NewzIntel.com

Category: Business

  • MIL-OSI Economics: RBI Bulletin – March 2025

    Source: Reserve Bank of India

    Today, the Reserve Bank released the March 2025 issue of its monthly Bulletin. The Bulletin includes four speeches, five articles and current statistics.

    The five articles are: I. State of the Economy; II. Spatial Distribution of Monsoon and Agricultural Production; III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey; IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis; and V. Market Access and IMF Arrangements: Evidence from Across the Globe.

    I. State of the Economy

    The resilience of the global economy is being tested by escalating trade tensions and a heightened wave of uncertainty around the scope, timing, and intensity of tariffs. While engendering heightened volatility in global financial markets, these have also caused apprehensions about the slowdown in global growth. Amidst these challenges, the Indian economy continues to demonstrate resilience as evident in the robust performance of the agriculture sector and improving consumption. The reverberations of a tumultuous external environment, however, are being reflected in sustained foreign portfolio outflows. India’s macroeconomic strength to face these challenges is bolstered by a decline in headline CPI inflation to a seven-month low of 3.6 per cent in February 2025 on account of a further correction in food prices.

    II. Spatial Distribution of Monsoon and Agricultural Production

    By Abhinav Narayanan and Harendra Kumar Behera

    This article analyses the impact of spatial variation of rainfall across districts on production of Kharif crops. It also examines how deficient or excess rainfall during specific periods impact the production of specific crops.

    Highlights:

    • Extreme weather events such as excessive or insufficient rainfall cause significant crop damages leading to disruptions in production resulting in reduced yields or lower quality of produce.

    • The timing of extreme weather events is crucial, as crop production cycles vary.

    • Insufficient rainfall in the months of June and July negatively impacts cereal and pulses production, while oilseeds are particularly vulnerable to excessive rainfall during the harvesting period (August-September).

    III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey

    By Dhirendra Gajbhiye, Sujata Kundu, Alisha George, Omkar Vinherkar, Yusra Anees, Jithin Baby

    This article analyses the results of the sixth round of India’s remittances survey conducted for 2023-24. It captures various dimensions of inward remittances to India – country-wise source of remittances, state-wise destination of remittances, transaction-wise size of remittances, prevalent mode of transmission, cost of sending remittances and share of remittances transmitted through the digital modes vis-à-vis cash.

    Highlights:

    • India’s inward remittances have more than doubled during 2010-11 to 2023-24 and have been a stable source of external financing during this period. Following a pandemic-led contraction during 2020-21, remittances to India in the post pandemic period recorded a significant surge.

    • The survey results indicate that the share of inward remittances from advanced economies has risen, surpassing the share of Gulf economies in 2023-24, reflecting a shift in migration pattern towards skilled Indian diaspora.

    • Maharashtra, followed by Kerala and Tamil Nadu, continue to be the dominant recipient of remittances.

    • The cost of sending remittances to India has moderated significantly, driven by digitalisation, but remains higher than the SDG target of 3 per cent.

    • Additionally, on an average, 73.5 per cent of total remittances received by the money transfer operators in 2023-24 were through digital mode.

    • Furthermore, fintech companies offer affordable cross-border remittance services, fostering competition among different remittance service providers.

    IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis

    By Madhuresh Kumar, Shobhit Goel, Manu Sharma, Muskan Garg

    This article examines the drivers behind India’s CO₂ emissions growth from 2012 to 2022 using the Logarithmic Mean Divisia Index (LMDI) decomposition method. It breaks down total emissions into key contributing factors, including the impact of GDP growth (activity effect), improvements in energy efficiency (energy intensity effect), shifts in the economic structure (structural effect), changes in the composition of fuel (fuel mix effect), and the growing share of renewable energy in electricity generation, which reduces the carbon intensity of electricity (emission factor effect).

    Highlights:

    • During 2012-22, energy-related CO2 emissions increased by 706 million tons. The main contributor was economic growth (+1073 Mt), with a smaller impact from the change in fuel mix of the economy (+78 Mt). However, gains in energy efficiency (-399 Mt), structural changes (-15 Mt), and improvements in emission intensity of electricity due to increased use of renewables (-30 Mt) helped curb emissions.

    • India’s energy efficiency improved by 1.9 per cent annually, exceeding the global average.

    • India’s growth decoupled from emissions, with a decoupling elasticity of 0.59, comparable to other lower-middle-income countries.

    • Renewables have had a small but significant impact on emission reduction over the past decade, with solar and wind accounting for 2.1 percent of total primary energy in 2022-23.

    • Going ahead, the emission factor effect is expected to play a more prominent role as renewables increasingly replace fossil fuels and green hydrogen usage expands in industries.

    V. Market Access and IMF Arrangements: Evidence from Across the Globe

    By Shruti Joshi and PSS Vidyasagar

    The article analyses loans availed by various countries from the International Monetary Fund (IMF) during 2000-2023 and finds a negative relation between market access and dependence on IMF’s loan for those countries which resorted to IMF loans.

    Highlights:

    • During 2000-2023, dependence of Emerging Market and Developing Economies (EMDEs) on IMF resources increased on account of their limited access to international financial markets and alternate sources of funding. Several fast growing large EMDEs, including India and China, however, did not have to take recourse to the IMF loans.

    • During the crisis periods, especially the Global Financial Crisis and Euro-Zone Crisis, some Advanced Economies also resorted to IMF loans due to their reduced market access on account of sovereign rating downgrades.

    • Among countries that resorted to IMF loans, those which faced a larger country risk premium availed larger funding.

    • Access to alternative sources of funding such as Regional Financing Arrangements (RFAs) and swap lines reduces the dependence on IMF loans.

    The views expressed in the Bulletin articles are of the authors and do not represent the views of the Reserve Bank of India.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2418

    MIL OSI Economics –

  • MIL-OSI Africa: Deputy President stresses importance of coordinated approach to challenges

    Source: South Africa News Agency

    Deputy President Paul Mashatile has stressed the need for a coordinated approach to peacebuilding and economic resilience.

    This as he highlighted that the conflicts between Russia and Ukraine and conflicts in the eastern Democratic Republic of Congo, Sudan, in the Sahel, and in Gaza, continue to exert a heavy human toll while heightening global insecurity. 

    The Deputy President was speaking at the United Nations University (UNU) in Tokyo, Japan on Tuesday. 

    The UNU, in partnership with the Embassy of South Africa in Japan, is co-hosting a symposium exploring South Africa’s G20 Presidency and steps to ensure solidarity, equality and sustainability for all. 

    Touching on the deepening conflict and instability across Africa and the world, the Deputy President said this requires coordinated preventive action including dedicated intervention on peace building that is programmatic in nature.

    “We are encouraged by the partnership between the United Nations University and the University of South Africa (UNISA) in cooperation with other relevant partner organisations to co-design and co-deliver required capacity building programmes for African leaders and mediators for resolving conflicts and blazing a path towards achieving peace, security and prosperity, “the Deputy President explained.

    He further emphasised the urgent need for comprehensive, African-centred peace-building research and training programmes that span throughout Africa to address the urgent demand for capacity for conflict management and resolution, as well as society reconstruction.

    G20 Presidency

    “In our G20 Presidency, South Africa will continue to advocate for diplomatic solutions. Inclusive dialogue is the foremost guarantor of sustainable peace.
    “South Africa has shown a firm resolve in its foreign policy by promoting principles of justice, solidarity, equality, peace, and respect, underpinned by its commitment to human dignity and leaving no one behind,” he said. 

    This was the reason South Africa has placed solidarity, equality, sustainability at the centre of its G20 Presidency.

    As part of South Africa’s G20 intention to place Africa’s development at the top of the agenda, Mashatile outlined four key priorities which are strengthening disaster resilience, ensuring debt sustainability for developing economies, mobilising finance for a just energy transition, and harnessing critical minerals for sustainable growth. 

    “Our hosting of the G20 Finance Ministers and Central Bank Governors Meeting, and the Business 20 provided an opportunity for us to promote South Africa and Africa as a business and investment destination and for the country to take the lead on providing solutions to global economic challenges,” he said. 

    He emphasised the country’s commitment to driving economic reforms, increasing investor confidence, and enhancing structural efficiencies in energy, water, and transport sectors.

    “We believe that addressing structural concerns is essential to maintaining investor confidence and ensuring long-term economic stability. It is only by accelerating structural reforms and harnessing the power of the private sector that the country can sustain economic momentum and attract further foreign investment.

    “As the South African government, we are implementing extensive structural, policy, and regulatory reforms to enhance the economy’s performance,” he said. 

    AI role in shaping Africa’s economic future

    The Deputy President also emphasised the role of artificial intelligence (AI) and digital transformation in shaping Africa’s economic future, calling for greater collaboration between African institutions and international organisations. 

    Quoting Professor Tshilidzi Marwala, he noted the need for South Africa to embrace AI while also ensuring ethical considerations remain central to its deployment. 

    He urged institutions like UNU to partner with African universities to foster digital skills development and AI-driven innovation.

    As the G20 Presidency has shifted to South Africa, the Deputy President said that AI has emerged as a key area of focus.

    Through the G20 Presidency, he said the country aims to harness AI to advance the Sustainable Development Goals agenda and address global challenges.

    “We encourage the United Nations University to work alongside Africa in the development of AI, which has the potential to considerably boost the continent’s economies. You must cooperate with additional universities in South Africa and throughout Africa to help overcome digital barriers, promote equality, and support inclusive sustainable development,” he said. 

    Mashatile added that African governments are also recognising the importance of the digital economy, which is heavily influenced by artificial intelligence. He noted that the digital economy and AI are becoming more important drivers of economic and social value creation throughout the world. 

    “We are investing in digital infrastructure, skills development, and entrepreneurship to assist Africa’s digital economy to expand,” he said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: SA’s G20 Presidency an opportune time to advocate for investment in Africa

    Source: South Africa News Agency

    Trade, Industry and Competition Deputy Minister, Andrew Whitfield, says South Africa’s G20 Presidency is an opportune time to advocate for investments in Africa’s infrastructure and productive sector in order to promote meaningful integration of African countries in global trade.

    Whitfield on Tuesday made the opening remarks at the first G20 Trade and Investment Working Group meeting hosted virtually by the Department of Trade, Industry and Competition (the dtic) as part of the G20 programme that will culminate in the main summit in November 2025.

    South Africa officially took over the Presidency of the Group of Twenty (G20) in December last year from Brazil. South Africa’s Presidency is being held under the theme: “Solidarity, Equality, Sustainability”, with a strong focus on Africa’s development.

    The first G20 Trade and Investment Working Group session was attended by representatives from the G20 and other invited countries. 

    Also present at the meeting were international organisations such as the World Trade Organisation (WTO), the United Nations Trade and Development (UNTAD), the Organisation for Economic Cooperation and Development (OECD) and African regional communities.

    The Working Group’s primary focus is on four priority areas, namely, trade and inclusive growth; a responsive trade agenda to address global commons; green industrialisation, and the reform of the World Trade Organisation.

    “These areas are essential to ensuring that our global economy is more inclusive and responsive to the needs of all nations, particularly developing countries,” Whitfield said. 

    He told attendees that South Africa sees its Presidency as a platform to champion the growth and development of the African continent.

    “Africa is poised to be the next frontier for global growth. With its abundant natural resources and the youngest population, Africa offers immense potential. 

    “The African Continental Free Trade Area (AfCFTA) has the power to transform the continent’s economic and social landscape. South Africa will seek the G20’s support for the implementation of the AfCFTA, in particular the adjustment fund,” Whitfield said.

    Deliberations at the working group meetings will reflect on the successes and failures of the last 30 years of the multilateral trade system and to send a clear message on reforms to be undertaken to inform the work of the WTO, given the emerging challenges in global trade.

    “Through our G20 Presidency, South Africa is committed to advancing global cooperation and building strong partnerships that will drive growth and development for all… Together, we can overcome the challenges of our time and secure a more inclusive and sustainable future. 

    “The nations of the world look to the G20 for leadership on the most pressing issues confronting our world and we dare not fail,” he said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI: Coalesce Expands Data Platform With CastorDoc Acquisition and Introduces Catalog

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 19, 2025 (GLOBE NEWSWIRE) — Coalesce, the data transformation company, has acquired CastorDoc, the AI-powered data catalog company. With the acquisition, CastorDoc is now Coalesce Catalog, an intuitive, AI-driven metadata management solution for modern data teams. While the name has changed, the product remains the same—continuing to deliver industry-leading data governance and discovery as part of the Coalesce product suite.

    This acquisition expands Coalesce’s data transformation platform with dynamic metadata management and AI-assisted discoverability features. The integration provides immediate benefits for all data consumers by offering full visibility into data flow from source to insight, while establishing a long-term vision of embedding governance into the data development process from the start, rather than as an afterthought.

    Coalesce Catalog’s AI-powered data catalog and intuitive documentation capabilities democratize data access, allowing technical and non-technical customers to understand and interact with information via AI agents. This acquisition aligns with Coalesce’s mission to simplify data transformation, bridging the gap between engineers, analysts, and business leaders to reduce complexity in the data ecosystem.

    “Maximizing value for every data practitioner is core to the Coalesce mission. We’re thrilled to be the first Modern Data Stack vendor to make a cross-category acquisition with CastorDoc, whose team and vision align perfectly with ours,” said Armon Petrossian, Co-founder and CEO of Coalesce. “This strategic move accelerates our innovation roadmap, offering customers and partners an integrated data transformation and governance solution that’s unmatched in today’s market.”

    A Defining Moment for the Modern Data Stack

    “This is a pivotal moment for the Modern Data Stack. While many have predicted consolidation, this is the first true example of two high-growth, early-stage companies joining forces across different parts of the stack,” said Sanjeev Mohan, Principal at SanjMo and former Research VP at Gartner. “By combining best-in-class capabilities across transformation and data governance, this move expands Coalesce’s total addressable market and sets a new precedent for how data teams utilize tightly integrated, multi-cloud solutions that span multiple stages of the data lifecycle.”

    A Phased Approach to Product Integration
    The strategic roadmap outlines an incremental approach to deepening product connectivity:

    • Short-term: Automated lineage tracking from source to business intelligence, improved discoverability, and AI-enabled metadata insights.
    • Long-term: A fully integrated platform with governance, observability, and intelligence capabilities embedded into the data transformation lifecycle. Powered by agentic AI, the platform will automate data management, adapt to business needs, and enhance decision-making at every stage, allowing people to build, manage, and consume trusted data efficiently.

    For current CastorDoc customers, nothing changes except the name—the product experience remains the same, and all existing functionality continues as is. With Coalesce, customers can expect significant investments in innovation and expanded capabilities—all enabled by AI automation.

    Expanding Coalesce’s Vision for Data Management
    This acquisition strengthens the Coalesce transformation platform beyond data teams—empowering more users with greater access to trusted data. This integration will:

    • Enable end-to-end data lineage & visibility: Track data transformations, dependencies, and historical context from ingestion to business intelligence apps, improving transparency and trust.
    • Strengthen AI-powered development & knowledge sharing: Empower teams to accelerate data transformation and collaboration using AI, making data more accessible and improving quality without compromising governance.
    • Embed governance into data workflows: Move governance from a disconnected, after-the-fact process to an integrated, proactive approach embedded directly into data transformation. By shifting governance left, business definitions and compliance policies become part of data development from the start—ensuring accuracy, trust, and collaboration between technical and business teams, without slowing them down.
    • Leverage dynamic metadata for smarter decisions: Move beyond static catalogs with dynamic metadata management, providing detailed context and enabling real-time decision-making, automation, and knowledge sharing.
    • Enhance collaboration across teams: Empower engineers, analysts, and business users to build, manage, and utilize data assets confidently within a shared, AI-enhanced environment.
    • Scale with an intelligent data transformation platform: Unify data pipeline development, discoverability, and governance into a single platform, allowing organizations to build, govern, and innovate at any scale.

    “We built CastorDoc to make data accessible to everyone by providing an AI-driven catalog that helps people document, discover, and navigate their data effortlessly,” said Tristan Mayer, Co-founder and CEO of CastorDoc. “Joining Coalesce allows us to accelerate this mission, empowering technical and non-technical professionals with trusted, high-quality data. We’re excited for what’s ahead.”

    For more information on this acquisition and what it means for customers, visit Building the Future of Data Together: Why Coalesce Acquired CastorDoc.

    About Coalesce
    Coalesce transforms how data teams work by simplifying data development and governance. The platform enables data practitioners of all skill levels to build, discover, and scale data projects with unprecedented speed and quality. Designed for flexibility, Coalesce empowers organizations to accelerate the delivery and consumption of trusted, enterprise-ready data—while reducing time and effort tenfold. Learn more at Coalesce.io.

    The MIL Network –

  • MIL-OSI: Western Communities Foundation Announces New Board Chair, President, and Secretary-Treasurer

    Source: GlobeNewswire (MIL-OSI)

    HIGH RIVER, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — Western Communities Foundation is pleased to announce some leadership changes following the retirement of Kenny Nicholls, Western’s previous President and CEO and Foundation Board Chair. Grant Ostir, Chief Executive Officer, Western Financial Group, has been appointed Foundation President. Nancy Green-Bolton, Western’s Chief Operating Officer, will take on the role of Board Chair. Nancy previously held the Board position as Secretary and Treasurer, a role which will now be fulfilled by Jonathan Hoey, Western’s Chief Underwriting Officer.

    As Western Financial Group’s CEO, Grant leads with a deep commitment to purpose-driven leadership, ensuring both people and performance thrive, for the business and our local communities. At the helm of the company’s strategy and vision, Grant champions a culture where care meets operational excellence, a philosophy that will continue with his new Foundation role.

    “Western has a long-standing commitment to providing meaningful assistance to our people, our customers, partners and the communities in which we live and work,” said Grant. “I’m excited to build on that legacy, work with our communities and partners to create new opportunities for growth and positive impact from coast to coast.”

    As Western’s longest-standing board member, Nancy has been involved in the Communities Foundation Board of Directors since 2017, and joined Western Financial Group in 2007. In her role as Chief Operating Officer, she oversees all aspects of Western’s operations in partnership with our CEO Grant Ostir. Her work at the helm of the foundation will only help to strengthen our ability to continue reaching communities and groups in meaningful ways.

    “Over the years, I’ve seen first-hand the remarkable ways in which our people have given back to our communities, through all departments and geographies at Western, we live and breathe care at the core of all we do,” said Nancy. “It’s an honour to continue my involvement in this meaningful work and to lead the foundation to help even more communities and groups where we work and live.”

    As a caring first company, Western Financial Group is committed to not only supporting staff, customers, and partners, but also the communities in which we live, work and play. Founded in 2001, Western Communities Foundation has granted over $9 million to its local communities across Canada.

    “Giving back isn’t a corporate strategy for us, it’s part of our DNA,” said Michelle Mak, Communities Foundation Director. “We’re really pleased to be working with Grant and Nancy who are exceptionally passionate about caring for our communities. They will bring crucial expertise to help the Foundation reach even more communities with big impact.”

    To learn more about the Foundation, visit westernfinancialgroup.ca/Foundation-Who-We-Are.

    Western Financial Group Communities Foundation
    Founded in 2001, the Western Financial Group Communities Foundation serves to give back to the communities where Western employees live and work and play, and foster employee pride and engagement. The Foundation’s core donation programs include community Infrastructure Grants, the Western Inspirational Awards for graduating high school students, and the Matching Grants Program. Since its inception, the Western Communities Foundation has granted more than $9 million to support local communities.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c8df1651-447e-4992-bbcf-b0aa68621722

    The MIL Network –

  • MIL-OSI: SINTX Technologies Announces Publication of Study Confirming Superior Performance of Silicon Nitride in Cervical Spine Fusion

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, Utah, March 19, 2025 (GLOBE NEWSWIRE) — SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”), a leader in advanced ceramics for medical device and technical applications, announced today the publication of a new peer-reviewed study demonstrating the biomechanical advantages of silicon nitride in anterior cervical discectomy and fusion (ACDF) procedures.

    The study, titled Biomechanical Evaluation of Cervical Interbody Fusion Cages for Anterior Cervical Discectomy and Fusion With Variations in Morphology, was conducted by researchers at SRM Institute of Science and Technology in collaboration with SINTX Technologies. Using finite element analysis, the study compared various cage designs and materials used in cervical spine fusion procedures. The results highlight silicon nitride’s superior biomechanical performance, particularly in reducing implant subsidence, improving load distribution, and enhancing spinal stability.

    Key Commercial Findings for Spinal Medical Devices

    The findings of this study complement key conclusions from previous studies of the silicon nitride biomaterial and reinforce the unique advantages of silicon nitride over traditional spinal implant biomaterials like PEEK (polyetheretherketone) and titanium, including:

    • Reduced Cage Subsidence – Silicon nitride exhibited exceptional load-bearing capability, minimizing the risk of implant subsidence, a common complication in spinal fusion surgery.
    • Improved Biomechanical Stability – The study confirmed that silicon nitride interbody fusion cages provide enhanced stress distribution and reduce the risk of adjacent segment degeneration.
    • Superior Osseointegration – Unlike PEEK, which is biologically inert and can induce formation of scar tissue at the implant interface, silicon nitride promotes stronger bone fusion due to its osteoconductive and antimicrobial properties.
    • Enhanced Imaging and Safety – Unlike metal implants, silicon nitride offers radiolucency, enabling better post-surgical imaging and reducing artifacts in MRI and CT scans.

    Implications for the Spinal Implant Market

    “This study provides more compelling evidence of the biomechanical and clinical benefits of silicon nitride for spinal fusion applications,” said Eric Olson, CEO of SINTX Technologies. “As the demand for advanced spinal implants grows, we believe our proprietary silicon nitride biomaterial presents a transformative solution for improving long-term patient outcomes while reducing surgical complications.”

    With global spinal fusion procedures expected to surpass $10 billion annually, the integration of silicon nitride into commercial spinal implant systems represents a significant market opportunity for SINTX. The company continues to engage with strategic partners to drive adoption of silicon nitride-based medical devices, including cervical interbody fusion cages and other orthopedic applications.

    For more information, please visit www.sintx.com

    About SINTX Technologies, Inc.

    Located in Salt Lake City, Utah, SINTX Technologies is an advanced ceramics company that develops and commercializes materials, components, and technologies for medical applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the past several years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. For more information on SINTX Technologies or its materials platform, visit www.sintx.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”) that are subject to a number of risks and uncertainties. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods.

    Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, difficulty in commercializing ceramic technologies and development of new product opportunities. A discussion of other risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the SEC on March 27, 2024, and in SINTX’s other filings with the SEC. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report, except as required by law.

    Business and Media Inquiries for SINTX:
    SINTX Technologies
    801.839.3502
    IR@sintx.com

    The MIL Network –

  • MIL-OSI: Oxbridge / SurancePlus Announces Partnership with Plume, Expanding Access to Millions of Potential Investors

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, March 19, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), through its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities, today announced SurancePlus’ partnership with Plume, a leading blockchain optimized for Real-World Asset Finance (RWAfi). This collaboration aims to significantly expand the distribution of SurancePlus’ 2025-2026 tokenized reinsurance securities – EtaCat Re and ZetaCat Re – which target annual returns of 20% and 42%, respectively.

    Plume provides an extensive ecosystem for distributing tokenized assets, making this collaboration a significant step toward increasing investor participation in high-yield, RWA backed securities. Plume provides seamless RWA distribution to over 18 million unique addresses, facilitating more than 280 million transactions, with $4.5 billion in committed assets on its platform. This underscores its influence in the tokenized finance space, presenting a valuable distribution opportunity for SurancePlus’ securities.

    Jay Madhu, CEO of Oxbridge, commented, “Announcing this partnership at Digital Assets Summit 2025 aligns perfectly with our vision of democratizing access to institutional-grade reinsurance investments. Plume’s ecosystem presents a strong opportunity to expand the distribution of our 2025 reinsurance securities and connect with a broader audience of investors seeking high yield opportunities that are uncorrelated to the capital markets. SurancePlus’ parent company, Nasdaq-listed Oxbridge, brings critical elements of compliance and transparency, bridging the gap between blockchain/RWAs and the SEC.”

    Chris Yin, CEO & Co-Founder of Plume, commented: “Plume is committed to bridging traditional finance and blockchain by offering access to yield-bearing real world assets. Working with SurancePlus aligns perfectly with our mission. Their balanced yield offering, EtaCat Re, and their high-yield offering, ZetaCat Re, represent exactly the type of opportunities our investors are looking for.”

    Why This Collaboration Matters

    • Expanded Investor Reach: Plume’s extensive ecosystem and DeFi infrastructure provide immediate access to millions of active users, significantly broadening the potential investor base for EtaCat Re and ZetaCat Re.
    • Efficient & Scalable Distribution: Plume’s full-stack, vertically integrated technology ensures seamless issuance, trading, and integration of RWAs, enhancing the liquidity and accessibility of SurancePlus’ tokenized securities.
    • Alignment with Institutional & Retail Demand: Plume specializes in connecting investors with yield-generating RWAs, ensuring that SurancePlus’ offerings reach the right audience – those seeking stable, transparent, and high-yield investment opportunities.

    By integrating with Plume, SurancePlus builds on its position as a leader in tokenized reinsurance securities, reinforcing its commitment to providing investors with access to fully collateralized, high-return digital securities backed by real-world reinsurance contracts.

    Disclaimer: This press release does not constitute an offer to sell nor a solicitation of an offer to buy the ZetaCat Re or EtaCat Re tokenenized reinsurance securities (the “Securities”). The Securities are not required to be, and have not been, registered under the United States Securities Act of 1933, as amended, in reliance on the exemptions provided by Regulation S and SEC Rule 506(c) thereunder. Offers and sales of the Securities are made only by, and pursuant to, the terms set forth in the Confidential Private Placement Memorandum relating to the Securities. The offering of the Securities is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.

    About Oxbridge Re Holdings Limited

    Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non U.S. investors.

    Company Contact:
    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    +1 345-749-7570
    jmadhu@oxbridgere.com

    About Plume

    Plume is the first full-stack L1 RWA chain purpose-built for Real World Asset Finance (RWAfi), enabling the integration and adoption of real world assets through its ecosystem. With 180+ protocols building on the network and a $25M RWAfi Ecosystem Fund for early-stage projects, Plume offers a composable, EVM-compatible environment for onboarding and managing diverse real world assets. Coupled with an end-to-end tokenization engine and a network of financial infrastructure partners, Plume enables seamless DeFi integration for RWAs so anyone can tokenize real world assets, distribute them globally, and make them useful for blockchain native users.

    Learn More:
    https://plumenetwork.xyz and https://x.com/plumenetwork

    Company Contact:
    press@plumenetwork.xyz

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2024 and in our other filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

    The MIL Network –

  • MIL-OSI: Magnite’s ClearLine Equips Cross Screen Media with the Tools to Maximize Voter Reach

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, March 19, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, announced an expanded partnership with Cross Screen Media following a successful 2024 election cycle. The adoption of ClearLine, Magnite’s self-service buying solution, helped Cross Screen Media bypass middlemen, put more spend toward working media, and drive incremental voter reach.

    In a 2024 statewide race, ClearLine was used in parallel with two DSPs and a linear TV schedule. Cross Screen Media’s measurement solution found that over a two-week period in October, ClearLine drove 4% incremental reach beyond the other digital and TV components, and 8% incremental reach beyond the DSPs alone.

    “It’s the job of every political advertiser to identify the voters that will swing an election and ensure your message is reaching them,” said Chauncey Southworth, CEO of Cross Screen Media. “Adding ClearLine removes intermediaries, creates a more direct line between campaign ad dollars and voters, and in combination with our cross-screen measurement solution, drives incremental reach that can be the difference in an election.”

    Founded in 2017, Cross Screen Media offers advertising technology built for politics, empowering agencies and their campaigns to win elections through data-driven media planning, activation, and measurement. With 40% of swing voters nationwide unreachable via linear TV, and elections often decided by fractions of a percent, direct avenues to CTV inventory are crucial to ensuring advertisers can maximize reach amongst likely voters. The fast-paced nature of politics means buyers need a responsive platform that makes it easy to adjust budgets, creatives, and targeting in an instant. Magnite’s ClearLine delivers on this by streamlining the buying process, establishing a more direct and efficient route to premium inventory, and significantly increasing spend allocated toward working media.

    “The savviest political advertisers are always seeking innovative, highly efficient, and measurable ways to connect with voters,” said Erik Brydges, Head of Political Demand at Magnite. “ClearLine helps Cross Screen Media and their agency customers accomplish this goal, and represents the future of how we believe CTV will be transacted. As CTV’s share of spend continues to grow, executing budgets directly within the supply side tech ecosystem provides immediate advantages to political campaigns.”

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

    About Cross Screen Media
    Cross Screen Media is a leading CTV activation managed service for political and public affairs agencies, built on a proprietary technology platform that enables advertisers to plan and measure local advertising across Connected TV and audience-driven Linear TV. We seamlessly fit into existing workflows to help agencies scale, differentiate and deliver high-impact campaigns for their clients.

    Media Contact:
    Megan Hughes
    mhughes@magnite.com

    The MIL Network –

  • MIL-OSI: SpyCloud’s 2025 Identity Exposure Report Reveals Surging Identity-Based Threats as Stolen Identity Records Increase 22% from Last Year

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, March 19, 2025 (GLOBE NEWSWIRE) — SpyCloud, the leader in identity threat protection, today released its 2025 SpyCloud Annual Identity Exposure Report, uncovering the staggering scale of digital identity sprawl, the growing risks organizations face, and actionable insights to combat cyber threats before they escalate.

    SpyCloud has recaptured 53.3 billion distinct identity records, a 22% increase from 2023, underscoring the increasing prevalence of stolen data such as credentials and personally identifiable information (PII) circulating the darknet. These identity records, consisting of harvested employee, consumer, and supply chain data, are the fuel that power cyberattacks like ransomware, account takeover, and fraud – nearly 80% of breaches last year involved the use of stolen credentials. 

    Despite this surge in identity-based threats, many organizations remain unaware of the massive breadth of digital identity data stolen from users, traded among cybercriminals, and leveraged to infiltrate organizations.

    “Traditional security models focus on an isolated exposure data point, like a single stolen password or breached email, without accounting for the full picture of an individual’s digital footprint and other potential exposures,” said Damon Fleury, Chief Product Officer at SpyCloud. “But modern threats are far more complex. At SpyCloud, we’ve pioneered a holistic approach to identity security, mapping exposures across breaches, malware infections, phishing campaigns, and combolists to reveal the true scale of risk from compromised users. This shift is essential for defenders to proactively mitigate threats from stolen identity data before they escalate into full-scale cyberattacks.”

    Key Findings from the 2025 Annual Identity Exposure Report:

    The True Scale of Identity Exposure is Greater Than Previously Estimated

    By applying proprietary holistic identity matching, SpyCloud researchers discovered that the actual scale of exposure is, on average, more than twelve times larger than previously estimated – providing security teams with a clearer, more actionable picture of identity risk:

    • 146 identity records per corporate user → compared to just 11 using traditional methods
    • 141 stolen credential pairs per user → versus just 7 with legacy visibility
    • 74% of recaptured consumer records include location data, increasing risks of fraud and identity theft

    With a holistic approach to identity security, enterprises can move beyond isolated credential leaks and better understand their interconnected exposures – empowering them to act before an attack occurs.

    Infostealer Malware: The Primary Driver of Modern Cybercrime

    Infostealer malware – stealthy, highly efficient tools that extract user information, browser cookies, and system details from infected devices – has emerged as one of the most persistent and dangerous threats to enterprise security. SpyCloud recaptures data from more than 75 different malware families including LummaC2, Redline Stealer, and Vidar. This year’s research into the recaptured data from those families found that:

    • About 1 in 2 of corporate users were exposed through infostealer malware in the past year through a personal or corporate device
    • 7 million stolen credentials for third-party applications were recaptured—a 48% increase from last year. Trending third-party application targets include:
      • 895,802 stolen credentials for enterprise AI tools, exposing sensitive business insights and proprietary data
      • 159,313 stolen credentials from password managers, undermining critical security layers
    • 17 billion stolen cookies were recaptured, enabling attackers to side-step multi-factor authentication (MFA) and hijack active sessions

    Infostealers’ role in identity exposures has real, lasting effects on businesses and individuals. Last year, nearly one-third of companies that suffered a ransomware attack had previously experienced an infostealer infection.

    Phishing: A Growing Threat Fueled by AI and Phishing-as-a-Service (PhaaS)

    Phishing tactics evolved in 2024, becoming more sophisticated with AI-driven campaigns and turnkey PhaaS platforms. Attackers increasingly targeted high-value data, including personal and corporate credentials, financial accounts, and session cookies. SpyCloud’s 2025 research reveals:

    • 97% of recaptured phished data contains email addresses
    • 64% contains IP addresses
    • 51% contains city or postal codes, increasing risks of location-based fraud

    PII Exposure Surges, Fueling Identity Fraud

    The exposure of PII reached 44.8 billion recaptured records in 2024 – a 39% increase from the previous year – due in large part to breaches such as the Mother of All Breaches (MOAB) and the National Public Data Breach. Both exploding the available PII circulating the criminal underground and still providing cybercriminals with the raw materials to commit identity fraud and financial crimes. Key exposed PII data points include:

    • 3.05 billion Social Security and national ID numbers
    • 4.4 billion full names
    • 2.8 billion phone numbers
    • 42.97 million passport and driver’s license numbers
    • 36.97 million credit card numbers

    Cybercriminals are also capitalizing on sprawling digital identities and expanding their targets to include other forms of credentials. SpyCloud also recaptured 33.1 million exposed API keys and 147,132 compromised cryptowallet addresses, highlighting critical vulnerabilities in modern digital ecosystems.

    Weak Password Practices Continue to Undermine Security

    Despite growing awareness of identity threats, weak password practices remain a constant source of risk, making users easy targets for automated credential stuffing and account takeover attacks:

    • 3.1 billion exposed passwords were recaptured – a 125% increase from last year
    • 70% of users exposed in breaches last year reused previously-exposed passwords across multiple accounts, up from 61% in 2023
    • Most commonly exposed passwords include: “123456,” “Admin,” “Qwerty”
    • Pop culture continues to drive popular password choices. While these passwords are personal to the users, they are predictable and continue to reign as a top entry point for threat actors.
      • Almost 3 billion referenced the fall season
      • 7.5 million referenced major international events in tennis 
      • Over 7 million referenced cats 
      • Passwords influenced by video games surged, including passwords related to The Legend of Zelda (2 million), Super Mario Brothers (almost 1.5 million) and Fortnite (almost 1 million)
      • Passwords influenced by the year’s hottest artists such as Taylor Swift (1.5 million) and Charli XCX (295,000) were also common

    Looking Ahead: Proactive Identity Protection is Critical

    As identity threats continue to evolve, organizations must adopt a proactive, holistic approach to identity security. Defending against cybercrime requires continuous monitoring for dark web identity exposures, rapid and automated remediation of stolen identity data, and enhanced security measures to combat emerging threats.

    “The rise of infostealer malware and ever-evolving phishing attacks created a surge in the theft of sensitive identity data, but the size and scale of breaches like MOAB and NPD demonstrate traditional attack methods continue to be dangerous,” said Trevor Hilligoss, Senior Vice President of Security Research, SpyCloud Labs at SpyCloud. “In an era where identity data is cybercriminals’ most valuable currency, organizations must think beyond traditional security perimeters and leverage intelligence from the criminal underground to disrupt cybercrime before it strikes.”

    Read the full 2025 SpyCloud Identity Exposure Report here.

    About SpyCloud

    SpyCloud transforms recaptured darknet data to disrupt cybercrime. Its automated holistic identity threat protection solutions leverage advanced analytics to proactively prevent ransomware and account takeover, safeguard employee and consumer accounts, and accelerate cybercrime investigations. SpyCloud’s data from breaches, malware-infected devices, and successful phishes also powers many popular dark web monitoring and identity theft protection offerings. Customers include seven of the Fortune 10, along with hundreds of global enterprises, mid-sized companies, and government agencies worldwide. Headquartered in Austin, TX, SpyCloud is home to more than 200 cybersecurity experts whose mission is to protect businesses and consumers from the stolen identity data criminals are using to target them now.

    To learn more and see insights, users can visit spycloud.com.

    Contact:
    Emily Brown
    REQ on behalf of SpyCloud
    spycloud@req.co

    The MIL Network –

  • MIL-OSI: Coralogix Leverages Aporia Acquisition to Deliver True AI Observability, Detecting Hallucinations, Data Leakage, Toxicity and More

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, March 19, 2025 (GLOBE NEWSWIRE) — Coralogix, the leading full-stack observability platform, today launched its AI Center, which empowers organizations with real-time visibility into all of their AI applications. By delivering comprehensive, real-time insights into AI performance, quality, security, and governance within a single platform, the AI Center empowers businesses to accelerate AI adoption and manage AI agents with confidence.

    According to the National Institute of Standards and Technology (NIST), AI applications require rigorous oversight, as inadequate management can lead to unforeseen or inequitable outcomes. Existing AI observability approaches fall short by focusing on performance vs. other attributes that impact effective usage.

    Coralogix tackles this issue by observing with customizable evaluators that address the “grey areas,” i.e. when AI appears to perform correctly, but has issues related to its responses. Unlike other vendors, Coralogix reviews the content of the user and the AI to determine whether, for example, there is a chance that an exchange contains toxicity, the AI is hallucinating, or a bad actor is trying to breach the chatbot to steal customer data.

    With this addition, Coralogix is now the first cross-stack observability platform, transforming how businesses analyze their software, security, and AI systems. The company’s unique ability to analyze data in real-time as it’s ingested provides businesses with real-time monitoring, advanced analytics, and incident management, all while significantly reducing costs and time-to-insight.

    “AI is not just another technology layer; it’s a distinct stack with its own complexities and risks,” said Ariel Assaraf, CEO of Coralogix. “Our AI Center delivers real-time transparency into every aspect of that stack, ensuring organizations can monitor, troubleshoot, and secure their AI initiatives before minor errors become major crises. This launch represents a significant step forward in our mission to provide the most advanced cross-stack observability platform imaginable.”

    With over 2,000 enterprise customers globally, Coralogix has long led observability innovation. In December 2024, the company acquired Aporia, a leading provider of AI observability and guardrails. That acquisition fueled the rapid development of advanced AI solutions, culminating in today’s launch.

    Coralogix’s AI Center Provides:

    • AI Evaluation Engine: Allows users to evaluate AI applications for quality, correctness, security and compliance. Moreover, they can tailor specialized evaluators for each AI use case. The evaluators actively assess each interaction, scanning every prompt and response for potential risks or quality issues.
    • AI-SPM (Security Posture Management): Provides real-time, dedicated monitoring of the security and performance of AI agents across an organization. Its dashboards highlight risks such as prompt injections, data leaks, and PII leakage, allowing teams to pinpoint and address breaches or security risks.
    • Complete User Journey & Cost Tracking: Provides full visibility into user interactions, from conversation histories and logins to token usage. This granular tracking enables teams to pinpoint suspicious resource consumption, detect cost harvesting attempts, and optimize budgets without compromising performance.
    • Performance Metrics: Delivers in-depth insights into AI agent performance. It detects issues like poor response accuracy, latency spikes, and malicious user inputs, enabling teams to resolve underperforming agents before they impact the user experience. By focusing on AI-specific metrics, organizations can ensure a seamless, high-quality AI environment.

    “The launch of our AI Center unlocks a significant barrier faced by many AI teams – crossing the chasm from pilot to production,” commented Liran Hason, VP of AI, Coralogix and previously CEO of Aporia. “Having a centralized place to observe and manage all your AI applications for performance, quality and security is the key missing piece to launching AI apps safely.”

    “Acquiring Aporia enabled us to rapidly deliver real-time AI observability and establish our new AI Research Center,” said Yoni Farin, CTO and Co-founder of Coralogix. “This expansion goes beyond observability; we’re investing in top-tier talent to build the next generation of AI-driven solutions for our customers worldwide.”

    About Coralogix

    Coralogix is a modern, cross-stack observability platform that enables businesses to monitor and manage data in real time, providing instant insights without the need for complex storage solutions. The platform supports application performance monitoring (APM), security information and event management (SIEM), real user monitoring (RUM), and infrastructure monitoring, offering complete visibility into AI performance, security, and governance in a single solution. Coralogix offers a simple pricing model based on data volume, along with world-class support that ensures rapid response times and swift resolutions.

    Following the acquisition of Aporia in December 2024, Coralogix expanded into AI observability, giving businesses the ability to monitor and govern generative AI models with full transparency. To learn more about how Coralogix can help your business, visit www.coralogix.com.

    PR Contact

    Mark Prindle

    mark.prindle@fusionpr.com

    The MIL Network –

  • MIL-OSI: GigaOm Recognizes Infinidat as a Leader and a Fast Mover in Storage as a Service

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., March 19, 2025 (GLOBE NEWSWIRE) — Infinidat, a leading provider of enterprise storage solutions, today announced that GigaOm, a leading IT analyst firm, has recognized Infinidat as a Leader and a Fast Mover in the 2025 GigaOm Sonar Report for Storage as a Service (STaaS). GigaOm analysts cited Infinidat’s STaaS platform as “an excellent choice for enterprises requiring high-performance storage for mission-critical applications.” Details are available in the 2025 GigaOm Sonar Report for Storage as a Service.

    “It’s outstanding that Infinidat continues to be recognized for our innovation and our feature-rich platform for Storage as a Service,” said Eric Herzog, CMO at Infinidat. “We’re pleased that GigaOm’s independent analysis of Infinidat recognizes us as a Leader. Infinidat’s high performance, scalability, 100% availability and cyber storage resilience capabilities make our Storage as a Service platform ideal for enterprises requiring robust storage solutions capable of delivering reliable performance, real-time scaling, and cyber protection in large-scale operations. Infinidat offers an extremely competitive STaaS solution that is worthy of being in every conversation about storage services in high-end enterprises.”

    “Organizations with dynamic workloads will benefit from Infinidat’s scalability and AI-driven optimization,” said GigaOm Analyst James Brown. “Infinidat is particularly well suited for industries with high-performance storage needs, such as financial services, healthcare, and technology. Its ultra-low latency, robust reliability, cyber storage resilience, and cyber recovery capabilities make it ideal for real-time applications, including trading platforms, AI/ML workloads, and analytics. Enterprises with a focus on data security and regulatory compliance will appreciate Infinidat’s comprehensive cyber protection features, ensuring sensitive information is safeguarded at all times.”

    According to GigaOm, “Storage as a Service (STaaS) transforms how companies consume storage infrastructure by combining the elasticity and flexibility of cloud consumption models with the control and performance of on-premises solutions.” The analyst firm also states that STaaS is “a vital driver of digital transformation,” as more enterprises increasingly realize the benefits of hybrid approaches. STaaS provides SaaS-like, flexible consumption models, pay-as-you-go pricing, and dynamic storage capacity management. GigaOm calls STaaS “a game-changing cloud storage solution” with a quick deployment model that ensures “faster time-to-value.”

    GigaOm’s 2025 Sonar Report identifies the following as Infinidat’s greatest strengths for Storage as a Service:

    • Cost and billing granularity: Infinidat’s InfiniVerse® platform offers highly granular, daily usage tracking with transparent, predictable pricing.
    • Scalability for expansion: The platform supports real-time scaling with pre-provisioned resources, ensuring seamless performance under high demand.
    • Ease of use: Infinidat delivers predictable analytics and self-service provisioning tools that enhance user experience.

    GigaOm’s analysts wrote in the report: “Infinidat is classified as a Fast Mover in the Feature Play quadrant, demonstrating its ability to keep pace with evolving customer needs. With a focus on scalability, reliability, and performance, Infinidat has strengthened its position as a viable competitor in the STaaS market. By continuing to expand hybrid cloud capabilities and enhancing its feature set, Infinidat is well-positioned to address the demands of enterprise workloads.”

    The GigaOm report also highlights the Infinidat platform’s operational efficiency and hybrid multi-cloud support. As a standalone offering within Infinidat’s portfolio, the STaaS platform emphasizes operational efficiency through features such as proactive monitoring, intelligent tiering, and seamless scalability. It integrates well with hybrid multi-cloud environments with the InfuzeOS® Cloud Edition, supporting public cloud platforms such as AWS and Azure.

    To download the full analyst report, click the link below:

    About Infinidat
    Infinidat provides enterprises and service providers with a platform-native primary and secondary storage architecture that delivers comprehensive data services based on InfiniVerse®. This unique platform delivers outstanding IT operating benefits, support for modern workloads across on-premises and hybrid multi-cloud environments. Infinidat’s cyber resilient-by-design infrastructure, consumption-based performance, 100% availability, and cyber security guaranteed SLAs align with enterprise IT and business priorities. Infinidat’s award-winning platform-native data services and acclaimed white glove service are continuously recommended by customers. For more information, visit www.infinidat.com.

    Connect with Infinidat
    About Infinidat
    Read our blog
    Follow us on X
    Join us on LinkedIn
    Visit us on Facebook
    See us on YouTube
    Be our partner

    Media Contact
    Infinidat
    Sapna Capoor
    Director of Global Communications
    scapoor@infinidat.com I Mobile: +44 (0) 7789684159

    The MIL Network –

  • MIL-OSI: Coop Pank 2024 audited Annual Report

    Source: GlobeNewswire (MIL-OSI)

    Management Board of Coop Pank has compiled 2024 audited Annual Report. There are no differences in the audited accounts as regards the financial results, compared to the unaudited financial results published on 13 February 2025.

    The consolidated annual report 2024 of Coop Pank AS has been enclosed to the announcement and will be made available on the bank’s homepage https://www.cooppank.ee/en/financial-reports

    Annual report will be presented for approval to general meeting of shareholders.

    Coop Pank’s business results for 2024 were positively impacted by solid business volume growth – both the number of customers and the loan portfolio showed strong growth. The overall economic and interest rate environment had a negative impact on business results.

    • By the end of 2024, the number of Coop Pank customers reached 208,000, of which 99,400 were active customers. Over the year, the number of Coop Pank customers increased by 26,000 (+14%) and the number of active customers increased by 17,400 (+21%).
    • By the end of 2024, deposits of Coop Pank reached 1.89 billion euros, increased by 164 million euros (+10%) over the year. The market share of the bank’s deposits increased from 6.0% to 6.1% over the year.
    • By the end of 2024, loan portfolio of Coop Pank reached 1.77 billion euros, increased by 283 million euros (+19%) over the year. The market share of the bank’s loans increased from 6.0% to 6.3% over the year.
    • Net profit of Coop Pank in 2024 was 32.2 million euros, decreased by 18% over the year.
    • Over the year the bank’s cost / income ratio increased from 41% to 50% and the return on equity decreased from the level from 23.5% to 16.2%.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 211,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 5160 231
    E-mail: paavo.truu@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI: NOTICE OF CALLING THE ANNUAL GENERAL MEETING OF SHAREHOLDERS

    Source: GlobeNewswire (MIL-OSI)

    The Management Board of Coop Pank AS (registry code 10237832, address Maakri 30, Tallinn, Estonia, 15014; hereinafter the Company) calls the annual General Meeting of Company’s shareholders on 16 April 2025 at 1:00 pm (Estonian time) held at Mövenpick Hotel Tallinn (previous L’Embitu hotel) conference room “Leiger” (Lembitu str 12, Tallinn, Estonia).

    According to the resolution of Company’s Supervisory Board, dated 19 March 2025, the agenda of Company’s annual General Meeting of shareholders with the proposals of Company’s Management Board and Supervisory Board to be adopted are as follows (whereas the Supervisory Board has proposed to vote for the submitted draft decisions of each item that requires voting in the agenda): 

    1. Approval of the consolidated Annual Report 2024 of Coop Pank AS

    To approve the Annual Report 2024 of Coop Pank AS, as submitted to the General Meeting.

    1. Profit allocation of Coop Pank AS for the financial year 2024

    To approve the proposal of the Management Board for allocating the net profit of Coop Pank AS in the amount of 32 178 thousand euros as follows:

    • To transfer 1 609 thousand euros to the legal reserve.
    • To pay dividends in the net amount of 7,00 eurocents per share. The list of shareholders entitled to receive dividends will be established as at 02.05.2025 COB. Consequently, the day of change of the rights related to the shares (ex-dividend date) is set to 30.04.2025. For shares acquired from this day onwards, the shareholder is not entitled to receive a dividend for the Company’s 2024 financial year. Dividends shall be disbursed to the shareholders on 06.05.2025.
    • To transfer the remaining part of the profit to retained earnings.
    1. Overview of the Chairman of the Management Board of the business environment and of the financial results for the first two months of 2025

    Chairman of the Management Board’s overview to the shareholders of the business environment and Company’s financial results for the first two months of 2025.

    1. Approval of Company’s share option program

    To approve the share option program of the Company for the period of 2025 – 2026 as submitted to the General Meeting.

    5. Exclusion of pre-emptive subscription rights
    The pre-emptive right to subscribe for new shares, issued under Article 3.3.5 of the Articles of Association, belongs to Company employees covered by the share option program, approved by the resolution of the 13 April 2022 general meeting of the Company, and with whom the Company has entered into relevant option agreements (Option Holders). To exclude the pre-emptive subscription rights of the existing shareholders for the shares issued to Option Holders in accordance with section 3.3.5 of the Articles of Association for the purpose of executing the share option program of Coop Pank AS.

    The circle of shareholders entitled to participate in the General Meeting is determined as of 7 days prior to the General Meeting, i.e. at the end of the working day of the Nasdaq CSD Estonian settlement system on 09 April 2025. Registration of participants will start an hour before the beginning of the meeting, i.e. at 12:00. We ask the shareholders and their representatives to arrive in good time, taking into account the time required to register the participants.

    For participating in the General Meeting:

    1. Individual shareholders should submit an identity document, their representatives should also hold a valid written authorisation;
    2. legal representatives of corporate shareholders should submit their identity document; the authorised representative should also hold a valid written authorisation document. In case the corporate shareholder is not registered in the Estonian Commercial Register, we ask to provide a valid extract from the relevant register where the legal person is registered and from which the representative’s right to represent the shareholder arises. The extract must be in English or translated into Estonian or English by a sworn translator or an official equivalent to sworn translator. The documents of a foreign shareholder must be legalised or authenticated by apostille, unless otherwise provided by an international agreement.

    The shareholder may notify the Company of the appointment of a representative and the revocation of the proxy by sending the documents to Company’s e-mail address info@cooppank.ee  or take the above documents to the Company’s office at Maakri 30, Tallinn, weekdays between 9:00 am – 5:00 pm no later than 14 April 2025 at 5:00 pm (Estonian time). The authorisation document templates are available on the Company´s website at https://www.cooppank.ee/en/general-meetings. If so desired, CEO of the Company Margus Rink may be appointed as a representative to vote at the General Meeting.

    Documents, concerning the General Meeting, draft decisions of the General Meeting and other documents submitted to the General Meeting pursuant to law (incl. the notice of calling the General Meeting, draft decisions, Annual Report 2024 of the Company, report of the supervisory board and Remuneration Report 2024), as well as other information subject to disclosure, are available for examination on the Company´s website https://www.cooppank.ee/en/general-meetings as well as on prior notice beginning from the notification of the General Meeting until the day of the General Meeting at Company’s headquarters in Tallinn, Maakri 30 on working days from 9:00 am till 5:00 pm. Please contact us in advance at info@cooppank.ee  to request access to the documents.

    Shareholders, whose shares represent at least 1/20 of the share capital of the Company, may demand the inclusion of additional items on the agenda of the annual General Meeting, if the corresponding request is filed in writing at least 15 days prior to the General Meeting, i.e. at the latest by 11:59 pm on 01 April 2025, at the e-mail address info@cooppank.ee or to the Company’s location at Maakri 30,Tallinn. A draft decision or rationale must be submitted at the same time as the proposal to supplement the agenda.

    Shareholders, whose shares represent at least 1/20 of the share capital of the Company, may submit to the Company in writing a draft resolution on each agenda item, by posting the draft to the e-mail address info@cooppank.ee or to the Company’s location at Maakri 30, Tallinn. The draft must be submitted in electronic form or by post so that it would be delivered to and received by the Company no later than 3 days before the General Meeting, i.e. by 11:59 pm on 13 April 2025 at the latest.

    At the General Meeting, shareholders are entitled to receive information on the activities of the Company from the management board. Management board may refuse to provide information if there are reasonable grounds for assuming that it may cause significant damage to the interests of the Company. In case the board refuses to provide information, the shareholder may require the General Meeting to decide on the lawfulness of the request or to submit within two weeks an application to the court in petition proceedings, to oblige the management board to disclose information.

    Questions on other organisational issues of the General Meeting are expected on the phone +372 669 0900 on working days or at e-mail address info@cooppank.ee.

    Sincerely

    Margus Rink                                                                                                                      
    Chairman of the Management Board

    Coop Pank AS

    The MIL Network –

  • MIL-OSI: One Stop Systems Reports Q4 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Strength in both segments contributed to consolidated year-over-year revenue growth for Q4 2024

    Consolidated revenue increased sequentially every quarter throughout 2024, reflecting the success of the Company’s transformation strategy to higher-growth markets

    Management expects double-digit consolidated revenue growth in 2025, driven by anticipated OSS segment revenue of over 20% and consolidated EBITDA break even for the year

    ESCONDIDO, Calif., March 19, 2025 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (“OSS” or the “Company”) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) autonomy and sensor processing at the edge, reported results for the three- and twelve-month periods ended December 31, 2024. Comparisons for the three- and twelve-month periods are to the same year-ago periods unless otherwise noted.

    “I am pleased to report a return to consolidated year-over-year revenue growth for the fourth quarter, as sales from both our OSS and Bressner segments grew at double digit rates. Throughout 2024 we executed on our multi-year transformation, making significant progress in shifting our business toward higher-margin, higher-growth markets. We invested in our platform, strengthened our pipeline, and deepened collaboration with customers developing high-performance, Enterprise Class, edge computing solutions for both commercial and defense applications,” stated OSS President and CEO, Mike Knowles.

    “As efforts to reposition the Company for revenue growth gained momentum during 2024 and our business model evolved, we adjusted our legacy inventory and program costs to better align with our focus on improving efficiencies and increasing profitability. We believe the progress we made in 2024 strengthened our business, positioning the Company for higher sales and profitability in 2025 and beyond,” concluded Mr. Knowles.

    2024 Fourth-Quarter Financial Summary

    Consolidated revenue was $15.1 million, compared to $13.2 million in the fourth quarter of 2023. The 15.1% year-over-year increase was a result of a $1.3 million increase in Bressner segment revenue and a $642,000 year-over-year increase in OSS segment revenue. The 10% year-over-year increase in OSS segment revenue was primarily due to higher revenue from defense and commercial customers, as well as new customer-funded development orders, aligned directly with the Company’s strategic focus and plan.

    The following table sets forth net revenue by segment for the three months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding):

      Three Months Ended
    Entity: December 31, 
    2024
    		   % of Net
    Revenue
    		   December 31, 
    2023
    		   % of Net
    Revenue
    		   % Change  
    OSS $ 7,042,613   46.5 %   $ 6,401,047   48.7 %   10.0 %
    Bressner   8,097,533   53.5 %     6,754,161   51.3 %   19.9 %
    Total net revenue $ 15,140,146   100.0 %   $ 13,155,209   100.0 %   15.1 %
     

    During the fourth quarter ended December 31, 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022.   This charge reduced reported gross margin, net income, and adjusted EBITDA for the three- and twelve-month periods ended December 31, 2024. Management does not currently foresee any further charges related to this customer-funded development contract.  

    Consolidated gross margin percentage was 15.7%, compared to 33.7% in the prior year quarter. Gross margin, excluding the one-time charges, was 23.8%, compared to 33.7% in the same period last year. The decrease in gross margin was primarily due to product mix.

    On a segment basis, the OSS segment had a gross margin of 9.4%, compared to 45.9% for the same period a year ago. OSS segment gross margin, excluding the one-time charges, was 26.8%, compared to 45.9%. The decrease from the same period last year was primarily driven by product mix. The Company’s Bressner segment had a gross margin percentage of 21.2%, compared to 22.2% in the same period last year.  

    Total operating expenses increased 15.1% to $5.5 million. This increase was predominantly attributable to higher general and administrative costs related to planned sales and program management investments made during the quarter.

    The Company reported a net loss of $3.1 million, or $(0.15) per share, as compared to a net loss of $278,000, or $(0.01) per share, in the prior year period.

    Adjusted EBITDA, a non-GAAP metric, was a loss of $2.3 million, inclusive of $1.2 million in one-time charges, compared to adjusted EBITDA of $322,000 in the prior year period.

    As of December 31, 2024, the Company reported cash and short-term investments of $10.0 million and total working capital of $24.0 million, compared to cash and short-term investments of $11.8 million and total working capital of $35.6 million at December 31, 2023. The reduction in cash and short-term investments was primarily driven by the paydown of $1 million of notes payable.  

    2024 Twelve Months Financial Summary

    Consolidated revenue was $54.7 million, compared to $60.9 million for the same period last year. The 10.2% year-over-year reduction in consolidated revenue was primarily a result of approximately $4.8 million related to a former media customer, for whom shipments ceased in the second quarter of 2023. This decrease was partially offset by higher sales to customers in the military and defense end markets. In addition, Bressner segment revenue declined by $2.0 million on a year-over-year basis, associated with slower economic activity in the German economy.  

    The following table sets forth net revenue by segment for the twelve months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding):

      Twelve Months Ended
    Entity: December 31, 
    2024
    		   % of Net
    Revenue
    		   December 31, 
    2023
    		   % of Net
    Revenue
    		   % Change
    OSS $ 24,558,809   44.9 %   $ 28,809,888   47.3 %   (14.8 )%
    Bressner   30,135,550   55.1 %     32,086,910   52.7 %   (6.1 )%
    Total net revenue $ 54,694,358   100.0 %   $ 60,896,798   100.0 %   (10.2 )%
                                 

    For the year ended December 31, 2024, the Company incurred a total of $8.3 million of one-time charges that reduced reported gross margin, net income, and adjusted EBITDA. During the fourth quarter of 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022.   Additionally, during the year, OSS incurred $7.1 million of inventory charges related to obsolete and slow-moving inventory associated with the transition of the Company’s business model and operating strategies, as well as slower adoption and movement in certain commercial and defense edge compute markets. Management does not currently foresee any further significant adjustments to costs related to this customer-funded development contract or inventory charges, outside of historical trends.  

    Consolidated gross margin percentage was 14.1%, compared to 29.5% in the prior year. On a full year basis, consolidated gross margin, excluding one-time charges, was 29.3%, compared to 29.5% in 2023.

    On a segment basis, the Company’s OSS segment had a gross margin of 2.5%, compared to 35.6% for the same period a year ago. OSS segment gross margin, excluding one-time charges, was 36.4%, up from 35.6% for 2023. The Company’s Bressner segment had a gross margin of 23.5%, compared to 24.0% in the same period last year.  

    Total operating expenses decreased 18.6% to $21.1 million. This decrease was predominantly attributable to a charge of $5.6 million for an impairment of goodwill that occurred during the 2023 twelve-month period, the elimination of costs associated with organizational restructuring, timing of certain new product introduction activities and the deployment of engineering resources onto customer funded development efforts, partially offset by increased costs for personnel and for tradeshow participation.

    The Company reported a net loss of $13.6 million, or $(0.65) per share, as compared to a net loss of $6.7 million, or $(0.32) per share, in the prior year. Non-GAAP net loss and loss per share was $11.6 million, or $(0.56) per share, as compared to non-GAAP net loss and loss per share of $415,000, or $(0.02) per share, in the prior year period. Net loss and non-GAAP net loss for the period ended December 31, 2024, are inclusive of $8.3 million of one-time charges.

    Adjusted EBITDA, a non-GAAP metric, was a loss of $10.3 million, inclusive of $7.1 million of inventory-related charges and a $1.2 million contract loss related to a customer-funded development contract that was entered into in 2022, compared to adjusted EBITDA of $1.1 million in the prior year.

    2025 Full Year Outlook

    The Company anticipates consolidated revenue of $59 to $61 million for the full year of 2025. This includes expected OSS segment revenue of approximately $30 million, representing over 20% year-over-year growth in the OSS segment. In addition, the Company expects to be EBITDA break-even for the full year of 2025. Management expects revenue and profitability to improve at a higher rate in the second half of 2025 based on current trends and the Company’s expanding sales pipeline.   

    Conference Call

    OSS will hold a conference call to discuss its results for the fourth quarter of 2024, followed by a question-and-answer period.

    Date: Wednesday, March 19, 2025
    Time: 10:00 a.m. ET (7:00 a.m. PT)
    Toll-free dial-in: 1-800-717-1738
    International dial-in: 1-646-307-1865
    Conference ID: 35863 (required for entry)
    Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1706031&tp_key=7e52a82afd

    A replay of the call will be available after 1:00 p.m. ET on March 19, 2025, through April 2, 2025.

    Toll-free replay: 1-844-512-2921
    International replay: 1-412-317-6671
    Passcode: 1135863

    About One Stop Systems

    One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

    OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

    OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

    As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require—and OSS delivers—the highest level of performance in the most challenging environments without compromise.

    OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

    Non-GAAP Financial Measures

    We believe that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the Company. The Company defines adjusted EBITDA as income (loss) before interest, taxes, depreciation, amortization, acquisition expense, impairment of long-lived assets, financing costs, government funded programs, fair value adjustments from purchase accounting, stock-based compensation expense, and expenses related to discontinued operations.

    Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States, or GAAP. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash operating expenses, we believe that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.

    Our adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. Our adjusted EBITDA is not a measurement of financial performance under GAAP, and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

      For the Three Months Ended
    December 31,    		     For the Year Ended 
    December 31,    		  
      2024     2023     2024     2023  
    Net loss $ (3,134,782 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
    Depreciation and amortization of intangibles   226,417       263,743       1,041,837       1,077,516  
    Amortization of right-of-use assets, net of changes in lease liability   (2,488 )     (30,208 )     29,885       22,592  
    Stock-based compensation expense   564,176       454,461       1,988,125       2,345,358  
    Interest expense   3,206       29,662       74,116       117,774  
    Interest income   (100,805 )     (159,487 )     (477,745 )     (544,958 )
    Impairment of goodwill   –       –       –       5,630,788  
    Employee retention credit (ERC)   –       –       –       (1,716,727 )
    Provision for income taxes   157,120       41,796       726,502       927,128  
    Adjusted EBITDA $ (2,287,156 )   $ 322,407     $ (10,251,613 )   $ 1,143,296  
                           

    FOOTNOTE: Adjusted EBITDA for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023. Adjusted EBITDA for the full year ended December 31, 2024, also included inventory-related charges of $7.1 million.  

    (Dollars may not calculate due to rounding)

    Adjusted EPS excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. We believe that exclusion of certain selected items assists in providing a more complete understanding of our underlying results and trends and allows for comparability with our peer company index and industry. We use this measure along with the corresponding GAAP financial measures to manage our business and to evaluate our performance compared to prior periods and the marketplace. The Company defines non-GAAP income (loss) as income or (loss) before amortization, government funded programs, impairment of long lived assets, stock-based compensation, expenses related to discontinued operations, and acquisition costs. Adjusted EPS expresses adjusted income (loss) on a per share basis using weighted average diluted shares outstanding.

    Adjusted EPS is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. We expect to continue to incur expenses similar to the adjusted income from continuing operations and adjusted EPS financial adjustments described above, and investors should not infer from our presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.

    The following table reconciles non-GAAP net income and basic and diluted earnings per share:

      For the Three Months Ended 
    December 31,    		     For the Full Year Ended
    December 31,    		  
      2024     2023     2024     2023  
    Net loss $ (3,134,782 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
    Amortization of intangibles   –       –       –       42,154  
    Impairment of goodwill   –       –       –       5,630,788  
    Employee retention credit (ERC)   –       –       –       (1,716,727 )
    Stock-based compensation expense   564,176       454,461       1,988,125       2,345,358  
    Non-GAAP net loss $ (2,570,606 )   $ 176,901     $ (11,646,208 )   $ (414,603 )
    Non-GAAP net loss per share:                      
    Basic $ (0.12 )   $ 0.01     $ (0.56 )   $ (0.02 )
    Diluted $ (0.12 )   $ 0.01     $ (0.56 )   $ (0.02 )
    Weighted average common shares outstanding:                      
    Basic   21,120,396       20,632,300       20,953,397       20,854,777  
    Diluted   21,120,396       20,632,300       20,953,397       20,854,777  
                           

    FOOTNOTE: Non-GAAP net loss for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023. Non-GAAP net loss for the full year ended December 31, 2024, also included an inventory charge of $6.1 million.  

    (Dollars may not calculate due to rounding)

    Forward-Looking Statements

    One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved, including but not limited to, our ability to expand our product offerings and further penetrate our target markets, future demand for AI/ML integrations, expected or anticipated increase in revenues, and our business strategies. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Media Contacts:
    Robert Kalebaugh
    One Stop Systems, Inc.
    Tel (858) 518-6154
    Email contact

    Investor Relations:
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    Email contact

    ONE STOP SYSTEMS, INC. (OSS)
    CONSOLIDATED BALANCE SHEETS
     
      Audited     Audited  
      December 31,     December 31,  
      2024     2023  
    ASSETS          
    Current assets          
    Cash and cash equivalents $ 6,794,093     $ 4,048,948  
    Short-term investments   3,217,065       7,771,820  
    Accounts receivable, net   8,177,371       8,318,247  
    Inventories, net   13,176,156       21,694,748  
    Prepaid expenses and other current assets   836,364       611,066  
    Total current assets   32,201,048       42,444,829  
    Property and equipment, net   1,669,026       2,370,224  
    Operating lease right-of use assets   1,536,094       1,922,784  
    Deposits and other   38,093       38,093  
    Goodwill   1,489,722       1,489,722  
    Total Assets $ 36,933,982     $ 48,265,652  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Current liabilities          
    Accounts payable $ 2,068,017     $ 1,201,781  
    Accrued expenses and other liabilities   4,806,675       3,202,519  
    Current portion of operating lease obligation   285,937       390,926  
    Current portion of notes payable   1,035,050       2,077,895  
    Total current liabilities   8,195,679       6,873,121  
    Deferred tax liability, net   52,574       44,673  
    Operating lease obligation, net of current portion   1,513,684       1,765,536  
    Total liabilities   9,761,937       8,683,330  
    Commitments and contingencies          
    Stockholders’ equity          
    Common stock, $0.0001 par value; 50,000,000 shares authorized; 21,148,810 and 20,661,341 shares issued and outstanding at December 31, 2024 and 2023, respectively   2,115       2,066  
    Additional paid-in capital   49,082,737       47,323,673  
    Accumulated other comprehensive income   140,254       675,310  
    Accumulated deficit   (22,053,061 )     (8,418,727 )
    Total stockholders’ equity   27,172,045       39,582,322  
    Total Liabilities and Stockholders’ Equity $ 36,933,982     $ 48,265,652  
               
    ONE STOP SYSTEMS, INC. (OSS)
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars may not calculate due to rounding)
     
      For the Three Months Ended
    December 31,    		     For the Year Ended
    December 31,    		  
      2024     2023     2024     2023  
    Revenue:                      
    Product $ 14,280,939     $ 12,335,554     $ 51,003,350     $ 59,200,580  
    Customer funded development   859,207       819,655       3,691,009       1,696,217  
        15,140,146       13,155,209       54,694,358       60,896,797  
    Cost of revenue:                      
    Product   10,829,859       8,229,397       42,953,344       41,907,604  
    Customer funded development   1,930,800       491,242       4,022,707       1,034,571  
        12,760,659       8,720,639       46,976,051       42,942,175  
    Gross (loss) profit   2,379,487       4,434,570       7,718,307       17,954,622  
    Operating expenses:                      
    General and administrative   2,413,102       1,970,746       8,971,909       9,264,447  
    Impairment of goodwill   –       –       –       5,630,788  
    Marketing and selling   1,821,918       1,667,765       8,005,982       6,651,516  
    Research and development   1,250,377       1,127,194       4,097,229       4,331,024  
    Total operating expenses   5,485,397       4,765,704       21,075,120       25,877,775  
    Loss from operations   (3,105,910 )     (331,134 )     (13,356,813 )     (7,923,153 )
    Other income (expense), net:                      
    Interest income   100,805       159,487       477,745       544,958  
    Interest expense   (3,206 )     (29,662 )     (74,116 )     (117,774 )
    Employee retention credit (ERC)   –       418,431       –       1,716,727  
    Other income (expense), net   30,647       (452,886 )     45,353       (9,806 )
    Total other income, net   128,246       95,370       448,982       2,134,105  
    Loss before income taxes   (2,977,664 )     (235,764 )     (12,907,831 )     (5,789,048 )
    Provision for income taxes   157,119       41,796       726,502       927,128  
    Net loss $ (3,134,783 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
                           
    Net loss per share:                      
    Basic $ (0.15 )   $ (0.01 )   $ (0.65 )   $ (0.32 )
    Diluted $ (0.15 )   $ (0.01 )   $ (0.65 )   $ (0.32 )
                           
    Weighted average common shares outstanding:                      
    Basic   21,120,396       20,632,300       20,953,397       20,854,777  
    Diluted   21,120,396       20,632,300       20,953,397       20,854,777  
                                   
    ONE STOP SYSTEMS, INC. (OSS)
    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
     
      For the Twelve Months Ended
    December 31,
      2024     2023 
    Cash flows from operating activities:        
    Net loss $ (13,634,333 )   $ (6,716,176 )
    Adjustments to reconcile net loss to net cash provided by operating activities:        
    Deferred income taxes   28,082       (95,496 )
    Loss (gain) on disposal of property and equipment   354       –  
    Provision for bad debt   85,447       4,160  
    Impairment of goodwill   –       5,630,788  
    Warranty reserves   (79,962 )     11,846  
    Amortization of intangibles   –       42,154  
    Depreciation   1,041,837       1,035,362  
    Amortization of right-of-use assets   377,206       1,241,445  
    Inventory reserves   7,348,390       962,458  
    Stock-based compensation expense   1,988,125       2,345,358  
    Employee retention credit   –       (1,716,727 )
    Changes in operating assets and liabilities:        
    Accounts receivable   (190,339 )     3,095,701  
    Inventories   658,303       (1,636,153 )
    Prepaid expenses and other current assets   (238,554 )     (100,848 )
    Accounts payable   926,231       (3,408,487 )
    Accrued expenses and other liabilities   1,928,436       83,789  
    Operating lease liabilities   (347,321 )     (1,218,853 )
    Net cash provided by operating activities   (108,098 )     (439,679 )
             
    Cash flows from investing activities:        
    Redemption of short-term investment grade securities   4,553,535       2,342,552  
    Purchases of property and equipment, including capitalization of labor   (362,748 )     (821,753 )
    Net cash provided by investing activities   4,190,787       1,520,799  
             
    Cash flows from financing activities:        
    Proceeds from exercise of stock options and warrants   237,749       62,422  
    Payment of payroll taxes on net issuance of employee stock options   (466,762 )     (597,856 )
    Repayments on notes payable   (954,939 )     (1,352,637 )
    Employee retention credit benefit   –       1,716,727  
    Net cash (used in) provided by financing activities   (1,183,952 )     (171,344 )
             
    Net change in cash and cash equivalents   2,898,737       909,776  
    Effect of exchange rates on cash   (153,592 )     26,977  
    Cash and cash equivalents, beginning of period   4,048,948       3,112,196  
    Cash and cash equivalents, end of period $ 6,794,093     $ 4,048,948  

    The MIL Network –

  • MIL-OSI: October Three Expands O3 PRIME to Address Shortcomings of Corporate Retirement Plans

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 19, 2025 (GLOBE NEWSWIRE) — October Three, an industry-leading retirement strategy, actuarial and administration consulting firm, announced the expansion of its O3 PRIME lifetime retirement income plan. PRIME stands for Personalized Retirement Income for My Employees (or, from the employee’s perspective, for ME).

    O3 PRIME provides security and flexibility by combining the best advantages of a defined benefit (DB) plan and a defined contribution (DC) plan. The result is a market-based cash balance plan tightly integrated with a 401(k) plan that reduces risk and complexity for businesses while producing up to 30 percent more lifetime income for employees compared to what a DC plan can provide. It is a win-win for employers and employees.

    October Three has been implementing market-based cash balance plans for over a decade and is the market leader in this design. In 2023, October Three constructed the PRIME design and began implementing it for several clients. Based on the success of this design, October Three rolled out a PRIME plan for its own staff in January.

    “Traditional retirement plans fail to meet the needs of a modern workforce,” said Jeff Stevenson, President and CEO of October Three. “O3 PRIME goes beyond traditional retirement savings methods to create a plan that effectively balances the needs of employers and employees, to help employees secure their retirement without exposing their employer to excessive risk.”

    Americans are finding it harder to save money for retirement through employer-sponsored 401(k) plans due to the current economic climate. According to the Employee Benefit Research Institute (EBRI), “83% of workers are concerned that the increasing cost of living will make it harder to save as much as they want.” As a result, only “two in 10 workers are very confident in having enough money to live comfortably in retirement.”

    “The plan design of O3 PRIME modernizes companies’ current retirement programs to make managing the plan easier for employers while delivering predictable monthly retirement income for their employees,” said Idan Shlesinger, Partner and Retirement Solutions Practice Leader at October Three. “PRIME provides incentives that are attractive to the modern workforce. This is a key piece of the strategy for companies to recruit and retain the best talent.”

    About October Three:

    October Three Consulting, LLC is a full service actuarial, consulting and technology firm that is re-engineering defined benefit plan strategy, management and administration to meet the needs of the modern and future workforce. The company’s O3 PRIME (Personalized Retirement Income for My Employees) plan is based on cutting-edge technology, risk analysis and data-driven insights that minimize financial risk and volatility while maximizing employees’ potential for predictable retirement income. For more information, follow October Three on LinkedIn and visit our website at octoberthree.com.

    Media Contact:
    Sean Harris
    October Three Consulting
    +1 512.553.6404
    sharris@octoberthree.com

    The MIL Network –

  • MIL-OSI Global: Is Google Maps brainwashing us? It might be if the theory of ‘extended cognition’ is correct

    Source: The Conversation – Canada – By Susan Dieleman, Jarislowsky Chair in Trust and Political Leadership and Associate Professor of Philosophy, University of Lethbridge

    Over a billion people use Google Maps to help them navigate their world every month. If you own a smartphone, the odds are better than average you’re one of those people.

    If you’re using Google Maps in the United States, you may have noticed some recent changes to your world. The “Gulf of Mexico” is now the “Gulf of America,” and “Mount Denali” is again “Mount McKinley.” These are both changes instigated by U.S. President Donald Trump.

    Google is reportedly systematically removing resistance to these changes.

    When compared to how common it is for the Google search engine to boost misinformation and fake news, and feed into confirmation bias, changing the name of a body of water might not seem like a big deal. But the philosophical theory of “extended cognition” suggests such changes might not be so innocuous after all.

    Cognitive processes — not all in our heads

    The notion of extended cognition, along with the notion of the extended mind, was presented in a 1998 paper by British philosopher Andy Clark and his Australian colleague, David J. Chalmers.

    They argued that the environment plays an active role in our cognitive processes.

    Take their example of “the use of pen and paper to perform long multiplication” — something that could have been done in the mind is extended, as it were, to the external world. If it had been done in one’s mind, we wouldn’t hesitate to call this a cognitive process.

    The point is — moving this process outside the mind doesn’t change what it is. Rather, as they put it: “Cognitive processes ain’t (all) in the head!”

    They suggest that if the resources of an external tool are always there when we need them, then those resources are, in effect, “part of the basic package of cognitive resources that I bring to bear on the everyday world.”

    Back in 1998, almost decade before the advent of the iPhone, they used the example of a pocket calculator, with a suggestion that it’s unlikely the average person would always have one with them. Imagine, then, how smartphones play an integral role in many of our cognitive processes.

    In fact, as Chalmers pointed out in a later piece, the iPhone he purchased quickly became part of his mind. This is because it replaced part of his memory, harboured some of his desires, facilitated some of his calculations and more.

    In short, we outsource many of our cognitive tasks to our technologies. Our smartphones, in particular, play an important role in keeping track, remembering, calculating and finding our way.

    ‘Attention economy’

    In what’s come to be known as the attention economy, the role of technologies in our cognitive processes is amplified further.

    As Google strategist-turned-philosopher James Williams notes, technologies’ low-level engagement goals include “maximizing the amount of time you spend with their product, keeping you clicking or tapping or scrolling as much as possible, or showing you as many pages or ads as they can.”

    The more time spent on our phones, the more of our attention they demand, and the more integrated they are in our cognitive processes.

    When I’ve taught a unit on technology in Introduction to Philosophy courses in recent years, I’ve instructed students to read this piece by Canadian cognitive science scholar Karina Vold and reflect on their relationships to their phones — something most readily admit they’d never done before.

    As Vold points out, there could be significant legal implications if courts were to accept the theory of extended cognition in a world where smartphone technologies are ubiquitous. They might even include whether and how the law could protect “what and how we think from undue influence.”

    From this perspective, the fact that Google can change maps literally overnight gains new significance.

    If we take the theory of extended cognition seriously, we can understand Google’s changes, like renaming the Gulf of Mexico the Gulf of America, as problematically undermining our autonomy. In a sense, Google is able to get into our cognitive processes and, at will, make changes — to our understanding and memory of how the physical world is structured and navigated — without our consent.

    As a result, such changes fall on the wrong side of the admittedly blurry distinction between persuasion and coercion.

    Persuasion versus coercion

    Traditionally understood, persuasion respects individuals’ autonomy. It requires critical thinking and argumentation, which involve presenting reasons in support of a claim to people, who then use their own cognitive powers to decide whether to adopt or reject those reasons and claims.

    Conversely, coercion is closer to a form of brainwashing. It involves undermining or bypassing a person’s ability to accept or reject an argument. It gets into the cognitive processes themselves, making changes without knowledge or consent.

    In an era when technology companies compete for increasing shares of our attention, and therefore of our cognitive processes, it becomes increasingly difficult, but also urgently important, to be aware of whether we are being persuaded or brainwashed, and what we are being persuaded or brainwashed to believe.

    Though the name of a body of water on a Google Map might not seem like a big deal, it’s at least a reminder to be vigilant.

    Susan Dieleman receives funding as the Jarislowsky Chair in Trust and Political Leadership at the University of Lethbridge.

    – ref. Is Google Maps brainwashing us? It might be if the theory of ‘extended cognition’ is correct – https://theconversation.com/is-google-maps-brainwashing-us-it-might-be-if-the-theory-of-extended-cognition-is-correct-251604

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Chancellor’s National Wealth Fund to deliver growth and boost security

    Source: United Kingdom – Executive Government & Departments

    News story

    Chancellor’s National Wealth Fund to deliver growth and boost security

    Chancellor sets new strategy for National Wealth Fund to reflect our Plan for Change, unlocking billions of pounds of private investment into the UK.

    • New strategic steer will see National Wealth Fund take on higher risk projects as government goes further and faster to kickstart economic growth, make Britain a clean energy superpower and boost security.
    • Government also launches recruitment for a new National Wealth Fund CEO to build on the £1.8 billion unlocked in private investment since July.

    The National Wealth Fund will unlock over £70 billion in private investment to help deliver economic growth, make Britain a clean energy superpower, and strengthen the defence sector, the Chancellor has confirmed today [19 March]. 

    The new strategic direction sets clean energy, advanced manufacturing, digital technologies, and transport as new priority sectors for the National Wealth Fund. Money will be invested across the United Kingdom in projects like carbon capture, green hydrogen, gigafactories, green steel, and ports.  

    Crucially, the Chancellor’s steer will help direct investment to the industries our defence sector relies on – advanced manufacturing and digital and dual-use technologies – working with industry to keep Britain safe and building on the Government’s commitment to increase spending on defence and national security to 2.5% of GDP from April 2027.   

    The National Wealth Fund’s economic capital limit will also be increased from £4.5 billion to £7 billion, allowing it take on greater risk. This means it has more flexibility over its investments and can support more projects that struggle to access private finance.

    Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, said:

    My number one mission is kickstarting economic growth through our Plan for Change to make Great Britain a stronger, more resilient country and put more money into the pockets of working people.

    I am determined to go further and faster to get our economy growing. By directing tens of billions of pounds into the UK’s industrial strengths, we’ll deliver the high-skilled, high-paid jobs of the future in every corner of the country.

    Since July last year, the National Wealth Fund has unlocked 9,900 jobs and nearly £1.8 billion of private investment in growth-driving industries like green energy and technology. 

    Investment has already started flowing into priority sectors including £55 million for Connected Kerb to increase coverage of EV charging networks and a £28.6 million investment into Cornish Metals. 

    The Chancellor’s strategic steer comes as a new £9.6 million National Wealth Fund investment was announced today for Solihull Council to improve the area’s heating infrastructure and reduce bills, providing low carbon heating, hot water and power to town centre buildings. 

    To lead this new chapter for the UK’s flagship public investor, the Government has also launched a recruitment campaign for the National Wealth Fund’s next CEO. 

    John Flint will step down from the role of CEO in the summer after successfully seeing through the National Wealth Fund’s transition from the UK Infrastructure Bank. 

    The Chancellor will also establish a new UK Strategic Public Investment Forum joining up the UK’s leading policymakers and public financial institutions including the CEOs of the National Wealth Fund, British Business Bank, UK Export Finance, Homes England, Innovate UK, and Great British Energy and The Crown Estate. 

    The forum – the first of its kind – will cooperate on delivering investments to the priority areas set out by the Chancellor and will be tasked with ensuring the Government is getting maximum impact for its investments.  

    Stemming from this, the National Wealth Fund will work closely with Great British Energy to support its quick establishment as a publicly owned clean energy company that will boost Britain’s energy security making it a clean energy superpower, lower bills, create jobs, and grow the economy.

    Investing in homegrown clean energy industries is an essential part of the government’s drive to replace the UK’s dependency on fossil fuel markets controlled by petrostates and dictators with clean, homegrown power.

    Secretary of State for Energy Security and Net Zero, Rt Hon Ed Miliband MP, said:

    Clean power is the economic opportunity of the 21st century – and through the National Wealth Fund we will seize this opportunity to invest in British industries and workers.

    We are delivering our clean energy superpower mission to make our country energy secure and deliver the good jobs that the British people deserve.

    More details on Great British Energy’s developer mandate have also been released today.

    The partnership between Great British Energy and the National Wealth Fund will see the former bringing project development expertise as well as investment, and the latter providing finance, a model already being deployed in Japan and Denmark. 

    Harnessing private investment via the National Wealth Fund is part of the Government’s wider efforts to kickstart economic growth and deliver a new era of security and renewal through our Plan for Change. 

    Cutting red tape so major infrastructure projects can progress, removing unnecessary hurdles in the planning system so more homes can be built, and progressing new economic partnerships with international partners like Japan and India is part of the work being undertaken to grow the economy and put more money in people’s pockets.

    More information

    Updates to this page

    Published 19 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Southern Michigan Bancorp, Inc. Announces Increase in Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    COLDWATER, Mich., March 19, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) approved an increase to the quarterly cash dividend that will be paid in April 2025. The $0.16 per share dividend is an increase of $0.01 per share over the January 2025 cash dividend payment of $0.15 per share. The dividend is payable on April 18, 2025, to shareholders of record April 4, 2025. The annualized cash dividend of $0.64 per share represents a 3.37% dividend yield based on the current market price of $19.00 per share.

    Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 branches within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties, and a loan production office in Jackson County, providing a broad range of consumer, business, and wealth management services throughout the region. For more information, please visit the Southern Michigan Bank & Trust website, www.smb-t.com.

    This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Although we currently expect to continue to pay a quarterly cash dividend, each future dividend will be considered and declared by the board of directors in its discretion. Whether the board of directors continues to declare dividends depends on a number of factors, including our future financial condition and profitability. Forward-looking statements are based upon current beliefs and expectations and involve substantial risks, uncertainties, and assumptions (“risk factors”), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.   We undertake no obligation to update or revise our forward-looking statements to reflect developments that occur, or information obtained after the date of this report.

    The MIL Network –

  • MIL-OSI: Town of Lovell, Wyoming Settles Collective Intellectual Property Infringement Claims With Eastern Point Trust Company

    Source: GlobeNewswire (MIL-OSI)

    Cheyenne, March 19, 2025 (GLOBE NEWSWIRE) — Coal Creek Law of Cheyenne Wyoming announces, on behalf of its client Eastern Point Trust Company (Eastern Point), the final settlement and resolution of intellectual property infringement claims brought by Eastern Point against the Town of Lovell, Wyoming (Lovell). The settled claims included, but were not limited to, evidence of Lovell’s infringement of Eastern Point’s Collective Intellectual Property.

    Town Attorney Alexa Rolin of Copenhaver, Kitchen, and Kolpitcke is quoted in the March 6, 2025, Lovell Chronicle article (https://www.lovellchronicle.com/content/town-lovell-terminates-qsf-agreement-colorado-bank) as saying, “‘The town is no longer working with Flatirons in any capacity,’ she said. ‘The agreement is terminated.’” The same Chronicle article further stated, “In a follow-up interview on March 3, Rolin explained that the vote on the settlement agreement the previous week had the effect of an immediate termination of the QSF relationship with Flatirons Bank.”

    Sam Kott, Vice President and Corporate Counsel, commented, “Eastern Point invested heavily in its pioneering intellectual property and leads the Qualified Settlement Fund industry in innovation and proprietary process development. We are grateful to the Town of Lovell’s leadership for quickly resolving the matter and ceasing all associated activities.” Additionally, Mr. Kott noted, “Without exception, Eastern Point will vigorously defend its property rights and pursue all infringements to the fullest extent of the law, which provides relief and enforcement through both civil and contractual rights avenues.”

    In related comments, Edward “Ned” Armand, CEO and chairman of Eastern Point, observed, “Federal and state laws prohibit the misappropriation of trade secrets, industrial espionage, and related infringement activity. Eastern Point will, in every instance, enforce its rights using all available avenues and tools against all infringing parties.’ He stated, “No ethical businessperson will justify misappropriating or otherwise converting another business’s trade secrets and IP property as an allowable or defensible action.”

    For more information, please contact Sam Kott, as shown below.

    About Coal Creek Law

    Coal Creek Law (Evans, Bush, Coppede & Wilkens) is an experienced Rocky Mountain and Great Plains law firm in Cheyenne, Wyoming. It provides legal counsel in Wyoming, Colorado, and Nebraska. Coal Creek strives to provide results-oriented and value-driven legal support to individuals and businesses.

    About Eastern Point Trust Company

    Eastern Point Trust Company is a leading innovative trust and trust administration service provider that delivers personalized solutions for attorneys, individuals, families, and institutions. With a steadfast commitment to excellence and integrity, Eastern Point Trust Company offers a comprehensive range of trust-based and ministerial solutions. Moreover, it continues to lead the way in the trust and settlement administration industry, focusing on innovation, speed, and customer satisfaction. Eastern Point Trust Company is committed to delivering cutting-edge solutions that empower the Qualified Settlement Fund Administration and settlement industry to achieve its goals.

    Contact: 

    Sam Kott
    Phone: 855-222-7513 (#217)
    Email: SamKott@easternpointservices.com
    Website: www.easternpointtrust.com

    Disclaimer: The information in this press release is for informational purposes only. It does not constitute legal or investment advice, nor is it an offer to sell or a solicitation to purchase a security or service in any jurisdiction.

    The MIL Network –

  • MIL-OSI: Blackford Capital Announces Hiring of Rick Lopez as Managing Director

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., March 19, 2025 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading private equity firm focused on investing in lower middle-market businesses, is pleased to announce the appointment of Rick Lopez as Managing Director. With over 25 years of experience in finance, investment banking, and private equity investing, Rick brings a wealth of expertise to the firm.

    In his new role, Rick will primarily oversee Blackford Capital’s fundraising efforts, while also contributing to transaction sourcing, investment analysis, portfolio construction and management, deal financing, and internal operations. He will be based in the firm’s Chicago office.

    “We are thrilled to welcome Rick to the Blackford Capital team,” said Martin Stein, Founder and Managing Director of Blackford Capital. “Rick’s extensive background in capital raising, deal structuring, and his deep understanding of both investment banking and private equity make him an ideal fit to help guide the firm through its next phase of growth.”

    Prior to joining Blackford Capital, Rick was a Partner and Co-Founder at Rush Street Capital, a middle-market investment bank specializing in capital raising for private equity firms and their portfolio companies. In this capacity, he led the capital markets group and was responsible for deal sourcing, execution, sponsor and capital provider relationship management, and deal structuring and negotiation. Rick co-managed six deal professionals and over a dozen interns in his time at Rush Street. Additionally, Rick worked closely with Rush Street’s investment arm assisting with deal sourcing, fundraising, diligence, the closing process, portfolio management, and served on the boards of the two portfolio companies. While at Rush Street Capital, Rick was involved with 93 total successful middle market raises totaling over $1.4 billion in capital commitments.

    Jeff Johnson, Managing Director of Blackford Capital, noted that, “Rick’s direct working experience with our team and our portfolio gives him a level of familiarity with Blackford Capital that has allowed him to be extremely effective since joining us.” Rick assisted Blackford Capital as an advisor while at Rush Street between 2016 and 2024. During that period, Rick successfully completed 18 different mandates for Blackford Capital raising over $367 million in capital. Rick completed raises for six of Blackford Capital’s current seven portfolio companies, including the initial platform investments for Helio Outdoors, Outova, PACIV, Security Fire Systems, and Design Environments. Rick also assisted with capital raises for key add-on acquisitions, such as Empire Distributing for Outova and Mortech Manufacturing for the recently exited Mopec investment.

    Rick’s extensive career also includes over 15 years at major financial institutions, including Chase Bank, LaSalle Bank, BMO, and Huntington Bank, where he gained valuable experience in retail banking and corporate bond units as well as commercial lending.

    Beyond his professional accomplishments, Rick is an active member of the business community, serving on several boards. He is also a board member and treasurer of the Kellogg Alumni Club of Chicago-Western Suburbs and actively participates in ACG Chicago’s Private Equity and M&A Committee.

    Rick earned his bachelor’s degree in business management from the University of Illinois at Chicago and his MBA from Northwestern University’s Kellogg School of Management. Outside of work, Rick enjoys family time, early morning F3 Naperville bootcamps, and spending time at Wrigley Field.

    “I am excited to join Blackford Capital and look forward to working with the team to help drive the firm’s mission of creating value for our investors and portfolio companies,” said Rick Lopez. “The firm’s strong track record and commitment to supporting industrial businesses in the lower middle-market space present great opportunities for growth, and I am eager to contribute to its continued success and lead our Chicago office.”

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

    Media Contact:
    Lambert by LLYC
    Jennifer Hurson
    (845) 729-3100
    jhurson@lambert.com

    Jackson Lin
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ba3b42a-a7d3-4c04-b62c-c1101dae6ee8

    The MIL Network –

  • MIL-OSI: GDS Holdings Limited Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 19, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

    DayOne Data Centers Limited (“DayOne”), previously known as GDS International or GDSI, completed and closed its Series B equity raise on December 31, 2024. At closing, GDS’s equity interest in DayOne was diluted from 52.7% to 35.6%. Accordingly, GDS deconsolidated DayOne as a subsidiary and recognized DayOne as an equity investee. In the consolidated financial statements for the quarter and year ended December 31, 2024, DayOne’s operational results and cash flows have been excluded from the Company’s financial results from continuing operations and have been separately itemized under discontinued operations. Retrospective adjustments to the historical statements of operations and cash flows have also been made to provide a consistent basis of comparison for the financial results. Furthermore, retrospective adjustments were made to categorize and label DayOne’s assets and liabilities as “assets or liabilities of discontinued operations” on balance sheets for the comparative periods. Additionally, DayOne’s operating metrics have also been excluded from the Company’s operating metrics and have been separately itemized under discontinued operations.

    Fourth Quarter 2024 Financial Highlights For Continuing Operations

    • Net revenue increased by 9.1% year-over-year (“Y-o-Y”) to RMB2,690.7 million (US$368.6 million) in the fourth quarter of 2024 (4Q2023: RMB2,465.3 million).
    • Net loss from continuing operations was RMB173.4 million (US$23.8 million) in the fourth quarter of 2024 (4Q2023: RMB3,074.6 million).
    • Adjusted EBITDA (non-GAAP) increased by 13.9% Y-o-Y to RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024 (4Q2023: RMB1,139.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
    • Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024 (4Q2023: 46.2%).

    Full Year 2024 Financial Highlights For Continuing Operations

    • Net revenue increased by 5.5% Y-o-Y to RMB10,322.1 million (US$1,414.1 million) in 2024 (2023: RMB9,782.4 million).
    • Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024 (2023: RMB3,926.0 million).
    • Adjusted EBITDA (non-GAAP) increased by 3.0% Y-o-Y to RMB4,876.4 million (US$668.1 million) in 2024 (2023: RMB4,733.0 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
    • Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024 (2023: 48.4%).

    Fourth Quarter and Full Year 2024 Operating Highlights For Continuing Operations

    • Total area committed and pre-committed increased by 1.8% Y-o-Y to 629,997 sqm as of December 31, 2024 (December 31, 2023: 618,942 sqm).
    • Area utilized increased by 11.8% Y-o-Y to 453,094 sqm as of December 31, 2024 (December 31, 2023: 405,302 sqm).
    • Utilization rate for area in service was 73.8% as of December 31, 2024 (December 31, 2023: 73.9%).

    “In 2024, we executed our business strategy in a disciplined way,” stated Mr. William Huang, Chairman and CEO of GDS. “We focused on backlog delivery while being selective on new commitments. At the same time, we made significant progress with our asset monetisation program with first ever data center ABS issue in China. Looking forward, we are well positioned strategically and financially to capture new business opportunities arising from AI.”

    Fourth Quarter 2024 Financial Results For Continuing Operations

    Net revenue in the fourth quarter of 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase over the same period last year of RMB2,465.3 million. The Y-o-Y increase was mainly due to continued ramp-up of our data centers.

    Cost of revenue in the fourth quarter of 2024 was RMB2,112.5 million (US$289.4 million), a 3.9% increase over the same period last year of RMB2,032.4 million. The Y-o-Y increase was in line with the continued growth of our business.

    Gross profit was RMB578.1 million (US$79.2 million) in the fourth quarter of 2024, a 33.5% increase over the same period last year of RMB432.9 million.

    Gross profit margin was 21.5% in the fourth quarter of 2024, compared with 17.6% in the same period last year. The Y-o-Y increase was mainly due to a lower level of depreciation and amortization costs as percentage of net revenue as the data centers continue to ramp up.

    Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,396.7 million (US$191.3 million) in the fourth quarter of 2024, an 11.8% increase over the same period last year of RMB1,249.3 million. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

    Adjusted GP margin (non-GAAP) was 51.9% in the fourth quarter of 2024, compared with 50.7% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue.

    Selling and marketing expenses, excluding share-based compensation expenses of RMB6.9 million (US$0.9 million), were RMB23.7 million (US$3.2 million) in the fourth quarter of 2024, a 4.1% decrease over the same period last year of RMB24.7 million (excluding share-based compensation of RMB9.3 million). The Y-o-Y decrease was mainly due to less marketing activities.

    General and administrative expenses, excluding share-based compensation expenses of RMB55.9 million (US$7.7 million), depreciation and amortization expenses of RMB79.0 million (US$10.8 million) and operating lease cost relating to prepaid land use rights of RMB15.6 million (US$2.1 million), were RMB108.5 million (US$14.9 million) in the fourth quarter of 2024, a 3.3% increase over the same period last year of RMB105.1 million (excluding share-based compensation expenses of RMB35.8 million, depreciation and amortization expenses of RMB88.9 million and operating lease cost relating to prepaid land use rights of RMB16.6 million). The Y-o-Y increase was due to an increase in corporate activities as business continues to grow.

    Research and development costs were RMB6.9 million (US$0.9 million) in the fourth quarter of 2024, compared with RMB12.8 million in the same period last year.

    Impairment losses of long-lived assets was zero in the fourth quarter of 2024, compared with RMB3,013.4 million in the same period last year.

    Net interest expenses for the fourth quarter of 2024 were RMB458.7 million (US$62.8 million), a 1.8% increase over the same period last year of RMB450.7 million. The Y-o-Y increase was mainly due to a higher level of total borrowings.

    Foreign currency exchange gain for the fourth quarter of 2024 was RMB8.1 million (US$1.1 million), compared with a loss of RMB6.0 million in the same period last year.

    Others, net for the fourth quarter of 2024 was RMB29.7 million (US$4.1 million), compared with RMB30.3 million in the same period last year.

    Income tax expenses for the fourth quarter of 2024 were RMB34.1 million (US$4.7 million), compared with income tax benefits of RMB225.3 million in the same period last year.

    Net loss from continuing operations in the fourth quarter of 2024 was RMB173.4 million (US$23.8 million), compared with RMB3,074.6 million in the same period last year.

    Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets. Adjusted EBITDA was RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024, a 13.9% increase over the same period last year of RMB1,139.2 million.

    Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024, compared with 46.2% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue and a decrease in corporate expenses as percentage of net revenue.

    Full Year 2024 Financial Results For Continuing Operations

    Net revenue in 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023, or a 6.3% increase excluding previously disclosed one-time items in 2023.

    Cost of revenue in 2024 was RMB8,099.4 million (US$1,109.6 million), a 3.4% increase from RMB7,831.2 million in 2023.

    Gross profit was RMB2,222.6 million (US$304.5 million) in 2024, a 13.9% increase from RMB1,951.2 million in 2023. Gross profit margin was 21.5% in 2024, compared with 19.9% in 2023.

    Selling and marketing expenses, excluding share-based compensation expenses of RMB25.0 million (US$3.4 million), were RMB91.4 million (US$12.5 million) in 2024, a 5.9% decrease from RMB97.1 million (excluding share-based compensation of RMB43.8 million) in 2023.

    General and administrative expenses, excluding share-based compensation expenses of RMB165.6 million (US$22.7 million), depreciation and amortization expenses of RMB291.7 million (US$40.0 million) and operating lease cost relating to prepaid land use rights of RMB65.3 million (US$8.9 million), were RMB395.3 million (US$54.2 million) in 2024, a 13.9% increase from RMB347.1 million (excluding share-based compensation expenses of RMB162.9 million, depreciation and amortization expenses of RMB387.8 million and operating lease cost relating to prepaid land use rights of RMB68.2 million) in 2023.

    Research and development costs were RMB36.3 million (US$5.0 million) in 2024, compared with RMB38.2 million in 2023.

    Impairment losses of long-lived assets was zero in 2024, compared with RMB3,013.4 million in 2023.

    Net interest expenses were RMB1,834.9 million (US$251.4 million) in 2024, a 0.4% decrease from RMB1,842.5 million in 2023.

    Others, net was RMB49.1 million (US$6.7 million) in 2024, compared with RMB109.7 million in 2023.

    Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024, compared with RMB3,926.0 million in 2023.

    Adjusted EBITDA (non-GAAP) was RMB4,876.4 million (US$668.1 million) in 2024, a 3.0% increase from RMB4,733.0 million in 2023, or a 5.1% increase excluding previously disclosed one-time items in 2023.

    Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024, compared with 48.4% in 2023, or 47.8% excluding previously disclosed one-time items in 2023.

    Fourth Quarter and Full Year 2024 Financial Results for Discontinued Operations

    Net revenue was RMB443.4 million (US$60.7 million) in the fourth quarter of 2024, a 331.1% increase from RMB102.9 million in the same period last year. For the full year 2024, net revenue was RMB1,262.1 million (US$172.9 million), a 618.2% increase from RMB175.7 million in 2023.

    Loss from operations of discontinued operations, net of income taxes in the fourth quarter of 2024 was RMB190.5 million (US$26.1 million), compared with RMB90.0 million in the same period last year. Loss from operations of discontinued operations, net of income taxes in 2024 was RMB400.8 million (US$54.9 million), compared with RMB359.4 million in 2023.

    Adjusted EBITDA (non-GAAP) for discontinued operations is defined as loss from operations of discontinued operations, net of income taxes excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs. Adjusted EBITDA (non-GAAP) was RMB109.7 million (US$15.0 million) in the fourth quarter of 2024, compared with RMB3.8 million in the same period last year. For the full year 2024, Adjusted EBITDA (non-GAAP) was RMB332.3 million (US$45.5 million), compared with negative RMB98.5 million in 2023.

    Adjusted EBITDA margin (non-GAAP) was 24.7% in the fourth quarter of 2024, compared with 3.7% in the same period last year. For the full year 2024, adjusted EBITDA margin (non-GAAP) was 26.3% compared with negative 56.1% in 2023.

    Gain on Deconsolidation of Subsidiaries

    Gain on deconsolidation of subsidiaries in the fourth quarter of 2024 and full year of 2024 was RMB4,475.5 million (US$613.1 million), arising from the difference between the aggregate of the fair value of retained non-controlling equity interest and the carrying amount of equity interest owned by other investors in former subsidiaries at the date of deconsolidation, and the carrying amount of the deconsolidated subsidiaries’ assets and liabilities.

    Net Income

    Net income in the fourth quarter of 2024 was RMB4,111.6 million (US$563.3 million), compared with a net loss of RMB3,164.6 million in the same period last year.

    Net income was RMB3,303.8 million (US$452.6 million) in 2024, compared with a net loss of RMB4,285.4 million in 2023.

    Basic and diluted income per ordinary share in the fourth quarter of 2024 was RMB2.81 (US$0.39), compared with loss of RMB2.16 in the same period last year.

    Basic and diluted income per American Depositary Share (“ADS”) in the fourth quarter of 2024 was RMB22.51 (US$3.08), compared with loss of RMB17.30 in the same period last year.

    Basic and diluted income per ordinary share was RMB2.29 (US$0.31) in 2024, compared with loss of RMB2.96 in 2023.

    Basic and diluted income per ADS was RMB18.28 (US$2.50) in 2024, compared with loss of RMB23.67 in 2023.

    Liquidity for GDS Excluding DayOne

    GDS deconsolidated DayOne as a subsidiary on December 31, 2024. As a result, the following financial information excludes DayOne’s assets and liabilities.

    As of December 31, 2024, cash was RMB7,867.7 million (US$1,077.9 million).

    Total short-term debt was RMB4,978.4 million (US$682.0 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB4,341.6 million (US$594.8 million), the current portion of convertible bonds payable of RMB575 thousand (US$79 thousand) and the current portion of finance lease and other financing obligations of RMB636.2 million (US$87.2 million). Total long-term debt was RMB38,084.2 million (US$5,217.5 million), comprised of long-term borrowings (excluding current portion) of RMB21,906.0 million (US$3,001.1 million), the non-current portion of convertible bonds payable of RMB8,576.6 million (US$1,175.0 million) and the non-current portion of finance lease and other financing obligations of RMB7,601.7 million (US$1,041.4 million).

    During the fourth quarter of 2024, the Company obtained new debt financing and refinancing facilities of RMB960.0 million (US$131.5 million) for continuing operations.

    During the full year of 2024, the Company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations.

    Liquidity For DayOne

    As of December 31, 2024, upon deconsolidation, cash was RMB9,930.9 million (US$1,360.5 million). Total gross debt, including borrowings and finance lease and other financing obligations, was RMB10,417.6 million (US$1,427.2 million).

    Fourth Quarter and Full Year 2024 Operating Results For Continuing Operations

    Sales

    Total area committed and pre-committed at the end of the fourth quarter of 2024 was 629,997 sqm, compared with 618,942 sqm at the end of the fourth quarter of 2023 and 626,783 sqm at the end of the third quarter of 2024, an increase of 1.8% Y-o-Y and 0.5% quarter-over-quarter (“Q-o-Q”), respectively. In the fourth quarter of 2024, gross additional total area committed was 9,387 sqm, mainly contributed by data centers in Shanghai. Net additional total area committed was 3,214 sqm. In the full year of 2024, gross additional total area committed was 49,452 sqm, and net additional total area committed was 11,055 sqm.

    Data Center Resources

    Area in service at the end of the fourth quarter of 2024 was 613,583 sqm, compared with 548,352 sqm at the end of the fourth quarter of 2023 and 595,606 sqm at the end of the third quarter of 2024, an increase of 11.9% Y-o-Y and 3.0% Q-o-Q. In the fourth quarter of 2024, net additional area in service for China was 17,977 sqm, mainly from data centers in Changshu, Langfang and Huizhou.

    Area under construction at the end of the fourth quarter of 2024 was 102,691 sqm, compared with 151,602 sqm at the end of the fourth quarter of 2023 and 120,422 sqm at the end of the third quarter of 2024, a decrease of 32.3% Y-o-Y and 14.7% Q-o-Q, respectively.

    Commitment rate for area in service was 91.9% at the end of the fourth quarter of 2024, compared with 92.5% at the end of the fourth quarter of 2023 and 92.1% at the end of the third quarter of 2024. Pre-commitment rate for area under construction was 64.1% at the end of the fourth quarter of 2024, compared with 73.8% at the end of the fourth quarter of 2023 and 65.1% at the end of the third quarter of 2024.

    Move-In

    Area utilized at the end of the fourth quarter of 2024 was 453,094 sqm, compared with 405,302 sqm at the end of the fourth quarter of 2023 and 438,654 sqm at the end of the third quarter of 2024, an increase of 11.8% Y-o-Y and 3.3% Q-o-Q. In the fourth quarter of 2024, gross additional area utilized was 16,390 sqm, mainly contributed by data centers in Langfang, Huizhou and Shanghai. Net additional area utilized was 14,440 sqm. In the full year of 2024, gross additional area utilized was 79,431 sqm, and net additional area utilized was 47,792 sqm.

    Utilization rate for area in service was 73.8% at the end of the fourth quarter of 2024, compared with 73.9% at the end of the fourth quarter of 2023 and 73.6% at the end of the third quarter of 2024.

    Fourth Quarter and Full Year 2024 Operating Results for Discontinued Operations

    Total power committed was 469 MW as of December 31, 2024, an increase from 433 MW as of September 30, 2024. The contribution was mainly from the two sites in Johor, Malaysia.

    Power Capacity in Service was 132 MW as of December 31, 2024, compared to 131 MW as of September 30, 2024. Power Capacity Under Construction was 369 MW as of December 31, 2024, an increase from 320 MW as of September 30, 2024. This increase was primarily driven by the progress of two new data centers under construction in Johor sites.

    Power utilized was 123 MW as of December 31, 2024, an increase from 105 MW as of September 30, 2024. Utilization Rate was 93.6% as of December 31, 2024.

    Recent Development

    Reference is made to the Company’s press release on March 10, 2025 where it announced that it has entered into definitive agreements to monetize, on a net basis, a 70% equity interest in certain of its data centers, at an implied enterprise value (“EV”) to EBITDA multiple of around 13 times. In such transaction, GDS is selling a 100% equity interest in certain data center project companies to a purchaser which is special purpose vehicle involving the issue of an Asset Backed Security (“ABS”). The ABS is 70% subscribed by top tier institutional investors in China, led by China Life Insurance Company Limited (“China Life”), whilst GDS subscribes for the remaining 30% and retains the rights for on-going operation of the underlying data centers. The ABS will be registered on the Shanghai Stock Exchange as a privately-held standardized security product. The ABS is specifically designed to facilitate an eventual injection into a public REIT vehicle (commonly referred to as “C-REIT”) for public offering and listing in the future, when certain qualification requirements under the ABS scheme are satisfied. Notwithstanding the above, such potential injection remains subject to, among other things, the satisfaction of relevant regulatory and disclosure requirements (including but not limited to the Hong Kong Listing Rules requirement on spin-off listing) and there is currently no concrete or definitive plan in this regard.

    Business Outlook For Continuing Operations

    For the full year of 2025, the Company expects its total revenues to be between RMB11,290 million to RMB11,590 million, implying a year-on-year increase of between approximately 9.4% to 12.3%; and its Adjusted EBITDA to be between RMB5,190 million to RMB5,390 million, implying a year-on-year increase of between approximately 6.4% to 10.5%. In addition, the Company expects capex to be around RMB4,300 million for the full year of 2025.

    This forecast assumes completion of the ABS transaction and deconsolidation of the underlying data center project companies. However, the gain on sale is not included in Adjusted EBITDA.

    This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.

    Conference Call

    Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on March 19, 2025 (8:00 p.m. Beijing Time on March 19, 2025) to discuss financial results and answer questions from investors and analysts.

    Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BI4cc739e1f3c748ffa22f7df4125e5079

    A live and archived webcast of the conference call will be available on the Company’s investor relations website at investors.gds-services.com.

    Non-GAAP Disclosure

    Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance, whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.

    We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.

    We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets, each of which have been and may continue to be incurred in our business.

    We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook For Continuing Operations” set forth in this press release.

    For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

    Exchange Rate

    This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all.

    Statement Regarding Preliminary Unaudited Financial Information

    The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

    About GDS Holdings Limited

    GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    GDS Holdings Limited
    Laura Chen
    Phone: +86 (21) 2029-2203
    Email: ir@gds-services.com

    Piacente Financial Communications
    Ross Warner
    Phone: +86 (10) 6508-0677
    Email: GDS@tpg-ir.com

    Brandi Piacente
    Phone: +1 (212) 481-2050
    Email: GDS@tpg-ir.com

    GDS Holdings Limited

    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
        As of December 31, 2023 As of December 31, 2024
        RMB RMB US$
             
      Assets      
    Current assets      
      Cash 7,354,809   7,867,659   1,077,865  
      Accounts receivable, net of allowance for credit losses 2,493,059   3,021,956   414,006  
      Value-added-tax (“VAT”) recoverable 214,385   240,506   32,949  
      Prepaid expenses and other current assets 483,833   482,950   66,164  
      Current assets of discontinued operations 437,567   0   0  
      Total current assets 10,983,653   11,613,071   1,590,984  
             
    Non-current assets      
      Long-term investments in equity investees 7,298   7,544,555   1,033,600  
      Property and equipment, net 40,098,423   40,204,133   5,507,944  
      Prepaid land use rights, net 22,388   21,774   2,983  
      Operating lease right-of-use assets 5,310,723   5,193,408   711,494  
      Goodwill and intangible assets, net 6,574,669   6,367,493   872,343  
      Other non-current assets 2,538,542   2,704,194   370,473  
      Non-current assets of discontinued operations 8,910,994   0   0  
      Total non-current assets 63,463,037   62,035,557   8,498,837  
      Total assets 74,446,690   73,648,628   10,089,821  
             
      Liabilities, Mezzanine Equity and Equity      
    Current liabilities      
      Short-term borrowings and current portion of long-term borrowings 2,582,350   4,341,649   594,803  
      Convertible bonds payable, current 0   575   79  
      Accounts payable 2,749,896   2,593,305   355,281  
      Accrued expenses and other payables 1,265,259   1,389,072   190,302  
      Operating lease liabilities, current 132,811   117,345   16,076  
      Finance lease and other financing obligations, current 547,847   636,152   87,152  
      Current liabilities of discontinued operations 1,027,313   0   0  
      Total current liabilities 8,305,476   9,078,098   1,243,693  
             
    Non-current liabilities      
      Long-term borrowings, excluding current portion 23,088,055   21,905,985   3,001,108  
      Convertible bonds payable, non-current 8,434,766   8,576,583   1,174,987  
      Operating lease liabilities, non-current 1,344,264   1,279,726   175,322  
      Finance lease and other financing obligations, non-current 7,894,185   7,601,651   1,041,422  
      Other long-term liabilities 1,586,012   1,537,952   210,699  
      Non-current liabilities of discontinued operations 3,670,129   0   0  
      Total non-current liabilities 46,017,411   40,901,897   5,603,538  
      Total liabilities 54,322,887   49,979,995   6,847,231  
             
    Mezzanine equity      
      Redeemable preferred shares 1,064,766   1,080,656   148,049  
      Total mezzanine equity 1,064,766   1,080,656   148,049  
             
    GDS Holdings Limited shareholders’ equity      
      Ordinary shares 516   527   72  
      Additional paid-in capital 29,337,095   29,596,268   4,054,672  
      Accumulated other comprehensive loss (974,393 ) (1,094,377 ) (149,929 )
      Accumulated deficit (9,469,758 ) (6,044,372 ) (828,075 )
      Total GDS Holdings Limited shareholders’ equity 18,893,460   22,458,046   3,076,740  
    Non-controlling interests 165,577   129,931   17,801  
      Total equity 19,059,037   22,587,977   3,094,541  
             
      Total liabilities, mezzanine equity and equity 74,446,690   73,648,628   10,089,821  
                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for number of shares and per share data)
     
        Three months ended   Year ended  
        December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
        RMB RMB RMB US$   RMB RMB US$
                       
    Net revenue                
    Service revenue 2,465,283   2,619,578   2,690,482   368,595     9,781,884   10,321,888   1,414,093  
    Equipment sales 0   0   180   25     564   180   25  
    Total net revenue 2,465,283   2,619,578   2,690,662   368,620     9,782,448   10,322,068   1,414,118  
    Cost of revenue (2,032,352 ) (2,061,995 ) (2,112,545 ) (289,417 )   (7,831,222 ) (8,099,439 ) (1,109,619 )
    Gross profit 432,931   557,583   578,117   79,203     1,951,226   2,222,629   304,499  
                       
    Operating expenses                
      Selling and marketing expenses (34,050 ) (32,356 ) (30,571 ) (4,188 )   (140,890 ) (116,440 ) (15,952 )
      General and administrative expenses (246,274 ) (211,392 ) (259,048 ) (35,490 )   (965,982 ) (917,877 ) (125,748 )
      Research and development expenses (12,800 ) (8,588 ) (6,862 ) (940 )   (38,159 ) (36,319 ) (4,976 )
      Impairment losses of long-lived assets (3,013,416 ) 0   0   0     (3,013,416 ) 0   0  
    (Loss) income from continuing operations (2,873,609 ) 305,247   281,636   38,585     (2,207,221 ) 1,151,993   157,823  
    Other income (expenses):              
      Net interest expenses (450,700 ) (463,327 ) (458,745 ) (62,848 )   (1,842,529 ) (1,834,851 ) (251,374 )
      Foreign currency exchange (loss) gain, net (5,991 ) 586   8,117   1,112     (1,573 ) 18,942   2,595  
      Others, net 30,347   5,001   29,727   4,072     109,729   49,057   6,721  
    Loss from continuing operations before income taxes (3,299,953 ) (152,493 ) (139,265 ) (19,079 )   (3,941,594 ) (614,859 ) (84,235 )
    Income tax benefits (expenses) 225,342   347   (34,144 ) (4,678 )   15,577   (156,053 ) (21,379 )
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
                       
    Discontinued operations                
      Loss from operations of discontinued operations, net of income taxes (90,033 ) (78,963 ) (190,491 ) (26,097 )   (359,376 ) (400,796 ) (54,909 )
      Gain on deconsolidation of subsidiaries 0   0   4,475,539   613,146     0   4,475,539   613,146  
    (Loss) income from discontinued operations (90,033 ) (78,963 ) 4,285,048   587,049     (359,376 ) 4,074,743   558,237  
                       
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
                       
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
    Net income from continuing operations attributable to non-controlling interests (1,676 ) (1,755 ) (1,268 ) (174 )   (5,026 ) (6,209 ) (851 )
    Net loss from continuing operations attributable to GDS Holdings Limited shareholders (3,076,287 ) (153,901 ) (174,677 ) (23,931 )   (3,931,043 ) (777,121 ) (106,465 )
                       
    (Loss) income from discontinued operations (90,033 ) (78,963 ) 4,285,048   587,049     (359,376 ) 4,074,743   558,237  
    Net loss from discontinued operations attributable to non-controlling interests 366   5,092   3,373   462     366   7,317   1,003  
    Net loss from discontinued operations attributable to redeemable non-controlling interests 0   35,432   75,550   10,350     0   120,447   16,501  
    Net (loss) income from discontinued operations attributable to GDS Holdings Limited shareholders (89,667 ) (38,439 ) 4,363,971   597,861     (359,010 ) 4,202,507   575,741  
                       
    Net (loss) income attributable to GDS Holdings Limited shareholders (3,165,954 ) (192,340 ) 4,189,294   573,930     (4,290,053 ) 3,425,386   469,276  
    Cumulative dividend on redeemable preferred shares (13,679 ) (13,618 ) (13,679 ) (1,874 )   (53,625 ) (54,232 ) (7,430 )
    Net (loss) income available to GDS Holdings Limited ordinary shareholders (3,179,633 ) (205,958 ) 4,175,615   572,056     (4,343,678 ) 3,371,154   461,846  
                       
    (Loss) income per ordinary share              
    Basic and diluted (2.16 ) (0.14 ) 2.81   0.39     (2.96 ) 2.29   0.31  
                       
    Weighted average number of ordinary share outstanding              
    Basic and diluted 1,469,982,015   1,476,130,132   1,484,083,188   1,484,083,188     1,468,187,956   1,475,079,754   1,475,079,754  
                                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Foreign currency translation adjustments, net of nil tax 117,674   538,739   (391,639 ) (53,654 )   (125,118 ) 74,741   10,239  
    Defined benefit plan, net of nil tax 0   0   (41 ) (6 )   0   (41 ) (6 )
    Amounts reclassified from accumulated other comprehensive loss 0   0   (96,957 ) (13,283 )   0   (96,957 ) (13,283 )
    Comprehensive (loss) income (3,046,970 ) 307,630   3,623,002   496,349     (4,410,511 ) 3,281,574   449,573  
    Comprehensive (income) loss attributable to non-controlling interests (1,678 ) (5,287 ) 6,631   908     (5,575 ) (1,076 ) (147 )
    Comprehensive (income) loss attributable to redeemable non-controlling interests 0   (107,365 ) 126,721   17,361     0   24,904   3,412  
    Comprehensive (loss) income attributable to GDS Holdings Limited shareholders (3,048,648 ) 194,978   3,756,354   514,618     (4,416,086 ) 3,305,402   452,838  
                                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      Three months ended   Year ended
      December
    31, 2023    		 September
    30, 2024    		 December 31, 2024   December 31,
    2023    		 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Net loss (income) from discontinued operations 90,033   78,963   (4,285,048 ) (587,049 )   359,376   (4,074,743 ) (558,237 )
    Depreciation and amortization 865,485   803,535   865,896   118,627     3,368,474   3,243,004   444,290  
    Amortization of debt issuance cost and debt discount 34,010   33,467   18,290   2,506     140,625   110,724   15,169  
    Share-based compensation expense 80,765   61,194   82,965   11,366     336,616   296,487   40,619  
    Impairment losses of long-lived assets 3,013,416   0   0   0     3,013,416   0   0  
    Others (202,637 ) (63,810 ) (29,703 ) (4,069 )   (187,844 ) (115,941 ) (15,884 )
    Changes in operating assets and liabilities 326,171   (42,362 ) 315,821   43,267     (385,994 ) (543,700 ) (74,487 )
    Net cash provided by operating activities from continuing operations 1,042,599   639,878   1,079,860   147,940     2,359,276   2,219,662   304,093  
    Net cash (used in) provided by operating activities from discontinued operations (93,209 ) 1,636   (150,554 ) (20,626 )   (294,019 ) (281,297 ) (38,538 )
    Net cash provided by operating activities 949,390   641,514   929,306   127,314     2,065,257   1,938,365   265,555  
                     
    Purchase of property and equipment and land use rights (282,591 ) (788,123 ) (381,382 ) (52,249 )   (3,175,406 ) (2,965,384 ) (406,256 )
    (Payments) receipts related to acquisitions and investments (396,051 ) 0   27,000   3,699     (1,339,639 ) 1,125,023   154,128  
    Net cash used in investing activities from continuing operations (678,642 ) (788,123 ) (354,382 ) (48,550 )   (4,515,045 ) (1,840,361 ) (252,128 )
    Net cash used in investing activities from discontinued operations (784,990 ) (2,110,682 ) (3,011,040 ) (412,511 )   (2,827,863 ) (6,920,177 ) (948,060 )
    Net cash used in investing activities (1,463,632 ) (2,898,805 ) (3,365,422 ) (461,061 )   (7,342,908 ) (8,760,538 ) (1,200,188 )
                     
    Net cash (used in) provided by financing activities from continuing operations (271,778 ) (392,325 ) (612,447 ) (83,905 )   1,266,936   174,295   23,878  
    Net cash provided by financing activities from discontinued operations 958,799   2,334,112   11,441,448   1,567,472     2,892,824   16,883,042   2,312,967  
    Net cash provided by financing activities 687,021   1,941,787   10,829,001   1,483,567     4,159,760   17,057,337   2,336,845  
    Effect of exchange rate changes on cash and restricted cash 4,705   (28,109 ) (6,457 ) (885 )   154,302   (13,592 ) (1,862 )
                     
    Net increase (decrease) of cash and restricted cash 177,484   (343,613 ) 8,386,428   1,148,935     (963,589 ) 10,221,572   1,400,350  
    Cash and restricted cash at beginning of period 7,740,395   10,096,689   9,753,076   1,336,166     8,882,066   7,917,932   1,084,752  
    Reclassification as assets of disposal group classified as held for sale 53   0   0   0     (545 ) 0   0  
    Cash and restricted cash at end of period 7,917,932   9,753,076   18,139,504   2,485,101     7,917,932   18,139,504   2,485,102  
    Less: Cash and restricted cash of discontinued operations at end of period or deconsolidation date (420,610 ) (1,760,719 ) (10,045,974 ) (1,376,293 )   (420,610 ) (10,045,974 ) (1,376,293 )
    Cash and restricted cash of continuing operations at end of period 7,497,322   7,992,357   8,093,530   1,108,808     7,497,322   8,093,530   1,108,809  
                                   
    GDS HOLDINGS LIMITED
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31,
    2023    		 September 30,
    2024    		 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Gross profit 432,931   557,583   578,117   79,203     1,951,226   2,222,629   304,499  
    Depreciation and amortization 775,122   731,630   786,869   107,801     2,974,546   2,947,444   403,798  
    Operating lease cost relating to prepaid land use rights 10,615   11,536   11,996   1,643     38,792   44,872   6,147  
    Accretion expenses for asset retirement costs 1,588   1,730   1,709   234     6,599   6,827   935  
    Share-based compensation expenses 29,066   20,549   18,002   2,466     116,467   92,402   12,659  
    Adjusted GP 1,249,322   1,323,028   1,396,693   191,347     5,087,630   5,314,174   728,038  
    Adjusted GP margin 50.7%   50.5%   51.9%   51.9%     52.0%   51.5%   51.5%  
                                   
    GDS HOLDINGS LIMITED
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Loss (income) from discontinued operations 90,033   78,963   (4,285,048 ) (587,049 )   359,376   (4,074,743 ) (558,237 )
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
    Net interest expenses 450,700   463,327   458,745   62,848     1,842,529   1,834,851   251,374  
    Income tax (benefits) expenses (225,342 ) (347 ) 34,144   4,678     (15,577 ) 156,053   21,379  
    Depreciation and amortization 865,485   803,535   865,896   118,627     3,368,474   3,243,004   444,290  
    Operating lease cost relating to prepaid land use rights 27,199   27,602   27,609   3,782     106,964   110,126   15,087  
    Accretion expenses for asset retirement costs 1,588   1,730   1,709   234     6,599   6,827   935  
    Share-based compensation expenses 80,765   61,194   82,965   11,366     336,616   296,487   40,619  
    Impairment losses of long-lived assets 3,013,416   0   0   0     3,013,416   0   0  
    Adjusted EBITDA 1,139,200   1,204,895   1,297,659   177,778     4,733,004   4,876,436   668,070  
    Adjusted EBITDA margin 46.2%   46.0%   48.2%   48.2%     48.4%   47.2%   47.2%  
    Additional Information for Discontinued Operations
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      As of December
    31, 2023    		 As of December 31, 2024
      RMB RMB US$
    Property and equipment, net 7,401,071 16,646,191 2,280,519
    Cash 355,902 9,930,915 1,360,530
    Gross debt 5,169,734 (1) 10,417,647 1,427,212

    Note:

    1. Including amounts due to GDSH.
    Additional Information for Discontinued Operations Cont’d
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net revenue 102,853   363,209   443,413   60,747     175,737   1,262,063   172,902  
    Cost of revenue (90,862)   (252,211)   (290,131)   (39,748)     (194,570)   (859,254)   (117,717)  
    Operating expenses (66,214)   (88,776)   (150,543)   (20,624)     (233,249)   (400,336)   (54,846)  
    (Loss) income from operations (54,223)   22,222   2,739   375     (252,082)   2,473   339  
    Other expenses, net (35,020)   (110,846)   (126,457)   (17,324)     (106,494)   (346,145)   (47,422)  
    Loss from operations of discontinued operations before income taxes (89,243)   (88,624)   (123,718)   (16,949)     (358,576)   (343,672)   (47,083)  
    Income tax (expenses) benefits (790)   9,661   (66,773)   (9,148)     (800)   (57,124)   (7,826)  
    Loss from operations of discontinued operations, net of income taxes (90,033)   (78,963)   (190,491)   (26,097)     (359,376)   (400,796)   (54,909)  
    Net interest expenses 42,060   76,069   102,991   14,110     107,286   280,652   38,449  
    Income tax expenses (benefits) 790   (9,661)   66,773   9,148     800   57,124   7,826  
    Depreciation and amortization 50,650   107,739   128,662   17,627     151,271   393,735   53,941  
    Operating lease cost relating to prepaid land use rights 295   0   1,778   244     1,290   1,782   244  
    Accretion expenses for asset retirement costs 52   0   (1)   0     206   (211)   (29)  
    Adjusted EBITDA 3,814   95,184   109,712   15,032     (98,523)   332,286   45,522  
    Adjusted EBITDA margin 3.7%   26.2%   24.7%   24.7%     (56.1)%   26.3%   26.3%  
                     
    Net cash (used in) provided by operating activities (93,209)   1,636   (150,554)   (20,626)     (294,019)   (281,297)   (38,538)  
    Net cash used in investing activities (784,990)   (2,110,682)   (3,011,040)   (412,511)     (2,827,863)   (6,920,177)   (948,060)  
    Net cash provided by financing activities 958,799   2,334,112   11,441,448   1,567,472     2,892,824   16,883,042   2,312,967  
                                   

    The MIL Network –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on CRSH (100.59%), ULTY (79.43%), TSLY (76.84%), LFGY (66.79%), SNOY (63.58%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution
    per Share    		 Distribution Rate2,4 30-Day 
    SEC Yield3    		 ROC5 Ex-Date &
    Record Date    		 Payment
    Date
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2640 33.60% 0.00% 0.00% 3/20/2025 3/21/2025
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4723 66.79% 0.00% 53.27% 3/20/2025 3/21/2025
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly $0.3124 – – 47.65% 3/20/2025 3/21/2025
    RDTY YieldMax™ R2000 0DTE Covered
    Call ETF    		 Weekly $0.3193 – – 0.00% 3/20/2025 3/21/2025
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.3175 – – 100.00% 3/20/2025 3/21/2025
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0977 79.43% 0.00% 100.00% 3/20/2025 3/21/2025
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.0850 29.28% 61.87% 24.87% 3/20/2025 3/21/2025
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1526 57.05% 85.03% 43.60% 3/20/2025 3/21/2025
    CRSH  YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.6458 100.59% 3.00% 98.10% 3/20/2025 3/21/2025
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $0.6925 25.57% 122.88% 0.00% 3/20/2025 3/21/2025
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $0.7092 25.90% 67.34% 0.00% 3/20/2025 3/21/2025
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3284 33.98% 4.12% 0.00% 3/20/2025 3/21/2025
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.3210 51.60% 3.25% 71.26% 3/20/2025 3/21/2025
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.8119 63.58% 2.45% 0.00% 3/20/2025 3/21/2025
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.4638 76.84% 4.69% 94.16% 3/20/2025 3/21/2025
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.5772 47.98% 3.59% 93.02% 3/20/2025 3/21/2025
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.2950 26.06% 3.38% 77.73% 3/20/2025 3/21/2025
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.4357 56.11% 1.61% 97.70% 3/20/2025 3/21/2025
    Weekly Payers & Group B ETFs scheduled for next week: GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX BABO DIPS FBY GDXY JPMO MARO MRNY NVDY PLTY
     

    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed.  The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs.  In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1   All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

    2   The Distribution Rate shown is as of close on March 18, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3  The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended February 28, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4  Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5 ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here.  For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For RDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. 

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. 

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.  Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. 

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. 

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. 

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: InitVerse 2nd Anniversary Celebration — Full Breakdown of 500,000 $INI, Limited NFTs, and Exclusive Benefits

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, March 19, 2025 (GLOBE NEWSWIRE) — InitVerse, the next-generation Web3 SaaS platform, has rapidly expanded its footprint across nine countries, including Japan, Vietnam, France, Eastern Europe, the Middle East, Turkey, the Philippines, Indonesia, and Thailand. With over 20 localized Telegram and Discord communities, InitVerse now boasts a global user base exceeding 400,000 users.

    On March 17th, InitVerse celebrates its 2nd anniversary, marking an exciting Web3 carnival where technology, profitability, and exclusivity converge. To express gratitude to the global community, InitVerse is generously distributing 500,000 $INI tokens through various activities, including NFT minting, on-chain tasks, staking and mining, and community KOL recruitment. Each activity incorporates limited-edition elements and high-reward mechanisms, creating a thrilling event that blends innovation with financial rewards.

    This article will dive deep into the anniversary celebration, focusing on technological empowerment, revenue strategies, and effective participation methods, helping you seize this golden opportunity to achieve high returns at zero cost.

    Tech at the Core: How INIChain Redefines Blockchain with Privacy Computing and Dynamic Block Partitioning

    From its inception to the upcoming 2025 mainnet launch, INIChain has established a foundational privacy computing infrastructure. Coupled with the InitVerse SaaS platform, which provides streamlined developer tools, the ecosystem covers the entire lifecycle of blockchain application development—from core privacy infrastructure to rapid dApp deployment. Together, INIChain and InitVerse have built a comprehensive ecosystem catering to miners, developers, and blockchain builders. At the core of this vibrant InitVerse ecosystem lies INIChain’s innovative technology, transforming traditional Proof-of-Work (PoW) from an “energy-intensive competition” into a collaborative privacy-computing infrastructure. The recent 2nd-anniversary event prominently showcased these groundbreaking technical capabilities:

    1. TfhEVM: The “Invisibility Cloak” for Private Smart Contracts
      • Technology Overview: TfhEVM integrates Fully Homomorphic Encryption (TFHE) with Ethereum’s EVM, enabling real-time computations on encrypted data. Input data is transformed into randomized polynomial ciphertexts, ensuring results are verifiable without decrypting sensitive information.
      • Developer Advantages: Through the InitVerse SaaS platform, Ethereum developers can easily deploy or migrate dApps with just one click, significantly reducing costs while providing robust privacy protection.
    2. DDA Mechanism: The “Hash Power Regulator” for Miners
      • Dynamic Block Partitioning: Blocks are segmented into high-privacy blocks (requiring TFHE computation) and standard blocks (traditional PoW). High-privacy blocks offer higher rewards but have a higher computational barrier, whereas standard blocks enable participation from regular CPU miners.
      • VersaHash Algorithm: A more equitable mining approach that dynamically adjusts computational difficulty, ensuring balanced earnings across miners of varying capabilities.
      • Miner Rewards Model:
        • Base Reward: Each block consistently yields 727.39 $INI, distributed proportionally based on mining contributions.
        • Privacy Computing Bonus: Miners participating in high-privacy block validation receive an additional 15% reward boost.

    Earn 500,000 $INI Risk-Free: Events You Shouldn’t Miss!

    The anniversary event offers a series of mini-challenges that caters to users of all levels, allowing you to get high returns and unique rewards. Participate via the official event page.

    Event 1: Limited NFT Minting – Guaranteed 5 $INI for First 10,000 Participants + Exclusive Epic Cards!

    • Total Rewards: 50,000 $INI + Limited Edition INIBoo NFTs
    • Event Period: From March 17th to April 13th. Split into 4 batches, each batch lasting 7 days (the first batch ends on March 13th).
    • Participation Steps: Log in to the Candy platform → Complete verification → Select the batch → Pay 0.5 $INI → Mint NFT and claim $INI.

    How It Works:

    • Step-by-Step Participation:
      • Follow InitVerse on X, join the Telegram and Discord groups—this grants eligibility for a free NFT mint.
      • $INI back immediately — even after deducting the 0.5 $INI mint cost, yielding a net profit of 4.5 $INI per mint.
    • Guaranteed Earnings:
      Each mint directly returns rewards—every user will profit at least 4.5 $INI per NFT minted.
    • Scarcity and Benefits:
      • The NFT collection “INIBoo” is limited, featuring epic cards whose availability decreases daily.
      • NFT holders get perks such as merchandise, early testing access, whitelist airdrops, exclusive event tickets, VIP privileges, and governance rights, with benefits expanding alongside ecosystem growth.

    Event 2: Earn 10 $INI + Mining Rewards in 4 Easy Steps!

    • Prize Pool: 100,000 $INI
    • Event Window: March 28 – April 16 (UTC), limited to the first 10,000 participants.

    Step-by-Step Guide:

    1. Follow the InitVerse X account and retweet the pinned tweet.
    2. Join the Telegram and Discord communities.
    3. Perform 10 mainnet transactions (e.g., token transfers between your addresses).
    4. Mine on C-Mining Pool via provided tutorials (only 5 hours required).

    After completing these tasks, claim your guaranteed 10 $INI reward.

    Extra Benefits: Double your earnings by stacking mining rewards and the 10 $INI task reward.

    Event 3: High-Yield Staking—Earn up to 50% APR!

    • Total Prize Pool: 300,000 $INI
    • Event Duration: March 28–April 16 (UTC). The staking period is fixed at 20 days, after which participation closes.
    • Eligibility: Must first complete Event 2.

    Participation Details:

    • Stake at least 10 $INI on the event page.
    • Rewards released after completing a 20-day staking period.
    • Open to all, making it accessible even to small token holders.

    Dynamic Reward:

    • If ≥50,000 participants join, staking rewards increase to 50%, encouraging collective community participation.
    • Guaranteed Minimum: Even if fewer than 20,000 users join, participants will still earn a guaranteed 10% return, far exceeding typical DeFi standards.
    • Low Barrier to Entry: Participation starts from just 10 $INI, with straightforward staking rules, ensuring inclusivity for small-scale holders.

    Ideal for: Long-term holders, community governance participants, and those seeking to maximize returns.

    Event 4: 50,000 $INI Partnership Program

    Details:
    Seeking partnerships and influencers who can bring additional traffic and collaborate with InitVerse.

    • Application:
      Directly message on Telegram: @samylmz

    Final Thoughts:

    InitVerse’s 2nd anniversary emphasizes universal community engagement, attractive rewards, and unique privileges, distributing 450,000 $INI directly to participants, with an additional 50,000 $INI allocated to strategic partnerships. This celebration isn’t just about rewards—it’s a decentralized initiative showcasing the power of community-driven innovation, paving the way for blockchain’s future.

    About InitVerse:

    InitVerse is an automated Web3 SaaS platform designed for streamlined DApp development and deployment, backed by INIChain and INICloud. It simplifies blockchain app creation, enhancing development efficiency through comprehensive, user-friendly tools.

    Contact:
    Sami Yilmaz
    support@inichain.com

    Disclaimer: This press release is provided by INIChain. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a50c8380-529d-4650-97e4-fed7f10f3ace

    The MIL Network –

  • MIL-OSI: Entry-Level Microcontrollers Reduce System Cost and Complexity in Safety-Critical Applications

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., March 19, 2025 (GLOBE NEWSWIRE) — To assist engineers in meeting stringent safety requirements while minimizing design costs and complexity, Microchip Technology (Nasdaq: MCHP) has launched the AVR® SD family of microcontrollers (MCUs). The MCUs feature built-in functional safety mechanisms and are designed to support applications requiring rigorous safety assurance. Paired with a dedicated safety software framework, this is the first entry-level MCU of its kind—at this price point—designed to meet Automotive Safety Integrity Level C (ASIL C) and Safety Integrity Level 2 (SIL 2) requirements, which mandate redundant safety checks. Further enhancing the safety credentials of the AVR SD family, the MCUs follow a functional safety management system that has been certified by TÜV Rheinland.

    Hardware safety features include a dual-core lockstep CPU, dual Analog-to-Digital Converters (ADCs), Error Correction Code (ECC) on all memories, a dedicated error controller module, error injection mechanisms and voltage and clock monitors. These features reduce fault detection time and software complexity. The AVR SD family has the capability to detect internal faults quickly and deterministically, allowing applications to meet stringent Fault Detection Time Interval (FDTI) targets as low as 1 millisecond, helping prevent hazardous situations and increasing reliability.

    The hardware features work with Microchip’s safety framework software to manage functional safety diagnostics so the MCUs can detect and handle errors autonomously, initiating a safe state when necessary. The MCUs can be used as the main processor for crucial functions, such as detecting thermal runaways or monitoring sensor data like rotary positions, at minimal power consumption. It is also an excellent candidate for a coprocessor in complex systems to mirror or offload safety-critical functions for applications targeting higher safety integrity levels up to ASIL D and SIL 3.

    “When designing safety-critical applications, engineers have typically been limited to using expensive and complicated devices. By integrating specific safety features directly into an entry-level MCU and providing a supporting software framework, we are helping our customers meet stringent safety standards with greater efficiency,” said Greg Robinson, corporate vice president of Microchip’s MCU business unit. “With the AVR SD family, designers can significantly reduce development time and minimize system and certification costs.”

    The AVR SD MCUs are designed in compliance with International Organization for Standardization (ISO) 26262 and International Electrotechnical Commission (IEC) 61508 standards. Safety standards are implemented across a variety of industries such as aerospace and defense, industrial automation, automotive and medical sectors. Specific applications include flight control systems, ignition control, robotics safety functions, Advanced Drive Assistance Systems (ADAS) and medical infusion pumps. Visit Microchip’s website to learn more about the company’s full portfolio of AVR® MCUs and functional safety offerings.

    Development Tools
    AVR SD MCUs are compatible with the TÜV SÜD functional safety certified MPLAB®XC8 Pro compiler and Microchip’s popular Curiosity Nano development board. The MCUs are supported by functional safety packages that include safety documentation (Failure Modes, Effects and Diagnostic analysis report, Safety manual, Dependent Fault Analysis report), safety software and compliance reports.

    Pricing and Availability
    AVR SD MCUs start at $0.93 each in 5,000-unit quantities and with lower pricing available for higher volumes. For additional information and to purchase, contact a Microchip sales representative, authorized worldwide distributor or visit Microchip’s Purchasing and Client Services website, www.microchipdirect.com.

    Resources
    High-res images available through Flickr or editorial contact (feel free to publish):

    About Microchip Technology:
    Microchip Technology Inc. is a leading provider of smart, connected and secure embedded control and processing 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 over 100,000 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, the Microchip logo and AVR are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    The MIL Network –

  • MIL-Evening Report: Labor promises PBS scripts will cost no more than $25, under latest health pitch for election

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    The Albanese government will make another pre-election offer in health, promising that if re-elected it will legislate to ensure people pay no more than $25 for a script under the Pharmaceutical Benefits Scheme.

    The measure, to be announced by Prime Minister Anthony Albanese on Thursday, would start on January 1 next year.

    The government says it represents a cut of more than 20% in the maximum cost of PBS medicines, and would save Australians more than $200 million a year. Four out of five medicines would become cheaper.

    The measure, included in next week’s budget, costs the government $689 million over the forward estimates.

    Pensioners and concession card holders will continue to have the cost of their PBS medicines frozen at $7.70 until 2030.

    This is the latest in a range of initiatives the government has taken in health, including promising billions of dollars to expand bulk billing and adding a number of drugs for women’s health to the PBS. The opposition, which matched the government’s bulk billing policy, will be under pressure to do the same with this latest measure.

    Anthony Albanese said: “With cheaper medicines, more free GP visits and a stronger Medicare, we say to Australians, we’ve got your back”.

    Health Minister Mark Butler said the last time Australians paid no more than $25 for a PBS medicine was more than 20 years ago.

    Butler said when Peter Dutton was health minister in the Abbott government “he tried to make medicines cost more”.

    “The contrast in this election is clear: cheaper medicines with a re-elected Albanese government or the frankly terrifying legacy of Peter Dutton, who wants medicines to cost more, not less.”

    Michelle Grattan 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. Labor promises PBS scripts will cost no more than $25, under latest health pitch for election – https://theconversation.com/labor-promises-pbs-scripts-will-cost-no-more-than-25-under-latest-health-pitch-for-election-252510

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Update on the Business Secretary’s meeting with US administration

    Source: United Kingdom – Executive Government & Departments

    Government response

    Update on the Business Secretary’s meeting with US administration

    A meeting between the UK Business and Trade Secretary and US Administration took place in Washington DC on Tuesday 18 March.

    Yesterday (Tuesday 18 March), the UK Business and Trade Secretary Jonathan Reynolds met with US Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer and US Special Envoy Mark Burnett in Washington DC.

    The meeting followed last month’s agreement between UK Prime Minister Keir Starmer and US President Donald Trump that teams would start working together on an Economic Prosperity Deal, building on our shared strengths and commitment to economic security.

    The UK looks forward to developing this deal over the coming weeks and months.

    Updates to this page

    Published 19 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Lufthansa new First Class premium experience

    Source: Lufthansa Group

    The travel experience in Lufthansa First Class with the new cabin interior on long-haul flights is now even more exclusive. The Allegris First Class cabin can be experienced in the summer timetable on flights from Munich to San Francisco, Chicago, San Diego, Shanghai and Bengaluru. Travelers can additionally enjoy the new cabin product in Economy, Premium Economy and Business Class on flights to New York-Newark (from mid-April), and from the beginning of August, also to Charlotte.

    Since February, nine A350-900s with the new cabin interior have already been flying for Lufthansa, eight of them with the new First Class. Almost half a million passengers in all classes have now enjoyed the new cabin. This year, the retrofitting of the existing fleet with Lufthansa Allegris will commence, beginning with the Boeing 747-8.

    “We are completely reinventing the Lufthansa First Class travel experience with Allegris and making it even more exclusive,” said Jens Ritter, Chief Executive Officer Lufthansa Airlines. “Our new First Class, with its unique suites, defines the concept of privacy like never before and is unrivaled worldwide. We are also investing in exclusivity and comfort on the ground by completely redesigning our First Class check-in areas and lounges in Munich and Frankfurt.”

     

    Three exclusive suites in the Allegris First Class

    First Class sets new standards with two individual suites and the extraordinary Suite Plus: guests can heat or cool their almost one-meter-wide seats in the individual suites, according to their personal needs. The separate cabins, with ceiling-high walls and a lockable door, large table and wide seat, an up to 43-inch-wide screen and wireless “over-ear” headphones, define a new standard of comfort and individuality. Generous storage space is provided by a personal wardrobe in the suite, so that travelers can comfortably change and have all their personal items at hand. Furthermore, individual lamps allow travelers to create their very own “feel-good” atmosphere.

    The distinctive double cabin, Suite Plus, with two wide seats that can be combined into a comfortable double bed if required, creates a unique travel experience. The flying private room impresses with maximum comfort and individuality. For the single passenger, the Suite Plus offers exclusivity, with the unique option of using the double cabin as a couple.

    The new First Class is part of a major Lufthansa premium offensive. Among other things, First Class guests can also look forward to renovated First Class check-in areas in Frankfurt and Munich and the redesigned First Class Lounge at Munich Airport.

     

    Service improvements for all Lufthansa passengers

    There are sustainable improvements not only for First Class guests, but for all travelers. For example, Lufthansa is offering all passengers departing from Frankfurt a new, innovative baggage collection and check-in service. Since last year, travelers have been able to use the Apple AirTag location function to provide the location of their AirTag via the familiar digital channels of Lufthansa baggage tracing. From the summer, Lufthansa will also offer unlimited free chatting on its intercontinental flights. Passengers will be able to send and receive any number of messages, including photos, on their own smartphone or tablet via the familiar apps during the flight, regardless of their travel class.

    Under the project name “Future Onboard Experience”, Lufthansa is additionally revising all service components on long-haul flights in all classes: the entire culinary offering, tableware, pillows, blankets, amenity kits and the onboard service. The introduction of the upgraded service is due to start in time for Lufthansa’s 100th birthday next year.

    There are also many new features, especially for Business Class guests and frequent flyers: Since the end of February, a new catering concept on short and medium-haul flights in Business Class has not only offered travelers more choice of hot and cold dishes, but also completely new menus. The lounges in Newark and London Heathrow have been completely redesigned, and the renovation of a further 30 lounges will follow this year.

    MIL OSI Economics –

  • MIL-OSI Economics: Thales to provide high-performance sonar suite for future Orka-class submarines in the Netherlands

    Source: Thales Group

    Headline: Thales to provide high-performance sonar suite for
    future Orka-class submarines in the Netherlands

    • Under an agreement signed by Thales and Naval Group, Thales will supply the sonar suite for the Orka-class submarines to be deployed by the Royal Netherlands Navy under the RNSC (Replacement Netherlands Submarine Capability) programme.
    • The sonar suite will provide a comprehensive picture of the underwater acoustic environment to support the future submarines’ capacity to thwart increasingly silent threats.
    • Thales is a world leader in the underwater systems market, equipping more than 50 submarines of various types — SSBNs1, SSNs2 and conventionally powered attack submarines — in service today.

    Thales, a long-standing partner of both Naval Group and the Royal Netherlands Navy, will provide a comprehensive suite of high-performance sonar systems for the future class of submarines that will replace the Walrus-class vessels in service today. The contract will provide the submarines with a comprehensive picture of the underwater acoustic environment, helping the Netherlands to guarantee operational superiority.

    The sonar suite features high-performance acoustic sensors, including bow, flank and obstacle-avoidance sonars, an intercept array, a passive towed-array sonar, an underwater voice communication system, an echo-sounder and signal processing racks. This cohesive suite of equipment will provide an unprecedented panoramic view of the underwater environment, making it possible to detect, locate and classify all types of threats at short, medium and long range across a wide range of frequencies.

    Sylvain Perrier, RNSC Programme Director for Naval Group, said: “The highly capable Thales sonar suite was a key component of Naval Group’s bid for this programme, and will make a significant contribution to the acoustic superiority of the Orka-class submarines. We know we can count on Thales to meet the demanding requirements of the COMMIT3and to work hand in hand with Dutch industry on the RNSC programme.”

    This programme is an opportunity for Thales to align with the Dutch government’s policy of support and empowerment of strategic national industries. It will consolidate the company’s engagement with the naval defence ecosystem in the Netherlands, within the framework of the RNSC programme, as illustrated by a recent contract with the Dutch company Optics11, to use its OptiArray technology in the passive towed-array sonar.

    “We are proud that Thales’s advanced sonar suite has been selected to equip the Royal Netherlands Navy’s Orka-class submarines. This partnership will enhance the technological superiority of the Dutch armed forces, and reflects our ongoing commitment to providing innovative, dependable solutions in support of the defence capabilities of allied nations,” said Sébastien Guérémy, Vice President, Underwater Systems, Thales.

    1Ballistic missile submarines

    2Nuclear-powered attack submarines

    3COMMIT (Commando Materieel en IT / Materiel and IT Command) is part of the Dutch Ministry of Defence and responsible for the Orka-class submarines tendering process and project management.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Bedfordshire director banned after failing to provide company accounts to liquidator

    Source: United Kingdom – Executive Government & Departments

    Press release

    Bedfordshire director banned after failing to provide company accounts to liquidator

    The company entered liquidation with liabilities estimated at more than £300,000

    • Jenna Lennon was the director of Hope & Pride Limited when it went into liquidation in September 2023  

    • HM Revenue and Customs (HMRC) estimated the company owed more than £300,000 in unpaid corporation tax at the time of liquidation 

    • Lennon failed in her duties as a company director to preserve or maintain adequate accounting records and deliver them to the liquidator 

    A Bedfordshire company director has been disqualified after failing to provide accounting records when her company went into liquidation owing an estimated £319,000 in corporation tax. 

    Jenna Lennon was the sole director of Hope & Pride Limited, which was incorporated in March 2019 and described its business on Companies House as “other information service activities not elsewhere classified”. 

    Hope & Pride entered liquidation in September 2023 but Lennon had failed in her duties as a company director to preserve or maintain adequate accounting records. 

    Indeed, no accounts for Hope & Pride were ever filed at Companies House. 

    The 39-year-old also failed to deliver accounting records to the liquidator as she was required to do. 

    Lennon, whose listed correspondence address for Hope & Pride was Bramingham Business & Conference Centre on Enterprise Way in Luton, has been disqualified as a company director for seven years. 

    An Insolvency Service spokesperson said: 

    Directors are legally required to maintain adequate books and records which show and explain their company’s transactions. This is first and foremost to protect consumers and other businesses who have dealings with the company. 

    Jenna Lennon did not preserve or maintain adequate accounting records for Hope & Pride. This has meant the liquidator has been unable to properly investigate the company’s accounts and accurately establish how much was owed to HMRC and other creditors. 

    This disqualification should serve as a reminder to company directors that they are required by law to keep proper accounts. The Insolvency Service will not hesitate to take action against directors who do not comply with these crucial legal requirements.

    Lennon’s failure to maintain adequate accounting records meant the liquidator was unable to verify the nature of the company’s income and expenditure. 

    This included payments into Hope & Pride’s account of £1,178,364.  

    Additional payments of £151,000, listed on bank accounts as “J Lennon dividends” between July 2019 and March 2022, were similarly not verified. 

    Payments of £1,133,964 out of Hope & Pride’s account were also not explained and the liquidator was unable to establish if this money was used for legitimate trading purposes. 

    The company entered liquidation with total liabilities, which Lennon has not disputed, of £327,923. 

    Due to her failure to provide accounting records, the liquidator could not however establish the company’s true liabilities in relation to unpaid corporation tax – which HMRC estimates at £319,423 – and debts to other creditors.

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Lennon, and her ban started on Wednesday 19 March.  

    The undertaking prevents her from being involved in the promotion, formation or management of a company, without the permission of the court. 

    Further information 

    Updates to this page

    Published 19 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Entrepreneurs are invited to the third stream of the “Path to IPO” program

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The capital has opened recruitment for the third stream of the program “The Path to IPO”. It will last for a month in a face-to-face and online format. Participants will have theoretical and practical training modules. Immediately after registration, online lectures will be available in your personal account on the platform I. Moskov.

    The number of places for the first stage is not limited. Here, students will learn the main stages, requirements, and rules for placing securities. Next, everyone will have to complete tasks that will help consolidate the material and gain access to the practical block. To move on to it, the company must be a member of the Moscow Innovation Cluster, have revenue for 2024, and complete the tasks of the theoretical module. The practical part is designed for 40 students who meet all the requirements and are the first to successfully complete the theoretical course. Tech entrepreneurs will attend additional thematic events and work on cases during individual consultations with market experts.

    In addition, representatives of companies that have placed securities on the stock and over-the-counter markets will share their experience. In the final, participants will have the opportunity to present their investment presentations on entering pre-IPO (preliminary public offering), IPO (initial public offering) and bond issuance. You can apply for training until April 10 on the platform I. Moskov. Training will begin in April.

    Scaling the business and attracting investments

    Thus, the largest chain of Moscow coffee shops became a graduate of the first and second streams of the program. Thanks to new knowledge and support from experts, the organization began to attract funding through a specialized platform and a well-known broker.

    In addition, the company received funding to open new coffee shops and strengthen its position in the specialty coffee market. For representatives of this chain, participation in the “Path to IPO” program was an important step towards scaling the business and attracting investment. The training helped to gain a deeper understanding of the mechanisms of financial markets, structure corporate management, and prepare for interaction with investors.

    Moscow Innovation Cluster of the capital Department of Entrepreneurship and Innovative Development began training entrepreneurs to enter the IPO market in June 2024. During this time, two streams took place, with over 270 applications submitted for participation. The companies took a course of lectures from leading experts in the field of issuing securities and examined in detail the legal, financial and corporate issues related to entering the stock and over-the-counter markets. As a result of the training, two companies entered the pre-IPO, five are planning to enter the pre-IPO in the near future and four are entering the IPO.

    The Moscow Innovation Cluster helps to create conditions for the implementation of priority areas of scientific and technical development in the development and implementation of innovative technologies, ensuring scientific, technical and industrial cooperation, and effective interaction of all participants in the capital’s innovation ecosystem. It includes more than 40 thousand organizations from Moscow and 86 other regions of Russia.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/151477073/

    MIL OSI Russia News –