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Category: Australia

  • MIL-Evening Report: As insurance gets harder to buy, NZ has 3 choices for disaster recovery – and we keep choosing the worst one

    Source: The Conversation (Au and NZ) – By Ilan Noy, Chair in the Economics of Disasters and Climate Change, Te Herenga Waka — Victoria University of Wellington

    The number of climate change-related extreme weather events) is on the rise, making it harder for many people to buy affordable home insurance.

    The industry has already signalled it is pulling out of some places in Aotearoa New Zealand, leaving the government and homeowners to question what happens next. This is not something that should be ignored, or met with ad-hoc, unplanned responses.

    Since insurance is required for residential mortgages, the retreat of insurance companies will have significant consequences for property prices and local economies.

    With the retreat of insurance companies a future certainty in some communities, the government must decide how to respond. In our new research), we developed the “trilemma” framework, outlining the policy trade-offs governments face in adapting to climate change.

    Deciding between trade-offs

    We found effective adaptation policy needs to achieve three goals:

    • incentivise risk reduction
    • be fiscally affordable
    • increase equity and wellbeing and reduce hardship.

    But any policy can satisfy only two of these three goals. The government has to make trade-offs.

    When it comes to responding to the retreat of private insurance, the options include:

    • doing nothing and letting “the market” adjust (with sharp price declines for affected properties)
    • replacing private insurance with a publicly-funded alternative
    • offering government-funded defences (for example, stopbanks) or buyouts to properties that can no longer be insured.

    Each one of these options involves giving up on at least one of the three policy goals.

    The Insurance Retreat Trilemma outlines the choices faced by governments when private insurance companies pull out of high-risk areas.
    Author provided, CC BY-NC-ND

    A world without private insurance

    Let us consider “Macondo”, a hypothetical community in a flood-prone area where insurance has “retreated”.

    Do nothing

    The “do nothing” option is when the government does not take a policy position on flood or storm insurance. This option has little to no cost for the government and, as long as people don’t expect buyouts, would incentivise risk reduction. But it leaves homeowners completely exposed to the increasing risk.

    In “Macondo”, some homeowners will have reduced the risk for their own properties (raising their houses, for example). Others won’t be able to do so and remain completely at the mercy of the elements.

    Those whose houses have been deemed uninsurable would have their mortgages automatically put into default. Some may have to sell their home at a much lower price and may remain indebted even after the sale.

    Local councils might offer to invest in defences for the community by building stopbanks, but that is less likely for poorer and smaller local councils.

    When an extreme weather event does happen, causing significant losses, the uninsured who own their homes may be unable to repair or rebuild and will be left destitute.

    Public replacement insurance

    In 1945, New Zealand’s government introduced public insurance for some natural hazards with the Earthquake and War Damage Commission. This later became the Earthquake Commission (EQC), and more recently, the Natural Hazards Commission (NHC). The commission was established as private insurers withdrew earthquake cover in the 1940s and landslip cover in the 1980s.

    The government could choose to extend NHC policies to fully cover weather events such as floods and storms (NHC now provides only partial cover for damage to land from these hazards). Or it could establish a different public insurance scheme to cover these hazards.

    When designed well, this option makes fiscal sense. For example, after 2010-2011 Christchurch earthquakes EQC cover for residential properties didn’t carry extra costs for the government.

    Public replacement insurance could also make recovery fairer for everyone. But providing a blanket safety net through a public insurance scheme would discourage risk reduction. With the greater sense of financial safety may come a higher appetite to build on more risky sites, and spend less to defend existing homes. This would result in even more exposure and more damage.

    In the wake of insurance retreat, successive governments have opted for a combination of publicly-funded defences with generously provisioned buyouts.
    Kerry Marshall/Getty Images

    Publicly-funded defences and buyouts

    Successive governments across a range of disasters have opted for the ad-hoc approach. This inevitably turns out to be a combination of publicly-funded defences with generously provisioned buyouts.

    This combination of defences and buyouts may be the most politically appealing in the short term, but it is also the least affordable and the least efficient option. This option leads to reduced risk (especially if buyouts are used) and can lessen hardship and even inequities.

    This policy was used in Westport after its damaging floods in 2021 and 2022. Similarly, the Auckland Anniversary Flood and Cyclone Gabrielle triggered large investments in buyouts and in new flood defences that will end up costing billions.

    Unfortunately for the affected residents in both cases, the process was not done preemptively following a carefully designed process. Instead, the response to each event was designed on the fly, was lengthy, and full of frustrating uncertainties, missteps, and missed opportunities.

    Proactive response needed

    Currently, every successive government in New Zealand chooses to do nothing and then switches to a defence and buyout choice when disaster strikes. This is the worst of all the trilemma policy options.

    A more proactive policy, even if well-conceived, cannot achieve all three of the goals we listed. But at least the choice between these trade-offs would be clear and transparent. It would also avoid all the inefficiencies created by the reactive policy choices our elected governments make now.

    We are grateful for the contribution of science writer Jo-Anne Hazel to this analysis.

    Ilan Noy has received research funding from the New Zealand Natural Hazards Commission (formerly the EQC).

    Belinda Storey has received research funding from the New Zealand Natural Hazards Commission (formerly the EQC).

    – ref. As insurance gets harder to buy, NZ has 3 choices for disaster recovery – and we keep choosing the worst one – https://theconversation.com/as-insurance-gets-harder-to-buy-nz-has-3-choices-for-disaster-recovery-and-we-keep-choosing-the-worst-one-255713

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Dedicated obstetrics theatre suites at Canberra Hospital to enhance maternity care

    Source: Northern Territory Police and Fire Services



    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 12/05/2025

    The ACT Government is building the health infrastructure our growing city needs, with a $5.5 million investment in maternity services that has refurbished two dedicated obstetric operating theatre suites and a Post Anaesthetic Care Unit at Canberra Hospital.

    This is another piece of the ACT Government’s largest investment into health infrastructure in Territory history and supports additional theatre capacity at the Canberra Hospital.

    Minister for Health Rachel Stephen-Smith said the dedicated operating theatres would improve Canberra Hospital’s capacity for scheduled caesarean procedures and when complications emerge during births.

    “Having dedicated obstetric theatres close to Centenary Hospital for Women and Children supports efficient and timely emergency obstetric care,” Minister Stephen-Smith said.

    “It allows for rapid access to theatres for emergency interventions, including caesarean sections, and ensures quick transport of mothers and babies in need, minimising potential complications.”

    The dedicated theatre suites boast a range of features, including:

    • a new eight bay recovery area,
    • holding area,
    • smart LED operating lights,
    • medication rooms and storage areas, and
    • scrub bay.

    The theatre suites will come online at the end of May following a short commissioning process.

    This follows the new operating theatres that opened in Building 5 in August last year, expanding Canberra Health Services’ surgical capability.

    Nurse and midwife to patient ratios will be introduced into operating theatres and maternity at Canberra Hospital and North Canberra Hospital later this year.

    “Nurse and midwife to patient ratios will ensure minimum staffing ratios in theatres and maternity and will support safe nursing and midwifery care and improved outcomes for patients,” Minister Stephen-Smith said.

    “The ACT Government is proud to continue supporting high quality, free healthcare across the Territory.”

    – Statement ends –

    Rachel Stephen-Smith, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News –

  • MIL-OSI Economics: Media release: Australian oil and gas sector welcomes new Albanese Ministry – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Australian oil and gas sector welcomes new Albanese Ministry – Australian Energy Producers

    Australia’s oil and gas industry looks forward to working with Prime Minister Anthony Albanese’s new Ministry to progress necessary reforms for Australia’s long-term energy security and economic growth.

    Australian Energy Producers Chief Executive Samantha McCulloch welcomed the re-appointment of Minister for Resources and Northern Australia Madeleine King.

    “Minister King understands the critical and long-term role of natural gas in our energy mix and the importance of a strong and sustainable gas industry for Australia. We welcome the opportunity to continue to work with Minister King on the implementation of the Future Gas Strategy” Ms McCulloch said.

    “An urgent priority must be removing barriers to new gas supply. The industry is committed to working with the Government to provide certainty for investment and ensure reliable and affordable energy for Australian households and industry.”

    Ms McCulloch also welcomed the appointments of Minister for Environment and Water Murray Watt and Minister for Industry and Innovation Tim Ayres.

    “Minister Watt has an important job ahead to fix Australia’s environmental approvals system, with the delayed decision on the North West Shelf extension an immediate focus,” Ms McCulloch said.

    Ms McCulloch also welcomed the reappointment of Minister for Climate Change and Energy Chris Bowen, ahead of the upcoming review of the Gas Market Code.

    “The review is an opportunity for Government to work with gas producers, users and other stakeholders on reforms to the Code that restore market signals, remove duplicative and onerous reporting requirements, and address barriers to new gas supply,” Ms McCulloch said.

    Australian Energy Producers also acknowledged outgoing ministers Tanya Plibersek for her contribution in the environment portfolio, and Ed Husic in the industry portfolio.

    Media contact: 0434 631 511

    MIL OSI Economics –

  • MIL-OSI: HighPeak Energy, Inc. Announces First Quarter 2025 Financial and Operating Results – AMENDED

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, May 12, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced amended financial and operating results for the quarter ended March 31, 2025, provided an updated 2025 development outlook and increased production guidance. Please note that in the Unaudited Condensed Consolidated Statements of Cash Flows table, the amount of Repayments under Term Loan Credit Agreement for 2025 was amended from (120,000) to (30,000). The amended release follows:

    First Quarter 2025 Highlights

    • Sales volumes averaged approximately 53.1 thousand barrels of crude oil equivalent per day (“MBoe/d”), representing a 6% increase from the fourth quarter 2024.
    • Net income was $36.3 million, or $0.26 per diluted share and EBITDAX (a non-GAAP financial measure defined and reconciled below) was $197.3 million, or $1.40 per diluted share. First quarter 2025 adjusted net income (a non-GAAP financial measure defined and reconciled below) was $42.7 million, or $0.31 per diluted share.
    • Lease operating expenses averaged $6.61 per Boe, excluding workover expenses, representing a 3% decrease compared to the fourth quarter 2024.
    • Generated free cash flow (a non-GAAP financial measure defined and reconciled below) of $10.7 million, reduced long-term debt by $30 million and paid $0.04 per share in dividends.
    • Realized increased drilling and completion efficiency gains, which translated to drilling and completing four additional wells during the first quarter.

    Recent Events

    • Narrowed 2025 production guidance range and increased the midpoint.
    • On May 12, 2025, the Company’s Board of Directors declared a quarterly dividend of $0.04 per common share outstanding payable in June 2025.

    Statement from Jack Hightower, Chairman and CEO:

    In March, we discussed our four pillars of success for 2025 which include: 1) improving corporate efficiency, 2) maintaining capital discipline, 3) optimizing our capital structure, and 4) delivering shareholder value. I would like to take this opportunity to update our shareholders on where we stand and the progress we have made to date.

    Improving Corporate Efficiency
    HighPeak delivered another strong quarter of results, beating production guidance and consensus estimates, while also realizing higher levels of operating efficiencies in our development program. We drilled over 25% faster than our previous expectations, which translated to drilling and completing four additional wells during the first quarter. We are running smoother and more efficiently than ever before, while continuing to keep development costs in line with internal expectations.

    Maintaining Capital Discipline
    Due to the global economic uncertainty and its impact on oil prices, we have moderated our development program by laying down one rig for four months, May through August. Despite the pause, we remain on track to drill and complete the same number of wells in our 2025 guidance because of the gains made through operational efficiencies.

    As detailed on our March conference call, the majority of our 2025 infrastructure capex was first-quarter weighted. Factoring in drilling and completing four additional wells, we accomplished an outsized portion of our planned annual development activity during the first quarter. Going forward, we expect our quarterly capital expenditures to be materially lower and the total for the year to fall within our 2025 guided capex range. Although our operations are running much more efficiently, this is not the proper time to accelerate development activity from our original plan. Additionally, we have complete flexibility from a land and operations perspective to reduce the budget and leave a rig down for longer than the current plan if conditions warrant.

    Optimizing our Capital Structure
    We remain committed to optimizing our capital structure and remain poised to execute our plan once the market has stabilized. We are in a healthy financial position with no near-term debt maturities and are taking proactive steps to keep our balance sheet strong as we navigate this turbulent market.

    Shareholder Value
    Given the current global macro-economic backdrop, this is a time to remain nimble and prudent, which our high-quality asset base allows. As large owners of the Company, management is fully aligned with shareholders and has a long-term outlook on value creation. While markets may be volatile, it is important to remember the fundamental value of our asset base is still strong.

    First Quarter 2025 Operational Update

    HighPeak’s sales volumes during the first quarter of 2025 averaged 53.1 MBoe/d, a six percent increase over the fourth quarter 2024. First quarter sales volumes consisted of approximately 72% crude oil and 86% liquids.

    The Company averaged two drilling rigs and one frac crew during the first quarter, drilled 16 gross (16.0 net) horizontal wells and turned-in-line 13 gross (12.9 net) producing wells. On March 31, 2025, the Company had 28 gross (28.0 net) horizontal wells in various stages of drilling and completion.

    The Company updated its 2025 production guidance range to 48,000 – 50,500 Boe/d.

    HighPeak President, Michael Hollis, commented, “Our strong first quarter production is allowing us to narrow our guided range and increase the midpoint. This speaks to our strong well performance and the high quality of our long lived oily inventory. As seen in the last few commodity price cycles, HighPeak is realizing deflationary cost pressures on both the capex and opex fronts. With our increased operational efficiency, we are doing more with less and at a lower overall cost.”

    First Quarter 2025 Financial Results

    HighPeak reported net income of $36.3 million for the first quarter of 2025, or $0.26 per diluted share, and EBITDAX of $197.3 million, or $1.40 per diluted share. HighPeak reported adjusted net income of $42.7 million for the first quarter of 2025, or $0.31 per diluted share.

    First quarter average realized prices were $71.64 per Bbl of crude oil, $24.21 per Bbl of NGL and $2.34 per Mcf of natural gas, resulting in an overall realized price of $53.84 per Boe, or 75% of the weighted average of NYMEX crude oil prices, excluding the effects of derivatives. HighPeak’s cash costs for the first quarter were $11.94 per Boe, including lease operating expenses of $6.61 per Boe, workover expenses of $0.83 per Boe, production and ad valorem taxes of $3.17 per Boe and G&A expenses of $1.33 per Boe. As a result, the Company’s unhedged EBITDAX per Boe was $41.90 per Boe, or 78% of the overall realized price per Boe for the quarter, excluding the effects of derivatives.

    HighPeak’s first quarter 2025 capital expenditures to drill, complete, equip, provide facilities and for infrastructure were $179.8 million.

    Hedging

    Crude oil. As of March 31, 2025, HighPeak had the following outstanding crude oil derivative instruments and the weighted average crude oil prices and premiums payable per Bbl:

                          Swaps     Collars, Enhanced Collars
    & Deferred
    Premium Puts    		  
    Settlement
    Month    		   Settlement
    Year    		   Type of
    Contract    		   Bbls
    Per
    Day    		   Index   Price per
    Bbl    		     Floor or
    Strike
    Price per
    Bbl    		     Ceiling
    Price per
    Bbl    		     Deferred
    Premium
    Payable
    per Bbl    		  
    Crude Oil:                                                  
    Apr – Jun   2025   Swap     5,500   WTI Cushing   $ 76.37     $ —     $ —     $ —  
    Apr – Jun   2025   Collar     7,989   WTI Cushing   $ —     $ 64.38     $ 88.55     $ 2.00  
    Apr – Jun   2025   Put     9,000   WTI Cushing   $ —     $ 65.78     $ —     $ 5.00  
    Jul – Sep   2025   Swap     3,000   WTI Cushing   $ 75.85     $ —     $ —     $ —  
    Jul – Sep   2025   Collar     7,000   WTI Cushing   $ —     $ 65.00     $ 90.08     $ 2.28  
    Jul – Sep   2025   Put     9,000   WTI Cushing   $ —     $ 65.78     $ —     $ 5.00  
    Oct – Dec   2025   Collar     5,000   WTI Cushing   $ —     $ 60.00     $ 72.80     $ —  
    Jan – Mar   2026   Collar     5,000   WTI Cushing   $ —     $ 60.00     $ 72.80     $ —  
     

    The Company’s crude oil derivative contracts detailed above are based on reported settlement prices on the New York Mercantile Exchange for West Texas Intermediate pricing.

    Natural gas. As of March 31, 2025, the Company had the following outstanding natural gas derivative instruments and the weighted average natural gas prices payable per MMBtu.

    Settlement Month   Settlement
    Year    		   Type of
    Contract    		   MMBtu
    Per Day    		   Index   Price per
    MMBtu    		  
    Natural Gas:                          
    Apr – Jun   2025   Swap     30,000   HH   $ 4.43  
    Jul – Sep   2025   Swap     30,000   HH   $ 4.43  
    Oct – Dec   2025   Swap     30,000   HH   $ 4.43  
    Jan – Mar   2026   Swap     19,667   HH   $ 4.43  
     

    HighPeak added the following natural gas swaps in April 2025.

    Settlement Month   Settlement
    Year    		   Type of
    Contract    		   MMBtu
    Per Day    		   Index   Price per
    MMBtu    		  
    Natural Gas:                          
    Jan – Mar   2026   Swap     10,333   HH   $ 4.30  
    Apr – Jun   2026   Swap     30,000   HH   $ 4.30  
    Jul – Sep   2026   Swap     30,000   HH   $ 4.30  
    Oct – Dec   2026   Swap     30,000   HH   $ 4.30  
    Jan – Mar   2027   Swap     19,667   HH   $ 4.30  
     

    Dividends

    During the first quarter of 2025, HighPeak’s Board of Directors approved a quarterly dividend of $0.04 per share, or $5.0 million in dividends paid to stockholders during the quarter. In addition, in May 2025, the Company’s Board of Directors declared a quarterly dividend of $0.04 per share, or approximately $5.0 million in dividends, to be paid on June 25, 2025, to stockholders of record on June 2, 2025. 

    Conference Call

    HighPeak will host a conference call and webcast on Tuesday, May 13, 2025, at 10:00 a.m. Central Time for investors and analysts to discuss its results for the first quarter of 2025. Conference call participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on the HighPeak Energy website at www.highpeakenergy.com under the “Investors” section of the website. A replay will also be available on the website following the call.

    When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com.

    About HighPeak Energy, Inc.

    HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

    Cautionary Note Regarding Forward-Looking Statements

    The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy” or the “Company”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company’s control. For example, the Company’s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties.

    These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’s Board and the interest of prospective counterparties, the Company’s ability to realize the results contemplated by its 2025 guidance, volatility of commodity prices, political instability or armed conflicts in crude or natural gas producing regions such as the ongoing war between Russia and Ukraine or Israel and Hamas, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and U.S. economic activity, competition, OPEC+ policy decisions, potential new trade policies, such as tariffs, could adversely affect the Company’s operations, business and profitability, inflationary pressures on costs of oilfield goods, services and personnel, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy’s ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy’s oil, natural gas liquids and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and other filings with the SEC. The Company undertakes no duty to publicly update these statements except as required by law.

    Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indicative of the level of reserves or PV-10 value of oil and natural gas production in the future. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’s strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

    Use of Projections

    The financial, operational, industry and market projections, estimates and targets in this press release and in the Company’s guidance (including production, operating expenses and capital expenditures in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2025 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyond the Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law.

    Drilling Locations

    The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. The drilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires, the Company would lose its right to develop the related locations.

    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Balance Sheet Data
    (In thousands)
        March 31,
    2025    		   December 31,
    2024    		  
    Current assets:              
    Cash and cash equivalents   $ 51,619     $ 86,649    
    Accounts receivable     78,356       85,242    
    Inventory     8,706       10,952    
    Prepaid expenses     8,301       4,587    
    Derivative instruments     5,620       7,582    
    Total current assets     152,602       195,012    
    Crude oil and natural gas properties, using the successful efforts method of accounting:              
    Proved properties     4,140,881       3,959,545    
    Unproved properties     71,359       70,868    
    Accumulated depletion, depreciation and amortization     (1,293,949 )     (1,184,684 )  
    Total crude oil and natural gas properties, net     2,918,291       2,845,729    
    Other property and equipment, net     3,141       3,201    
    Other noncurrent assets     19,047       19,346    
    Total assets   $ 3,093,081     $ 3,063,288    
                   
    Current liabilities:              
    Current portion of long-term debt, net   $ 120,000     $ 120,000    
    Accounts payable – trade     66,473       74,011    
    Accrued capital expenditures     53,240       35,170    
    Revenues and royalties payable     27,993       26,838    
    Other accrued liabilities     22,065       22,196    
    Derivative instruments     8,275       5,380    
    Operating leases     821       719    
    Advances from joint interest owners     —       316    
    Total current liabilities     298,867       284,630    
    Noncurrent liabilities:              
    Long-term debt, net     902,844       928,384    
    Deferred income taxes     242,337       232,398    
    Asset retirement obligations     15,058       14,750    
    Operating leases     581       670    
    Commitments and contingencies              
                   
    Stockholders’ equity              
    Common stock     13       13    
    Additional paid-in capital     1,166,786       1,166,609    
    Retained earnings     466,595       435,834    
    Total stockholders’ equity     1,633,394       1,602,456    
    Total liabilities and stockholders’ equity   $ 3,093,081     $ 3,063,288    
     
    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Statements of Operations
    (in thousands)
        Quarter Ended March 31,
    		  
        2025   2024
    		  
    Operating revenues:            
    Crude oil sales   $ 246,424     $ 282,369    
    NGL and natural gas sales     11,024       5,395    
    Total operating revenues     257,448       287,764    
    Operating costs and expenses:            
    Crude oil and natural gas production     35,562       30,271    
    Production and ad valorem taxes     15,152       14,402    
    Exploration and abandonments     264       498    
    Depletion, depreciation and amortization     109,325       130,850    
    Accretion of discount     244       239    
    General and administrative     6,345       4,685    
    Stock-based compensation     177       3,798    
    Total operating costs and expenses     167,069       184,743    
    Other expense     —       1    
    Income from operations     90,379       103,020    
    Interest income     810       2,392    
    Interest expense     (36,988 )     (43,634 )  
    Loss on derivative instruments, net     (7,927 )     (53,043 )  
    Income before income taxes     46,274       8,735    
    Provision for income taxes     9,939       2,297    
    Net income   $ 36,335     $ 6,438    
                 
    Earnings per share:            
    Basic net income   $ 0.26     $ 0.05    
    Diluted net income   $ 0.26     $ 0.05    
                 
    Weighted average shares outstanding:            
    Basic     123,913       125,696    
    Diluted     127,213       129,641    
                 
    Dividends declared per share   $ 0.04     $ 0.04    
     
    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (in thousands)
        Quarter Ended March 31,
    		  
        2025
    		   2024
    		  
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net income   $ 36,335     $ 6,438    
    Adjustments to reconcile net income to net cash provided by operations:            
    Provision for deferred income taxes     9,939       1,688    
    Loss on derivative instruments     7,927       53,043    
    Cash paid on settlement of derivative instruments     (3,071 )     (5,148 )  
    Amortization of debt issuance costs     2,034       2,053    
    Amortization of discounts on long-term debt     2,426       2,453    
    Stock-based compensation expense     177       3,798    
    Accretion expense     244       239    
    Depletion, depreciation and amortization     109,325       130,850    
    Exploration and abandonment expense     4       274    
    Changes in operating assets and liabilities:            
    Accounts receivable     6,886       (14,414 )  
    Prepaid expenses, inventory and other assets     (1,314 )     (4,722 )  
    Accounts payable, accrued liabilities and other current liabilities     (13,860 )     (5,113 )  
    Net cash provided by operating activities     157,052       171,439    
    CASH FLOWS FROM INVESTING ACTIVITIES:            
    Additions to crude oil and natural gas properties     (179,819 )     (147,698 )  
    Changes in working capital associated with crude oil and natural gas property additions     25,172       1,705    
    Acquisitions of crude oil and natural gas properties     (2,517 )     (2,171 )  
    Proceeds from sales of properties     570       —    
    Other property additions     —       (59 )  
    Net cash used in investing activities     (156,594 )     (148,223 )  
    CASH FLOWS FROM FINANCING ACTIVITIES:            
    Repayments under Term Loan Credit Agreement     (30,000 )     (30,000 )  
    Dividends paid     (4,957 )     (5,050 )  
    Dividend equivalents paid     (531 )     (530 )  
    Repurchased shares under buyback program     —       (8,764 )  
    Debt issuance costs     —       (7 )  
    Net cash used in financing activities     (35,488 )     (44,351 )  
    Net decrease in cash and cash equivalents     (35,030 )     (21,135 )  
    Cash and cash equivalents, beginning of period     86,649       194,515    
    Cash and cash equivalents, end of period   $ 51,619     $ 173,380    
     
    HighPeak Energy, Inc.
    Unaudited Summary Operating Highlights
        Quarter Ended March 31,  
        2025   2024  
    Average Daily Sales Volumes:              
    Crude oil (Bbls)     38,222       39,959    
    NGLs (Bbls)     7,724       5,147    
    Natural gas (Mcf)     43,096       27,733    
    Total (Boe)     53,128       49,729    
                   
    Average Realized Prices (excluding effects of derivatives):              
    Crude oil per Bbl   $ 71.64     $ 77.65    
    NGL per Bbl   $ 24.21     $ 24.94    
    Natural gas per Mcf   $ 2.34     $ 1.33    
    Total per Boe   $ 53.84     $ 63.59    
                   
    Margin Data ($ per Boe):              
    Average price, excluding effects of derivatives   $ 53.84     $ 63.59    
    Lease operating expenses     (6.61 )     (6.30 )  
    Expense workovers     (0.83 )     (0.39 )  
    Production and ad valorem taxes     (3.17 )     (3.18 )  
    General and administrative expenses     (1.33 )     (1.04 )  
        $ 41.90     $ 52.68    
     
    HighPeak Energy, Inc.
    Unaudited Earnings Per Share Details
        Quarter Ended March 31,  
        2025   2024  
    Net income as reported   $ 36,335     $ 6,438    
    Participating basic earnings     (3,542 )     (605 )  
    Basic earnings attributable to common shareholders     32,793       5,833    
    Reallocation of participating earnings     47       1    
    Diluted net income attributable to common shareholders   $ 32,840     $ 5,834    
                   
    Basic weighted average shares outstanding     123,913       125,696    
    Dilutive warrants and unvested stock options     1,146       1,786    
    Dilutive unvested restricted stock     2,154       2,159    
    Diluted weighted average shares outstanding     127,213       129,641    
                   
    Net income per share attributable to common shareholders:              
    Basic   $ 0.26     $ 0.05    
    Diluted   $ 0.26     $ 0.05    
     
    HighPeak Energy, Inc.
    Unaudited Reconciliation of Net Income to EBITDAX, Discretionary Cash Flow and Net Cash Provided by Operations
    (in thousands)    		  
        Quarter Ended March 31,  
        2025   2024  
    Net income   $ 36,335     $ 6,438    
    Interest expense     36,988       43,634    
    Interest income     (810 )     (2,392 )  
    Income tax expense     9,939       2,297    
    Depletion, depreciation and amortization     109,325       130,850    
    Accretion of discount     244       239    
    Exploration and abandonment expense     264       498    
    Stock based compensation     177       3,798    
    Derivative related noncash activity     4,856       47,895    
    Other expense     —       1    
    EBITDAX     197,318       233,258    
    Cash interest expense     (32,528 )     (39,128 )  
    Other (a)     550       1,558    
    Discretionary cash flow     165,340       195,688    
    Changes in operating assets and liabilities     (8,288 )     (24,249 )  
    Net cash provided by operating activities   $ 157,052     $ 171,439    
    (a)     Includes interest income net of current tax expense, other expense and operating portion of exploration and abandonment expenses.
     
    HighPeak Energy, Inc.
    Unaudited Reconciliation of Net Cash Provided by Operations and Free Cash Flow
    (in thousands)
        Quarter Ended March 31,  
        2025   2024  
    Net cash provided by operating activities   $ 157,052     $ 171,439    
    Add back: net change in operating assets and liabilities     8,288       24,249    
    Operating cash flow before working capital changes     165,340       195,688    
    Additions to crude oil and natural gas properties     (179,819 )     (147,698 )  
    Changes in working capital associated with crude oil and natural gas property additions     25,172       1,705    
    Free cash flow   $ 10,693     $ 49,695    
     
    HighPeak Energy, Inc.
    Unaudited Reconciliation of Net Income to Adjusted Net Income
    (in thousands, except per share data)
        Quarter Ended
    March 31, 2025    		  
        Amounts   Amounts per Diluted Share  
    Net income   $ 36,335     $ 0.26    
    Derivative loss, net     7,927       0.06    
    Stock-based compensation     177       0.00    
    Income tax adjustment for above items *     (1,741 )     (0.01 )  
                       
    Adjusted net income   $ 42,698     $ 0.31    
                   
    * Assuming 21% statutory tax rate              
     

    Investor Contact:

    Ryan Hightower
    Vice President, Business Development
    817.850.9204
    rhightower@highpeakenergy.com

    Source: HighPeak Energy, Inc.

    The MIL Network –

  • MIL-OSI Australia: 150-2025: Scheduled Outage: Thursday 15 May 2025 – Multiple Systems

    Source: New South Wales Government 2

    12 May 2025

    Who does this notice affect?

    All clients required to use Department of Agriculture, Fisheries and Forestry web-based applications during this planned maintenance period.

    All users of the Seasonal Pests (SeaPest) system.

    All clients required to use the eCertificate exports portal who will be required to view or download export certification during this planned maintenance period.

    All clients required to use the Export / Next Export Documentation (…

    MIL OSI News –

  • MIL-OSI USA: UConn School of Nursing Celebrates its 2025 Graduates

    Source: US State of Connecticut

    The UConn School of Nursing (SoN) held its commencement ceremony at the Jorgensen Center for the Performing Arts this past Saturday, May 10, 2025. The school celebrated 217 graduates with friends and families gathering from all over to congratulate their loved ones.

    Dean Victoria Vaughan Dickson, Ph.D., RN, FAHA, FHFSA, FAAN, opened the ceremony with heartfelt remarks to the graduates.

    “As UConn Nurses, advanced practice nurses, nurse educators, leaders and scientists, you are essential to the future of nursing and the future of healthcare,” Dickson said. “You are well-prepared to care for individuals, families and communities from diverse backgrounds in ways that alleviate suffering, promote health and optimize well-being.”

    Graduates of the UConn School of Nursing stand in the Jorgensen Center for the Performing Arts after having their degrees conferred to them during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

    This year, the Honorary Degree Recipient was Dr. Joan Y. Reede, dean for diversity and community partnership at Harvard Medical School. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed her pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds a master’s degree in public health, a master’s in health policy management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University.

    “You’re all connected in your commitment to helping others, to using your gifts and talents, in the service of others,” said Reede. “Today, you embark on the next part of your journey, of finding your path, your calling, your ability to actualize and reenvision what is possible, and then to make that possible happen, not alone, but with others.”

    The ceremony also included student speakers from each area of study: Sean Flaherty (bachelor’s graduate), John Sklepinski (master’s graduate), Nancy Dupont (DNP graduate), and Anne Reeder (Ph.D. graduate).

    Flaherty reminded the graduates of what it took to get to where they are today with help from all of those around them.

    “None of us got here alone. Today is a celebration not just of our accomplishments, but of the professors who challenged us, the preceptors who guided us, and the family and friends who supported us,” Flaherty said.

    School of Nursing graduates and their families gather outside the Jorgensen Center for the Performing Arts following the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

    Reeder shared her journey as a student, nurse, wife, and mother. Passing on her wisdom as Ph.D. graduate, she imparted advice for her fellow 2025 graduates.

    “As you enter the next phase of your nursing journey, be open to the rich possibilities this profession has to offer you. You never know when the right job, at the right time, is going to shift your world on its axis, change your career trajectory, and transform your life and the lives of others,” Reeder remarked.

    Sklepinski and Dupont reflected on their UConn experience, telling everyone to never forget why they started this journey.

    “To my fellow graduates: Let’s continue to be the eyes and the ears for our patients and stay committed in making healthcare better, safer, and more equitable,” Sklepinski said. “And never forget the courage it took to get to this moment.”

    “This truly is an exciting time to be embarking on your nursing career. Achieving graduation means that you have earned one of the most treasured gifts one can have, being professionally and personally involved with those who need you at the most vulnerable and necessary times of their live,” said Dupont. “Please always remember in difficult and happy times that this is an honor and please keep that close to your heart.”

    Graduates of the UConn School of Nursing sit in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

    A Bachelor of Science was given to 110 students and there were four valedictorians: Katherine DeVito, Khadija Ibrahim, Luke Maynard, and Madison Sastram. The Regina M. Cusson Healthcare Innovations Award went to Amy Setesak. The Carolyn Ladd Widmer Undergraduate Leadership Award was presented to Molly Brett. The Clara Williams Holistic Nurse Award went to Abigail Schwartz, and the Sigma Theta Tau undergraduate honor was presented to Katherine DeVito.

    Two students graduated with a Doctor in Philosophy degree (Ph.D.): Ashwag Saad Alhabodal and Anne Reeder. Reeder received the Carolyn Ladd Widmer Award for Outstanding Research and Sigma Theta Tau Ph.D. honor.

    There were 19 Doctor of Nursing Practice degree (DNP) recipients. The Josephine Dolan Award for the Scholarship of Application went to Rachel Butler. The Sigma Theta Tau honor went to Bryan Frankovitch, and the Eleanor K. Gill Award for Excellence in Clinical Practice was presented to Catherine Reilly.

    A Master’s of Science degree was given to 86 students. The degrees were divided into nine categories: Adult/Gerontology Acute Care Nurse Practitioner (19), Adult/Gerontology Primary Care Nurse Practitioner (9), Family Nurse Practitioner (14), Neonatal Nurse Practitioner (19), Post-Graduate Certificate NNP (2), Post-Graduate Certificate FNP (1), Post-Graduate Certificate AGACNP (5), Nursing Administration and Leadership (3), and Nurse Educator (14).

    The Eleanor K. Gill Award for Excellence in Clinical Practice was presented to three master’s students: Kelly Ho (Primary Care), Abigail Davis (FNP), and Kimberly Davis (Acute Care). Melody LoPreiato received the Sigma Theta Tau Master’s honor.

    Three faculty members also received awards. The E. Carol Polifroni Scholarship of Praxis Award went to Associate Clinical Professor Carrie Eaton, Ph.D., RNC-OB, C-EFM, CHSE. Dawn Sarage, MSN, RN, CNL, CMSRN, CHSE, a clinical instructor, received the John McNulty Excellence in the Scholarship of Clinical Education Award. Assistant Professor Christina Ross, Ph.D., RN, received the Regina M. Cusson Healthcare Innovations Award.

    Faculty and staff of the School of Nursing award degrees to graduate in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

    Lastly, three faculty members were presented with the Pellegrina (Peggy) Lacovella Stolfi Clinical Teaching Award: Joseph Fetta, Ph.D., RN, CNRN, Carla Plourde, MSN, RN, and Kara Parker, MSN, RN.

    Congratulations to all award recipients, and an even bigger congratulations to the School of Nursing’s class of 2025. As Dickson said in her remarks “…take the spirit of inquiry that has brought you to us and fueled your academic success out into the world that trusts you and needs you. You are the future of health care, the future of Nursing! You are UConn Nurses!”

    You may not be students any longer, but you are and always will be huskies forever!

    MIL OSI USA News –

  • MIL-OSI: 3D Systems Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ROCK HILL, S.C., May 12, 2025 (GLOBE NEWSWIRE) — 3D Systems Corporation (NYSE:DDD) announced today its financial results for the first quarter ended March 31, 2025.

    • Revenue of $95 million as growth in new hardware systems and related services was offset by a decline in materials sales driven primarily by inventory management in the dental aligner market.
    • Previously announced $50 million cost savings initiative proceeding on schedule for completion by mid-2026. Reduction in operating expenses in Q1 continues to reflect the Company’s focus on cost and efficiency.
    • Company announcing an additional cost reduction initiative estimated to deliver $20 million incremental savings in 2025 to accelerate organizational alignment in response to potential macroeconomic and tariff risks.
    • Company withdrawing full year guidance due to risk of protracted weakness in customer capex spending. Top priority on delivering profitability at current scale. Strong new product portfolio spanning all metal and polymer platforms positions company well for accelerated growth and profitability when customer capex rebounds.
    • Balance sheet significantly strengthened as April sale of Geomagic portfolio provided over $100 million post-tax increase to Company cash reserves, which totaled approximately $250 million as of April 30, 2025.
    Unaudited Three Months Ended
    (in millions, except per share data) March 31, 2025   March 31, 2024
    Revenue $ 94.5     $ 102.9  
    Gross profit $ 32.7     $ 40.9  
    Gross profit margin   34.6 %     39.8 %
    Operating expense $ 69.5     $ 80.8  
    Operating loss $ (36.8 )   $ (39.9 )
    Net loss attributable to 3D Systems Corporation $ (37.0 )   $ (16.0 )
    Diluted loss per share $ (0.28 )   $ (0.12 )
           
    Non-GAAP measures for year-over-year comparisons    
    Non-GAAP gross profit margin   35.0 %     40.1 %
    Non-GAAP operating expense $ 61.6     $ 66.3  
    Adjusted EBITDA $ (23.9 )   $ (20.1 )
    Non-GAAP diluted loss per share $ (0.21 )   $ (0.17 )
                   

    Summary Comments on Results

    Dr. Jeffrey Graves, president and CEO of 3D Systems said, “Our first quarter revenues reflect a continuation of challenging top-line pressures as many customers are delaying their capital investments in order to get greater clarity around potential tariff impacts on their manufacturing and distribution strategies. This is in addition to the ongoing geopolitical and broader macroeconomic uncertainty that we have been experiencing for some time. We believe that these factors led to a noticeable dampening of our customers’ near-term capital spending, particularly in consumer-facing and service bureau related end markets. While we were pleased to see this growth in new printer sales for the second straight quarter, the rate was clearly impacted by these capital spending delays. Encouragingly, this growth in printer sales was driven predominantly by our newest hardware systems, as our strengthened technology portfolio delivered strategic wins for all three of our metal printing platforms, and steady growth broadly in Aerospace and Defense markets. These wins bode well for the future, particularly in the high-reliability Healthcare and Industrial markets, which include Aerospace and Defense, and AI infrastructure, areas that have been an increasing focus for us for some time. These trends were true not only in our US markets, but also in Europe, Asia and the Middle East. With regard to materials sales, the decline we experienced was primarily related to short-term inventory management in the dental orthodontics market. More broadly within our Healthcare segment, we delivered impressive results in spite of the broader economy, with 17% growth in our Personalized Healthcare business, and 18% in our manufacturing operations for FDA-approved parts – both crucial elements of our growth strategy moving forward.”

    Dr. Graves continued, “While margins remained under pressure given lower volumes and less favorable mix, we are focused intently on the items within our direct control. In this respect, our cost reduction plans that we announced last quarter are gaining momentum and contributed approximately $5 million of year-over-year improvement in operating expenses in Q1. While this is the progress we had anticipated, as we continue to assess the unpredictability of the current demand environment, we are taking a more conservative view with respect to revenue expectations for the remainder of 2025 and have announced additional, incremental actions to drive profitability improvements. These latest actions will ensure that our organizational capacity is aligned to our current demand environment. These new actions will be taken in the short term and are designed to deliver $20 million of in-year savings for 2025. Our deliberate preservation of R&D investments over the last few years has yielded a significant wave of new technology introduction across the entirety of our product portfolio, including both our polymer and metal platforms. While the short-term impact on profitability from these investments has been painful, based upon the strong customer interest we have received in these new products, we believe the strength of our offerings and the groundwork we have laid through our application specialists, will be a key competitive differentiator in the market as the headwinds on customer capex spending recede and new production inroads are expanded upon. This is particularly true in metal applications, where our new systems are increasingly preferred for high-quality/high-reliability component manufacturing, for applications within the human body, and in advanced industrial systems. With many of these new products now entering the critical phase of commercialization, our focus can expand to cost reduction activities, including significant footprint consolidations, simplification and modernization of our back-office activities, and a reorganization of our workforce to better align it with current market conditions. Given the scale of our company, we believe these actions can deliver profitability and the positive cash performance needed to sustain our development efforts and serve our customers’ production needs as they expand around the world. In addition, with the closing of our Geomagic asset sale in early April, we have strengthened our balance sheet by adding over $100 million of net proceeds, ending the most recent month with approximately $250 million of cash.”

    Dr. Graves concluded, “So, in short, we have followed a very deliberate strategy for the last three years of investing to be a technology leader in both metals and polymers, and one that has full control over all design, production and sourcing operations that are essential to the quality of our products, as the market for new production applications of 3D printing now opens in earnest. While the short term headwinds driven by tariff risks and other factors are painful and require us to implement significant cost savings initiatives, in the longer-term the new opportunities for localized manufacturing within the US, Europe, India and other nations is a significant driver for long-term value creation for all of our stakeholders.”

    First Quarter 2025 Results

    Revenue for the first quarter of 2025 decreased 8% to $94.5 million compared to the same period last year. The revenue decrease primarily reflects lower materials sales, partially offset by growth in services and hardware systems.

    Healthcare Solutions revenue decreased 9% to $41.3 million compared to the prior year period.

    Industrial Solutions revenue decreased 7% to $53.2 million compared to the prior year period.

    Gross profit margin for the first quarter of 2025 was 34.6% compared to 39.8% in the same period last year. Non-GAAP gross profit margin was 35.0% compared to 40.1% in the same period last year and decreased primarily due to lower volumes and unfavorable price and mix.

    Net loss attributable to 3D Systems Corporation increased by $21.0 million to a loss of $37.0 million in the first quarter of 2025 compared to the same period in the prior year.

    Adjusted EBITDA decreased by $3.8 million to a loss of $23.9 million in the first quarter of 2025 compared to the same period last year primarily driven by lower volumes and unfavorable price and mix, partially offset by an improvement in operating expenses as result of previously announced cost reduction actions.

    2025 Outlook

    Due to the risk of protracted weakness in customer capital investment spending, the Company is withdrawing full year guidance for 2025 as it continues to focus on delivering profitability at its current scale. The Company believes with its strong new product portfolio, spanning all metal and polymer platforms, it is well-positioned for accelerated growth and profitability when customer spending on capex rebounds.

    Financial Liquidity

    At March 31, 2025, cash and cash equivalents totaled $135.0 million and decreased $36.3 million since December 31, 2024. This decrease resulted primarily from cash used in operations of $33.8 million and capital expenditures of $2.8 million. At March 31, 2025, the company had total debt, net of deferred financing costs of $212.3 million.

    Q1 2025 Conference Call and Webcast

    The company will host a conference call and simultaneous webcast to discuss these results on May 13, 2025, which may be accessed as follows:

    Date: Tuesday, May 13, 2025
    Time: 8:30 a.m. Eastern Time
    Listen via webcast: www.3dsystems.com/investor
    Participate via telephone: 201-689-8345

    A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor.

    Forward-Looking Statements

    Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.

    About 3D Systems

    More than 35 years ago, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.

     
    3D SYSTEMS CORPORATION
    Condensed Consolidated Balance Sheets
    (Unaudited)
     
    (in thousands, except par value) March 31, 2025   December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 135,040     $ 171,324  
    Accounts receivable, net of reserves — $2,621 and $2,433   104,691       101,471  
    Inventories   120,045       118,530  
    Prepaid expenses and other current assets   39,172       34,329  
    Assets held for sale   2,936       3,176  
    Total current assets   401,884       428,830  
    Property and equipment, net   50,918       51,044  
    Intangible assets, net   17,874       18,020  
    Goodwill   15,102       14,879  
    Operating lease right-of-use assets   51,983       50,715  
    Finance lease right-of-use assets   8,504       8,726  
    Long-term deferred income tax assets   2,107       2,063  
    Other assets   34,983       34,569  
    Total assets $ 583,355     $ 608,846  
    LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY      
    Current liabilities:      
    Current operating lease liabilities $ 11,775     $ 9,514  
    Accounts payable   39,767       41,833  
    Accrued and other liabilities   44,310       45,488  
    Customer deposits   5,750       4,712  
    Deferred revenue   32,110       27,298  
    Liabilities held for sale   10,305       10,251  
    Total current liabilities   144,017       139,096  
    Long-term debt, net of deferred financing costs   212,310       211,995  
    Long-term operating lease liabilities   51,525       52,527  
    Long-term deferred income tax liabilities   2,001       2,076  
    Other liabilities   25,829       25,001  
    Total liabilities   435,682       430,695  
    Commitments and contingencies      
    Redeemable non-controlling interest   2,034       1,958  
    Stockholders’ equity:      
    Common stock, $0.001 par value, authorized 220,000 shares; shares issued 135,361 and 135,510 as of March 31, 2025 and December 31, 2024, respectively   135       136  
    Additional paid-in capital   1,596,747       1,593,366  
    Accumulated deficit   (1,399,229 )     (1,362,243 )
    Accumulated other comprehensive loss   (52,014 )     (55,066 )
    Total stockholders’ equity   145,639       176,193  
    Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 583,355     $ 608,846  
                   
    3D SYSTEMS CORPORATION
    Condensed Consolidated Statements of Operations
    (Unaudited)
     
      Three Months Ended
    (in thousands, except per share amounts) March 31, 2025   March 31, 2024
    Revenue:      
    Products $ 54,723     $ 64,051  
    Services   39,817       38,854  
    Total revenue   94,540       102,905  
    Cost of sales:      
    Products   37,365       39,587  
    Services   24,486       22,396  
    Total cost of sales   61,851       61,983  
    Gross profit   32,689       40,922  
    Operating expenses:      
    Selling, general and administrative   49,769       57,304  
    Research and development   19,683       23,480  
    Asset impairment charges   —       —  
    Total operating expenses   69,452       80,784  
    Loss from operations   (36,763 )     (39,862 )
    Non-operating income (loss):      
    Foreign exchange gain, net   1,139       1,909  
    Interest income   953       2,798  
    Interest expense   (581 )     (714 )
    Other (loss) income, net   (160 )     21,386  
    Total non-operating income   1,351       25,379  
    Loss before income taxes   (35,412 )     (14,483 )
    Provision for income taxes   (671 )     (1,371 )
    Loss on equity method investment, net of income taxes   (903 )     (247 )
    Net loss before redeemable non-controlling interest   (36,986 )     (16,101 )
    Less: net loss attributable to redeemable non-controlling interest   —       (100 )
    Net loss attributable to 3D Systems Corporation $ (36,986 )   $ (16,001 )
           
    Net loss per common share:      
    Basic $ (0.28 )   $ (0.12 )
    Diluted $ (0.28 )   $ (0.12 )
           
    Weighted average shares outstanding:      
    Basic   132,462       130,820  
    Diluted   132,462       130,820  
                   

    3D SYSTEMS CORPORATION
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)

      Three Months Ended
    (in thousands) March 31, 2025   March 31, 2024
    OPERATING ACTIVITIES      
    Net loss before redeemable non-controlling interest $ (36,986 )   $ (16,101 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   5,712       7,272  
    Accretion of debt discount   316       434  
    Stock-based compensation   4,168       8,252  
    Non-cash operating lease expense   2,371       2,728  
    Provision for inventory obsolescence   1,311       4,259  
    Provision for bad debts   325       (71 )
    Loss on the disposition of businesses, property, equipment and other assets   128       155  
    Gain on debt extinguishment   —       (21,518 )
    Provision for deferred income taxes and reserve adjustments   1,652       714  
    Loss on equity method investment, net of taxes   903       247  
    Changes in operating accounts:      
    Accounts receivable   (1,231 )     (2,391 )
    Inventories   (1,870 )     30  
    Prepaid expenses and other current assets   (4,078 )     (3,277 )
    Accounts payable   (2,799 )     (8,708 )
    Deferred revenue and customer deposits   5,745       7,854  
    Accrued and other liabilities   (4,144 )     (1,017 )
    All other operating activities   (5,309 )     (4,407 )
    Net cash used in operating activities   (33,786 )     (25,545 )
    INVESTING ACTIVITIES      
    Purchases of property and equipment   (2,795 )     (3,190 )
    Proceeds from sale of assets and businesses, net of cash sold   —       3  
    Acquisitions and other investments, net of cash acquired   (550 )     —  
    Other investing activities   (67 )     —  
    Net cash used in investing activities   (3,412 )     (3,187 )
    FINANCING ACTIVITIES      
    Repayment of borrowings/long-term debt   —       (87,150 )
    Taxes paid related to net-share settlement of equity awards   (285 )     (1,710 )
    Other financing activities   (364 )     (327 )
    Net cash used in financing activities   (649 )     (89,187 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,178       (1,579 )
    Net decrease in cash, cash equivalents and restricted cash   (36,669 )     (119,498 )
    Cash, cash equivalents and restricted cash at the beginning of the year   172,883       333,111  
    Cash, cash equivalents and restricted cash at the end of the period $ 136,214     $ 213,613  
                   
    3D SYSTEMS CORPORATION
    Segment Information
    (Unaudited)
     
      Three Months Ended
    (in millions) March 31, 2025   March 31, 2024
    Revenue:      
    Healthcare Solutions $ 41.3     $ 45.4  
    Industrial Solutions $ 53.2     $ 57.5  
    Total $ 94.5     $ 102.9  
                   
    3D SYSTEMS CORPORATION
    Reconciliations of GAAP to Non-GAAP Measures
     

    Presentation of Information in this Press Release

    3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain non-GAAP measures, including: non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP diluted income (loss) per share, non-GAAP Operating expense and Adjusted EBITDA. These non-GAAP measures exclude certain items that management does not view as part of 3D Systems’ core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems’ non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

    To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items:

    • amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations;
    • costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees;
    • stock-based compensation expenses, a non-cash expense;
    • charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses;
    • certain compensation expense related to the 2021 Volumetric acquisition; and
    • costs, including legal fees, related to significant or unusual litigation matters.

    Amortization of intangibles and acquisition and divestiture-related costs are excluded from non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the company’s products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company’s acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company’s and investors’ ability to compare the company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business’ operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration.

    The matters discussed above are tax effected, as applicable, in calculating non-GAAP diluted income (loss) per share.

    Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period.

    A reconciliation of GAAP to non-GAAP financial measures is provided in the accompanying schedules.

    Certain columns may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in thousands.

    3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross profit margin, Adjusted EBITDA, and non-GAAP operating expense to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

    Non-GAAP Gross Profit and Gross Profit Margin (unaudited)

      Three Months Ended
    (in millions) March 31, 2025   March 31, 2024
      Gross Profit   Gross Profit Margin (1)   Gross Profit   Gross Profit Margin (1)
    Gross profit (GAAP) $ 32.7       34.6 %   $ 40.9       39.8 %
    Amortization expense   0.2       0.2 %     0.3       0.3 %
    Restructuring expense   0.2       0.2 %     —       — %
    Gross profit (Non-GAAP) $ 33.1       35.0 %   $ 41.2       40.1 %
                                   

    (1) Calculated as non-GAAP gross profit as a percentage of total revenue.

    Non-GAAP Operating Expense (unaudited)

      Three Months Ended
    (in millions) March 31, 2025   March 31, 2024
    Operating expense (GAAP) $ 69.5     $ 80.8  
    Amortization expense   (0.8 )     (2.0 )
    Stock-based compensation expense   (4.2 )     (8.2 )
    Acquisition and divestiture-related expense   (0.9 )     (0.1 )
    Legal and other expense   (1.1 )     (4.2 )
    Restructuring expense   (0.8 )     —  
    Non-GAAP operating expense $ 61.6     $ 66.3  
                   

    Net Loss Attributable to 3D Systems Corporation to Adjusted EBITDA (unaudited)

      Three Months Ended
    (in millions) March 31, 2025   March 31, 2024
    Net loss attributable to 3D Systems Corporation (GAAP) $ (37.0 )   $ (16.0 )
    Interest income, net   (0.4 )     (2.1 )
    Provision for income taxes   0.7       1.4  
    Depreciation expense   4.7       5.0  
    Amortization expense   1.0       2.3  
    EBITDA (Non-GAAP)   (31.0 )     (9.4 )
    Stock-based compensation expense   4.2       8.2  
    Acquisition and divestiture-related expense   0.9       0.1  
    Legal and other expense   1.1       4.2  
    Restructuring expense   1.0       —  
    Net loss attributable to redeemable non-controlling interest   —       (0.1 )
    Loss on equity method investment, net of tax   0.9       0.2  
    Gain on repurchase of debt   —       (21.5 )
    Other non-operating income   (1.0 )     (1.8 )
    Adjusted EBITDA (Non-GAAP) $ (23.9 )   $ (20.1 )
                   

    Diluted Loss per Share (unaudited)

      Three Months Ended
    (in dollars) March 31, 2025   March 31, 2024
    Diluted loss per share (GAAP) $ (0.28 )   $ (0.12 )
    Amortization expense   0.01       0.02  
    Stock-based compensation expense   0.03       0.06  
    Acquisition and divestiture-related expense   0.01       —  
    Legal and other expense   0.01       0.03  
    Restructuring expense   0.01       —  
    Gain on repurchase of debt   —       (0.16 )
    Loss on equity method investment and other   0.01       —  
    Non-GAAP diluted loss per share $ (0.21 )   $ (0.17 )
                   

    The MIL Network –

  • MIL-Evening Report: Free food and beer are common perks for hospitality workers – but are they masking unfairness?

    Source: The Conversation (Au and NZ) – By Olivier Oren, Associate lecturer, hospitality management, Griffith University

    G-Stock Studio/Shutterstock

    For cafe and restaurant workers, getting a free drink or meal at the end of a long shift might feel like a well-deserved reward. But could such perks – common across the industry – be masking deeper issues?

    Informal workplace perks have long been a big part of Australian hospitality’s culture. It’s common for restaurants and cafes to provide a free on-shift meal or heavily discounted menu items for their employees. In some bars and pubs, an end-of-shift alcoholic drink is a well-appreciated tradition.

    Less well understood is the question of how these widespread perks are interacting with workers’ legal rights.

    To investigate, we surveyed 383 Australian hospitality workers. Participants worked across cafes, bars, and hotels (both in large franchises and small businesses) across Australia, with roles such as chefs, bartenders, guest experience attendants, waiting staff, managers and baristas.

    We asked them about their employment contracts, their access to legal entitlements like breaks and overtime, and any extra perks they received. We also invited them to share, in their own words, what would make work fairer. The results paint a troubling picture.

    Precarious work

    More than one in three survey respondents (34%) said they had no written terms of employment, despite this being a legal requirement in Australia.

    As one participant explained:

    I have only received a written contract and legally required breaks from one employer in my entire career.

    Nearly half reported missing out on their rest breaks, an entitlement designed to protect health and safety.

    About 12% were being paid less than the minimum wage, and close to half said they did not receive overtime or penalty payments when required. Non-compliance with legal entitlements was widespread across the sector, although more pronounced in smaller venues.

    ‘Perks’ of the job

    At the same time, informal perks remain deeply woven into hospitality work cultures.

    Nearly one in two respondents (44.1%) said they received some kind of benefit in addition to their basic pay. The most common types were free or discounted meals (57%) and access to alcoholic drinks (28%).

    Free or discounted meals were the most common perk reported in our survey.
    Shmatenko Igor/Shutterstock

    Some workers described other benefits such as laundry services, transportation, or even Christmas gifts. These freebies were rarely formalised and often dependent on the goodwill of managers.

    Such perks can blur the line between appreciation and obligation, which are offered as moral licenses to sidestep legal entitlements. We argue this widespread culture of perks is a distraction from unfair work practices, especially for younger workers who make up most of the hospitality and service workforce.

    For inexperienced staff, these “gifts” may indeed feel like part of the job, making it harder to identify when legal rights are being overlooked.

    What workers really want

    When asked what would make their jobs fairer, respondents overwhelmingly called for written contracts, enforceable pay rates and protection from abuse – not more freebies.

    As one chef put it:

    Free steak dinners don’t pay my rent or stop my boss docking pay for smoke breaks.

    Our data also show that workers with formal agreements were significantly more likely to receive their legal entitlements, including proper rest breaks and overtime pay, compared to those without.

    Why does this matter? Because protecting rights is not just about fairness. It is about safeguarding the sustainability of an industry we all rely on.

    Research shows when businesses rely on unpaid labour or ignore basic entitlements, they undercut fair competition, contribute to worker burnout and drive talent out of the sector.

    This affects service quality, workforce stability and ultimately the experiences of everyone who dines out, travels or enjoys Australia’s tourism offerings.

    Treating hospitality workers with respect benefits everyone.
    Drazen Zigic/Shutterstock

    How we could fix it

    Fixing the problem starts with clear, written employment contracts, especially in smaller venues where informal practices are most common. For workers and their families, this means refusing to accept a cold beer in place of job security.

    For business owners, many of whom are not acting in bad faith, it means getting support to implement fair practices through accessible tools, templates and clear guidance, such as the Fair Work Ombudsman’s Pay and Conditions Tool and employment contract templates tailored to the industry.

    For policymakers, it means strengthening oversight while improving education, ensuring that compliance is not just a box to tick, but a culture shift that makes fair, secure work the industry standard.

    Let perks remain perks – and not distractions from rights.

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

    – ref. Free food and beer are common perks for hospitality workers – but are they masking unfairness? – https://theconversation.com/free-food-and-beer-are-common-perks-for-hospitality-workers-but-are-they-masking-unfairness-256330

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Altus Group Announces Q2 2025 Dividend Payment

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 12, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (ʺAltus Group” or “the Company”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, announced today that its Board of Directors approved the payment of a cash dividend of $0.15 per common share for the second quarter ending June 30, 2025. Payment will be made on July 15, 2025 to common shareholders of record as at June 30, 2025.

    Altus Group’s Dividend Reinvestment Plan (“DRIP”) permits eligible shareholders to direct their cash dividends to be reinvested in additional common shares of the Company. For shareholders who wish to reinvest their dividends under the DRIP, Altus Group intends to issue common shares from treasury at a price equal to 96% of the weighted average closing price of the shares for the five trading days preceding the dividend payment date. Full details of the DRIP program are available on the Company’s website.

    Altus Group confirms that all dividends paid or deemed to be paid to its common shareholders qualify as ʺeligible dividendsʺ for purposes of subsection 89(14) of the Income Tax Act (Canada) and similar provincial and territorial legislation, unless indicated otherwise.

    About Altus Group

    Altus connects data, analytics, and expertise to deliver the intelligence necessary to drive optimal CRE performance.  The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~ 2,000 experts are making a lasting impact on an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Martin Miasko
    Sr. Director, Investor Relations and Strategy, Altus Group
    (416) 204-5136
    martin.miasko@altusgroup.com

    The MIL Network –

  • MIL-Evening Report: Range anxiety – or charger drama? Australians are buying hybrid cars because they don’t trust public chargers

    Source: The Conversation (Au and NZ) – By Ganna Pogrebna, Executive Director, AI and Cyber Futures Institute, Charles Sturt University

    VisualArtStudio/Shutterstock

    Range anxiety has long been seen as the main obstacle stopping drivers from going electric.

    But range isn’t the real issue. The average range of a new electric vehicle (EV) is more than 450 kilometres, and top models offer more than 700km per charge. By contrast, the average car is driven about 33km per day in Australia as of 2020.

    What’s really going on is charger anxiety – the question of whether you can find somewhere reliable to recharge when you’re away from home. Australia’s public chargers are not common enough or reliable enough to give motorists certainty they can find a place to recharge.

    This is why many drivers are hedging their bets. Rather than embracing battery-electric vehicles, many Australian drivers are opting for hybrids as well as plug-in hybrids (PHEVs), which couple a smaller battery with an internal combustion engine. Hybrids and PHEVs accounted for almost 20% of new car sales from July–September last year, compared to 6.5% for fully electric vehicles.

    Labor’s reelection could lead to better charging infrastructure. Last term, the federal government set a goal of a fast charging station every 150km along major highways, while state governments are also building more. But so far, these efforts aren’t enough to ensure Australia has reliable chargers in the right locations. Until then, cautious drivers will buy hybrids.

    Australia’s charger network has expanded, but many drivers are anxious about availability and reliability.
    Stepan Skorobogadko/Shutterstock

    Public chargers matter

    EV owners charge their cars at home an estimated 70–85% of the time. They use public chargers just 10–20% of the time and workplace charging 6–10% of the time.

    This makes sense – home charging is reliable and cheap. But these figures also point to a problem: EV drivers don’t trust public chargers.

    At present, Australia has about 3,700 public chargers nationwide. Each charging station typically supports one or two EVs, often offering different charging speeds. By contrast, there are around 6,600 service stations, with the ability to fuel multiple vehicles at once.

    Other countries have much larger charger networks. The United Kingdom has more than 40,000 and Canada 16,000. China, the world leader, has almost 10 million.

    China now has 10 million EV chargers.
    Tang Yan Song/Shutterstock

    Outside major Australian cities, chargers are harder to find and are often broken or in use. Chargers are usually not staffed, meaning there’s no one watching to prevent vandalism or organise maintenance.

    EV plugs are not yet standardised. Some plugs may not be available, and using chargers isn’t always easy. By contrast, petrol cars use standard nozzles, payment is simpler and staff and CCTV presence discourages vandalism and ensures the pumps work.

    If a petrol car runs out of fuel, the problem can be solved with a lift and a jerry can. But if your EV runs flat in a rural area because you can’t find a charger, you may have to get it towed.

    This lack of reliability is more than just a logistical hurdle — it’s a psychological barrier.

    Psychological roadblocks

    A recent study found the fear of running out of charge was a major psychological barrier to buying an EV – particularly for rural and regional Australians, who drive longer distances. As long as chargers remain unreliable or located too far apart, this anxiety will persist.

    In Australia, it’s easy to find reports of broken chargers, long queues at charging stations, gaps in the rural network and personal anecdotes of EV owners struggling to find a way to charge.

    A 2023 survey found almost 70% of EV owners had come across an inoperable charger at least once over the previous six months.

    What can Australia take from overseas experience?

    Australia’s government wants to increase EV uptake. While EVs are getting cheaper, the supporting infrastructure isn’t good enough yet to make them the norm.

    Across the European Union, chargers are being installed every 60km along major highways and efforts are being made to tackle psychological barriers to uptake.

    Federal and state governments in the United States have invested heavily in filling gaps in the charger network and working with consumers to encourage more sustainable commuting.

    Plug-in hybrids are powered by batteries and an internal combustion engine.
    algre/Shutterstock

    Choosing a hybrid is rational but not ideal

    It should be no surprise more Australians are buying hybrids as a safety net, given there are plenty of service stations and not as many EV chargers. City driving can allow near-total use of the electric motor, while longer trips still require petrol.

    The choice is rational. But it’s not ideal from an environmental point of view. Traditional hybrids are still largely powered by an internal combustion engine, while PHEVs can run as electric for longer but still use their combustion engines.

    While plug-ins have lower emissions than traditional vehicles, they often fail to deliver the full emissions savings drivers and regulators might hope for. Many drivers don’t charge regularly and rely instead on petrol.

    Chargers aren’t the only factor, of course. A tax break for PHEVs boosted their popularity for several years before ending in April, while sales of Tesla EVs have fallen off a cliff due to the unpopularity of owner Elon Musk.

    What needs to change?

    The solutions are straightforward: expand the charger network, especially in regional and rural areas. Improve maintenance schedules and ensure existing chargers are reliable. Make sure data on their availability is accessible in real time so drivers can avoid anxiety and frustration. Counter EV misinformation and anecdotal biases with information campaigns.

    When EV ownership and charging in Australia is practical and low risk, the sluggish EV transition will accelerate. But until then, many drivers will keep buying hybrids as a compromise.

    Ganna Pogrebna 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. Range anxiety – or charger drama? Australians are buying hybrid cars because they don’t trust public chargers – https://theconversation.com/range-anxiety-or-charger-drama-australians-are-buying-hybrid-cars-because-they-dont-trust-public-chargers-250281

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Dementia risk depends on more than lifestyle factors. Overstating this can cause stigma and blame

    Source: The Conversation (Au and NZ) – By Joyce Siette, Associate Professor | Deputy Director, The MARCS Institute, Western Sydney University

    Shvets Production/Pexels

    As public awareness of dementia grows, so too does the appetite for prevention. Global headlines tout the benefits of exercise, diet, brain training and social activity in reducing dementia risk.

    In recent years, medical journals have amplified this message to encourage people to take control of their cognitive futures through lifestyle change. Last year, The Lancet estimated up to 45% of dementia cases worldwide could theoretically be delayed or prevented by addressing modifiable risk factors.

    These messages are undeniably hopeful. They suggest personal effort, combined with emerging scientific evidence, can help to overcome a disease long seen as inevitable.

    But public health messaging that focuses too narrowly on behaviour may be misleading and potentially harmful, as we argue in The Lancet.

    This can lead to a two-tiered system, where affluent people are praised for their proactive brain health, while marginalised groups face barriers to participation and are blamed for their perceived inaction.

    What is dementia and what causes it?

    Dementia is a neurocognitive disorder and describes conditions that affect memory, thinking and the ability to do everyday tasks. Alzheimer’s disease is the most common type, but there are others such as vascular and Lewy body dementia.

    It happens when brain cells become damaged and stop communicating properly. This can cause confusion, forgetfulness and changes in behaviour or mood.

    Dementia is linked to some of our deepest cultural fears: the limits of autonomy, dependency on others, the stigma of being diagnosed and the unknown.

    So, what increases your risk of dementia? Some risk factors can’t be changed. Age is the biggest one. Family history and certain genes, such as APOE-e4, also raise risk.

    But many risk factors are modifiable, which means we can do something about them. Obesity, high cholesterol and high blood pressure raise your risk.
    Low levels of exercise or education can also increase the chances of developing dementia.



    Read more:
    These 12 things can reduce your dementia risk – but many Australians don’t know them all

    The science behind prevention

    The science of dementia prevention has evolved significantly over the past decade. Lifestyle trials, from Finland, France, Australia and the United States are exploring whether combinations of diet, physical activity, cognitive training and managing cardiovascular risk (high blood pressure, cholesterol, obesity and smoking) can reduce dementia risk.

    The Finnish study, the most widely cited of these, demonstrated modest but meaningful cognitive benefits in older adults at risk for dementia after a two-year lifestyle intervention.

    Its success has spurred a wave of similar studies globally (to date, more than 40 trials). Collectively, these trials provide a scientific foundation for an increasingly popular public health message: brain health tomorrow is linked to healthy behaviours today.

    New possibilities for preventing dementia are certainly promising. However, the translation of these findings into broad public campaigns is where complexity, and ethical tension, emerges.

    Dementia risk is related to socioeconomic disadvantage

    Dementia risk is also determined by a complex array of extrinsic factors – conditions outside our control – that are unevenly distributed across society: air quality, ethnicity, gender, occupation, the built environment.

    These factors influence not just if, but when, dementia might develop.

    Dementia prevalence is disproportionately higher in communities facing social disadvantage partly because modifiable risk factors such as diabetes, obesity and low education are also more common in these areas.

    Poor air quality also affects dementia risk, with some communities disproportionately affected.
    Theplantetspeaks/Pexels

    But there’s another layer: access. The same communities at greater risk often lack access to the very interventions meant to reduce that risk.

    Low-income neighbourhoods may have fewer green spaces, safe walking paths, or affordable, healthy food. They also face higher levels of pollution, noise and chronic stress. All of which can damage brain health.

    Not everyone can access the kinds of healthy lifestyles to counteract dementia risks. Telling people to eat a Mediterranean diet or join a gym may be a cold comfort for those without the money, time, services or mobility to do so.

    Positioning dementia as something people can avoid also risks implying dementia is something individuals can fail to prevent. This could reinforce existing narratives which equate disease in later life to poor lifestyle choices rather than social inequity.

    So how do we do better?

    First, prevention messaging must be framed within a social and cultural context.

    This means acknowledging and addressing barriers such as food insecurity, lack of green space, caregiver stress and health system distrust.

    Messages must be co-created with communities, not imposed on them, and have a visual, motivating appeal.

    Second, we must shift from individualistic narratives to collective responsibility. Brain health should be supported through public infrastructure, equitable access to care, and culturally sensitive health promotion.

    Brain health should be supported through infrastructure.
    Centre for Ageing Better/Unsplash

    Prevention doesn’t just happen in the home. It also happens in preschools, schools, shopping centres, clinics, parks and policy rooms.

    Finally, we need to reframe success. Preventing dementia is a worthy goal, but so is ensuring dignity, inclusion and care for people who live with it. A just approach to brain health must do both.

    The next generation of dementia messaging must be not only evidence-based, but also equity-focused. It should strive to educate without shaming, to empower without excluding, and to promote brain health in ways that honour the realities of ageing.

    Joyce Siette receives funding from the National Health and Medical Research Council on a Targeted Call for Research on cultural, ethnic and linguistic diversity in dementia research.

    Gilbert Knaggs 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. Dementia risk depends on more than lifestyle factors. Overstating this can cause stigma and blame – https://theconversation.com/dementia-risk-depends-on-more-than-lifestyle-factors-overstating-this-can-cause-stigma-and-blame-256108

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What did the parties say on TikTok in the election, and how? Here’s the campaign broken down in 5 charts

    Source: The Conversation (Au and NZ) – By Hannah Oates, PhD Candidate, School of Social Sciences, Monash University

    TikTok emerged as a key battleground in an election where young voters comprised a dominant share of the electorate. All the prominent political parties used the platform – especially after tactics by Labor contributed to its electoral success in 2022.

    With 60% of Gen Z now getting their news primarily from social media, this shift reflects a welcome effort to meet young voters where they are.

    But on these platforms, visibility alone isn’t enough. What you say, and how you say it, matters just as much.

    Collecting the data

    We collected and manually analysed more than 500 TikTok posts from the official accounts of Labor, the Liberals, the Greens and One Nation during the federal election campaign period (March 28 to May 2).

    Data was collected using web-scraping software, and included captions, sounds, hashtags and engagement metrics.

    Our analysis focused on both the discursive content (what was said) and performative use of the platform (how it was said).

    We manually categorised posts by their focus, whether political, apolitical, or blending politics and entertainment (“politainment”). We also grouped them according to their primary purpose:

    • promoting the party’s own policies

    • attacking opponents

    • or shaping their public image to appeal to a TikTok audience.

    We also coded posts by topic, including key campaign issues, such as the economy, health, housing and climate.

    What we found

    Labor had the highest total number of posts, which correlated to the highest views and a fairly strong engagement rate (10.5%). Engagement rates are calculated by the total number of user interactions with a post (comments, likes, shares) relative to how many people viewed the post.

    Labor also had a relatively balanced gender reach, skewing young.

    The Liberals posted frequently, as well, with an ever so slightly lower engagement rate (10.1%) and a more male-leaning audience.

    One Nation, though with far fewer posts, still achieved notable reach.

    Despite a smaller post volume than major parties, the Greens stood out for having the highest engagement rate by far (14.4%), along with the highest share of female and young audience followers.

    Focus, tone and messaging

    Clear differences emerge in how parties used TikTok to communicate.

    The Liberals leaned heavily into politainment (75%) and attack ads (nearly 90%). They rarely promoted their own policies, with only 12% of posts being solely focused on their campaign promises.

    Their content was strongly centred around the economy (60%) and energy (26%). Three-quarters of their posts were designed to target and appeal primarily to young audiences through the inclusion of informal language, youth-focused policies and youth slang and trends.

    One Nation, in contrast, was the most overtly political (94%) and traditional in tone (88% professional language). It directed its messaging to a general audience with a strong focus on attack content (82%).

    On the whole, One Nation’s content consisted of long formal news interviews and speeches, and was not well-adapted to suit the TikTok medium.

    Labor blended politainment (58%) with substantive political messaging (42%). About 35% of the videos were promoting party policy, while 53% were attack ads. It focused most on Medicare (44%), education, and housing – all issues particularly resonant with younger people (68% of their audience).

    The Greens had the highest share of policy-focused content (60%). These posts were strongly youth-oriented (77%), and covered climate change (27%), taxes (27%), and education (23%). Their posts were the most informal, with Greens leaders often using the platform to speak directly to TikTok users in a “selfie” style.

    Follow the money

    A closer look at the policy messaging on TikTok reveals a strong focus on the economy and health. These are two of the most decisive issues for voters across generations, according to the Australian Election Study.

    Given the rising cost of living, it’s no surprise this election played out around hip-pocket concerns. Yet, it’s notable that Labor didn’t lean heavily into economic messaging on TikTok, despite cost of living being the top concern for young people.

    The Liberals, by contrast, stuck to their traditional strength, making the economy a central theme of their content.

    Did it translate to electoral victory?

    Our analysis reveals a highly coordinated Labor campaign on TikTok, backed by serious resourcing and a keen understanding of platform dynamics. From short-form videos to youth-oriented podcasts and influencer briefings, Labor went all-in.

    While it’s hard to draw a straight line from TikTok posts to ballots cast, their dominant presence online mirrored their dominant result at the polls.

    The Greens, however, present a puzzle. They’ve traditionally performed well with young voters and achieved enviable engagement rates on TikTok: about 14% during the campaign, the kind most influencers dream of.

    Their content resonated, especially when it featured positive messaging or direct, informal engagement from party leaders. They didn’t rely on minimising political issues with memes and trends.

    But they posted far less than Labor and didn’t invest as heavily in trend-based posting. That likely reflects a smaller budget rather than a flawed strategy, but the result was fewer overall views and reach.



    Read more:
    Greens’ election hubris – how the minor party lost its way and now its leader

    Ultimately, this isn’t a story about young voters being swayed by viral videos. They’re politically engaged, issue-aware, and looking for credibility.

    Labor’s full-spectrum campaign was slick, and while they also backed that style with substance, they relied heavily on trends and mass-posting, prioritising quantity over quality.

    The Greens’ more quality-focused approach connected with their audience, but led to them being out-performed and far less visible.

    Hannah Oates receives funding from the Australian Government in the form of a PhD stipend.

    Intifar Chowdhury 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. What did the parties say on TikTok in the election, and how? Here’s the campaign broken down in 5 charts – https://theconversation.com/what-did-the-parties-say-on-tiktok-in-the-election-and-how-heres-the-campaign-broken-down-in-5-charts-254793

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: From Zoo Quest to Ocean: The evolution of David Attenborough’s voice for the planet

    Source: The Conversation (Au and NZ) – By Neil J. Gostling, Associate Professor in Evolution and Palaeobiology, University of Southampton

    Over the course of seven decades, Sir David Attenborough’s documentaries have reshaped how we see the natural world, shifting from colonial-era collecting trips to urgent calls for environmental action.

    His storytelling has inspired generations, but has only recently begun to confront the scale of the ecological crisis. To understand how far nature broadcasting has come, it helps to return to where it started.

    When Attenborough’s broadcasting career began in the 1950s, Austrian filmmakers Hans and Lotte Hass were already pushing the boundaries of what was possible by taking cameras below the sea and touring the world aboard their schooner, the Xafira.

    In one of their 1953 Galapagos films, a crewman handled a sealion pup, having crawled across the volcanic rock of Fernandina honking at sealions to attract them. A penguin and giant tortoise were brought on board Xafira. And as Lotte Hass took photographs, she’d beseech some poor creature to “not be frightened” and “look pleasant”.

    This is a world away from today’s expectations, where both research scientists and amateur naturalists are taught to observe without touching or disturbing wildlife. When the Hasses visited the Galápagos, it was still five years before the creation of the national park and the founding of the island’s conservation organisation Charles Darwin Foundation. Now, visitors must stay at least two metres from all animals – and never approach them.

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

    At the same time, television was beginning to shape public perceptions of the natural world. In 1954, Attenborough was working as a young producer on Zoo Quest. By chance, he became its presenter when zoologist Jack Lester became ill.

    The programme followed zoologists collecting animals from around the world for London Zoo. Zoo Quest was filmed in exotic locations around the world and then in the studio where the animals found on the expedition were shown “up close”.

    Attenborough has since acknowledged that Zoo Quest reflected attitudes that would not be acceptable today. The series showed animals being captured from the wild and transported to London Zoo – practices which mirrored extractive, colonial-era approaches to science.

    David Attenborough’s Zoo Quest for a Dragon aired in 1956.

    Yet, Zoo Quest was also groundbreaking. The series brought viewers face-to-face with animals they might never have seen before and pioneered a visual style that made natural history television both entertaining and educational. It helped establish Attenborough’s reputation as a compelling communicator and laid the foundations for a new genre of science broadcasting – one that has evolved, like its presenter, over time.

    After a decade in production, Attenborough returned to presenting with Life on Earth (1979), a landmark series that traced the evolution of life from single-celled organisms to birds and apes. Drawing on his long-standing interest in fossils, the series combined zoology, palaeobiology and natural history to create an ambitious new template for science broadcasting.

    Life on Earth helped cement Attenborough’s reputation as a trusted communicator and became the foundation of the BBC’s “blue-chip” natural history format – big-budget, internationally produced films that put high-quality cinematic wildlife footage at the forefront of the story. The series did not simply document the natural world. It reframed it, using presenter-led storytelling and global spectacle to shape how audiences understood evolutionary processes.

    For much of his career, Attenborough has been celebrated for showcasing the beauty of the natural world. Yet, he has also faced criticism for sidestepping the environmental crises threatening it. Commentators such as the environmental journalist George Monbiot argued that his earlier documentaries, while visually stunning, often avoided addressing the human role in climate change, presenting nature as untouched and avoiding difficult truths about ecological decline.

    Building on the legacy of Life on Earth, Attenborough’s later series began to respond to these critiques. Blue Planet (2001) expanded the scope of nature storytelling, revealing the mysteries of the ocean’s most remote and uncharted ecosystems. Its 2017 sequel, Blue Planet II, introduced a more urgent tone, highlighting the scale of plastic pollution and the need for marine conservation.

    Although Blue Planet II significantly increased viewers’ environmental knowledge, it did not lead to measurable changes in plastic consumption behaviour – a reminder that awareness alone does not guarantee action. The subsequent Wild Isles (2023) continued the shift towards conservation messaging. While the main series aired in five parts, a sixth episode – Saving Our Wild Isles – was released separately and drew controversy amid claims the BBC had sidelined it for being too political. In reality, the episode delivered a clear call to action.

    Attenborough’s latest film, Ocean, continues in this more urgent register, pairing breathtaking imagery with an unflinching assessment of ocean health. After decades of gentle narration, he now speaks with sharpened clarity about the scale of the crisis and the need to act.

    A voice for action

    In recent years, Attenborough has taken on a new role – not just as a broadcaster, but as a powerful voice in environmental diplomacy. He has addressed world leaders at major summits such as the UN climate conference Cop24 and the World Economic Forum, calling for urgent action on climate change. He was also appointed ambassador for the UK government’s review on the economics of biodiversity.

    On the subject of environmemtal diplomacy, Monbiot recently wrote: “A few years ago, I was sharply critical of Sir David for downplaying the environmental crisis on his TV programmes. Most people would have reacted badly but remarkably, at 92, he took this and similar critiques on board and radically changed his approach.”

    Attenborough not only speaks. He listens. This is part of his charm and popularity. He is learning and evolving as much as his audience.

    What makes Attenborough stand out is the way he speaks. While official climate treaties often rely on technical or legal language, he communicates in emotional, accessible terms – speaking plainly about responsibility, urgency and the moral imperative to protect life on Earth. His calm authority and familiar voice make complex issues easier to grasp and harder to dismiss.

    Frequently named Britain’s most trusted public figure, Attenborough has become something of an unofficial diplomat for the planet – apolitical, measured, and often seen as a voice of reason amid populist noise. Despite his criticisms, Attenborough’s documentaries walk a careful line between fragility and resilience, using emotionally ambivalent imagery to prompt reflection. He shares his wonder with the natural world and brings people along with him

    Ocean shows our blue planet in more spectacular fashion than Lotte and Hans Hass could ever have imagined. But it is also Attenborough’s most direct reckoning with environmental collapse. With clarity and urgency, it confronts the damage wrought by industrial trawling and habitat destruction.

    After 70 years of gently guiding viewers through the natural world, Attenborough’s voice has sharpened. If he once opened our eyes to nature’s wonders, he now challenges us not to look away. As he puts it: “If we save the sea, we save our world. After a lifetime filming our planet, I’m sure that nothing is more important.”

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

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

    – ref. From Zoo Quest to Ocean: The evolution of David Attenborough’s voice for the planet – https://theconversation.com/from-zoo-quest-to-ocean-the-evolution-of-david-attenboroughs-voice-for-the-planet-251727

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Huizenga, McCaul Introduce Legislation to Modernize Missile Technology Export Controls

    Source: United States House of Representatives – Congressman Bill Huizenga (MI-02)

    Today, Congressman Bill Huizenga (R-MI) and House Foreign Affairs Committee Chairman Emeritus Michael McCaul (R-TX) announced the introduction of H.R. 3068, the Missile Technology Control Revision Act. H.R 3068 modernizes missile technology export controls by removing unnecessary regulatory barriers. This will bolster U.S. national security while ensuring our allies are equipped to address shared security threats in a timely manner.

    “The threats our nation faces have evolved over time; therefore, our approach to keeping America safe must evolve as well,” said Congressman Bill Huizenga. “We cannot allow bureaucratic red tape to hinder our national security. By modernizing the Missile Technology Control Regime to meet the security challenges of today, we can strengthen our defense capabilities and increase our cooperation with our allies, especially Australia and the United Kingdom. The Missile Technology Control Revision Act can act as a force multiplier that allows the United States and our closest allies to address the security challenges we face today and in the future.”

    “The Chinese Communist Party is working at lightning speed to advance its military apparatus — and it does not play fair,” said Chairman Emeritus Michael McCaul. “The MTCR Act empowers the United States and its allies to meet that generational challenge head-on by removing burdensome red tape that slows down the transfer of critical military technologies. I urge my colleagues to support this important bill that will strengthen crucial partnerships like the AUKUS defense pact and deter the CCP’s malign activity in the Indo-Pacific and beyond.”

    Background

    The Missile Technology Control Regime (MTCR) was signed in 1987 and is a non-binding political arrangement designed to curtail exports and proliferation of ballistic missiles and WMD delivery vehicles. It is comprised of 35 nations, including Russia. Unfortunately, the MTCR has no independent means to verify whether states adhere to its guidelines or a mechanism to penalize member states if they violate them.

    Specifically, H.R. 3068 removes section 38(j), the statutory requirement of the Missile Technology Control Regime (MTCR), from the Arms Export Control Act of 1976, thus allowing for expedited defense trade with countries the President determines to be eligible for a defense trade exemption. Additionally, this bill includes a statement of policy that the US shall no longer apply a “presumption of denial” for MTCR items to NATO, major non-NATO allies, and Five Eyes members. H.R. 3068 reflects the current security realities around the globe.

    While never its intended purpose, the MTCR has hindered the United States’ ability to transfer technologies like ballistic missiles, space launch vehicles, UAV systems, cruise missiles, and other dual-use missile-related components to our closest allies. This ultimately hampers cooperation and collaboration on advanced technologies with ally nations through partnerships like NATO, Five Eyes, and AUKUS. Given the evolving threat landscape, the guidelines of the MTCR fail to provide flexibilities needed to enhance current and future collaboration opportunities.

    H.R. 3068 is supported by the Aerospace Industries Association, which represents hundreds of American aerospace and defense companies.

    MIL OSI USA News –

  • MIL-OSI: Natural Gas Services Group, Inc. Reports First Quarter 2025 Financial and Operating Results; Increases 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Midland, Texas, May 12, 2025 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months ended March 31, 2025. The Company also raised the high-end of its full-year 2025 Adjusted EBITDA guidance to $79 million, citing continued strength in its business and growing demand across its fleet.

    First Quarter 2025 Highlights

    • Rental revenue of $38.9 million for the first quarter of 2025 representing a 15% year-over-year increase and a 2% sequential increase compared to the period ended December 31, 2024.
    • Net income of $4.9 million or $0.38 per diluted share for the first quarter of 2025 compared to net income of $5.1 million or $0.41 per diluted share for the comparable period; net income up $2.0 million sequentially.
    • Leverage ratio at March 31, 2025, was 2.18x.
    • Adjusted EBITDA of $19.3 million for the first quarter of 2025, representing a 14% year-over-year increase; Adjusted EBITDA up 7% sequentially. See Non-GAAP Financial Measures – Adjusted EBITDA, below.

    Management Commentary and Outlook
    “We are pleased to report another quarter of strong execution and continued momentum across our business,” said Justin Jacobs, Chief Executive Officer. “We are taking market share, expanding our presence in key basins, and investing in our fleet, including the deployment of large-horsepower electric motor units. Our recent credit facility expansion, which also decreased our interest rate and provided more flexible covenants, further improves our ability to take advantage of organic and inorganic growth opportunities.”

    Jacobs continued, “While broader market uncertainty increased in recent weeks—driven primarily by tariff concerns, commodity price volatility, and macroeconomic factors—we are not seeing any meaningful direct impact on our operations. We will continue to monitor indirect effects closely, but we remain confident in our ability to deliver results consistent with our guidance.”

    “We increased our EBITDA outlook to reflect our first quarter outperformance relative to internal expectations and our confidence in the trajectory of the business. We remain excited about our prospects as we look to the remainder of 2025 and into 2026. Our team remains focused on disciplined capital allocation, operational excellence, and long-term value creation for our shareholders.”

    Corporate Guidance — 2025 Outlook

    The Company today provides updates to its previously announced guidance for the 2025 Fiscal Year. Based on a strong start to the year in the first quarter and its confidence for the remainder of the year, the Company today increased the high-end of its adjusted EBITDA guidance to $79 million. The Company now anticipates adjusted EBITDA for the 2025 Fiscal Year to be in the range of $74 – $79 million.

    The Company also reaffirms its outlook for 2025 growth capital expenditures of between $95 – $120 million, which are mostly  comprised of new units (essentially all of which are under contract). Once all these units are deployed, which is expected by early 2026, the Company expects its rented horsepower fleet to increase by approximately 90,000 horsepower, representing an increase of approximately 18% compared to year-end 2024. Customer deployments remain on schedule and the timing of deployments as previously noted is heavily weighted to the second half of 2025 and early 2026. Additionally, the Company anticipates 2025 maintenance expenditures of $10 – $13 million, consistent with its prior guidance and its target return on invested capital of 20% remains unchanged.

    The Company also reiterates the statement from the 2024 year end release that once all the 2025 growth capital expenditures are spent and the units are deployed, its “run rate” Adjusted EBITDA should increase at a rate (when compared to the fourth quarter of 2024) well in excess of (but less than double the rate of) the Company’s anticipated horsepower growth of 18%.

      Outlook
    NEW FY 2025 Adjusted EBITDA $74 million – $79 million
    FY 2025 Growth Capital Expenditures $95 million – $120 million
    FY 2025 Maintenance Capital Expenditures $10 million – $13 million
    Target Return on Invested Capital At least 20%

    Jacobs concluded, “We have multiple pathways to build on our industry-leading growth and drive shareholder value: fleet optimization, asset utilization (both unutilized units and non-cash assets), new rental units (both electric motor and natural gas engine), and accretive mergers and acquisitions. Given our strong balance sheet, low relative leverage, and recent increase in our borrowing capacity, we are well positioned to capitalize on opportunities for significant growth throughout the remainder of 2025.”

    2025 First Quarter Financial Results

    Revenue:  Total revenue for the three months ended March 31, 2025, increased 12% to $41.4 million from $36.9 million for the three months ended March 31, 2024. This increase was primarily due to higher rental revenues for the comparable periods. Rental revenue increased 15% to $38.9 million from $33.7 million in the first quarter of 2024 due to the addition of higher horsepower packages and pricing improvements. As of March 31, 2025, we had 492,679 rented horsepower (1,202 rented units) compared to 444,220 horsepower (1,245 rented units) as of March 31, 2024, reflecting an 11% increase in total utilized horsepower. Sequentially, total revenue increased 2% from $40.7 million primarily related to higher rental revenue for the current period.

    Gross Margins and Adjusted Gross Margins: Total gross margins, including depreciation expense increased to $15.7 million for the three months ended March 31, 2025, compared to $14.2 million for the same period in 2024 and increased on a sequential basis from $14.6 million for the three months ended December 31, 2024. Total adjusted gross margin, exclusive of depreciation expense, increased to $24.3 million for the three months ended March 31, 2025, compared to $21.1 million for the same period in 2024. On a sequential basis, total adjusted gross margin, exclusive of depreciation expense increased by $1.3 million compared to $23.0 million for the period ended December 31, 2024. For a reconciliation of Gross Margin, see Non-GAAP Financial Measures – Adjusted Gross Margin, below.

    Operating Income:  Operating income for the three months ended March 31, 2025, was $9.5 million compared to operating income of $9.3 million for the comparable 2024 period. On a sequential basis, operating income increased $3.5 million compared to $6.0 million for the period ended December 31, 2024.

    Net Income: Net income for the three months ended March 31, 2025, was $4.9 million, or $0.38 per diluted share compared to net income of $5.1 million or $0.41 per diluted share for the comparable 2024 period. On a sequential basis, net income increased $2.0 million when compared to net income of $2.9 million, or $0.23 per diluted share, in the fourth quarter of 2024. The modest year-over-year decline in net income was primarily related to an adjustment to inventory allowance, retirement of rental equipment, a gain on the sale of property and equipment, as well as an increase in depreciation and amortization. The sequential improvement in net income was primarily driven by higher rental revenue and rental gross margin.

    Cash Flows: At March 31, 2025, cash and cash equivalents were approximately $2.1 million, while working capital was $24.7 million. For the three months ended March 31, 2025, cash flows provided by operating activities were $21.3 million, while cash flows used in investing activities was $19.3 million. This compares to cash flows from operating activities of $5.6 million and cash flows used in investing activities of $10.9 million for the comparable three-month period in 2024. Cash flow used in investing activities during the first quarter 2025 included $19.3 million in capital expenditures.

    Adjusted EBITDA: Adjusted EBITDA increased 14% to $19.3 million for the three months ended March 31, 2025, from $16.9 million for the same period in 2024. The increase was primarily attributable to higher rental revenue and rental adjusted gross margin. Sequentially, Adjusted EBITDA increased 7% when compared to $18.0 million for the three months ended December 31, 2024.

    Debt:  Outstanding debt on our revolving credit facility as of March 31, 2025, was $168 million. Our leverage ratio at March 31, 2025, was 2.18x and our fixed charge coverage ratio was 2.98x. The Company is in compliance with all terms, conditions and covenants of the credit agreement.

    Selected data: The tables below show revenue by product line, gross margin and adjusted gross margin for the trailing five quarters.   Adjusted gross margin is the difference between revenue and cost of sales, exclusive of depreciation.

      Revenues
      Three months ended
      March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025
      ($ in 000)   ($ in 000)   ($ in 000)   ($ in 000)   ($ in 000)  
    Rentals $                  33,734   $                  34,926   $                  37,350   $                  38,226   $                  38,910  
    Sales                        2,503                          2,270                          1,843                             997                          1,927  
    Aftermarket services                           670                          1,295                          1,493                          1,435                             546  
    Total $                  36,907   $                  38,491   $                  40,686   $                  40,658   $                  41,383  
      Gross Margin
      Three months ended
      March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025
      ($ in 000)   ($ in 000)   ($ in 000)   ($ in 000)   ($ in 000)  
    Rentals $                  13,761                       13,211                       15,043                       14,865   $                  15,634  
    Sales                           253                             (50)                           (258)                           (531)                           (181)  
    Aftermarket services                           163                             269                             151                             296                             264  
    Total $                  14,177   $                  13,430   $                  14,936   $                  14,630   $                  15,717  
                         
      Adjusted Gross Margin (1)
      Three months ended
      March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025
      ($ in 000)   ($ in 000)   ($ in 000)   ($ in 000)   ($ in 000)  
    Rentals                     20,620                       20,698                       22,908                       23,107                       24,070  
    Sales                           323                               21                           (185)                           (449)                             (89)  
    Aftermarket services                           170                             283                             169                             321                             275  
    Total $                  21,113   $                  21,002   $                  22,892   $                  22,979   $                  24,256  
                         
        Adjusted Gross Margin %
        Three months ended
        March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025
    Rentals   61.1 %   59.3 %   61.3 %   60.4 %   61.9 %
    Sales   12.9 %   0.9 %   (10.0) %   (45.0) %   (4.6) %
    Aftermarket services   25.4 %   21.9 %   11.3  %   22.4 %   50.4 %
    Total   57.2 %   54.6 %   56.3 %   56.5 %   58.6 %
      Compression Units (at end of period):
      Three months ended
      March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025
    Horsepower Utilized 444,220   454,568   475,534   491,756   492,679
    Total Horsepower 542,256   552,599   579,699   598,840   603,391
    Horsepower Utilization 81.9 %   82.3 %   82.0 %   82.1 %   81.7 %
                       
    Units Utilized 1,245   1,242   1,229   1,208   1,202
    Total Units 1,894   1,899   1,909   1,912   1,916
    Unit Utilization 65.7 %   65.4 %   64.4 %   63.2 %   62.7 %

    (1) For a reconciliation of adjusted gross margin to its most directly comparable financial measure calculated and presented in accordance with GAAP, please read “Non-GAAP Financial Measures – Adjusted Gross Margin” below.

    Non-GAAP Financial Measure – Adjusted Gross Margin: “Adjusted Gross Margin” is defined as total revenue less costs of revenues (excluding depreciation and amortization expense). Adjusted Gross Margin is included as a supplemental disclosure because it is a primary measure used by our management as it represents the results of revenue and costs (excluding depreciation and amortization expense), which are key components of our operations. Adjusted Gross Margin differs from gross margin, in that gross margin includes depreciation and amortization expense. We believe Adjusted Gross Margin is important because it focuses on the current operating performance of our operations and excludes the impact of the prior historical costs of the assets acquired or constructed that are utilized in those operations. Depreciation and amortization expense does not accurately reflect the costs required to maintain and replenish the operational usage of our assets and therefore may not portray the costs from current operating activity. Rather, depreciation and amortization expense reflects the systematic allocation of historical property and equipment costs over their estimated useful lives.

    Adjusted Gross Margin has certain material limitations associated with its use as compared to gross margin. These limitations are primarily due to the exclusion of depreciation and amortization expense, which is material to our results of operations. Because we use capital assets, depreciation and amortization expense is a necessary element of our costs and our ability to generate revenue. In order to compensate for these limitations, management uses this non-GAAP measure as a supplemental measure to other GAAP results to provide a more complete understanding of our performance. As an indicator of our operating performance, Adjusted Gross Margin should not be considered an alternative to, or more meaningful than, gross margin as determined in accordance with GAAP. Our Adjusted Gross Margin may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted Gross Margin in the same manner.

    The following table shows gross margin, the most directly comparable GAAP financial measure, and reconciles it to Adjusted Gross Margin:

      Three months ended
      March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025
      (in thousands)
    Total revenue $              36,907 $              38,491 $                    40,686 $                 40,658 $              41,383
    Costs of revenue, exclusive of depreciation                (15,794)                (17,489)                     (17,794)                   (17,679)                (17,127)
    Depreciation allocable to costs of revenue                  (6,936)                  (7,572)                       (7,956)                     (8,349)                  (8,539)
    Gross margin                  14,177                  13,430                       14,936                    14,630                  15,717
    Depreciation allocable to costs of revenue                    6,936                    7,572                         7,956                       8,349                    8,539
    Adjusted Gross Margin $              21,113 $              21,002 $                    22,892 $                 22,979 $              24,256

    Non-GAAP Financial Measures – Adjusted EBITDA: “Adjusted EBITDA” is a non-GAAP financial measure that we define as net income (loss) before interest, taxes, depreciation and amortization, as well as an increase in inventory allowance, impairments, retirement of rental equipment, nonrecurring restructuring charges including severance and non-cash equity-classified stock-based compensation expenses. This term, as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. However, management believes Adjusted EBITDA is useful to an investor in evaluating our operating performance because: (i) it is widely used by investors in the energy industry to measure a company’s operating performance without regard to items excluded from the calculation of Adjusted EBITDA, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors; (ii) it helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our capital structure and asset base from our operating structure; (iii) it is used by our management for various purposes, including as a measure of operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting.

    Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows: (i) Adjusted EBITDA does not reflect all our cash expenditures, future requirements for capital expenditures, or contractual commitments; (ii) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (iii) Adjusted EBITDA does not reflect the cash requirements necessary to service interest or principal payments on our debt and finance leases; and (iv) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any capital expenditures for such replacements.

    The following table reconciles our net income, the most directly comparable GAAP financial measure, to Adjusted EBITDA:

      Three months ended
      March 31, 2024   June 30, 2024   September 30, 2024   December 31, 2024   March 31, 2025
      (in thousands)
    Net income $               5,098                4,250   $                     5,014   $                    2,865   $                4,854
    Interest expense                  2,935                2,932                          3,045                         3,015                     3,170
    Income tax expense (benefit)                  1,479                1,294                          1,383                             283                     1,482
    Depreciation and amortization                  7,087                7,705                          8,086                         8,469                     8,636
    Impairments                        —                      —                             136                             705                           —
    Inventory allowance                        —                      —                                —                         1,863                           61
    Retirement of rental equipment                          5                      —                                —                               23                         728
    Severance and restructuring                        —                      33                                —                               —                           —
    Stock-based compensation                      274                    242                             522                             783                         359
    Adjusted EBITDA $             16,878   $         16,456   $                  18,186   $                  18,006   $              19,290

    Conference Call Details: The Company will host a conference call to review its fourth-quarter and year-end financial results on Tuesday, May 13, 2025 at 8:30 a.m. (EST), 7:30 a.m. (CST). To join the conference call, kindly access the Investor Relations section of our website at www.ngsgi.com or dial in at (800) 550-9745 and enter conference ID 167298 at least five minutes prior to the scheduled start time. Please note that using the provided dial-in number is necessary for participation in the Q&A section of the call. A recording of the conference will be made available on our Company’s website following its conclusion. Thank you for your interest in our Company’s updates.

    About Natural Gas Services Group, Inc. (NGS): Natural Gas Services Group is a leading provider of natural gas compression equipment, technology and services to the energy industry. The Company designs, rents, sells and maintains natural gas compressors for oil and natural gas production and plant facilities, primarily using equipment from third-party fabricators and OEM suppliers along with limited in-house assembly. The Company is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com.

    Forward-Looking Statements

    Certain statements herein (and oral statements made regarding the subjects of this release) constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions.

    These forward–looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of the Company. Forward–looking information includes, but is not limited to statements regarding: guidance or estimates related to EBITDA growth, projected capital expenditures; returns on invested capital, fundamentals of the compression industry and related oil and gas industry, valuations, compressor demand assumptions and overall industry outlook, and the ability of the Company to capitalize on any potential opportunities.
    While the Company believes that the assumptions concerning future events are reasonable, investors are cautioned that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Some of these factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to:

    • conditions in the oil and gas industry, including the supply and demand for oil and gas and volatility in the prices of oil and gas;
    • changes in general economic and financial conditions, inflationary pressures, the potential for economic recession in the U.S., tariffs and trade restrictions, including the imposition of new and higher tariffs on imported goods and retaliatory tariffs implemented by other countries on U.S. goods, and the potential effects on our financial condition, results of operations and cash flows;
    • our reliance on major customers;
    • failure of projected organic growth due to adverse changes in the oil and gas industry, including depressed oil and gas prices, oppressive environmental regulations and competition;
    • our inability to achieve increased utilization of assets, including rental fleet utilization and monetizing other non-cash balance sheet assets;
    • failure of our customers to continue to rent equipment after expiration of the primary rental term;
    • our ability to economically develop and deploy new technologies and services, including technology to comply with health and environmental laws and regulations;
    • failure to achieve accretive financial results in connection with any acquisitions we may make;
    • fluctuations in interest rates;
    • changes in regulation or prohibition of new or current well completion techniques;
    • competition among the various providers of compression services and products;
    • changes in safety, health and environmental regulations;
    • changes in economic or political conditions in the markets in which we operate;
    • the inherent risks associated with our operations, such as equipment defects, malfunctions, natural disasters and adverse changes in customer, employee and supplier relationships;
    • our inability to comply with covenants in our debt agreements and the decreased financial flexibility associated with our debt;
    • inability to finance our future capital requirements and availability of financing;
    • capacity availability, costs and performance of our outsourced compressor fabrication providers and overall inflationary pressures;
    • impacts of world events, such as acts of terrorism and significant economic disruptions and adverse consequences resulting from possible long-term effects of potential pandemics and other public health crises; and
    • general economic conditions.

    In addition, these forward-looking statements are subject to other various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

    Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

    For More Information, Contact:
    Anna Delgado, Investor Relations
    (432) 262-2700
    IR@ngsgi.com
    www.ngsgi.com

     NATURAL GAS SERVICES GROUP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except par value)
    (unaudited)
           
      March 31,
    2025    		   December 31, 2024
    ASSETS      
    Current Assets:      
    Cash and cash equivalents $                2,147   $                2,142
    Trade accounts receivable, net of provision for credit losses                 15,415                   15,626
    Inventory, net of allowance for obsolescence                 17,343                   18,051
    Federal income tax receivable                 11,263                   11,282
    Prepaid expenses and other                      992                     1,075
    Total current assets                 47,160                   48,176
    Long-term inventory, net of allowance for obsolescence                         —                           —
    Rental equipment, net of accumulated depreciation               424,856                 415,021
    Property and equipment, net of accumulated depreciation                 23,570                   22,989
    Other assets                   6,105                     6,342
    Total assets $           501,691   $           492,528
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current Liabilities:      
    Accounts payable $             14,977   $                9,670
    Accrued liabilities                   7,468                     7,688
    Total current liabilities                 22,445                   17,358
    Long-term debt               168,000                 170,000
    Deferred income taxes                 47,323                   45,873
    Other long-term liabilities                   3,659                     4,240
    Total liabilities               241,427                 237,471
    Commitments and contingencies      
    Stockholders’ Equity:      
    Preferred stock                         —                           —
    Common stock, 30,000 shares authorized, par value $0.01; 13,784 and 13,762 shares issued, respectively                      138                        138
    Additional paid-in capital               118,768                 118,415
    Retained earnings               156,362                 151,508
    Treasury shares, at cost, 1,310 shares for each of the dates presented, respectively               (15,004)                 (15,004)
    Total stockholders’ equity               260,264                 255,057
    Total liabilities and stockholders’ equity $           501,691   $           492,528
    NATURAL GAS SERVICES GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except earnings per share)
    (unaudited)
       
      Three months ended
      March 31,
      2025   2024
    Revenue:      
    Rental $             38,910   $             33,734
    Sales                   1,927                     2,503
    Aftermarket services                      546                        670
    Total revenue                 41,383                   36,907
    Cost of revenue (excluding depreciation and amortization):      
    Rental                 14,840                   13,114
    Sales                   2,016                     2,180
    Aftermarket services                      271                        500
    Total cost of revenues (excluding depreciation and amortization)                 17,127                   15,794
    Selling, general and administrative expense                   5,378                     4,702
    Depreciation and amortization                   8,636                     7,087
    Inventory allowance                         61                           —
    Retirement of rental equipment                      728                             5
    Gain on sale of assets, net                       (54)                           —
    Total operating costs and expenses                 31,876                   27,588
    Operating income                   9,507                     9,319
    Other income (expense):      
    Interest expense                 (3,170)                   (2,935)
    Other income (expense)                         (1)                        193
    Total other income (expense), net                 (3,171)                   (2,742)
    Income before income taxes                   6,336                     6,577
    Provision for income taxes                 (1,482)                   (1,479)
    Net income $                4,854   $                5,098
    Earnings per share:      
    Basic                     0.39                       0.41
    Diluted                     0.38                       0.41
    Weighted average shares outstanding:      
    Basic                 12,462                   12,380
    Diluted                 12,611                   12,465
    NATURAL GAS SERVICES GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    (unaudited)
      Three months ended
      March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net income $             4,854   $             5,098
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization                 8,636                   7,087
    Inventory allowance                      61                        —
    Retirement of rental equipment                    728                          5
    Gain on sale of assets, net                    (54)                        —
    Amortization of debt issuance costs                    212                      150
    Deferred income taxes                 1,450                   1,456
    Stock-based compensation                    359                      274
    Provision for credit losses                    208                      110
    Loss (gain) on company owned life insurance                      17                    (184)
    Changes in operating assets and liabilities:      
    Trade accounts receivables                        3                 (3,265)
    Inventory                    647                   2,650
    Prepaid expenses and prepaid income taxes                      64                      250
    Accounts payable and accrued liabilities                 4,617                 (8,380)
    Other                  (535)                      358
    NET CASH PROVIDED BY OPERATING ACTIVITIES              21,267                   5,609
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Purchase of rental equipment, property and other equipment             (19,256)               (10,932)
    Purchase of company owned life insurance                      —                         (9)
    NET CASH USED IN INVESTING ACTIVITIES             (19,256)               (10,941)
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Proceeds from credit facility borrowings                 6,000                   8,000
    Repayments of credit facility borrowings               (8,000)                        —
    Payments of other long-term liabilities                      —                    (175)
    Taxes paid related to net share settlement of equity awards                       (6)                        —
    NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES               (2,006)                   7,825
    NET CHANGE IN CASH AND CASH EQUIVALENTS                        5                   2,493
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                 2,142                   2,746
    CASH AND CASH EQUIVALENTS AT END OF PERIOD $             2,147   $             5,239
    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
    Interest paid $             3,510   $             6,220
    Income taxes paid $                   16   $                   —
    NON-CASH TRANSACTIONS      
    Accrued purchases of property and equipment $                 524   $                   —
    Right of use asset acquired through an finance lease $                   —   $                 532

    The MIL Network –

  • MIL-OSI: Microchip Technology to Present at the J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., May 12, 2025 (GLOBE NEWSWIRE) — (NASDAQ:MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that the Company will present at the J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference on Wednesday, May 14, 2025 at 3:00 p.m. (Eastern Time). Presenting for the Company will be Mr. Eric Bjornholt, Senior Vice President and Chief Financial Officer. A live webcast of the presentation will be made available by J.P. Morgan, and can be accessed on the Microchip website at www.microchip.com.

    Any forward looking statements made during the presentation are qualified in their entirety by the discussion of risks set forth in the Company’s Securities and Exchange Commission filings. Copies of SEC filings can be obtained for free at the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 112,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Inc. in the USA and other countries.

    INVESTOR RELATIONS CONTACT:

    Deborah Wussler ……… (480) 792-7373

    The MIL Network –

  • MIL-OSI Australia: Russia responsible for downing of Flight MH17

    Source: Australia’s climate in 2024: 2nd warmest and 8th wettest year on record

    The International Civil Aviation Organisation (ICAO) Council in Montreal has found Russia is responsible under international law for the downing of Malaysia Airlines Flight MH17 on 17 July 2014.

    This is a historic moment in the pursuit of truth, justice and accountability for the victims of the downing of Flight MH17, and their families and loved ones.

    The ICAO Council found that Russia breached the prohibition under international law on the use of weapons against civil aircraft in flight and is responsible for the loss of 298 innocent lives, including 38 who called Australia home.

    In reaching its decision, the ICAO Council has upheld the fundamental principle that weapons should not be used against civil aircraft.

    The Australian Government welcomes the ICAO Council’s decision and urges it to move swiftly to determine remedies for this violation. We call upon Russia to finally face up to its responsibility for this horrific act of violence and make reparations for its egregious conduct, as required under international law.

    Our thoughts remain with those who lost their lives as a result of Russia’s actions, their families and loved ones.

    While we cannot take away the grief of those left behind, we will continue to stand with them in that grief and pursue justice for this horrific act.

    MIL OSI News –

  • MIL-OSI Security: Environmental Crimes Bulletin – April 2025

    Source: United States Attorneys General

    View All Environmental Crimes Bulletins

    In This Issue:

    Cases by District/Circuit

    District/Circuit Case Name Conduct/Statute(s)
    District of Alaska United States v. Jason Christenson Tampering with a Monitoring Device/Clean Air Act
    United States v. Matanuska Diesel, LLC, et al. Tampering with a Monitoring Device/ Clean Air Act, Conspiracy
    Western District of Arkansas United States v. Redemption Repairs & Performance Tampering with a Monitoring Device/Clean Air Act
    Southern District of California United States v. Dumitru Cicai Pesticide Smuggling
    United States v. Sarmad Ghaled Dafer, et al. Monkey Smuggling/ Conspiracy
    Southern District of Florida United States v. Royce Gillham Biofuel Credits/Conspiracy, False Claims, Wire Fraud
    Southern District of Georgia United States v. Justin Taylor Tampering with a Monitoring Device/Conspiracy, Tax
    District of Maryland United States v. Idrissa Bagayoko Pesticide Sales/FIFRA, HMTA
    District of Massachusetts United States v. John D. Murphy Dog Fighting/Animal Welfare Act
    Eastern District of Michigan United States v. Tribar Technologies, Inc. Wastewater Discharges/Clean Water Act
    District of Montana United States v. Mold Wranglers, et al. Lead Paint Abatement/False Claims Act/Toxic Substances Control Act, Knowing Endangerment
    United States v. Melanie Ann Carlin Lead Paint Disclosures/Toxic Substances Control Act
    District of New Jersey United States v. Johnnie Lee Nelson, et al. Dog Fighting/Animal Fighting Venture, Conspiracy
    United States v. Antonio Pereira, et al. Scallop Harvesting/ Conspiracy, Obstruction
    Eastern District of New York United States v. Charles Limmer Butterfly Smuggling/ Conspiracy
    United States v. John Waldrop, et al. Bird Mounts/Conspiracy, Endangered Species Act
    Southern District of New York United States v. Jose Correa Asbestos Removal/Clean Air Act
    District of Oregon United States v. Chamness Dirt Works, Inc., et al. Asbestos Removal/Clean Air Act
    United States v. J.H. Baxter & Co., Inc. et al. Hazardous Waste Treatment and Emissions/Clean Air Act, Resource Conservation and Recovery Act, False Statement
    Middle District of Pennsylvania United States v. Ryan Spencer Tampering with a Monitoring Device/Clean Air Act, Conspiracy
    Western District of Pennsylvania United States v. Dale A. Smith Ginseng Sales/ Conspiracy, Lacey Act
    District of Rhode Island United States v. Onill Vasquez Lozada, et al. Cockfighting/Animal Welfare Act
    District of South Carolina United States v. Lauren DeLoach Sperm Whale Teeth and Bones/Lacey Act, Marine Mammal Protection Act
    Northern District of Texas United States v. Dlubak Glass Company Hazardous Waste Storage/False Statement
    Southern District of Texas United States v. Priscilla Sanchez Monkey Smuggling/Lacey Act
    Western District of Texas United States v. Aghorn Operating, Inc., et al. Employee Death/Clean Air Act, False Statement, Safe Drinking Water Act, Worker Safety
    Western District of Virginia United States v. Coby Brummett Ginseng Digging/ Unauthorized Removal Natural Product from Park
    Eastern District of Washington United States v. Pavel Ivanovich Turlak, et al. Tampering with a Monitoring Device/Clean Air Act, Conspiracy, False Claims, Wire Fraud
    Western District of Washington United States v. Joel David Ridley Eagle Killing/Bald and Golden Eagle Protection Act, Firearm
    Northern District of West Virginia United States v. Michael Kandis Reptile Trafficking/Lacey Act

    Recently Charged

    United States v. Ryan Spencer

    • No. 1:25-CR-00100 (Middle District of Pennsylvania)
    • ECS Senior Trial Attorneys RJ Powers and Ron Sarachan
    • AUSA David Williams

    On April 4, 2025, prosecutors filed an information charging Ryan Spencer with conspiring to impede the lawful functions of the Environmental Protection Agency (EPA) and to violate the Clean Air Act (CAA), as well as substantive CAA violations (18 U.S.C. § 371; 42 U.S.C. § 7413(c)(2)(C)).

    Between 2013 and March 2024, Spencer, a Service Manager at Pro Diesel Werks, LLC, along with Pro Diesel Werks owner Roy Ladell Weaver and others, disabled the hardware emissions control systems on the diesel vehicles of Pro Diesel Werks’ customers (a practice referred to as a “delete” or “deleting”), defeating the systems’ ability to reduce pollutant gases and particulate matter emitted into the atmosphere. The information further alleges that Spencer and his co-conspirators also tampered with the emissions diagnostic systems on the vehicles to prevent the diagnostic system software from monitoring the emission control system hardware deletes (a practice referred to as a “tune” or “tuning”).

    On February 19, 2025, a grand jury indicted Weaver and Pro Diesel Werks on similar charges.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.

    Related Press Release: Middle District of Pennsylvania | Dauphin County Man Charged With Violations of Clean Air Act and Conspiring to Defraud the United States and Violate the Clean Air Act | United States Department of Justice

    United States v. Joel David Ridley

    • No. 2:25-mj-00175 (Western District of Washington)
    • AUSA Celia Ann Lee

    On April 7, 2025, a court unsealed a complaint charging Joel David Ridley, a member of the Lummi Nation, with violating the Bald and Golden Eagle Protection Act and for illegally possessing a firearm (16 U.S.C. § 668(a); 18 U.S.C. 922(g)(1)).

    According to the complaint, on February 23, 2025, a witness on the Lummi Reservation heard a gunshot while walking his dog. As he walked home, the witness heard a second shot and saw a person pick up an eagle from the ground. As the witness was on the phone with police, he saw another eagle fall from a tree on his property. The eagle was badly injured. Police captured the surviving eagle and later transported it to the Humane Society.

    Shortly after meeting with the witness, police encountered an SUV in the area that matched the description provided by the reporting party.  A records check revealed the vehicle belonged to Ridley. When police responded to the residence, they observed a dead eagle in the back seat of Ridley’s vehicle.

    Police obtained a search warrant for Ridley’s vehicle and found a dead eagle and a .22 caliber Savage rifle concealed between the rear seats. Ridely is prohibited from possessing firearms due to a prior conviction.

    Both juvenile bald eagles were taken to the Washington State Humane Society and found to have suffered gunshot wounds. The surviving eagle had to be euthanized.

    While the Lummi Tribe is permitted to possess, distribute, and transport bald or golden eagles found dead within Indian Country, the permit does not authorize the taking of eagles by gunshot, poison, or trapping.

    The Lummi Nation Police Department and the Federal Bureau of Investigation conducted the investigation.

    Related Press Release: Western District of Washington | Member of Lummi Nation charged federally with illegal firearms possession and killing protected bald eagles | United States Department of Justice

    United States v. Dumitru Cicai

    • No. 3:25-mj-01628 (Southern District of California)
    • AUSA Emily Allen

    On April 8, 2025, prosecutors filed a complaint charging Dumitru Cicai with smuggling twenty-four one-liter bottles of “Taktic” pesticide into the United States (18 U.S.C. § 545).

    On March 31, 2025, Cicai drove into the United States at the San Ysidro Port of Entry. Cicai told the Customs and Border Patrol (CBP) primary inspection officer that he had nothing to declare. Upon inspecting the vehicle, the primary officer discovered multiple pieces of natural wood branches in the vehicle’s trunk and large bottles concealed in black bags.

    When questioned by the secondary CBP officer, Cicai said he only had wood to declare, nothing else. Upon closer inspection, officers found 24 bottles of pesticide labeled “Taktic.”

    “Taktic” contains the active ingredient amitraz at an emulsifiable concentration of 12.5 percent. Under U.S. Environmental Protection Agency regulations, amitraz in this form is a cancelled and unregistered pesticide in the United States.

    The U.S. Environmental Protection Agency Criminal Investigation Division and Homeland Security Investigations conducted the investigation. 

    United States v. Jason Christenson

    • No. 3:25-CR-00030 (District of Alaska)
    • AUSA Ainsley McNerney
    • RCEC Karla Perrin

    On April 25, 2025, prosecutors filed an information charging Jason Christenson with tampering with a Clean Air Act (CAA) monitoring device and CAA false statements (42 U.S.C. §§ 7413(c)(2)(C), (c)(2)(A)).

    Between October 2019 and March 2024, Christenson tampered with monitoring methods required to be maintained under the CAA by altering the emissions control equipment on approximately 170 diesel trucks. Christenson and his business, Elite Diesel Performance, also modified the onboard diagnostic systems of the vehicles to prevent them from detecting the fact that this equipment had been removed.

    On May 1, 2021, Christenson submitted a response to a Request for Information sent by the Environmental Protection Agency that contained false statements. Specifically, for the question asking whether he or his business had manufactured, sold, or installed any defeat devices, Christenson responded ‘no.’ In truth, he had installed more than 100 defeat devices on diesel trucks between January 2019 and January 2021.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.

    Guilty Pleas

    United States v. Priscilla Sanchez

    • No. 5:25-CR-00254 (Southern District of Texas)
    • AUSA Torie Sailor

    On April 1, 2025, Priscilla Sanchez pleaded guilty to violating the Lacey Act for attempting to import five spider monkeys, a protected species, into the United States from Mexico (16 U.S.C. §§ 3372(a)(2), 3373(d)(1)(A)). Sentencing is scheduled for July 1, 2025.

    On January 13, 2025, Sanchez attempted to enter the U.S. at the Port of Entry, near Laredo, Texas, driving an SUV. Customs and Border Protection officers referred her to secondary screening. Officers discovered a duffle bag with five monkeys wearing diapers concealed inside of it. Authorities confirmed they were spider monkeys, which are protected by the Convention on International Trade in Endangered Species. Sanchez admitted to keeping monkeys at her house and selling them for between $300 and $500 each. She also knew it was illegal to do so.

    The U.S. Fish and Wildlife Service Office of Law Enforcement, Homeland Security Investigations, and Customs and Border Protection conducted the investigation.

    Case photo of monkeys seized by CBP agents.

    United States v. Lauren DeLoach

    • No. 9:25-CR-00164 (District of South Carolina)
    • ECS Senior Trial Attorney Ryan Connors
    • AUSA Winston Holliday
    • AUSA Elle Klein

    On April 10, 2025, Lauren DeLoach pleaded guilty to violating the Marine Mammal Protection Act and Lacey Act trafficking for importing and selling sperm whale teeth and bones (16 U.S.C. §§ 1372(a)(4)(B), 3372(a)(1), 3373(b)(1)(B)).

    DeLoach operated a home decoration store in St. Helena Island, South Carolina. Between September 2021 and September 2024, he imported sperm whale parts to South Carolina, with at least 30 shipments coming from Australia, Latvia, Norway, and Ukraine. DeLoach instructed suppliers to label the items as “plastic” or “resin” so they would not be seized by U.S. Customs authorities. DeLoach acknowledged selling the teeth and bones from July 2022 through September 2024, in violation of the Lacey Act. He sold at least 85 items on eBay worth more than $18,000, and agents seized approximately $20,000 worth of sperm whale parts from DeLoach’s residence while executing a search warrant.

    Laboratory analysis confirmed the teeth and bones belonged to sperm whales, which are a protected species.

    The U.S. Fish and Wildlife Service Office of Law Enforcement and the National Oceanic and Atmospheric Administration conducted the investigation.

    Related Press Release: District of South Carolina | South Carolina Man Pleads Guilty for Illegally Importing and Selling Sperm Whale Teeth and Bones | United States Department of Justice

    United States v. Dale A. Smith

    • No. 1:21-CR-00031 (Western District of Pennsylvania)
    • AUSA Paul Sellers

    On April 21, 2025, Dale A. Smith pleaded guilty to conspiracy and to violating the Lacey Act for illegally purchasing American ginseng (18 U.S.C. § 371; 16 U.S.C. §§ 3372(a)(2)(B), 3373(d)(l)(B)).

    As the owner and operator of Alleghany Mountain Ginseng, Smith possessed licenses to deal wild American ginseng in Pennsylvania and New York. Between September 2018 and January 2020, he purchased wild ginseng in Pennsylvania from buyers who informed him that they harvested it from New York without required certifications. Smith then submitted falsified Ginseng Dealer Quarterly Reports stating he purchased legally harvested ginseng from Pennsylvania, when in fact the ginseng came from New York.

    The United States Fish and Wildlife Service Office of Law Enforcement conducted the investigation.

    United States v. Matanuska Diesel, LLC, et al.

    • No. 3:23-CR-00109 (District of Alaska)
    • AUSA Jennifer Ivers
    • RCEC Karla Perrin

    On April 23, 2025, Brendan Trevors entered into a pretrial diversion agreement, pleading guilty to conspiracy to violate the Clean Air Act (18 U.S.C. § 371). The charge will be dismissed in 18 months if Trevors complies with all the conditions in the agreement. This includes paying a $16,000 fine and restoring his vehicle back to original emission control parameters.

    Between July 2020 and June 2022, Matanuska Diesel, LLC, company owner Mackenzie Spurlock, and former co-owner Trevors, removed air pollution control equipment and tampered with federally mandated monitoring devices on diesel vehicles. The process of removing emissions control systems and reprogramming a vehicle’s onboard diagnostic system is known as “deleting” and “tuning.” These unlawful modifications result in a significant increase in pollutants emitted by the vehicle. The defendants tampered with approximately nine trucks, charging between $1,200 and $5,000 for those services.

    Matanuska and Spurlock are scheduled for trial to begin on October 20, 2025, for conspiring to violate the CAA and multiple substantive CAA violations (18 U.S.C. § 371; 42 U.S.C. § 7413(c)(2)(C)).

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.

    United States v. Onill Vasquez Lozada, et al.

    • No. 1:24-CR-00075 (District of Rhode Island)
    • ECS Assistant Chief Stephen DaPonte
    • ECS Senior Trial Attorney Gary Donner
    • AUSA John McAdams

    On April 29, 2025, Onill Vasquez Lozada pleaded guilty to two counts of possessing, sponsoring, and exhibiting birds in an animal fighting venture in violation of the Animal Welfare Act (7 U.S.C. § 2156(a)(1), (b), (d); 18 U.S.C. § 49(a)). Sentencing is scheduled for July 29, 2025.

    Lozada is one of six defendants charged with violating the Animal Welfare Act in connection with a cockfighting operation. According to the indictment, on March 6, 2022, Miguel Delgado hosted a series of individual cockfights, known as “derbies,” at his Providence home. Delgado is also charged with sponsoring and exhibiting roosters in an animal fighting venture on multiple dates, buying and transporting sharp instruments, or “gaffs,” for use in the cockfights, and unlawfully possessing roosters for use in an animal fighting venture.

    Antonio Ledee Rivera and Lozada were charged with unlawfully possessing roosters in April 2021 for use in an animal fighting venture and for sponsoring and exhibiting roosters at a March 2022 derby at Delgado’ s home. Rivera was also charged in connection with an earlier derby at Delgado’ s home.

    Germidez Kingsley Jamie, Jose Rivera, and Luis Castillo are charged with sponsoring and exhibiting roosters at an animal fighting venture at the March 2022 derby. Jamie and Jose Rivera are also charged with one count of buying and transporting gaffs for use in an animal fighting venture.

    The Department of Agriculture Office of Inspector General, the Postal Inspection Service, the Food and Drug Administration Office of Criminal Investigation, and the Rhode Island Society for the Prevention of Cruelty to Animals conducted the investigation. The following agencies also assisted: the U.S. Marshals Service; the U.S. Fish and Wildlife Service Office of Law Enforcement; U.S. Customs and Border Protection; Rhode Island State Police; Massachusetts State Police; Animal Rescue League of Boston’s Law Enforcement Division; and Providence, Woonsocket, and Attleboro, MA, Police Departments.

    United States v. Michael Kandis

    • No. 5:25-CR-00005 (Northern District of West Virginia)
    • ECS Trial Attorney Lauren Steele
    • AUSA Max Nogay

    On April 30, 2025, Michael Kandis pleaded guilty to a Lacey Act Trafficking offense (16 U.S.C. §§ 3372(a)(2)(A), 3373(d)(2)).

    Kandis is a reptile dealer in Wheeling, West Virginia. Indiana Department of Natural Resources (IDNR) conservation officers became acquainted with Kandis through a long-term investigation in which they operated in a covert capacity at various reptile shows throughout the Midwest.

    During their investigation, the IDNR officers conducted several wildlife transactions involving Kandis. In October 2019, Kandis purchased 47 snakes from undercover officers, 25 of which were bullsnakes, for a total price of $1,415. The sale was conducted in Noblesville, Indiana. Bullsnakes are a native species in Indiana, and it is illegal to sell them under Indiana law. Kandis later transported the snakes from Indiana to West Virginia to sell.

    The U.S. Fish and Wildlife Service Office of Law Enforcement and the Indiana Department of Natural Resources conducted the investigation.

    Sentencings

    United States v. Pavel Ivanovich Turlak, et al.

    • No. 2:24-CR-00057 (Eastern District of Washington)
    • AUSA Dan Fruchter
    • AUSA Jacob Brooks
    • RCEC Gwendolyn Brooks

    On April 2, 2025, a court sentenced Pavel Ivanovich Turlak, and his Spokane-based trucking companies: PT Express, LLC; Spokane Truck Service, LLC; and Pauls Trans, LLC. They previously pleaded guilty to conspiring to illegally violate Clean Air Act (CAA) emissions controls and to fraudulently obtaining hundreds of thousands of dollars in COVID-19 relief funding (42 U.S.C. § 7413 (c)(2)(C);18 U.S.C. §§ 371, 1343, 287). All defendants will complete five-year terms of probation, with the companies subject to an environmental compliance plan. All defendants are jointly and severally responsible for $317,389 in restitution to the Small Business Administration.

    Between August 2017 and November 2023, Turlak purchased illegal “delete tune” packages from Ryan Hugh Milliken and his company, Hardaway Solutions, LLC. They designed this software to disable and defeat emissions controls and monitoring systems required under the CAA. Turlak loaded the delete tunes into the trucks used by his own businesses, as well as trucks of co-conspirators who were customers of Spokane Truck Service, LLC. Milliken created and sold custom software delete tunes to Turlak for vehicles based on specifications Turlak outlined. Turlak then charged as much as $3,500 to diesel truck owners to “delete” and “tune” their vehicles by tampering with their pollution monitoring devices.

    In addition to violating the CAA, Turlak fraudulently obtained hundreds of thousands of dollars in COVID-19 relief funding. Between March 2020 and August 2021, Turlak fraudulently applied for and received more than $300,000 in federal funding that was designated to go to eligible small businesses during the pandemic. Turlak and his businesses were not eligible to receive this funding due to their ongoing participation in this criminal conspiracy.

    Milliken and Hardaway Solutions pleaded guilty in November 2024 to conspiracy and to violating the CAA (18 U.S.C. § 371; 42 U.S.C. § 7413(c)(2)(C)). They were sentenced in January 2025 to complete five-year terms of probation, during which the company will be responsible for implementing an environmental compliance plan. Both defendants are jointly and severally responsible for paying a $75,000 fine.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation with assistance from the EPA National Enforcement Investigations Center, the Small Business Administration Office of Inspector General, and the Spokane Police Department.

    United States v. Charles Limmer

    • No. 1:23-CR-00405 (Eastern District of New York)
    • AUSA Sean M. Sherman

    On April 3, 2025, a court sentenced Charles Limmer to two years of home detention. Limmer pleaded guilty to conspiracy after prosecutors charged him with Endangered Species Act, Lacey Act, and smuggling violations for trafficking in numerous specimens of butterflies (18 U.S.C. § 371). This protected species is known as “birdwings” due to their exceptional size, angular wings, and birdlike flight. As part of the plea, Limmer forfeited 1,600 specimens.

    Limmer obtained a license in 2016 to import and export wildlife.  After Limmer and his business violated numerous import/export regulations, the Fish and Wildlife Service suspended his license.

    Between October 2022 and September 2023, Limmer and others imported and exported at least 59 illegal shipments containing wildlife, valued at approximately $216,000. They falsely labelled the wildlife as “decorative wall coverings” or “origami paper creations.”

    The U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation.

    United States v. Idrissa Bagayoko

    • No. 1:23-CR-00265 (District of Maryland)
    • AUSA Kimberly Phillips
    • RCEC Kertisha Dixon
    • RCEC David Lastra

    On April 3, 2025, a court sentenced Idrissa Bagayoko to time served, followed by one year of supervised release to include three months’ home confinement for transporting and selling unregistered pesticides. Bagayoko also will pay $5,640 in restitution to reimburse the Environmental Protection Agency (EPA) for the cost of destroying unregistered pesticides.

    A jury convicted Bagayoko in November 2024 on two counts for transporting and selling the unregistered pesticide Sniper DDVP. The jury found Bagayoko guilty of violating the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) and the Hazardous Materials Transportation Act (HMTA) (7 U.S.C. §§ 136j(a)(1) (A), 136l(b)(1)(B); 49 U.S.C. § 5124).

    Bagayoko owned and operated Maliba Trading, LLC. According to evidence presented at trial, on September 29, 2021, Bagayoko drove from New York to Maryland and sold two boxes of Sniper DDVP to an individual in Maryland. Police later stopped Bagayoko in Elkton, Maryland, with 18 additional boxes of Sniper DDVP containing a total of 1,728 bottles.

    Samples taken from the bottles revealed the presence of dichlorvos. EPA has classified dichlorvos as a probable human carcinogen. In total, the defendant transported more than 330 pounds of dichlorvos (a reportable quantity) without requisite shipping papers.

    The U.S. Environmental Protection Agency Criminal Investigation Division, the U.S. Department of Transportation Office of Inspector General, and the Elkton Maryland Police Department conducted the investigation.

    Related Press Release: District of Maryland | New York Business Owner Sentenced for Illegally Transporting and Selling Probable Carcinogen | United States Department of Justice

    United States v. Redemption Repairs & Performance

    • No. 4:24-CR-40016 (Western District of Arkansas)
    • AUSA Sydney Stanley

    On April 3, 2025, a court sentenced Redemption Repairs & Performance (RRP) to pay a $50,000 fine and complete a three-year term of probation.

    RRP pleaded guilty to violating the Clean Air Act (CAA) for modifying and deleting the emissions control systems of diesel engines and tampering with and rendering inaccurate the vehicles’ onboard diagnostic (OBD) systems (42 U.S.C § 7413(c)(2)(C)).

    RRP is a truck repair shop specializing in diesel engine repairs and performance located in Texarkana, Arkansas. Between May 2020 and October 2022, the company falsified, tampered with, and rendered inaccurate monitoring devices required to be maintained and followed under the CAA. After removing or altering the emission control equipment on diesel trucks, RRP modified the diesel trucks’ OBD systems to prevent detection of the removal and disabling of the equipment. The company performed this service on approximately 50 vehicles, charging between $2,600-$2,700 per truck.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation. 

    United States v. Chamness Dirt Works, Inc., et al.

    • No. 3:24-CR-00430 (District of Oregon)
    • AUSA Bryan Chinwuba
    • RCEC Karla Perrin

    On April 3, 2025, a court sentenced Ryan Richter, Ronald Chamness, Horseshoe Grove, LLC, and Chamness Dirt Works, Inc., for violations of the Clean Air Act (CAA).

    Property management company Horseshoe Grove pleaded guilty to violating the CAA National Emission Standards for Hazardous Air Pollutants (NESHAP) for asbestos work practice standards (42 U.S.C. §§ 7412(h),7413(c)(1)). Horseshoe Grove’s owner and operator Ryan Richter pleaded guilty to a CAA negligent endangerment violation (42 U.S.C. § 7413(c)(4)). Construction and demolition company Chamness Dirt Works pleaded guilty to violating the CAA NESHAP for asbestos, and company owner and president, Ronald Chamness, pleaded guilty to a CAA negligent endangerment violation (42 U.S.C. § 7413(c)(4)).

    Horseshoe Grove and Chamness Dirt Works were sentenced to complete three-year terms of probation. Richter and Ronald Chamness were each sentenced to five-year terms of probation and ordered to remediate the impacted site in accordance with stipulated conditions of probation. No fine was sought against the parties due to the cost of remediating the site to remove any remaining asbestos. The approximate cost of the remediation was $175,000.

    In November 2022, Horseshoe Grove acquired a property in The Dalles, Oregon, which included a mobile home park and two dilapidated apartment buildings. The previous owner provided the new buyers with an asbestos survey from December 2021, which identified more than 5,000 square feet of friable chrysotile asbestos within the two deteriorating buildings, with levels ranging from two percent to 25 percent. The survey also noted non-friable asbestos in various building materials, including siding and flooring, throughout the apartments. Despite these findings, Horseshoe Grove failed to implement the necessary precautions for asbestos removal.

    In March 2023, Chamness Dirt Works began demolishing the two asbestos-laden structures without following proper removal procedures. Chamness did not engage a certified asbestos abatement contractor, did not wet the asbestos-containing debris, and dumped the material in a regular landfill.

    Horseshoe Grove paid Chamness Dirt Works a total of $49,330 for the demolition, which did not meet the required safety standards.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.

    United States v. John Waldrop, et al.

    • No. 1:23-CR-00378 (Eastern District of New York)
    • ECS Senior Trial Attorney Ryan Connors
    • AUSA Anna Karamigios

    On April 9, 2025, the court sentenced Dr. John Waldrop and Toney Jones for their involvement in the largest seizure of bird mounts in U.S. Fish and Wildlife Service (USFWS) history. Waldrop pleaded guilty to conspiracy to smuggle wildlife and Endangered Species Act (ESA) violations. He was ordered to pay a $900,000 fine and will complete a three-year term of probation (18 U.S.C. § 371; 16 U.S.C. §§ 1538(e), 1540(b)(1)). This is one of the largest fines ever imposed in an ESA case. Jones was sentenced to complete a six-month term of probation for violating the ESA (16 U.S.C. §§ 1538(e), 1540(b)(1)).

    Over a period of five years, Waldrop illegally imported thousands of museum-quality taxidermy bird mounts and preserved eggs to build a personal collection. His collection of 1,401 taxidermy bird mounts and 2,594 eggs included:

    • Four eagles protected by the Bald and Golden Eagle Protection Act
    • 179 bird and 193 egg species listed in the Migratory Bird Treaty Act, and
    • 212 bird and 32 egg species protected by the Convention on International Trade in Endangered Species (CITES).

    This included extremely rare specimens such as three eggs from the Nordmann’s greenshank, an Asian shorebird with only 900 to 1,600 remaining birds in the wild.

    Between 2016 and 2020, Waldrop imported birds and eggs without the required declarations and permits. After USFWS inspectors at John F. Kennedy International Airport and elsewhere intercepted several shipments, Waldrop recruited Jones, who worked on his Georgia farm, to receive the packages. Jones also deposited approximately $525,000 in a bank account that Waldrop then used to pay for the imports and hide his involvement. Waldrop and Jones used online sales sites such as eBay and Etsy to buy birds and eggs from around the world, including Germany, Hungary, Iceland, Italy, Lithuania, Malta, Russia, South Africa, the United Kingdom, and Uruguay.

    In total, Waldrop spent more than $1.2 million to illegally build this collection. Pursuant to the plea agreement, Waldrop abandoned his collection, which was distributed to the USFWS forensic laboratory, the Smithsonian, and other museums and universities.

    The U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation.

    Related Press Release: Office of Public Affairs | Two Men Sentenced in Largest-Ever Bird Mount Trafficking Case | United States Department of Justice

    United States v. John D. Murphy

    • No. 1:24-CR-10074 (District of Massachusetts)
    • ECS Senior Trial Attorney Matthew Morris
    • AUSA Danial Bennett
    • AUSA Kaitlin Brown
    • ECS Paralegal Jonah Fruchtman

    On April 9, 2025, a court sentenced John D. Murphy to nine months’ incarceration, and three months and one day of home confinement, followed by three years’ supervised release. Murphy was also ordered to pay a $10,000 fine. Murphy pleaded guilty to violating the Animal Welfare Act for possessing dogs to use in an animal fighting venture (7 U.S.C. § 2156(b)).

    Prosecutors charged Murphy after investigators identified him on recorded calls discussing dog fighting in a separate investigation. Subsequent court-authorized searches of his Facebook accounts revealed Murphy’s extensive involvement in dogfighting.

    On June 7, 2023, authorities executed a search warrant at Murphy’s residence and another home, seizing 13 pit bull-type dogs. Several dogs exhibited scarring consistent with animal fighting. Authorities also recovered equipment used in fights, including syringes, anabolic steroids, a skin stapler, forceps, and equipment and literature for training dogs.

    The investigation revealed that Murphy often communicated with other dogfighters via Facebook and posted dogfighting-related photos to his Facebook account. Additionally, Murphy posted videos depicting pit bull-type dogs tethered to treadmills commonly used to physically condition dogs for fighting.

    The U.S. Department of Agriculture Office of Inspector General conducted the investigation with assistance from the following agencies: Homeland Security Investigations; U.S. Customs and Border Protection; the Bureau of Alcohol, Tobacco, Firearms, and Explosives; U.S. Coast Guard Investigative Service; U.S. Marshals Service; Maine State Police; New Hampshire State Police; Massachusetts Office of the State Auditor; Rhode Island Society for the Prevention of Cruelty to Animals; and Police Departments in Hanson, Boston, and Acton, Massachusetts.

    Related Press Release: District of Massachusetts | Massachusetts Man Sentenced to More Than a Year in Prison for Dogfighting | United States Department of Justice

    United States v. Jose Correa

    • No. 1:24-CR-00685 (Southern District of New York)
    • AUSA Alexandra Rothman

    On April 10, 2025, a court sentenced Jose Correa to pay a $10,000 fine and complete a two-year term of probation. Correa pleaded guilty to violating the Clean Air Act for negligently releasing asbestos into the ambient air (42 U.S.C. § 7413(c)(4)).

    Between November and December 2022, Correa removed asbestos-containing floor tiles and mastic from a supermarket in Manhattan without hiring an asbestos abatement contractor. Instead, the material was removed by construction workers who were not provided with protective gear, thereby releasing asbestos into the ambient air and placing the workers in imminent danger of death and serious bodily injury.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.

    United States v. Coby Brummett

    • No. 1:24-PO-00040 (Western District of Virginia)
    • AUSA Corey Hall

    On April 11, 2025, a court sentenced Coby Brummett to 30 days’ incarceration with credit for time served. Brummett was also ordered to pay more than $6,200 in restitution for illegally digging and removing ginseng from within the boundaries of Cumberland Gap National Historical Park. Additionally, Brummett is banned from the Park for three years (36 C.F.R. § 2.1(c)(3)).

    An investigation by Park Service rangers determined that Brummett dug up more than 300 ginseng roots from within the confines of the park.

    The restitution will be paid to the National Park Service, which conducted the investigation.

    Related Press Release: Western District of Virginia | Virginia Man Sentenced for Ginseng Poaching at National Park | United States Department of Justice

    United States v. Royce Gillham

    • No. 2:24-CR-14046 (Southern District of Florida)
    • ECS Senior Trial Attorney Adam Cullman
    • AUSA Daniel Funk

    On April 11, 2025, a court ordered Royce Gillham to pay $2,857,029 in restitution to ACT Fuels.

    This is in addition to the court’s sentence of 37 months’ incarceration, followed by three years of supervised release, ordered on March 14, 2025. Gillham, the former general manager of a biofuel producer based in Fort Pierce, Florida, pleaded guilty to conspiring to commit wire fraud and conspiring to make false claims (18 U.S.C.§ 371).

    This biofuel company produced and sold renewable fuel and fuel credits and claimed to turn various feedstocks into biodiesel. When reporting the number of gallons produced to the Internal Revenue Service and the Environmental Protection Agency (EPA), Gillham and his employer vastly overstated their production volume in an effort to generate more credits. When auditors sought more information from the company, Gillham and his co-conspirators gave them false information about their fuel production and customers.

    The scheme generated more than $7 million in fraudulent EPA renewable fuels credits and sought over $6 million in fraudulent tax credits connected to the purported production of biodiesel.

    ACT Fuels purchased the fraudulent fuel credits in question and had to buy replacement credits when authorities found that Gillham’s company produced fraudulent renewable identification numbers or RINs.

    The U.S. Environmental Protection Agency Criminal Investigation Division and the Internal Revenue Service Criminal Investigations conducted the investigation.

    United States v. Mold Wranglers, et al.

    • No. 6:24-CR-00025 (District of Montana)
    • AUSA Ryan Weldon

    On April 14, 2025, a court sentenced Mold Wranglers, Inc., a Kalispell-based hazardous material mitigation company, to pay a $50,000 fine, and complete a two-year term of probation, to include an environmental compliance plan. The company also will pay $348,000 in restitution to the U.S. Department of Veterans Affairs (VA). Mold Wranglers pleaded guilty to a False Claims Act conspiracy for filing false claims with the VA for lead paint abatement work that was never performed (18 U.S.C. § 286).

    Between 2018 and 2019, Mold Wranglers claimed it performed lead abatement work at the Freedom’s Path Fort Harrison facility. The project consisted of converting residential units for low-income veterans and their families. Mold Wranglers submitted documentation to the VA for work including painting over lead-based paint with encapsulating paint. However, the company failed to comply with federal regulations governing lead work, as its employees were not certified to handle lead, and it did not notify the Environmental Protection Agency of the work as required.

    Additionally, Mold Wranglers applied the encapsulating paint in a manner inconsistent with the manufacturer’s specifications.

    The agreement the company made with the VA specified it was not performing an actual abatement but merely “aesthetically repairing the paint and finishing the homes.” Despite this agreement, the company submitted 11 false payment requests, claiming to have performed lead abatement work, and received a total of $456,000 in federal funds for work that did not meet the necessary standards for lead abatement.

    The U.S. Environmental Protection Agency Criminal Investigation Division and Office of Inspector General, The Department of Veterans Affairs, and the Department of Housing and Urban Development conducted the investigation.

    Related Press Release: District of Montana | Helena real estate agent convicted of felony and fined $150,000 for failing to provide lead-based paint disclosures for veterans residing in Fort Harrison rental housing | United States Department of Justice

    United States v. Melanie Ann Carlin

    • No. 6:24-CR-00024 (District of Montana)
    • AUSA Ryan Weldon

    On April 14, 2025, a court sentenced Melanie Ann Carlin to pay a $150,000 fine and complete a three-year term of probation. Carlin pleaded guilty to violating the knowing endangerment provision of the Toxic Substances Control Act for failing to provide required lead-based paint disclosures to veterans residing at Freedom’s Path Fort Harrison in Helena, Montana (15 U.S.C. § 2615(b)(2)(A)). Carlin’s actions led to the exposure of veterans and their families to dangerous levels of lead, a hazardous substance known to cause serious health issues, particularly for children.

    Carlin owns a property management company called 406 Properties, Inc. She was responsible for overseeing rental units at Freedom’s Path, a housing facility with units built prior to 1978. The facility provided affordable homes for veterans and their families. Between September 2019 and September 2021, Carlin knowingly failed to provide mandated lead disclosures. Carlin knew that the property was built before 1978, which meant that the presence of lead paint was likely.

    In 2019, after receiving an email from the Montana Department of Commerce about lead paint concerns, Carlin signed and submitted forms for the units, falsely indicating that they were either free of lead paint or built after 1978. Despite having first-hand knowledge that lead paint was present in the buildings, Carlin continued to neglect her duty to disclose this information to tenants.

    In September 2021, an 18-month-old child living in one of the units ingested lead paint chips.

    Subsequent medical tests revealed the child had dangerously high blood lead levels and required lead poisoning treatment. Carlin admitted to agents that she knew about the lead paint disclosure requirement but failed to give residents the required notice. Carlin’s failure to act placed veterans and their families at imminent risk of serious harm.

    The U.S. Environmental Protection Agency Criminal Investigation Division, The Department of Veterans Affairs Office of Inspector General, and the Department of Housing and Urban Development conducted the investigation.

    Related Press Release: District of Montana | Helena real estate agent convicted of felony and fined $150,000 for failing to provide lead-based paint disclosures for veterans residing in Fort Harrison rental housing | United States Department of Justice

    United States v. Aghorn Operating, Inc., et al.

    On April 15, 2025, Aghorn Operating, Inc., Trent Day, and Kodiak Roustabout, Inc., entered guilty pleas and were sentenced in relation to Worker Safety, Clean Air Act (CAA) and Safe Drinking Water Act (SDWA) violations. Day pleaded guilty to a CAA negligent endangerment charge and was sentenced to serve five months’ incarceration, followed by one year of supervised release (42 U.S.C. § 7413(c)(4)). Aghorn pleaded guilty to CAA negligent endangerment and an Occupational Safety and Health Act (OSHA) willful violation count for the death of an employee, Jacob Dean, and his wife, Natalee Dean (42 U.S.C. § 7413(c)(4); 29 U.S.C. § 666(e)). Aghorn was sentenced to pay a $1 million fine and complete a two-year term of probation. Kodiak pleaded guilty to making a materially false statement (18 U.S.C. §1001) regarding well integrity testing that is required under the SDWA and was sentenced to pay a $400,000 fine and complete a one-year term of probation.

    Aghorn owns and operates oil wells and leases in Texas. Kodiak performed oilfield support and maintenance services for Aghorn. Day was a vice president for both Aghorn and Kodiak. The CAA and OSHA charges stem from the defendants releasing hydrogen sulfide that caused the deaths of Aghorn employee, Jacob Dean, and his wife, Natalee Dean. Both victims were overcome by hydrogen sulfide at Aghorn’s facility in Odessa. Aghorn and Day later obstructed the investigation into the Deans’ deaths. The SDWA-related violation stems from false statements made by Kodiak regarding the mechanical integrity of Aghorn injection wells in forms and pressure charts filed with the State of Texas Railroad Commission. In addition to the fine, Aghorn will guarantee that at least 33 tests conducted for Aghorn wells during its year of probation are witnessed or conducted by a third party.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation, with assistance from the Texas Railroad Commission, Ector County Environmental Enforcement, and the Odessa Fire Department.

    Related Press Release: Office of Public Affairs | Oilfield Company, Its Executive, and a Support Services Company Plead Guilty and Are Sentenced for Worker Safety, Clean Air Act, and Safe Drinking Water Act Violations Resulting in the Death of an Employee and His Spouse | United States Department of Justice

    United States v. Justin Taylor

    • No. 6:24-CR-00013 (Southern District of Georgia)
    • AUSA Darron J. Hubbard

    On April 15, 2025, a court sentenced Justin Taylor to complete a five-year term of probation and pay $279,642 in restitution to the Internal Revenue Service. Taylor pleaded guilty to conspiracy to tamper with a monitoring device and filing a fraudulent tax return (18 U.S.C. § 371; 26 U.S.C. § 7206(1)).

    Between January 2018 and January 2021, Taylor worked as a mechanic. Using a high-powered computer that supported diagnostic tools for heavy-duty logging equipment, Taylor performed emission-control “deletes” for more than 200 owners of diesel engines.

    The changes Taylor made to the emission controls on those machines disabled the electronic monitoring devices and methods required under the Clean Air Act. Taylor routinely charged $2,000 for this service, earning more than $1.2 million during this period while reporting only $166,853 in income.

    The U.S. Environmental Protection Agency Criminal Investigation Division and the Internal Revenue Service Criminal Investigations conducted the investigation.

    United States v. Johnnie Lee Nelson, et al.

    • No. 1:23-CR-00787 (District of New Jersey)
    • ECS Senior Trial Attorney Ethan Eddy
    • AUSA Michelle Goldman

    On April 16, 2025, a court sentenced Johnnie Lee Nelson to complete a two-year term of probation to include one year of home confinement. Nelson also will perform 100 hours of community service. Nelson pleaded guilty to conspiracy to possess, train, and transport dogs for an animal fighting venture and to sponsor and exhibit dogs in an animal fighting venture (18 U.S.C. § 371).

    On March 23, 2019, officers responded to an emergency call at an auto body garage in Upper Deerfield Township, New Jersey. They found a fighting pit in the garage, along with two pit bull-type dogs, still fighting, that had been placed into an inoperable car on a lift in the garage as the participants fled on foot. The dogs later died from injuries they sustained while fighting. Officers also found an uninjured pit bull-type dog in a car just outside the garage, along with a rudimentary veterinary suture and skin staple kit in a bag.

    Evidence revealed that Nelson’s co-defendant, Tommy Watson, organized the fight, and that their dog was scheduled for the next fight on deck. They jointly possessed and trained this dog for this particular fight, as shown by cell phone video evidence. Nelson and Watson participated in a dog fighting operation they called “From Da Bottom Kennels.” From Da Bottom Kennels and others live-streamed dog fight videos from that garage via the Telegram app. Watson is scheduled for trial to begin on June 4, 2025.

    The U.S. Department of Agriculture Office of Inspector General, the Federal Bureau of Investigation, and Homeland Security Investigations conducted the investigation.

    United States v. Sarmad Ghaled Dafer, et al.

    • Nos. 3:24-CR-00615, 23-CR-01879 (Southern District of California)
    • AUSA Sabrina L. Feve
    • AUSA Robert Miller
    • Former AUSA Melanie Pierson

    On April 18, 2025, a court sentenced Sarmad Ghaled Dafer to four months’ incarceration, followed by three years’ supervised release, to include 180 days of home confinement. Dafer also will pay $23,502 in restitution to the U.S. Fish and Wildlife Service to reimburse costs for quarantining three Mexican spider monkeys at the San Diego Zoo. Dafer is jointly and severally responsible along with co-defendant Sarkon Yonan Hanna for the restitution.

    On August 14, 2023, Customs and Border Protection (CBP) officers stopped a man and woman attempting to drive a van into the United States from Mexico. During an initial inspection, a CBP officer discovered an animal carrier hidden behind the rear seat that contained live monkeys. The CBP officer referred the occupants and vehicle for a secondary examination. Officers found three baby spider monkeys hidden in the van. The officers seized the monkeys and placed them in quarantine.

    A search of the co-conspirator’s phone led to evidence that Dafer purchased and coordinated the smuggling of monkeys across the border on three occasions, between June 2022 and August 2023.

    Baby Mexican spider monkeys continue to nurse throughout their first year and ordinarily are not fully weaned and independent until they turn two. Most baby Mexican spider monkeys will continue to stay close to their mothers until they are approximately four years old.

    Dafer’s Facebook messages and photos show that he intentionally sought baby monkeys to make the smuggling process easier. He even posted a photo of a baby spider monkey under a heat lamp in a small cage. This suggests that Dafer knew that the baby monkey he was selling had been prematurely separated from its mother.

    Mexican spider monkey mothers will not voluntarily relinquish their young and the entire troop of spider monkeys will try to defend the mother and baby from perceived threats. Consequently, to capture the babies, poachers will typically have to kill or harm the mother and entire troop. In this case, genetic analysis confirmed the three babies each had different mothers.

    Dafer pleaded guilty to conspiracy, and Hanna pleaded guilty to smuggling (18 U.S.C. §§ 371, 545.) Hanna was sentenced on March 14, 2025, to time served, followed by two years’ supervised release, along with the restitution. Hanna was in the car that attempted to smuggle the three monkeys into the United States from Mexico on August 14, 2023.

    Homeland Security Investigations, Customs and Border Protection, and the U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation. 

    Case photo of two of the three monkeys rescued by CBP.

    Related Press Release: Southern District of California | Wildlife Trafficker Sentenced for Smuggling Baby Spider Monkeys | United States Department of Justice

    United States v. Antonio Pereira, et al.

    • Nos. 3:24-CR-00824, 3:25-CR-00001 (District of New Jersey)
    • ECS Trial Attorney Christopher Hale
    • AUSA Kelly Lyons

    On April 22, 2025, a court sentenced Antonio Periera to pay a $4,000 fine and complete a two-year term of probation. Periera and co-defendant Darren McClave pleaded guilty to conspiracy to obstruct justice (18 U.S.C. § 371). McClave is scheduled for sentencing on June 30, 2025.

    McClave, a captain of a clam vessel based out of New Jersey, participated in a scheme to illegally harvest and sell excess scallops, violating federal fishing regulations. While clam vessels are allowed to take a limited quantity of scallops as bycatch, McClave routinely exceeded these limits and sold the surplus to Pereira, a seafood dealer. To cover up the overfishing, McClave and Pereira worked together to falsify the Fishing Vessel Trip Reports and Dealer Reports required by the National Oceanic and Atmospheric Administration.

    The National Oceanic and Atmospheric Administration Office of Law Enforcement conducted the investigation.

    United States v. J.H. Baxter & Co., Inc. et al.

    • No. 6:24-CR-00441 (District of Oregon)
    • ECS Trial Attorney Stephen Foster
    • ECS Trial Attorney Rachel M. Roberts
    • AUSA William M. McLaren
    • RCEC Karla G. Perrin
    • ECS Law Clerk Maria Wallace

    On April 22, 2025, a court sentenced J.H. Baxter & Co., Inc., and J.H. Baxter & Co., a California Limited Partnership, collectively, to pay a total of $1.5 million in criminal fines. In addition, both companies were ordered to serve five-year terms of probation. The companies’ president, Georgia Baxter-Krause, was sentenced to 90 days’ incarceration, followed by one year of supervised release.

    The two companies (collectively J.H. Baxter) were responsible for a wood treatment facility in Eugene, Oregon. Both pleaded guilty to charges of illegally treating hazardous waste and knowingly violating the Clean Air Act (CAA) (42 U.S.C. § 6928(d)(2)(A); 42 U.S.C. § 7413(c)(1)). Baxter-Krause pleaded guilty to two counts of making false statements in violation of the Resource Conservation and Recovery Act (RCRA) (42 U.S.C. § 6928 (d)(3)).

    J.H. Baxter used hazardous chemicals to treat and preserve wood at its Eugene facility. The wastewater from the wood preserving processes was hazardous waste. J.H. Baxter operated a wastewater treatment unit to treat and evaporate the waste. For years, however, when the facility accumulated too much water on site, employees transferred this water to a wood treatment retort to “boil it off,” greatly reducing the volume. J.H. Baxter would then remove the waste that remained, label it as hazardous waste, and ship it offsite for disposal.

    J.H. Baxter was never issued a RCRA permit to treat its waste in this manner. The facility was also subject to CAA emissions standards for hazardous air pollutants. However, employees were directed to open all vents on the retorts, allowing discharges to the surrounding air.

    State inspectors requested information about J.H. Baxter’s practice of boiling off hazardous wastewater. On two separate occasions, Baxter-Krause made false statements in response to these requests regarding the dates the practice took place, and which retorts were used. The investigation determined that Baxter-Krause knew J.H. Baxter maintained detailed daily production logs for each retort.

    J.H. Baxter boiled off hazardous process wastewater in its wood treatment retorts on 136 days. Baxter-Krause was also aware that during this time the company used four of its five retorts to boil off wastewater.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation with assistance from the Oregon Department of Environmental Quality and the Oregon State Police. 

    Related Press Release: Environment and Natural Resources Division | United States v. J.H. Baxter & Co., Inc. et al. | United States Department of Justice

    United States v. Dlubak Glass Company

    • No. 3:24-CR-00533 (Northern District of Texas)
    • ECS Trial Attorney Lauren Steele
    • ECS Senior Trial Attorney Gary Donner

    On April 29, 2025, a court sentenced Dlubak Glass Company (DGC) to pay a $100,000 fine and complete a four-year term of probation. The company pleaded guilty to making a false statement regarding the storage of hazardous waste (18 U.S.C. § 1001(a)(2)).

    DGC is in the business of processing and recycling glass products, including CRT (cathode ray tube) glass. CRTs have three components: a panel, a funnel, and a neck. Both the panel and the funnel are made of glass. CRT funnel glass contains significant amounts of lead, while panel glass typically contains lead in much lower quantities. Because of the presence of lead, used CRTs that are transported, stored, or disposed of can be considered a characteristic hazardous waste under the Resource Conservation and Recovery Act.

    DGC operated facilities in several states, including locations in Arizona, Texas, and Oklahoma. Pursuant to a Consent Order, DGC agreed to ship all the CRT glass at its Arizona facility offsite for recycling or disposal as hazardous waste. DGC later shipped approximately 4,000 tons of CRT glass from Yuma, Arizona, to its Texas facility, telling regulators that it would recycle the material by incorporating it into commercial products.

    When Texas Commission of Environmental Quality (TCEQ) inspected DGC’s Texas facility they observed piles of CRT glass onsite. DGC’s plant manager told inspectors that the only CRT glass present at the location was “processed panel glass containing no lead.” Dlubak employees later repeated this assertion in a follow-up meeting with TCEQ. However, further investigation determined that the glass in question was composed of both panel and funnel glass, a fact which DGC was aware of when it made these statements to TCEQ.

    The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.

    United States v. Tribar Technologies, Inc.

    • No. 2:24-CR-20552 (Eastern District of Michigan)
    • ECS Senior Counsel Kris Dighe
    • AUSA Karen Reynolds
    • RCEC Sasha Reyes

    On April 29, 2025, a court sentenced Tribar Technologies, Inc. (Tribar), to pay a $200,000 fine, complete a five-year term of probation and enact an environmental compliance plan. Tribar also will pay $20,000 in restitution to the City of Ann Arbor, Michigan.

    The company pleaded guilty to negligently violating a pretreatment standard under the Clean Water Act (33 U.S.C. §§ 1317(d) and 1319(c)(1)(A)).

    Tribar manufactures automobile parts and presently operates five active plants in southeast Michigan. Plant 5 is a chrome plating facility located in Wixom, Michigan. It uses an electroplating process to apply chrome finishing to plastic automotive parts. Plant 5 generates wastewater that contains chromium compounds, including hexavalent chromium, a known carcinogen.

    On July 23, 2022, Plant 5 accumulated approximately 15,000 gallons of untreated wastewater containing high concentrations of hexavalent chromium. This wastewater had higher levels of pollutants than the wastewater typically generated from Plant 5 operations. During the week beginning July 25, 2022, Plant 5 employees attempted to treat this wastewater in a holding tank to reduce the amount of hexavalent chromium before putting it into the Plant 5 wastewater treatment system. By the end of the week, the wastewater still contained high concentrations of hexavalent chromium.

    On July 29, 2022, an employee discharged approximately 10,000 gallons of insufficiently treated wastewater from the holding tank into the Plant 5 wastewater treatment system. This discharge activated wastewater treatment system alarms, indicating that the wastewater required further treatment before it could be discharged to the Wixom sanitary sewer system. The employee disabled approximately 460 alarms and discharged the wastewater to the Wixom sanitary sewer system, and ultimately to the Wixom publicly owned treatment works, without completing the treatment necessary to remove chromium from the wastewater, as required by Tribar’s Industrial Pretreatment Program Permit.

    The U.S. Environmental Protection Agency Criminal Investigation Division, the Michigan Department of Environment, Great Lakes and Energy, and the Federal Bureau of Investigation conducted the investigation. 

    View All Environmental Crimes Bulletins

    MIL Security OSI –

  • MIL-OSI: HighPeak Energy, Inc. Announces First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, May 12, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter ended March 31, 2025, provided an updated 2025 development outlook and increased production guidance.

    First Quarter 2025 Highlights

    • Sales volumes averaged approximately 53.1 thousand barrels of crude oil equivalent per day (“MBoe/d”), representing a 6% increase from the fourth quarter 2024.
    • Net income was $36.3 million, or $0.26 per diluted share and EBITDAX (a non-GAAP financial measure defined and reconciled below) was $197.3 million, or $1.40 per diluted share. First quarter 2025 adjusted net income (a non-GAAP financial measure defined and reconciled below) was $42.7 million, or $0.31 per diluted share.
    • Lease operating expenses averaged $6.61 per Boe, excluding workover expenses, representing a 3% decrease compared to the fourth quarter 2024.
    • Generated free cash flow (a non-GAAP financial measure defined and reconciled below) of $10.7 million, reduced long-term debt by $30 million and paid $0.04 per share in dividends.
    • Realized increased drilling and completion efficiency gains, which translated to drilling and completing four additional wells during the first quarter.

    Recent Events

    • Narrowed 2025 production guidance range and increased the midpoint.
    • On May 12, 2025, the Company’s Board of Directors declared a quarterly dividend of $0.04 per common share outstanding payable in June 2025.

    Statement from Jack Hightower, Chairman and CEO:

    In March, we discussed our four pillars of success for 2025 which include: 1) improving corporate efficiency, 2) maintaining capital discipline, 3) optimizing our capital structure, and 4) delivering shareholder value. I would like to take this opportunity to update our shareholders on where we stand and the progress we have made to date.

    Improving Corporate Efficiency
    HighPeak delivered another strong quarter of results, beating production guidance and consensus estimates, while also realizing higher levels of operating efficiencies in our development program. We drilled over 25% faster than our previous expectations, which translated to drilling and completing four additional wells during the first quarter. We are running smoother and more efficiently than ever before, while continuing to keep development costs in line with internal expectations.

    Maintaining Capital Discipline
    Due to the global economic uncertainty and its impact on oil prices, we have moderated our development program by laying down one rig for four months, May through August. Despite the pause, we remain on track to drill and complete the same number of wells in our 2025 guidance because of the gains made through operational efficiencies.

    As detailed on our March conference call, the majority of our 2025 infrastructure capex was first-quarter weighted. Factoring in drilling and completing four additional wells, we accomplished an outsized portion of our planned annual development activity during the first quarter. Going forward, we expect our quarterly capital expenditures to be materially lower and the total for the year to fall within our 2025 guided capex range. Although our operations are running much more efficiently, this is not the proper time to accelerate development activity from our original plan. Additionally, we have complete flexibility from a land and operations perspective to reduce the budget and leave a rig down for longer than the current plan if conditions warrant.

    Optimizing our Capital Structure
    We remain committed to optimizing our capital structure and remain poised to execute our plan once the market has stabilized. We are in a healthy financial position with no near-term debt maturities and are taking proactive steps to keep our balance sheet strong as we navigate this turbulent market.

    Shareholder Value
    Given the current global macro-economic backdrop, this is a time to remain nimble and prudent, which our high-quality asset base allows. As large owners of the Company, management is fully aligned with shareholders and has a long-term outlook on value creation. While markets may be volatile, it is important to remember the fundamental value of our asset base is still strong.

    First Quarter 2025 Operational Update

    HighPeak’s sales volumes during the first quarter of 2025 averaged 53.1 MBoe/d, a six percent increase over the fourth quarter 2024. First quarter sales volumes consisted of approximately 72% crude oil and 86% liquids.

    The Company averaged two drilling rigs and one frac crew during the first quarter, drilled 16 gross (16.0 net) horizontal wells and turned-in-line 13 gross (12.9 net) producing wells. On March 31, 2025, the Company had 28 gross (28.0 net) horizontal wells in various stages of drilling and completion.

    The Company updated its 2025 production guidance range to 48,000 – 50,500 Boe/d.

    HighPeak President, Michael Hollis, commented, “Our strong first quarter production is allowing us to narrow our guided range and increase the midpoint. This speaks to our strong well performance and the high quality of our long lived oily inventory. As seen in the last few commodity price cycles, HighPeak is realizing deflationary cost pressures on both the capex and opex fronts. With our increased operational efficiency, we are doing more with less and at a lower overall cost.”

    First Quarter 2025 Financial Results

    HighPeak reported net income of $36.3 million for the first quarter of 2025, or $0.26 per diluted share, and EBITDAX of $197.3 million, or $1.40 per diluted share. HighPeak reported adjusted net income of $42.7 million for the first quarter of 2025, or $0.31 per diluted share.

    First quarter average realized prices were $71.64 per Bbl of crude oil, $24.21 per Bbl of NGL and $2.34 per Mcf of natural gas, resulting in an overall realized price of $53.84 per Boe, or 75% of the weighted average of NYMEX crude oil prices, excluding the effects of derivatives. HighPeak’s cash costs for the first quarter were $11.94 per Boe, including lease operating expenses of $6.61 per Boe, workover expenses of $0.83 per Boe, production and ad valorem taxes of $3.17 per Boe and G&A expenses of $1.33 per Boe. As a result, the Company’s unhedged EBITDAX per Boe was $41.90 per Boe, or 78% of the overall realized price per Boe for the quarter, excluding the effects of derivatives.

    HighPeak’s first quarter 2025 capital expenditures to drill, complete, equip, provide facilities and for infrastructure were $179.8 million.

    Hedging

    Crude oil. As of March 31, 2025, HighPeak had the following outstanding crude oil derivative instruments and the weighted average crude oil prices and premiums payable per Bbl:

                          Swaps     Collars, Enhanced Collars
    & Deferred
    Premium Puts    		  
    Settlement
    Month    		   Settlement
    Year    		   Type of
    Contract    		   Bbls
    Per
    Day    		   Index   Price per
    Bbl    		     Floor or
    Strike
    Price per
    Bbl    		     Ceiling
    Price per
    Bbl    		     Deferred
    Premium
    Payable
    per Bbl    		  
    Crude Oil:                                                  
    Apr – Jun   2025   Swap     5,500   WTI Cushing   $ 76.37     $ —     $ —     $ —  
    Apr – Jun   2025   Collar     7,989   WTI Cushing   $ —     $ 64.38     $ 88.55     $ 2.00  
    Apr – Jun   2025   Put     9,000   WTI Cushing   $ —     $ 65.78     $ —     $ 5.00  
    Jul – Sep   2025   Swap     3,000   WTI Cushing   $ 75.85     $ —     $ —     $ —  
    Jul – Sep   2025   Collar     7,000   WTI Cushing   $ —     $ 65.00     $ 90.08     $ 2.28  
    Jul – Sep   2025   Put     9,000   WTI Cushing   $ —     $ 65.78     $ —     $ 5.00  
    Oct – Dec   2025   Collar     5,000   WTI Cushing   $ —     $ 60.00     $ 72.80     $ —  
    Jan – Mar   2026   Collar     5,000   WTI Cushing   $ —     $ 60.00     $ 72.80     $ —  
     

    The Company’s crude oil derivative contracts detailed above are based on reported settlement prices on the New York Mercantile Exchange for West Texas Intermediate pricing.

    Natural gas. As of March 31, 2025, the Company had the following outstanding natural gas derivative instruments and the weighted average natural gas prices payable per MMBtu.

    Settlement Month   Settlement
    Year    		   Type of
    Contract    		   MMBtu
    Per Day    		   Index   Price per
    MMBtu    		  
    Natural Gas:                          
    Apr – Jun   2025   Swap     30,000   HH   $ 4.43  
    Jul – Sep   2025   Swap     30,000   HH   $ 4.43  
    Oct – Dec   2025   Swap     30,000   HH   $ 4.43  
    Jan – Mar   2026   Swap     19,667   HH   $ 4.43  
     

    HighPeak added the following natural gas swaps in April 2025.

    Settlement Month   Settlement
    Year    		   Type of
    Contract    		   MMBtu
    Per Day    		   Index   Price per
    MMBtu    		  
    Natural Gas:                          
    Jan – Mar   2026   Swap     10,333   HH   $ 4.30  
    Apr – Jun   2026   Swap     30,000   HH   $ 4.30  
    Jul – Sep   2026   Swap     30,000   HH   $ 4.30  
    Oct – Dec   2026   Swap     30,000   HH   $ 4.30  
    Jan – Mar   2027   Swap     19,667   HH   $ 4.30  
     

    Dividends

    During the first quarter of 2025, HighPeak’s Board of Directors approved a quarterly dividend of $0.04 per share, or $5.0 million in dividends paid to stockholders during the quarter. In addition, in May 2025, the Company’s Board of Directors declared a quarterly dividend of $0.04 per share, or approximately $5.0 million in dividends, to be paid on June 25, 2025, to stockholders of record on June 2, 2025. 

    Conference Call

    HighPeak will host a conference call and webcast on Tuesday, May 13, 2025, at 10:00 a.m. Central Time for investors and analysts to discuss its results for the first quarter of 2025. Conference call participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on the HighPeak Energy website at www.highpeakenergy.com under the “Investors” section of the website. A replay will also be available on the website following the call.

    When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com.

    About HighPeak Energy, Inc.

    HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

    Cautionary Note Regarding Forward-Looking Statements

    The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy” or the “Company”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company’s control. For example, the Company’s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties.

    These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’s Board and the interest of prospective counterparties, the Company’s ability to realize the results contemplated by its 2025 guidance, volatility of commodity prices, political instability or armed conflicts in crude or natural gas producing regions such as the ongoing war between Russia and Ukraine or Israel and Hamas, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and U.S. economic activity, competition, OPEC+ policy decisions, potential new trade policies, such as tariffs, could adversely affect the Company’s operations, business and profitability, inflationary pressures on costs of oilfield goods, services and personnel, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy’s ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy’s oil, natural gas liquids and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and other filings with the SEC. The Company undertakes no duty to publicly update these statements except as required by law.

    Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indicative of the level of reserves or PV-10 value of oil and natural gas production in the future. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’s strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

    Use of Projections

    The financial, operational, industry and market projections, estimates and targets in this press release and in the Company’s guidance (including production, operating expenses and capital expenditures in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2025 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyond the Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law.

    Drilling Locations

    The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. The drilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires, the Company would lose its right to develop the related locations.

    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Balance Sheet Data
    (In thousands)
        March 31,
    2025    		   December 31,
    2024    		  
    Current assets:              
    Cash and cash equivalents   $ 51,619     $ 86,649    
    Accounts receivable     78,356       85,242    
    Inventory     8,706       10,952    
    Prepaid expenses     8,301       4,587    
    Derivative instruments     5,620       7,582    
    Total current assets     152,602       195,012    
    Crude oil and natural gas properties, using the successful efforts method of accounting:              
    Proved properties     4,140,881       3,959,545    
    Unproved properties     71,359       70,868    
    Accumulated depletion, depreciation and amortization     (1,293,949 )     (1,184,684 )  
    Total crude oil and natural gas properties, net     2,918,291       2,845,729    
    Other property and equipment, net     3,141       3,201    
    Other noncurrent assets     19,047       19,346    
    Total assets   $ 3,093,081     $ 3,063,288    
                   
    Current liabilities:              
    Current portion of long-term debt, net   $ 120,000     $ 120,000    
    Accounts payable – trade     66,473       74,011    
    Accrued capital expenditures     53,240       35,170    
    Revenues and royalties payable     27,993       26,838    
    Other accrued liabilities     22,065       22,196    
    Derivative instruments     8,275       5,380    
    Operating leases     821       719    
    Advances from joint interest owners     —       316    
    Total current liabilities     298,867       284,630    
    Noncurrent liabilities:              
    Long-term debt, net     902,844       928,384    
    Deferred income taxes     242,337       232,398    
    Asset retirement obligations     15,058       14,750    
    Operating leases     581       670    
    Commitments and contingencies              
                   
    Stockholders’ equity              
    Common stock     13       13    
    Additional paid-in capital     1,166,786       1,166,609    
    Retained earnings     466,595       435,834    
    Total stockholders’ equity     1,633,394       1,602,456    
    Total liabilities and stockholders’ equity   $ 3,093,081     $ 3,063,288    
     
    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Statements of Operations
    (in thousands)
        Quarter Ended March 31,
    		  
        2025   2024
    		  
    Operating revenues:            
    Crude oil sales   $ 246,424     $ 282,369    
    NGL and natural gas sales     11,024       5,395    
    Total operating revenues     257,448       287,764    
    Operating costs and expenses:            
    Crude oil and natural gas production     35,562       30,271    
    Production and ad valorem taxes     15,152       14,402    
    Exploration and abandonments     264       498    
    Depletion, depreciation and amortization     109,325       130,850    
    Accretion of discount     244       239    
    General and administrative     6,345       4,685    
    Stock-based compensation     177       3,798    
    Total operating costs and expenses     167,069       184,743    
    Other expense     —       1    
    Income from operations     90,379       103,020    
    Interest income     810       2,392    
    Interest expense     (36,988 )     (43,634 )  
    Loss on derivative instruments, net     (7,927 )     (53,043 )  
    Income before income taxes     46,274       8,735    
    Provision for income taxes     9,939       2,297    
    Net income   $ 36,335     $ 6,438    
                 
    Earnings per share:            
    Basic net income   $ 0.26     $ 0.05    
    Diluted net income   $ 0.26     $ 0.05    
                 
    Weighted average shares outstanding:            
    Basic     123,913       125,696    
    Diluted     127,213       129,641    
                 
    Dividends declared per share   $ 0.04     $ 0.04    
     
    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (in thousands)
        Quarter Ended March 31,
    		  
        2025
    		   2024
    		  
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net income   $ 36,335     $ 6,438    
    Adjustments to reconcile net income to net cash provided by operations:            
    Provision for deferred income taxes     9,939       1,688    
    Loss on derivative instruments     7,927       53,043    
    Cash paid on settlement of derivative instruments     (3,071 )     (5,148 )  
    Amortization of debt issuance costs     2,034       2,053    
    Amortization of discounts on long-term debt     2,426       2,453    
    Stock-based compensation expense     177       3,798    
    Accretion expense     244       239    
    Depletion, depreciation and amortization     109,325       130,850    
    Exploration and abandonment expense     4       274    
    Changes in operating assets and liabilities:            
    Accounts receivable     6,886       (14,414 )  
    Prepaid expenses, inventory and other assets     (1,314 )     (4,722 )  
    Accounts payable, accrued liabilities and other current liabilities     (13,860 )     (5,113 )  
    Net cash provided by operating activities     157,052       171,439    
    CASH FLOWS FROM INVESTING ACTIVITIES:            
    Additions to crude oil and natural gas properties     (179,819 )     (147,698 )  
    Changes in working capital associated with crude oil and natural gas property additions     25,172       1,705    
    Acquisitions of crude oil and natural gas properties     (2,517 )     (2,171 )  
    Proceeds from sales of properties     570       —    
    Other property additions     —       (59 )  
    Net cash used in investing activities     (156,594 )     (148,223 )  
    CASH FLOWS FROM FINANCING ACTIVITIES:            
    Repayments under Term Loan Credit Agreement     (120,000 )     (30,000 )  
    Dividends paid     (4,957 )     (5,050 )  
    Dividend equivalents paid     (531 )     (530 )  
    Repurchased shares under buyback program     —       (8,764 )  
    Debt issuance costs     —       (7 )  
    Net cash used in financing activities     (35,488 )     (44,351 )  
    Net decrease in cash and cash equivalents     (35,030 )     (21,135 )  
    Cash and cash equivalents, beginning of period     86,649       194,515    
    Cash and cash equivalents, end of period   $ 51,619     $ 173,380    
     
    HighPeak Energy, Inc.
    Unaudited Summary Operating Highlights
        Quarter Ended March 31,  
        2025   2024  
    Average Daily Sales Volumes:              
    Crude oil (Bbls)     38,222       39,959    
    NGLs (Bbls)     7,724       5,147    
    Natural gas (Mcf)     43,096       27,733    
    Total (Boe)     53,128       49,729    
                   
    Average Realized Prices (excluding effects of derivatives):              
    Crude oil per Bbl   $ 71.64     $ 77.65    
    NGL per Bbl   $ 24.21     $ 24.94    
    Natural gas per Mcf   $ 2.34     $ 1.33    
    Total per Boe   $ 53.84     $ 63.59    
                   
    Margin Data ($ per Boe):              
    Average price, excluding effects of derivatives   $ 53.84     $ 63.59    
    Lease operating expenses     (6.61 )     (6.30 )  
    Expense workovers     (0.83 )     (0.39 )  
    Production and ad valorem taxes     (3.17 )     (3.18 )  
    General and administrative expenses     (1.33 )     (1.04 )  
        $ 41.90     $ 52.68    
     
    HighPeak Energy, Inc.
    Unaudited Earnings Per Share Details
        Quarter Ended March 31,  
        2025   2024  
    Net income as reported   $ 36,335     $ 6,438    
    Participating basic earnings     (3,542 )     (605 )  
    Basic earnings attributable to common shareholders     32,793       5,833    
    Reallocation of participating earnings     47       1    
    Diluted net income attributable to common shareholders   $ 32,840     $ 5,834    
                   
    Basic weighted average shares outstanding     123,913       125,696    
    Dilutive warrants and unvested stock options     1,146       1,786    
    Dilutive unvested restricted stock     2,154       2,159    
    Diluted weighted average shares outstanding     127,213       129,641    
                   
    Net income per share attributable to common shareholders:              
    Basic   $ 0.26     $ 0.05    
    Diluted   $ 0.26     $ 0.05    
     
    HighPeak Energy, Inc.
    Unaudited Reconciliation of Net Income to EBITDAX, Discretionary Cash Flow and Net Cash Provided by Operations
    (in thousands)    		  
        Quarter Ended March 31,  
        2025   2024  
    Net income   $ 36,335     $ 6,438    
    Interest expense     36,988       43,634    
    Interest income     (810 )     (2,392 )  
    Income tax expense     9,939       2,297    
    Depletion, depreciation and amortization     109,325       130,850    
    Accretion of discount     244       239    
    Exploration and abandonment expense     264       498    
    Stock based compensation     177       3,798    
    Derivative related noncash activity     4,856       47,895    
    Other expense     —       1    
    EBITDAX     197,318       233,258    
    Cash interest expense     (32,528 )     (39,128 )  
    Other (a)     550       1,558    
    Discretionary cash flow     165,340       195,688    
    Changes in operating assets and liabilities     (8,288 )     (24,249 )  
    Net cash provided by operating activities   $ 157,052     $ 171,439    
    (a)     Includes interest income net of current tax expense, other expense and operating portion of exploration and abandonment expenses.
     
    HighPeak Energy, Inc.
    Unaudited Reconciliation of Net Cash Provided by Operations and Free Cash Flow
    (in thousands)
        Quarter Ended March 31,  
        2025   2024  
    Net cash provided by operating activities   $ 157,052     $ 171,439    
    Add back: net change in operating assets and liabilities     8,288       24,249    
    Operating cash flow before working capital changes     165,340       195,688    
    Additions to crude oil and natural gas properties     (179,819 )     (147,698 )  
    Changes in working capital associated with crude oil and natural gas property additions     25,172       1,705    
    Free cash flow   $ 10,693     $ 49,695    
     
    HighPeak Energy, Inc.
    Unaudited Reconciliation of Net Income to Adjusted Net Income
    (in thousands, except per share data)
        Quarter Ended
    March 31, 2025    		  
        Amounts   Amounts per Diluted Share  
    Net income   $ 36,335     $ 0.26    
    Derivative loss, net     7,927       0.06    
    Stock-based compensation     177       0.00    
    Income tax adjustment for above items *     (1,741 )     (0.01 )  
                       
    Adjusted net income   $ 42,698     $ 0.31    
                   
    * Assuming 21% statutory tax rate              
     

    Investor Contact:

    Ryan Hightower
    Vice President, Business Development
    817.850.9204
    rhightower@highpeakenergy.com

    Source: HighPeak Energy, Inc.

    The MIL Network –

  • MIL-OSI: MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Results for the Quarter Ended March 31, 2025 and Other Recent Highlights:

    • Net investment income per share for the quarter was $0.37
    • Net asset value per share as of the end of the quarter was $14.93, compared to $14.98 as of December 31, 2024, a decrease of 0.3%
    • New investment commitments made during the quarter totaled $376 million(1)
    • Gross fundings, excluding revolver fundings(2), totaled $357 million for the quarter
    • Net fundings, including revolvers(2), totaled $170 million for the quarter
    • Net leverage(3)was 1.31x as of March 31, 2025
    • Repurchased 476,656 shares of common stock at a weighted average price per share of $12.75, inclusive of commissions, for an aggregate cost of $6.1 million during the quarter
    • Completed Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 2 LLC, a $529.6 million CLO secured by middle market loans in February 2025
    • On May 7, 2025, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on June 26, 2025 to stockholders of record as of June 10, 2025(4)

    NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended March 31, 2025. The Company’s net investment income was $0.37 per share for the quarter ended March 31, 2025, compared to $0.40 per share for the quarter ended December 31, 2024. The Company’s net asset value (“NAV”) was $14.93 per share as of March 31, 2025, compared to $14.98 as of December 31, 2024.

    On May 7, 2025, the Board declared a dividend of $0.38 per share payable on June 26, 2025 to stockholders of record as of June 10, 2025.

    Mr. Tanner Powell, the Company’s Chief Executive Officer, stated, “We reported solid first quarter results including a healthy level of earnings, a reduction in non-accruals, and strong portfolio growth. We continued to deploy the investment capacity generated from our recent mergers into assets originated by MidCap Financial, although this was partially offset by ongoing sales and repayments of non-directly originated assets acquired through the mergers. Additionally, we repurchased some stock below NAV during the quarter.” Mr. Powell continued, “Looking ahead, despite the uncertainty surrounding the duration and trajectory of current market volatility, we believe the current environment may present opportunities that MidCap Financial and MFIC are well-equipped to capitalize on.”

    ___________________
    (1) Commitments made for the direct origination portfolio.
    (2) During the quarter ended March 31, 2025, direct origination revolver fundings totaled $33 million, direct origination revolver repayments totaled $30 million.
    (3) The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.
    (4) There can be no assurances that the Board will continue to declare a base dividend of $0.38 per share.

    FINANCIAL HIGHLIGHTS

    ($ in billions, except per share data) March 31,
    2025    		     December 31,
    2024    		     September 30,
    2024    		     June 30,
    2024    		     March 31,
    2024    		  
    Total assets $ 3.36     $ 3.19     $ 3.22     $ 2.55     $ 2.45  
    Investment portfolio (fair value) $ 3.19     $ 3.01     $ 3.03     $ 2.44     $ 2.35  
    Debt outstanding $ 1.94     $ 1.75     $ 1.77     $ 1.51     $ 1.41  
    Net assets $ 1.39     $ 1.40     $ 1.42     $ 1.00     $ 1.01  
    Net asset value per share $ 14.93     $ 14.98     $ 15.10     $ 15.38     $ 15.42  
                                           
    Debt-to-equity ratio   1.39 x       1.25 x       1.25 x       1.51 x       1.40 x  
    Net leverage ratio (1)   1.31 x       1.16 x       1.16 x       1.45 x       1.35 x  

    ___________________
    (1) The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

    PORTFOLIO AND INVESTMENT ACTIVITY

        Three Months Ended March 31,  
    (in millions)*   2025     2024  
    Investments made in portfolio companies   $ 391.9     $ 152.8  
    Investments sold     (43.9 )      —  
    Net activity before repaid investments     348.0       152.8  
    Investments repaid     177.6       (136.9 )
    Net investment activity   $ 170.4     $ 15.9  
                     
    Portfolio companies, at beginning of period     233       152  
    Number of investments in new portfolio companies     20       7  
    Number of exited companies     (13 )     (5 )
    Portfolio companies at end of period     240       154  
                     
    Number of investments in existing portfolio companies     78       49  

    ___________________
    * Totals may not foot due to rounding.

    OPERATING RESULTS

        Three Months Ended March 31,  
    (in millions)*   2025     2024  
    Net investment income   $ 34.3     $ 28.5  
    Net realized and change in unrealized gains (losses)     (4.0 )     (3.1 )
    Net increase in net assets resulting from operations   $ 30.3     $ 25.5  
                     
    (per share)* (1)                
    Net investment income on per average share basis   $ 0.37     $ 0.44  
    Net realized and change in unrealized gain (loss) per share     (0.05 )     (0.05 )
    Earnings per share — basic   $ 0.32     $ 0.39  

    ___________________
    * Totals may not foot due to rounding.

    (1) Based on the weighted average number of shares outstanding for the period presented.

    SHARE REPURCHASE PROGRAM *

    During the three months ended March 31, 2025, the Company repurchased 476,656 shares at a weighted average price per share of $12.75, inclusive of commissions, for a total cost of $6.1 million. This represents a discount of approximately 14.72% of the average net asset value per share for the three months ended March 31, 2025.

    Since the inception of the share repurchase program and through May 12, 2025, the Company repurchased 16,069,776 shares at a weighted average price per share of $15.82, inclusive of commissions, for a total cost of $254.2 million, leaving a maximum of $20.8 million available for future purchases under the current Board authorization of $275 million.

    * Share figures have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018.

    LIQUIDITY

    As of March 31, 2025, the Company’s outstanding debt obligations, excluding deferred financing cost and debt discount of $6.7 million, totaled $1.942 billion which was comprised of $125 million of Senior Unsecured Notes (the “2026 Notes”) which will mature on July 16, 2026, $80 million of Senior Unsecured Notes (the “2028 Notes”) which will mature on December 15, 2028, $232 million outstanding Class A-1 Notes in MFIC Bethesda CLO 1 LLC, $399 million outstanding secured debt in MFIC Bethesda CLO 2 LLC, and $1,106 million outstanding under the Company’s multi-currency revolving credit facility (the “Facility”). As of March 31, 2025, $6 million in standby letters of credit were issued through the Facility. The available remaining capacity under the Facility was $548 million as of March 31, 2025, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio.

    CONFERENCE CALL / WEBCAST AT 8:30 AM EDT ON MAY 13, 2025

    The Company will host a conference call on Tuesday, May 13, 2025, at 8:30 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (800) 225-9448 approximately 5-10 minutes prior to the call; international callers should dial (203) 518-9708. Participants should reference either MidCap Financial Investment Corporation Earnings or Conference ID: MFIC0513 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Shareholders section of the Company’s website under Events at www.midcapfinancialic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through June 3, 2025, by dialing (800) 727-1367; international callers should dial (402) 220-2669. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Shareholders section of the Company’s website under Events in the Shareholders section of our website at www.midcapfinancialic.com.

    SUPPLEMENTAL INFORMATION

    The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the Shareholders section of the Company’s website under Presentations at www.midcapfinancialic.com.

    Our portfolio composition and weighted average yields as of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024 were as follows:

      March 31,
    2025    		     December 31,
    2024    		 September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Portfolio composition, at fair value:                            
    First lien secured debt   93%     92%     91%     90%     90%
    Second lien secured debt   0%     1%     1%     1%     1%
    Total secured debt   93%     93%     92%     91%     91%
    Unsecured debt   0%     0%     —%     —%     —%
    Structured products and other   1%     1%     2%     1%     1%
    Preferred equity   1%     1%     1%     1%     1%
    Common equity/interests and warrants   5%     5%     5%     7%     7%
    Weighted average yields, at amortized cost (1):                            
    First lien secured debt (2)   10.5%     10.8%     11.1%     11.9%     12.0%
    Second lien secured debt (2)   13.8%     14.4%     14.0%     14.1%     14.1%
    Total secured debt (2)   10.5%     10.8%     11.1%     11.9%     12.0%
    Unsecured debt portfolio (2)   9.5%     9.5%     9.5%     —%     —%
    Total debt portfolio (2)   10.5%     10.8%     11.1%     11.9%     12.0%
    Total portfolio (3)   9.4%     9.5%     9.6%     9.9%     10.0%
    Interest rate type, at fair value (4):                            
    Fixed rate amount $ 0.0 billion   $ 0.0 billion   $ 0.0 billion   $ 0.0 billion   $ 0.0 billion
    Floating rate amount $ 2.9 billion   $ 2.7 billion   $ 2.7 billion   $ 2.1 billion   $ 2.0 billion
    Fixed rate, as percentage of total   1%     1%     1%     0%     0%
    Floating rate, as percentage of total   99%     99%     99%     100%     100%
    Interest rate type, at amortized cost (4):                            
    Fixed rate amount $ 0.0 billion   $ 0.0 billion   $ 0.0 billion   $ 0.0 billion   $ 0.0 billion
    Floating rate amount $ 2.9 billion   $ 2.7 billion   $ 2.7 billion   $ 2.1 billion   $ 2.0 billion
    Fixed rate, as percentage of total   1%     1%     1%     0%     0%
    Floating rate, as percentage of total   99%     99%     99%     100%     100%

    (1)  An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
    (2)  Exclusive of investments on non-accrual status.
    (3)  Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.
    (4)  The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation and investments on non-accrual status.

     
    MIDCAP FINANCIAL INVESTMENT CORPORATION
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (In thousands, except share and per share data)
     
        March 31, 2025     December 31, 2024  
        (Unaudited)          
    Assets                
    Investments at fair value:                
    Non-controlled/non-affiliated investments (cost — $2,855,490 and $2,700,957, respectively)   $ 2,756,760     $ 2,605,329  
    Non-controlled/affiliated investments (cost — $176,063 and $142,686, respectively)     113,290       84,334  
    Controlled investments (cost — $326,224 and $333,754, respectively)     318,571       324,753  
    Cash and cash equivalents     83,703       74,357  
    Foreign currencies (cost — $1,367 and $1,487, respectively)     1,330       1,429  
    Receivable for investments sold     32,151       57,195  
    Interest receivable     25,346       19,289  
    Dividends receivable     459       709  
    Deferred financing costs     22,267       23,555  
    Unrealized appreciation on foreign currency forward contracts     33       —  
    Prepaid expenses and other assets     1,789       —  
    Total Assets   $ 3,355,699     $ 3,190,950  
                     
    Liabilities                
    Debt   $ 1,935,242     $ 1,751,621  
    Payable for investments purchased     2,091       4,190  
    Management fees payable     6,061       6,247  
    Performance-based incentive fees payable     6,433       5,336  
    Interest payable     9,403       12,813  
    Accrued administrative services expense     —       60  
    Unrealized depreciation on foreign currency forward contracts     —       —  
    Other liabilities and accrued expenses     3,209       6,037  
    Total Liabilities   $ 1,962,439     $ 1,786,304  
    Commitments and contingencies (Note 9)                
    Net Assets   $ 1,393,260     $ 1,404,646  
                     
    Net Assets                
    Common stock, $0.001 par value (130,000,000 shares authorized; 93,303,622 and 93,780,278 shares issued and outstanding, respectively)   $ 94     $ 94  
    Capital in excess of par value     2,652,015       2,658,090  
    Accumulated under-distributed (over-distributed) earnings     (1,258,849 )     (1,253,538 )
    Net Assets   $ 1,393,260     $ 1,404,646  
                     
    Net Asset Value Per Share   $ 14.93     $ 14.98  
     
    MIDCAP FINANCIAL INVESTMENT CORPORATION
    CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
    (In thousands, except per share data)
     
        Three Months Ended March 31,  
        2025     2024  
    Investment Income                
    Non-controlled/non-affiliated investments:                
    Interest income (excluding Payment-in-kind (“PIK”) interest income)   $ 69,302     $ 59,996  
    Dividend income     —       12  
    PIK interest income     3,170       1,995  
    Other income     324       1,708  
    Non-controlled/affiliated investments:                
    Interest income (excluding PIK interest income)     1,229       299  
    Dividend income     240       —  
    PIK interest income     351       34  
    Other income     —       —  
    Controlled investments:                
    Interest income (excluding PIK interest income)     4,072       4,287  
    Dividend income     —       —  
    PIK interest income     —       —  
    Other income     10       —  
    Total Investment Income   $ 78,698     $ 68,331  
    Expenses                
    Management fees   $ 6,061     $ 4,386  
    Performance-based incentive fees     6,433       6,038  
    Interest and other debt expenses     30,464       26,179  
    Administrative services expense     1,016       1,223  
    Other general and administrative expenses     1,248       2,129  
    Total expenses     45,222       39,955  
    Management and performance-based incentive fees waived     —       —  
    Performance-based incentive fee offset     —       —  
    Expense reimbursements     (806 )     (168 )
    Net Expenses   $ 44,416     $ 39,787  
    Net Investment Income   $ 34,282     $ 28,544  
    Net Realized and Change in Unrealized Gains (Losses)                
    Net realized gains (losses):                
    Non-controlled/non-affiliated investments   $ 3,588     $ (7,470 )
    Non-controlled/affiliated investments     (188 )     —  
    Controlled investments     —       —  
    Foreign currency transactions     (313 )     (618 )
    Net realized gains (losses)     3,087       (8,088 )
    Net change in unrealized gains (losses):                
    Non-controlled/non-affiliated investments     (6,088 )     4,983  
    Non-controlled/affiliated investments     (1,509 )     (2,341 )
    Controlled investments     1,348       1,613  
    Foreign currency forward contracts     24       —  
    Foreign currency translations     (814 )     778  
    Net change in unrealized gains (losses)     (7,039 )     5,033  
    Net Realized and Change in Unrealized Gains (Losses)   $ (3,952 )   $ (3,055 )
    Net Increase (Decrease) in Net Assets Resulting from Operations   $ 30,330     $ 25,489  
    Earnings (Loss) Per Share — Basic   $ 0.32     $ 0.39  
                     

    Important Information

    Investors are advised to carefully consider the investment objective, risks, charges and expenses of the Company before investing. The prospectus dated April 12, 2023, which has been filed with the Securities and Exchange Commission (“SEC”), contains this and other information about the Company and should be read carefully before investing. An effective shelf registration statement relating to certain securities of the Company is on file with the SEC. Any offering may be made only by means of a prospectus and any accompanying prospectus supplement. Before you invest, you should read the base prospectus in that registration statement, the prospectus and any documents incorporated by reference therein, which the issuer has filed with the SEC, for more complete information about the Company and an offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

    The information in the prospectus and in this announcement is not complete and may be changed. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other 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 other jurisdiction.

    Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of dates noted herein. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.

    About MidCap Financial Investment Corporation

    MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). For tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by the Investment Adviser, an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“Apollo”), a high-growth global alternative asset manager. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in earnings before interest, taxes, depreciation and amortization, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, the Company may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. For more information, please visit www.midcapfinancialic.com

    Forward-Looking Statements

    Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of MFIC and distribution projections; business prospects of MFIC, and the prospects of its portfolio companies, if applicable; and the impact of the investments that MFIC expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); changes in general economic conditions, including the impact of supply chain disruptions, tariffs and trade disputes with other countries, or changes in financial markets, and the risk of recession; changes in the interest rate environment and levels of general interest rates and the impact of inflation; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with changes in business conditions and the general economy. MFIC has based the forward-looking statements included in this press release on information available to it on the date hereof, and assumes no obligation to update any such forward-looking statements. Although MFIC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that MFIC in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Contact

    Elizabeth Besen
    Investor Relations Manager
    MidCap Financial Investment Corporation
    212.822.0625
    ebesen@apollo.com

    The MIL Network –

  • MIL-OSI: Hallador Energy Company Reports First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    – Q1 Total Revenue up 6% YoY to $117.8 Million –
    – Q1 Net Income up Materially YoY to $10.0 Million or $0.23 Earnings per Share –
    – Q1 Operating Cash Flow up ~2x YoY to $38.4 Million –
    – Q1 Adjusted EBITDA up ~3x YoY to $19.3 Million –

    TERRE HAUTE, Ind., May 12, 2025 (GLOBE NEWSWIRE) — Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today reported its financial results for the first quarter ended March 31, 2025.

    “We are pleased with our first quarter performance as we returned to top line growth and saw material improvements to our bottom line and cash flow generation, underscoring the strength of our strategic shift to a vertically integrated independent power producer (‘IPP’),” said Brent Bilsland, President and Chief Executive Officer. “January and February offered a strong backdrop as the combination of colder weather and higher pricing enabled us to benefit from increased dispatch volumes.”

    “We are making meaningful progress in our negotiations with a leading global data center developer for the long-term supply of capacity and energy from our facility. Our partner has demonstrated their commitment through significant investments, including securing land, transmission capacity and equipment, in addition to the previously announced exclusivity agreement with us that runs through early June 2025. Given the inherent complexity of these multi-party agreements, it is uncertain that we will finalize terms before the exclusivity expires. However, we remain confident that we will execute a strategic transaction that delivers long-term value for our shareholders.”

    Bilsland continued, “We continue to see rising demand for reliable power, particularly as grid volatility grows with the retirement of dispatchable generation. That demand, paired with supportive regulatory sentiment and Hallador’s ability to deliver dependable energy, positions us well for sustained growth. Our evaluation of dual-fuel capabilities and potential acquisitions of other dispatchable generation assets reflect our confidence in the long-term economics and viability of our platform. With a robust contracted sales book, strengthening fundamentals, and ongoing interest from high-demand end users, we believe we are well-positioned to materially strengthen our opportunities for growth and cash flow generation for many years to come.”

    First Quarter 2025 Highlights

    • Hallador returned to growth on both the top and bottom line.
      • Total revenue increased 6% year-over-year and 24% quarter-over-quarter to $117.8 million, driven by a strong increase in electric sales to $85.9 million. Electric sales are currently 73% of the Company’s revenue mix, underscoring Hallador’s commitment to emphasizing electric sales as an IPP.
      • Net income increased materially to $10.0 million, with adjusted EBITDA up ~3x year-over-year and 78% quarter-over-quarter to $19.3 million.
    • The Company generated $38.4 million in operating cash flow during the first quarter, which partially supported the repayment of debt and funding capex.
      • Total bank debt was reduced to $23.0 million at March 31, 2025, compared to $44.0 million at December 31, 2024, and $77.0 million at March 31, 2024.
      • Total liquidity was $69.0 million at March 31, 2025, compared to $37.8 million at December 31, 2024, and $39.5 million at March 31, 2024.
      • Capital expenditures in the first quarter were $11.7 million compared to $14.9 million in the year-ago period.
    • Hallador continues to focus on forward sales to secure its energy position.
      • At quarter-end, Hallador had total forward energy, capacity and coal sales to 3rd party customers of $1.1 billion through 2029.

    Financial Summary ($ in Millions and Unaudited)

        Q1 2024   Q4 2024   Q1 2025
    Electric Sales   $ 60.7     $ 69.7     $ 85.9  
    Coal Sales – 3rd Party   $ 49.6     $ 23.3     $ 30.2  
    Other Revenue   $ 1.3     $ 1.8     $ 1.7  
    Total Sales and Operating Revenue   $ 111.6     $ 94.8     $ 117.8  
    Net Income (Loss)   $ (1.7 )   $ (215.8 )   $ 10.0  
    Operating Cash Flow   $ 16.4     $ 32.5     $ 38.4  
    Adjusted EBITDA*   $ 6.8     $ 6.2     $ 19.3  
    ___________________________
    * Non-GAAP financial measure, defined as EBITDA plus effects of certain subsidiary and equity method investment activity, less other amortization, plus certain operating activities including stock-based compensation, asset retirement obligations accretion, less gain on disposal or abandonment of assets, plus other reclassifications such as special non-recurring project expenses.

    Adjusted EBITDA should not be considered an alternative to net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Our method of computing Adjusted EBITDA may not be the same method used to compute similar measures reported by other companies.

    Management believes the non-GAAP financial measure, Adjusted EBITDA, is an important measure in analyzing our liquidity and is a key component of certain material covenants contained within our Credit Agreement, specifically the minimum quarterly EBITDA. Noncompliance with the covenants could result in our lenders requiring the Company to immediately repay all amounts borrowed. If we cannot satisfy these financial covenants, we would be prohibited under our Credit Agreement from engaging in certain activities, such as incurring additional indebtedness, making certain payments, and acquiring and disposing of assets. Consequently, Adjusted EBITDA is critical to the assessment of our liquidity. The required amount of Adjusted EBITDA is a variable based on our debt outstanding and/or required debt payments at the time of the quarterly calculation based on a rolling prior 12-month period.

    Reconciliation of the non-GAAP financial measure, Adjusted EBITDA, to Income (Loss) before Income taxes, the most comparable GAAP measure, is as follows (in thousands) for the three months ended March 31, 2025 and 2024, respectively.

    Reconciliation of GAAP “Income (Loss) before Income Taxes” to non-GAAP “Adjusted EBITDA”
    (In $ Thousands and Unaudited)
     
        Three Months Ended
        March 31, 
        2025   2024
    NET INCOME (LOSS)   $ 9,979     $ (1,696 )
    Interest expense     3,723       3,937  
    Income tax expense (benefit)     —       (610 )
    Depreciation, depletion and amortization     14,977       15,443  
    EBITDA     28,679       17,074  
    Other operating revenue     —       7  
    Stock-based compensation     1,084       666  
    Asset retirement obligations accretion     427       399  
    Other amortization (1)     (11,334 )     (12,401 )
    (Gain) loss on disposal or abandonment of assets, net     (21 )     (24 )
    Loss on extinguishment of debt     —       853  
    Equity method investment (loss)     236       249  
    Other reclassifications     239       —  
    Adjusted EBITDA   $ 19,310     $ 6,823  
     
    (1) Other amortization relates to the non-cash amortization of the Hoosier PPA entered into in connection with the acquisition of the Merom Power Plant in 2022.


    Solid Forward Sales Position – Segment Basis, Before Intercompany Eliminations (unaudited):

        2025   2026   2027   2028   2029   Total
    Power                                                
    Energy                                                
    Contracted MWh (in millions)     3.04       3.36       1.78       1.09       0.27       9.54  
    Average contracted price per MWh   $ 37.20     $ 44.43     $ 54.66     $ 52.94     $ 51.33          
    Contracted revenue (in millions)   $ 113.09     $ 149.28     $ 97.29     $ 57.70     $ 13.86     $ 431.22  
                                                     
    Capacity                                                
    Average daily contracted capacity MW     784       733       623       454       100          
    Average contracted capacity price per MWd   $ 211     $ 230     $ 226     $ 225     $ 230          
    Contracted capacity revenue (in millions)   $ 45.45     $ 61.54     $ 51.40     $ 37.33     $ 3.47     $ 199.19  
                                                     
    Total Energy & Capacity Revenue                                                
                                                     
    Contracted Power revenue (in millions)   $ 158.54     $ 210.82     $ 148.69     $ 95.03     $ 17.33     $ 630.41  
                                                     
    Coal                                                
    Priced tons – 3rd party (in millions)     2.21       2.50       2.50       0.50       —       7.71  
    Avg price per ton – 3rd party   $ 50.95     $ 55.49     $ 56.74     $ 59.00     $ —          
    Contracted coal revenue – 3rd party (in millions)   $ 112.60     $ 138.73     $ 141.85     $ 29.50     $ —     $ 422.68  
                                                     
    TOTAL CONTRACTED REVENUE (IN MILLIONS) – CONSOLIDATED   $ 271.14     $ 349.55     $ 290.54     $ 124.53     $ 17.33     $ 1,053.09  
                                                     
    Priced tons – Intercompany (in millions)     1.82       2.30       2.30       2.30       —       8.72  
    Avg price per ton – Intercompany   $ 51.00     $ 51.00     $ 51.00     $ 51.00     $ —          
    Contracted coal revenue – Intercompany (in millions)   $ 92.82     $ 117.30     $ 117.30     $ 117.30     $ —     $ 444.72  
                                                     
    TOTAL CONTRACTED REVENUE (IN MILLIONS) – SEGMENT   $ 363.96     $ 466.85     $ 407.84     $ 241.83     $ 17.33     $ 1,497.81  


    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of 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 (the “Exchange Act“). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “guidance,” “target,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. Forward-looking statements include, without limitation, those relating to our ability to execute definitive agreements with respect to the non-binding term sheet with a leading global data center developer, to execute a strategic transaction that delivers long-term value for our shareholders or to strengthen opportunities for growth and cash flow generation. Forward-looking statements are based on current expectations and assumptions and analyses made by Hallador and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Hallador’s annual report on Form 10-K for the year ended December 31, 2024, and other Securities and Exchange Commission filings. Hallador undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

    Conference Call and Webcast

    Hallador management will host a conference call today, May 12, 2025, at 5:00 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period.

    Date: Monday, May 12, 2025
    Time: 5:00 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be broadcast live and available for replay in the investor relations section of the Company’s website at www.halladorenergy.com.

    About Hallador Energy Company

    Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. The Company has two core businesses: Hallador Power Company, LLC, which produces electricity and capacity at its one-Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies. To learn more about Hallador, visit the Company’s website at http://www.halladorenergy.com/.

    Company Contact

    Marjorie Hargrave
    Chief Financial Officer
    MHargrave@halladorenergy.com

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    HNRG@elevate-ir.com

    Hallador Energy Company
    Condensed Consolidated Balance Sheets
    (in thousands, except per share data)
    (unaudited)
     
        March 31,   December 31,
        2025   2024
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 6,891     $ 7,232  
    Restricted cash     9,316       4,921  
    Accounts receivable     12,582       15,438  
    Inventory     36,318       36,685  
    Parts and supplies     40,137       39,104  
    Prepaid expenses     1,808       1,478  
    Total current assets     107,052       104,858  
    Property, plant and equipment:            
    Land and mineral rights     70,307       70,307  
    Buildings and equipment     435,329       429,857  
    Mine development     94,725       92,458  
    Finance lease right-of-use assets     13,034       13,034  
    Total property, plant and equipment     613,395       605,656  
    Less – accumulated depreciation, depletion and amortization     (360,624 )     (347,952 )
    Total property, plant and equipment, net     252,771       257,704  
    Equity method investments     2,370       2,607  
    Other assets     3,904       3,951  
    Total assets   $ 366,097     $ 369,120  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities:            
    Current portion of bank debt, net   $ 16,965     $ 4,095  
    Accounts payable and accrued liabilities     45,652       44,298  
    Current portion of lease financing     7,067       6,912  
    Contract liabilities – current     107,368       97,598  
    Total current liabilities     177,052       152,903  
    Long-term liabilities:            
    Bank debt, net     4,000       37,394  
    Long-term lease financing     6,921       8,749  
    Asset retirement obligations     15,386       14,957  
    Contract liabilities – long-term     42,539       49,121  
    Other     4,851       1,711  
    Total long-term liabilities     73,697       111,932  
    Total liabilities     250,749       264,835  
    Commitments and contingencies (Note 16)            
    Stockholders’ equity:            
    Preferred stock, $.10 par value, 10,000 shares authorized; none issued     —       —  
    Common stock, $.01 par value, 100,000 shares authorized; 42,978 and 42,621 issued and outstanding, as of March 31, 2025 and December 31, 2024, respectively     430       426  
    Additional paid-in capital     190,378       189,298  
    Retained earnings (deficit)     (75,460 )     (85,439 )
    Total stockholders’ equity     115,348       104,285  
    Total liabilities and stockholders’ equity   $ 366,097     $ 369,120  
    Hallador Energy Company
    Condensed Consolidated Statements of Operations
    (in thousands, except per share data)
    (unaudited)
     
        Three Months Ended March 31,
        2025   2024
    SALES AND OPERATING REVENUES:            
    Electric sales   $ 85,943     $ 60,681  
    Coal sales     30,185       49,630  
    Other revenues     1,659       1,263  
    Total sales and operating revenues     117,787       111,574  
    EXPENSES:            
    Fuel     15,210       8,059  
    Other operating and maintenance costs     28,389       37,262  
    Cost of purchased power     6,840       1,926  
    Utilities     4,152       4,594  
    Labor     27,029       35,168  
    Depreciation, depletion and amortization     14,977       15,443  
    Asset retirement obligations accretion     427       399  
    Exploration costs     21       70  
    General and administrative     6,825       5,944  
    Gain on disposal or abandonment of assets, net     (21 )     (24 )
    Total operating expenses     103,849       108,841  
                 
    INCOME FROM OPERATIONS     13,938       2,733  
                 
    Interest expense (1)     (3,723 )     (3,937 )
    Loss on extinguishment of debt     —       (853 )
    Equity method investment (loss)     (236 )     (249 )
    NET INCOME (LOSS) BEFORE INCOME TAXES     9,979       (2,306 )
                 
    INCOME TAX EXPENSE (BENEFIT):            
    Current     —       —  
    Deferred     —       (610 )
    Total income tax expense (benefit)     —       (610 )
                 
    NET INCOME (LOSS)   $ 9,979     $ (1,696 )
                 
    NET INCOME (LOSS) PER SHARE:            
    Basic   $ 0.23     $ (0.05 )
    Diluted   $ 0.23     $ (0.05 )
                 
    WEIGHTED AVERAGE SHARES OUTSTANDING            
    Basic     42,619       34,816  
    Diluted     43,462       34,816  
    Hallador Energy Company
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
        Three Months Ended March 31,
        2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net income (loss)   $ 9,979     $ (1,696 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
    Deferred income tax (benefit)     —       (610 )
    Equity method investment loss     236       249  
    Depreciation, depletion and amortization     14,977       15,443  
    Loss on extinguishment of debt     —       853  
    Gain on disposal or abandonment of assets, net     (21 )     (24 )
    Amortization of debt issuance costs     497       404  
    Asset retirement obligations accretion     427       399  
    Cash paid on asset retirement obligation reclamation     (156 )     (639 )
    Stock-based compensation     1,084       666  
    Amortization of contract liabilities     (35,669 )     (24,529 )
    Accretion on contract liabilities     1,560       —  
    Change in current assets and liabilities:            
    Accounts receivable     2,856       5,709  
    Inventory     367       (6,613 )
    Parts and supplies     (1,033 )     (1,483 )
    Prepaid expenses     (330 )     (37 )
    Accounts payable and accrued liabilities     3,124       (8,015 )
    Contract liabilities     37,297       35,355  
    Other     3,224       937  
    Net cash provided by operating activities   $ 38,419     $ 16,369  
    Hallador Energy Company
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (continued)
    (unaudited)
     
        Three Months Ended March 31,
        2025   2024
    CASH FLOWS FROM INVESTING ACTIVITIES:            
    Capital expenditures   $ (11,693 )   $ (14,874 )
    Proceeds from sale of equipment     21       24  
    Net cash used in investing activities     (11,672 )     (14,850 )
                 
    CASH FLOWS FROM FINANCING ACTIVITIES:            
    Payments on bank debt     (33,000 )     (26,500 )
    Borrowings of bank debt     12,000       12,000  
    Payments on lease financing     (1,693 )     (1,238 )
    Proceeds from sale and leaseback arrangement     —       1,927  
    Issuance of related party notes payable     —       5,000  
    Debt issuance costs     —       (38 )
    ATM offering     —       6,580  
    Taxes paid on vesting of RSUs     —       (1 )
    Net cash used in financing activities     (22,693 )     (2,270 )
    Increase (decrease) in cash, cash equivalents, and restricted cash     4,054       (751 )
    Cash, cash equivalents, and restricted cash, beginning of period     12,153       7,123  
    Cash, cash equivalents, and restricted cash, end of period   $ 16,207     $ 6,372  
                 
    CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:            
    Cash and cash equivalents   $ 6,891     $ 1,635  
    Restricted cash     9,316       4,737  
        $ 16,207     $ 6,372  
                 
    SUPPLEMENTAL CASH FLOW INFORMATION:            
    Cash paid for interest   $ 1,830     $ 3,083  
                 
    SUPPLEMENTAL NON-CASH FLOW INFORMATION:            
    Change in capital expenditures included in accounts payable and prepaid expense   $ (1,649 )   $ (5,290 )
    Stock issued on redemption of convertible notes and interest   $ —     $ 9,721  

    The MIL Network –

  • MIL-OSI: OptimizeRx Reports First Quarter 2025 Financial Results and Updates Fiscal Year 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    • Q1 revenue of $21.9 million, increasing 11% year-over-year
    • Q1 gross profit increased 9% year-over-year to $13.3 million
    • Increases full year 2025 guidance to a revenue range between $101 million and $106 million and adjusted EBITDA range between $13 million and $15 million

    WALTHAM, Mass., May 12, 2025 (GLOBE NEWSWIRE) — OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals (HCPs) and patients, today reported results for the three months ended March 31, 2025. Quarterly comparisons are to the same year-ago period.

    Financial Highlights

    • Revenue in the first quarter of 2025 increased 11% to $21.9 million, as compared to $19.7 million in the same year ago period
    • Gross profit in the first quarter of 2025 increased 9% year-over-year to $13.3 million, from $12.2 million during the first quarter of 2024
    • GAAP net loss totaled $(2.2) million or $(0.12) per basic and diluted share in the first quarter of 2025, as compared to $(6.9) million or $(0.38) per basic and diluted share during the first quarter of 2024
    • Non-GAAP net income in the first quarter totaled $1.5 million or $0.08 per diluted share, as compared to Non-GAAP net loss of $(2.0) million or $(0.11) per diluted share during the first quarter of 2024 (see *Non-GAAP Measures below)
    • Adjusted EBITDA for the first quarter of 2025 increased to $1.5 million compared to $(0.3) million in the same year ago period (see *Non-GAAP Measures below)
    • Cash, cash equivalents and short-term investments totaled $16.6 million as of March 31, 2025, as compared to $13.4 million as of December 31, 2024

    Stephen L. Silvestro, OptimizeRx CEO commented, “I’m encouraged by our year-to-date performance, which has exceeded both consensus estimates and our internal expectations. The momentum we saw at the end of 2024 has carried into 2025, with year-to-date contracted revenue up more than 20% compared to the same period last year—positioning us well for a strong second half of the year. I believe this performance clearly reflects the results of our focus on operational excellence, our commitment to delighting customers, and our efforts to deepen relationships with valued business partners, all of which are driving meaningful shareholder value.

    “At the same time, we’ve already converted over 5% of our expected 2025 sales into subscription-based revenue streams. I believe this transition, combined with our improving operating leverage, puts us on a strong path toward achieving Rule of 40 performance in the coming years.

    “Given our strong performance and positive outlook, I’m pleased to announce that we are raising our full-year guidance. We now expect the revenue range to be between $101 million and $106 million, and adjusted EBITDA to be between $13 million and $15 million.”

      Rolling Twelve Months Ended March 31,
    Key Performance Indicators (KPIs)**  2025     2024 
      (in thousands, except percentages)
    Average revenue per top 20 pharmaceutical manufacturer $ 2,960     $ 2,592  
    Percent of total revenue attributable to top 20 pharmaceutical manufacturers   63 %     66 %
    Net revenue retention   114 %     116 %
    Revenue per average full-time employee $ 710     $ 641  

    2025 Financial Outlook

    The Company is increasing its 2025 guidance and expects revenue to be between $101 million and $106 million with Adjusted EBITDA to be between $13 million and $15 million.

    Conference Call

    Individual Meeting Invitation

    In an effort to increase relations with institutional investors, OptimizeRx management has dedicated time to hosting individual meetings with portfolio managers and analysts. If you are interested in scheduling a meeting with OptimizeRx management, please contact: adsilva@optimizerx.com or shalper@lifesciadvisors.com.

    *Non-GAAP Measures

    In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors and, for historical periods, a reconciliation of these measures to the most directly comparable GAAP measures are included in the supplemental tables that follow.

    Although the Company provides guidance for Adjusted EBITDA, a non-GAAP financial measure, it is not able to provide guidance to the most directly comparable GAAP measure. Reconciliations for forward-looking figures would require unreasonable effort at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including, for example, those related to compensation, acquisition expenses, other income, amortization or others that may arise during the year, and the Company’s management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

    **Definition of Key Performance Indicators

    Top 20 pharmaceutical manufacturers: We have updated the definition of “top 20 pharmaceutical manufacturers” in our key performance indicators to be based upon Fierce Pharma’s most updated list of “The top 20 pharma companies by 2024 revenue”. We previously used “The top 20 pharma companies by 2023 revenue”. As a result of this change, prior periods have been restated for comparative purposes.

    Net revenue retention: Net revenue retention is a comparison of revenue generated from all clients in the previous period to total revenue generated from the same clients in the following year (i.e., excludes new client relationships for the most recent year).

    Revenue per average full-time employee: We define revenue per average full-time employee (FTE) as total revenue over the last 12 months (LTM) divided by the average number of employees over the LTM, which is calculated by taking our total number of FTEs at the end of the prior year period by our total FTE headcount at the end of the most recent period.

    About OptimizeRx

    OptimizeRx is a leading healthcare technology company that’s redefining how life science brands connect with patients and healthcare providers. Our platform combines innovative AI-driven tools like the Dynamic Audience Activation Platform (DAAP) and Micro-Neighborhood Targeting (MNT) to deliver timely, relevant, and hyper-local engagement. By bridging the gap between HCP and DTC strategies, we empower brands to create synchronized marketing solutions that drive faster treatment decisions and improved patient outcomes.

    Our commitment to privacy-safe, patient-centric technology ensures that every interaction is designed to make a meaningful impact, delivering life-changing therapies to the right patients at the right time. Headquartered in Waltham, Massachusetts, OptimizeRx partners with some of the world’s leading pharmaceutical and life sciences companies to transform the healthcare landscape and create a healthier future for all.

    For more information, follow the Company on Twitter, LinkedIn or visit www.optimizerx.com.  

    Important Cautions Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s future performance, expected revenues, expected Adjusted EBITDA, plans to grow shareholder value creation, plans to continue the Company’s growth and transformation, plans to position the Company to become a “Rule of 40” company, plans for forging stronger relationships with valued business partners, and other statements relating to future performance, plans, and expectations. These forward-looking statements are based on the Company’s current expectations and involve assumptions regarding the Company’s business, the economy, and other future conditions that may never materialize or may prove to be incorrect. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties including, but not limited to, the effect of government regulation, seasonal trends, dependence on a concentrated group of customers, cybersecurity incidents that could disrupt operations, the ability to keep pace with growing and evolving technology, the ability to maintain contracts with electronic prescription platforms and electronic health records networks, competition, and other factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, its subsequent Quarterly Reports on Form 10-Q, and in other filings the Company has made and may make with the Securities and Exchange Commission in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.

    OptimizeRx Contact
    Andy D’Silva, SVP Corporate Finance
    adsilva@optimizerx.com

    Investor Relations Contact
    Steven Halper
    LifeSci Advisors, LLC
    shalper@lifesciadvisors.com

    OPTIMIZERX CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except share and per share data)

      March 31,
    2025    		   December 31,
    2024
    ASSETS (unaudited)    
    Current assets      
    Cash and cash equivalents $ 16,573     $ 13,380  
    Accounts receivable, net of allowance for credit losses of $335 at March 31, 2025 and December 31, 2024   32,720       38,212  
    Taxes receivable   113       —  
    Prepaid expenses and other   2,305       2,379  
    Total current assets   51,711       53,971  
    Property and equipment, net   150       150  
    Other assets      
    Goodwill   70,869       70,869  
    Patent rights, net   5,349       5,517  
    Technology assets, net   7,931       8,180  
    Tradename and customer relationships, net   31,226       31,819  
    Operating lease right of use assets   303       366  
    Security deposits and other assets   229       296  
    Total other assets   115,907       117,047  
    TOTAL ASSETS $ 167,768     $ 171,168  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Current portion of long-term debt $ 3,300     $ 2,000  
    Accounts payable   3,381       2,156  
    Accrued expenses   9,277       8,486  
    Revenue share payable   1,743       5,053  
    Taxes payable   —       318  
    Current portion of lease liabilities   139       168  
    Deferred revenue   511       473  
    Total current liabilities   18,351       18,654  
    Non-current liabilities      
    Long-term debt, net   29,190       30,816  
    Lease liabilities, net of current portion   171       209  
    Deferred tax liabilities, net   3,786       4,491  
    Total liabilities   51,498       54,170  
           
    Stockholders’ equity      
    Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding at March 31, 2025 or December 31, 2024   —       —  
    Common stock, $0.001 par value, 166,666,667 shares authorized, 20,234,186 and 20,194,697 shares issued at March 31, 2025 and December 31, 2024, respectively   20       20  
    Treasury stock, $0.001 par value, (1,741,397) shares held at March 31, 2025 and December 31, 2024   (2 )     (2 )
    Additional paid-in-capital   202,819       201,348  
    Accumulated deficit   (86,567 )     (84,368 )
    Total stockholders’ equity   116,270       116,998  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 167,768     $ 171,168  
     

    OPTIMIZERX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data, unaudited)

      For the Three Months Ended
    March 31,
       2025     2024 
           
    Net revenue $ 21,928     $ 19,690  
    Cost of revenues, exclusive of depreciation and amortization presented separately below   8,584       7,486  
    Gross profit   13,344       12,204  
           
    Operating expenses      
    General and administrative expenses   14,364       16,166  
    Depreciation and amortization   1,094       1,067  
    Total operating expenses   15,458       17,233  
    Loss from operations   (2,114 )     (5,029 )
    Other income (expense)      
    Interest expense   (1,297 )     (1,546 )
    Other income   39       —  
    Interest income   88       20  
    Total other expense, net   (1,170 )     (1,526 )
    Loss before provision for income taxes   (3,284 )     (6,555 )
    Income tax benefit (expense)   1,085       (344 )
    Net loss $ (2,199 )   $ (6,899 )
    Weighted average number of shares outstanding – basic   18,470,808       18,170,108  
    Weighted average number of shares outstanding – diluted   18,470,808       18,170,108  
    Loss per share – basic $ (0.12 )   $ (0.38 )
    Loss per share – diluted $ (0.12 )   $ (0.38 )
     

    OPTIMIZERX CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands, unaudited)

      For the Three Months Ended
    March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net loss $ (2,199 )   $ (6,899 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   1,094       1,067  
    Stock-based compensation   1,558       3,024  
    Bad debt reserve   —       132  
    Amortization of debt issuance costs   174       182  
    Changes in:      
    Accounts receivable   5,492       6,373  
    Prepaid expenses and other assets   74       800  
    Accounts payable   1,225       (562 )
    Revenue share payable   (3,310 )     (2,692 )
    Accrued expenses and other liabilities   854       (362 )
    Taxes receivable and payable   (431 )     323  
    Deferred tax liabilities   (705 )     —  
    Deferred revenue   38       732  
    NET CASH PROVIDED BY OPERATING ACTIVITIES   3,864       2,118  
           
    CASH FLOWS USED IN INVESTING ACTIVITIES:      
    Purchase of property and equipment   (27 )     (32 )
    Capitalized software development costs   (57 )     (121 )
    NET CASH USED IN INVESTING ACTIVITIES   (84 )     (153 )
           
    CASH FLOWS USED IN FINANCING ACTIVITIES:      
    Cash paid for employee withholding taxes related to the vesting of restricted stock units   (87 )     (140 )
    Repayment of long-term debt   (500 )     (500 )
    NET CASH USED IN FINANCING ACTIVITIES   (587 )     (640 )
    NET INCREASE IN CASH AND CASH EQUIVALENTS   3,193       1,325  
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD   13,380       13,852  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 16,573     $ 15,177  
           
    SUPPLEMENTAL CASH FLOW INFORMATION:      
    Cash paid for interest $ 1,121     $ 1,350  
    Cash paid for income taxes $ —     $ 21  

    OPTIMIZERX CORPORATION
    RECONCILIATION of GAAP to NON-GAAP FINANCIAL MEASURES
    (in thousands, except share and per share data, unaudited)

    This earnings release includes certain financial measures not derived in accordance with generally accepted accounting principles (GAAP). These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures. Additionally, these non-GAAP measures may not be comparable to similarly titled measures reported by other companies. However, management believes that presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the Company’s historical operating results and trends in its underlying operating results and provides transparency on how the Company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Management believes that financial information excluding certain items that are not considered to reflect the Company’s ongoing operating results, such as those listed below, improves the comparability of year-to-year results. Consequently, management believes that investors may be able to better understand the Company’s operating results excluding these items. Non-GAAP financial measures may reflect adjustments for items such as asset impairment charges, amortization, stock-based compensation, acquisition expenses, severance, shareholder activist related fees, CEO search fees, other income, as well as other items that management believes are not related to the Company’s ongoing performance.

      Three Months Ended March 31,
       2025     2024 
    Net loss $         (2,199 )   $         (6,899 )
    Depreciation and amortization           1,094               1,067  
    Stock-based compensation           1,558               3,024  
    Severance expenses           275               419  
    Shareholder activist related fees           451               —  
    CEO search fees           225               —  
    Other income           (39 )             —  
    Amortization of debt issuance costs           174               182  
    Acquisition expenses           —               243  
    Non-GAAP net income (loss) $         1,539     $         (1,964 )
           
    Non-GAAP net income (loss) per share      
    Diluted $         0.08     $         (0.11 )
    Weighted average shares outstanding:      
    Diluted   18,579,012       18,170,108  
      Three Months Ended March 31,
      2025   2024
    Net loss $ (2,199 )   $ (6,899 )
    Depreciation and amortization   1,094       1,067  
    Income tax (benefit) expense   (1,085 )     344  
    Stock-based compensation   1,558       3,024  
    Severance expenses   275       419  
    Acquisition expenses   —       243  
    Shareholder activist related fees   451       —  
    CEO search fees   225       —  
    Other income   (39 )     —  
    Interest expense, net   1,209       1,526  
    Adjusted EBITDA $ 1,489     $ (276 )

    The MIL Network –

  • MIL-OSI: PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Second Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, May 12, 2025 (GLOBE NEWSWIRE) — PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced today its financial results for the second quarter ended March 31, 2025.

    HIGHLIGHTS
    Quarter ended March 31, 2025 (Unaudited)
    ($ in millions, except per share amounts)    		          
               
    Assets and Liabilities:          
    Investment portfolio (1)       $ 2,344.1  
    Net assets       $ 1,067.1  
    GAAP net asset value per share       $ 11.07  
    Quarterly change in GAAP net asset value per share         (2.4 )%
    Adjusted net asset value per share (2)       $ 11.07  
    Quarterly change in adjusted net asset value per share (2)         (2.4 )%
               
    Credit Facility       $ 273.8  
    2036 Asset-Backed Debt       $ 284.4  
    2036-R Asset-Backed Debt       $ 265.3  
    2026 Notes       $ 184.2  
    2037 Asset-Backed Debt       $ 358.1  
    Regulatory debt to equity       1.29x  
    Weighted average yield on debt investments at quarter-end         10.5 %
               
    Operating Results:          
    Net investment income       $ 25.0  
    Net investment income per share (GAAP)       $ 0.28  
    Core net investment income per share (3)       $ 0.28  
    Distributions declared per share       $ 0.31  
               
    Portfolio Activity:          
    Purchases of investments       $ 293.3  
    Sales and repayments of investments       $ 122.4  
               
    PSSL Portfolio data:          
    PSSL investment portfolio       $ 1,060.2  
    Purchases of investments       $ 60.0  
    Sales and repayments of investments       $ 36.8  

    (1)    Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $297.3 million, at fair value.

    (2)    This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the unrealized amounts on the Credit Facility. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

    (3)    Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended March 31, 2025, Core NII excluded: i) $0.4m of credit facility amendment costs and ii) $0.1m of incentive fee expense offset.

    CONFERENCE CALL AT 9:00 A.M. ET ON May 13, 2025

    PennantPark Floating Rate Capital Ltd. (“we”, “our”, “us”, or the “Company”) will also host a conference call at 9:00 a.m. (Eastern Time) on Tuesday May 13, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (929) 477-0402. All callers should reference conference ID #6661250 or PennantPark Floating Rate Capital Ltd. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

    PORTFOLIO AND INVESTMENT ACTIVITY

    “We are pleased that we significantly increased our financial strength during the quarter. A lower cost credit facility, a new low cost long term securitization, new low cost securitization at our PSSL JV and additional equity capital at PFLT have positioned us well to take advantage of the upcoming attractive vintage of new loans,” said Art Penn, Chairman and CEO. “Additionally, we are pleased that our senior secured loan portfolio, with among the lowest portfolio company leverage and most meaningful covenants in the industry, is positioned defensively and continues to perform well.”

    As of March 31, 2025, our portfolio totaled $2,344.1 million, and consisted of $2,100.2 million of first lien secured debt (including $237.7 million in PSSL), $4.4 million of subordinated debt and $239.5 million of preferred and common equity (including $59.6 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of March 31, 2025, we had four portfolio companies on non-accrual, representing 2.2% and 1.2% of our overall portfolio on a cost and fair value basis, respectively. As of March 31, 2025, the portfolio had net unrealized depreciation of $61.2 million. Our overall portfolio consisted of 159 companies with an average investment size of $14.7 million and had a weighted average yield on debt investments of 10.5%.

    As of September 30, 2024, our portfolio totaled $1,983.5 million and consisted of $1,746.7 million of first lien secured debt (including $237.7 million in PSSL), $2.7 million of second lien secured debt and subordinated debt and $234.1 million of preferred and common equity (including $56.5 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2024, the portfolio had net unrealized depreciation of $11.4 million. Our overall portfolio consisted of 158 companies with an average investment size of $12.6 million, and a weighted average yield on debt investments of 11.5%.

    For the three months ended March 31, 2025, we invested $293.3 million in three new and 54 existing portfolio companies at a weighted average yield on debt investments of 9.9%. Sales and repayments of investments for the same period totaled $122.4 million including $52.9 million of sales to PSSL. For the six months ended March 31, 2025, we invested $900.2 million in 14 new and 96 existing portfolio companies with a weighted average yield on debt investments of 10.2%. Sales and repayments of investments for the same period totaled $523.7 million, including $240.6 million of sales to PSSL.

    For the three months ended March 31, 2024, we invested $338.3 million in 11 new and 48 existing portfolio companies at a weighted average yield on debt investments of 11.6%. For the three months ended March 31, 2024, sales and repayments of investments totaled $144.8 million, including $77.2 million of sales to PSSL. For the six months ended March 31, 2024, we invested $640.9 million in 24 new and 64 existing portfolio companies at a weighted average yield on debt investments of 11.8%. For the six months ended March 31, 2024, sales and repayments of investments totaled $248.7 million, including $139.9 million of sales to PSSL.

    PennantPark Senior Secured Loan Fund I LLC

    As of March 31, 2025, PSSL’s portfolio totaled $1,060.2 million, consisted of 118 companies with an average investment size of $9.0 million and had a weighted average yield on debt investments of 10.5%. As of September 30, 2024, PSSL’s portfolio totaled $913.3 million, consisted of 109 companies with an average investment size of $8.4 million and had a weighted average yield on debt investments of 11.4%.

    For the three months ended March 31, 2025, PSSL invested $60.0 million (including $52.9 million purchase from the Company) in four new and five existing portfolio companies with a weighted average yield on debt investments of 9.8%. PSSL’s sales and repayments of investments for the same period totaled $36.8 million. For the six months ended March 31, 2025, PSSL invested $284.9 million (including $240.6 million purchased from the Company) in 21 new and 12 existing portfolio companies with a weighted average yield on debt investments of 10.2%. PSSL’s sales and repayments of investments for the same period totaled $123.4 million.

    For the three months ended March 31, 2024, PSSL invested $80.1 million (including $77.2 million purchased from the Company) in six new and four existing portfolio companies at a weighted average yield on debt investments of 11.6%. Sales and repayments of investments for the three months ended March 31, 2024 totaled $49.5 million. For the six months ended March 31, 2024, PSSL invested $155.9 million (including $139.9 million purchased from the Company) in 10 new and 11 existing portfolio companies at a weighted average yield on debt investments of 11.9%. Sales and repayments of investments for the six months ended March 31, 2024 totaled $77.2 million.

    RESULTS OF OPERATIONS

    Set forth below are the results of operations for the three and six months ended March 31, 2025 and 2024.

    Investment Income

    For the three and six months ended March 31, 2025 investment income was $61.9 million and $128.9 million, respectively, which was attributable to $56.2 million and $117.2 million from first lien secured debt and $5.7 million and $11.7 million from other investments, respectively. For the three and six months ended March 31, 2024, investment income was $44.4 million and $82.3 million, respectively, which was attributable to $39.0 million and $72.2 million from first lien secured debt and $5.4 million and $10.1 million from other investments, respectively. The increase in investment income for the three and six months ended March 31, 2025, was primarily due to the increase in the size of the debt portfolio.

    Expenses

    For the three and six months ended March 31, 2025, expenses totaled $36.9 million and $74.0 million, respectively and were comprised of: $22.5 million and $44.9 million of debt related interest and expenses, $5.6 million and $10.9 million of base management fees, $6.3 million and $13.8 million of performance-based incentive fees, $1.9 million and $3.6 million of general and administrative expenses, $0.2 million and $0.5 million of taxes and $0.4 million and $0.4 million in Credit Facility amendment costs. For the three and six months ended March 31, 2024, expenses totaled $25.3 million and $43.8 million, respectively and were comprised of: $14.7 million and $23.6 million of debt related interest and expenses, $3.4 million and $6.4 million of base management fees, $4.8 million and $9.6 million of performance-based incentive fees, $1.8 million and $3.5 million of general and administrative expenses and $0.5 million and $0.7 million of taxes. The increase in expenses for the three and six months ended March 31, 2025, was primarily due to the increase in interest expense from increased borrowings and an increase in base management fees and incentive fee as a result of the increase in our investment portfolio.

    Net Investment Income

    For the three and six months ended March 31, 2025 net investment income totaled $25.0 million or $0.28 per share, and $55.0 million or $0.64 per share, respectively. For the three and six months ended March 31, 2024, net investment income totaled $19.1 million or $0.31 per share, and $38.5 million or $0.64 per share, respectively. The increase in net investment income for the three and six months ended March 31, 2025, was primarily due to an increase in investment income partially offset by an increase in expenses.

    Net Realized Gains or Losses

    For the three and six months ended March 31, 2025 net realized gains (losses) totaled $(3.5) million and $23.1 million, respectively. For the three and six months ended March 31, 2024, net realized gains (losses) totaled $4.0 million and $0.9 million, respectively. The change in net realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

    Unrealized Appreciation or Depreciation on Investments and Debt

    For the three and six months ended March 31, 2025 we reported net change in unrealized appreciation (depreciation) on investments of $(20.8) million and $(49.7) million, respectively. For the three and six months ended March 31, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $7.7 million and $13.9 million, respectively. As of March 31, 2025 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $(61.2) million and $(11.4) million, respectively. The net change in unrealized appreciation (depreciation) on our investments was primarily due to the operating performance of the portfolio companies within our portfolio, changes in the capital market conditions of our investments and realization of investments.

    For the three and six months ended March 31, 2025, our Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $0.1 million, respectively. For the three and six months ended March 31, 2024, our Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and ($0.1) million, respectively. As of March 31, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately $0.1 million and zero, respectively. The net change in net unrealized (appreciation) or depreciation was primarily due to changes in the capital markets.

    Net Change in Net Assets Resulting from Operations

    For the three and six months ended March 31, 2025, net increase (decrease) in net assets resulting from operations totaled $1.2 million or $0.01 per share and $29.6 million or $0.34 per share, respectively. For the three and six months ended March 31, 2024, net increase (decrease) in net assets resulting from operations totaled $31.1 million or $0.51 per share and $53.6 million, or $0.89 per share, respectively. The net increase or (decrease) from operations for the three and six months ended March 31, 2025, was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing.

    LIQUIDITY AND CAPITAL RESOURCES

    Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments, and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

    In February 2025 the Company, through the 2037 Securitization Issuer, completed a $474.6 million term debt securitization of which we retained $85.1 million of subordinated notes and $28.5 million of BBB-(sf) Class D Notes of the debt securitization. The weighted average credit spread is 1.59%. This 2037 Asset-Backed Debt is scheduled to mature on April 20, 2037.

    For the six months ended March 31, 2025 and 2024, the annualized weighted average cost of debt, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.8% and 7.1%, respectively. As of March 31, 2025 and September 30, 2024, we had $462.1 million and $192.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

    As of March 31, 2025 and September 30, 2024, we had cash equivalents of $111.4 million and $112.1 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.

    During the three and six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and six months ended March 31, 2024, we issued 4,493,436 shares of common stock through the 2022 ATM Program at an average price of $11.35 per share, raising $51.0 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively.

    For the six months ended March 31, 2025, our operating activities used cash of $350.8 million and our financing activities provided cash of $350.1 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under our Credit Facility, proceeds from the 2037 Asset-Backed debt and proceeds from the public offerings under our 2024 ATM Program.

    For the six months ended March 31, 2024, our operating activities used cash of $354.5 million and our financing activities provided cash of $379.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under the Credit Facility and proceeds from the 2036 Asset-Backed debt partially offset by the repayment of the 2023 Notes.

    DISTRIBUTIONS

    During the three and six months ended March 31, 2025 we declared distributions of $0.3075 and $0.615 per share for total distributions of $27.7 million and $52.9 million, respectively. During the three and six months ended March 31, 2024, we declared distributions of $0.3075 and $0.615 per share for total distributions of $18.8 million and $36.9 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

    RECENT DEVELOPMENTS

    In April 2025, PennantPark Floating Rate Capital Ltd. amended its credit facility agreement led by Truist Bank. As part of the amendment, the Company pricing decreased to SOFR plus 200 basis points from SOFR plus 225 basis points, the reinvestment period was extended one year to August 2028, the maturity date was extended one year to August 2030, and the maximum first lien advance rate was increased to 72.5% from 70.0%. As part of this amendment, commitments decreased from $736 million to $718 million.

    In April 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four year reinvestment period, twelve-year final maturity $301 million debt securitization in the form of a collateralized loan obligation. The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes,which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi) $18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of Sub notes. The weighted average credit spread is 1.71%. PSSL will continue to retain all of the subordinated notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2029 and the debt is scheduled to mature in April 2037. The term debt securitization is expected to be approximately 100% funded at close. The proceeds from the debt will be used to repay a portion of PSSL’s $325 million secured credit facility.

    AVAILABLE INFORMATION

    The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com.

    PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except per share data)    		  
       
        March 31, 2025     September 30, 2024  
        (unaudited)        
    Assets            
    Investments at fair value            
    Non-controlled, non-affiliated investments (amortized cost— $2,043,844 and $1,622,669, respectively)   $ 2,046,762     $ 1,632,269  
    Controlled, affiliated investments (amortized cost— $361,375 and $372,271, respectively)     297,290       351,235  
    Total investments (amortized cost— $2,405,219 and $1,994,940, respectively)     2,344,052       1,983,504  
    Cash and cash equivalents (cost— $111,368 and $112,046, respectively)     111,358       112,050  
    Interest receivable     11,094       12,167  
    Receivables from investments sold     2,048       —  
    Distributions receivable     946       635  
    Due from affiliate     82       291  
    Prepaid expenses and other assets     2,268       198  
    Total assets     2,471,848       2,108,845  
    Liabilities            
    Credit Facility payable, at fair value (cost— $273,855 and $443,855, respectively)     273,790       443,880  
    2026 Notes payable, net (par—$185,000)     184,220       183,832  
    2036 Asset-Backed Debt, net (par—$287,000)     284,357       284,086  
    2036-R Asset-Backed Debt, net (par-$266,000)     265,300       265,235  
    2037 Asset-Backed Debt, net (par— $361,000)     358,083       —  
    Payable for investments purchased     —       20,363  
    Interest payable on debt     15,202       14,645  
    Distributions payable     9,627       7,834  
    Base management fee payable     5,604       4,588  
    Incentive fee payable     6,258       3,189  
    Accounts payable and accrued expenses     1,664       2,187  
    Deferred tax liability     612       1,712  
    Total liabilities     1,404,717       1,231,551  
    Net assets            
    Common stock, 96,417,896 and 77,579,896 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized     96       78  
    Paid-in capital in excess of par value     1,189,888       976,744  
    Accumulated deficit     (122,853 )     (99,528 )
    Total net assets   $ 1,067,131     $ 877,294  
    Total liabilities and net assets   $ 2,471,848     $ 2,108,845  
    Net asset value per share   $ 11.07     $ 11.31  
    PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
    (Unaudited)    		  
       
        Three Months Ended
    March 31,    		     Six months Ended
    March 31,    		  
        2025     2024     2025     2024  
    Investment income:                        
    From non-controlled, non-affiliated investments:                        
    Interest   $ 49,215     $ 30,470     $ 96,678     $ 54,238  
    Dividend     369       577       946       1,085  
    Other income     634       1,268       2,114       3,031  
    From controlled, affiliated investments:                        
    Interest     7,345       8,320       20,153       16,754  
    Dividend     4,375       3,719       8,750       7,219  
    Other income     —       —       306       —  
    Total investment income     61,938       44,354       128,947       82,327  
    Expenses:                        
    Interest and expenses on debt     22,529       14,688       44,890       23,630  
    Performance-based incentive fee     6,258       4,767       13,750       9,630  
    Base management fee     5,604       3,424       10,868       6,375  
    General and administrative expenses     1,200       1,255       2,400       2,243  
    Administrative services expenses     650       585       1,150       1,211  
    Expenses before amendment costs and provision for taxes     36,241       24,719       73,058       43,089  
    Provision for taxes on net investment income     225       547       450       701  
    Credit Facility amendment costs     442       —       442       —  
    Total expenses     36,908       25,266       73,950       43,790  
    Net investment income     25,030       19,088       54,997       38,537  
    Realized and unrealized gain (loss) on investments and debt:                        
    Net realized gain (loss) on:                        
    Non-controlled, non-affiliated investments     (795 )     4,010       386       921  
    Non-controlled and controlled, affiliated investments     (2,682 )     —       22,811       —  
    Provision for taxes on realized gain (loss) on investments     (21 )     —       (94 )     —  
    Net realized gain (loss) on investments     (3,498 )     4,010       23,103       921  
    Net change in unrealized appreciation (depreciation) on:                        
    Non-controlled, non-affiliated investments     (9,630 )     3,278       (6,688 )     8,506  
    Controlled and non-controlled, affiliated investments     (11,146 )     4,466       (43,050 )     5,408  
    Provision for taxes on unrealized appreciation (depreciation) on investments     468       230       1,100       230  
    Debt appreciation (depreciation)     1       39       91       (23 )
    Net change in unrealized appreciation (depreciation) on investments and debt     (20,307 )     8,013       (48,547 )     14,121  
    Net realized and unrealized gain (loss) from investments and debt     (23,805 )     12,023       (25,444 )     15,042  
    Net increase (decrease) in net assets resulting from operations   $ 1,225     $ 31,111     $ 29,553     $ 53,579  
    Net increase (decrease) in net assets resulting from operations per common share   $ 0.01     $ 0.51     $ 0.34     $ 0.89  
    Net investment income per common share   $ 0.28     $ 0.31     $ 0.64     $ 0.64  

    ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

    PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing approximately $10 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    FORWARD-LOOKING STATEMENTS AND OTHER

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

    We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

    The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

    CONTACT: Richard T. Allorto, Jr.
      PennantPark Floating Rate Capital Ltd.
      (212) 905-1000
      www.pennantpark.com

    The MIL Network –

  • MIL-OSI: Rigetti Computing Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., May 12, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 and Recent Financial Highlights

    • Total revenues for the three months ended March 31, 2025 were $1.5 million
    • Total operating expenses for the three months ended March 31, 2025 were $22.1 million
    • Operating loss for the three months ended March 31, 2025 was $21.6 million
    • Net income for the three months ended March 31, 2025 was $42.6 million
    • Net income for the three months ended March 31, 2025 includes $62.1 million of non-cash gains from the change in fair value of derivative warrant and earn-out liabilities
    • As of March 31, 2025 cash, cash equivalents and available-for-sale investments totaled $209.1 million
    • As of April 30, 2025, following the previously announced closing of the share purchase by Quanta Computer, Inc., cash, cash equivalents and available-for-sale investments totaled $237.7 million

    “Rigetti is proud to be awarded important government-funded projects in the U.S. and U.K. to advance our technology, which demonstrates our continued leadership in superconducting quantum computing,” says Rigetti CEO Dr. Subodh Kulkarni. “We also are making great strides in developing innovative approaches to scaling to higher qubit count systems, which is possible due to our open and modular system architecture, in-house full-stack expertise, and world-class partners.”

    Recent Business Developments

    Rigetti Selected to Participate in DARPA’s Quantum Benchmarking Initiative
    Rigetti will advance to Stage A, a 6-month performance period focused on the Company’s utility-scale quantum computer concept worth up to $1 million upon completion of program milestones. Rigetti’s proposed concept to design and build a Utility-Scale Quantum Computer (USQC) combines the Company’s proprietary multi-chip architecture with scalable quantum error correction (QEC) codes. Rigetti’s long-time partner and leader in QEC technology, Riverlane, will be collaborating on this project and bringing their expertise to help refine the proposed USQC concept and validate the underlying technology.

    Rigetti Granted AFOSR Award to Further Develop Breakthrough Chip Fabrication Technology
    Rigetti will lead a $5.48 million consortium to further develop its breakthrough chip fabrication technology, Alternating-Bias Assisted Annealing (ABAA). Rigetti will collaborate with Iowa State University, the Royal Melbourne Institute of Technology, the University of Connecticut, and Lawrence Livermore National Laboratory* to develop a detailed understanding of how ABAA impacts the chip on a microscopic level — which aims to shed light on defects in superconducting qubits and open new avenues for understanding and mitigating them.

    *Funded separately though Laboratory for Physical Sciences, University of Maryland

    Rigetti Awarded Three Innovate UK Quantum Mission Pilot Awards to Advance Superconducting Quantum Computing
    Rigetti will lead a £3.5 million consortium to advance quantum error correction capabilities on superconducting quantum computers. In collaboration with Riverlane and the National Quantum Computing Centre (NQCC) Superconducting Circuits Team, the consortium will conduct ambitious QEC tests that advance state-of-the-art metrics and demonstrate real-time QEC capabilities — a requirement for universal, fault-tolerant quantum computing.

    As part of the project, Rigetti will also upgrade its existing NQCC quantum computer. The upgrades will include:

    • Deploying a larger 36-qubit quantum processing unit (QPU), updating from the current 24-qubit QPU
    • Integrating Rigetti’s latest generation control system, enabling improved qubit control and a fully programmable, low-latency interface with Riverlane’s QEC Stack

    Rigetti was also awarded two additional Quantum Missions pilot competition projects:

    • Collaboration with SEEQC to integrate its digital chip-based technology with Rigetti’s 9-qubit Novera™ QPU hosted at the NQCC with the goal of identifying and understanding the key system components needed for scalable QEC.
    • Collaboration with TreQ, Qruise, Q-CTRL, and Oxford Ionics aims to create an open-architecture quantum computing testbed and deliver an open specification for quantum workflows, creating a common interface between quantum software and hardware.

    Rigetti Closes Investment by Quanta Computer
    On April 29, 2025, Rigetti closed its previously announced investment by Quanta Computer Inc. related to our strategic collaboration agreement. In connection with the closing, Quanta purchased approximately $35 million of shares of Rigetti common stock at approximately $11.59 per share.

    Recent Technical Updates

    Controlling a Superconducting Qubit Using Optical Signals
    Rigetti’s joint paper with Harvard University, Massachusetts Institute of Technology, and University of Chicago, “Coherent control of a superconducting qubit using light,” has been published in Nature Physics.

    Fault-tolerant quantum computing will likely require 10,000 to a million physical qubits. Scaling these systems is challenging because they require bulky microwave components with high thermal loads that can quickly overwhelm the cooling power of a dilution refrigerator. Optical signals have a considerably smaller footprint and negligible thermal conductivity.

    The team successfully demonstrated the integration of a hybrid microwave-optical quantum transducer with a Rigetti-fabricated superconducting qubit. This hybrid set-up enables optical control of the qubit, removing the need for coax lines and provides a promising approach to scaling to higher qubit count systems.

    New Quantum Algorithm Boosts Classical Optimizers
    Rigetti leveraged its new quantum optimization algorithm, quantum preconditioning, to address a power energy grid problem. Using a public dataset representing South Carolina’s energy grid, the problem was to compute the maximum power exchange section, a metric that informs on the health and the power delivery capability of the energy network. Using Rigetti’s 84-qubit Ankaa-3 system, quantum preconditioning was used to boost best-in-class classical optimizers. A relative advantage against the classical baseline was achieved along with a high solution accuracy, highlighting the potential for quantum preconditioning to achieve quantum utility for solving practical optimization problems.

    Conference Call and Webcast
    Rigetti will host a conference call later today, May 12, 2025, at 5:00 pm ET, or 2:00 pm PT, to discuss its first quarter 2025 financial results.

    You can listen to a live audio webcast of the conference call at https://edge.media-server.com/mmc/p/5w8qggnn/ or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

    To participate in the live call, you must register using the following link: https://register-conf.media-server.com/register/BIa01e2c81dc8f4031b25c1ce89653b15e. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.

    Contacts
    Rigetti Computing Investor Contact:
    IR@Rigetti.com

    Rigetti Computing Media Contact:
    press@rigetti.com

    Cautionary Language Concerning Forward-Looking Statements
    Certain statements in this communication may be considered “forward-looking statements” within the meaning of the federal securities laws, including statements with respect to the Company’s future success and performance, including expectations with respect to timing of the development and commercialization of superconducting quantum computing; expectations regarding the advantages and impact of the government-funded projects on the Company’s operations, technology roadmap, milestones, and the Company’s position in the industry; statements to the development of innovative approaches to scaling to higher qubit count systems and the impact of our open and modular system architecture, in-house full-stack expertise, and world-class partners; expectations for work under the AFOSR Award to shed light on defects in superconducting qubits and open new avenues for understanding and mitigating them; and expectations for the Quantum Missions pilot competition projects to: (a) lead to identifying and understanding key system components needed for scalable QEC, and (b) create an open-architecture quantum computing testbed and deliver an open specification for quantum workflows, creating a common interface between quantum software and hardware. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the success of the Company’s partnerships and collaborations, including the strategic collaboration with Quanta; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare and terrorist attacks; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

     
    RIGETTI COMPUTING, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except number of shares and par value)
    (unaudited)
                 
        March 31,   December 31,
        2025   2024
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 37,162     $ 67,674  
    Available-for-sale investments – short-term     171,966       124,420  
    Accounts receivable     1,068       2,427  
    Prepaid expenses     2,124       3,156  
    Other current assets     2,041       9,081  
    Total current assets     214,361       206,758  
    Available-for-sale investments – long-term     —       25,068  
    Property and equipment, net     46,100       44,643  
    Operating lease right-of-use assets     7,609       7,993  
    Other assets     1,068       325  
    Total assets   $ 269,138     $ 284,787  
                 
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Accounts payable   $ 3,401     $ 1,590  
    Accrued expenses and other current liabilities     5,665       8,005  
    Current portion of deferred revenue     147       113  
    Current portion of operating lease liabilities     2,179       2,159  
    Total current liabilities     11,392       11,867  
    Deferred revenue, less current portion     698       698  
    Operating lease liabilities, less current portion     6,230       6,641  
    Derivative warrant liabilities     39,576       93,095  
    Earn-out liabilities     4,114       45,897  
    Total liabilities     62,010       158,198  
    Commitments and contingencies            
    Stockholders’ equity:            
    Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding     —       —  
    Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 286,974,947 shares issued and outstanding at March 31, 2025 and 283,546,871 shares issued and outstanding at December 31, 2024     29       29  
    Additional paid-in capital     719,315       681,202  
    Accumulated other comprehensive (loss) income     (88 )     105  
    Accumulated deficit     (512,128 )     (554,747 )
    Total stockholders’ equity     207,128       126,589  
    Total liabilities and stockholders’ equity   $ 269,138     $ 284,787  
                     
     
    RIGETTI COMPUTING, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
    (unaudited)
         
        Three months ended March 31,
        2025 2024
    Revenue   $ 1,472     $ 3,052  
    Cost of revenue     1,030       1,552  
    Total gross profit     442       1,500  
    Operating expenses:            
    Research and development     15,455       11,471  
    Selling, general and administrative     6,619       6,614  
    Total operating expenses     22,074       18,085  
    Loss from operations     (21,632 )     (16,585 )
    Other income (expense), net            
    Interest expense     —       (1,107 )
    Interest income     2,152       1,123  
    Change in fair value of derivative warrant liabilities     53,262       (2,583 )
    Change in fair value of earn-out liabilities     8,837       (1,621 )
    Total other income (expense), net     64,251       (4,188 )
    Net income (loss) before provision for income taxes     42,619       (20,773 )
    Provision for income taxes     —       —  
    Net income (loss)   $ 42,619     $ (20,773 )
    Net income (loss) available to common stockholders used in diluted earnings per share   $ 38,256     $ (20,773 )
    Net income (loss) per share attributable to common stockholders – basic   $ 0.15     $ (0.14 )
    Net income (loss) per share attributable to common stockholders – diluted   $ 0.13     $ (0.14 )
    Weighted average shares used to compute net income (loss) per share attributable to common stockholders – basic     284,698       151,855  
    Weighted average shares used to compute net income (loss) per share attributable to common stockholders – diluted     301,595       151,855  
                     
     
    RIGETTI COMPUTING INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    (unaudited)
         
        Three months ended March 31,
        2025   2024
    Cash flows from operating activities:            
    Net income (loss)   $ 42,619     $ (20,773 )
    Adjustments to reconcile net income (loss) to net cash used in operating activities:            
    Depreciation and amortization     1,829       1,787  
    Stock-based compensation     4,174       2,991  
    Change in fair value of earn-out liabilities     (8,837 )     1,621  
    Change in fair value of derivative warrant liabilities     (53,262 )     2,583  
    Accretion of available-for-sale securities     (1,423 )     (855 )
    Amortization of debt issuance costs, commitment fees and accretion of final payment fees     —       298  
    Non-cash lease expense     384       391  
    Changes in operating assets and liabilities:            
    Accounts receivable     1,359       323  
    Prepaid expenses, other current assets and other assets     1,379       435  
    Deferred revenue     34       (214 )
    Accounts payable     747       334  
    Accrued expenses and operating lease liabilities     (2,654 )     (2,060 )
    Net cash used in operating activities     (13,651 )     (13,139 )
    Cash flows from investing activities:            
    Purchases of property and equipment     (2,547 )     (5,493 )
    Purchases of available-for-sale securities     (44,062 )     (27,287 )
    Maturities of available-for-sale securities     23,000       39,000  
    Net cash (used in) provided by investing activities     (23,609 )     6,220  
    Cash flows from financing activities:            
    Payments of principal of notes payable     —       (3,045 )
    Proceeds from sale of common stock through Common Stock Purchase Agreement     —       12,838  
    Proceeds from sale of common stock through At-The-Market (ATM) Offering     —       11,031  
    Payments of offering costs     (73 )     (174 )
    Net proceeds from tax withholdings on sell-to-cover equity award transactions     6,272       —  
    Proceeds from issuance of common stock upon exercise of stock options     327       60  
    Proceeds from issuance of common stock upon exercise of warrants     409       —  
    Net cash provided by financing activities     6,935       20,710  
    Effects of exchange rate changes on cash and cash equivalents     (187 )     (85 )
    Net (decrease) increase in cash and cash equivalents     (30,512 )     13,706  
    Cash and cash equivalents – beginning of period     67,674       21,392  
    Cash and cash equivalents – end of period   $ 37,162     $ 35,098  
    Supplemental disclosures of other cash flow information:            
    Cash paid for interest   $ —     $ 811  
    Non-cash investing and financing activities:            
    Capitalization of deferred costs to equity upon share issuance     —       52  
    Purchases of property and equipment recorded in accounts payable     1,408       1,115  
    Purchases of property and equipment recorded in accrued expenses     74       —  
    Reclassification of earn-out liabilities to additional paid-in capital for vesting of Promote Sponsor Vesting Shares     32,946       —  
    Reclassification of derivative liabilities to additional paid-in capital due to exercise of Public Warrants     257       —  
    Purchases of deferred offering costs in accounts payable     122       273  
    Unrealized losses on short term investments     (8 )     (18 )
                     

    The MIL Network –

  • MIL-OSI: PennantPark Investment Corporation Announces Financial Results for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, May 12, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (NYSE: PNNT) announced today its financial results for the second quarter ended March 31, 2025.

    HIGHLIGHTS       
    Quarter ended March 31, 2025 (unaudited)
    ($ in millions, except per share amounts)                           

    Assets and Liabilities:    
    Investment portfolio (1) $ 1,213.6  
    Net assets $ 488.1  
    GAAP net asset value per share $ 7.48  
    Quarterly change in GAAP net asset value per share   (1.2 )%
    Adjusted net asset value per share (2) $ 7.48  
    Quarterly change in adjusted net asset value per share (2)   (1.2 )%
         
    Credit Facility $ 311.4  
    2026 Notes $ 149.0  
    2026-2 Notes $ 163.5  
    Regulatory debt to equity 1.29x  
    Weighted average yield on debt investments   12.0 %
         
    Operating Results:    
    Net investment income $ 11.4  
    Net investment income per share $ 0.18  
    Core net investment income per share (3) $ 0.18  
    Distributions declared per share $ 0.24  
         
    Portfolio Activity:    
    Purchases of investments * $ 176.8  
    Sales and repayments of investments * $ 263.1  
         
    PSLF Portfolio data:    
    PSLF investment portfolio $ 1,392.9  
    Purchases of investments $ 169.9  
    Sales and repayments of investments $ 48.3  
           

    * excludes U.S. Government Securities

    1. Includes investments in PennantPark Senior Loan Fund, LLC (“PSLF”), an unconsolidated joint venture, totaling $217.7 million, at fair value.
    2. This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of unrealized gain on the Company’s multi-currency, senior secured revolving credit facility with Truist Bank, as amended, the “Credit Facility.” The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
    3. Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended March 31, 2025, Core NII excluded: i) $0.3 million of credit facility amendment cost, and ii) $0.1 million of incentive fee expense offset.

    CONFERENCE CALL AT 12:00 P.M. EST ON MAY 13, 2025

    PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, May 13, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #1509093 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

    PORTFOLIO AND INVESTMENT ACTIVITY 

    “We are pleased that our secured loan portfolio, with among the lowest portfolio company leverage and most meaningful covenants in the industry, is positioned defensively and continues to perform well,” said Art Penn, Chairman and CEO. “Additionally, our dividend stream is supported by substantial spillover income as we look to rotate equity investments over time.”

    As of March 31, 2025, our portfolio totaled $1,213.6 million and consisted of $503.0 million or 41% of first lien secured debt, $124.6 million or 10% of U.S. Government Securities, $17.9 million or 2% of second lien secured debt, $216.8 million or 18% of subordinated debt (including $140.3 million or 12% in PSLF) and $351.3 million or 29% of preferred and common equity (including $77.4 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 91% variable-rate investments and 9% fixed-rate investments. As of March 31, 2025, we had three portfolio companies on non-accrual, representing 1.6% and 0.4% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $40.7 million as of March 31, 2025. Our overall portfolio consisted of 158 companies with an average investment size of $6.9 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.0%.

    As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 8% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%.

    For the three months ended March 31, 2025, we invested $176.8 million in three new and 52 existing portfolio companies with a weighted average yield on debt investments of 10.7% (excluding U.S. Government Securities). For the three months ended March 31, 2025, sales and repayments of investments totaled $263.1 million (including $154.4 million was sold to PSLF) which excludes U.S. Government Securities. For the six months ended March 31, 2025, we invested $472.5 million in 15 new and 96 existing portfolio companies with a weighted average yield on debt investments of 10.6% (excluding U.S. Government Securities). For the six months ended March 31, 2025, sales and repayments of investments totaled $616.8 million (including $441.0 million was sold to PSLF) which excludes U.S. Government Securities.

    For the three months ended March 31, 2024, we invested $188.5 million in six new and 43 existing portfolio companies with a weighted average yield on debt investments of 11.7% (excluding U.S. Government Securities). For the three months ended March 31, 2024, sales and repayments of investments totaled $176.2 million (including $103.1 million was sold to PSLF) which excludes U.S. Government Securities. For the six months ended March 31, 2024, we invested $419.6 million in 18 new and 60 existing portfolio companies with a weighted average yield on debt investments of 11.8% (excluding U.S. Government Securities). For the six months ended March 31, 2024, sales and repayments of investments totaled $247.2 million (including $154.0 million was sold to PSLF) which excludes U.S. Government Securities.
      
    PennantPark Senior Loan Fund, LLC

    As of March 31, 2025, PSLF’s portfolio totaled $1,392.9 million, consisted of 119 companies with an average investment size of $11.7 million and had a weighted average yield interest bearing debt investments of 10.4%.

    As of September 30, 2024, PSLF’s portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%.

    For the three months ended March 31, 2025, PSLF invested $169.9 million (including $154.4 million were purchased from the Company) in eight new and 14 existing portfolio companies at weighted average yield interest bearing debt investments of 10.1%. PSLF’s sales and repayments of investments for the same period totaled $48.3 million. For the six months ended March 31, 2025, PSLF invested $523.7 million (including $441.0 million were purchased from the Company) in 23 new and 57 existing portfolio companies at weighted average yield interest bearing debt investments of 10.4%. PSLF’s sales and repayments of investments for the same period totaled $157.4 million.

    For the three months ended March 31, 2024, PSLF invested $113.2 million (including $103.1 million were purchased from the Company) in 11 new and five existing portfolio companies at weighted average yield on interest bearing debt investments of 11.8%. PSLF’s sales and repayments of investments for the same period totaled $49.7 million. For the six months ended March 31, 2024, PSLF invested $194.2 million (including $154.0 million were purchased from the Company) in 16 new and 11 existing portfolio companies at weighted average yield on interest bearing debt investments of 12.2%. PSLF’s sales and repayments of investments for the same period totaled $78.9 million.

    RESULTS OF OPERATIONS

    Set forth below are the results of operations for the three and six months ended March 31, 2025 and 2024.

    Investment Income

    For the three and six months ended March 31, 2025, investment income was $30.7 million and $64.9 million, respectively, which was attributable to $22.1 million and $47.3 million from first lien secured debt, $1.0 million and $3.0 million from second lien secured debt, $1.1 million and $2.2 million from subordinated debt and $6.5 million and $12.4 million from other investments, respectively. For the three and six months ended March 31, 2024, investment income was $36.0 million and $70.3 million, respectively, which was attributable to $27.8 million and $52.9 million from first lien secured debt, $2.8 million and $5.4 million from second lien secured debt, $0.1 million and $1.4 million from subordinated debt and $5.3 million and $10.6 million from preferred and common equity, respectively. The decrease in investment income for three and six months ended March 31, 2025, was primarily due to a decrease in our total portfolio size and a decrease in our weighted average yield on debt investments.

    Expenses

    For the three and six months ended March 31, 2025, expenses totaled $19.2 million and $40.4 million, respectively, and were comprised of $10.6 million and $22.4 million of debt related interest and expenses, $4.0 million and $8.3 million of base management fees, $2.4 million and $5.2 million of incentive fees, $1.6 million and $3.3 million of general and administrative expenses and $0.6 million and $1.3 million of provision for excise taxes, respectively. For the three and six months ended March 31, 2024, expenses totaled $21.7 million and $40.4 million, respectively, and were comprised of; $11.9 million and $21.4 million of debt-related interest and expenses, $4.1 million and $8.1 million of base management fees, $3.0 million and $6.3 million of incentive fees, $1.9 million and $3.3 million of general and administrative expenses and $0.8 million and $1.2 million of provision for excise taxes, respectively. The decrease in expenses for the three months ended March 31, 2025, was primarily due to decreases in interest and expenses on debt and incentive fees. Total expenses were flat for the six months ended March 31, 2025.

    Net Investment Income

    For the three and six months ended March 31, 2025, net investment income totaled $11.4 million and $24.4 million, or $0.18 per share and $0.37 per share, respectively. For the three and six months ended March 31, 2024, net investment income totaled $14.3 million and $29.9 million, or $0.22 per share and $0.46 per share, respectively. The decrease in net investment income was primarily due to a decrease in investment income and partially offset by a decrease in expenses.

    Net Realized Gains or Losses

    For the three and six months ended March 31, 2025, net realized gains (losses) totaled $(27.7) million and $(30.3) million, respectively. For the three and six months ended March 31, 2024, net realized gains (losses) totaled $(31.0) million and $(29.2) million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

    Unrealized Appreciation or Depreciation on Investments and Debt

    For the three and six months ended March 31, 2025, we reported net change in unrealized appreciation (depreciation) on investments of $27.1 million and $29.5 million, respectively. For the three and six months ended March 31, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $33.2 million and $28.3 million, respectively. As of March 31, 2025 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $40.7 million and $11.2 million, respectively. The net change in unrealized depreciation on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

    For the three and six months ended March 31, 2025, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(1.4) million and $1.9 million, respectively. For the three and six months ended March 31, 2024, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $0.5 million and $(1.6) million, respectively. As of March 31, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $3.0 million and $1.1 million, respectively. The net change in unrealized depreciation compared to the same periods in the prior period was primarily due to changes in the capital markets.

    Net Change in Net Assets Resulting from Operations

    For the three and six months ended March 31, 2025, net increase (decrease) in net assets resulting from operations totaled $9.5 million and $25.5 million or $0.14 per share and $0.39 per share, respectively. For the three and six months ended March 31, 2024, net increase (decrease) in net assets resulting from operations totaled $16.1 million and $26.7 million or $0.25 per share and $0.41 per share, respectively. The change in net assets from operations for the six months ended March 31, 2025 was primarily due to a change in the net realized and unrealized depreciation in the portfolio primarily driven by changes in market conditions and decrease in net investment income.

    LIQUIDITY AND CAPITAL RESOURCES

    Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

    As of March 31, 2025 and September 30, 2024, we had $314.5 million and $461.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.7% and 7.2%, respectively, exclusive of the fee on undrawn commitment.  As of March 31, 2025 and September 30, 2024, we had $185.5 million and $13.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.

    As of March 31, 2025 and September 30, 2024, we had cash and cash equivalents of $32.6 million and $49.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allows us to effectively operate our business.

    For the six months ended March 31, 2025, our operating activities provided cash of $161.1 million and our financing activities used cash of $178.3 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for repayments of our credit facility and distributions paid to stockholders.

    For the six months ended March 31, 2024, our operating activities used cash of $150.9 million and our financing activities provided cash of $147.5 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.

    DISTRIBUTIONS

    During the three and six months ended March 31, 2025, we declared distributions of $0.24 and $0.48 per share, for total distributions of $15.7 million and $31.3 million, respectively. During the three and six months ended March 31, 2024, we declared distributions of $0.21 and $0.42 per share, for total distributions of $13.7 million and $27.4 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

    AVAILABLE INFORMATION

    The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.

    PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (In thousands, except share data)
     
      March 31, 2025     September 30, 2024  
      (unaudited)        
    Assets          
    Investments at fair value          
    Non-controlled, non-affiliated investments (amortized cost—$716,505 and $916,168, respectively) $ 723,808     $ 910,323  
    Non-controlled, affiliated investments (amortized cost—$58,068 and $56,734, respectively)   11,050       33,423  
    Controlled, affiliated investments (amortized cost—$398,359 and $343,970, respectively)   478,752       384,304  
    Total investments (amortized cost—$1,172,932 and $1,316,872, respectively)   1,213,610       1,328,050  
    Cash and cash equivalents (cost—$32,568 and $49,833, respectively)   32,587       49,861  
    Interest receivable   5,322       5,261  
    Distribution receivable   6,040       5,417  
    Due from affiliates   35       228  
    Prepaid expenses and other assets   185       269  
    Total assets   1,257,779       1,389,086  
    Liabilities          
    Truist Credit Facility payable, at fair value (cost—$314,456 and $461,456, respectively)   311,412       460,361  
    2026 Notes payable, net (par— $150,000)   149,022       148,571  
    2026 Notes-2 payable, net (par— $165,000)   163,506       163,080  
    Payable for investment purchased   124,609       100,096  
    Interest payable on debt   6,349       6,406  
    Distributions payable   5,224       5,224  
    Base management fee payable   4,017       4,297  
    Accounts payable and accrued expenses   3,108       4,053  
    Incentive fee payable   2,425       3,057  
    Due to affiliate   1       33  
    Total liabilities   769,673       895,178  
    Commitments and contingencies          
    Net assets          
    Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively              
    Par value $0.001 per share and 200,000,000 shares authorized   65       65  
    Paid-in capital in excess of par value   743,968       743,968  
    Accumulated deficit   (255,927 )     (250,125 )
    Total net assets $ 488,106     $ 493,908  
    Total liabilities and net assets $ 1,257,779     $ 1,389,086  
    Net asset value per share $ 7.48     $ 7.56  
                   
    PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share data)
    (Unaudited)
     
      Three Months Ended March 31,     Six Months Ended March 31,  
      2025     2024     2025     2024  
    Investment income:                      
    From non-controlled, non-affiliated investments:                      
    Interest $ 14,987     $ 22,904     $ 33,753     $ 43,972  
    Payment-in-kind   1,564       187       2,985       189  
    Dividend income   499       623       1,006       1,315  
    Other income   120       778       702       2,203  
    From non-controlled, affiliated investments:                      
    Payment-in-kind   —       —       —       347  
    From controlled, affiliated investments:                      
    Interest   7,887       5,941       15,142       11,422  
    Payment-in-kind   —       857       823       1,489  
    Dividend income   5,579       4,689       10,430       9,378  
    Other income   27       —       27       —  
    Total investment income   30,663       35,979       64,868       70,315  
    Expenses:                      
    Interest and expenses on debt   10,318       11,868       22,058       21,424  
    Base management fee   4,017       4,137       8,285       8,141  
    Incentive fee   2,425       3,018       5,180       6,339  
    General and administrative expenses   1,150       1,379       2,400       2,593  
    Administrative services expenses   450       550       950       739  
    Expenses before amendment costs, debt issuance costs and provision for taxes   18,360       20,952       38,873       39,236  
    Provision for taxes on net investment income   550       775       1,250       1,168  
    Credit facility amendment and debt issuance costs   324       —       324       —  
    Net expenses   19,234       21,727       40,447       40,404  
    Net investment income   11,429       14,252       24,421       29,911  
    Realized and unrealized gain (loss) on investments and debt:                      
    Net realized gain (loss) on investments and debt:                      
    Non-controlled, non-affiliated investments   (27,714 )     (1,434 )     (30,274 )     1,146  
    Non-controlled and controlled, affiliated investments   —       (29,419 )     —       (30,169 )
    Provision for taxes on realized gain on investments   (49 )     (177 )     (49 )     (177 )
    Net realized gain (loss) on investments and debt   (27,763 )     (31,030 )     (30,323 )     (29,200 )
    Net change in unrealized appreciation (depreciation) on:                      
    Non-controlled, non-affiliated investments   17,918       (1,528 )     13,141       (13,798 )
    Non-controlled and controlled, affiliated investments   9,214       34,751       16,352       42,075  
    Provision for taxes on unrealized appreciation (depreciation) on investments   37       (830 )     —       (680 )
    Debt appreciation (depreciation)   (1,379 )     470       1,949       (1,570 )
    Net change in unrealized appreciation (depreciation) on investments and debt   25,790       32,863       31,442       26,027  
    Net realized and unrealized gain (loss) from investments and debt   (1,973 )     1,833       1,119       (3,173 )
    Net increase (decrease) in net assets resulting from operations $ 9,456     $ 16,085     $ 25,540     $ 26,738  
    Net increase (decrease) in net assets resulting from operations per common share $ 0.14     $ 0.25     $ 0.39     $ 0.41  
    Net investment income per common share $ 0.18     $ 0.22     $ 0.37     $ 0.46  
                                   

    ABOUT PENNANTPARK INVESTMENT CORPORATION

    PennantPark Investment Corporation, or the Company, is a business development company that invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing approximately $10 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

    We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

    The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

    Contact: Richard T. Allorto, Jr.
      PennantPark Investment Corporation
      (212) 905-1000
      www.pennantpark.com

    The MIL Network –

  • MIL-OSI USA: Fischer, Colleagues Reintroduce Bill to Strengthen Farm Safety Net

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, joined her Senate colleagues in reintroducing the Federal Agriculture Risk Management Enhancement and Resilience (FARMER) Act, to strengthen crop insurance and make higher levels of coverage more affordable for producers. U.S. Senator John Hoeven (R-N.D.) sponsored the legislation.
    “For decades, Nebraska’s ag producers have helped feed our nation and the world. As Congress works to pass a Farm Bill, protecting and improving crop insurance for our farmers is one of my top priorities. I am proud to support this legislation to improve the farm safety net, and I look forward to working with Senator Hoeven and our colleagues to get this bill signed into law,” said Fischer.
    “Crop insurance remains the number one risk management tool for our farmers, but it doesn’t provide the kind of affordable coverage options that all producers need. The result has been the repeated need for ad-hoc disaster assistance. Ultimately, producers buying higher levels of coverage will lessen the need for ad-hoc disaster assistance in the future. That means less emergency spending by the federal government, greater certainty for farmers and a more resilient ag economy. Those are wins across the board,” said Hoeven. 
    In addition to Fischer and Hoeven, the legislation is cosponsored by Senate Agriculture Committee Chairman John Boozman (R-Ark.), and U.S. Senators Mitch McConnell (R-Ky), Cindy Hyde-Smith (R-Miss.), Roger Marshall (R-Kan.), Jim Justice (R-W. Va.), Chuck Grassley (R-Iowa), Jerry Moran (R-Kan.), and Joni Ernst (R-Iowa). BACKGROUND:  
    Specifically, the FARMER ACT would:
    Increase premium support for higher levels of crop insurance coverage, which will enhance affordability and reduce the need for future ad-hoc disaster assistance.
    Improve the Supplemental Coverage Option (SCO) by increasing premium support and expanding the coverage level, providing producers with an additional level of protection.
    Direct the Risk Management Agency (RMA) to conduct a study to improve the effectiveness of SCO in large counties.
    Not require producers to choose between purchasing enhanced crop insurance coverage or participating in Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs, giving them flexibility to make decisions that work best for their operations.

    MIL OSI USA News –

  • MIL-OSI USA: Alumni Honored at Inaugural CLAS Awards Ceremony

    Source: US State of Connecticut

    The College of Liberal Arts and Sciences recently celebrated the achievements of six outstanding alumni during its inaugural CLAS Alumni Awards Ceremony.  

    The event brought together faculty, staff, alumni, and family members to honor graduates whose careers reflect the excellence and impact of a liberal arts and sciences education. 

    “Our alumni are among UConn’s greatest ambassadors, and we take immense pride in their accomplishments,” said UConn President Radenka Maric. “These awards in CLAS and across the University reflect the transformative power of a UConn education and the positive impact Huskies make in Connecticut and around the world.” 

    “The launch of our alumni awards program reflects our enduring commitment to celebrating the lifelong impact of a liberal arts education,” said CLAS dean Ofer Harel. 

    With more than 130,000 alumni, CLAS is UConn’s largest and most academically diverse college. The new awards program was created to recognize alumni who exemplify the College’s core values of community, creativity, dedication, diversity, empowerment, and integrity. 

    “These individuals reflect the depth, diversity, and impact of a CLAS education in their work and their lives,” Harel said in his opening remarks. “The awards were established to celebrate individual achievement, but also the power of a liberal arts and sciences education to open doors, fuel ambition, and inspire change.”  

    The winners were honored on April 30 at the Alumni House in Storrs. Their work spans science, policy, media, and the environment. 

    Distinguished Alumni Awards – Social Sciences and Humanities  

    Bryan Pollard ’85 (CLAS) graduated magna cum laude in political science as a UConn Honors Scholar and Phi Beta Kappa member. He earned his JD from Yale and led a 35-year legal career, including roles at Crowell & Moring in Washington, D.C., Day, Berry & Howard in Hartford, CT, and United Technologies Corporation (now RTX Corporation). He has served on multiple nonprofit boards and two terms on Middletown’s Ethics Commission. A Past President of the UConn Alumni Association, he is now serving a second term as Alumni Trustee. In 2021, he and his wife established a UConn CLAS scholarship fund and support the annual Alumni and Student of Color Networking Night.

    Bryan Pollard ’85 (CLAS) received a CLAS Distinguished Alumni Award in the Social Sciences and Humanities. (Photo courtesy of UConn Foundation)

    Mike Soltys ’81 (CLAS) began his career as an intern at ESPN in 1980 and went on to serve in corporate communications for 43 years, including 20 as vice president. He led strategic publicity and issue management for ESPN’s networks and platforms, helped launch ESPN’s corporate blog and media site, and managed major campaigns such as ESPN’s 25th anniversary. He served as a registered lobbyist for Connecticut issues and was ESPN’s longest-serving Editorial Board member. Mike holds a master’s from the University of Hartford and now serves as ESPN Historian. He was recognized in 2024 with a Lifetime Achievement Award from UConn’s Department of Communication. In memory of their parents, Mike and his sisters have established an annual scholarship at UConn for students pursuing careers in athletic communications. 

    Mike Soltys ’81 (CLAS) received a CLAS Distinguished Alumni Award in the Social Sciences and Humanities. (Photo courtesy UConn Foundation)

    Distinguished Alumni Awards – Life and Physical Sciences  

    Kevin Bohacs ’76 (CLAS) is a sedimentary geologist who earned his Ph.D. from MIT and spent over 40 years in industry research, primarily at ExxonMobil. His work has focused on mudstone systems, basin analysis, and Earth systems modeling, with applications on Earth and Mars. He has conducted research in over 40 countries, published more than 100 scientific works, co-authored and edited several books, and is listed as co-inventor on three patents. He has held roles in scientific lecturing and field training, and supports student education through the Earth Sciences Nugget Fund at UConn. 

    Kevin Bohacs ’76 (CLAS) received a CLAS Distinguished Alumni Award in the Life and Physical Sciences. (Photo courtesy UConn Foundation)

    Richard Piacentini MS ’84 (CLAS) is President and CEO of Phipps Conservatory and Botanical Gardens in Pittsburgh, where he has led initiatives in sustainability and regenerative design since 1994. Under his leadership, Phipps Conservatory built the Center for Sustainable Landscapes, which is one of the greenest buildings in the world and produces as much energy and water as it uses. Among other accomplishments, he oversaw the creation of the first LEED certified greenhouse, a zero-energy modular classroom called the Nature Lab, and the highly sustainable Exhibit Staging Center, which meets the highest green building standards. Piacentini holds an MS in Botany from UConn, an MBA from Virginia Commonwealth University, and a BS in Pharmacy from the University of Rhode Island.

    Richard Piacentini MS ’84 (CLAS) received a CLAS Distinguished Alumni Award in the Life and Physical Sciences. (Photo courtesy of UConn Foundation)

    Emerging Leader Award – Humanities and Social Sciences  

    Prabhas KC ’22 (CLAS) At UConn, economics major Prabhas KC served as a Board Member and Student Representative on the Mansfield Downtown Partnership, received the Department of Economics’ Dr. Joseph W. McAnneny, Jr. Award, and delivered the commencement address at his graduation in 2022.  He joined tech firm ServiceNow after graduation and earned the company’s “Hungry and Humble” Award. KC is the self-published author of “Nani, Let’s Count to 10!,” a bestselling bilingual children’s book, and founded Babu’s Books to promote cultural identity among second-generation immigrants through partnerships with schools and nonprofits. 

    Prabhas KC ’22 (CLAS) won the CLAS Emerging Leader Award in the Humanities and Social Sciences. Photo courtesy UConn Foundation.

    Emerging Leader Awards – Life and Physical Sciences 

    Tanisha Williams ’19 Ph.D. is Assistant Professor of Plant Biology at the University of Georgia and Director of the UGA Herbarium. She studies plant conservation, climate change adaptation, and the role of Indigenous knowledge in ecosystem resilience, and her work spans the U.S., South Africa, and Australia. Williams previously held a postdoctoral fellowship at Bucknell University, where she described two new plant species and mentored more than 40 students. A Fulbright Fellow and Alumni Ambassador, she also founded Black Botanists Week and has received honors including the ASPT Peter Raven Award and the Linnaean Society’s Bicentenary Medal. 

    Tanisha Williams ’19 Ph.D. won the CLAS Emerging Leader Award in the Life and Physical Sciences. (Photo courtesy of UConn Foundation)

    Learn more about the CLAS Alumni Awards.

    MIL OSI USA News –

  • MIL-OSI Europe: Text adopted – Ninth report on economic and social cohesion – P10_TA(2025)0098 – Thursday, 8 May 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to Articles 2 and 3 of the Treaty on European Union,

    –  having regard to Articles 4, 162, 174 to 178, and 349 of the Treaty on the Functioning of the European Union (TFEU),

    –  having regard to Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy(1) (Common Provisions Regulation),

    –  having regard to Regulation (EU) 2021/1058 of the European Parliament and of the Council of 24 June 2021 on the European Regional Development Fund and on the Cohesion Fund(2),

    –  having regard to Regulation (EU) 2021/1059 of the European Parliament and of the Council of 24 June 2021 on specific provisions for the European territorial cooperation goal (Interreg) supported by the European Regional Development Fund and external financing instruments(3),

    –  having regard to Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013(4),

    –  having regard to Regulation (EU) 2021/1056 of the European Parliament and of the Council of 24 June 2021 establishing the Just Transition Fund(5),

    –  having regard to Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013(6),

    –  having regard to Regulation (EU) 2020/460 of the European Parliament and of the Council of 30 March 2020 amending Regulations (EU) No 1301/2013, (EU) No 1303/2013 and (EU) No 508/2014 as regards specific measures to mobilise investments in the healthcare systems of Member States and in other sectors of their economies in response to the COVID-19 outbreak (Coronavirus Response Investment Initiative)(7),

    –  having regard to Regulation (EU) 2020/558 of the European Parliament and of the Council of 23 April 2020 amending Regulations (EU) No 1301/2013 and (EU) No 1303/2013 as regards specific measures to provide exceptional flexibility for the use of the European Structural and Investments Funds in response to the COVID-19 outbreak(8),

    –  having regard to Regulation (EU) 2020/461 of the European Parliament and of the Council of 30 March 2020 amending Council Regulation (EC) No 2012/2002 in order to provide financial assistance to Member States and to countries negotiating their accession to the Union that are seriously affected by a major public health emergency(9),

    –  having regard to Regulation (EU) 2020/2221 of the European Parliament and of the Council of 23 December 2020 amending Regulation (EU) No 1303/2013 as regards additional resources and implementing arrangements to provide assistance for fostering crisis repair in the context of the COVID-19 pandemic and its social consequences and for preparing a green, digital and resilient recovery of the economy (REACT-EU)(10),

    –  having regard to Regulation (EU) 2022/562 of the European Parliament and of the Council of 6 April 2022 amending Regulations (EU) No 1303/2013 and (EU) No 223/2014 as regards Cohesion’s Action for Refugees in Europe (CARE)(11),

    –  having regard to Regulation (EU) 2022/2039 of the European Parliament and of the Council of 19 October 2022 amending Regulations (EU) No 1303/2013 and (EU) 2021/1060 as regards additional flexibility to address the consequences of the military aggression of the Russian Federation FAST (Flexible Assistance for Territories) – CARE(12),

    –  having regard to the URBACT programme for sustainable urban cooperation, established in 2002,

    –  having regard to the Urban Agenda for the EU of 30 May 2016,

    –  having regard to the Territorial Agenda 2030 of 1 December 2020,

    –  having regard to the 9th Cohesion Report, published by the Commission on 27 March 2024(13), and the Commission communication of 27 March 2024 on the 9th Cohesion Report (COM(2024)0149),

    –  having regard to the study entitled ‘The future of EU cohesion: Scenarios and their impacts on regional inequalities’, published by the European Parliamentary Research Service in December 2024,

    –  having regard to the Commission report of February 2024 entitled ‘Forging a sustainable future together – Cohesion for a competitive and inclusive Europe’(14),

    –  having regard to the opinion of the European Economic and Social Committee of 31 May 2024 on the 9th Cohesion Report(15),

    –  having regard to the opinion of the Committee of the Regions of 21 November 2024 entitled ‘A renewed Cohesion Policy post 2027 that leaves no one behind – CoR responses to the 9th Cohesion Report and the Report of the Group of High-Level Specialists on the Future of Cohesion Policy’,

    –  having regard to the report entitled ‘The future of European competitiveness – A competitiveness strategy for Europe’, published by the Commission on 9 September 2024,

    –  having regard to the agreement adopted at the 21st Conference of the Parties to the UN Framework Convention on Climate Change (COP21) in Paris on 12 December 2015 (the Paris Agreement),

    –  having regard to the study entitled ‘Streamlining EU Cohesion Funds: addressing administrative burdens and redundancy’, published by its Directorate-General for Internal Policies of the Union in November 2024(16),

    –  having regard to a Regulation of the European Parliament and of the Council of 7 May 2025 on the Border Regions’ Instrument for Development and Growth in the EU (BRIDGEforEU)(17),

    –  having regard to the Commission communication of 3 May 2022 entitled ‘Putting people first, securing sustainable and inclusive growth, unlocking the potential of the EU’s outermost regions’ (COM(2022)0198),

    –  having regard to the opinion in the form of a letter from the Committee on Agriculture and Rural Development(18),

    –  having regard to its resolution of 25 March 2021 on cohesion policy and regional environment strategies in the fight against climate change(19),

    –  having regard to its resolution of 20 May 2021 on reversing demographic trends in EU regions using cohesion policy instruments(20),

    –  having regard to its resolution of 14 September 2021 entitled ‘Towards a stronger partnership with the EU outermost regions(21),

    –  having regard to its resolution of 15 September 2022 on economic, social and territorial cohesion in the EU: the 8th Cohesion Report(22),

    –  having regard to its resolution of 21 November 2023 on possibilities to increase the reliability of audits and controls by national authorities in shared management(23),

    –  having regard to its resolution of 23 November 2023 on harnessing talent in Europe’s regions(24),

    –  having regard to its resolution of 14 March 2024 entitled ‘Cohesion policy 2014-2020 – implementation and outcomes in the Member States(25),

    –  having regard to Rule 55 of its Rules of Procedure,

    –  having regard to the report of the Committee on Regional Development (A10-0066/2025),

    A.  whereas cohesion policy is at the heart of EU policies and is the EU’s main tool for investments in sustainable economic, social and territorial development, and contributing to the Green Deal objectives, across the EU under its multiannual financial frameworks for the periods of 2014-2020 and 2021-2027; whereas cohesion policy, as mandated by the Treaties, is fundamental for a well-functioning and thriving internal market by promoting the development of all regions in the EU, and especially the less developed ones;

    B.  whereas cohesion policy has fostered economic, social and territorial convergence in the EU, notably by increasing the gross domestic products, for example, of central and eastern EU Member States, which went from 43 % of the EU average in 1995 to around 80 % in 2023; whereas the 9th Cohesion Report highlights that, by the end of 2022, cohesion policy supported over 4,4 million businesses, creating more than 370 000 jobs in these companies; whereas it also underlines that cohesion policy generates a significant return on investment, and that each euro invested in the 2014–2020 and 2021–2027 programmes will have generated 1,3 euros of additional GDP in the Union by 2030; whereas cohesion policy constituted, on average, around 13 % of total public investment in the EU(26);

    C.  whereas the Commission report entitled ‘The long-term vision for the EU’s rural areas: key achievements and ways forward’, presented alongside the ninth Cohesion Report, underlines that EUR 24,6 billion, or 8 % of the rural development pillar of the common agricultural policy, is directed towards investments in rural areas beyond farming investments, setting the scene for a debate on the future of rural areas;

    D.  whereas between 2021 and 2027, cohesion policy will have invested over EUR 140 billion in the green and digital transitions(27), to help improve networks and infrastructure, support nature conservation, improve green and digital skills and foster job creation and services for the public;

    E.  whereas despite the widely acknowledged and proven positive impact of cohesion policy on social, economic and territorial convergence, significant challenges remain, marked notably by development disparities at sub-national level, within regions and in regions caught in a development trap, and by the impact of climate change, in terms of demography, the digital and green transitions, and connectivity, but also in terms of sustainable economic development, in particular in least developed regions and rural and remote areas;

    F.  whereas cohesion policy and sectoral programmes of the EU have repeatedly and efficiently helped regions to respond effectively to emergencies and asymmetric shocks such as the COVID-19 crisis, Brexit, the energy crisis and the refugee crisis caused by Russia’s invasion of Ukraine, as well as natural disasters, even though it is a long-term, structural policy and not a crisis management instrument or the ‘go-to’ emergency response funding mechanism; whereas such crises have delayed the implementation of the European Structural and Investment Funds and whereas a considerable number of projects financed with Recovery and Resilience Facility (RRF) funds have been taken for the most part from projects that had been slated for investment under cohesion policy;

    G.  whereas despite measures already taken for the 2014-2020 and 2021-2027 periods, the regulatory framework governing the use and administration of cohesion policy instruments and funds should be further simplified and interoperable digital tools better used and developed, including the establishment of one-stop digitalised service centres, with the objective of streamlining procedures, enhancing stakeholder trust, reducing the administrative burden, increasing flexibility in fund management and speeding up payments, not only for the relevant authorities but also for the final beneficiaries; whereas it is necessary to increase the scope for using funds more flexibly, including the possibility of financing the development of dual-use products; whereas it is of utmost importance to formulate any future cohesion policy with a strategic impetus throughout the funding period, which could, however, be reassessed at midterm;

    H.  whereas the low absorption rate of the 2021-2027 cohesion policy funds, currently at just 6 %, is not because of a lack of need from Member States or regions, but rather stems from delays in the approval of operational programmes, the transition period between financial frameworks, the prioritisation of NextGenerationEU by national managing authorities, limited administrative capacity and complex bureaucratic procedures; whereas Member States and regions may not rush to absorb all available funds as they anticipate a possible extension under the N+2 or N+3 rules;

    I.  whereas radical modifications to the cohesion regulatory framework, from one programming period to the next, contribute to generating insecurity among the authorities responsible and beneficiaries, gold-plating legislation, increasing error rates (and the accompanying negative reputational and financial consequences), delays in implementation and, ultimately, disaffection among beneficiaries and the general population;

    J.  whereas there is sometimes competition between cohesion funds, emergency funds and sectoral policies;

    K.  whereas demographic changes vary significantly across EU regions, with the populations of some Member States facing a projected decline in the coming years and others projected to grow; whereas demographic changes also take place between regions, including movement away from outermost regions, but are generally observed as movement from rural to urban areas within Member States, wherein women are leaving rural areas in greater numbers than men, but also to metropolitan areas, where villages around big cities encounter difficulties in investing in basic infrastructure; whereas the provision of essential services such as healthcare, education and transportation must be reinforced in all regions, with a particular focus on rural and remote areas; whereas a stronger focus is needed on areas suffering from depopulation and inadequate services, requiring targeted measures to encourage young people to remain through entrepreneurship projects, high-quality agriculture and sustainable tourism;

    L.  whereas taking account of the ageing population is crucial in order to ensure justice among the generations and thereby to strengthen participation, especially among young people;

    M.  whereas urban areas are burdened by new challenges resulting from the population influx to cities, as well as rising housing and energy prices, requiring the necessary housing development, new environmental protection and energy-saving measures, such as accelerated deep renovation to combat energy poverty and promote energy efficiency; whereas the EU cohesion policy should help to contribute to an affordable and accessible housing market for all people in the EU, especially for low- and middle-income households, urban residents, families with children, women and young people;

    N.  whereas effective implementation of the Urban Agenda for the EU can enhance the capacity of cities to contribute to cohesion objectives, thereby improving the quality of life of citizens and guaranteeing a more efficient use of the EU’s financial resources;

    O.  whereas particular attention needs to be paid to rural areas, as well as areas affected by industrial transition and EU regions that suffer from severe and permanent natural or demographic handicaps, brain drain, climate-related risks and water scarcity, such as the outermost regions, and in particular islands located at their peripheries or at the periphery of the EU, sparsely populated regions, islands, mountainous areas and cross-border regions, as well as coastal and maritime regions;

    P.  whereas Russia’s war of aggression against Ukraine has created a new geopolitical reality that has had a strong impact on the employment, economic development and opportunities, and general well-being of the population living in regions bordering Ukraine, Belarus and Russia, as well as candidate countries such as Ukraine and Moldova, which therefore require special attention and support, including by accordingly adapting cohesion policy; whereas this war has led to an unprecedented number of people seeking shelter in the EU, placing an additional burden on local communities and services; whereas the collective security of the EU is strongly dependent on the vitality and well-being of regions situated at the EU’s external borders;

    Q.  whereas the unique situation of Northern Ireland requires a bespoke approach building on the benefits of PEACE programmes examining how wider cohesion policy can benefit the process of reconciliation;

    R.  whereas 79 % of citizens who are aware of EU-funded projects under cohesion policy believe that EU-funded projects have a positive impact on the regions(28), which contributes to a pro-EU attitude;

    S.  whereas overall awareness of EU-funded projects under cohesion policy has decreased by 2 percentage points since 2021(29), meaning that greater decentralisation should be pursued to bring cohesion policy even closer to the citizen;

    1.  Insists that the regional and local focus, place-based approach and strategic planning of cohesion policy, as well as its decentralised programming and implementation model based on the partnership principle with strengthened implementation of the European code of conduct, the involvement of economic and civil society actors, and multi-level governance, are key and positive elements of the policy, and determine its effectiveness; is firmly convinced that this model of cohesion policy should be continued in all regions and deepened where possible as the EU’s main long-term investment instrument for reducing disparities, ensuring economic, social and territorial cohesion, and stimulating regional and local sustainable growth in line with EU strategies, protecting the environment, and as a key contributor to EU competitiveness and just transition, as well as helping to cope with new challenges ahead;

    2.  Calls for a clear demarcation between cohesion policy and other instruments, in order to avoid overlaps and competition between EU instruments, ensure complementarity of the various interventions and increase visibility and readability of EU support; in this context, notes that the RRF funds are committed to economic development and growth, without specifically focusing on economic, social and territorial cohesion between regions; is concerned about the Commission’s plans to apply a performance-based approach to the European Structural and Investment Funds (ESIF); acknowledges that performance-based mechanisms can be instrumental in making the policy more efficient and results-orientated, but cautions against a one-size-fits-all imposition of the model and expresses serious doubt about ideas to link the disbursement of ESIF to the fulfilment of centrally defined reform goals, even more so if the reform goals do not fall within the scope of competence of the regional level;

    3.  Is opposed to any form of top-down centralisation reform of EU funding programmes, including those under shared management, such as the cohesion policy and the common agricultural policy, and advocates for greater decentralisation of decision-making to the local and regional levels; calls for enhanced involvement of local and regional authorities and economic and civil society actors at every stage of EU shared management programmes, from preparation and programming to implementation, delivery and evaluation, keeping in mind that the economic and social development of, and territorial cohesion between, regions can only be accomplished on the basis of good cooperation between all actors;

    4.  Emphasises that the European Agricultural Fund for Rural Development (EAFRD) plays a key role, alongside cohesion policy funds, in supporting rural areas; stresses that the EAFRD’s design must align with the rules of cohesion policy funds to boost synergies and facilitate multi-funded rural development projects;

    5.  Is convinced that cohesion policy can only continue to play its role if it has solid funding; underlines that this implies that future cohesion policy must be provided with robust funding for the post-2027 financial period; stresses that it is necessary to provide funding that is ambitious enough and easily accessible to allow cohesion policy to continue to fulfil its role as the EU’s main investment policy, while retaining the flexibility to meet potential new challenges, including the possibility of financing the development of dual-use products, and to enable local authorities, stakeholders and beneficiaries to effectively foster local development; is of the firm opinion that the capacity to offer flexible responses to unpredictable challenges should not come at the expense of the clear long-term strategic focus and objectives of cohesion policy;

    6.  Underlines the importance of the next EU multiannual financial framework (MFF) and the mid-term review of cohesion policy programmes 2021-2027 in shaping the future of cohesion policy; reiterates the need for a more ambitious post-2027 cohesion policy in the next MFF 2028-2034; calls, therefore, for the upcoming MFF to ensure that cohesion policy continues to receive at least the same level of funding as in the current period in real terms; furthermore calls for cohesion policy to remain a separate heading in the new MFF; stresses that cohesion policy should be protected from statistical effects that may alter the eligibility of regions by changing the average EU GDP; reiterates the need for new EU own resources;

    7.  Proposes, therefore, that next MFF be more responsive to unforeseen needs, including with sufficient margins and flexibilities from the outset; emphasises in this regard, however, that cohesion policy is not a crisis instrument and that it should not deviate from its main objectives, namely from its long-term investment nature; calls for the European Union Solidarity Fund to be strengthened, including in its pre-financing, making it less bureaucratic and more easily accessible, in order to develop an appropriate instrument capable of responding adequately to the economic, social and territorial consequences of future natural disasters or health emergencies; emphasises the need for Parliament to have adequate control over any emergency funds and instruments;

    8.  Recognises the need to also use nomenclature of territorial units for statistics (NUTS) 3 classification for specific cases, in a manner that recognises that inequalities in development exist within all NUTS 2 regions; is of the opinion that regional GDP per capita must remain the main criterion for determining Member States’ allocations under cohesion policy; welcomes the fact that, following Parliament’s persistent calls, the Commission has begun considering additional criteria(30) such as greenhouse gas emissions, population density, education levels and unemployment rates, in order to provide a better socio-economic overview of the regions;

    9.  Stresses that the rule of law conditionality is an overarching conditionality, recognising and enforcing respect for the rule of law, also as an enabling condition for cohesion policy funding, to ensure that Union resources are used in a transparent, fair and responsible manner with sound financial management; considers it necessary to reinforce respect for the rule of law and fundamental rights, and to ensure that all actions are consistent with supporting democratic principles, gender equality and human rights, including workers’ rights, the rights of disabled people and children’s rights, in the implementation of cohesion policy; highlights the important role of the European Anti-Fraud Office and the European Public Prosecutor’s Office in protecting the financial interests of the Union;

    10.  Calls for further efforts to simplify, make more flexible, strengthen synergies and streamline the rules and administrative procedures governing cohesion policy funds at EU, national and regional level, taking full advantage of the technologies available to increase accessibility and efficiency, building on the existing and well-established shared management framework, in order to strengthen confidence among users, thus encouraging the participation of a broader range of economic and civil society actors in projects supported and maximising the funds’ impact; calls for further initiatives enabling better absorption of cohesion funds, including increased co-financing levels, higher pre-financing and faster investment reimbursements; calls for local administration, in particular representing smaller communities, to be technically trained for better administrative management of the funds; stresses, therefore, the importance of strengthening the single audit principle, further expanding simplified cost options and reducing duplicating controls and audits that overlap with national and regional oversight for the same project and beneficiary, with a view to eliminating the possibility of repeating errors in subsequent years of implementation;

    11.  Calls on the Commission and the Member States to give regions greater flexibility already at the programming stage, in order to cater for their particular needs and specificities, emphasising the need to involve the economic and civil society actors; underlines that thematic concentration was a key element in aligning cohesion policy with Europe 2020 objectives; asks the Commission, therefore, to present all findings related to the implementation of thematic concentration and to draw lessons for future legislative proposals;

    12.  Acknowledges that the green, digital and demographic transitions present significant challenges but, at the same time, opportunities to achieve the objective of economic, social and territorial cohesion; recognises that, statistically, high-income areas can hide the economic problems within a region; is aware of the risk of a widening of regional disparities, a deepening of social inequalities and a rising ‘geography of discontent’ related to the transition process; underlines the need to reach the EU’s sustainability and climate objectives, and to maintain shared economic growth by strengthening the Union’s competitiveness; calls, therefore, for a European strategy that guarantees harmonious growth within the Union, meeting the respective regions’ specific needs; reaffirms its commitment to pursuing the green and digital transitions, as this will create opportunities to improve the EU’s competitiveness; underlines the need to invest in infrastructure projects that enhance connectivity, particularly in sustainable, intelligent transport, and in energy and digital networks, ensuring that all regions, including remote and less-developed ones, are fully integrated into the single market and benefit equitably from the opportunities it provides; emphasises, in this context, the need to support the development of green industries, fostering local specificities and traditions to increase the resilience of the economic environment and civil society to future challenges;

    13.  Urges that the cohesion policy remain consistent with a push towards increasing innovation and completing the EU single market, in line with the conclusions of the Draghi report on European competitiveness; underlines, in the context of regional disparities, the problem of the persisting innovation divide and advocates for a tailored, place-based approach to fostering innovation and economic convergence across regions and reducing the innovation gap; calls for a stronger role for local and regional innovation in building competitive research and innovation ecosystems and promoting territorial cohesion; points to new EU initiatives, such as regional innovation valleys and partnerships for regional innovation, that aim to connect territories with different levels of innovation performance and tackle the innovation gap; considers that this approach will reinforce regional autonomy, allowing local and regional authorities to shape EU policies and objectives in line with their specific needs, characteristics and capacities, while safeguarding the partnership principle;

    14.  Is convinced that cohesion policy needs to continue to foster the principle of just transition, addressing the specific needs of regions, while leaving no territory and no one behind; calls for continued financing of the just transition process, with the Just Transition Fund being fully integrated into the Common Provisions Regulation and endowed with reinforced financial means for the post-2027 programming period; emphasises, nonetheless, the need to assess the impact of the Just Transition Fund on the transformation of eligible regions and, while ensuring it remains part of cohesion policy, refine its approach in the new MFF on the basis of the findings and concrete measures to ensure the economic and social well-being of affected communities;

    15.  Underlines the need to improve the relationship between cohesion policy and EU economic governance, while avoiding a punitive approach; stresses that the European Semester should comply with cohesion policy objectives under Articles 174 and 175 TFEU; calls for the participation of the regions in the fulfilment of these objectives and for a stronger territorial approach; calls for a process of reflection on the concept of macroeconomic conditionality and for the possibility to be explored of replacing this concept with new forms of conditionality to better reflect the new challenges ahead;

    16.  Is concerned about the growing number of regions in a development trap, which are stagnating economically and are suffering from sharp demographic decline and limited access to essential services; calls, therefore, for an upward adjustment in co-financing for projects aimed at strengthening essential services; stresses the role of cohesion policy instruments in supporting different regions and local areas that are coping with demographic evolution affecting people’s effective right to stay, including, among others, challenges related to depopulation, ageing, gender imbalances, brain drain, skills shortages and workforce imbalances across regions; recognises the need for targeted economic incentives and structural interventions to counteract these phenomena; in this context, calls for the implementation of targeted programmes to attract, develop and retain talent, particularly in regions experiencing significant outflows of skilled workers, by fostering education, culture, entrepreneurship and innovation ecosystems that align with local and regional economic needs and opportunities;

    17.  Recognises the importance of supporting and financing specific solutions for regions with long-standing and serious economic difficulties or severe permanent natural and demographic handicaps; reiterates the need for maintaining and improving the provision of quality essential services (such as education and healthcare), transport and digital connectivity of these regions, fostering their economic diversification and job creation, and helping them respond to challenges such as rural desertification, population ageing, poverty, depopulation, loneliness and isolation, as well as the lack of opportunities for vulnerable people such as persons with disabilities; underlines the need to prioritise the development and adequate funding of strategic sectors, such as renewable energy, sustainable tourism, digital innovation and infrastructure, in a manner that is tailored to the economic potential and resources of each region, in order to create broader conditions for endogenous growth and balanced development across all regions, especially rural, remote and less-developed areas, border regions, islands and outermost regions; recalls the importance of strong rural-urban linkages and particular support for women in rural areas;

    18.  Emphasises the need for a tailored approach for the outermost regions, as defined under Article 349 TFEU, which face unique and cumulative structural challenges due to their remoteness, small market size, vulnerability to climate change and economic dependencies; underlines that these permanent constraints, including the small size of the domestic economy, great distance from the European continent, location near third countries, double insularity for most of them, and limited diversification of the productive sector, result in additional costs and reduced competitiveness, making their adaptation to the green and digital transition particularly complex and costly; underlines their great potential to further develop, inter alia through improved regional connectivity, key sectors such as blue economy, sustainable agriculture, renewable energies, space activities, research or eco-tourism; reiterates its long-standing call on the Commission to duly consider the impact of all newly proposed legislation on the outermost regions, with a view to avoiding disproportionate regulatory burdens and adverse effects on these regions’ economies;

    19.  Underlines the fact that towns, cities and metropolitan areas have challenges of their own, such as considerable pockets of poverty, housing problems, traffic congestion and poor air quality, generating challenges for social and economic cohesion created by inharmonious territorial development; emphasises the need for a specific agenda for cities and calls for deepening their links with functional urban areas, encompassing smaller cities and towns, to ensure that economic and social benefits are spread more evenly across the entire territory; highlights the need to strengthen coordination between the initiatives of the Urban Agenda for the EU and the instruments of cohesion policy, favouring an integrated approach that takes into account territorial specificities and emerging challenges; calls, furthermore, for more direct access to EU funding for regional and local authorities, as well as cities and urban authorities, by inter alia widening the use of integrated territorial investments (ITI);

    20.  Stresses the need to continue and strengthen investments in affordable housing within the cohesion policy framework, recognising its significance for both regions and cities; highlights the need to foster its changes relevant to investing in housing beyond the two current possibilities (energy efficiency and social housing); emphasises the important role that cohesion policy plays in the roll-out and coordination of these initiatives; believes, furthermore, that it is important to include housing affordability in the URBACT initiative;

    21.  Stresses the strategic importance of strong external border regions for the security and resilience of the EU; calls on the Commission to support the Member States and regions affected by Russia’s war of aggression against Ukraine, in particular the regions on the EU’s eastern border, by revising the Guidelines on regional State aid(31), through tailor-made tools and investments under the cohesion policy, as well as supporting them to make the most of the possibilities offered by the cohesion policy funds, including Interreg, in a flexible way, to help cope with the detrimental socio-economic impact of the war on their populations and territories; calls, furthermore, for support to be given to regions bordering candidate countries such as Ukraine and Moldova to strengthen connections and promote their EU integration;

    22.  Highlights the added value of territorial cooperation in general and cross-border cooperation in particular; underlines the importance of Interreg for cross-border regions, including outermost regions; emphasises its important role in contributing to their development and overcoming cross-border obstacles, including building trust across borders, developing transport links, identifying and reducing legal and administrative obstacles and increasing the provision and use of cross-border public services, among others; considers Interreg as the main EU instrument for tackling the persistent cross-border obstacles faced by emergency services, and proposes that there be a more prominent focus on these services; underlines the fact that cross-border areas, including areas at the EU’s external borders, bordering aggressor countries often face specific challenges; believes that EU border regions, facing multiple challenges, must be supported and is of the opinion that they must be provided with increased means; welcomes the new regulation on BRIDGEforEU; emphasises the importance of small-scale and cross-border projects and stresses the need for effective implementation on the ground; calls on the Commission to encourage Member States to actively support awareness-raising campaigns in bordering regions to maximise the impact of cross-border cooperation;

    23.  Recalls the need to ‘support cohesion’, rather than just rely on the ‘do no harm to cohesion’ principle, which means that no action should hamper the convergence process or contribute to regional disparities; calls for a stronger integration of these principles as cross-cutting in all EU policies, to ensure that they support the objectives of social, economic and territorial cohesion, as set out in Articles 3 and 174 TFEU; calls, furthermore, on the Commission to issue specific guidelines on how to implement and enforce these principles across EU policies, paying particular attention to the impact of EU laws on the competitiveness of less developed regions; reiterates that new legislative proposals need to take due account of local and regional realities; suggests that the Commission draw on innovative tools such as RegHUB (the network of regional hubs) to collect data on the impact of EU policies on the regions; to this end, underlines the need to strengthen the territorial impact assessment of EU legislation, with a simultaneous strengthening of the territorial aspects of other relevant policies; insists that promoting cohesion should also be seen as a way of fostering solidarity and mutual support among Member States and their regions; calls on the Commission and the Member States to continue their efforts regarding communication and visibility of the benefits of cohesion policy, demonstrating to citizens the EU’s tangible impact and serving as a key tool in addressing Euroscepticism; welcomes the launch of the multilingual version of the Kohesio platform;

    24.  Notes with concern the severe decline in recent years of adequate levels of national funding by Member States towards their poorer regions; recalls the importance of respecting the EU rule on additionality; calls on the Commission to ensure that national authorities take due account of internal cohesion in drafting and implementing structural and investment fund projects;

    25.  Insists that, in addition to adjusting to regional needs, cohesion policy must be adapted to the smallest scale, i.e. funds must be accessible to the smallest projects and project bearers; points out that their initiatives are often the most innovative and have a significant impact on rural development; reiterates that these funds should be accessible to all, regardless of their size or scope; approves of the Cohesion Alliance’s call for ‘a post-2027 Cohesion Policy that leaves no one behind’;

    26.  Stresses that delays in the MFF negotiations, together with the fact that Member States have placed a greater focus on the programming of the RRF funds, led to considerable delays in the programming period 2021-2027; stresses the importance of a timely agreement in the next framework, and therefore calls for the Common Provisions Regulation (CPR) and the budget negotiations to be finalised at least one year before the start of the new funding period so that Member States can develop their national and regional funding strategies in good time to ensure a successful transition to the next funding period and the continuation of existing ESIF projects;

    27.  Instructs its President to forward this resolution to the Council, the Commission, the European Economic and Social Committee, the European Committee of the Regions and the national and regional parliaments of the Member States.

    (1) OJ L 231, 30.6.2021, p. 159, ELI: http://data.europa.eu/eli/reg/2021/1060/oj.
    (2) OJ L 231, 30.6.2021, p. 60, ELI: http://data.europa.eu/eli/reg/2021/1058/oj.
    (3) OJ L 231, 30.6.2021, p. 94, ELI: http://data.europa.eu/eli/reg/2021/1059/oj.
    (4) OJ L 231, 30.6.2021, p. 21, ELI: http://data.europa.eu/eli/reg/2021/1057/oj.
    (5) OJ L 231, 30.6.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/1056/oj.
    (6) OJ L 435, 6.12.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/2115/oj.
    (7) OJ L 99, 31.3.2020, p. 5, ELI: http://data.europa.eu/eli/reg/2020/460/oj.
    (8) OJ L 130, 24.4.2020, p. 1, ELI: http://data.europa.eu/eli/reg/2020/558/oj.
    (9) OJ L 99, 31.3.2020, p. 9, ELI: http://data.europa.eu/eli/reg/2020/461/oj.
    (10) OJ L 437, 28.12.2020, p. 30, ELI: http://data.europa.eu/eli/reg/2020/2221/oj.
    (11) OJ L 109, 8.4.2022, p. 1, ELI: http://data.europa.eu/eli/reg/2022/562/oj.
    (12) OJ L 275, 25.10.2022, p. 23, ELI: http://data.europa.eu/eli/reg/2022/2039/oj.
    (13) European Commission: Directorate-General for Regional and Urban Policy, Ninth report on economic, social and territorial cohesion, 2024.
    (14) European Commission: Directorate-General for Regional and Urban Policy, Forging a sustainable future together: Cohesion for a competitive and inclusive Europe – Report of the High-Level Group on the Future of Cohesion Policy, February 2024.
    (15) OJ C, C/2024/4668, 9.8.2024, ELI: http://data.europa.eu/eli/C/2024/4668/oj.
    (16) European Parliament: Policy Department for Structural and Cohesion Policies, Directorate-General for Internal Policies, Streamlining EU Cohesion funds – addressing administrative burdens and redundancy, 2024.
    (17) Not yet published in the Official Journal.
    (18) Not yet published in the Official Journal.
    (19) OJ C 494, 8.12.2021, p. 26.
    (20) OJ C 15, 12.1.2022, p. 125.
    (21) OJ C 117, 11.3.2022, p. 18.
    (22) OJ C 125, 5.4.2023, p. 100.
    (23) OJ C, C/2024/4207, 24.7.2024, ELI: http://data.europa.eu/eli/C/2024/4207/oj.
    (24) OJ C, C/2024/4225, 24.7.2024, ELI: http://data.europa.eu/eli/C/2024/4225/oj.
    (25) OJ C, C/2024/6562, 12.11.2024, ELI: http://data.europa.eu/eli/C/2024/6562/oj.
    (26) European Commission, Ninth report on economic, social and territorial cohesion, op.cit.
    (27) European Commission: Ninth report on economic, social and territorial cohesion, op. cit.
    (28) European Commission: Directorate-General for Regional and Urban Policy and Directorate-General for Communication, Citizens’ awareness and perceptions of EU Regional Policy, Flash Eurobarometer 531, 2023.
    (29) Flash Eurobarometer 531, op. cit.
    (30) European Court of Auditors, Rapid case review – Allocation of Cohesion policy funding to Member States for 2021-2027, March 2019.
    (31) Commission communication of 29 April 2021 entitled ‘Guidelines on regional State aid’ (OJ C 153, 29.4.2021, p. 1).

    MIL OSI Europe News –

  • MIL-OSI Canada: Streamlined process cuts wait times, bringing more U.S. nurses to B.C.

    Source: Government of Canada regional news

    Susie Chant, parliamentary secretary for seniors’ services and long-term care –

    “I thank Minister Osborne for her leadership in strengthening B.C.’s health-care workforce and making it easier and faster for nurses trained in the U.S. to come to our province. As a registered nurse, I know this announcement is great news for our province, patients and for our nurses. To the nurses in the U.S. looking to move here, we welcome you.”

    Louise Aerts, acting registrar and CEO, BC College of Nurses and Midwives –

    “By focusing on the similarities of nursing in Canada and the U.S. and leveraging an existing system, we’ve streamlined the application process for U.S. nurses, while maintaining the safeguards that protect the public. It’s a win for applicants and British Columbians.”

    Angela Wignall, CEO, Nurses and Nurse Practitioners of BC –

    “We applaud the Ministry of Health and the BC College of Nurses and Midwives for working quickly to establish processes that bring more nurses and nurse practitioners to British Columbia. Delivering eligibility to practise within a matter of days is a significant step toward our shared goal of every British Columbian having access to the quality care they need. As the provincial professional nursing association, we stand ready to welcome and support every nurse who chooses to make B.C. home.”

    Leah Hollins, board chair, Island Health –

    “Island Health is pleased to participate in initiatives that make it easier for patients to get the care they need when they need it. Patients benefit from the strength of team-based primary care and the expanded Allied Health Centre allows dedicated health-care providers to further increase access to care for Victoria residents.”

    Dr. Melissa Duff, family physician, board chair, Victoria Division of Family Practice –

    “The expanded Allied Health Centre strengthens team-based, wraparound care and fosters long-term patient-physician relationships that drive better health outcomes. Supporting physicians to offer this level of high-quality care not only attracts them to our community but also helps them stay. It’s transformative. It’s a big win for patients, physicians and clinicians, and the entire community.”

    Dr. Anna Mason, family physician and chair, Victoria Primary Care Network Steering Committee –

    “Working in a team-based care setting has been a game-changer. It enhances patient access to our clinical team and ensures that each concern is handled by the clinician with the most relevant expertise. For instance, when I involve our social worker to help address a patient’s social challenges, I can stay focused on their medical care. Similarly, our primary-care pharmacist can manage medication adjustments between visits, allowing me to see more patients with new concerns. Patients truly value this expanded access, and the upgraded Allied Health Centre is a significant step toward sustaining this model for years to come.”

    Tarah Reece, family nurse practitioner and Lil’Wat Nation member –

    “As an Indigenous nurse practitioner, I am empowered by the shared vision within my primary-care network cohort team to provide culturally safe and responsive care. Together, we stand as a collective, ensuring that the unique health needs of First Nations, Métis and Inuit peoples are met with respect, understanding, and a dedication to improving health and wellness outcomes. The new centre will go a long way to strengthen this joint effort.” 

    Russ Harvey, renal transplant, Victoria Primary Care Network patient partner, and Community Advisory Group co-chair –

    “I’ve been incredibly fortunate to have a care team working alongside my family doctor. Having the right person provide the right care in a timely manner has made all the difference. I wouldn’t be here without it. The expanded centre gives many more patients access to this kind of support. It’s a huge victory for Victoria.”

    MIL OSI Canada News –

  • MIL-OSI Global: From Zoo Quest to Ocean: The evolution of David Attenborough’s voice for the planet

    Source: The Conversation – UK – By Neil J. Gostling, Associate Professor in Evolution and Palaeobiology, University of Southampton

    Over the course of seven decades, Sir David Attenborough’s documentaries have reshaped how we see the natural world, shifting from colonial-era collecting trips to urgent calls for environmental action.

    His storytelling has inspired generations, but has only recently begun to confront the scale of the ecological crisis. To understand how far nature broadcasting has come, it helps to return to where it started.

    When Attenborough’s broadcasting career began in the 1950s, Austrian filmmakers Hans and Lotte Hass were already pushing the boundaries of what was possible by taking cameras below the sea and touring the world aboard their schooner, the Xafira.

    In one of their 1953 Galapagos films, a crewman handled a sealion pup, having crawled across the volcanic rock of Fernandina honking at sealions to attract them. A penguin and giant tortoise were brought on board Xafira. And as Lotte Hass took photographs, she’d beseech some poor creature to “not be frightened” and “look pleasant”.

    This is a world away from today’s expectations, where both research scientists and amateur naturalists are taught to observe without touching or disturbing wildlife. When the Hasses visited the Galápagos, it was still five years before the creation of the national park and the founding of the island’s conservation organisation Charles Darwin Foundation. Now, visitors must stay at least two metres from all animals – and never approach them.

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

    At the same time, television was beginning to shape public perceptions of the natural world. In 1954, Attenborough was working as a young producer on Zoo Quest. By chance, he became its presenter when zoologist Jack Lester became ill.

    The programme followed zoologists collecting animals from around the world for London Zoo. Zoo Quest was filmed in exotic locations around the world and then in the studio where the animals found on the expedition were shown “up close”.

    Attenborough has since acknowledged that Zoo Quest reflected attitudes that would not be acceptable today. The series showed animals being captured from the wild and transported to London Zoo – practices which mirrored extractive, colonial-era approaches to science.

    David Attenborough’s Zoo Quest for a Dragon aired in 1956.

    Yet, Zoo Quest was also groundbreaking. The series brought viewers face-to-face with animals they might never have seen before and pioneered a visual style that made natural history television both entertaining and educational. It helped establish Attenborough’s reputation as a compelling communicator and laid the foundations for a new genre of science broadcasting – one that has evolved, like its presenter, over time.

    After a decade in production, Attenborough returned to presenting with Life on Earth (1979), a landmark series that traced the evolution of life from single-celled organisms to birds and apes. Drawing on his long-standing interest in fossils, the series combined zoology, palaeobiology and natural history to create an ambitious new template for science broadcasting.

    Life on Earth helped cement Attenborough’s reputation as a trusted communicator and became the foundation of the BBC’s “blue-chip” natural history format – big-budget, internationally produced films that put high-quality cinematic wildlife footage at the forefront of the story. The series did not simply document the natural world. It reframed it, using presenter-led storytelling and global spectacle to shape how audiences understood evolutionary processes.

    For much of his career, Attenborough has been celebrated for showcasing the beauty of the natural world. Yet, he has also faced criticism for sidestepping the environmental crises threatening it. Commentators such as the environmental journalist George Monbiot argued that his earlier documentaries, while visually stunning, often avoided addressing the human role in climate change, presenting nature as untouched and avoiding difficult truths about ecological decline.

    Building on the legacy of Life on Earth, Attenborough’s later series began to respond to these critiques. Blue Planet (2001) expanded the scope of nature storytelling, revealing the mysteries of the ocean’s most remote and uncharted ecosystems. Its 2017 sequel, Blue Planet II, introduced a more urgent tone, highlighting the scale of plastic pollution and the need for marine conservation.

    Although Blue Planet II significantly increased viewers’ environmental knowledge, it did not lead to measurable changes in plastic consumption behaviour – a reminder that awareness alone does not guarantee action. The subsequent Wild Isles (2023) continued the shift towards conservation messaging. While the main series aired in five parts, a sixth episode – Saving Our Wild Isles – was released separately and drew controversy amid claims the BBC had sidelined it for being too political. In reality, the episode delivered a clear call to action.

    Attenborough’s latest film, Ocean, continues in this more urgent register, pairing breathtaking imagery with an unflinching assessment of ocean health. After decades of gentle narration, he now speaks with sharpened clarity about the scale of the crisis and the need to act.

    A voice for action

    In recent years, Attenborough has taken on a new role – not just as a broadcaster, but as a powerful voice in environmental diplomacy. He has addressed world leaders at major summits such as the UN climate conference Cop24 and the World Economic Forum, calling for urgent action on climate change. He was also appointed ambassador for the UK government’s review on the economics of biodiversity.

    On the subject of environmemtal diplomacy, Monbiot recently wrote: “A few years ago, I was sharply critical of Sir David for downplaying the environmental crisis on his TV programmes. Most people would have reacted badly but remarkably, at 92, he took this and similar critiques on board and radically changed his approach.”

    Attenborough not only speaks. He listens. This is part of his charm and popularity. He is learning and evolving as much as his audience.

    What makes Attenborough stand out is the way he speaks. While official climate treaties often rely on technical or legal language, he communicates in emotional, accessible terms – speaking plainly about responsibility, urgency and the moral imperative to protect life on Earth. His calm authority and familiar voice make complex issues easier to grasp and harder to dismiss.

    Frequently named Britain’s most trusted public figure, Attenborough has become something of an unofficial diplomat for the planet – apolitical, measured, and often seen as a voice of reason amid populist noise. Despite his criticisms, Attenborough’s documentaries walk a careful line between fragility and resilience, using emotionally ambivalent imagery to prompt reflection. He shares his wonder with the natural world and brings people along with him

    Ocean shows our blue planet in more spectacular fashion than Lotte and Hans Hass could ever have imagined. But it is also Attenborough’s most direct reckoning with environmental collapse. With clarity and urgency, it confronts the damage wrought by industrial trawling and habitat destruction.

    After 70 years of gently guiding viewers through the natural world, Attenborough’s voice has sharpened. If he once opened our eyes to nature’s wonders, he now challenges us not to look away. As he puts it: “If we save the sea, we save our world. After a lifetime filming our planet, I’m sure that nothing is more important.”

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

    – ref. From Zoo Quest to Ocean: The evolution of David Attenborough’s voice for the planet – https://theconversation.com/from-zoo-quest-to-ocean-the-evolution-of-david-attenboroughs-voice-for-the-planet-251727

    MIL OSI – Global Reports –