s largest Atlantic port, to the People’s Republic of China-affiliated Landbridge Group in a $900,000,000 agreement;

    Whereas, in 2018, Panama entered into a $1,400,000,000 agreement for the China Communications Construction Company and the China Harbor Engineering Company to construct the fourth bridge across the Panama Canal;

    Whereas CK Hutchison Holdings, based in Hong Kong, manages two of the Panama Canal’s five ports, including the Balboa port along the Pacific and Cristobal port along the Atlantic;

    Whereas the rapid acceleration of Chinese influence in the Panama Canal poses a high risk of intelligence-gathering and surveillance by the People’s Republic of China;

    Whereas Chinese law requires the assets of civilian firms to be made available to support the armed forces of the People’s Republic of China;

    Whereas the Panama Canal would serve as a logistics point between the east and west coasts of the United States in the event of a conflict involving United States Armed Forces, cementing its value to homeland and hemispheric defense;

    Whereas the ability of the People’s Republic of China to control major entry and exit points of the Panama Canal would provide the People’s Republic of China with a significant military advantage relevant to United States Armed Forces in the event of a conflict:

    Now, therefore, be it Resolved, That the Senate—

    (1) recognizes the ingenuity and labor of Americans that made the Panama Canal possible for future generations, with special regard for those Americans who lost their lives in pursuit of the Panama Canal project;

    (2) expresses that the Panama Canal is vital to United States regional security, hemispheric hegemony, and economic interests;

    (3) assesses that a pattern of Chinese-backed investment in port infrastructure and canal operations in Panama constitutes a violation of the Neutrality Treaty; and

    (4) urges the Trump administration to ensure that the canal remains neutral and to take all appropriate measures to enforce the Neutrality Treaty.

    The text of the resolution may be found HERE.

    MIL OSI USA News –

  • MIL-OSI Australia: Interview with Sabra Lane, AM on ABC Radio

    Source: Minister for Trade

    Sabra Lane: The US-China trade war is escalating, with Beijing imposing retaliatory tariffs and restrictions on critical mineral exports. Where does Australia stand? Senator Don Farrell is Australia’s Trade and Tourism Minister and Special Minister of State. Minister, thanks for joining the program.

    Minister for Trade: Nice to be with you, Sabra.

    Sabra Lane: China has announced retaliatory action to Mr. Trump’s tariffs. They’re both Australia’s friends, but only one is an ally. Does the government back Mr Trump?

    Minister for Trade: We want to have a cool, calm and collected approach to this issue. We believe that we have a very strong argument to defend free and fair trade, and that’s the argument that we put to the Chinese Government. And at the end of last year, the last of the products that had been subject to those impediments, namely crayfish, were sent back into China. When the opportunity arises, I’ll be putting exactly the same argument to my American counterpart that we support free and fair trade and it’s in the best interests of both our countries to continue to do that.

    Sabra Lane: Some say it’s shakedown diplomacy. You argue, and the government says, Australia is prepared, but a slowdown in China could affect Australia. How hard could this be?

    Minister for Trade: Well, it’s always possible that higher tariffs on Chinese products going into the United States will have an impact on the Australian economy. As I say, what Australia needs to do is to push issues that are in our national interest. We’re an island. We rely on trade to produce our prosperity. It’s been very successful in recent years. We’ve had record trade. One thing that this government has managed to do is to diversify our trading relationship. So, we now have new free trade agreements with the with the United Kingdom, with India. In fact, in the last few days, India made us a fresh offer to extend our free trade agreement. We’ve negotiated a new free trade agreement with the United Arab Emirates. So, all around the world, we’re looking to diversify our trading relationship so that we’re not simply reliant on one or two countries to provide for our prosperity. We’re looking for a much broader relationship and we’ve been successful in that.

    Sabra Lane: Mr. Trump’s choice of Commerce Minister Howard Lutnick has not been confirmed just yet. Have you spoken with him yet or when do you expect to meet with him to discuss trade?

    Minister for Trade: No, I haven’t spoken with him yet, Sabra, but I have approached the person who will be his Chief of Staff. We’ve indicated that we are very keen to talk. under their system until you get approved by the Senate, you’re not in a position to discuss with other countries. But we’ve made it very clear, and the message that’s come back from Mr Lutnick is that he is very happy to talk with us as soon as he’s legally able to do that. And I hope to be, if not the first person or first overseas minister to speak with him, to be one of the first. And when we get that opportunity, we will push our argument in our national interests that we believe in free and fair trade. That there is no reason for the American Government to impose tariffs on Australia.

    Sabra Lane: We avoided them last time round on steel and aluminium. Are you confident that we can do that again?

    Minister for Trade: What I’m confident about, Sabra, is that we will push the issues that are in our national interest. One of the points I’ll be making to Mr Lutnick is that since President Trump was last in the White House, American sales to Australia have virtually doubled. So, free trade has been very good for the American businesses in Australia. Of course, it’s been good for us because we have increased our trade with the United States. But right at the moment, the balance is very much in the United States’ favour. We buy almost twice as much from the United States as we sell to them. So, I pose this question; why would you impose a tariff on a country where you’ve got a surplus? And, of course, that was the argument that former Prime Minister Turnbull used with Mr Trump last time. So, I think we’ve got a very strong argument. In Singapore mid-last year, we signed another trade agreement with the United States, the Indo-Pacific Economic Framework. So, we’ve been building strong relations with the United States over the last few years. And I think we have a very, very good and strong argument. And I want to do, I want to present that argument to the United States and ask for their serious consideration about what further action they might take.

    Sabra Lane: We have heard this morning with your Special Minister of State hat on, the group Advance is sending out material right now to voters that the Electoral Commission ruled at the last election was misleading. The group says it’s legal right now because it’s being sent before the writs have been issued. Do our laws need tightening to stop this kind of misleading material being sent all the time?

    Minister for Trade: Well, we’ve got laws to deal with the issue of truth in advertising in the electoral context.

    Sabra Lane: Well, this is getting through right now.

    Minister for Trade: Well, those laws haven’t yet passed. We’ve got legislation before the Parliament that’s coming on this Thursday. They’re trying to put downward pressure on the cost of Australian elections. We want every ordinary Australian to be able to participate in the electoral process. And as you saw earlier in the week, Sabra, there’s massive amounts of money going into the Australian electoral system. We want to stop that.

    Sabra Lane: Have you got to deal with the Coalition to get this passed?

    Minister for Trade: Well, I’m talking to everybody, Sabra, as I have been for the last couple of years. And I’m hopeful that this Senate, this week will see the merit in putting downward pressure on the amount of money that’s being spent in Australian elections. It’s interesting over the break, President Biden himself warned that we can’t have a situation where the billionaire oligarchs simply determine who gets into the Australian Parliament. Ordinary Australians, people like you and me, Sabra, have to be able to participate in the electoral process without having billionaire sponsors determining who will and won’t get into the Parliament. So, I’m hopeful that all the discussions I’ve had and I’ve, you know, met with all of the serious players in this space and I’m hopeful that the arguments that we’re presenting for putting downward pressure on the cost of Australian elections will be successful.

    Sabra Lane: Minister, thanks for joining us this morning.

    Minister for Trade: Nice talking with you, Sabra.

    Sabra Lane: That’s Don Farrell, the Minister for Trade and Tourism and the Special Minister of State.

    MIL OSI News –

  • MIL-OSI Security: Indian Nationals Convicted of Money Laundering Conspiracy That Took Life Savings from Victims in Ohio, Michigan, Illinois, and Indiana

    Source: Office of United States Attorneys

    TOLEDO, Ohio – After a six-day trial, a federal jury convicted two men of participating in a vast money laundering conspiracy that robbed victims from across four states of their life savings. Pranay Kumar Mamidi, 27, and Kishan Vinayak Patel, 26, both nationals of the Republic of India, were found guilty of participating in a money laundering conspiracy, concealing the source of the money, and using the illegally gained money to further promote a criminal enterprise. 

    According to court documents, from about May to November 2023, Mamidi and Patel, along with other co-conspirators, engaged in a multi-layered scheme to launder proceeds derived from a fraud known as a phantom hacker scam. In this type of scam, a scammer, acting as a customer service representative for a store or bank, contacts a target victim and falsely informs them that their bank account has been hacked or compromised. Next, the victim is directed to a fake federal law enforcement agent for supposed assistance. The fake federal agent then proceeds to obtain the victim’s savings by deception, typically threatening imminent seizure or arrest.

    In one common example, elderly victims are contacted by someone pretending to be an Amazon, Inc. employee, who informs the victim of suspicious activity on their accounts. Next, the victim is contacted by another person who claims to be from the U.S. Federal Trade Commission (FTC) and informs the victim that their identity was stolen. The victim is then contacted by another individual who claims to be a Drug Enforcement Administration (DEA) special agent. The fake DEA special agent claims that the account in question is being investigated for facilitating fraud and has resulted in supposed arrest warrants for the victim. Fearing legal actions, the victim follows the scammer’s instructions to pull their savings from their bank account and convert funds into cash or gold bars. The victim is further instructed to give another supposed law enforcement official cash and/or gold bars at a designated drop-off point such as a gas station or fast food restaurant. After the drop, the victim is then sent a receipt which appears to be from the U.S. Department of the Treasury and completes the illusion of a legitimate transaction.

    According to court documents, the defendants in this case served as money launderers for other co-conspirators throughout the world who participated in phantom hacker schemes based out of India. The U.S. based money laundering infrastructure allowed funds illegally taken from victims to be distributed throughout the world. Investigators estimate that the total amount of money laundered is in the tens of millions of dollars.

    Sentencing has not yet been scheduled. Mamidi and Patel each face a maximum of 20 years in prison for each count of conviction.

    Six other defendants also named in the second superseding indictment filed in August 2024 were also charged. The following have pleaded guilty and are awaiting sentencing: Dileep Kumar Sakineni, age 26; Balaji Rakesh Mulpuri, age 26; Avi Jitendrakumar Patel, age 22; Sai Hruthik Thodeti, age 25; and Srinivas Ravi Valluru, age 31, all nationals of the Republic of India; and Hiren Jagdishbhai Patel, age 33, of Columbus, Ohio.

    The investigation was conducted by the FBI-Cleveland Field Office. This case was prosecuted by Assistant U.S. Attorneys Robert Melching and Dexter Phillips for the Northern District of Ohio.

    The investigation and prosecution of this case is in response to the Elder Justice Initiative Program originating from the Elder Abuse Prevention and Prosecution Act of 2017 (EAPPA). The mission of the EAPPA and Elder Justice Initiative is to support and coordinate the Department of Justice’s enforcement efforts to combat elder abuse, neglect, financial fraud, and scams that target the nation’s elderly population.

    If you suspect fraudulent conduct involving an older adult, please contact the dedicated National Elder Fraud Hotline at 1-833-FRAUD-11 or 1-833-372-8311 and visit the FBI’s IC3 Elder Fraud Complaint Center at IC3.gov to report it.

    MIL Security OSI –

  • MIL-OSI: ChampionX Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth-quarter revenue of $912.0 million
    • Fourth-quarter net income attributable to ChampionX of $82.8 million
    • Fourth-quarter adjusted EBITDA of $212.3 million
    • Fourth-quarter income before income taxes margin of 13.0%
    • Fourth quarter adjusted EBITDA margin of 23.3%
    • Fourth-quarter cash from operating activities of $207.3 million and free cash flow of $170.1 million
    • Full-year net income attributable to ChampionX of $320.3 million
    • Full-year adjusted EBITDA of $784.7 million
    • Full-year cash from operating activities of $589.7 million and free cash flow of $460.5 million

    THE WOODLANDS, Texas, Feb. 04, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced fourth quarter of 2024 and full year 2024 results. For the fourth quarter of 2024, revenue was $912.0 million, net income attributable to ChampionX was $82.8 million, and adjusted EBITDA was $212.3 million. Income before income taxes margin was 13.0%, and adjusted EBITDA margin was 23.3%. Cash provided by operating activities was $207.3 million, and free cash flow was $170.1 million.

    CEO Commentary

    “2024 was a year in which we continued to demonstrate the unique nature of ChampionX’s cash flow resiliency, driven by the strength of our high-margin operating model and capital-light portfolio of businesses. We delivered robust adjusted EBITDA margin expansion and generated strong free cash flow. Our differentiated performance is the direct result of our employees around the world remaining committed to serving our customers well and living our continuous improvement culture daily. I am thankful and humbled to lead such a remarkably dedicated team,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.

    “During the fourth quarter of 2024, we generated revenue of $912 million, which increased 1% sequentially, driven by seasonal strength in our Production Chemical Technologies business. Sequential growth in Production Chemical Technologies was offset by typical seasonal declines in our Production & Automation Technologies business into the year-end holidays. For the full year 2024, we generated revenue of $3.6 billion, and we grew our North America revenue by 3% year-over-year, driven by particular strength in the Permian basin. We generated net income attributable to ChampionX of $83 million, income before income taxes margin of 13.0%, and delivered adjusted EBITDA of $212 million, representing a 23.3% adjusted EBITDA margin, our highest level as ChampionX, which speaks to the continued productivity and profitability focus of our team. For the full year 2024, we generated net income attributable to ChampionX of $320 million, income before income taxes margin of 12.2%, a 90 basis point increase over the prior year, and delivered adjusted EBITDA of $785 million, representing a 21.6% adjusted EBITDA margin, an increase of 107 basis points year-over-year.

    “We once again demonstrated our strong cash flow profile. Cash flow from operating activities was $207 million during the fourth quarter, which represented 250% of net income attributable to ChampionX, and includes a $48 million tax payment deferred from the fourth quarter of 2024 to the first quarter of 2025. We generated robust free cash flow of $170 million during the fourth quarter, converting 80% of our adjusted EBITDA for the period. Cash flow from operating activities was $590 million for the full year 2024, which represented 184% of net income attributable to ChampionX. For the full year 2024, we generated free cash flow of $460 million and achieved 59% adjusted EBITDA to free cash flow conversion. Our balance sheet and financial position remain strong, ending the year with approximately $1.2 billion of liquidity, including $508 million of cash and $675 million of available capacity on our revolving credit facility.

    “As we look ahead to 2025, we expect global oil production to grow, and given our differentiated and resilient production-oriented portfolio, we expect another year of positive performance relative to general oil and gas market activity.”

    Agreement to be Acquired by SLB

    On April 2, 2024, SLB (NYSE: SLB) and ChampionX jointly announced a definitive Agreement and Plan of Merger (the “Merger Agreement”) for SLB to purchase ChampionX in an all-stock transaction.   The transaction was unanimously approved by the ChampionX board of directors and the transaction received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024.   The transaction is subject to regulatory approvals and other customary closing conditions.

    ChampionX may continue to pay its regular quarterly cash dividends with customary record and payment dates, subject to certain limitations under the Merger Agreement.   Given the pending acquisition of ChampionX by SLB, ChampionX has discontinued providing quarterly guidance and will not host a conference call or webcast to discuss its fourth quarter and full year 2024 results.

    Production Chemical Technologies

    Production Chemical Technologies revenue in the fourth quarter of 2024 was $569.7 million, an increase of $10.1 million, or 2%, sequentially, due to seasonally higher volumes in certain international markets and higher volumes in North America.

    Segment operating profit was $103.6 million and adjusted segment EBITDA was $133.5 million. Segment operating profit margin was 18.2%, an increase of 259 basis points, sequentially, and adjusted segment EBITDA margin was 23.4%, an increase of 187 basis points, sequentially, in each case due to volumes and product mix.

    Production & Automation Technologies

    Production & Automation Technologies revenue in the fourth quarter of 2024 was $269.6 million, a decrease of $6.1 million, or 2%, sequentially, due primarily to seasonality in our North American businesses into the year-end holidays.

    Revenue from digital products was $62.3 million in the fourth quarter of 2024, an increase of $4.4 million, or 7.5%, compared to $57.9 million in the third quarter of 2024.

    Segment operating profit was $39.0 million, and adjusted segment EBITDA was $70.7 million. Segment operating profit margin was 14.5%, an increase of 210 basis points, sequentially, and adjusted segment EBITDA margin was 26.2%, an increase of 100 basis points, sequentially, in each case due to productivity improvements and product mix.

    Drilling Technologies

    Drilling Technologies revenue in the fourth quarter of 2024 was $51.9 million, an increase of $0.2 million, or flat, sequentially, in-line with flat sequential U.S. rig count activity.

    Segment operating profit was $10.7 million, and adjusted segment EBITDA was $12.3 million. Segment operating profit margin was 20.6%, a decrease of 160 basis points, sequentially, and adjusted segment EBITDA margin was 23.7%, a decrease of 112 basis points, sequentially, in each case due to slightly higher operating costs.

    Reservoir Chemical Technologies

    Reservoir Chemical Technologies revenue in the fourth quarter of 2024 was $21.9 million, an increase of $1.4 million, or 7%, sequentially, due primarily to higher product volumes.

    Segment operating profit was $2.3 million, and adjusted segment EBITDA was $3.8 million. Segment operating profit margin was 10.5%, as compared to 8.2% in the prior quarter, and adjusted segment EBITDA margin was 17.1%, an increase of 106 basis points, sequentially, in each case due to higher product volumes.

    Other Business Highlights: Production Chemical Technologies and Reservoir Chemical Technologies

    • Chosen by a Canadian operator to be their sole supply partner for production chemical programs to support longer asset life for the customer’s project.
    • Awarded SAGD accounts with a Canadian oil sands operator after a well-executed ChampionX pursuit, trial and transition. This success is expected to lead to additional growth opportunities with the customer in 2025.
    • Achieved growth with a national oil company in Central Asia through technology and alignment to the customer’s key business drivers. Organized technical workshops and reviews leading to the implementation of a paraffin treatment program with the customer.
    • Secured a new contract for the provision of chemical injection skids for Drag Reducing Agents (“DRA”) as part of a new development in Eastern Africa.
    • Executed a successful field trial for an innovative AAHI (hydrate inhibitor) with a major operator in Egypt. This strategic initiative is expected to assist the customer with significantly boosting production and enhancing operational efficiency.
    • Successfully qualified corrosion inhibitors for an existing gas field in Qatar. This achievement marks a significant step in supporting asset integrity assurance and commitment to delivering reliable solutions to the industry.
    • Qualified a new Kinetic Hydrate Inhibitor for a major gas field operated by a major national oil company in the Middle East region. This innovative solution delivers higher value, efficiency, and a lower total cost of operation.
    • Instituted notable customer-centric innovations, including the Right Products campaign which delivered 12 new chemistry innovations, the ParaClear(R) program for paraffin remediation, and the full-time Flowback Team with new product lines and digital tools.
    • Advanced digital capabilities, including MyAnalytics platform for sales representatives, the Sensor Team for equipment monitoring, and a trial of a Centralized Ordering system to streamline orders.
    • Delivered on our first RenewIQ+(R) opportunity, pumping a Reservoir Chemical Technologies chemistry in conjunction with our standard RenewIQ(R) offering.
    • Gained significant commercial traction among key customers with Reservoir Chemical Technologies’ new acidizing technology. This innovative system has been evaluated by a major Middle East operator and recognized as one of the top-performing solutions in the market. This milestone underscores our commitment to providing sustainable, high-performance solutions that align with the evolving needs of the industry.

    Other Business Highlights: Production & Automation Technologies

    • Expanded the portfolio of recently acquired RMSpumptools into North America, delivering new solutions to a major oil company in the Permian basin using permanent magnet motor technology. Additional interest and growth with customers are building into 2025.
    • Introduced the SMARTEN™ Lite rod pump controller, which offers an economical automation solution for marginal, low-producing rod pump wells. This new technology was successfully operating on 60 new wells in Q4 2024, helping operators gain 24/7 surveillance and remote control of their rod pump assets with a low-cost edge computing device that requires minimal hardware and setup.
    • Continuing to see strong market penetration and interest in Artificial Lift Performance’s Pump Checker software offering. Software license counts have increased by more than 30% since the February 2024 acquisition, with a focused growth on gas lift/plunger lift well applications.
    • Successfully added well density to a performance-based integrated production optimization (“IPO”) project recently secured with a customer in the Permian basin, and extended the reach of this holistic solution with an additional customer in the Permian. The IPO solution combines artificial lift, chemicals and chemical injection systems with digital automation, controls, data management, and optimization services to drive incremental production with effective cost management for operators.
    • Deployed a large SOOFIE™ continuous emissions monitoring system for an operator in the Middle East. Based on initial results, the customer plans to deploy additional fixed emissions monitoring systems as well as incorporate the ChampionX Aura™ optical gas imaging camera in the field. Our technology was selected based on its proven capabilities and ChampionX collaboration with the field team to assure a steady stream of high-quality data. The SOOFIE continuous monitoring system provides real-time, 24/7 surveillance of methane and other greenhouse gases at oil and gas facilities and landfills.
    • Completed installations of ChampionX’s AnX™ coiled rod technology with a Middle East operator. Based on the excellent performance of this corrosion-resistant coiled rod, the customer has ordered product to install in additional wells in 2025. AnX recently won the Gulf Energy Excellence award for Best Production Technology and has demonstrated dramatic run life improvement in highly corrosive applications in multiple geographies around the world.
    • Successfully completed the initial installations of a full rod pumping solution on a very challenging application in Colombia. The solution brings together both the downhole rods and pump with ChampionX’s rod lift production optimization software. The customer reports that results are exceeding expectations, with production increasing by 35% while reducing operating costs through optimizing resources required to operate the wells.
    • Expanded production optimization software capabilities with customers in Peru and Argentina. Our XSPOC™ software has been implemented across more than 300 wells in Peru and additional licenses are planned in Q1 2025. In Argentina, a customer implemented the software across three fields. By delivering diagnostic insights and actionable recommendations, XSPOC software enables customers to enhance well performance, increase production, and reduce operating costs.

    About Non-GAAP Measures

    In addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), this news release presents non-GAAP financial measures. Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to ChampionX and adjusted diluted earnings per share attributable to ChampionX, provide useful information to investors regarding the Company’s financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, free cash flow, free cash flow to adjusted EBITDA ratio, and free cash flow to revenue ratio are used by management to measure our ability to generate positive cash flow for debt reduction and to support our strategic objectives. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating ChampionX’s overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables.

    About ChampionX

    ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.ChampionX.com. 

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future.   Such statements are based on management’s beliefs and assumptions made based on information currently available to management.   All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words.   These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements.   Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on January 24, 2024 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 6, 2024, and each of their respective, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by ChampionX stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; the impact of shifts in prices or margins of the products that SLB or ChampionX sells or services that SLB or ChampionX provides, including due to a shift towards lower margin products or services; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.

    These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus that was filed with the SEC in connection with the proposed transaction.   While the list of factors presented here is, and the list of factors presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof.   Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

    Investor Contact: Byron Pope
    byron.pope@championx.com 
    281-602-0094

    Media Contact: John Breed
    john.breed@championx.com 
    281-403-5751

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands, except per share amounts)   2024       2024       2023       2024       2023  
    Revenue $ 912,037     $ 906,533     $ 943,555     $ 3,633,983     $ 3,758,285  
    Cost of goods and services   600,154       608,764       661,337       2,445,281       2,618,646  
    Gross profit   311,883       297,769       282,218       1,188,702       1,139,639  
    Selling, general and administrative expense   184,722       180,501       147,415       720,632       633,032  
    (Gain) loss on sale-leaseback transaction and disposal group   —       57       —       (29,826 )     12,965  
    Interest expense, net   12,375       14,137       13,808       55,868       54,562  
    Foreign currency transaction losses (gains), net   1,697       3,505       14,651       2,490       36,334  
    Other income, net   (5,026 )     (2,176 )     (7,584 )     (3,337 )     (21,078 )
    Income before income taxes   118,115       101,745       113,928       442,875       423,824  
    Provision for income taxes   33,204       28,078       35,771       115,746       105,105  
    Net income   84,911       73,667       78,157       327,129       318,719  
    Net income attributable to noncontrolling interest   2,145       1,659       959       6,863       4,481  
    Net income attributable to ChampionX $ 82,766     $ 72,008     $ 77,198     $ 320,266     $ 314,238  
                       
    Earnings per share attributable to ChampionX:                  
    Basic $ 0.43     $ 0.38     $ 0.40     $ 1.68     $ 1.60  
    Diluted $ 0.43     $ 0.37     $ 0.39     $ 1.65     $ 1.57  
                       
    Weighted-average shares outstanding:                  
    Basic   190,586       190,496       193,191       190,578       196,083  
    Diluted   193,487       193,362       196,649       193,643       199,906  
                                           

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)

      December 31,
    (in thousands)   2024       2023  
    Assets      
    Current Assets:      
    Cash and cash equivalents $ 507,681     $ 288,557  
    Receivables, net   466,782       534,534  
    Inventories, net   496,831       521,549  
    Prepaid expenses and other current assets   92,603       80,777  
    Total current assets   1,563,897       1,425,417  
           
    Property, plant and equipment, net   755,422       773,552  
    Goodwill   718,944       669,064  
    Intangible assets, net   258,614       243,553  
    Other non-current assets   173,375       130,116  
    Total assets $ 3,470,252     $ 3,241,702  
           
    Liabilities      
    Current portion of long-term debt $ 6,203     $ 6,203  
    Accounts payable   455,531       451,680  
    Other current liabilities   324,138       324,866  
    Total current liabilities   785,872       782,749  
           
    Long-term debt   591,453       594,283  
    Other long-term liabilities   261,749       203,639  
    Stockholders’ equity:      
    ChampionX stockholders’ equity   1,846,437       1,676,622  
    Noncontrolling interest   (15,259 )     (15,591 )
    Total liabilities and equity $ 3,470,252     $ 3,241,702  
                   

    CHAMPIONX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)

      Years Ended December 31,
    (in thousands)   2024       2023  
    Cash flows from operating activities:      
    Net income $ 327,129     $ 318,719  
    Depreciation and amortization   245,825       235,936  
    (Gain) loss on sale-leaseback transaction and disposal group   (29,826 )     12,965  
    Loss on Argentina Blue Chip Swap transaction   7,086       —  
    Deferred income taxes   (22,873 )     (22,272 )
    (Gain) on disposal of fixed assets   (443 )     (1,046 )
    Receivables   76,569       70,021  
    Inventories   (8,924 )     18,753  
    Accounts payable   (399 )     (53,891 )
    Other assets   (15,152 )     20,395  
    Leased assets   (33,767 )     (51,247 )
    Other operating items, net   44,456       (8,062 )
    Net cash provided by operating activities   589,681       540,271  
           
    Cash flows from investing activities:      
    Capital expenditures   (141,310 )     (142,324 )
    Proceeds from sale of fixed assets   12,113       14,545  
    Proceeds from sale-leaseback transaction   44,292       —  
    Purchase of investments   (31,526 )     —  
    Sale of investments   24,358       —  
    Acquisitions, net of cash acquired   (123,269 )     —  
    Net cash used for investing activities   (215,342 )     (127,779 )
           
    Cash flows from financing activities:      
    Proceeds from long-term debt   —       15,500  
    Repayment of long-term debt   (6,203 )     (45,176 )
    Repurchases of common stock   (49,399 )     (277,575 )
    Dividends paid   (70,531 )     (64,980 )
    Other   (24,324 )     (934 )
    Net cash used for financing activities   (150,457 )     (373,165 )
           
    Effect of exchange rate changes on cash and cash equivalents   (4,758 )     (957 )
           
    Net increase in cash and cash equivalents   219,124       38,370  
    Cash and cash equivalents at beginning of period   288,557       250,187  
    Cash and cash equivalents at end of period $ 507,681     $ 288,557  
                   

    CHAMPIONX CORPORATION
    BUSINESS SEGMENT DATA
    (UNAUDITED)

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Segment revenue:                  
    Production Chemical Technologies $ 569,662     $ 559,539     $ 634,137     $ 2,288,886     $ 2,404,377  
    Production & Automation Technologies   269,568       275,700       241,294       1,042,369       1,003,146  
    Drilling Technologies   51,942       51,792       46,821       211,828       215,721  
    Reservoir Chemical Technologies   21,937       20,531       21,402       94,296       96,154  
    Corporate and other   (1,072 )     (1,029 )     (99 )     (3,396 )     38,887  
    Total revenue $ 912,037     $ 906,533     $ 943,555     $ 3,633,983     $ 3,758,285  
                       
    Income (loss) before income taxes:                
    Segment operating profit (loss):                  
    Production Chemical Technologies $ 103,567     $ 87,260     $ 102,179     $ 364,047     $ 350,216  
    Production & Automation Technologies   39,027       34,136       22,110       123,840       118,409  
    Drilling Technologies   10,703       11,501       8,679       78,469       45,481  
    Reservoir Chemical Technologies   2,294       1,675       3,907       12,078       10,541  
    Total segment operating profit   155,591       134,572       136,875       578,434       524,647  
    Corporate and other   25,101       18,690       9,139       79,691       46,261  
    Interest expense, net   12,375       14,137       13,808       55,868       54,562  
    Income before income taxes $ 118,115     $ 101,745     $ 113,928     $ 442,875     $ 423,824  
                       
    Operating profit margin / income (loss) before income taxes margin:                  
    Production Chemical Technologies   18.2 %     15.6 %     16.1 %     15.9 %     14.6 %
    Production & Automation Technologies   14.5 %     12.4 %     9.2 %     11.9 %     11.8 %
    Drilling Technologies   20.6 %     22.2 %     18.5 %     37.0 %     21.1 %
    Reservoir Chemical Technologies   10.5 %     8.2 %     18.3 %     12.8 %     11.0 %
    ChampionX Consolidated   13.0 %     11.2 %     12.1 %     12.2 %     11.3 %
                       
    Adjusted EBITDA                  
    Production Chemical Technologies $ 133,475     $ 120,622     $ 139,107     $ 489,549     $ 506,991  
    Production & Automation Technologies   70,739       69,604       52,800       259,531       232,672  
    Drilling Technologies   12,321       12,867       10,361       54,411       51,986  
    Reservoir Chemical Technologies   3,751       3,292       5,501       18,343       18,498  
    Corporate and other   (8,021 )     (8,873 )     (9,624 )     (37,112 )     (38,926 )
    Adjusted EBITDA $ 212,265     $ 197,512     $ 198,145     $ 784,722     $ 771,221  
                       
    Adjusted EBITDA margin                  
    Production Chemical Technologies   23.4 %     21.6 %     21.9 %     21.4 %     21.1 %
    Production & Automation Technologies   26.2 %     25.2 %     21.9 %     24.9 %     23.2 %
    Drilling Technologies   23.7 %     24.8 %     22.1 %     25.7 %     24.1 %
    Reservoir Chemical Technologies   17.1 %     16.0 %     25.7 %     19.5 %     19.2 %
    ChampionX Consolidated   23.3 %     21.8 %     21.0 %     21.6 %     20.5 %
                                           

    CHAMPIONX CORPORATION
    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Net income attributable to ChampionX $ 82,766     $ 72,008     $ 77,198     $ 320,266     $ 314,238  
    Pre-tax adjustments:                  
    (Gain) loss on sale-leaseback transaction and disposal group(1)   —       57       —       (29,826 )     12,965  
    Russia sanctions compliance and impacts(2)   73       109       160       366       1,209  
    Restructuring and other related charges   2,704       5,317       2,407       17,657       13,387  
    Merger transaction costs(3)   14,434       8,312       —       37,805       245  
    Acquisition costs and related adjustments(4)   75       753       (6,817 )     2,634       (12,670 )
    Intellectual property defense   158       69       638       1,537       1,545  
    Merger-related indemnification responsibility(5)   100       —       —       100       722  
    Tulsa, Oklahoma storm damage   —       —       660       305       3,162  
    Foreign currency transaction losses, net   1,697       3,505       14,651       2,490       36,334  
    Loss on Argentina Blue Chip Swap transaction   —       —       —       7,086       —  
    Tax impact of adjustments   (5,565 )     (4,259 )     (2,600 )     (10,480 )     (12,650 )
    Adjusted net income attributable to ChampionX   96,442       85,871       86,297       349,940       358,487  
    Tax impact of adjustments   5,565       4,259       2,600       10,480       12,650  
    Net income attributable to noncontrolling interest   2,145       1,659       959       6,863       4,481  
    Depreciation and amortization   62,534       63,508       58,710       245,825       235,936  
    Provision for income taxes   33,204       28,078       35,771       115,746       105,105  
    Interest expense, net   12,375       14,137       13,808       55,868       54,562  
    Adjusted EBITDA $ 212,265     $ 197,512     $ 198,145     $ 784,722     $ 771,221  

    _______________________

    (1) Amounts represents the and the gain on the sale and leaseback of certain buildings and land during 2024. For the year ended December 31, 2023, the loss recorded to properly adjust the carrying value of our Chemical Technologies operations in Russia to the lower of carrying value or fair value less costs to sell .
    (2) Includes charges incurred related to legal and professional fees to comply with, as well as additional foreign currency exchange losses associated with, the sanctions imposed in Russia.
    (3) Includes costs incurred during 2024 in relation to the Merger Agreement with Schlumberger Limited, including third party legal and professional fees.
    (4) Includes costs incurred for the acquisition of businesses and revenue associated with the amortization of a liability established as part of the merger transaction with Ecolab Inc. (“Ecolab”) to acquire the Chemical Technologies business, representing unfavorable terms under the Cross Supply Agreement, as well as costs incurred for the acquisition of businesses. During the fourth quarter of 2023, we recorded a fair value adjustment to contingent consideration on a prior acquisition as well as the settlement of an item pursuant to the tax matters agreement with Ecolab.
    (5) Expense related to the June 3, 2020 merger transaction with Ecolab in which we acquired the Chemical Technologies business.
       
      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Diluted earnings per share attributable to ChampionX $ 0.43     $ 0.37     $ 0.39     $ 1.65     $ 1.57  
    Per share adjustments:                  
    (Gain) loss on sale-leaseback transaction and disposal group   —       —       —       (0.15 )     0.06  
    Russia sanctions compliance and impacts   —       —       —           —  
    Restructuring and other related charges   0.01       0.03       0.01       0.09       0.07  
    Merger transaction costs   0.07       0.04       —       0.20       —  
    Acquisition costs and related adjustments   —       —       (0.03 )     0.01       (0.06 )
    Intellectual property defense   —       —       —       0.01       0.01  
    Merger-related indemnification responsibility   —       —       —       —       —  
    Tulsa, Oklahoma storm damage   —       —       0.01       —       0.02  
    Foreign currency transaction losses   0.01       0.02       0.07       0.01       0.18  
    Loss on Argentina Blue Chip Swap transaction   —       —       —       0.04       —  
    Tax impact of adjustments   (0.02 )     (0.02 )     (0.01 )     (0.05 )     (0.06 )
    Adjusted diluted earnings per share attributable to ChampionX $ 0.50     $ 0.44     $ 0.44     $ 1.81     $ 1.79  
                                           

    CHAMPIONX CORPORATION
    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Production Chemical Technologies                  
    Segment operating profit $ 103,567     $ 87,260     $ 102,179     $ 364,047     $ 350,216  
    Non-GAAP adjustments   2,251       7,073       11,194       19,108       51,717  
    Depreciation and amortization   27,657       26,289       25,734       106,394       105,058  
    Segment adjusted EBITDA $ 133,475     $ 120,622     $ 139,107     $ 489,549     $ 506,991  
                       
    Production & Automation Technologies                  
    Segment operating profit $ 39,027     $ 34,136     $ 22,110     $ 123,840     $ 118,409  
    Non-GAAP adjustments   75       1,656       1,231       9,807       5,246  
    Depreciation and amortization   31,637       33,812       29,459       125,884       109,017  
    Segment adjusted EBITDA $ 70,739     $ 69,604     $ 52,800     $ 259,531     $ 232,672  
                       
    Drilling Technologies                  
    Segment operating profit $ 10,703     $ 11,501     $ 8,679     $ 78,469     $ 45,481  
    Non-GAAP adjustments   306       54       109       (29,523 )     313  
    Depreciation and amortization   1,312       1,312       1,573       5,465       6,192  
    Segment adjusted EBITDA $ 12,321     $ 12,867     $ 10,361     $ 54,411     $ 51,986  
                       
    Reservoir Chemical Technologies                  
    Segment operating profit $ 2,294     $ 1,675     $ 3,907     $ 12,078     $ 10,541  
    Non-GAAP adjustments   39       3       4       69       1,486  
    Depreciation and amortization   1,418       1,614       1,590       6,196       6,471  
    Segment adjusted EBITDA $ 3,751     $ 3,292     $ 5,501     $ 18,343     $ 18,498  
                       
    Corporate and other                  
    Segment operating profit $ (37,476 )   $ (32,827 )   $ (22,947 )   $ (135,559 )   $ (100,823 )
    Non-GAAP adjustments   16,570       9,336       (839 )     40,693       (1,863 )
    Depreciation and amortization   510       481       354       1,886       9,198  
    Interest expense, net   12,375       14,137       13,808       55,868       54,562  
    Segment adjusted EBITDA $ (8,021 )   $ (8,873 )   $ (9,624 )   $ (37,112 )   $ (38,926 )
                                           

    Free Cash Flow

      Three Months Ended   Years Ended
      Dec 31,   Sep 30,   Dec 31,   December 31,
    (in thousands)   2024       2024       2023       2024       2023  
    Free Cash Flow                  
    Cash provided by operating activities $ 207,250     $ 141,298     $ 168,953     $ 589,681     $ 540,271  
    Less: Capital expenditures, net of proceeds from sale of fixed assets   (37,117 )     (33,248 )     (29,142 )     (129,197 )     (127,779 )
    Free cash flow $ 170,133     $ 108,050     $ 139,811     $ 460,484     $ 412,492  
                       
    Cash From Operating Activities to Revenue Ratio                  
    Cash provided by operating activities $ 207,250     $ 141,298     $ 168,953     $ 589,681     $ 540,271  
    Revenue $ 912,037     $ 906,533     $ 943,555     $ 3,633,983     $ 3,758,285  
                       
    Cash from operating activities to revenue ratio   23 %     16 %     18 %     16 %     14 %
                       
    Free Cash Flow to Revenue Ratio                  
    Free cash flow $ 170,133     $ 108,050     $ 139,811     $ 460,484     $ 412,492  
    Revenue $ 912,037     $ 906,533     $ 943,555     $ 3,633,983     $ 3,758,285  
                       
    Free cash flow to revenue ratio   19 %     12 %     15 %     13 %     11 %
                       
    Free Cash Flow to Adjusted EBITDA Ratio                  
    Free cash flow $ 170,133     $ 108,050     $ 139,811     $ 460,484     $ 412,492  
    Adjusted EBITDA $ 212,265     $ 197,512     $ 198,145     $ 784,722     $ 771,221  
                       
    Free cash flow to adjusted EBITDA ratio   80 %     55 %     71 %     59 %     53 %

    The MIL Network –

  • MIL-OSI USA: Padilla Introduces Bicameral Legislation to Ensure Access to Legal Counsel When Entering the United States

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Introduces Bicameral Legislation to Ensure Access to Legal Counsel When Entering the United States

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Immigration Subcommittee, introduced the Access to Counsel Act to ensure that U.S. citizens, green card holders, and other individuals with legal status can consult with an attorney, relative, or other interested parties to seek assistance if they are detained by Customs and Border Protection (CBP) for more than an hour at ports of entry, including airports. U.S. Representative Pramila Jayapal (D-Wash.-07) is leading companion legislation in the House of Representatives.

    The bill was introduced in conjunction with the NO BAN Act, legislation to prevent another Muslim Ban, which is led by Senator Chris Coons (D-Del.) and Representative Judy Chu (D-Calif.-28). Senator Padilla is cosponsoring the NO BAN Act.

    “In his first term, President Trump’s cruel and unlawful travel ban led to the detention of countless legally present noncitizens at airports and ports of entry while denying them their basic legal rights,” said Senator Padilla. “Now, with another executive order setting the stage for a new travel ban, the Access to Counsel Act is more important than ever. These important guardrails would prevent CBP from blocking noncitizens it has detained with lawful permission to be in the United States from calling a lawyer or a trusted contact.”

    “It was incredibly clear how critical this legislation was under the first Trump Administration, as he stripped basic civil rights away from individuals for reasons ranging from the color of their skin to the country of their origin. I remember rushing to my local airport and found a U.S. citizen woman waiting to welcome her husband who had been put on a plane back without being allowed to see an attorney, despite traveling on a valid visa,” said Representative Jayapal. “It is more important now than ever, under a second Trump Administration, that we codify the right to access counsel for detained persons who are legally allowed access to the United States. As we continue to see him scapegoat immigrants, we must protect people from unjust detention.”

    The previous Muslim Ban in Trump’s first term unleashed chaos at airports and ports of entry across the country. People from Muslim-majority countries, with lawful permission to enter, were detained for hours without food or water before being deported. These individuals were often pressured to sign documents that amounted to them giving up their legal status. In many cases, these individuals had no opportunity to see an attorney or call anyone for legal guidance. Since then, there have been numerous instances of individuals in California and across the country being denied access to legal counsel while detained for long periods despite having valid visas.

    Specifically, the Access to Counsel Act would:

    • Require the Department of Homeland Security to ensure that people with valid travel documents who present themselves at the border, airports, or other points of interaction can communicate with counsel and other interested parties if they are subjected to prolonged inspection by CBP. 
    • Allow counsel or a covered interested party the ability to advocate on behalf of the individual by providing information or documentation in support of the individual.
    • Invalidate any effort by CBP to persuade someone to relinquish their legal status if that person has been denied access to counsel.

    In the Senate, the legislation is cosponsored by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Edward J. Markey (D-Mass.), Patty Murray (D-Wash.), Jacky Rosen (D-Nev.), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.).

    The bill is also endorsed by American Immigration Lawyers Association, Asian Americans Advancing Justice | AAJC, Asian Pacific Institute on Gender-Based Violence, Center for Gender & Refugee Studies, Coalition for Humane Immigrant Rights (CHIRLA), Council on American-Islamic Relations (CAIR), Illinois Coalition for Immigrant and Refugee Rights, Immigration Equality Action Fund, Kids in Need of Defense, National Immigrant Justice Center, National Partnership for New Americans, OneAmerica, Sikh American Legal Defense and Education Fund (SALDEF), Southeast Asia Resource Action Center (SEARAC), and UnidosUS.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI: Onity Group Schedules Conference Call – Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that it will hold a conference call on Thursday, February 13, 2025 at 8:30 a.m. (ET) to review the Company’s fourth quarter and full-year 2024 operating results.

    All interested parties are welcome to participate. You can access the conference call by dialing (800) 274-8461 or (203) 518-9814 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

    An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

    A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through February 27, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157783.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Investors:
    Valerie Haertel, VP, Investor Relations
    (561) 570-2969
    shareholderrelations@onitygroup.com

    Media:
    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI: Enphase Energy Reports Financial Results for the Fourth Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the fourth quarter of 2024, which included the summary below from its President and CEO, Badri Kothandaraman.

    We reported quarterly revenue of $382.7 million in the fourth quarter of 2024, along with 53.2% for non-GAAP gross margin. We shipped approximately 2.01 million microinverters, or 878.0 megawatts DC, and 152.4 megawatt hours of IQ® Batteries.

    Financial highlights for the fourth quarter of 2024 are listed below:

    • Strong U.S. manufacturing: shipped 1.69 million microinverters and 6.7 megawatt hours of IQ Batteries
    • Quarterly revenue of $382.7 million
    • GAAP gross margin of 51.8%; non-GAAP gross margin of 53.2% with net IRA benefit
    • Non-GAAP gross margin of 39.7%, excluding net IRA benefit of 13.5%
    • GAAP operating income of $54.8 million; non-GAAP operating income of $120.4 million
    • GAAP net income of $62.2 million; non-GAAP net income of $125.9 million
    • GAAP diluted earnings per share of $0.45; non-GAAP diluted earnings per share of $0.94
    • Free cash flow of $159.2 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.72 billion

    Our revenue and earnings for the fourth quarter of 2024 are provided below, compared with the prior quarter:

    (In thousands, except per share and percentage data)

      GAAP   Non-GAAP
      Q4 2024   Q3 2024   Q4 2023   Q4 2024   Q3 2024   Q4 2023
    Revenue $ 382,713     $ 380,873     $ 302,570     $ 382,713     $ 380,873     $ 302,570  
    Gross margin   51.8 %     46.8 %     48.5 %     53.2 %     48.1 %     50.3 %
    Operating expenses $ 143,489     $ 128,383     $ 156,893     $ 83,322     $ 81,612     $ 86,551  
    Operating income (loss) $ 54,804     $ 49,788     $ (10,231 )   $ 120,434     $ 101,411     $ 65,587  
    Net income $ 62,160     $ 45,762     $ 20,919     $ 125,862     $ 88,402     $ 73,474  
    Basic EPS $ 0.46     $ 0.34     $ 0.15     $ 0.94     $ 0.65     $ 0.54  
    Diluted EPS $ 0.45     $ 0.33     $ 0.15     $ 0.94     $ 0.65     $ 0.54  
                                                   

    Our revenue and earnings for the fiscal year 2024 are provided below, compared with the prior year:

    (In thousands, except per share and percentage data)

      GAAP   Non-GAAP
      FY 2024   FY 2023   FY 2024   FY 2023
    Revenue $ 1,330,383     $ 2,290,786     $ 1,330,383     $ 2,290,786  
    Gross margin   47.3 %     46.2 %     48.9 %     47.1 %
    Operating expenses $ 551,846     $ 612,647     $ 329,227     $ 382,115  
    Operating income $ 77,292     $ 445,741     $ 321,919     $ 697,210  
    Net income $ 102,658     $ 438,936     $ 321,044     $ 613,241  
    Basic EPS $ 0.76     $ 3.22     $ 2.37     $ 4.50  
    Diluted EPS $ 0.75     $ 3.08     $ 2.37     $ 4.41  
                                   

    Total revenue for the fourth quarter of 2024 was $382.7 million, compared to $380.9 million in the third quarter of 2024. Our revenue in the United States for the fourth quarter of 2024 increased approximately 6%, compared to the third quarter. The increase in revenue was due to higher microinverter sales. Our revenue in Europe decreased approximately 25% for the fourth quarter of 2024, compared to the third quarter. The decline in revenue was the result of a further softening in European demand.

    Our non-GAAP gross margin was 53.2% in the fourth quarter of 2024, compared to 48.1% in the third quarter. Our non-GAAP gross margin, excluding net IRA benefit, was 39.7% in the fourth quarter of 2024, compared to 38.9% in the third quarter.

    Our non-GAAP operating expenses were $83.3 million in the fourth quarter of 2024, compared to $81.6 million in the third quarter. The increase was driven by higher R&D expense on new products. Our non-GAAP operating income was $120.4 million in the fourth quarter of 2024, compared to $101.4 million in the third quarter.

    We exited the fourth quarter of 2024 with $1.72 billion in cash, cash equivalents, restricted cash and marketable securities and generated $167.3 million in cash flow from operations in the fourth quarter. Our capital expenditures were $8.1 million in the fourth quarter of 2024, compared to $8.5 million in the third quarter of 2024.

    In the fourth quarter of 2024, we repurchased 2,883,438 shares of our common stock at an average price of $69.25 per share for a total of approximately $199.7 million. We also spent approximately $5.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 68,532 shares.

    We shipped 152.4 megawatt hours of IQ Batteries in the fourth quarter of 2024, compared to 172.9 megawatt hours in the third quarter. More than 10,300 installers worldwide are certified to install our IQ Batteries, compared to more than 9,000 installers worldwide in the third quarter of 2024.

    During the fourth quarter of 2024, we shipped approximately 1.69 million microinverters from our contract manufacturing facilities in the United States that we booked for 45X production tax credits. We also expanded our higher domestic content product offerings, and shipped our IQ8HC™ Microinverters, IQ8X™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ® Battery 5Ps, all with higher domestic content than previous models and produced at our contract manufacturing facilities in the United States.

    During the fourth quarter of 2024, we made great strides with the IQ® Meter Collar, fourth-generation IQ Battery, and new IQ® Combiner products. We launched the IQ® PowerPack 1500, a 1.5 kWh smart, portable energy system for home, work, and on-the-go use. In Europe, we introduced the IQ® EV Charger 2, a next-generation smart charger that integrates with our solar and battery systems seamlessly or works as a standalone. In January 2025, we began shipping the IQ® Battery 5P™ with FlexPhase to Germany, Austria, and Switzerland, delivering reliable backup power for both single- and three-phase installations.

    BUSINESS HIGHLIGHTS

    On Jan. 30, 2025, Enphase Energy announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia with IQ8P™ Microinverters.

    On Jan. 27, 2025, Enphase Energy announced integration with Octopus Energy’s smart tariffs in the UK, such as “Intelligent Octopus Flux” (IO Flux), which can help customers save money on electricity bills.

    On Jan. 23, 2025, Enphase Energy announced that its IQ8™ Microinverters for residential and commercial applications, are now in compliance with the Build America, Buy America (BABA) Act.

    On Jan. 13, 2025, Enphase Energy announced shipments of its most powerful and versatile battery yet, the IQ Battery 5P with FlexPhase, for customers in Germany, Austria, and Switzerland. With reliable backup power and support for single- and three-phase systems, it offers unmatched flexibility for home energy needs.

    On Jan. 9, 2025, Enphase Energy announced that it is expanding into Latin America with IQ8P Microinverters, bringing solar solutions to Colombia, Panama, and Costa Rica for residential and commercial use. 

    On Jan. 7, 2025, Enphase Energy announced that IQ8 Microinverters were selected for a 2.2 MW solar project at the Belgoprocess radioactive waste facility in Dessel, Belgium. 

    On Dec. 17, 2024, Enphase Energy announced initial shipments of its most powerful home battery to-date, the IQ Battery 5P, for customers in India. 

    On Dec. 5 and Dec. 9, 2024, Enphase Energy announced collaborations with two energy providers in the Netherlands, Frank Energie and NextEnergy, to enable participation in the grid imbalance energy marketplace.

    On Dec. 3, 2024, Enphase Energy announced the launch of Busbar Power Control software that empowers homeowners to install larger solar and battery systems without costly main electrical panel upgrades.

    On Nov. 11, 2024, Enphase Energy announced an AI-powered do-it-yourself (DIY) permitting feature on Solargraf®, to automate the complex solar permitting process for installers in the USA.

    On Nov. 4, 2024, Enphase Energy announced the launch of its most powerful Enphase Energy System to-date, featuring the IQ Battery 5P and IQ8 Microinverters, for customers in Romania.

    FIRST QUARTER 2025 FINANCIAL OUTLOOK

    For the first quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

    • Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 150 to 170 megawatt hours of IQ Batteries. The first quarter of 2025 financial outlook includes approximately $50.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
    • GAAP gross margin to be within a range of 46.0% to 49.0% with net IRA benefit
    • Non-GAAP gross margin to be within a range of 48.0% to 51.0% with net IRA benefit and 38.0% to 41.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization
    • Net IRA benefit to be within a range of $36.0 million to $39.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters
    • GAAP operating expenses to be within a range of $143.0 million to $147.0 million
    • Non-GAAP operating expenses to be within a range of $81.0 million to $85.0 million, excluding $62.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges

    For 2025, GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%.

    Follow Enphase Online

    Use of non-GAAP Financial Measures

    Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

    These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

    As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

    Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

    Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

    Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

    Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

    Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

    Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

    Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

    Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

    Conference Call Information

    Enphase Energy will host a conference call for analysts and investors to discuss its fourth quarter 2024 results and first quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 3831590, beginning approximately one hour after the call.

    Forward-Looking Statements

    This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its first quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by megawatt hours, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Meter Collar, fourth-generation IQ Battery, and new IQ Combiner products; its expectations regarding higher domestic content product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines   are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Contact:

    Zach Freedman
    Enphase Energy, Inc.
    Investor Relations
    ir@enphaseenergy.com

    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended Year Ended
      December 31, 
    2024    		   September 30, 
    2024    		   December 31, 
    2023    		   December 31, 
    2024    		   December 31, 
    2023
    Net revenues $ 382,713     $ 380,873     $ 302,570     $ 1,330,383     $ 2,290,786  
    Cost of revenues   184,420       202,702       155,908       701,245       1,232,398  
    Gross profit   198,293       178,171       146,662       629,138       1,058,388  
    Operating expenses:                  
    Research and development   50,390       47,843       55,291       201,315       227,336  
    Sales and marketing   51,799       49,671       53,409       206,552       231,792  
    General and administrative   31,901       30,192       33,379       130,825       137,835  
    Restructuring and asset impairment charges   9,399       677       14,814       13,154       15,684  
    Total operating expenses   143,489       128,383       156,893       551,846       612,647  
    Income (loss) from operations   54,804       49,788       (10,231 )     77,292       445,741  
    Other income, net                  
    Interest income   18,417       19,977       20,493       77,306       69,728  
    Interest expense   (2,252 )     (2,237 )     (2,268 )     (8,905 )     (8,839 )
    Other income (expense), net   (1,270 )     (16,785 )     4,233       (25,534 )     6,509  
    Total other income, net   14,895       955       22,458       42,867       67,398  
    Income before income taxes   69,699       50,743       12,227       120,159       513,139  
    Income tax (provision) benefit   (7,539 )     (4,981 )     8,692       (17,501 )     (74,203 )
    Net income $ 62,160     $ 45,762     $ 20,919     $ 102,658     $ 438,936  
    Net income per share:                  
    Basic $ 0.46     $ 0.34     $ 0.15     $ 0.76     $ 3.22  
    Diluted $ 0.45     $ 0.33     $ 0.15     $ 0.75     $ 3.08  
    Shares used in per share calculation:                  
    Basic   133,815       135,329       136,092       135,167       136,376  
    Diluted   138,128       139,914       139,205       140,004       143,290  
                                           
    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      December 31,
    2024    		   December 31,
    2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 369,110   $ 288,748
    Restricted cash   95,006     —
    Marketable securities   1,253,480     1,406,286
    Accounts receivable, net   223,749     445,959
    Inventory   165,004     213,595
    Prepaid expenses and other assets   220,735     88,930
    Total current assets   2,327,084     2,443,518
    Property and equipment, net   147,514     168,244
    Operating lease, right of use asset, net   24,617     19,887
    Intangible assets, net   42,398     68,536
    Goodwill   211,571     214,562
    Other assets   180,925     215,895
    Deferred tax assets, net   315,567     252,370
    Total assets $ 3,249,676   $ 3,383,012
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 90,032   $ 116,164
    Accrued liabilities   196,887     261,919
    Deferred revenues, current   237,225     118,300
    Warranty obligations, current   34,656     36,066
    Debt, current   101,291     —
    Total current liabilities   660,091     532,449
    Long-term liabilities:      
    Deferred revenues, non-current   341,982     369,172
    Warranty obligations, non-current   158,233     153,021
    Other liabilities   55,265     51,008
    Debt, non-current   1,201,089     1,293,738
    Total liabilities   2,416,660     2,399,388
    Total stockholders’ equity   833,016     983,624
    Total liabilities and stockholders’ equity $ 3,249,676   $ 3,383,012
               
    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Three Months Ended   Year Ended
      December 31, 
    2024    		   September 30, 
    2024    		   December 31, 
    2023    		   December 31, 
    2024    		   December 31, 
    2023
    Cash flows from operating activities:                  
    Net income $ 62,160     $ 45,762     $ 20,919     $ 102,658     $ 438,936  
    Adjustments to reconcile net income to net cash provided by operating activities:                  
    Depreciation and amortization   20,665       20,103       20,841       81,389       74,708  
    Net accretion of discount on marketable securities   (7,490 )     (2,904 )     (2,950 )     (8,599 )     (15,561 )
    Provision for doubtful accounts   2,206       2,704       (129 )     6,677       1,153  
    Asset impairment   4,702       17,568       9,700       28,843       10,603  
    Non-cash interest expense   2,188       2,173       2,126       8,650       8,380  
    Net loss (gain) from change in fair value of debt securities   (3,697 )     741       (2,670 )     (1,967 )     (8,078 )
    Stock-based compensation   51,830       45,940       55,222       211,360       212,857  
    Deferred income taxes   (30,675 )     (5,276 )     (5,053 )     (58,319 )     (43,348 )
    Changes in operating assets and liabilities:                  
    Accounts receivable   2,684       49,414       105,771       211,640       (12,478 )
    Inventory   (6,167 )     17,231       (39,481 )     48,591       (63,887 )
    Prepaid expenses and other assets   (16,487 )     (64,149 )     (2,401 )     (134,343 )     (59,777 )
    Accounts payable, accrued and other liabilities   (27,396 )     32,088       (139,277 )     (85,536 )     (22,149 )
    Warranty obligations   8,657       7,053       221       3,802       57,641  
    Deferred revenues   104,112       1,690       12,611       98,847       117,780  
    Net cash provided by operating activities   167,292       170,138       35,450       513,693       696,780  
    Cash flows from investing activities:                  
    Purchases of property and equipment   (8,064 )     (8,533 )     (20,075 )     (33,604 )     (110,401 )
    Purchases of marketable securities   (93,138 )     (319,190 )     (337,757 )     (1,184,649 )     (2,081,431 )
    Maturities and sale of marketable securities   351,843       215,241       433,869       1,346,520       1,840,477  
    Investments in private companies   —       —       —       —       (15,000 )
    Net cash provided by (used in) investing activities   250,641       (112,482 )     76,037       128,267       (366,355 )
    Cash flows from financing activities:                  
    Partial settlement of convertible notes   —       (5 )     —       (7 )     —  
    Repurchase of common stock   (199,666 )     (49,794 )     (99,998 )     (391,364 )     (409,998 )
    Payment of excise tax on net stock repurchases   (2,773 )     —       —       (2,773 )     —  
    Proceeds from issuance of common stock under employee equity plans   4,719       14       12,555       12,688       13,870  
    Payment of withholding taxes related to net share settlement of equity awards   (5,012 )     (6,286 )     (27,546 )     (78,813 )     (120,646 )
    Net cash used in financing activities   (202,732 )     (56,071 )     (114,989 )     (460,269 )     (516,774 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (7,410 )     2,638       2,175       (6,323 )     1,853  
    Net increase (decrease) in cash and cash equivalents and restricted cash   207,791       4,223       (1,327 )     175,368       (184,496 )
    Cash and cash equivalents—Beginning of period   256,325       252,102       290,075       288,748       473,244  
    Cash, cash equivalents and restricted cash—End of period $ 464,116     $ 256,325     $ 288,748     $ 464,116     $ 288,748  
                                           
    ENPHASE ENERGY, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data and percentages)
    (Unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Gross profit (GAAP) $ 198,293     $ 178,171     $ 146,662     $ 629,138     $ 1,058,388  
    Stock-based compensation   3,678       2,948       3,582       14,538       13,357  
    Acquisition related amortization   1,784       1,904       1,894       7,469       7,580  
    Gross profit (Non-GAAP) $ 203,755     $ 183,023     $ 152,138     $ 651,145     $ 1,079,325  
                       
    Gross margin (GAAP)   51.8 %     46.8 %     48.5 %     47.3 %     46.2 %
    Stock-based compensation   0.9       0.8       1.2       1.0       0.6  
    Acquisition related amortization   0.5       0.5       0.6       0.6       0.3  
    Gross margin (Non-GAAP)   53.2 %     48.1 %     50.3 %     48.9 %     47.1 %
                       
    Operating expenses (GAAP) $ 143,489     $ 128,383     $ 156,893     $ 551,846     $ 612,647  
    Stock-based compensation (1)   (47,884 )     (42,992 )     (51,640 )     (196,554 )     (199,500 )
    Acquisition related expenses and amortization   (2,884 )     (3,102 )     (3,888 )     (12,911 )     (15,317 )
    Restructuring and asset impairment charges (1)   (9,399 )     (677 )     (14,814 )     (13,154 )     (15,715 )
    Operating expenses (Non-GAAP) $ 83,322     $ 81,612     $ 86,551     $ 329,227     $ 382,115  
                       
    (1) Includes stock-based compensation as follows:                  
    Research and development $ 20,951     $ 19,790     $ 23,839     $ 85,501     $ 88,367  
    Sales and marketing   15,893       14,237       16,472       65,092       65,703  
    General and administrative   11,041       8,965       11,329       45,962       45,430  
    Restructuring and asset impairment charges   267       —       —       267       —  
    Total $ 48,152     $ 42,992     $ 51,640     $ 196,822     $ 199,500  
                       
    Income (loss) from operations (GAAP) $ 54,804     $ 49,788     $ (10,231 )   $ 77,292     $ 445,741  
    Stock-based compensation   51,563       45,940       55,222       211,093       212,857  
    Acquisition related expenses and amortization   4,668       5,006       5,782       20,380       22,897  
    Restructuring and asset impairment charges   9,399       677       14,814       13,154       15,715  
    Income from operations (Non-GAAP) $ 120,434     $ 101,411     $ 65,587     $ 321,919     $ 697,210  
                       
    Net income (GAAP) $ 62,160     $ 45,762     $ 20,919     $ 102,658     $ 438,936  
    Stock-based compensation   51,563       45,940       55,222       211,093       212,857  
    Acquisition related expenses and amortization   4,668       5,006       5,782       20,380       22,897  
    Restructuring and asset impairment charges   9,399       677       14,814       13,154       15,715  
    Non-cash interest expense   2,188       2,173       2,126       8,650       8,380  
    Non-GAAP income tax adjustment   (4,116 )     (11,156 )     (25,389 )     (34,891 )     (85,544 )
    Net income (Non-GAAP) $ 125,862     $ 88,402     $ 73,474     $ 321,044     $ 613,241  
                       
    Net income per share, basic (GAAP) $ 0.46     $ 0.34     $ 0.15     $ 0.76     $ 3.22  
    Stock-based compensation   0.39       0.34       0.40       1.56       1.56  
    Acquisition related expenses and amortization   0.03       0.04       0.08       0.15       0.17  
    Restructuring and asset impairment charges   0.07       0.01       0.11       0.10       0.12  
    Non-cash interest expense   0.02       0.02       0.02       0.06       0.06  
    Non-GAAP income tax adjustment   (0.03 )     (0.10 )     (0.22 )     (0.26 )     (0.63 )
    Net income per share, basic (Non-GAAP) $ 0.94     $ 0.65     $ 0.54     $ 2.37     $ 4.50  
                       
    Shares used in basic per share calculation GAAP and Non-GAAP   133,815       135,329       136,092       135,167       136,376  
                       
    Net income per share, diluted (GAAP) $ 0.45     $ 0.33     $ 0.15     $ 0.75     $ 3.08  
    Stock-based compensation   0.39       0.33       0.39       1.56       1.57  
    Acquisition related expenses and amortization   0.04       0.04       0.08       0.15       0.16  
    Restructuring and asset impairment charges   0.07       0.01       0.10       0.10       0.11  
    Non-cash interest expense   0.02       0.02       0.01       0.06       0.06  
    Non-GAAP income tax adjustment   (0.03 )     (0.08 )     (0.19 )     (0.26 )     (0.57 )
    Net income per share, diluted (Non-GAAP) (2) $ 0.94     $ 0.65     $ 0.54     $ 2.37     $ 4.41  
                       
    Shares used in diluted per share calculation GAAP   138,128       139,914       139,205       140,004       143,290  
    Shares used in diluted per share calculation Non-GAAP   134,053       135,839       137,187       135,641       139,214  
                       
    Income-based government grants (GAAP) $ 68,040     $ 46,552     $ 32,887     $ 157,538     $ 53,470  
    Incremental cost for manufacturing in U.S.   (16,123 )     (11,396 )     (7,112 )     (38,351 )     (11,603 )
    Net IRA benefit (Non-GAAP) $ 51,917     $ 35,156     $ 25,775     $ 119,187     $ 41,867  
                       
    Net cash provided by operating activities (GAAP) $ 167,292     $ 170,138     $ 35,450     $ 513,693     $ 696,780  
    Purchases of property and equipment   (8,064 )     (8,533 )     (20,075 )     (33,604 )     (110,401 )
    Free cash flow (Non-GAAP) $ 159,228     $ 161,605     $ 15,375     $ 480,089     $ 586,379  
                                           
    (2)  Calculation of non-GAAP diluted net income per share for the year ended December 31, 2023 excludes convertible Notes due 2023 interest expense, net of tax of less than $0.1 million from non-GAAP net income.

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Results For the Second Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Feb. 04, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended December 28, 2024. These results are in line with the updated guidance provided on January 24, 2025.

    For the second quarter of fiscal year 2025, Key Tronic reported total revenue of $113.9 million, compared to $147.8 million in the same period of fiscal year 2024. The lower than anticipated revenue and earnings for the second quarter of fiscal year 2025 are primarily due to unexpected shortages for specific components managed by a large customer, lower-than-expected production during the holiday season, and reduced demand from certain customers which together lowered revenue by approximately $15 million from initial guidance for the quarter. For the first six months of fiscal year 2025, total revenue was $245.4 million, compared to $298.0 million in the same period of fiscal year 2024.

    Gross margins were 6.8% and operating margins were (1.0)% in the second quarter of fiscal year 2025, compared to 8.0% and 2.7%, respectively, in the same period of fiscal year 2024. The decline in margins for the second quarter of fiscal year 2025 primarily reflects the reduction of revenue. As previously announced, interest expense also included approximately $1.0 million in write-offs of unamortized loan fees related to refinancing the Company’s debt with a new lender.

    The net loss was $(4.9) million or $(0.46) per share for the second quarter of fiscal year 2025, compared to net income of $1.1 million or $0.10 per share for the same period of fiscal year 2024. For the first six months of fiscal year 2025, the net loss was $(3.8) million or $(0.35) per share, compared to net income of $1.4 million or $0.13 per share for the same period of fiscal year 2024.

    The adjusted net loss was $(4.1) million or $(0.38) per share for the second quarter of fiscal year 2025, compared to adjusted net income of $1.1 million or $0.10 per share for the same period of fiscal year 2024. The adjusted net loss was $(2.9) million or $(0.27) per share for first six months of fiscal year 2025, compared to adjusted net income of $1.2 million or $0.11 per share for the same period of fiscal year 2024. See “Non-GAAP Financial Measures,” below for additional information about adjusted net income and adjusted net income per share.

    “As we announced today, we’re planning to significantly increase production capacity in Arkansas and Vietnam in order to continue to benefit from the growing customer demand for rebalancing their contract manufacturing. We believe these initiatives should help mitigate the adverse impact and uncertainties surrounding the recently announced tariffs on goods manufactured in China and Mexico,” said Brett Larsen, President and CEO.

    “We are disappointed with the unexpected decline in revenue in the second quarter of fiscal 2025, however, we expect our revenue and earnings to improve in the third quarter of fiscal year 2025 as strategic initiatives undertaken in previous quarters come to fruition. We’re actively streamlining our international and domestic operations, with further headcount reductions to enhance efficiency, building on similar actions a year ago. We’re also pleased to see our inventory levels being more in line with current revenue levels and expect that these strategic changes will improve our overall profitability in the longer term.”  

    “At the same time, we continued to win new programs, such as aerospace systems and an energy resiliency technology program, which was recently announced. Once fully ramped, the latter program could generate annual revenue for us in excess of $60 million. We also closed on a long-term debt refinancing agreement during the quarter that expands available capital for growth. We believe Key Tronic remains well positioned for increased growth and profitability in coming periods.”

    The financial data presented for the second quarter of fiscal 2025 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their review procedures.

    Business Outlook

    Due to uncertainty in the economic and political environments related to the impact of recently announced potential tariffs, Key Tronic will not be issuing revenue or earnings guidance for the third quarter of fiscal year 2025.

    Conference Call

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 2254355). The Company will also reference accompanying slides that can be viewed with the webcast at www.keytronic.com under “Investor Relations”. A replay will be available at www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com 

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies, including reductions in inventories. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the success and timing of our expansion plans; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures, adjusted net income and adjusted net income per share, diluted. We provide these non-GAAP financial measures because we believe they provide greater transparency related to our core operations and represent supplemental information used by management in its financial and operational decision making. We exclude (or include) certain items in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe this facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain income and expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. See the table below entitled “Reconciliation of GAAP to non-GAAP measures” for reconciliations of adjusted net income to the most directly comparable GAAP measure, which is GAAP net income, and the computation of adjusted net income per share, diluted.

             
    CONTACTS:   Tony Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509)-927-5345   (206) 729-3625
             

    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended   Six Months Ended
      December 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    Net sales $ 113,853     $ 147,847     $ 245,411     $ 297,959  
    Cost of sales   106,147       136,084       224,402       275,334  
    Gross profit   7,706       11,763       21,009       22,625  
    Research, development and engineering expenses   2,320       1,758       4,609       3,999  
    Selling, general and administrative expenses   6,507       6,057       13,077       11,841  
    Gain on insurance proceeds, net of losses   —       —       —       (431 )
    Total operating expenses   8,827       7,815       17,686       15,409  
    Operating income (loss)   (1,121 )     3,948       3,323       7,216  
    Interest expense, net   3,904       2,961       7,167       5,972  
    Income (loss) before income taxes   (5,025 )     987       (3,844 )     1,244  
    Income tax benefit   (111 )     (97 )     (54 )     (175 )
    Net income (loss) $ (4,914 )   $ 1,084     $ (3,790 )   $ 1,419  
    Net income (loss) per share — Basic $ (0.46 )   $ 0.10     $ (0.35 )   $ 0.13  
    Weighted average shares outstanding — Basic   10,762       10,762       10,762       10,762  
    Net income (loss) per share — Diluted $ (0.46 )   $ 0.10     $ (0.35 )   $ 0.13  
    Weighted average shares outstanding — Diluted   10,762       10,889       10,762       10,889  
                                   

    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)

        December 28, 2024   June 29, 2024
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 4,244     $ 4,752  
    Trade receivables, net of credit losses of $2,931 and $2,918     113,132       132,559  
    Contract assets     18,892       21,250  
    Inventories, net     100,709       105,099  
    Other, net of credit losses of $1,496 and $1,679     24,159       24,739  
    Total current assets     261,136       288,399  
    Property, plant and equipment, net     27,123       28,806  
    Operating lease right-of-use assets, net     13,829       15,416  
    Other assets:        
    Deferred income tax asset     19,287       17,376  
    Other     6,454       5,346  
    Total other assets     25,741       22,722  
    Total assets   $ 327,829     $ 355,343  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable   $ 63,585     $ 79,394  
    Accrued compensation and vacation     6,218       6,510  
    Current portion of long-term debt     5,063       3,123  
    Other     18,904       15,149  
    Total current liabilities     93,770       104,176  
    Long-term liabilities:        
    Long-term debt, net     106,020       116,383  
    Operating lease liabilities     8,429       10,312  
    Deferred income tax liability     9       263  
    Other long-term obligations     114       219  
    Total long-term liabilities     114,572       127,177  
    Total liabilities     208,342       231,353  
    Shareholders’ equity:        
    Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively     47,367       47,284  
    Retained earnings     73,131       76,921  
    Accumulated other comprehensive loss     (1,011 )     (215 )
    Total shareholders’ equity     119,487       123,990  
    Total liabilities and shareholders’ equity   $ 327,829     $ 355,343  
             

    KEY TRONIC CORPORATION AND SUBSIDIARIES
    Reconciliation of GAAP to non-GAAP measures
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended   Six Months Ended
      December 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    GAAP net income (loss) $ (4,914 )   $ 1,084     $ (3,790 )   $ 1,419  
    Gain on insurance proceeds (net of losses)   —       —       —       (431 )
    Stock-based compensation expense   16       53       83       112  
    Write-off of unamortized loan fees   1,012       —       1,012       —  
    Income tax effect of non-GAAP adjustments (1)   (206 )     (11 )     (219 )     64  
    Adjusted net income (loss): $ (4,092 )   $ 1,126     $ (2,914 )   $ 1,164  
                   
    Adjusted net income (loss) per share — non-GAAP Diluted $ (0.38 )   $ 0.10     $ (0.27 )   $ 0.11  
    Weighted average shares outstanding — Diluted   10,762       10,889       10,762       10,889  
                   
    (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods.        

    The MIL Network –

  • MIL-OSI: Uni-Fuels Holdings Limited Announces Underwriters’ Full Exercise of Over-allotment Option

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Uni-Fuels Holdings Limited (NASDAQ: UFG) (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions for shipping companies headquartered in Singapore, announced today that on February 4, 2025, the underwriter of its previously announced initial public offering (the “Offering”) has exercised its over-allotment option (the “Over-Allotment Option”) in full and purchased an additional 315,000 Class A Ordinary Shares of the Company at the public offering price of $4.00 per share, resulting in additional gross proceeds of $1.26 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to $9.66 million, before deducting underwriting discounts and commissions.

    The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025 under the ticker symbol “UFG.”

    Uni-Fuels intends to use the proceeds from the Offering for scaling up its reselling activities to gain market share from existing and new markets; for strengthening its workforce and expanding its market presence in new geographical locations; and as cash reserve and general corporate purposes.

    The Offering was conducted on a firm commitment basis. R. F. Lafferty & Co., Inc. acted as the sole book-running manager for the Offering.

    A registration statement on Form F-1 relating to the shares being sold in the Offering was initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on October 28, 2024; and was declared effective by the SEC on January 10, 2025. This Offering was made only by means of a prospectus. A copy of the final prospectus relating to the Offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov, or alternatively, from: R. F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005; (212) 293-9090.

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

    About Uni-Fuels Holdings Limited

    Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

    For more information, visit www.uni-fuels.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the intended use of the proceeds. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    Contact Information

    For Investor Relations:

    Uni-Fuels Holdings Ltd
    Email: investors@uni-fuels.com

    Skyline Corporate Communications Group, LLC
    Email: info@skylineccg.com

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Plans to Expand Operations in Arkansas and Vietnam

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Feb. 04, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq KTCC), a world class provider of manufacturing and design engineering services, today announced that it plans to significantly increase production capacity in Arkansas and Vietnam in order to continue to benefit from the growing customer demand for rebalancing their contract manufacturing. This expansion is also expected to help mitigate the adverse impact and uncertainties surrounding the recently announced tariffs on goods manufactured in China and Mexico.

    In Arkansas, the Company has signed a new lease to significantly increase the size of its current manufacturing footprint by June 2025. In Vietnam, Key Tronic has ample space in its current facility and plans to double its manufacturing capacity by September 2025 with a significant investment in capital equipment.

    “Our customers are very excited about our plans to increase our production capacity capabilities in the US and in Vietnam,” said Brett Larsen, President and CEO of Key Tronic Corporation. “These initiatives reflect the longstanding trend to nearshore production away from China, and may also help address the potential adverse impact of tariff increases. Our US-based production provides customers with outstanding flexibility, engineering support, and ease of communications, and our Vietnam-based production offers the high-quality, low-cost choice that was associated with China in the past. In the coming months, we’ll have more to say about these expansions.”

    About Key Tronic

    Key Tronic is a leading design engineering and contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. Key Tronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Key Tronic’s opportunities and its partnership, the potential success of Key Tronic and the customer, and related revenues. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs.  Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future.  There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the success and timing of our expansion plans; the success and timing of ramping; availability and timing and receipt of critical parts or components; demand from customers and sales channels; the future of the global economic environment and its impact on our customers and suppliers; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

             
    CONTACTS:   Anthony G. Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509) 927-5345   (206) 729-3625
             

    The MIL Network –

  • MIL-OSI Submissions: Asia-Pacific region to chart bold path for migration governance

    Source: United Nations – ESCAP

    The second Regional Review of the Global Compact for Safe, Orderly and Regular Migration (GCM) in Asia and the Pacific opened today with a call for migration policies that prioritize the needs and rights of migrants while ensuring broad collaboration across governments, communities and key stakeholders.  

    The region, home to over 40 per cent of the world’s international migrants, is witnessing significant shifts driven by demographic changes, rapid digital transformation and the increasing effects of climate change and other crises. Intraregional migration remains predominant, with 70 per cent of migrants moving within the region.

    Much of international migration is propelled by the search for decent work, with women migrants playing a critical yet often undervalued role in sectors such as care and domestic work. Children also make up a significant proportion of migrants in the region, with unique needs for services and protection due to their heightened vulnerability.  

    “Migration, if managed in a well-informed, planned and voluntary manner, with full respect and protection of human rights, can bring benefits to all. Migrants should have their potential fully harnessed to play key roles in enhancing sustainable development in countries of origin and destination,” said Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP) in her opening remarks.

    “With over 40 per cent of the world’s migrants calling Asia and the Pacific home, the region has a unique opportunity to lead by example—expanding regular pathways, protecting lives and ensuring migration benefits all,” said Catalina Devandas, representing IOM Director General Amy Pope in her capacity as Coordinator of the UN Network on Migration.
     
    Expected outcomes and commitments

    Over the next three days, participants will share progress, challenges and good practices in implementing the 23 objectives of the GCM. Discussions will focus on the critical role of migrants in the region’s resilience and sustainable development, particularly in light of lessons learned during the COVID-19 pandemic.

    “In host countries, migrants bring with them not only the needed manpower, but also skills, expertise and social interactions, that can help accelerate economic and social development. Meanwhile, home countries can enjoy the economic boost from remittances from migrant workers and diaspora,” shared Eksiri Pintaruchi, Permanent Secretary for Foreign Affairs of Thailand.

    Speaking on behalf of the Stakeholder Action Group, migrant domestic worker and member of the International Domestic Workers Federation Nasrikah highlighted the importance of having segregated data on migration to inform policymakers on the key needs and situations of migrants and their families and take action based on analysis and true stories of unsafe migration.

    Recognizing the importance of addressing the interconnected challenges shaping migration dynamics such as rapid digital transformation, climate change, demographic shifts and economic disparities, several key commitments are expected to emerge from the review including:

    Protecting migrants’ rights and saving lives: Governments are expected to renew their commitments to policies that uphold migrants’ rights, promote gender equality, tackle discrimination and ensure access to health care, education, decent work and social protection for all migrants, including their children.
    Using technology to improve migration systems: Key priorities include reducing remittance transfer costs, promoting digital and financial inclusion, closing gender gaps in financial access, simplifying migration processes and increasing transparency
    Preparing for crises and climate impacts: Governments are expected to recognize the need for migration policies that help migrants and communities better withstand climate change, economic shocks and health emergencies, using reliable, timely and disaggregated data.
    Strengthening regional cooperation: The meeting will highlight cross-border collaboration, stronger partnerships and meaningful engagement with migrants, civil society, women’s rights organizations and the private sector to improve migration governance.

    The outcomes of this meeting will contribute to global discussions at the 2026 International Migration Review Forum. Governments are also expected to reaffirm their commitment to aligning migration governance with the Sustainable Development Goals, recognizing that protecting all migrants and enabling their full contributions to society are essential to achieving the 2030 Agenda for Sustainable Development.

    Note to Editor:
    The second Regional Review benefited from insights shared in the Asia-Pacific Migration Report 2024, developed by ESCAP and the Regional United Nations Network on Migration for Asia and the Pacific, as well as extensive stakeholder consultations held in its lead-up.
     
    For more information: https://www.unescap.org/events/2025/second-asia-pacific-regional-review-implementation-global-compact-safe-orderly-and

    MIL OSI – Submitted News –

  • MIL-OSI Global: Trump’s tariff gambit: As allies prepare to strike back, a costly trade war looms

    Source: The Conversation – USA – By Bedassa Tadesse, Professor of Economics, University of Minnesota Duluth

    On Saturday, Feb. 1, 2025, U.S. President Donald Trump announced a plan to slap steep tariffs on imports from key American trading partners – 25% on goods from Mexico and Canada and 10% on imports from China. His stated reason? To curb illegal immigration and drug trafficking.

    Both Mexico and Canada managed to buy some time. After urgent phone calls with Trump on Feb. 3, their leaders each secured a one-month reprieve. But Mexico’s Claudia Sheinbaum and Canada’s Justin Trudeau also made it clear to their U.S. counterpart: If these tariffs go through, they’ll hit back with their own trade restrictions. The world is watching the opening moves of what could become another costly trade war.

    As a professor of economics, I can explain why this poses significant risks to the U.S. economy and American consumers. Economic theory suggests that tariffs distort market efficiency, raising production costs while limiting consumer choice and increasing prices.

    Who really pays for tariffs?

    While politicians often frame tariffs as a way to punish other countries, they actually hit domestic consumers and businesses hardest. Whether they’re facing higher grocery bills or disruptions in manufacturing, Americans will feel the strain.

    When tariffs are imposed, companies must either absorb the additional costs – cutting into profits and potentially threatening jobs – or pass these costs to consumers through higher prices. Small businesses operating on thin profit margins are particularly vulnerable, as many lack the resources to quickly switch suppliers.

    Tariffs trigger costly retaliation

    Worse yet, such measures commonly set off a cycle of retaliation. During past trade disputes involving the U.S., affected nations have responded with counter-tariffs on American products, including textiles, steel and agricultural goods. Such retaliatory efforts have led to sharp declines in U.S. exports.

    During the first Trump administration, for example, China imposed retaliatory tariffs on U.S. agricultural exports. As a result, the U.S. farmers lost billions of dollars, and the U.S. spent billions in government aid to offset those losses. China has already issued new tariffs on imports of U.S. goods and export controls on some of its exports to the U.S. to retaliate for Trump’s current move.

    History also shows that trade wars are self-defeating. The Smoot-Hawley Tariff Act of 1930, which imposed tariffs on over 20,000 imported goods, prompted swift retaliation from trading partners and contributed to deepening the Great Depression.

    Modern trade wars have other consequences

    Modern trade wars hit closer to home than most Americans realize. The recent tariff threat against Colombia reveals why. In 2023, Colombian farmers supplied US$1.14 billion worth of fresh-cut flowers to U.S. florists. In a near-crisis that lasted a weekend, Trump threatened to slap steep tariffs on the South American nation, right when flower shops across America were stocking up for one of their busiest seasons: Valentine’s Day.

    The same tariffs would have hit Colombian coffee too, affecting everything from neighborhood cafes to grocery store prices. This shows how modern trade disputes can instantly disrupt the everyday purchases Americans make.

    Other key trading partners, including the European Union, have also come into the crosshairs. On Jan. 30, 2025, the president issued a stark warning to Brazil, Russia, India, China and South Africa – the so-called BRICS nations – threatening 100% tariffs if they continued efforts to reduce reliance on the U.S. dollar as their reserve currency.

    These threats can do more than alienate strategic partners; they risk accelerating dedollarization – pushing nations to develop alternative financial systems that weaken U.S. influence in global trade.

    A more effective approach

    Beyond causing immediate economic pain, constant tariff threats risk damaging America’s credibility as a reliable trading partner. The U.S. helped establish the rules-based international trading system, but regular tariff threats erode global trust and push trading partners to seek alternatives to the U.S. market.

    The reality is clear: No country in the modern era has successfully used tariffs to grow its economy or improve the well-being of its people. The countries that are most dependent on tariff revenues for their national budgets are among the world’s poorest and least developed economies.

    I believe the path to maintaining America’s economic leadership lies in embracing a smarter, more strategic trade policy – one that builds alliances instead of breaking them. A strategy that prioritizes negotiation, fosters innovation and enhances competitiveness – and that doesn’t rely on protectionist tactics more often used by developing nations – would strengthen cooperation and stability, ensuring long-term economic prosperity.

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

    – ref. Trump’s tariff gambit: As allies prepare to strike back, a costly trade war looms – https://theconversation.com/trumps-tariff-gambit-as-allies-prepare-to-strike-back-a-costly-trade-war-looms-248980

    MIL OSI – Global Reports –