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Category: Business

  • MIL-OSI: Purpose Investments Inc. Announces May 2025 Distribution for Purpose Global Bond Fund – ETF Units

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 28, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. is pleased to announce the May 2025 distribution rate for Purpose Global Bond Fund – ETF Units. The May 2025 distribution for Purpose Global Bond Fund – ETF Units will be paid in June 2025.

    The following table reflects the final distribution amount for the May 2025 distribution for Purpose Global Bond Fund – ETF Units. Ex-distribution date for the May 2025 distribution is June 3, 2025.

    Open-End Fund Ticker
    Symbol    		 Final distribution
    per unit    		 Record Date Payable Date Distribution
    Frequency
    Purpose Global Bond Fund – ETF Units BND $0.0840 06/03/2025 06/06/2025 Monthly
     

    About Purpose Investments Inc.

    Purpose Investments Inc. is an asset management company with more than $24 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI USA: Baldwin, Colleagues Introduce Legislation to Expand Medicare Drug Price Negotiation and Lower Costs for Americans

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) joined Senators Amy Klobuchar (D-MN) and Peter Welch (D-VT) to introduce the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act. The legislation would expand the number of drugs that Medicare can negotiate lower drug prices for, reduce federal spending, and give the Department of Health and Human Services stronger tools to negotiate lower drug prices in Medicare Part B and Part D.

    “No Wisconsinite should be forced to forgo the medication they need to stay healthy because of cost,” said Senator Baldwin. “This bill will build on the progress we’ve made to give more Americans some breathing room – cracking down on greedy drug companies and helping ensure no Wisconsinite has to choose between affording their medication and putting food on the table.”

    This legislation builds on the Baldwin-backed Inflation Reduction Act, which was passed into law in 2022, and empowered Medicare to negotiate prescription drug prices for the first time, unleashing the power of 53 million seniors enrolled in Medicare Part D Drug Coverage. The SMART Prices Act would extend this progress by more than doubling the number of prescription drugs Medicare must negotiate to a minimum of 50 per year, allowing the costliest prescription drugs to have negotiated prices five years after approval by the Food and Drug Administration, and by increasing the discount that Medicare is allowed to negotiate.

    According to preliminary estimates from a model by West Health and Verdant Research, if the SMART Prices Act was enacted in 2026, it would save 33 percent more by 2030 than current law. It would also allow Medicare to begin negotiations earlier and bring down the price of more expensive drugs.

    The bill is endorsed by Center for American Progress, FamiliesUSA, Patients For Affordable Drugs NOW, Protect Our Care, and Public Citizen.

    “The SMART Prices Act builds on the progress of the Inflation Reduction Act to help bring down today’s exorbitant prescription drug prices,” said Andrea Ducas, Vice President of Health Policy at the Center for American Progress. “The bill is an important step forward in holding pharmaceutical companies accountable and ensuring seniors are paying fair and affordable prices for life-saving medications.”

    “One in three Americans can’t afford their prescription drugs. We hear from patients every day who are rationing medication or skipping doses because of high drug costs. The SMART Prices Act is a welcome step that builds on the historic drug price reforms in the Inflation Reduction Act by increasing the number of drugs subject to Medicare negotiation – a proposal that has broad support from Americans on both sides of the aisle. We are grateful to Senator Klobuchar for her tireless leadership on this critical issue and are eager to expand Medicare negotiation to secure a better deal for more patients on Medicare,” said Merith Basey, Executive Director of Patients For Affordable Drugs Now.

    “Senators Klobuchar and Welch are fighting for seniors and their families by bringing down the high cost of prescription drugs,” said Protect Our Care Chair Leslie Dach. “Americans across the political spectrum support Medicare’s ability to negotiate drug prices and want to see the program expand. Instead, Trump and his cronies in Congress are charging ahead with their budget that not only guts Medicaid and the Affordable Care Act to fund billionaire tax breaks, but hands billions in give-aways over to Big Pharma. The contrast couldn’t be more clear. If Republicans are serious about wanting to lower drug prices and save taxpayer dollars, they should join Senators Klobuchar and Welch in passing the SMART Prices Act and deliver real, lasting relief for the American people.”

    “The SMART Prices Act would save billions of dollars by empowering Medicare to negotiate lower prices for more patients sooner. We applaud Senators Klobuchar, Welch, and cosponsors for their leadership. Congressional Republicans should follow their lead instead of seeking to undermine Medicare drug price negotiations and take away health insurance from millions of our society’s most vulnerable people,” said Robert Weissman, Co-President of Public Citizen.

    MIL OSI USA News –

  • MIL-OSI: Clear Blue Technologies Announces Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 28, 2025 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), the Smart Off-Grid™ Company, announces its financial results for the first quarter of 2025 (“Q1 2024”) ending March 31, 2025. A complete set of Financial Statements and Management’s Discussion & Analysis (“MD&A”) has been filed at www.sedarplus.ca. All dollar amounts are denominated in Canadian dollars.

    On a Trailing Four Quarter (“TFQ”) basis:

    • As of March 31, 2025, bookings decreased to $4,365,698, a decrease of 14%, when compared to $5,071,105 as of December 31, 2024, with delivery anticipated over the next three years. Of this, $3,636,637 is expected to be recognized over the next 12 months.
    • TFQ revenue was $3,001,003, a 50% decrease from $5,950,005 in the corresponding previous period.
    • TFQ recurring revenue was $676,137 a 40% decrease from $1,120,838 in the corresponding previous period.
    • TFQ Gross Profit decreased to $1,563,054 compared to $2,716,412 in the comparable period, an 42% decrease. However, the gross margin percentage increased to 52% from 46% with the comparative TFQ period of 2024.
    • Non-IFRS Adjusted EBITDA for the period was ($2,634,592) as compared to ($1,629,513) for the previous period, a 62% decrease from the comparative period of 2024. This increase is mainly attributable to financing challenges which also impacted revenue in 2024 which have now been resolved.
    • Cash as of March 31, 2025, was $128,971 and remained stable through Q1.
    • As of December 31, 2024, the Company had approximately $1,800,000 remaining from its IRAP Green Fund contract. At this time, it expects to receive $1,300,000 of that amount by the end of Q2 2025.

    For Q1 F2024:

    • Q1 2025 revenue was $1,051,261, a 30% increase from $808,553 in Q1 2024.
    • Recurring revenue comprised $217,662 of the quarter’s revenue compared to $300,786 in Q1 2024, a 28% decrease.
    • Gross Profit for Q1 2025 was $551,601 compared to $338,339 for Q1 2024, a 63% increase, mainly due to higher revenue for the quarter. The Gross Margin percentage for the quarter was quite healthy at 52%, increasing from 42% from the comparative quarter of 2024.

    Clear Blue 2.0 – A Strong Foundation for 2025

    Looking forward, Clear Blue sees three key themes as critical to triggering high growth for the company:

    Smart Solar Lighting Goes Mainstream

    Clear Blue is powering the shift as smart solar lighting becomes the default for municipalities, power utilities, and Departments of Transportation (DoTs) seeking sustainable, intelligent lighting solutions. (Clear Blue Products: Illumient & Senti)

    Road to Zero Diesel: Empowering Africa’s Telecom Transition

    As telecom operators across Africa transition away from diesel, Clear Blue delivers high-performance solar power systems that ensure energy reliability and cost savings—supporting the continent’s clean energy future. (Clear Blue Products: Micro & Nano)

    Enabling Satellite Internet & IoT Expansion

    Satellite internet is now critical infrastructure. Through our partnership with Eutelsat, Clear Blue is enabling large-scale rollouts of satellite-powered community internet and IoT services across emerging markets—unlocking a projected $25M revenue opportunity over the next three years. (Clear Blue’s Product: Pico)

    Having filled out Clear Blue’s portfolio with 3 new products over the last two years, and having successfully completed the financial restructuring, Clear Blue is building a strong growth trajectory around the above key vectors.

    Said CEO of Clear Blue, Miriam Tuerk, “In the quarter, the company successfully completed that last component of its financial restructuring, a herculean effort which demanded the energy of the entire management team. Now it’s time to look forward, build a strong growth trajectory and deliver to our stakeholders the results that everyone believes this company can deliver.”

    Clear Blue will host a conference call on Thursday May 29th, at 11:00 a.m. Eastern Time, to review the financial restructuring, the Company’s 2024 results, and to provide an update on its 2025 outlook and growth plan going forward. Those interested can register at:

    Registration Link

    https://us06web.zoom.us/webinar/register/WN_06KGLRU8Tf6oobFxiB1LtQ

    For more information, contact:

    Miriam Tuerk, Co-Founder and CEO
    +1 416 433 3952
    investors@clearbluetechnologies.com

    www.clearbluetechnologies.com/en/investors

    About Clear Blue Technologies International

    Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)

    Legal Disclaimer

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    Forward-Looking Statement

    This press release contains certain “forward-looking information” and/or “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning financial results and future upcoming contracts.

    By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.

    An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading “Risk Factors” in Clear Blue’s listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

    In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.”

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    Legal Disclaimer

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    Forward-Looking Statement

    This press release contains certain “forward-looking information” and/or “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning financial results and future upcoming contracts.

    By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.

    An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading “Risk Factors” in Clear Blue’s listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

    In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.”

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    The MIL Network –

  • MIL-OSI: Kneat Announces Results of Voting at Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, May 28, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation processes, announced results from its Annual General Meeting of Shareholders (the “2025 AGM”), which took place today. All director nominees were elected to the board of directors (the “Kneat Board”) and KPMG LLP was appointed as auditors, as further described in the related Management Information Circular dated April 23, 2025 (the “Circular”).

    The detailed results of voting at the 2025 AGM are set out below:

    1.  Election of Directors

    Shareholders voted to elect all five directors nominated to the Kneat Board.

    Name of Nominee Number of Votes Cast Votes “For” Votes “For” %
    Ian Ainsworth 48,954,620 47,616,238 97.27%
    Edmund Ryan 48,954,620 48,954,095 100.00%
    Wade K. Dawe 48,954,620 47,008,047 96.02%
    Nutan Behki 48,954,620 47,644,301 97.32%
    Carol Leaman 48,954,620 48,939,765 99.97%
           

    2.  Re-Appointment of Auditors

    Shareholders voted to approve management’s recommendation that KPMG LLP be re-appointed as auditors of the Company, to hold office until the close of the next annual meeting of shareholders, and to authorize the Company to fix their remuneration for the forthcoming year.

    Number of Votes Cast Votes “For” Votes “For” %
    48,954,620 48,908,449 99.91%
         

    Final voting results on all matters voted at the 2025 AGM have been filed with Canadian securities regulators.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end to end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

    The MIL Network –

  • MIL-OSI Video: RBNZ Monetary Policy Statement media conference – 28 May 2025

    Source: Reserve Bank of New Zealand (video statements)

    https://www.youtube.com/watch?v=Brgv06uPSZc

    MIL OSI Video –

  • MIL-OSI USA: Hoeven: Minerals Processing Facility in Beulah a Game-Changer, Helping Secure U.S. Domestic Battery Supply Chain

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    05.28.25
    Senator Worked to Secure $115 Million Grant for Talon Metals Facility, Supporting 150 Jobs in Mercer County & Reducing U.S. Reliance on Foreign Critical Minerals
    BEULAH, N.D. – Senator John Hoeven today joined leaders from Talon Metals in announcing a site has been secured for the Beulah Minerals Processing Facility:
    Talon has signed an agreement with Westmoreland Mining to acquire approximately 256 acres and a 7-mile rail spur from the former Beulah Mine, following a 3-month due diligence period.
    The company expects the project to bring a total investment of up to $365 million to the region and directly create up to 150 jobs.

    The facility will process raw ore from the Tamarack nickel mine in Minnesota into “battery-grade nickel.”
    Doing so will help reduce U.S. reliance on foreign sources of critical minerals, including from adversaries such as China and Russia.
    The plant operations will be further supported by a $2.5 million award to Talon for researching methods for enhanced recovery of nickel that Hoeven worked to fund through the Department of Defense (DoD) Defense Logistics Agency (DLA).

    The project will also benefit local coal producers as the company procures coal residuals from facilities like Coyote Station.
    The company is exploring using fly ash to create a value-added cement replacement product that would reduce the amount of waste stored at the site.

    “The Beulah Minerals Processing Facility is a game-changer for both North Dakota and the nation. By establishing a domestic supply chain for critical minerals, we are strengthening America’s economic and national security, while creating good-paying jobs right here in Mercer County,” said Senator Hoeven. “We worked with the Department of Energy to secure nearly $115 million to help move Talon’s project forward, reducing our reliance on China for these increasingly important minerals and positioning the U.S. as a leader in critical mineral processing.”
    “We are extremely grateful for Senator Hoeven’s support for this project from day one. From helping to secure the $114.8 million grant from the Department of Energy to his continued efforts to reduce the nation’s reliance on critical minerals from foreign nations. His commitment to advancing North Dakota’s leadership in energy and mineral development has been critical to making this project a reality,” said Henri van Rooyen, Talon CEO.
    Today’s announcement comes as part of Hoeven’s efforts to support the creation of a fully-domestic U.S. supply chain for batteries, from mining up through cathode manufacturing and recycling. In addition to his work with Talon, Hoeven continues his efforts to support the operations of companies like Packet Digital:
    The company has been expanding its operations in North Dakota due to partnerships Hoeven has worked to establish between it and the Navy, Air Force and Space Force.
    The company is using the latest round of funding to manufacture batteries at its new 80,000 square-foot battery cell production facility, known as Badland Batteries.
    The Badland Batteries cell plant is scheduled to begin its first manufacturing runs towards the end of 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Weber Joins Galveston Business Leaders in Push to Preserve Pro-Growth Tax Cuts

    Source: United States House of Representatives – Congressman Randy Weber (14th District of Texas)

    Galveston, TX – U.S. Rep. Randy Weber (TX-14) sat down with local business leaders, the Galveston Regional Chamber of Commerce, and the Galveston-Texas City Pilots for a U.S. Camber of Commerce roundtable discussion focused on protecting hardworking Texans from looming tax hikes. With key provisions of President Trump’s historic 2017 Tax Cuts and Jobs Act (TCJA) set to expire at the end of the year, Rep. Weber and local stakeholders made the case for extending these pro-growth tax policies that have fueled job creation and economic opportunity across Southeast Texas.

    “As a former small business owner, I know firsthand what it takes to make payroll, grow a company, and support workers,” said Rep. Weber. “Local job creators shouldn’t be punished with higher taxes. The 2017 tax cuts were a game-changer for our economy, and now we’re working to make them permanent. Texans want less government, lower taxes, and more freedom to build their businesses. We’re putting small businesses first, right where they belong.”

    “The Galveston Regional Chamber of Commerce was honored to host the U.S. Chamber’s Roundtable with Congressman Randy Weber. We are grateful for the Galveston-Texas City Pilots and the local business leaders who participated in a substantial discussion around the Tax Cuts and Jobs Act, tariffs and issues crucial to the region,” said Gina Spagnola, President and CEO of the Galveston Regional Chamber.  “Lending their voices and vision proved how important this community is to Texas. As a former small business owner, the Congressman knows businesses in every sector collectively shape our economy and we are grateful for his incredible leadership and unwavering commitment.” 

    “The U.S. Chamber thanks Congressman Weber for working tirelessly to ensure Americans everywhere continue to benefit from the pro-growth policies enacted in the Tax Cuts and Jobs act of 2017. I am grateful to the Galveston Regional Chamber for partnering in today’s discussion which highlighted these tax provisions included in the recent House passage of the budget bill. The impact on businesses of all sizes in this district help to fuel, feed and transport resources across the nation,” said Monique Thierry, Vice President, Southwest/South Central region, U.S. Chamber of Commerce. “Congressman Weber is once again demonstrating his commitment to the workers, families, and businesses of Texas 14th District.”

    On May 22, the House passed H.R. 1 – the One Big Beautiful Bill Act, legislation that would lock in the 2017 Trump tax cuts for families, small businesses, and workers. The bill now heads to the Senate.

    MIL OSI USA News –

  • MIL-OSI USA: Supreme Service Solutions LLC Voluntarily Recalls Supreme Vegetable Products Because of Possible Health Risk

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    May 26, 2025
    FDA Publish Date:
    May 28, 2025
    Product Type:
    Food & BeveragesProduceFoodborne Illness
    Reason for Announcement:

    Recall Reason Description
    Due to possible contamination with Salmonella

    Company Name:
    Supreme Service Solutions, LLC.
    Brand Name:

    Brand Name(s)
    Supreme Produce

    Product Description:

    Product Description
    Fresh cucumbers and salad and vegetable trays containing fresh cucumbers.

    Company Announcement
    Summary of Recall: Supreme Service Solutions LLC. (dba Supreme Produce) is voluntarily recalling items purchased from Bedner Growers Inc. (purchased from Kroger and its affiliates ) due to possible contamination with Salmonella, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Healthy persons infected with Salmonella often experience fever, diarrhea (which may be bloody), nausea, vomiting and abdominal pain. In rare circumstances, infection with Salmonella can result in the organism getting into the bloodstream and producing more severe illnesses such as arterial infections (i.e., infected aneurysms), endocarditis and arthritis.
    The recalled cucumbers also were sold to a wholesale distributor, which has been directed to further contact its customers with recall instructions. The potential contamination was discovered by Bedner Browers, Inc., who initiated their recall after the US Food and Drug Administration (“FDA”) notified Bedner Browers, Inc. that the cucumbers have been linked by the Food and Drug Administration (FDA) to a Salmonella outbreak that has resulted in 26 illnesses in AL, CA, CO, FL, IL, KS, KY, MI, NC, NY, OH, PA, SC, TN, and VA.
    Recalled produce was distributed to Kroger and its affiliated retail stores located in IN, IL, OH, KY, TN, MS, MO, AR and, MI.
    Products are packaged in clear-plastic grab-n-go containers of various sizes with the appearance of cut produce.
    Retail packaged items and impacted code dates:

    Product 

    UPC 

    Purchase Dates

    Cucumber Bowl with Ranch Dip

    850054894519

    05/08/2025 to 05/21/2025

    Cucumber Slices W/Tajin

    850053685699

    05/08/2021 to 05/21/2025

    Fruit and Veg Tray

    850065403748

    05/08/2025 to 05/21/2025

    Cucumber Carrot Ranch Pack

    850065403557

    05/08/2025 to 05/21/2025

    Large Vegetable Tray

    850054894571

    05/08/2025 to 05/21/2025

    Vegetable Bowl $5

    850065403380

    05/08/2025 to 05/21/2025

    Vegetable Bowl $10

    860010507131

    05/08/2025 to 05/21/2025

    Vegetable Ranch Tray No Dip Small

    850054894335

    05/08/2025 to 05/21/2025

    Chef Salad

    850065403328

    05/08/2025 to 05/21/2025

    Family Cobb Salad

    850054894625

    05/08/2025 to 05/21/2025

    Individual Garden Salad

    850054894618

    05/08/2025 to 05/21/2025

    Individual Greek Salad

    850054894649

    05/08/2025 to 05/21/2025

    Family Garden Salad

    850054894601

    05/08/2025 to 05/21/2025

    Individual Cobb Salad

    850054894632

    05/08/2025 to 05/21/2025

    Southwest Salad

    850065403069

    05/08/2025 to 05/21/2025

    Cucumber w/Ranch Snack Cup

    850065403144

    05/08/2025 to 05/21/2025

    Labels Example*: see attached
    *Note: Address line will be specific to store of purchase.
    There have been no illnesses or consumer complaints reported to date for items purchased from Supreme Produce.
    What You Should Do:Consumers should not consume and discard the product. The product(s) involved is past its shelf life and should already be out of distribution, but if consumers have any product they question, do not consume it, but rather discard it. Consumers with questions or concerns about their health should contact their Physician.
    Asking Questions?Consumers who have purchased the recalled products may obtain additional information by contacting Bedner Growers, Inc. at 866-222-9180, M-F 8:00 a.m. – 5:00 p.m. EDT.
    Link to FDA Outbreak Advisory

    Company Contact Information

    Consumers:
    Bedner Growers, Inc.
    866-222-9180

    Content current as of:
    05/28/2025

    Regulated Product(s)

    Topic(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI: Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, TX, May 28, 2025 (GLOBE NEWSWIRE) — Houston American Energy Corp. (NYSE American: HUSA) (“HUSA” or the “Company”) announced today that its Board of Directors approved a reverse stock split of the Company’s common stock at a ratio of 1-for-10. The reverse stock split is intended to increase the market price per share of the Company’s common stock and help the Company satisfy the initial listing requirements of the New York Stock Exchange American (the “NYSE”) in connection with the closing of HUSA’s previously announced acquisition of Abundia Global Impact Group, LLC (“AGIG”).

    On April 24, 2025, at the Company’s special meeting of stockholders, the Company’s stockholders approved a reverse stock split of the Company’s common stock at a ratio in the range of 1-for-5 to 1-for-60, with such ratio to be determined by the Company’s Board of Directors. The reverse stock split is expected to be effective after market close on June 6, 2025 (the “Effective Time”) and the Company’s common stock will begin trading on a split-adjusted basis on the NYSE at the market open on June 9, 2025.

    At the Effective Time, every 10 issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock. Once effective, the reverse stock split will reduce the number of issued and outstanding shares of common stock from approximately 15,686,533 to approximately 1,568,653 shares.

    Each stockholder’s percentage ownership interest in the Company will remain unchanged as a result of the reverse stock split. No fractional shares shall be issued in connection with the reverse stock split, and any fractional shares resulting from the reverse stock split will be rounded up at the participant level with The Depository Trust Company. Each certificate that immediately prior to the Effective Time represented shares of common stock shall thereafter represent that number of shares of common stock into which the shares of common stock represented by the certificate shall have been combined, subject to the elimination of fractional share interests as described above. Holders of the Company’s common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from Standard Registrar & Transfer Co., Inc., the Company’s transfer agent, regarding their stock ownership following the reverse stock split.

    The reverse stock split will not modify any rights or preferences of the Company’s common stock. The trading symbol for the Company’s common stock will remain “HUSA.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 44183U 308.

    Additional information about the reverse stock split can be found in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission (the “SEC”) on April 11, 2025, a copy of which is also available at www.sec.gov or at www.houstonamerican.com under the SEC Filings tab located in the Reports and Filings page.

    About HUSA

    HUSA is an independent oil and gas company focused on the development, exploration, exploitation, acquisition, and production of natural gas and crude oil properties. Our principal properties, and operations, are in the U.S. Permian Basin. Additionally, we have properties in the Louisiana U.S. Gulf Coast region. For more information, please visit: https://houstonamerican.com/

    Important Information About the Proposed Acquisition and Where to Find It

    This press release relates to the previously announced proposed acquisition of Abundia Global Impact Group, LLC (“AGIG”), pursuant to the share exchange agreement, dated as of February 20, 2025, by and among HUSA and AGIG (the “Proposed Acquisition”). For additional information on the Proposed Acquisition, see HUSA’s Current Report on Form 8-K, filed on February 24, 2025, as well as the proxy statement dated April 11, 2025, that was delivered to HUSA’s stockholders as of the applicable record date established for voting on the Proposed Acquisition. HUSA also will file other documents regarding the Proposed Acquisition with the SEC.

    Investors and stockholders of HUSA are urged to carefully read the entire proxy statement and any other relevant documents filed with the SEC, as well as any amendments or supplements thereto, because they will contain important information about the Proposed Acquisition. The documents filed by HUSA with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to HUSA at 801 Travis Street, Suite 1425, Houston, Texas 77002.

    Cautionary Note Regarding Forward-Looking Information:

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of, and subject to the safe harbor created by, Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995, which are referred to as the “safe harbor provisions.” Statements contained or incorporated by reference in this press release that are not historical facts are forward-looking statements, including statements regarding HUSA’s or AGIG’s business and future financial and operating results, and other aspects of HUSA’s or AGIG’s operations or operating results. Words such as “may,” “should,” “will,” “believe,” “expect,” “anticipate,” “target,” “project,” and similar phrases that denote future expectations or intent regarding HUSA’s or AGIG’s financial results, operations, and other matters are intended to identify forward-looking statements that are intended to be covered by the safe harbor provisions. Investors are cautioned not to rely upon forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause future events to differ materially from the forward-looking statements in this press release including:

    • risks relating to fluctuations of the market value of common stock, including as a result of uncertainty as to the long-term value of the common stock of HUSA or as a result of broader stock market movements;
    • the occurrence of any event, change, or other circumstances that could give rise to the termination of the Share Exchange Agreement;
    • failure to attract, motivate and retain executives and other key employees;
    • disruptions in the business of HUSA or AGIG, which could have an adverse effect on their respective businesses and financial results;
    • the unaudited pro forma combined consolidated financial information in the proxy statement is presented for illustrative purposes only and may not be reflective of the operating results and financial condition of the combination of HUSA and AGIG; and
    • other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the proxy statement, as well as HUSA’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other documents filed by HUSA from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

    The forward-looking statements included in this press release are made only as of the date hereof. HUSA does not undertake to update, alter, or revise any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law.

    For additional information, view the company’s website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.

    The MIL Network –

  • MIL-OSI Economics: Fannie Mae Launches AI Fraud Detection Technology Partnership with Palantir

    Source: Fannie Mae

    Fannie Mae (FNMA/OTCQB) announced the launch today of its AI-powered Crime Detection Unit in partnership with leading AI software company Palantir. The new partnership will expand Fannie Mae’s fraud detection capabilities with leading AI-enabled financial crimes data science and investigations technology. This foundation will power Fannie Mae’s Crime Detection Unit, a new platform that the company believes will help detect and prevent mortgage fraud with speed and precision never before seen in the U.S. housing market. Fannie Mae’s Crime Detection Unit’s capabilities will save the U.S. housing market millions in future fraud losses.

    Palantir designs and deploys artificial intelligence and machine learning technology used by government agencies and commercial clients. The company’s technology provides expansive monitoring for anomalous transactions, activities, and behaviors to help companies detect suspicious activity and trigger investigative action.

    “No one is above the law. In partnership with Palantir, Fannie Mae’s Crime Detection Unit will increase safety and soundness by rooting out bad actors in our housing system. This cutting-edge AI technology will help us find criminals who try to defraud our system,” said Fannie Mae Chairman William J. Pulte.

    “By integrating this leading AI technology, we will look across millions of datasets to detect patterns that were previously undetectable,” said Priscilla Almodovar, Fannie Mae’s president and chief executive officer. “This new partnership will combat mortgage fraud, helping to safeguard the U.S. mortgage market for lenders, homebuyers, and taxpayers.”

    Fannie Mae has more than $4.3 trillion in assets and plays a foundational role in the U.S. housing market. The company is the largest holder of residential mortgage debt outstanding in the country, owning or guaranteeing an estimated one in four single-family mortgages and 20 percent of multifamily mortgages in the U.S.

    “This partnership with Fannie Mae will set off a revolution in how we combat mortgage fraud in this country. We are bringing the fight directly to anyone who attempts to defraud our mortgage system and exploit hardworking Americans,” said Alex Karp, co-founder and chief executive officer of Palantir Technologies.

    This release includes forward-looking statements, including statements about Fannie Mae’s and Palantir’s plans and expectations with respect to the Crime Detection Unit and the impact of the Crime Detection Unit on Fannie Mae’s business and financial results, and on the U.S. housing market. Actual results and events may turn out to be very different from these statements. Factors that may lead to different results and events are discussed in “Forward-Looking Statements” and elsewhere in the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2025, and in “Risk Factors,” “Forward-Looking Statements” and elsewhere in the company’s Form 10-K for the year ended December 31, 2024. The company’s forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update any forward-looking statement

    MIL OSI Economics –

  • MIL-OSI USA: South Carolina Man Charged for Multimillion-Dollar Medicare Fraud and Ponzi Schemes

    Source: US State of California

    Two indictments were unsealed today charging a South Carolina man with defrauding Medicare through a laboratory test scheme during the COVID-19 pandemic and with defrauding customers of his private charter jet company, AeroVanti Inc.

    As alleged in the first indictment, during the COVID-19 pandemic, Patrick Britton-Harr, 41, of Charleston, South Carolina, formerly of Annapolis, Maryland, offered COVID-19 screening tests to nursing home patients across the country. Britton-Harr then allegedly fraudulently billed Medicare, through his company Provista Health, for expensive respiratory pathogen panel (RPP) tests for these patients. As alleged, these RPP tests were medically unnecessary, were never ordered by a treating physician as required, and many were never actually performed, including for patients who had died. Through Provista Health, Britton-Harr allegedly caused more than $15 million in fraudulent claims for RPP tests to be submitted to Medicare, for which Medicare paid more than $5 million.

    As alleged in the second indictment, Britton-Harr owned and controlled AeroVanti and its affiliated entities. AeroVanti was a private air club that offered members a la carte access to private jets. Britton-Harr allegedly encouraged “Top Gun” members to pay $150,000 upfront to secure block flight hours. In return, Britton-Harr allegedly promised to use their money to purchase specific aircraft, in which the Top Gun members would have a securitized interest. Britton-Harr allegedly recruited nearly 100 Top Gun members, who collectively paid nearly $15 million in upfront payments, to purchase five aircraft. Instead of buying those aircraft, Britton-Harr allegedly misappropriated members’ money for his own personal benefit, including to purchase yachts and jewelry, to pay his living expenses, and to rent a property near Tampa, Florida. As alleged, Britton-Harr then attempted to conceal his fraud by obtaining a $1.5 million loan to purchase one of the aircraft he had already claimed to have purchased with Top Gun member funds by withholding material information from the lender to obtain the loan.

    “The defendant allegedly perpetrated two fraud schemes, first exploiting the COVID-19 pandemic to defraud Medicare out of millions of dollars and then stealing millions more from customers of his aviation company, all for his personal benefit,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “These indictments demonstrate the Criminal Division’s commitment to rooting out bad actors who steal from taxpayer-supported health care programs and defraud American consumers.”

    “It is unconscionable for someone to defraud the government and others for personal gain, especially as we faced a global health crisis,” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “Britton-Harr showed a total disregard for those who depend on our Medicare system for health care services and for the individuals he scammed through his private-jet company. The U.S. Attorney’s Office is committed to working with our federal law enforcement partners to bring those to justice who break the law and take advantage of others.”

    “Patrick Britton-Harr’s repeated crimes reveal a man with no moral compass motivated by pure greed. His deceit and scheming resulted in a staggering amount of loss to American taxpayers and the public,” says Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office. “He tried to fleece the U.S. government out of millions by taking advantage of a national crisis. After his laboratory testing business failed, Britton-Harr again turned to deception. Time and again, he chose to lie, steal, and deceive. No more. This investigation holds Britton-Harr accountable for his crimes and sends a clear message that the FBI and our partners will not allow such despicable behavior to go unchecked.”

    “Individuals who steal from Medicare waste taxpayer dollars and create incisions in the fabric that holds our health care system together,” stated Special Agent in Charge Maureen R. Dixon with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue the pursuit of upholding the integrity, trust, and confidence in federal health care programs, which benefits the people they serve. HHS-OIG, in collaboration with our law enforcement partners, will continuously investigate alleged attempts to defraud these programs.”

    “The scope of the alleged fraud is staggering and underscores the extraordinary lengths to which individuals will go to deceive and exploit others under the guise of legitimate business, including private aviation services,” said Special Agent in Charge Greg Thompson of the Department of Transportation Office of Inspector General (DOT-OIG), Mid-Atlantic Region. “The DOT-OIG remains steadfast in its commitment to working in coordination with our law enforcement and prosecutorial partners to pursue those who engage in egregious schemes designed solely for personal enrichment.”

    Britton-Harr is charged with five counts of health care fraud and one count of money laundering in the indictment related to his RPP scheme. Additionally, Britton-Harr is charged with six counts of wire fraud in the indictment related to his AeroVanti scheme. If convicted, he faces a maximum penalty of 20 years in prison on each wire fraud count and 10 years in prison on each health care fraud  and money laundering count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The FBI, HHS-OIG, and DOT-OIG are investigating the cases.

    Trial Attorneys David Peters and Chris Wenger of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Matthew P. Phelps and Ari D. Evans for the District of Maryland are prosecuting the cases.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL OSI USA News –

  • MIL-OSI Security: South Carolina Man Charged for Multimillion-Dollar Medicare Fraud and Ponzi Schemes

    Source: United States Attorneys General

    Two indictments were unsealed today charging a South Carolina man with defrauding Medicare through a laboratory test scheme during the COVID-19 pandemic and with defrauding customers of his private charter jet company, AeroVanti Inc.

    As alleged in the first indictment, during the COVID-19 pandemic, Patrick Britton-Harr, 41, of Charleston, South Carolina, formerly of Annapolis, Maryland, offered COVID-19 screening tests to nursing home patients across the country. Britton-Harr then allegedly fraudulently billed Medicare, through his company Provista Health, for expensive respiratory pathogen panel (RPP) tests for these patients. As alleged, these RPP tests were medically unnecessary, were never ordered by a treating physician as required, and many were never actually performed, including for patients who had died. Through Provista Health, Britton-Harr allegedly caused more than $15 million in fraudulent claims for RPP tests to be submitted to Medicare, for which Medicare paid more than $5 million.

    As alleged in the second indictment, Britton-Harr owned and controlled AeroVanti and its affiliated entities. AeroVanti was a private air club that offered members a la carte access to private jets. Britton-Harr allegedly encouraged “Top Gun” members to pay $150,000 upfront to secure block flight hours. In return, Britton-Harr allegedly promised to use their money to purchase specific aircraft, in which the Top Gun members would have a securitized interest. Britton-Harr allegedly recruited nearly 100 Top Gun members, who collectively paid nearly $15 million in upfront payments, to purchase five aircraft. Instead of buying those aircraft, Britton-Harr allegedly misappropriated members’ money for his own personal benefit, including to purchase yachts and jewelry, to pay his living expenses, and to rent a property near Tampa, Florida. As alleged, Britton-Harr then attempted to conceal his fraud by obtaining a $1.5 million loan to purchase one of the aircraft he had already claimed to have purchased with Top Gun member funds by withholding material information from the lender to obtain the loan.

    “The defendant allegedly perpetrated two fraud schemes, first exploiting the COVID-19 pandemic to defraud Medicare out of millions of dollars and then stealing millions more from customers of his aviation company, all for his personal benefit,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “These indictments demonstrate the Criminal Division’s commitment to rooting out bad actors who steal from taxpayer-supported health care programs and defraud American consumers.”

    “It is unconscionable for someone to defraud the government and others for personal gain, especially as we faced a global health crisis,” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “Britton-Harr showed a total disregard for those who depend on our Medicare system for health care services and for the individuals he scammed through his private-jet company. The U.S. Attorney’s Office is committed to working with our federal law enforcement partners to bring those to justice who break the law and take advantage of others.”

    “Patrick Britton-Harr’s repeated crimes reveal a man with no moral compass motivated by pure greed. His deceit and scheming resulted in a staggering amount of loss to American taxpayers and the public,” says Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office. “He tried to fleece the U.S. government out of millions by taking advantage of a national crisis. After his laboratory testing business failed, Britton-Harr again turned to deception. Time and again, he chose to lie, steal, and deceive. No more. This investigation holds Britton-Harr accountable for his crimes and sends a clear message that the FBI and our partners will not allow such despicable behavior to go unchecked.”

    “Individuals who steal from Medicare waste taxpayer dollars and create incisions in the fabric that holds our health care system together,” stated Special Agent in Charge Maureen R. Dixon with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue the pursuit of upholding the integrity, trust, and confidence in federal health care programs, which benefits the people they serve. HHS-OIG, in collaboration with our law enforcement partners, will continuously investigate alleged attempts to defraud these programs.”

    “The scope of the alleged fraud is staggering and underscores the extraordinary lengths to which individuals will go to deceive and exploit others under the guise of legitimate business, including private aviation services,” said Special Agent in Charge Greg Thompson of the Department of Transportation Office of Inspector General (DOT-OIG), Mid-Atlantic Region. “The DOT-OIG remains steadfast in its commitment to working in coordination with our law enforcement and prosecutorial partners to pursue those who engage in egregious schemes designed solely for personal enrichment.”

    Britton-Harr is charged with five counts of health care fraud and one count of money laundering in the indictment related to his RPP scheme. Additionally, Britton-Harr is charged with six counts of wire fraud in the indictment related to his AeroVanti scheme. If convicted, he faces a maximum penalty of 20 years in prison on each wire fraud count and 10 years in prison on each health care fraud  and money laundering count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The FBI, HHS-OIG, and DOT-OIG are investigating the cases.

    Trial Attorneys David Peters and Chris Wenger of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Matthew P. Phelps and Ari D. Evans for the District of Maryland are prosecuting the cases.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Secures Nearly $9 Million in Fraud and Money Laundering Proceeds from Fraudulently Obtained Paycheck Protection Program Loans

    Source: Office of United States Attorneys

    NEWARK, N.J. – On May 14, 2025, U.S. District Judge Michael E. Farbiarz entered a final judgment forfeiting to the United States approximately $7 million in fraud and money laundering proceeds, as well as a real property purchased with laundered fraud proceeds that has an estimated market value of nearly $2 million, United States Attorney Alina Habba announced.

    On May 6, 2024, the U.S. Attorney’s Office filed a civil forfeiture complaint against approximately $7 million in seized and frozen U.S. currency, as well as a real property in Cresskill, New Jersey, that was purchased with nearly $1 million in laundered fraud proceeds, alleging that the assets were the proceeds of fraud and money laundering offenses. As alleged in the complaint, between April 2020 and August 2020, Jae H. Choi (“Choi”) fraudulently obtained Paycheck Protection Program (“PPP”) loans totaling approximately $8,971,457, and then laundered those fraud proceeds through various financial accounts held in the names of Choi’s nominees, including Choi’s relative and various corporate entities that Choi controlled. According to the civil forfeiture complaint, Choi then spent the laundered fraud proceeds on personal expenses and purchased the Cresskill real property.

    United States Attorney Habba credited special agents of the Internal Revenue Service –Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan, special agents of the Social Security Administration, Office of the Inspector General’s Boston New York Field Division, under the direction of Special Agent in Charge Amy Connelly, postal inspectors of the U.S. Postal Inspection Service, under the direction of Inspector in Charge Christopher A. Nielsen, and special agents of the U.S. Small Business Administration, Office of Inspector General’s Eastern Region, under the direction of Special Agent in Charge Amaleka McCall-Braithwaite, with the investigation.

    The government is represented by Assistant U.S. Attorney Peter A. Laserna of the Bank Integrity, Money Laundering, and Recovery Unit of the Criminal Division in Newark.

                                                                            ###

    MIL Security OSI –

  • MIL-OSI: Talonvest Capital Raises over $112,000 for the Orange County Ronald McDonald House

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, CA, May 28, 2025 (GLOBE NEWSWIRE) — Talonvest Capital, Inc., a boutique commercial real estate advisory firm, participated in the 2025 Walk for Kids, the Orange County Ronald McDonald House’s largest annual fundraising event. This year’s walk helped raise over $400,000 to provide comfort, care, and support to children and families across Southern California facing pediatric medical challenges.

    Talonvest Capital was honored with the Top Corporate Fundraising Award for the eleventh consecutive year, contributing over $112,000 to support the House’s mission. This achievement was the result of generous contributions from a multitude of supporters including 1784 Holdings, Open Tech Alliance, Bixby Land Company, Merit Hill Capital, Metro Storage, Reliant Investments, Clark Investment Group, William Warren Group, SoCal Self Storage, Wells Fargo, Rosewood Property Company, and many others.

    Tom Sherlock, Co-founder of Talonvest Capital and Board of Trustee member of the RMHOC, commented, “It’s heartwarming to be part of this incredible community and an honor to be supported by so many friends, clients, and family members who make such a difference for families in a time of need.”   The collective impact of this fundraiser will help strengthen a community where families can find hope, courage, and joy in the face of adversity. Through its “home away from home” programs, the Ronald McDonald House of Orange County offers a place of rest and respite for caregivers and families as they navigate their child’s medical journey.

    About Talonvest Capital Inc.:

    Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge capital programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients. With over four decades of experience, Talonvest Capital has a unique perspective from its team’s previous experience on the lending side, managing institutional equity, executing nationwide joint venture investments, and facilitating diverse capital placements for clients across the United States. Learn more at https://talonvest.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da2f9077-b37e-4607-9c0a-3de38b9bd71c

    The MIL Network –

  • MIL-OSI: BW Offshore: Annual General Meeting 2025 – Minutes

    Source: GlobeNewswire (MIL-OSI)

    Annual General Meeting 2025 – Minutes

    The Annual General Meeting 2025 of BW Offshore Limited was held today. Please see the attached document for the minutes of the meeting.

    For further information, please contact:
    Ståle Andreassen, CFO, +47 91 71 86 55

    IR@bwoffshore.com or www.bwoffshore.com

    About BW Offshore:
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo stock exchange.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    Attachment

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: Class Action Attorney Juan Monteverde Investigates the Merger of BioSig Technologies, Inc. (NASDAQ: BSGM)

    Source: GlobeNewswire (MIL-OSI)

    New York , May 28, 2025 (GLOBE NEWSWIRE) — NEW YORK, May 28, 2025 / GlobeNewswire/ —

    Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating BioSig Technologies, Inc. (NASDAQ: BSGM), relating to the proposed Merger with Streamex Exchange Corporation, pursuant to the Share Purchase Agreement, the Company, through ExchangeCo, will acquire all of the issued and outstanding shares of Streamex (the “Purchased Shares”) from the Shareholders.

    Click here for more info  https://monteverdelaw.com/case/biosig-technologies-inc/.  It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
     350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Quorum Announces Q1 2025 Results and Board Changes

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 28, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the first quarter of 2025, ended March 31, 2025. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors.

    “I am pleased to announce that in Q1 2025, Quorum achieved consistent revenue year over year, in a quarter where tariffs are starting to impact the automotive industry in North America,” stated Maury Marks, President and CEO. “Quorum continued to pursue a strategy of profitable growth which delivered an Adjusted EBITDA1 margin of 15% in Q1 2025 and a Cash EBITDA2 margin of 10%, along with 1% organic growth in recurring revenues. Quorum has implemented $1.3 million in annual savings that will be fully realized in Q3 2025 including a BDC gross margin improvement plan, office lease cost savings, third-party service provider savings and other cost improvements. We are also pleased to announce that during Q1 2025 we paid down $0.3 million on our BDC Capital Cash Flow Loan and an additional $0.5 million on May 8, 2025.”

    “I would like to sincerely thank our employees, whose efforts were crucial in delivering our Q1 2025 plan and solid quarterly results,” said Mr. Marks. “Their efforts are complemented by our integrated suite of 13 essential software solutions and services. This product suite is fundamental to our profitable growth strategy, as it facilitates product cross-selling and plays a vital role in driving the success of our dealerships, thereby increasing value for both Quorum and its customers.”

    Consolidated Results for Q1 2025

        Q1 2025
    		 % Change 
    		 Q1 2024
    Total Revenue   $10,154,768   1%   $10,062,791  
    SaaS Revenue   $7,232,390   1%   $7,196,236  
    BDC Revenue   $2,610,657   4%   $2,513,570  
    Recurring Revenue   $9,843,047   1%   $9,709,806  
    Gross Margin   $4,825,306   (5%)   $5,085,481  
    Gross Margin %   48%       51%  
    Net Income   $52,533   (95%)   $1,123,921  
    Net Income per Share   $0.001       $0.015  
    Adjusted EBITDA   $1,522,635   (29%)   $2,141,695  
    Adjusted EBITDA Margin   15%       21%  
    Cash EBITDA   $1,020,628   (27%)   $1,396,262  
    Cash EBITDA Margin   10%       14%  

    ________________________
    1 Adjusted EBITDA (non-GAAP) – Net income before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, impairment, gain on bargain purchase, one-time acquisition-related expenses and restructuring fees.
    2 Cash EBITDA (non-GAAP) – Adjusted EBITDA less stock-based compensation, one-time acquisition-related expense, repayment of lease liability, purchase of property and equipment and software development costs.


    First Quarter Results

    • Total revenue increased by 1% to $10.2 million in Q1 2025 compared to Q1 2024.
    • SaaS revenue increased by 1% to $7.2 million in Q1 2025 compared to Q1 2024.
    • BDC revenue increased by 4% to $2.6 million in Q1 2025 compared to Q1 2024.
    • Gross margin decreased by 5% to $4.8 million in Q1 2025 compared to Q1 2024.
    • Adjusted EBITDA was $1.5 million in Q1 2025, a decrease of $0.6 million compared to Q1 2024.
    • Cash EBITDA was $1.0 million in Q1 2025, a decrease of $0.4 million compared to Q1 2024.

    Board Changes

    Quorum is also pleased to announce the appointment of Steve Hammond to the Board of Directors. Steve will be taking the place of Scot Eisenfelder who will not be standing for election at the upcoming AGM after serving on Quorum’s board for 16 years. Steve brings decades of experience as an operator of enterprise software businesses, primarily in the utilities and healthcare verticals.

    “Since joining Quorum’s Board of Directors in 2009, Scot has provided invaluable strategic leadership and deep automotive expertise that have been instrumental in shaping Quorum’s success,” stated Mr. Marks. “His mentorship has also significantly influenced my growth as a leader. On behalf of myself and the Board of Directors, we would like to sincerely thank Scot for his contributions over the last 16 years.”

    Quorum Q1 2025 Results Conference Call Details and Investor Presentation

    Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2025 Results at a conference call with concurrent audio webcast, scheduled for:

    An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.

    About Quorum Information Technologies Inc.

    Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:

    • Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
    • DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
    • Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and Customer Satisfaction Index through Autovance’s F&I menu solution.
    • Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue. 
    • VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently. 

    Contacts:

    Maury Marks
    President and Chief Executive Officer
    403-777-0036
    Maury.Marks@QuorumInfoTech.com

    Marilyn Bown
    Chief Financial Officer
    403-777-0036
    Marilyn.Bown@QuorumInfoTech.com

    Forward-Looking Information

    This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

    Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

    Quorum has filed its Q1 2025 unaudited condensed interim consolidated financial statements and notes thereto as at and for the three months ended March 31, 2025, and accompanying management and discussion and analysis in accordance with National Instrument 51-102 – Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities.

    Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumInformationSystems.com.

    Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

    PDF available: http://ml.globenewswire.com/Resource/Download/05b3f1e3-78f2-4e2b-9c8b-df995ca89b19

    The MIL Network –

  • MIL-Evening Report: Behind the wellness industry’s scented oils and soothing music are often underpaid, exploited workers

    Source: The Conversation (Au and NZ) – By Rawan Nimri, Lecturer in Tourism and Hospitality, Griffith University

    Prostock Studio/Shutterstock

    Wellness tourism is booming. Think yoga retreats in Bali, digital detox weekends in a rainforest, or a break on a luxury island to “find yourself”.

    It’s no longer just about taking selfies at the beach or in front of Instagrammable landmarks. Travellers today want to invest in activities aimed at improving their mental, spiritual and physical wellbeing. And, they’re willing to pay for these experiences.

    Global spending on wellness tourism is projected to hit US$8.5 trillion by 2027. Rather than being a passing fad, spending in this sector is forecast to nearly triple by 2035. This is big business.

    The Wellness Tourism Association says 90% of travellers report wellness activities are an essential part of their travel itineraries.

    Behind the luxe retreat

    But, while holidaymakers pursue their zen, the workforce is largely overlooked. The massage therapists, spa staff, yoga instructors and retreat hosts – often women, migrants and workers from the Global South – frequently experience substandard, undignified working conditions.

    Our new report, In Decent or Dirty Work?, examines an often overlooked part of the wellness industry. We propose a model to shift the industry from “dirty to decent” in line with the United Nations’ sustainable development goal eight supporting “decent work and economic growth”.

    The 17 sustainable development goals (SDGs) were adopted by all UN member states in 2015. They support ending poverty and other deprivations as part of improving health and education, reducing inequality and encouraging economic growth – while tackling climate change and protecting the environment. These goals are designed to help businesses and governments develop sustainable and inclusive economies.

    Progress towards decent work in wellness tourism is undermined by workers in some cases facing low pay, insecure employment and poor working conditions.

    Wellness is often viewed as feminised work, rather than skilled or professional. Workers are expected to be calm, warm and nurturing, as well as emotionally available while juggling demanding workloads and unpredictable hours.

    Weak regulation

    Gaps in standards and regulation leave workers vulnerable. For example, Massage and Myotherapy Australia has raised concerns about exploitative contracting and loose employment arrangements. Without regulated certification, enforcement of fair contracts, and professional recognition, many workers experience underemployment or unsafe conditions.

    Wellness workers are often underpaid and sometimes treated with disrespect by clients.
    Shellygraphy/Shutterstock

    Research shows workers at some spas even describe their roles as feeling uncomfortably close to sex work, especially in settings where the boundaries are blurred and expectations can cross a moral line.

    The case of the Melbourne business penalised for underpaying migrant workers and reports of Asian massage therapists being asked regularly for “happy endings” reflect the devaluation and gendered risks for this workforce.

    Sociologists call this “dirty work” – jobs that are not physically messy but carry an emotional or moral burden. And while these roles are pivotal to customers’ experiences, the people doing them are often invisible. This makes it even harder to push for better training or fairer conditions.

    Proposed changes

    To improve the wellness industry’s sustainability and fairness, our research proposes three key changes.

    On an individual level, workers need to be empowered. Workers who have a connection with their job will gain personal fulfilment from helping clients with their health and relaxation. Satisfied workers means happier customers and superior work quality.

    However, workers should also receive external support to help improve job satisfaction.

    For example, management regularly reinforcing the value of staff to a business can enhance a worker’s sense of dignity. Additionally, protecting workers from such threats as immoral requests by customers, is key to cultivating the sense of a safe and dignified workplace.

    At the macro-level, policies, social structures and public perceptions shape how wellness work is valued. Without professional accreditation or recognition, these jobs will remain undervalued. Broader changes, like government reforms and public campaigns, would lift professional recognition and support dignity.

    Employees’ working conditions should be examined. Decent work – as per the UN sustainable development goals – means providing fair pay, safe environments, recognition and genuine opportunities for employees to develop and thrive at work.

    Also, investing in better training and standards benefits everyone, whether workers, businesses or customers.

    As Andrew Gibson, co-founder of the Wellness Tourism Association, said: “I don’t think wellness is a fad, but rather it’s a change in society, and what society now expects”.

    Leonie Lockstone-Binney receives funding from the Australian Research Council.

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

    – ref. Behind the wellness industry’s scented oils and soothing music are often underpaid, exploited workers – https://theconversation.com/behind-the-wellness-industrys-scented-oils-and-soothing-music-are-often-underpaid-exploited-workers-257455

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Video: Strong Today…Stronger Tomorrow

    Source: United States Department of Defense (video statements)

    —————
    @marines see if they have what it takes to become martial arts instructor trainers during a 3-week training course at the Martial Arts Center for Excellence on @MCBQuantico.

    For more on the Department of Defense, visit: http://www.defense.gov
    —————
    Keep up with the Department of Defense on social media!

    Like the DoD on Facebook: http://facebook.com/DeptofDefense
    Follow the DoD on Twitter: http://twitter.com/DeptofDefense
    Follow the DoD on Instagram: http://instagram.com/DeptofDefense
    Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

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

    MIL OSI Video –

  • MIL-OSI USA: DelBene Announces 15 Community Projects for $40M in Federal FY26 Funding

    Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

    Today, Congresswoman Suzan DelBene (WA-01) nominated 15 community projects in Washington’s 1st Congressional District for dedicated Fiscal Year 2026 (FY26) funding. The projects, totaling more than $40 million, include road and trail upgrades, water infrastructure projects, and public safety improvements. 

    “The requests submitted in this year’s federal FY26 funding package continue to be a critical resource for our community, providing investments for programs that Washington’s 1st Congressional District needs to continue meeting the needs of our growing region,” said DelBene. “These 15 projects will enhance infrastructure, improve transportation services, guarantee access to safe drinking water, and expand early childhood education programs and access to health care, further strengthening our district.” 

    The 15 community projects spanning the 1st Congressional District include: 

    • $14.1 million for projects in King County 
    • $26.6 million for projects in Snohomish County 

    The projects submitted are listed below:  

    Applicant

    Project

    Amount

    Description

    City of Arlington

    SR-531 Trail

    $1,000,000

    This project will build a multi-use trail to provide a safe pathway for pedestrians and bicyclists

    City of Bellevue

    Lake Washington Sanitary Sewer Lake Lines Program

    $500,000

    This project will help Bellevue and nearby areas plan to replace old sewer pipes along Lake Washington.

    City of Bothell

    Woodcrest Utility Replacement Project

    $3,333,000

    This project will replace the Woodcrest neighborhood’s failing water utilities and provide improved water infrastructure.

    City of Kenmore

    Environmentally Sustainable Public Works Operations Center

    $2,400,000

    This project will modernize infrastructure throughout Kenmore.

    City of Marysville

    156th St. NE Railroad Overcrossing Project

    $5,000,000

    This project will reinstate an overcrossing on the railroad track at 156th Street NE.

    City of Monroe

    Railroad Grade Separation

    $1,400,000

    This project will assess and design five critical railroad crossings to improve safety and emergency response.

    City of Mountlake Terrace

    Community Center Resiliency Project

    $2,500,000

    This project will fund repairs for the Mountlake Terrace emergency services shelter building

    City of Redmond

    AC Water Main Replacement

    $3,500,000

    This project will replace an asbestos-cement water pipe that has reached the end of its useful life.

    City of Snohomish

    Infrastructure Investments for Public Safety & City Services Campus

    $5,000,000

    This project will create a new safety campus for the City of Snohomish Fire and Police Departments while revitalizing critical infrastructure along Pine Ave and throughout the Pilchuck District.

    Community Transit

    Swift Green Line Extension Southern Terminal Facility

    $3,800,000

    This project will extend Sound Transit’s Green Line, connecting Canyon Park to downtown Bothell.

    EvergreenHealth Monroe

    EvergreenHealth Monroe Specialty Care Expansion

    $3,000,000

    This project will expand EvergreenHealth in Monroe’s specialty care facilities to improve medical services for residents.

    Lake Washington Institute of Technology

    The Early Learning Center Childcare Project

    $2,500,000

    This project will allow Lake Washington Institute of Technology to expand its early childhood learning program.

    Snohomish Conservation District

    Natural Resources Center

    $2,000,000

    This project will create the Snohomish County Natural Resources Center, an all-ages educational facility.

    Snohomish County

    Alderwood Mall Parkway: SR525 to 168th St SW

    $4,000,000

    This project will widen the SR 525 Northbound On and Off Ramps.

    Sno-Isle Intercounty Rural Library District

    Lake Stevens Early Learning Library

    $750,000

    This project will fund the construction of a new, high-tech library

    Descriptions of the 15 projects submitted by DelBene can be found here.

    The House and Senate must reach an agreement on the FY26 package, which will determine which projects are ultimately approved and how much they are funded for. In previous years, DelBene secured a total of $44.4 million in dedicated federal funding for projects. 

    Project submissions came directly from non-profit, city, county, and Tribal entities. More information about the House FY26 government funding process can be found here.

    MIL OSI USA News –

  • MIL-OSI: Palomar Holdings, Inc. Announces Participation in the William Blair 45th Annual Growth Stock Conference

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar”) today announced that Mac Armstrong, Chairman and Chief Executive Officer, and Chris Uchida, Chief Financial Officer, will participate in the William Blair Growth Stock Conference at the Loews Chicago Hotel on Wednesday, June 4, 2025. In addition to participating in one-on-one investor meetings, management is scheduled to present at 1:20 pm Central Time.

    Interested investors and other parties can access a live webcast of the presentation by visiting the Investor Relations section of Palomar’s website at https://ir.palomarspecialty.com/. An online replay will be available on the same website following the presentation.

    About Palomar Holdings, Inc.
    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best.

    To learn more, visit PLMR.com.

    Follow Palomar on LinkedIn: @PLMRInsurance

    Contact
    Media Inquiries
    Lindsay Conner
    1-551-206-6217
    lconner@plmr.com

    Investor Relations
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com

    Source: Palomar Holdings, Inc.

    The MIL Network –

  • MIL-OSI: HP Inc. Reports Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., May 28, 2025 (GLOBE NEWSWIRE) — HP (NYSE: HPQ)

    • Second quarter GAAP diluted net earnings per share (“EPS”) of $0.42, down 31% from the prior year period
    • Second quarter non-GAAP diluted net EPS of $0.71, down 13% from the prior year period
    • Second quarter net revenue of $13.2 billion, up 3.3% from the prior-year period
    • Second quarter net cash provided by operating activities of $38 million, free cash flow of $(95) million
    • Second quarter returned $0.4 billion to shareholders in the form of dividend and share repurchases
    HP Inc.’s fiscal 2025 second quarter financial performance
        Q2 FY25   Q2 FY24   Y/Y
    GAAP net revenue ($B)   $ 13.2     $ 12.8     3.3 %
    GAAP operating margin     4.9 %     7.4 %   (2.5 )pts
    GAAP net earnings ($B)   $ 0.4     $ 0.6     (33 )%
    GAAP diluted net EPS   $ 0.42     $ 0.61     (31 )%
    Non-GAAP operating margin     7.3 %     8.8 %   (1.5 )pts
    Non-GAAP net earnings ($B)   $ 0.7     $ 0.8     (17 )%
    Non-GAAP diluted net EPS   $ 0.71     $ 0.82     (13 )%
    Net cash provided by operating activities ($B)   $ 0.0     $ 0.6     (94 )%
    Free cash flow ($B)   $ (0.1 )   $ 0.5     (120 )% 
     
    Notes to table
    Information about HP Inc.’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.
     

    Net revenue and EPS results
    HP Inc. and its subsidiaries (“HP”) announced fiscal 2025 second quarter net revenue of $13.2 billion, up 3.3% (up 4.5% in constant currency) from the prior-year period.

    “In Q2, we delivered solid revenue growth, led by strong Commercial performance in Personal Systems and continued momentum behind our future of work strategy,” said Enrique Lores, President and CEO, HP Inc. “While results in the quarter were impacted by a dynamic regulatory environment, we responded quickly to accelerate the expansion of our manufacturing footprint and further reduce our cost structure. These decisive actions strengthen our foundation and position us to deliver long-term sustainable growth.”

    “In light of the increased macroeconomic uncertainty, we have adjusted our outlook to reflect moderated demand and the net impact of trade-related costs,” said Karen Parkhill, CFO, HP Inc. “We are executing targeted mitigation strategies, and assuming current conditions remain, we expect to fully offset these costs by Q4.”

    Second quarter GAAP diluted net EPS was $0.42, down from $0.61 in the prior-year period and below the previously provided outlook of $0.62 to $0.72. Second quarter non-GAAP diluted net EPS was $0.71, down from $0.82 in the prior-year period and below the previously provided outlook of $0.75 to $0.85. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $272 million, or $0.29 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation charges, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

    Asset management
    HP’s net cash provided by operating activities in the second quarter of fiscal 2025 was $38 million. Accounts receivable ended the quarter at $4.3 billion, up 2 days quarter over quarter to 30 days. Inventory ended the quarter at $8.2 billion, down 2 days quarter over quarter to 70 days. Accounts payable ended the quarter at $15.2 billion, down 9 days quarter over quarter to 130 days.

    HP generated $(95) million of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $38 million adjusted for net investments in leases from integrated financing of $50 million and net investments in property, plant, equipment and purchased intangible of $183 million.

    HP’s dividend payment of $0.2894 per share in the second quarter resulted in cash usage of $273 million. HP also utilized $100 million of cash during the quarter to repurchase approximately 3.0 million shares of common stock in the open market. HP exited the quarter with $2.7 billion in gross cash, which includes cash and cash equivalents of $2.7 billion, restricted cash of $33 million and short-term investments of $3 million included in other current assets. Restricted cash is related to amounts collected and held on behalf of a third party for trade receivables previously sold.

    Fiscal 2025 second quarter segment results

    • Personal Systems net revenue was $9.0 billion, up 7% year over year (up 8% in constant currency) with a 4.5% operating margin. Consumer PS net revenue was up 2% and Commercial PS net revenue was up 9%. Total units were up 6% with Consumer PS units down 2% and Commercial PS units up 11%.
    • Printing net revenue was $4.2 billion, down 4% year over year (down 3% in constant currency) with a 19.5% operating margin. Consumer Printing net revenue was down 3% and Commercial Printing net revenue was down 3%. Supplies net revenue was down 5% (down 3% in constant currency). Total hardware units were up 1%, with Consumer Printing units up 3% and Commercial Printing units down 2%.

    Outlook
    For the fiscal 2025 third quarter, HP estimates GAAP diluted net EPS to be in the range of $0.57 to $0.69 and non-GAAP diluted net EPS to be in the range of $0.68 to $0.80. Fiscal 2025 third quarter non-GAAP diluted net EPS estimates exclude $0.11 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation impacts, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

    For fiscal 2025, HP estimates GAAP diluted net EPS to be in the range of $2.32 to $2.62 and non-GAAP diluted net EPS to be in the range of $3.00 to $3.30. Fiscal 2025 non-GAAP diluted net EPS estimates exclude $0.68 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation impacts, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items. For fiscal 2025, HP anticipates generating free cash flow in the range of $2.6 to $3.0 billion.  HP’s outlook reflects the added cost driven by the current U.S. tariffs in place, and associated mitigations.

    More information on HP’s earnings, including additional financial analysis and an earnings overview presentation, is available on HP’s Investor Relations website at investor.hp.com.

    HP’s FY25 Q2 earnings conference call is accessible via audio webcast at www.hp.com/investor/2025Q2Webcast.

    About HP Inc.
    HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com.

    Use of non-GAAP financial information
    To supplement HP’s consolidated condensed financial statements presented on a generally accepted accounting principles (“GAAP”) basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) financial measures. HP also provides forecasts of non-GAAP diluted net EPS and free cash flow. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP’s management uses these non-GAAP measures to evaluate its business, the substance behind HP’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP’s management compensates for those limitations, and the substantive reasons why HP’s management believes that these non-GAAP measures provide useful information to investors is included under “Use of non-GAAP financial measures” after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for net revenue, operating expense, operating profit, operating margin, other income and expenses, tax rate, net earnings, diluted net EPS, cash provided by operating activities or cash, cash equivalents, and restricted cash prepared in accordance with GAAP.

    Forward-looking statements
    This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries which may differ materially from those expressed or implied by such forward-looking statements and assumptions.

    All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the fiscal 2023 plan), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events, including global trade policies, and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.

    Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating to HP’s ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence; the use of artificial intelligence; the impact of macroeconomic and geopolitical trends, changes and events, including global trade policies, the ongoing military conflict in Ukraine, continued instability in the Middle East or tensions in the Taiwan Strait and South China Sea and the regional and global ramifications of these events; volatility in global capital markets and foreign currency, increases in benchmark interest rates, the effects of inflation and instability of financial institutions; risks associated with HP’s international operations and the effects of business disruption events, including those resulting from climate change; the need to manage (and reliance on) third-party suppliers, including with respect to supply constraints and component shortages, and the need to manage HP’s global, multi-tier distribution network and potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; the competitive pressures faced by HP’s businesses; the impact of third-party claims of IP infringement; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; successfully competing and maintaining the value proposition of HP’s products, including supplies and services; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; the hiring and retention of key employees; the results of our restructuring plans (including the fiscal 2023 plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; disruptions in operations from system security risks, data protection breaches, or cyberattacks; HP’s ability to maintain its credit rating, satisfy its debt obligations and complete any contemplated share repurchases, other capital return programs or other strategic transactions; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; integration and other risks associated with business combination and investment transactions; our aspirations related to environmental, social and governance matters; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; the effectiveness of our internal control over financial reporting; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and HP’s other filings with the Securities and Exchange Commission (“SEC”). HP’s fiscal 2023 plan includes HP’s efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP’s expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP’s evolving business models, future investment decisions, market environment and technology landscape.

    As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Annual Report on Form 10-K for the fiscal year ending October 31, 2025, Quarterly Report on Form 10-Q for the fiscal quarter ending July 31, 2025, and HP’s other filings with the SEC. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

    HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

     
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
    Net revenue:            
    Products   $ 12,423     $ 12,695     $ 12,043  
    Services     797       809       757  
    Total net revenue     13,220       13,504       12,800  
    Cost of net revenue:            
    Products     10,007       10,194       9,324  
    Services     474       470       453  
    Total cost of net revenue     10,481       10,664       9,777  
    Gross profit     2,739       2,840       3,023  
    Research and development     401       397       436  
    Selling, general and administrative     1,480       1,459       1,462  
    Restructuring and other charges     122       70       71  
    Acquisition and divestiture charges     17       6       22  
    Amortization of intangible assets     65       63       80  
    Total operating expenses     2,085       1,995       2,071  
    Earnings from operations     654       845       952  
    Interest and other, net     (148 )     (141 )     (155 )
    Earnings before taxes     506       704       797  
    Provision for taxes     (100 )     (139 )     (190 )
    Net earnings   $ 406     $ 565     $ 607  
                 
    Net earnings per share:            
    Basic   $ 0.43     $ 0.60     $ 0.62  
    Diluted   $ 0.42     $ 0.59     $ 0.61  
                 
    Cash dividends declared per share   $ —     $ 0.58     $ —  
                 
    Weighted-average shares used to compute net earnings per share:            
    Basic     950       948       984  
    Diluted     956       957       990  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
    (Unaudited)
    (In millions, except per share amounts)
     
        Six months ended
        April 30, 2025   April 30, 2024
    Net revenue:        
    Products   $ 25,118     $ 24,462  
    Services     1,606       1,523  
    Total net revenue     26,724       25,985  
    Cost of net revenue:        
    Products     20,201       19,195  
    Services     944       879  
    Total cost of net revenue     21,145       20,074  
    Gross profit     5,579       5,911  
    Research and development     798       835  
    Selling, general and administrative     2,939       2,845  
    Restructuring and other charges     192       134  
    Acquisition and divestiture charges     23       49  
    Amortization of intangible assets     128       161  
    Total operating expenses     4,080       4,024  
    Earnings from operations     1,499       1,887  
    Interest and other, net     (289 )     (297 )
    Earnings before taxes     1,210       1,590  
    Provision for taxes     (239 )     (361 )
    Net earnings   $ 971     $ 1,229  
             
    Net earnings per share:        
    Basic   $ 1.02     $ 1.24  
    Diluted   $ 1.02     $ 1.23  
             
    Cash dividends declared per share   $ 0.58     $ 0.55  
             
    Weighted-average shares used to compute net earnings per share:        
    Basic     949       990  
    Diluted     956       996  
    HP INC. AND SUBSIDIARIES
    ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
    OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
        Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share
    GAAP net earnings   $ 406     $ 0.42     $ 565     $ 0.59     $ 607     $ 0.61  
    Non-GAAP adjustments:                        
    Restructuring and other charges     122       0.13       70       0.07       71       0.07  
    Acquisition and divestiture charges     17       0.01       6       0.01       22       0.02  
    Amortization of intangible assets     65       0.07       63       0.07       80       0.08  
    Certain litigation charges(a)     103       0.11       —       —       —       —  
    Non-operating retirement-related credits     (6 )     (0.01 )     (5 )     (0.01 )     (3 )     —  
    Tax adjustments(b)     (29 )     (0.02 )     5       0.01       35       0.04  
    Non-GAAP net earnings   $ 678     $ 0.71     $ 704     $ 0.74     $ 812     $ 0.82  
                             
    GAAP earnings from operations   $ 654         $ 845         $ 952      
    Non-GAAP adjustments:                        
    Restructuring and other charges     122           70           71      
    Acquisition and divestiture charges     17           6           22      
    Amortization of intangible assets     65           63           80      
    Certain litigation charges(a)     103           —           —      
    Non-GAAP earnings from operations   $ 961         $ 984         $ 1,125      
                             
    GAAP operating margin     4.9 %         6.3 %         7.4 %    
    Non-GAAP adjustments     2.4 %         1.0 %         1.4 %    
    Non-GAAP operating margin     7.3 %         7.3 %         8.8 %    
     
    (a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened Standard Essential Patent (“SEP”) litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the third and fourth quarters of fiscal year 2024 are $0.84 and $0.96, respectively.
    (b) Includes tax impact on non-GAAP adjustments.
    HP INC. AND SUBSIDIARIES
    ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
    OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Six months ended
        April 30, 2025   April 30, 2024
        Amounts   Diluted
    net earnings
    per share    		   Amounts   Diluted
    net earnings
    per share
    GAAP net earnings   $ 971     $ 1.02     $ 1,229     $ 1.23  
    Non-GAAP adjustments:                
    Restructuring and other charges     192       0.20       134       0.14  
    Acquisition and divestiture charges     23       0.03       49       0.05  
    Amortization of intangible assets     128       0.13       161       0.16  
    Certain litigation charges(a)     103       0.11       —       —  
    Non-operating retirement-related credits     (11 )     (0.01 )     (5 )     (0.01 )
    Tax adjustments(b)     (24 )     (0.03 )     52       0.06  
    Non-GAAP net earnings   $ 1,382     $ 1.45     $ 1,620     $ 1.63  
                     
    GAAP earnings from operations   $ 1,499         $ 1,887      
    Non-GAAP adjustments:                
    Restructuring and other charges     192           134      
    Acquisition and divestiture charges     23           49      
    Amortization of intangible assets     128           161      
    Certain litigation charges(a)     103           —      
    Non-GAAP earnings from operations   $ 1,945         $ 2,231      
                     
    GAAP operating margin     5.6 %         7.3 %    
    Non-GAAP adjustments     1.7 %         1.3 %    
    Non-GAAP operating margin     7.3 %         8.6 %    
     
    (a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the nine months ended fiscal year 2024 and fiscal year 2024 are $2.47 and $3.43, respectively.
    (b) Includes tax impact on non-GAAP adjustments.
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED BALANCE SHEETS
    (Unaudited)
    (In millions)
     
        As of
        April 30, 2025   October 31, 2024
    ASSETS        
    Current assets:        
    Cash, cash equivalents and restricted cash   $ 2,730     $ 3,253  
    Accounts receivable, net     4,336       5,117  
    Inventory     8,175       7,720  
    Other current assets     4,217       4,670  
    Total current assets     19,458       20,760  
    Property, plant and equipment, net     2,951       2,914  
    Goodwill     8,713       8,627  
    Other non-current assets     7,677       7,608  
    Total assets   $ 38,799     $ 39,909  
             
    LIABILITIES AND STOCKHOLDERS’ DEFICIT        
    Current liabilities:        
    Notes payable and short-term borrowings   $ 1,446     $ 1,406  
    Accounts payable     15,195       16,903  
    Other current liabilities     9,915       10,378  
    Total current liabilities     26,556       28,687  
    Long-term debt     9,291       8,263  
    Other non-current liabilities     4,228       4,282  
    Stockholders’ deficit     (1,276 )     (1,323 )
    Total liabilities and stockholders’ deficit   $ 38,799     $ 39,909  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In millions)
     
        Three months ended
        April 30, 2025   April 30, 2024
    Cash flows from operating activities:        
    Net earnings   $ 406     $ 607  
    Adjustments to reconcile net earnings to net cash provided by operating activities:        
    Depreciation and amortization     205       209  
    Stock-based compensation expense     140       94  
    Restructuring and other charges     122       71  
    Deferred taxes on earnings     (60 )     5  
    Other, net     37       7  
    Changes in operating assets and liabilities, net of acquisitions:        
    Accounts receivable     (115 )     (552 )
    Inventory     279       (631 )
    Accounts payable     (1,302 )     1,104  
    Net investment in leases from integrated financing     (50 )     (19 )
    Taxes on earnings     (133 )     (177 )
    Restructuring and other     (75 )     (57 )
    Other assets and liabilities     584       (80 )
    Net cash provided by operating activities     38       581  
    Cash flows from investing activities:        
    Investment in property, plant, equipment and purchased intangible     (183 )     (119 )
    Purchases of available-for-sale securities and other investments     (3 )     —  
    Maturities and sales of available-for-sale securities and other investments     9       —  
    Collateral (posted) returned for derivative instruments     (540 )     70  
    Payment made in connection with business acquisitions, net of cash acquired     (116 )     —  
    Net cash used in investing activities     (833 )     (49 )
    Cash flows from financing activities:        
    Proceeds from short-term borrowings with original maturities less than 90 days, net     —       (100 )
    Proceeds from debt, net of issuance costs     1,076       94  
    Payment of debt     (52 )     (53 )
    Stock-based award activities and others     (26 )     (4 )
    Repurchase of common stock     (100 )     (100 )
    Cash dividends paid     (273 )     (269 )
    Settlement of cash flow hedges     6       —  
    Net cash provided by (used in) financing activities     631       (432 )
    (Decrease) increase in cash, cash equivalents and restricted cash     (164 )     100  
    Cash, cash equivalents and restricted cash at beginning of period     2,894       2,417  
    Cash, cash equivalents and restricted cash at end of period   $ 2,730     $ 2,517  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In millions)
     
        Six months ended
        April 30, 2025   April 30, 2024
    Cash flows from operating activities:        
    Net earnings   $ 971     $ 1,229  
    Adjustments to reconcile net earnings to net cash provided by operating activities:        
    Depreciation and amortization     402       414  
    Stock-based compensation expense     332       271  
    Restructuring and other charges     192       134  
    Deferred taxes on earnings     (83 )     —  
    Other, net     72       (13 )
    Changes in operating assets and liabilities, net of acquisitions:        
    Accounts receivable     851       (106 )
    Inventory     (472 )     (678 )
    Accounts payable     (1,699 )     360  
    Net investment in leases from integrated financing     (48 )     (81 )
    Taxes on earnings     (121 )     (128 )
    Restructuring and other     (149 )     (144 )
    Other assets and liabilities     164       (556 )
    Net cash provided by operating activities     412       702  
    Cash flows from investing activities:        
    Investment in property, plant, equipment and purchased intangible     (485 )     (277 )
    Purchases of available-for-sale securities and other investments     (6 )     —  
    Maturities and sales of available-for-sale securities and other investments     14       —  
    Collateral posted for derivative instruments     (540 )     —  
    Payment made in connection with business acquisitions, net of cash acquired     (116 )     —  
    Net cash used in investing activities     (1,133 )     (277 )
    Cash flows from financing activities:        
    Proceeds from debt, net of issuance costs     1,158       186  
    Payment of debt     (102 )     (102 )
    Stock-based award activities and others     (118 )     (80 )
    Repurchase of common stock     (200 )     (600 )
    Cash dividends paid     (546 )     (544 )
    Settlement of cash flow hedges     6       —  
    Net cash provided by (used in) financing activities     198       (1,140 )
    Decrease in cash, cash equivalents and restricted cash     (523 )     (715 )
    Cash, cash equivalents and restricted cash at beginning of period     3,253       3,232  
    Cash, cash equivalents and restricted cash at end of period   $ 2,730     $ 2,517  
    HP INC. AND SUBSIDIARIES
    SEGMENT/BUSINESS UNIT INFORMATION
    (Unaudited)
    (In millions)
     
        Three months ended   Change (%)
        April 30, 2025   January 31, 2025   April 30, 2024   Q/Q   Y/Y
    Net revenue:                    
    Commercial PS   $ 6,786     $ 6,645     $ 6,242     2 %   9 %
    Consumer PS     2,238       2,579       2,184     (13 )%   2 %
    Personal Systems     9,024       9,224       8,426     (2 )%   7 %
    Supplies     2,725       2,826       2,864     (4 )%   (5 )%
    Commercial Printing     1,167       1,144       1,205     2 %   (3 )%
    Consumer Printing     289       299       299     (3 )%   (3 )%
    Printing     4,181       4,269       4,368     (2 )%   (4 )%
    Corporate Investments(a)     16       11       5     NM     NM  
    Total segment net revenue     13,221       13,504       12,799     (2 )%   3 %
    Other(a)     (1 )     —       1     NM     NM  
    Total net revenue   $ 13,220     $ 13,504     $ 12,800     (2 )%   3 %
                         
    Earnings before taxes:                    
    Personal Systems(b)   $ 409     $ 507     $ 508          
    Printing     814       810       829          
    Corporate Investments     (37 )     (27 )     (30 )        
    Total segment earnings from operations     1,186       1,290       1,307          
    Corporate and unallocated cost and other     (85 )     (114 )     (88 )        
    Stock-based compensation expense     (140 )     (192 )     (94 )        
    Restructuring and other charges     (122 )     (70 )     (71 )        
    Acquisition and divestiture charges     (17 )     (6 )     (22 )        
    Amortization of intangible assets     (65 )     (63 )     (80 )        
    Certain litigation charges(b)     (103 )     —       —          
    Interest and other, net     (148 )     (141 )     (155 )        
    Total earnings before taxes   $ 506     $ 704     $ 797          
     
    (a) “NM” represents not meaningful.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.
    HP INC. AND SUBSIDIARIES
    SEGMENT/BUSINESS UNIT INFORMATION
    (Unaudited)
    (In millions)
     
        Six months ended   Change (%)
        April 30, 2025   April 30, 2024   Y/Y
    Net revenue:            
    Commercial PS   $ 13,431     $ 12,287     9 %
    Consumer PS     4,817       4,948     (3 )%
    Personal Systems     18,248       17,235     6 %
    Supplies     5,551       5,727     (3 )%
    Commercial Printing     2,311       2,432     (5 )%
    Consumer Printing     588       584     1 %
    Printing     8,450       8,743     (3 )%
    Corporate Investments(a)     27       7     NM  
    Total segment net revenue     26,725       25,985     3 %
    Other(a)     (1 )     —     NM  
    Total net revenue   $ 26,724     $ 25,985     3 %
                 
    Earnings before taxes:            
    Personal Systems(b)   $ 916     $ 1,045      
    Printing     1,624       1,701      
    Corporate Investments     (64 )     (67 )    
    Total segment earnings from operations     2,476       2,679      
    Corporate and unallocated cost and other     (199 )     (177 )    
    Stock-based compensation expense     (332 )     (271 )    
    Restructuring and other charges     (192 )     (134 )    
    Acquisition and divestiture charges     (23 )     (49 )    
    Amortization of intangible assets     (128 )     (161 )    
    Certain litigation charges(b)     (103 )     —      
    Interest and other, net     (289 )     (297 )    
    Total earnings before taxes   $ 1,210     $ 1,590      
     
    (a) “NM” represents not meaningful.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.
    HP INC. AND SUBSIDIARIES
    SEGMENT OPERATING MARGIN SUMMARY
    (Unaudited)
     
        Three months ended   Change (pts)
        April 30, 2025   January 31, 2025   April 30, 2024   Q/Q
    		   Y/Y
    Segment operating margin:                        
    Personal Systems(a)   4.5 %   5.5 %   6.0 %   (1.0 )pts   (1.5 )pts
    Printing   19.5 %   19.0 %   19.0 %   0.5 pts   0.5 pts
    Corporate Investments(c)   NM     NM     NM     NM     NM  
    Total segment   9.0 %   9.6 %   10.2 %   (0.6 )pts   (1.2 )pts
        Six months ended   Change (pts)
        April 30, 2025   April 30, 2024   Y/Y
    Segment operating margin:              
    Personal Systems(b)   5.0 %   6.1 %   (1.1 )pts
    Printing   19.2 %   19.5 %   (0.3 )pts
    Corporate Investments(c)   NM     NM     NM  
    Total segment   9.3 %   10.3 %   (1.0 )pts
     
    (a) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised Segment operating margin for Personal Systems for the third and fourth quarters of fiscal year 2024 are 6.6% and 6.2%, respectively and the revised Total segment operating margin for the third and fourth quarters of fiscal year 2024 are 9.6% and 10.2%, respectively.
    (b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised Segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 6.2%, respectively and the revised Total segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 10.1%, respectively.
    (c) “NM” represents not meaningful.
    HP INC. AND SUBSIDIARIES
    CALCULATION OF DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
        Three months ended
        April 30, 2025   January 31, 2025   April 30, 2024
    Numerator:            
    GAAP net earnings   $ 406     $ 565     $ 607  
    Non-GAAP net earnings   $ 678     $ 704     $ 812  
                 
    Denominator:            
    Weighted-average shares used to compute basic net earnings per share     950       948       984  
    Dilutive effect of employee stock plans(a)     6       9       6  
    Weighted-average shares used to compute diluted net earnings per share     956       957       990  
                 
    GAAP diluted net earnings per share   $ 0.42     $ 0.59     $ 0.61  
    Non-GAAP diluted net earnings per share   $ 0.71     $ 0.74     $ 0.82  
     
    (a) Includes any dilutive effect of restricted stock units, stock options and performance-based awards.
    HP INC. AND SUBSIDIARIES
    CALCULATION OF DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
        Six months ended
        April 30, 2025   April 30, 2024
    Numerator:        
    GAAP net earnings   $ 971     $ 1,229  
    Non-GAAP net earnings   $ 1,382     $ 1,620  
             
    Denominator:        
    Weighted-average shares used to compute basic net earnings per share     949       990  
    Dilutive effect of employee stock plans(a)     7       6  
    Weighted-average shares used to compute diluted net earnings per share     956       996  
             
    GAAP diluted net earnings per share   $ 1.02     $ 1.23  
    Non-GAAP diluted net earnings per share   $ 1.45     $ 1.63  
     
    (a) Includes any dilutive effect of restricted stock units, stock options and performance-based awards.
     

    Use of non-GAAP financial measures

    To supplement HP’s consolidated condensed financial statements presented on a GAAP basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt). HP also provides forecasts of non-GAAP diluted net EPS and free cash flow.

    These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables above or elsewhere in the materials accompanying this news release.

    Use and economic substance of non-GAAP financial measures

    Net revenue on a constant currency basis excludes the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly exchange rates from the comparative period and excluding any hedging impact recognized in the current period. Non-GAAP operating margin is defined to exclude the effects of any amounts relating to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets and certain litigation charges. Non-GAAP net earnings and non-GAAP diluted net EPS consist of net earnings or diluted net EPS excluding those same charges, non-operating retirement related (credits)/charges, debt extinguishment costs (benefit), tax adjustments and the amount of additional taxes or tax benefits associated with each non-GAAP item.

    HP’s management uses these non-GAAP financial measures for purposes of evaluating HP’s historical and prospective financial performance, as well as HP’s performance relative to its competitors. HP’s management also uses these non-GAAP measures to further its own understanding of HP’s segment operating performance. HP believes that excluding the items mentioned above for these non-GAAP financial measures allows HP’s management to better understand HP’s consolidated financial performance in relation to the operating results of HP’s segments, as HP’s management does not believe that the excluded items are reflective of ongoing operating results. More specifically, HP’s management excludes each of those items mentioned above for the following reasons:

    • Restructuring and other charges are (i) costs associated with a formal restructuring plan and are primarily related to employee separation from service and early retirement costs and related benefits, costs of real estate consolidation and other non-labor charges; and (ii) other charges, which includes non-recurring costs including those as a result of information technology rationalization efforts and transformation program management and are distinct from ongoing operational costs. HP excludes these restructuring and other charges (and any reversals of charges recorded in prior periods) for purposes of calculating these non-GAAP measures because HP believes that these costs do not reflect expected future operating expenses and excluding such expenses for purposes of calculating these non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs cost related to its acquisitions and divestitures, which it would not have otherwise incurred as part of its operations. The charges are direct expenses such as third-party professional and legal fees, integration and divestiture-related costs, as well as non-cash adjustments to the fair value of certain acquired assets such as inventory and certain compensation charges related to cash settlement of restricted stock units and performance-based restricted stock units towards acquisitions. These charges related to acquisitions and divestitures are inconsistent in amount and frequency and are significantly impacted by the timing and nature of HP’s acquisitions or divestitures. HP believes that eliminating such expenses for purposes of calculating these non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs charges relating to the amortization of intangible assets. Those charges are included in HP’s GAAP earnings, operating margin, net earnings and diluted net EPS. Such charges are significantly impacted by the timing and magnitude of HP’s acquisitions and any related impairment charges. Consequently, HP excludes these charges for purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. Consequently, HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs debt extinguishment (benefit)/costs includes certain (gain)/loss related to repurchase of certain of its outstanding U.S. dollar global notes or termination of commitments under revolving credit facilities. These (gain)/loss resulting from debt redemption transactions are partially or more than offset by costs such as bond repurchase premiums, bank fees, unpaid accrued interests, etc. HP excludes these (benefit)/costs for the purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • Non-operating retirement-related (credits)/charges includes certain market-related factors such as interest cost, expected return on plan assets, amortized actuarial gains or losses, associated with HP’s defined benefit pension and post-retirement benefit plans. The market-driven retirement-related adjustments are primarily due to the changes in the value of pension plan assets and liabilities which are tied to financial market performance and HP considers these adjustments to be outside the operational performance of the business. Non-operating retirement-related (credits)/charges also include certain plan curtailments, settlements and special termination benefits related to HP’s defined benefit pension and post-retirement benefit plans. HP believes that eliminating such adjustments for purposes of calculating non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP recorded tax adjustments including tax expenses and benefits from internal reorganizations, realizability of certain deferred tax assets, various tax rate and regulatory changes, and tax settlements across various jurisdictions. HP excludes these adjustments for the purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.

    Free cash flow is a non-GAAP measure that is defined as cash flow provided by (used in) operating activities adjusted for net investment in leases from integrated financing and net investments in property, plant, equipment and purchased intangible. Gross cash is a non-GAAP measure that is defined as cash, cash equivalents and restricted cash plus short-term investments and certain long-term investments that may be liquidated within 90 days pursuant to the terms of existing put options or similar rights. HP’s management uses free cash flow and gross cash for the purpose of determining the amount of cash available for investment in HP’s businesses, repurchasing stock and other purposes. HP’s management also uses free cash flow and gross cash to evaluate HP’s historical and prospective liquidity. Because gross cash includes liquid assets that are not included in cash, cash equivalents and restricted cash, HP believes that gross cash provides a helpful assessment of HP’s liquidity. Because free cash flow includes net cash provided by (used in) operating activities adjusted for net investment in leases from integrated financing and net investments in property, plant, equipment and purchased intangible. HP believes that free cash flow provides a useful assessment of HP’s liquidity and capital resources. Net cash (debt) is defined as gross cash less gross debt after adjusting the effect of unamortized premium/discount on debt issuance, debt issuance costs and gains/losses on interest rate swaps.

    Key Growth Areas
    Key Growth Areas represent HP’s businesses which management expects to collectively grow at a rate faster than HP’s core business with accretive margins in the longer term. HP’s Key Growth Areas are comprised of:

    Hybrid Systems: Video conferencing solutions, cameras, headsets, voice, and related software capabilities

    Advanced Compute Solutions: Diverse portfolio encompassing high-performance computing, mobile and desktop workstations, retail workstations, retail solutions, and emerging technologies to address complex computational tasks, data-intensive applications, and evolving industry needs.

    AI PC: PCs, excluding Workstations, equipped with dedicated hardware components like Neural Processing Units (NPUs), are designed to facilitate and enhance the execution of AI and machine learning tasks.

    Workforce Solutions: Managed services (Managed Print Service and Device-as-a-Service), digital services and lifecycle services

    Consumer Subscriptions: Instant Ink services, other consumer subscriptions and consumer digital services

    Industrial Graphics: Large Format Industrial, Page Wide Press (PWP), Indigo and Page Wide Industrial packaging solutions and supplies

    3D & Personalization: Portfolio of additive manufacturing solutions and supplies including end-to-end solutions such as moulded fiber, footwear and orthotics

    Material limitations associated with use of non-GAAP financial measures
    These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

    • Items such as amortization of intangible assets, though not directly affecting HP’s cash position, represent the loss in value of intangible assets over time. The expense associated with this change in value is not included in non-GAAP operating margin, non-GAAP net earnings and non-GAAP diluted net EPS, and therefore does not reflect the full economic effect of the change in value of those intangible assets.
    • Items such as restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation charges are excluded from non-GAAP operating margin. In addition, non-operating retirement-related (credits)/charges, debt extinguishment costs (benefit) and tax adjustments are excluded from non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings and non-GAAP diluted net EPS. These items can have a material impact on the equivalent GAAP earnings measure and cash flows.
    • HP may not be able to immediately liquidate the short-term and certain long-term investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure.

    Other companies may calculate the non-GAAP financial measures differently than HP, limiting the usefulness of those measures for comparative purposes.

    Compensation for limitations associated with use of non-GAAP financial measures

    HP accounts for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. HP also provides reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and HP encourages investors to review those reconciliations carefully.

    Usefulness of non-GAAP financial measures to investors

    HP believes that providing net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) to investors in addition to the related GAAP financial measures provides investors with greater insight to the information used by HP’s management in its financial and operational decision making and allows investors to see HP’s results “through the eyes” of management. HP further believes that providing this information better enables HP’s investors to understand HP’s operating performance and financial condition and to evaluate the efficacy of the methodology and information used by HP’s management to evaluate and measure such performance and financial condition. Disclosure of these non-GAAP financial measures also facilitates comparisons of HP’s operating performance with the performance of other companies in HP’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.

    Editorial contacts

    HP Inc. Media Relations
    MediaRelations@hp.com

    HP Inc. Investor Relations
    InvestorRelations@hp.com

    The MIL Network –

  • MIL-OSI: NVIDIA Announces Financial Results for First Quarter Fiscal 2026

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $44.1 billion, up 12% from Q4 and up 69% from a year ago
    • Data Center revenue of $39.1 billion, up 10% from Q4 and up 73% from a year ago

    SANTA CLARA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 27, 2025, of $44.1 billion, up 12% from the previous quarter and up 69% from a year ago.

    On April 9, 2025, NVIDIA was informed by the U.S. government that a license is required for exports of its H20 products into the China market. As a result of these new requirements, NVIDIA incurred a $4.5 billion charge in the first quarter of fiscal 2026 associated with H20 excess inventory and purchase obligations as the demand for H20 diminished. Sales of H20 products were $4.6 billion for the first quarter of fiscal 2026 prior to the new export licensing requirements. NVIDIA was unable to ship an additional $2.5 billion of H20 revenue in the first quarter.

    For the quarter, GAAP and non-GAAP gross margins were 60.5% and 61.0%, respectively. Excluding the $4.5 billion charge, first quarter non-GAAP gross margin would have been 71.3%.

    For the quarter, GAAP and non-GAAP earnings per diluted share were $0.76 and $0.81, respectively. Excluding the $4.5 billion charge and related tax impact, first quarter non-GAAP diluted earnings per share would have been $0.96.

    “Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning— is now in full-scale production across system makers and cloud service providers,” said Jensen Huang, founder and CEO of NVIDIA. “Global demand for NVIDIA’s AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”

    NVIDIA will pay its next quarterly cash dividend of $0.01 per share on July 3, 2025, to all shareholders of record on June 11, 2025.

    Q1 Fiscal 2026 Summary

    GAAP
    ($ in millions, except earnings
    per share)    		   Q1 FY26     Q4 FY25     Q1 FY25   Q/Q   Y/Y  
    Revenue $44,062   $39,331   $26,044   12%   69%  
    Gross margin   60.5%     73.0%     78.4%   (12.5) pts   (17.9) pts  
    Operating expenses $5,030   $4,689   $3,497   7%   44%  
    Operating income $21,638   $24,034   $16,909   (10)%   28%  
    Net income $18,775   $22,091   $14,881   (15)%   26%  
    Diluted earnings per share* $0.76   $0.89   $0.60   (15)%   27%  
    Non-GAAP
    ($ in millions, except earnings
    per share)    		   Q1 FY26     Q4 FY25     Q1 FY25   Q/Q   Y/Y  
    Revenue $44,062   $39,331   $26,044   12%   69%  
    Gross margin   61.0%     73.5%     78.9%   (12.5) pts   (17.9) pts  
    Gross margin excluding H20 charge   71.3%          
    Operating expenses $3,583   $3,378   $2,501   6%   43%  
    Operating income $23,275   $25,516   $18,059   (9)%   29%  
    Net income $19,894   $22,066   $15,238   (10)%   31%  
    Diluted earnings per share* $0.81   $0.89   $0.61   (9)%   33%  
    Diluted earnings per share excluding H20 charge and related tax impact $0.96          
     
     
    *All per share amounts presented herein have been retroactively adjusted to reflect NVIDIA’s ten-for-one stock split, which was effective June 7, 2024.
     

    Outlook
    NVIDIA’s outlook for the second quarter of fiscal 2026 is as follows:

    • Revenue is expected to be $45.0 billion, plus or minus 2%. This outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations.
    • GAAP and non-GAAP gross margins are expected to be 71.8% and 72.0%, respectively, plus or minus 50 basis points. The company is continuing to work toward achieving gross margins in the mid-70% range late this year.
    • GAAP and non-GAAP operating expenses are expected to be approximately $5.7 billion and $4.0 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the mid-30% range.
    • GAAP and non-GAAP other income and expense are expected to be an income of approximately $450 million, excluding gains and losses from non-marketable and publicly-held equity securities.
    • GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.

    Highlights
    NVIDIA achieved progress since its previous earnings announcement in these areas: 

    Data Center

    • First-quarter revenue was $39.1 billion, up 10% from the previous quarter and up 73% from a year ago.
    • Announced that NVIDIA is building factories in the U.S. and working with its partners to produce NVIDIA AI supercomputers in the U.S.
    • Introduced NVIDIA Blackwell Ultra and NVIDIA Dynamo for accelerating and scaling AI reasoning models.
    • Announced partnership with HUMAIN to build AI factories in the Kingdom of Saudi Arabia to drive the next wave of artificial intelligence development.
    • Unveiled Stargate UAE, a next-generation AI infrastructure cluster in Abu Dhabi, United Arab Emirates, alongside strategic partners G42, OpenAI, Oracle, SoftBank Group and Cisco.
    • Revealed plans to work with Foxconn and the Taiwan government to build an AI factory supercomputer.
    • Announced NVIDIA is speeding the IT infrastructure transition to enterprise AI factories with NVIDIA RTX PRO™ Servers.
    • Unveiled NVLink Fusion™ for industry to build semi-custom AI infrastructure with NVIDIA’s partner ecosystem.
    • Announced NVIDIA Spectrum-X™ and NVIDIA Quantum-X silicon photonics networking switches to scale AI factories to millions of GPUs.
    • Introduced the NVIDIA DGX SuperPOD™ built with NVIDIA Blackwell Ultra GPUs to provide AI factory supercomputing for agentic AI reasoning.
    • Announced joint initiatives with Alphabet and Google to advance agentic AI solutions, robotics and drug discovery.
    • Announced integration between NVIDIA accelerated computing and inference software with Oracle’s AI infrastructure.
    • Revealed that NVIDIA Blackwell cloud instances are now available on AWS, Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure.
    • Announced that the NVIDIA Blackwell platform set records in the latest MLPerf inference results, delivering up to 30x higher throughput.
    • Announced NVIDIA DGX Cloud Lepton™ to connect developers to NVIDIA’s global compute ecosystem.
    • Launched the open Llama Nemotron family of models with reasoning capabilities, providing a foundation for creating advanced AI agents.
    • Introduced the NVIDIA AI Data Platform, a customizable reference design for AI inference workloads.
    • Announced the opening of a research center in Japan that hosts the world’s largest quantum research supercomputer.

    Gaming and AI PC

    • First-quarter Gaming revenue was a record $3.8 billion, up 48% from the previous quarter and up 42% from a year ago.
    • Announced the NVIDIA GeForce RTX™ 5070 and RTX 5060, bringing Blackwell graphics to gamers at prices starting from $299 for desktops and $1,099 for laptops.
    • Unveiled NVIDIA DLSS 4 is now available in over 125 games, including Black Myth Wukong, DOOM: The Dark Ages, Indiana Jones and the Great Circle, Marvel Rivals and Star Wars Outlaws.
    • Announced the Nintendo Switch 2 is powered by an NVIDIA processor and AI-powered DLSS, delivering up to 4K gaming.
    • Launched the NVIDIA RTX Remix modding platform, attracting over 2 million gamers, alongside the release of the Half-Life 2 RTX demo.

    Professional Visualization

    • First-quarter revenue was $509 million, flat with the previous quarter and up 19% from a year ago.
    • Announced the NVIDIA RTX PRO™ Blackwell series for workstations and servers.
    • Unveiled NVIDIA DGX Spark and DGX Station™ personal AI supercomputers powered by the NVIDIA Grace Blackwell platform.
    • Announced that leading industrial software and service providers Accenture, Ansys, Databricks, SAP, Schneider Electric with ETAP, and Siemens are integrating the NVIDIA Omniverse™ platform into their solutions to accelerate industrial digitalization with physical AI.

    Automotive and Robotics

    • First-quarter Automotive revenue was $567 million, down 1% from the previous quarter and up 72% from a year ago.
    • Announced a collaboration with General Motors on next-generation vehicles, factories and robots using NVIDIA Omniverse, NVIDIA Cosmos™ and NVIDIA DRIVE AGX™.
    • Launched NVIDIA Halos, a unified safety system combining NVIDIA’s automotive hardware, software and advanced AV safety AI research.
    • Announced NVIDIA Isaac™ GR00T N1, the world’s first open humanoid robot foundation model, followed by NVIDIA Isaac™ GR00T N1.5; NVIDIA Isaac GR00T-Dreams, a blueprint for generating synthetic motion data; and NVIDIA Blackwell systems to accelerate humanoid robot development.
    • Released new NVIDIA Cosmos™ world foundation models and physical AI data tools.

    CFO Commentary
    Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

    Conference Call and Webcast Information
    NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2026 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2026.

    Non-GAAP Measures
    To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, H20 excess inventory and purchase obligation charges, and the associated tax impact of these items where applicable. The inclusion of H20 excess inventory and purchase obligation charges in the reconciliations to adjust the related GAAP financial measures was a result of the U.S. government informing NVIDIA on April 9, 2025 that it requires a license for export to China of H20 products. H20 products were designed primarily for the China market. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

     
    NVIDIA CORPORATION
     CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In millions, except per share data)
    (Unaudited)
               
               
          Three Months Ended
          April 27,   April 28,
            2025       2024  
               
    Revenue $ 44,062     $ 26,044  
    Cost of revenue   17,394       5,638  
    Gross profit   26,668       20,406  
               
    Operating expenses      
      Research and development   3,989       2,720  
      Sales, general and administrative   1,041       777  
        Total operating expenses   5,030       3,497  
               
    Operating income   21,638       16,909  
      Interest income   515       359  
      Interest expense   (63 )     (64 )
      Other income (expense), net   (180 )     75  
        Total other income (expense), net   272       370  
               
    Income before income tax   21,910       17,279  
    Income tax expense   3,135       2,398  
    Net income $ 18,775     $ 14,881  
               
    Net income per share:      
      Basic $ 0.77     $ 0.60  
      Diluted $ 0.76     $ 0.60  
               
    Weighted average shares used in per share computation:      
      Basic   24,441       24,620  
      Diluted   24,611       24,890  
               
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
                 
                 
            April 27,   January 26,
              2025     2025  
    ASSETS        
                 
    Current assets:        
      Cash, cash equivalents and marketable securities   $ 53,691   $ 43,210  
      Accounts receivable, net     22,132     23,065  
      Inventories     11,333     10,080  
      Prepaid expenses and other current assets     2,779     3,771  
        Total current assets     89,935     80,126  
                 
    Property and equipment, net     7,136     6,283  
    Operating lease assets     1,810     1,793  
    Goodwill     5,498     5,188  
    Intangible assets, net     769     807  
    Deferred income tax assets     13,318     10,979  
    Other assets     6,788     6,425  
        Total assets   $ 125,254   $ 111,601  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
    Current liabilities:        
      Accounts payable   $ 7,331   $ 6,310  
      Accrued and other current liabilities     19,211     11,737  
        Total current liabilities     26,542     18,047  
                 
    Long-term debt     8,464     8,463  
    Long-term operating lease liabilities     1,521     1,519  
    Other long-term liabilities     4,884     4,245  
        Total liabilities     41,411     32,274  
                 
    Shareholders’ equity     83,843     79,327  
        Total liabilities and shareholders’ equity   $ 125,254   $ 111,601  
                 
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
               
               
          Three Months Ended
          April 27,   April 28,
            2025       2024  
               
    Cash flows from operating activities:      
    Net income $ 18,775     $ 14,881  
    Adjustments to reconcile net income to net cash      
    provided by operating activities:      
      Stock-based compensation expense   1,474       1,011  
      Depreciation and amortization   611       410  
      (Gains) losses on non-marketable equity securities and publicly-held equity securities, net   175       (69 )
      Deferred income taxes   (2,177 )     (1,577 )
      Other   (98 )     (145 )
    Changes in operating assets and liabilities, net of acquisitions:      
      Accounts receivable   933       (2,366 )
      Inventories   (1,258 )     (577 )
      Prepaid expenses and other assets   560       (726 )
      Accounts payable   941       (22 )
      Accrued and other current liabilities   7,128       4,202  
      Other long-term liabilities   350       323  
    Net cash provided by operating activities   27,414       15,345  
               
    Cash flows from investing activities:      
      Proceeds from maturities of marketable securities   3,122       4,004  
      Proceeds from sales of marketable securities   467       149  
      Proceeds from sales of non-marketable equity securities   –       55  
      Purchases of marketable securities   (6,546 )     (9,303 )
      Purchase related to property and equipment and intangible assets   (1,227 )     (369 )
      Purchases of non-marketable equity securities   (649 )     (190 )
      Acquisitions, net of cash acquired   (383 )     (39 )
    Net cash used in investing activities   (5,216 )     (5,693 )
               
    Cash flows from financing activities:      
      Proceeds related to employee stock plans   370       285  
      Payments related to repurchases of common stock   (14,095 )     (7,740 )
      Payments related to employee stock plan taxes   (1,532 )     (1,752 )
      Dividends paid   (244 )     (98 )
      Principal payments on property and equipment and intangible assets   (52 )     (40 )
    Net cash used in financing activities   (15,553 )     (9,345 )
               
    Change in cash and cash equivalents   6,645       307  
    Cash and cash equivalents at beginning of period   8,589       7,280  
    Cash and cash equivalents at end of period $ 15,234     $ 7,587  
               
      NVIDIA CORPORATION  
      RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  
      (In millions, except per share data)  
      (Unaudited)  
                       
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
                       
      GAAP cost of revenue $ 17,394     $ 10,608     $ 5,638    
      GAAP gross profit   $ 26,668     $ 28,723     $ 20,406    
        GAAP gross margin     60.5%       73.0%       78.4%    
        Acquisition-related and other costs (A)   123       118       119    
        Stock-based compensation expense (B)   64       53       36    
        Other     3       –       (1 )  
      Non-GAAP cost of revenue $ 17,204     $ 10,437     $ 5,484    
      Non-GAAP gross profit $ 26,858     $ 28,894     $ 20,560    
        Non-GAAP gross margin     61.0%       73.5%       78.9%    
                       
      GAAP operating expenses $ 5,030     $ 4,689     $ 3,497    
        Stock-based compensation expense (B)   (1,410 )     (1,268 )     (975 )  
        Acquisition-related and other costs (A)   (37 )     (43 )     (21 )  
      Non-GAAP operating expenses $ 3,583     $ 3,378     $ 2,501    
                       
      GAAP operating income $ 21,638     $ 24,034     $ 16,909    
        Total impact of non-GAAP adjustments to operating income   1,637       1,482       1,150    
      Non-GAAP operating income $ 23,275     $ 25,516     $ 18,059    
                       
      GAAP total other income (expense), net $ 272     $ 1,183     $ 370    
        (Gains) losses from non-marketable equity securities and publicly-held equity securities, net   175       (727 )     (69 )  
        Interest expense related to amortization of debt discount   1       1       1    
      Non-GAAP total other income (expense), net $ 448     $ 457     $ 302    
                       
      GAAP net income   $ 18,775     $ 22,091     $ 14,881    
        Total pre-tax impact of non-GAAP adjustments   1,813       756       1,082    
        Income tax impact of non-GAAP adjustments (C)   (694 )     (781 )     (725 )  
      Non-GAAP net income $ 19,894     $ 22,066     $ 15,238    
                       
      Diluted net income per share (D)            
        GAAP   $ 0.76     $ 0.89     $ 0.60    
        Non-GAAP   $ 0.81     $ 0.89     $ 0.61    
                       
      Weighted average shares used in diluted net income per share computation (D)   24,611       24,706       24,890    
                       
      GAAP net cash provided by operating activities $ 27,414     $ 16,628     $ 15,345    
        Purchases related to property and equipment and intangible assets   (1,227 )     (1,077 )     (369 )  
        Principal payments on property and equipment and intangible assets   (52 )     (32 )     (40 )  
      Free cash flow   $ 26,135     $ 15,519     $ 14,936    
                       
         
                       
                       
      (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:  
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
        Cost of revenue   $ 123     $ 118     $ 119    
        Research and development $ 28     $ 27     $ 12    
        Sales, general and administrative $ 9     $ 16     $ 8    
                       
      (B) Stock-based compensation consists of the following:    
            Three Months Ended  
            April 27,   January 26,   April 28,  
              2025       2025       2024    
        Cost of revenue   $ 64     $ 53     $ 36    
        Research and development $ 1,063     $ 955     $ 727    
        Sales, general and administrative $ 347     $ 313     $ 248    
                       
      (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).  
                       
      (D) Reflects a ten-for-one stock split on June 7, 2024.  
         
                       
                       
                       
                       
                    Three Months  
                    Ended  
                    April 27,  
                      2025    
                    ($ in millions)  
      GAAP gross profit           $ 26,668    
      GAAP gross margin             60.5%    
        Stock-based compensation expense, acquisition-related costs, and other costs           190    
        H20 excess inventory and purchase obligation charges           4,538    
      Non-GAAP gross profit (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 31,396    
      Non-GAAP gross margin (as adjusted to exclude H20 excess inventory and purchase obligation charges)           71.3%    
                       
                       
      GAAP net income           $ 18,775    
        Total pre-tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges           6,351    
        Income tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges           (1,491 )  
      Non-GAAP net income (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 23,635    
                       
      Diluted net income per share            
        GAAP           $ 0.76    
        Non-GAAP (as adjusted to exclude H20 excess inventory and purchase obligation charges)         $ 0.96    
                       
      Weighted average shares used in diluted net income per share computation           24,611    
                       
    NVIDIA CORPORATION  
    RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK  
           
       
        Q2 FY2026
    Outlook    		  
        ($ in millions)  
           
    GAAP gross margin   71.8%    
      Impact of stock-based compensation expense, acquisition-related costs, and other costs   0.2%    
    Non-GAAP gross margin   72.0%    
           
    GAAP operating expenses $ 5,700    
      Stock-based compensation expense, acquisition-related costs, and other costs   (1,700 )  
    Non-GAAP operating expenses $ 4,000    
           

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:

    Certain statements in this press release including, but not limited to, statements as to: the impact of H20 export licensing requirements; global demand for NVIDIA’s AI infrastructure; the demand for AI computing accelerating; countries recognizing AI as essential infrastructure and NVIDIA’s role; AI factories fueling a new industrial revolution and their impact; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the second quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, DGX Cloud Lepton, DGX Station, GeForce RTX, NVIDIA Cosmos, NVIDIA DGX SuperPOD, NVIDIA Isaac, NVIDIA Omniverse, NVIDIA RTX PRO, NVIDIA Spectrum-X, and NVLink Fusion are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

    The MIL Network –

  • MIL-Evening Report: The body as landscape: how post-war Japanese dance and theatre shaped performance in Australia

    Source: The Conversation (Au and NZ) – By Jonathan W. Marshall, Associate Professor & Postgraduate Research Coordinator, Western Australian Academy of Performing Arts, Edith Cowan University

    “Tamaokoshi (たまおこし-) – Evocation” (2013) by Yumi Umiumare. Performers: Umiumare, Felix Ching Ching Ho, Fina
    Po, Helen Smith, Willow Conway, Sevastian Peters-Lazaro, Takashi Takiguchi.     Photo by Vikk Shayen, reproduced courtesy of Umiumare and Shayen.

    Post-war Japan was home to exciting new theatrical forms. These included the often grotesque and contorted, but at times flowing, dance style “butoh”, created by dancer/choreographer Hijikata Tatsumi – and the intensely focused, sometimes militaristic, sometimes dreamy theatre of Suzuki Tadashi.

    Both Hijikata’s and Suzuki’s work attracted followers in Australia, and continue to have influence today. They often exchanged ideas, and several of Hijikata’s former dancers performed in Suzuki’s productions.

    Here’s a brief history of how these two helped bring Japanese performance to Australia – and how local artists made it their own.

    Suzuki’s training method

    Visits by Japanese performing artists to Australia increased during the 1990s, with Melbourne’s Playbox Theatre commissioning Suzuki Tadashi to direct an Australian cast in The Chronicle of Macbeth (1992). But even before he came here, several Australians visited his training institution in the Japanese mountains.

    Suzuki is best known for his training method, in which performers stomp up and down in a line, or swiftly move from one physical position to another.

    Suzuki claims this generates an actor who, even when standing still, is full of suppressed energy like a “Boeing 747, its brakes on and engines full-throttle just before take-off”.

    The performances themselves often have a dreamlike quality, similar to the Japanese noh theatre that inspired Suzuki.

    Tanaka brings butoh to Australia

    The first of Hijikata’s students to reach Australia was Japanese performer Tanaka Min. Tanaka appeared at the 1982 Sydney Biennale, showcasing his dance style of “Body Weather”.

    The Sydney Morning Herald described it as “the relationship between body and place […] improvisation and […] textures” – viewed as a shifting microclimate of impulses moving between the dancer’s body and their surroundings.

    Tanaka claimed Hijikata and his principal dancer Ashikawa Yoko taught him 1,000 embodied states that were prompted or described by poetic images or motifs. He passed these on to several Australian performers through his own training.

    Although similar to Hijikata’s approach, Tanaka’s focus on the body as an interactive landscape was unique to his version of butoh.

    Yumi Umiumare

    Japanese choreographer-director Maro Akaji had the greatest influence on Australian physical performance. His butoh company, Dairakudakan, appeared at the 1992 Melbourne Festival and left behind dancer Yumi Umiumare, who settled in the city. Dairakudakan established some of the key motifs recognisable in early Australian butoh.

    Maro’s Tale of the Sea-Dappled Horse (1991), opens with a group of almost-naked dancers in white makeup performing a grotesque group dance, coming together in a pulsating mass. As author Bruce Baird describes it, “on their hands and knees […] they convulse progressively energetically”.

    Umiumare’s Japanese heritage gives her the most direct link to butoh’s origins. After performing solos, duets and character roles, she developed what she calls “butoh cabaret”. This often surrealistically funny style is similar to Melbourne’s zanier comedy shows, as well as Dairakudakan’s own “grand seminarrative spectacles”.

    Umiumare says even her serious works in Melbourne were aimed at “audiences [who] really wanted a laugh”. In a 1995 cabaret skit, she parodied Madonna’s famous pointed cone bra costume. She pulled out accordian-style tubes placed over her breasts to render herself a phallic woman, before threatening and flirting with spectators.

    Umiumare continues to train and direct ensembles.

    Tess de Quincey

    Choreographer-dancer Tess de Quincey was the first non-Japanese, Australian-based artist to focus on Japanese physical theatre. She trained with Tanaka in Japan from 1985, before returning to performing in Sydney in 1988.

    De Quincey’s early Australian shows of 1988 and 1989 featured her naked body, all white like the Japanese butoh dancers, twisting and shifting in semi darkness.

    She later produced introspective multimedia works such as Nerve 9 (2001-05), structured around the slow unfolding of dissociated bodily gestures.

    Zen Zen Zo Physical Theatre

    Hijikata’s butoh style was further explored by the Brisbane-based Zen Zen Zo Physical Theatre, founded by performer/director/trainer Lynne Bradley and director/trainer Simon Woods. The pair also witnessed Suzuki’s training in Japan.

    Zen Zen Zo’s fusion of butoh, Suzuki’s method, and Jacques Lecoq’s approach to clowning culminated in the 1996 production The Cult of Dionysus, performed at the Brisbane Festival.

    Audiences described a “glamorously grotesque” chorus, attired in “ragged skirts of rich reds, oranges and pinks, and strings of beads across their […] bare torsos,” “smeared” with ochre.

    Although Zen Zen Zo’s work became increasingly varied during the 2000s, it still trains in Suzuki’s method.

    Frank Theatre

    Another pair dedicated to Suzuki’s theatre and training were former contemporary dancers Jacqui Carroll and John Nobbs. The pair founded Frank Theatre in Brisbane in 1992, drawing on many of the same performers as Zen Zen Zo.

    Nobbs rejected any dilution of Suzuki’s method, going on to develop what he characterises as an unsullied “regional variant”. Carroll and Nobbs also retained the often riotous grotesquerie and absurdism of Suzuki’s productions.

    Frank Theatre’s masterpiece was Carroll’s Doll Seventeen (2002), an adaptation of Ray Lawler’s Summer of the Seventeenth Doll (1955). Very similar to a Japanese noh play in its sense of inevitability, the characters intoned their words as though trapped in a slowly unfolding nightmare.

    Crisscrossing the Pacific

    Hijikata and Suzuki have also inspired performance-makers more distant from Japanese tradition.

    Australian dance company Marrugeku combines certain elements of Japanese theatre with First Nations performance.

    Similarly, multidisiplinary Māori–Australian artist Victoria Hunt combines butoh influences with her own whakapapa, or Māori genealogy.

    And Tony Yap, of Malaysian Chinese descent, has developed what he calls “trance dance”, drawing on Hijikata’s writings, Polish theatre director Jerzy Grotowski’s’s theatre of bodily and spiritual transfiguration, and Yap’s own background in Southeast Asian possession rituals.

    In these, and other exchanges, performance practices crisscross the Pacific, from Japan to Aotearoa New Zealand, to Australia, to Malaysia, and back.

    Some of Jonathan W. Marshall’s research into butoh was supported by an ARC-LIEF grant.

    – ref. The body as landscape: how post-war Japanese dance and theatre shaped performance in Australia – https://theconversation.com/the-body-as-landscape-how-post-war-japanese-dance-and-theatre-shaped-performance-in-australia-254814

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Antarctica’s sea ice is changing, and so is a vital part of the marine food web that lives within it

    Source: The Conversation (Au and NZ) – By Jacqui Stuart, Postdoctoral Researcher in Marine Ecology, Te Herenga Waka — Victoria University of Wellington

    Jacqui Stuart, VUW, CC BY-NC-ND

    Antarctica is the world’s great cooling unit. This vital part of Earth’s climate system is largely powered by the annual freeze and melt of millions of square kilometres of sea ice around the continent.

    Our research shows changes to this annual freeze cycle in McMurdo Sound can lead to shifts in the diversity of algal communities that live within the sea ice.

    At the start of the southern winter, as sea water begins to freeze, it expels salt and forms heavy and very cold brine. This sinks to the seafloor, ultimately forming what’s known as Antarctic Bottom Water. This is then pumped out to the rest of the world through several major oceanic currents.

    Historically, this cycle meant that Antarctica effectively doubled in size and the continent was surrounded by an enormous apron of sea ice at the peak of winter. But the changing climate is shifting this annual cycle.

    Major ocean currents transport cold Antarctic Bottom Water out to the rest of the world.
    Jacqui Stuart, VUW, CC BY-NC-ND

    For the past decade, Antarctic sea ice has been in decline. It hasn’t been a steady trend, but each year since 2016 less sea ice has formed compared to historic averages.

    Antarctica’s annual maximum sea ice extent in September 2023 was the lowest on record, with approximately 1.75 million square kilometres less sea ice than normal – an area equivalent to about 6.5 times the land area of Aotearoa.

    Change happening at the continental scale is usually well documented and publicised. However, smaller, more local changes are also occurring in places such as McMurdo Sound, the home of Aotearoa New Zealand’s only Antarctic outpost.

    For four of the last seven years, unseasonable winter southerly storms have been associated with significant delays in the timing of sea-ice formation within McMurdo Sound.

    Where measurements were taken during these “unusual” years, the sea ice that formed later was thinner (1.5 metres compared to 2.5 metres) and had less snow cover (about 5 centimetres versus 15-30 centimetres) compared to the same locations during “typical” years.

    Ken Ryan and Jacqui Stuart measuring the depth of sea ice and the sub-ice platelet layer in McMurdo Sound in 2022.
    Svenja Halfter, NIWA, CC BY-NC-ND

    Icy reefs and algal meadows

    Another type of ice, known as “platelet ice”, also appears to be affected by the later formation of sea ice.

    A layer of platelet ice extends into the ocean below the sea ice in some regions around Antarctica, including McMurdo Sound. It is a fragile lattice structure made up of loosely consolidated plate-shaped ice crystals, creating an upside-down reef-like structure.

    The resulting protective environment is a hot spot for primary productivity – microscopic algae that support the base of the marine food web. When sea ice forms later, the platelet ice doesn’t have as much time to accumulate beneath and can be metres thinner than beneath older ice (down to about 1 metre from more than 3 metres).

    Scientist collecting cores of sea ice in McMurdo Sound.
    Jacqui Stuart, VUW, CC BY-NC-ND

    Why should we care about sea ice? Because, it isn’t just a frozen, lifeless sheet expanding out from the continent, broken by the odd silhouette of a seal or a gathering of penguins on the top.

    Beneath the desolate surface, where ice meets water, green meadows of microalgae can spread out as far as the eye can see.

    View from under the sea ice in McMurdo Sound, with the sub-ice platelet layer extending down into the water. The green-yellow tinge shows thriving microalgae living within the reef-like structure.
    Leigh Tate, NIWA, CC BY-NC-ND

    Microalgae are single-cell, plant-like organisms that use sunlight to create energy. Similar to land-based meadows, they provide food for many other creatures. In winter, when other sources of food can be scarce, this sea-ice superstore plays a crucial role in feeding other inhabitants of McMurdo Sound.

    Diminishing algal diversity under thinner sea ice

    Our research indicates that when the sea ice forms later, microalgal communities living within the ice are also different. In later-forming sea ice, these vital communities are less diverse and dominated by fewer species.

    Some species usually abundant in earlier-forming sea ice are absent or in low numbers when the sea ice forms later. Interestingly, though, it appears the quantity of microalgae in later-forming ice conditions is similar to “typical” ice. However, instead of being spread out through almost three metres depth of the platelet layer, they are crammed into a metre-thick habitat instead.

    These microscopic snacks are diverse in shape, size and the roles they play in the ecosystem. It can help to think of microalgal communities as the produce section in the supermarket. Each type has preferred growing conditions and different nutritional values, producing varied quantities of important resources such as proteins, carbohydrates and fatty acids.

    Microalgae come in different shapes, sizes and nutritional content, like fruits and vegetables.
    Jacqui Stuart, VUW, CC BY-NC-ND

    Imagine, one winter the weather is different and all that grows are cabbages and sweet peas. These won’t provide you with all the nutrients you need. This mirrors the problem when there is less diversity at the base of the food web. As the microalgal communities shift in the ways our research has observed, the quantity and quality of resources they provide are likely to change, too.

    These early signals matter. They foreshadow wider ecological impacts, especially, if Antarctic sea ice continues to thin, retreat or form later each year.

    We need more research to establish the nuances of these changes and the extent of their impact. But it is worth remembering that what happens at the base of the food web in Antarctica doesn’t necessarily stay there. These changes could ripple through ecosystems further afield with the potential to affect key fisheries in the Southern Ocean.

    By paying close attention now, we have a chance to understand and adapt, to ensure ecosystems stay resilient in a changing world.

    Natalie Robinson receives funding from the Marsden Fund and Antarctic Science Platform. She is affiliated with New Zealand Antarctic Society.

    Jacqui Stuart 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. Antarctica’s sea ice is changing, and so is a vital part of the marine food web that lives within it – https://theconversation.com/antarcticas-sea-ice-is-changing-and-so-is-a-vital-part-of-the-marine-food-web-that-lives-within-it-255606

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: X-rays have revealed a mysterious cosmic object never before seen in our galaxy

    Source: The Conversation (Au and NZ) – By Ziteng Wang, Associate Lecturer, Curtin Institute of Radio Astronomy (CIRA), Curtin University

    Author provided

    In a new study published today in Nature, we report the discovery of a new long-period transient – and, for the first time, one that also emits regular bursts of X-rays.

    Long-period transients are a recently identified class of cosmic objects that emit bright flashes of radio waves every few minutes to several hours. This is much longer than the rapid pulses we typically detect from dead stars such as pulsars.

    What these objects are, and how they generate their unusual signals, remains a mystery.

    Our discovery opens up a new window into the study of these puzzling sources. But it also deepens the mystery: the object we found doesn’t resemble any known type of star or system in our galaxy – or beyond.

    An image of the sky showing the region around ASKAP J1832-0911. The yellow circle marks the position of the newly discovered source. This image shows X-rays from NASA’s Chandra X-ray Observatory, radio data from the South African MeerKAT radio telescope, and infrared data from NASA’s Spitzer Space Telescope.
    Author provided

    Watching the radio sky for flickers

    There’s much in the night sky that we can’t see with human eyes but can detect when we look at other wavelengths, such as radio emissions.

    Our research team regularly scans the radio sky using the Australian SKA Pathfinder (ASKAP), operated by CSIRO on Wajarri Yamaji Country in Western Australia. Our goal is to find cosmic objects that appear and disappear (known as transients).

    Transients are often linked to some of the most powerful and dramatic events in the universe, such as the explosive deaths of stars.

    In late 2023, we spotted an extremely bright source, named ASKAP J1832-0911 (based on its position in the sky), in the direction of the galactic plane. This object is located about 15,000 light years away. This is far, but still within the Milky Way.

    Some of the ASKAP antennas, located at Inyarrimanha Ilgari Bundara, the Murchison Radio-astronomy Observatory in Western Australia.
    CSIRO

    A dramatic event

    After the initial discovery, we began follow-up observations using telescopes around the world, hoping to catch more pulses. With continued monitoring, we found the radio pulses from ASKAPJ1832 arrive regularly – every 44 minutes. This confirmed it as a new member of the rare long-period transient group.

    But we did not just look forward in time – we also looked back. We searched through older telescope data from the same part of the sky. We found no trace of the object before the discovery.

    This suggests something dramatic happened shortly before we first detected it – something powerful enough to suddenly switch the object “on”.

    Then, in February 2024, ASKAPJ1832 became extremely active. After a quieter period in January, the source brightened dramatically. Fewer than 30 objects in the sky have ever reached such brightness in radio waves.

    For comparison, most stars we detect in radio are about 10,000 times fainter than ASKAPJ1832 during that flare-up.

    A lucky break

    X-rays are a form of light that we can’t see with our eyes. They usually come from extremely hot and energetic environments. Although about ten similar radio-emitting objects have been found so far, none had ever shown X-ray signals.

    In March, we tried to observe ASKAPJ1832 in X-rays. However, due to technical issues with the telescope, the observation could not go ahead.

    Then came a stroke of luck. In June, I reached out to my friend Tong Bao, a postdoctoral researcher at the Italian National Institute for Astrophysics, to check if any previous X-ray observations had captured the source. To our surprise, we found two past observations from NASA’s Chandra X-ray Observatory, although the data were still under a proprietary period (not yet public).

    We contacted Kaya Mori, a research scientist at Columbia University and the principal investigator of those observations. He generously shared the data with us. To our amazement, we discovered clear X-ray signals coming from ASKAPJ1832. Even more remarkable: the X-rays followed the same 44-minute cycle as the radio pulses.

    It was a truly lucky break. Chandra had been pointed at a different target entirely, but by pure coincidence, it caught ASKAPJ1832 during its unusually bright and active phase.

    A chance alignment like that is incredibly rare – like finding a needle in a cosmic haystack.

    NASA’s Chandra X-ray Observatory is the world’s most powerful X-ray telescope, in orbit around Earth since 1999.
    NASA/CXC & J. Vaughan

    Still a mystery

    Having both radio and X-ray bursts is a common trait of dead stars with extremely strong magnetic fields, such as neutron stars (high-mass dead stars) and white dwarf (low-mass dead stars).

    Our discovery suggests that at least some long-period transients may come from these kinds of stellar remnants.

    But ASKAPJ1832 does not quite fit into any known category of object in our galaxy. Its behaviour, while similar in some ways, still breaks the mould.

    We need more observations to truly understand what is going on. It is possible that ASKAPJ1832 is something entirely new, or it could be emitting radio waves in a way we have never seen before.

    Ziteng Wang 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. X-rays have revealed a mysterious cosmic object never before seen in our galaxy – https://theconversation.com/x-rays-have-revealed-a-mysterious-cosmic-object-never-before-seen-in-our-galaxy-256797

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: S. 1047, Assisting Small Businesses Not Fraudsters Act

    Source: US Congressional Budget Office

    S. 1047 would clarify that small businesses with associates who are convicted of falsely receiving financial assistance from the Small Business Administration (SBA) for programs related to COVID-19 are ineligible for future financial assistance. Under current law, those people are already ineligible for future funding from the SBA.

    The SBA currently requires applicants for loans and grants to disclose whether they are being investigated for or have been convicted of defrauding a federal agency. In addition, the agency uses federal databases to identify applicants previously convicted of fraud and provides lenders with pre-approval screening to detect fraud before financial assistance is awarded.

    Because the SBA already reviews applications to verify that applicants who have falsely received assistance do not receive additional federal assistance, CBO estimates that implementing S. 1047 would have insignificant costs. Any related spending would be subject to the availability of appropriated funds.

    The CBO staff contact for this estimate is Aurora Swanson. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI: Beneficient Adjourns Annual Meeting of Stockholders to 2 p.m. CDT May 29, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 28, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Beneficient,” “Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced today that the Company’s Annual Meeting of Stockholders, which had been previously adjourned to 2:00 p.m. Central Daylight Time today, May 28, 2025, has been once again adjourned to allow for more time for stockholders to vote.

    At this time, there were not present, by remote communication or by proxy, a sufficient number of shares of the Company’s common stock to constitute a quorum. The Company’s Board of Directors continues to believe that all the proposals contained in the proxy statement are advisable and in the best interests of the Company’s stockholders to consider and act upon. Therefore, the Company adjourned the Annual Meeting.

    The meeting has been scheduled to reconvene on May 29, 2025, at 2:00 p.m. Central Daylight Time and will be held virtually online at https://www.cstproxy.com/beneficient/2025.

    During the period of the adjournment, the Company will continue to solicit proxies from its stockholders with respect to the proposals set forth in the Company’s proxy statement. Proxies previously submitted in respect to the Annual Meeting will be voted at the reconvened meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action unless they wish to change their vote.

    The Company encourages all stockholders who have not yet voted to do so before May 28, 2025, at 11:59 p.m. Central time. The stockholders may vote by internet at https://www.cstproxyvote.com, or by telephone at 1 (866) 894-0536, or by returning a properly executed proxy card to Corporate Secretary, Beneficient, at 325 N. Saint Paul Street, Suite 4850, Dallas, Texas 75201.
      
    About Beneficient

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. 

    Additional Information and where to find it

    The Company has filed a definitive proxy statement and associated proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting of Stockholders of the Company (the “Annual Meeting”). The Company, its directors, its executive officers and certain other individuals set forth in the definitive proxy statement will be deemed participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise are set forth in the definitive proxy statement filed with the SEC on March 21, 2025. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. The Company’s stockholders can also obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents when available from the Company’s website at www.trustben.com. 

    Contact

    investors@beneficient.com 

    The MIL Network –

  • MIL-OSI: Nutanix Reports Third Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

     

    Delivers Outperformance Across All Guided Metrics

    Reports 18% YoY ARR Growth and Strong Free Cash Flow

    SAN JOSE, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced financial results for its third quarter ended April 30, 2025.

    “We delivered solid third quarter results, above the high end of our guided ranges, driven by the strength of the Nutanix Cloud Platform and demand from businesses looking for a trusted long-term partner,” said Rajiv Ramaswami, President and CEO of Nutanix. “Our recent announcements around support for external storage, modern applications, and generative AI reflect our continued focus on driving innovation and broadening our partnerships to further enhance the value proposition of the Nutanix Cloud Platform.”

    “Our third quarter results included 18% year-over-year ARR growth and strong year-to-date free cash flow generation,” said Rukmini Sivaraman, CFO of Nutanix. “We remain focused on delivering sustainable, profitable growth.”

    Third Quarter Fiscal 2025 Financial Summary

      Q3 FY’25 Q3 FY’24 Y/Y Change
    Annual Recurring Revenue (ARR)1 $2.14 billion $1.82 billion 18%
    Average Contract Duration2 3.1 years 3.0 years 0.1 year
    Revenue $639.0 million $524.6 million 22%
    GAAP Gross Margin 87.0% 84.8% 220 bps
    Non-GAAP Gross Margin 88.2% 86.5% 170 bps
    GAAP Operating Expenses $507.3 million $456.5 million 11%
    Non-GAAP Operating Expenses $426.5 million $380.4 million 12%
    GAAP Operating Income (Loss) $48.6 million $(11.6) million $60.2 million
    Non-GAAP Operating Income $137.1 million $73.3 million $63.8 million
    GAAP Operating Margin 7.6% (2.2)% 980 bps
    Non-GAAP Operating Margin 21.5% 14.0% 750 bps
    Net Cash Provided by Operating Activities $218.5 million $96.4 million $122.1 million
    Free Cash Flow $203.4 million $78.3 million $125.1 million
           

    Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.

    Recent Company Highlights

    • Nutanix held its annual .NEXT conference in Washington, D.C. on May 7 – 9, and made the following announcements at the event:

    Fourth Quarter Fiscal 2025 Outlook

    Revenue $635 – $645 million  
    Non-GAAP Operating Margin 15.5% to 16.5%  
    Weighted Average Shares Outstanding (Diluted)3 Approximately 297 million  
         

    Fiscal 2025 Outlook

    Revenue $2.52 – $2.53 billion  
    Non-GAAP Operating Margin ~20.5%  
    Free Cash Flow $700 – $730 million  
         

    Supplementary materials to this press release, including our third quarter fiscal 2025 earnings presentation, can be found at https://ir.nutanix.com/financial/quarterly-results.

    Webcast and Conference Call Information

    Nutanix executives will discuss the Company’s third quarter fiscal 2025 financial results on a conference call today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com. An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

    Footnotes

    1Annual Recurring Revenue, or ARR, for any given period, is defined as the sum of ACV for all subscription contracts in effect as of the end of a specific period. For the purposes of this calculation, we assume that the contract term begins on the date a contract is booked, unless the terms of such contract prevent us from fulfilling our obligations until a later period, and irrespective of the periods in which we would recognize revenue for such contract. Excludes all life-of-device contracts. ACV is defined as the total annualized value of a contract. The total annualized value for a contract is calculated by dividing the total value of the contract by the number of years in the term of such contract. Excludes amounts related to professional services and hardware.

    2Average Contract Duration represents the dollar-weighted term, calculated on a billings basis, across all subscription contracts, as well as our limited number of life-of-device contracts, using an assumed term of five years for life-of-device licenses, executed in the period.

    3Weighted average share count used in computing diluted non-GAAP net income per share.

    Non-GAAP Financial Measures and Other Key Performance Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this press release includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, free cash flow, Annual Recurring Revenue (or ARR), and Average Contract Duration. In computing non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), restructuring charges, litigation settlement accruals and legal fees related to certain litigation matters, the amortization and conversion of the debt discount and issuance costs related to debt, interest expense related to debt, inducement expense related to the repurchase of convertible senior notes, and other non-recurring transactions and the related tax impact. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP operating margin are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after capital expenditures, and we define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the topline growth of our subscription business because it takes into account variability in term lengths. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and free cash flow are not substitutes for gross margin, operating expenses, operating income (loss), operating margin, and net cash provided by (used in) operating activities, respectively. There is no GAAP measure that is comparable to ARR or Average Contract Duration, so we have not reconciled the ARR or Average Contract Duration data included in this press release to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures” and “Reconciliation of GAAP Net Cash Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business. This press release also includes the following forward-looking non-GAAP financial measures as part of our fourth quarter fiscal 2025 outlook and/or our fiscal 2025 outlook: non-GAAP operating margin and free cash flow. We are unable to reconcile these forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures without unreasonable efforts, as we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact the GAAP financial measures for these periods but would not impact the non-GAAP financial measures.

    Forward-Looking Statements

    This press release contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, including the strength of our platform, demand from businesses looking for a trusted long-term partner, and our continued focus on driving innovation and broadening our partnerships; our focus on delivering sustainable, profitable growth; our fourth quarter fiscal 2025 outlook; and our fiscal 2025 outlook.

    These forward-looking statements are not historical facts and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the U.S. Securities and Exchange Commission, or the SEC, on September 19, 2024 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2025, which should be read in conjunction with this press release and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

    About Nutanix

    Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

    © 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. (“Nutanix”) in the United States and other countries. Other brand names or marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release is for informational purposes only and nothing herein constitutes a warranty or other binding commitment by Nutanix.

    Investor Contact:
    Richard Valera
    ir@nutanix.com

    Media Contact:
    Jennifer Massaro
    pr@nutanix.com

     
    NUTANIX, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     
        As of  
        July 31,
    2024    		     April 30,
    2025    		  
        (in thousands)  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 655,270     $ 872,599  
    Short-term investments     339,072       1,009,870  
    Accounts receivable, net     229,796       270,232  
    Deferred commissions—current     159,849       147,361  
    Prepaid expenses and other current assets     97,307       110,981  
    Total current assets     1,481,294       2,411,043  
    Property and equipment, net     136,180       143,711  
    Operating lease right-of-use assets     109,133       142,200  
    Deferred commissions—non-current     198,962       180,111  
    Intangible assets, net     5,153       2,809  
    Goodwill     185,235       185,235  
    Other assets—non-current     27,961       31,521  
    Total assets   $ 2,143,918     $ 3,096,630  
    Liabilities and Stockholders’ Deficit            
    Current liabilities:            
    Accounts payable   $ 45,066     $ 49,596  
    Accrued compensation and benefits     195,602       175,814  
    Accrued expenses and other current liabilities     24,967       22,463  
    Deferred revenue—current     954,543       1,008,731  
    Operating lease liabilities—current     24,163       24,951  
    Total current liabilities     1,244,341       1,281,555  
    Deferred revenue—non-current     918,163       1,020,467  
    Operating lease liabilities—non-current     90,359       120,351  
    Convertible senior notes, net     570,073       1,342,601  
    Other liabilities—non-current     49,130       43,090  
    Total liabilities     2,872,066       3,808,064  
    Stockholders’ deficit:            
    Common stock     7       7  
    Additional paid-in capital     4,118,898       4,179,565  
    Accumulated other comprehensive loss     146       3,391  
    Accumulated deficit     (4,847,199 )     (4,894,397 )
    Total stockholders’ deficit     (728,148 )     (711,434 )
    Total liabilities and stockholders’ deficit   $ 2,143,918     $ 3,096,630  
     
    NUTANIX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands, except per share data)  
    Revenue:                        
    Product   $ 255,465     $ 345,479     $ 802,047     $ 1,001,585  
    Support, entitlements and other services     269,112       293,504       798,817       883,075  
    Total revenue     524,577       638,983       1,600,864       1,884,660  
    Cost of revenue:                        
    Product (1)(2)     8,469       6,776       28,105       23,969  
    Support, entitlements and other services (1)     71,150       76,215       215,029       226,980  
    Total cost of revenue     79,619       82,991       243,134       250,949  
    Gross profit     444,958       555,992       1,357,730       1,633,711  
    Operating expenses:                        
    Sales and marketing (1)(2)     245,901       260,402       717,926       775,185  
    Research and development (1)     159,220       186,413       471,596       543,157  
    General and administrative (1)     51,425       60,532       148,457       174,036  
    Total operating expenses     456,546       507,347       1,337,979       1,492,378  
    (Loss) income from operations     (11,588 )     48,645       19,751       141,333  
    Other income (expense), net     659       15,954       (2,520 )     25,172  
    (Loss) income before provision for income taxes     (10,929 )     64,599       17,231       166,505  
    Provision for income taxes     4,687       1,236       15,905       16,789  
    Net (loss) income   $ (15,616 )   $ 63,363     $ 1,326     $ 149,716  
    Net (loss) income per share attributable to Class
    A common stockholders, basic    		   $ (0.06 )   $ 0.24     $ 0.01     $ 0.56  
    Net (loss) income per share attributable to Class
    A common stockholders, diluted    		   $ (0.06 )   $ 0.22     $ 0.05     $ 0.52  
    Weighted average shares used in computing net
    (loss) income per share attributable to Class A
    common stockholders, basic    		     245,766       267,566       243,688       267,081  
    Weighted average shares used in computing net
    (loss) income per share attributable to Class A
    common stockholders, diluted    		     245,766       296,804       297,055       292,942  

    ________________
    (1)   Includes the following stock-based compensation expense:

        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Product cost of revenue   $ 1,576     $ 401     $ 5,201     $ 2,425  
    Support, entitlements and other services cost of revenue     6,391       6,623       20,690       20,768  
    Sales and marketing     18,901       19,513       61,110       61,558  
    Research and development     38,719       42,162       117,664       132,489  
    General and administrative     16,705       15,543       47,594       49,179  
    Total stock-based compensation expense   $ 82,292     $ 84,242     $ 252,259     $ 266,419  

    ________________
    (2)   Includes the following amortization of intangible assets:

        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Product cost of revenue   $ 766     $ 546     $ 2,626     $ 2,080  
    Sales and marketing     99       89       218       265  
    Total amortization of intangible assets   $ 865     $ 635     $ 2,844     $ 2,345  
     
    NUTANIX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
        Nine Months Ended
    April 30,    		  
        2024     2025  
        (in thousands)  
    Cash flows from operating activities:            
    Net income   $ 1,326     $ 149,716  
    Adjustments to reconcile net income to net cash
    provided by operating activities:    		            
    Depreciation and amortization     54,986       54,451  
    Stock-based compensation     252,259       266,419  
    Amortization of debt discount and issuance costs     33,738       2,519  
    Inducement expense from partial repurchase of the 2027 Notes     —       11,347  
    Operating lease cost, net of accretion     24,009       21,355  
    Non-cash interest expense     15,143       —  
    Other     (14,117 )     (4,690 )
    Changes in operating assets and liabilities:            
    Accounts receivable, net     (49,669 )     (14,084 )
    Deferred commissions     5,199       31,339  
    Prepaid expenses and other assets     37,588       (10,589 )
    Accounts payable     10,326       3,774  
    Accrued compensation and benefits     29,660       (10,528 )
    Accrued expenses and other liabilities     (83,857 )     (5,601 )
    Operating leases, net     (22,394 )     (23,640 )
    Deferred revenue     134,037       130,139  
       Net cash provided by operating activities     428,234       601,927  
    Cash flows from investing activities:            
    Maturities of investments     625,519       272,846  
    Purchases of investments     (740,034 )     (941,406 )
    Sales of investments     —       2,011  
    Payments for acquisitions, net of cash acquired     (4,500 )     —  
    Purchases of property and equipment     (54,813 )     (59,533 )
       Net cash used in investing activities     (173,828 )     (726,082 )
    Cash flows from financing activities:            
    Proceeds from sales of shares through employee equity incentive plans     50,660       68,525  
    Taxes paid related to net share settlement of equity awards     (111,620 )     (212,919 )
    Proceeds from the issuance of convertible notes, net of issuance costs     —       848,010  
    Payment of third-party debt issuance costs     —       (3,448 )
    Partial repurchase of the 2027 Notes     —       (95,453 )
    Payment of revolver issuance costs     —       (2,794 )
    Repurchases of common stock     (106,131 )     (257,859 )
    Payment of finance lease obligations     (2,928 )     (2,943 )
       Net cash (used in) provided by financing activities     (170,019 )     341,119  
    Net increase in cash, cash equivalents and restricted cash   $ 84,387     $ 216,964  
    Cash, cash equivalents and restricted cash—beginning of period     515,771       655,662  
    Cash, cash equivalents and restricted cash—end of period   $ 600,158     $ 872,626  
    Restricted cash (1)     2,131       27  
    Cash and cash equivalents—end of period   $ 598,027     $ 872,599  
    Supplemental disclosures of cash flow information:            
    Cash paid for income taxes   $ 20,938     $ 25,550  
    Supplemental disclosures of non-cash investing and
    financing information:    		            
    Purchases of property and equipment included in accounts payable and
    accrued and other liabilities    		   $ 983     $ 1,186  
    Unpaid taxes related to net share settlement of equity awards included
    in accrued expenses and other liabilities    		   $ —     $ 2,554  

    ________________
    (1)   Included within other assets—non-current in the condensed consolidated balance sheets.

    Reconciliation of Revenue to Billings
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Total revenue   $ 524,577     $ 638,983     $ 1,600,864     $ 1,884,660  
    Change in deferred revenue     32,708       8,062       134,037       130,139  
    Total billings   $ 557,285     $ 647,045     $ 1,734,901     $ 2,014,799  
    Disaggregation of Revenue and Billings
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Disaggregation of revenue:                        
    Subscription revenue   $ 486,620     $ 609,663     $ 1,498,081     $ 1,794,777  
    Professional services revenue     26,240       28,001       74,083       83,316  
    Other non-subscription product revenue     11,717       1,319       28,700       6,567  
    Total revenue   $ 524,577     $ 638,983     $ 1,600,864     $ 1,884,660  
    Disaggregation of billings:                        
    Subscription billings   $ 515,920     $ 627,249     $ 1,617,593     $ 1,925,278  
    Professional services billings     29,648       18,477       88,608       82,954  
    Other non-subscription product billings     11,717       1,319       28,700       6,567  
    Total billings   $ 557,285     $ 647,045     $ 1,734,901     $ 2,014,799  


    Subscription revenue —     Subscription revenue includes any performance obligation which has a defined term, and is generated from the sales of software entitlement and support subscriptions, subscription software licenses and cloud-based software-as-a-service, or SaaS, offerings.

    • Ratable — We recognize revenue from software entitlement and support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software entitlement and support subscriptions.
    • Upfront — Revenue from our subscription software licenses is generally recognized upfront upon transfer of control to the customer, which happens when we make the software available to the customer.

    Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed.

    Other non-subscription product revenue — Other non-subscription product revenue includes approximately $11.1 million and $26.3 million of non-portable software revenue for the three and nine months ended April 30, 2024, respectively, $0.5 million and $2.9 million of non-portable software revenue for the three and nine months ended April 30, 2025, respectively, $0.6 million and $2.4 million of hardware revenue for the three and nine months ended April 30, 2024, respectively, and $0.8 million and $3.7 million of hardware revenue for the three and nine months ended April 30, 2025, respectively.

    • Non-portable software revenue — Non-portable software revenue includes sales of our platform when delivered on a configured-to-order appliance by us or one of our OEM partners. The software licenses associated with these sales are typically non-portable and can be used over the life of the appliance on which the software is delivered. Revenue from our non-portable software products is generally recognized upon transfer of control to the customer.
    • Hardware revenue — In the infrequent transactions where the hardware appliance is purchased directly from Nutanix, we consider ourselves to be the principal in the transaction and we record revenue and costs of goods sold on a gross basis. We consider the amount allocated to hardware revenue to be equivalent to the cost of the hardware procured. Hardware revenue is generally recognized upon transfer of control to the customer.
     
    Annual Recurring Revenue
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Annual Recurring Revenue (ARR)   $ 1,820,207     $ 2,142,969     $ 1,820,207     $ 2,142,969  
     
    Reconciliation of GAAP to Non-GAAP Profit Measures
    (Unaudited)
     
        GAAP     Non-GAAP Adjustments     Non-GAAP  
        Three Months Ended April 30, 2025     (1)     (2)     (3)     (4)     (5)     (6)     Three Months Ended April 30, 2025  
        (in thousands, except percentages and per share data)  
    Gross profit   $ 555,992     $ 7,024     $ 546     $ —     $ —     $ —     $ —     $ 563,562  
    Gross margin     87.0 %     1.1 %     0.1 %     —       —       —       —       88.2 %
    Operating expenses:                                                
    Sales and marketing     260,402       (19,513 )     (89 )     —       —       —       —       240,800  
    Research and development     186,413       (42,162 )     —       —       —       —       —       144,251  
    General and administrative     60,532       (15,543 )     —       (3,545 )     —       —       —       41,444  
    Total operating expenses     507,347       (77,218 )     (89 )     (3,545 )     —       —       —       426,495  
    Income from operations     48,645       84,242       635       3,545       —       —       —       137,067  
    Operating margin     7.6 %     13.2 %     0.1 %     0.6 %     —       —       —       21.5 %
    Net income   $ 63,363     $ 84,242     $ 635     $ 3,545     $ (80 )   $ 2,950     $ (29,942 )   $ 124,713  
    Weighted shares outstanding, basic     267,566                                           267,566  
    Weighted shares outstanding, diluted (7)     296,804                                           296,804  
    Net income per share, basic   $ 0.24     $ 0.32     $ –     $ 0.01     $ –     $ 0.01     $ (0.11 )   $ 0.47  
    Net income per share, diluted (8)   $ 0.22                                         $ 0.42  

    ________________
    (1)   Stock-based compensation expense
    (2)   Amortization of intangible assets
    (3)   Legal fees
    (4)   Other
    (5)   Amortization of debt issuance costs and interest expense related to debt
    (6)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
    (7)   Includes 29,238 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (8)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $1,099 of interest expense related to the convertible senior notes

        GAAP     Non-GAAP Adjustments     Non-GAAP  
        Nine Months Ended April 30, 2025     (1)     (2)     (3)     (4)     (5)     (6)     (7)     Nine Months Ended April 30, 2025  
        (in thousands, except percentages and per share data)  
    Gross profit   $ 1,633,711     $ 23,193     $ 2,080     $ —     $ —     $ —     $ —     $ —     $ 1,658,984  
    Gross margin     86.7 %     1.2 %     0.1 %     —       —       —       —       —       88.0 %
    Operating expenses:                                                      
    Sales and marketing     775,185       (61,558 )     (265 )     —       —       —       —       —       713,362  
    Research and development     543,157       (132,489 )     —       —       —       —       —       —       410,668  
    General and administrative     174,036       (49,179 )     —       (6,480 )     —       —       —       —       118,377  
    Total operating expenses     1,492,378       (243,226 )     (265 )     (6,480 )     —       —       —       —       1,242,407  
    Income from operations     141,333       266,419       2,345       6,480       —       —       —       —       416,577  
    Operating margin     7.5 %     14.2 %     0.1 %     0.3 %     —       —       —       —       22.1 %
    Net income   $ 149,716     $ 266,419     $ 2,345     $ 6,480     $ (210 )   $ 11,347     $ 5,369     $ (74,862 )   $ 366,604  
    Weighted shares outstanding, basic     267,081                                                 267,081  
    Weighted shares outstanding, diluted (8)     292,942                                                 292,942  
    Net income per share, basic   $ 0.56     $ 1.00     $ 0.01     $ 0.02     $ –     $ 0.04     $ 0.02     $ (0.28 )   $ 1.37  
    Net income per share, diluted (9)   $ 0.52                                               $ 1.25  

    ________________
    (1)   Stock-based compensation expense
    (2)   Amortization of intangible assets
    (3)   Legal fees
    (4)   Other
    (5)   Inducement expense related to partial repurchase of the 2027 Notes
    (6)   Amortization of debt issuance costs and interest expense related to debt
    (7)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
    (8)   Includes 25,861 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (9)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $2,074 of interest expense related to the convertible senior notes

        GAAP     Non-GAAP Adjustments     Non-GAAP  
        Three Months Ended April 30, 2024     (1)     (2)     (3)     (4)     (5)     (6)     Three Months Ended April 30, 2024  
        (in thousands, except percentages and per share data)  
    Gross profit   $ 444,958     $ 7,967     $ 766     $ —     $ —     $ —     $ —     $ 453,691  
    Gross margin     84.8 %     1.6 %     0.1 %     —       —       —       —       86.5 %
    Operating expenses:                                                
    Sales and marketing     245,901       (18,901 )     (99 )     —       —       —       —       226,901  
    Research and development     159,220       (38,719 )     —       —       —       —       —       120,501  
    General and administrative     51,425       (16,705 )     —       (1,707 )     —       —       —       33,013  
    Total operating expenses     456,546       (74,325 )     (99 )     (1,707 )     —       —       —       380,415  
    (Loss) income from operations     (11,588 )     82,292       865       1,707       —       —       —       73,276  
    Operating margin     (2.2 )%     15.7 %     0.2 %     0.3 %     —       —       —       14.0 %
    Net (loss) income   $ (15,616 )   $ 82,292     $ 865     $ 1,707     $ (110 )   $ 16,876     $ (13,453 )   $ 72,561  
    Weighted shares outstanding, basic     245,766                                           245,766  
    Weighted shares outstanding, diluted (7)     245,766                                           301,860  
    Net (loss) income per share, basic   $ (0.06 )   $ 0.33     $ –     $ 0.01     $ –     $ 0.07     $ (0.05 )   $ 0.30  
    Net (loss) income per share, diluted   $ (0.06 )                                       $ 0.24  

    ________________
    (1)   Stock-based compensation expense
    (2)   Amortization of intangible assets
    (3)   Legal fees
    (4)   Other
    (5)   Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
    (6)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
    (7)   Includes 56,094 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans

        GAAP     Non-GAAP Adjustments     Non-GAAP  
        Nine Months Ended April 30, 2024     (1)     (2)     (3)     (4)     (5)     (6)     (7)     Nine Months Ended April 30, 2024  
        (in thousands, except percentages and per share data)  
    Gross profit   $ 1,357,730     $ 25,891     $ 2,626     $ —     $ —     $ —     $ —     $ —     $ 1,386,247  
    Gross margin     84.8 %     1.6 %     0.2 %     —       —       —       —       —       86.6 %
    Operating expenses:                                                      
    Sales and marketing     717,926       (61,110 )     (218 )     194       —       —       —       —       656,792  
    Research and development     471,596       (117,664 )     —       —       —       —       —       —       353,932  
    General and administrative     148,457       (47,594 )     —       —       (1,755 )     (225 )     —       —       98,883  
    Total operating expenses     1,337,979       (226,368 )     (218 )     194       (1,755 )     (225 )     —       —       1,109,607  
    Income from operations     19,751       252,259       2,844       (194 )     1,755       225       —       —       276,640  
    Operating margin     1.2 %     15.8 %     0.2 %     —       0.1 %     —       —       —       17.3 %
    Net income   $ 1,326     $ 252,259     $ 2,844     $ (194 )   $ 1,755     $ 925     $ 49,874     $ (49,034 )   $ 259,755  
    Weighted shares outstanding, basic     243,688                                                 243,688  
    Weighted shares outstanding, diluted (8)     297,055                                                 297,055  
    Net income per share, basic   $ 0.01     $ 1.04     $ 0.01     $ –     $ 0.01     $ –     $ 0.20     $ (0.20 )   $ 1.07  
    Net income per share, diluted (9)   $ 0.05                                               $ 0.87  

    ________________
    (1)   Stock-based compensation expense
    (2)   Amortization of intangible assets
    (3)   Restructuring charges (reversals)
    (4)   Legal fees
    (5)   Other
    (6)   Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
    (7)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
    (8)   Includes 53,367 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (9)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $12,749 of interest expense related to the convertible senior notes

     
    Reconciliation of GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow
    (Unaudited)
     
        Three Months Ended
    April 30,    		     Nine Months Ended
    April 30,    		  
        2024     2025     2024     2025  
        (in thousands)  
    Net cash provided by operating activities   $ 96,353     $ 218,506     $ 428,234     $ 601,927  
    Purchases of property and equipment     (18,029 )     (15,095 )     (54,813 )     (59,533 )
    Free cash flow   $ 78,324     $ 203,411     $ 373,421     $ 542,394  

    The MIL Network –

  • MIL-OSI: Core Specialty Announces Changes to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    CINCINNATI, May 28, 2025 (GLOBE NEWSWIRE) — Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that Patrick Gordon has been appointed to the Board of Directors of the Company effective immediately, in replacement of Marc Stad. Mr. Stad has served on the Company’s Board since the Company’s recapitalization in November 2020 as a director designated by Dragoneer Investment Group (‘Dragoneer”). The Board and management of the Company are grateful for his many contributions and wish him the very best in the years ahead.

    Mr. Gordon currently serves as Principal at Dragoneer, a position he has held since 2018 where he is focused on private investing. Prior to joining Dragoneer, Mr. Gordon’s previous roles were with Google, Stripe, and Parthenon Capital serving in operations and investment management roles. He earned a Bachelor of Arts Degree in History and Science from Harvard College and a Master of Business Administration from Harvard Business School, where he was a George F. Baker Scholar.

    Commenting on changes to Core Specialty’s Board, Jeff Consolino, Core Specialty’s Founder, President, and Chief Executive Officer, said, “We appreciate Marc Stad’s leadership on our board. From inception, Core Specialty has greatly benefitted from Dragoneer’s history of partnering with management teams in companies characterized by sustainable differentiation and superior economic models. Dragoneer has substantial committed capital, a long track record of successfully identifying category and industry leaders and deep experience in the public markets and Patrick Gordon’s skills and experience will continue to drive these benefits to Core Specialty. Mr. Gordon will be an excellent fit with the Core Specialty Board.”

    About Core Specialty

    Core Specialty offers a diversified range of specialty insurance products for small to mid-sized businesses. From its underwriting offices spanning the U.S., the company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess & surplus lines insurer, StarStone National Insurance Company, Lancer Insurance Company, Lancer Insurance Company of New Jersey and American Surety Company, each of which is a U.S. admitted markets insurer, and Standard Life and Accident Insurance Company, a life, accident and health insurer. For further information about Core Specialty, please visit www.corespecialty.com.

    About Dragoneer Investment Group

    Dragoneer Investment Group is a growth-oriented investment firm with over $25 billion under management and a flexible mandate to invest in high-quality businesses in both the public and private markets. For over a decade, Dragoneer has partnered with management teams growing exceptional companies, characterized by sustainable differentiation and superior economic models. The firm seeks to deliver attractive returns while maintaining a focus on capital preservation and margin of safety.

    The MIL Network –