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Category: Business

  • MIL-OSI Economics: 615th Meeting of Central Board of the Reserve Bank of India

    Source: Reserve Bank of India

    The 615th meeting of the Central Board of Directors of Reserve Bank of India was held today in Mumbai under the Chairmanship of Shri Sanjay Malhotra, Governor. As part of the agenda, inter alia, the Board reviewed the Economic Capital Framework (ECF) of the Reserve Bank of India.

    Deputy Governors Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, Shri Swaminathan J., Dr. Poonam Gupta and other Directors of the Central Board – Shri Ajay Seth, Secretary, Department of Economic Affairs, Shri Nagaraju Maddirala, Secretary, Department of Financial Services, Shri Satish K. Marathe, Shri S. Gurumurthy, Smt. Revathy Iyer, Prof. Sachin Chaturvedi, Shri Venu Srinivasan, Shri Pankaj Ramanbhai Patel and Dr. Ravindra H. Dholakia – attended the meeting.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/329

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung ‘Galaxy empowered’ launches Immersive Programme for Bhutan’s Teaching Community

    Source: Samsung

    The ‘Galaxy empowered’ Community from Bhutan
     
    Samsung, India’s largest consumer electronics brand, is welcoming passionate educators from remote corners of Bhutan into its growing community, ‘Galaxy empowered’, a one-of-a-kind community-led programme designed to transform education by empowering teachers, principals, and administrators in the education sector.
     
    ‘Galaxy empowered’, which aims to prepare teachers for the classrooms of tomorrow through recurring on-ground and online learning events, was launched in India in December 2024. Now, through immersive workshops and collaborative learning, Bhutanese teachers are also part of the movement that is redefining classrooms with technology and innovation.
     
    Samsung organised a ‘Galaxy empowered’ immersion programme for these educators, many of whom serve in remote and underserved communities in Bhutan, at its Executive Business Centre (EBC) in Gurugram. During the immersion programme, teachers gained hands-on experience with the Galaxy ecosystem, including Galaxy smartphones, Galaxy Books, Tablets, flipboards, and displays.
     
    In addition, they were introduced to Samsung’s latest innovations in education, including Galaxy devices and Galaxy AI applications tailored for modern, inclusive teaching. This was facilitated in partnership with the Teacher and Educational Leadership Division (TELD), Department of School Education, Ministry of Education and Skills Development, Bhutan.
     
    “I had never used an interactive whiteboard before. Seeing it in action gave me so many ideas for making lessons more engaging for my students,” said Khandu, teacher at Wangdue Primary School.
     
    Innovation spreading smiles across
     
    The Immersion Programme at Samsung Regional Headquarter witnessed the participation of educators from various schools across Bhutan, including Khandothang Primary School (Samtse), Pelrithang Higher Secondary School (Gelephu, Sarpang), Lobesa Lower Secondary School (Punakha Dzongkhag), Yoechen Central School (Pema Gatshel), Phuentsholing Primary School (Phuentsholing Thromde), and Chhukha Dzongkhag, among others.
     
    “The technology we saw today showed how classrooms can become more exciting and student-friendly. I am thinking about how we can try small changes in our own schools,” said Ghana Shyam Dhungana, Academic Head at Pelrithang Higher Secondary School (Gelephu, Sarpang).
     
    As a global leader in technology, Samsung is dedicated to transforming the future of education by developing future-ready classrooms that empower teachers to integrate the latest technology and modern teaching methodologies. Through initiatives such as ‘Galaxy empowered’, Samsung not only supports educators but also helps schools emerge as leaders in educational innovation.
     
    Taking a glance into the future
     
    “At Samsung, we understand that empowering a teacher is about inspiring a transformation that turns classrooms into vibrant spaces of curiosity, creativity, and connection. Through ‘Galaxy empowered’, we aim to ignite a spark that shapes the minds of future generations. We are proud to see this programme expand its reach beyond India, evolving into a global platform for learning and collaboration,” said a Samsung India spokesperson.
     
    The ‘Galaxy empowered’ programme is offered free of charge to both teachers and schools, ensuring that valuable resources for educational advancement are accessible without financial constraints. It offers no-cost online training, self-paced courses on the Galaxy empowered site, and physical boot camps.
     
    “This visit reminded me that technology is not only for big cities. With the right support, even remote schools can benefit from these innovations,” said Pema Dorji, Officiating Principal at Jigmeling Primary School (Tang, Bumthang).
     
    In India, under the umbrella of ‘Galaxy empowered’, over 4,800 teachers from more than 250 schools have been awarded certificates since December 2024. The programme aims to empower 20,000 teachers across 600 schools of India by 2025.
     

    MIL OSI Economics –

  • MIL-OSI United Nations: 15 May 2025 Statement Statement on the antigen composition of COVID-19 vaccines

    Source: World Health Organisation

    Key points:

    • Vaccination remains an important public health countermeasure against COVID-19. As per the WHO Director General’s standing recommendations for COVID-19, Member States are recommended to continue to offer COVID-19 vaccination based on the recommendations of the WHO Strategic Advisory Group of Experts on Immunization (SAGE).
    • SARS-CoV-2 continues to undergo sustained evolution since its emergence in humans, with important genetic and antigenic changes in the spike protein.
    • The objective of an update to COVID-19 vaccine antigen composition is to enhance vaccine-induced immune responses to circulating SARS-CoV-2 variants.
    • The WHO Technical Advisory Group on COVID-19 Vaccine Composition (TAG-CO-VAC) advises manufacturers that monovalent JN.1 or KP.2 vaccines remain appropriate vaccine antigens; monovalent LP.8.1 is a suitable alternative vaccine antigen.
    • In accordance with WHO SAGE policy, vaccination should not be delayed in anticipation of access to vaccines with an updated composition.

    The WHO Technical Advisory Group on COVID-19 Vaccine Composition (TAG-CO-VAC) continues to closely monitor the genetic and antigenic evolution of SARS-CoV-2 variants, immune responses to SARS-CoV-2 infection and COVID-19 vaccination, and the performance of COVID-19 vaccines against circulating variants. Based on these evaluations, WHO advises vaccine manufacturers and regulatory authorities on the implications for future updates to COVID-19 vaccine antigen composition. In April 2024, the TAG-CO-VAC recommended the use of a monovalent JN.1 lineage vaccine antigen as one approach to induce enhanced neutralizing antibody responses to JN.1 and its descendent lineages. In December 2024, the TAG-CO-VAC advised retaining the use of a monovalent JN.1 lineage vaccine antigen. Multiple manufacturers (using mRNA, recombinant protein-based, and adenovirus-vectored platforms) have updated COVID-19 vaccine antigen composition to monovalent JN.1 lineage formulations (JN.1 or KP.2). Several of these vaccines have been approved for use by regulatory authorities and introduced into vaccination programmes in some countries during the second half of 2024. Previous statements from the TAG-CO-VAC can be found on the WHO website.

    The TAG-CO-VAC reconvened on 6-7 May 2025 to review the genetic and antigenic evolution of SARS-CoV-2; immune responses to SARS-CoV-2 infection and/or COVID-19 vaccination; the performance of currently approved vaccines against circulating SARS-CoV-2 variants; and the implications for COVID-19 vaccine antigen composition.

    Evidence reviewed

    The published and unpublished evidence reviewed by the TAG-CO-VAC included: (1) SARS-CoV-2 genetic evolution with additional support from the WHO Technical Advisory Group on SARS-CoV-2 Virus Evolution (TAG-VE); (2) Antigenic characterization of previous and emerging SARS-CoV-2 variants using virus neutralization tests with animal antisera and further analysis of antigenic relationships using antigenic cartography; (3) Immunogenicity data on the breadth of neutralizing antibody responses elicited by currently approved vaccine antigens against circulating SARS-CoV-2 variants using animal and human sera; (4) Preliminary immunogenicity data on immune responses following infection with circulating SARS-CoV-2 variants; (5) Available vaccine effectiveness (VE) estimates of currently approved vaccines during periods of JN.1 lineage circulation; and (6) Preliminary non-clinical and clinical immunogenicity data on the performance of candidate vaccines with updated antigens shared confidentially by vaccine manufacturers with TAG-CO-VAC. Further details on the data reviewed by the TAG-CO-VAC can be found in the accompanying data annex. Confidential data reviewed by the TAG-CO-VAC are not shown.

    Summary of available evidence

    • There are persistent and increasing gaps in the reporting of cases, hospitalizations and deaths, from WHO Member States, making epidemiological trends difficult to infer. Nonetheless, in 2025, SARS-CoV-2 continues to circulate globally, causing severe disease, post COVID-19 condition, and death. The majority of COVID-19 deaths continue to occur in individuals aged 65 years and older and those with coexisting conditions. Some countries have reported an increase in incidence of COVID-19-related hospitalizations and deaths among children under 1 year of age, as compared to young adults, although this group still accounts for a small proportion of total COVID-19 hospitalizations and deaths.
    • As of May 2025, currently circulating SARS-CoV-2 variants are derived from JN.1. The weekly proportion of Variant Under Monitoring (VUM) LP.8.1 among all SARS-CoV-2 sequences submitted to GISAID continues to increase. The weekly proportion of JN.1 (Variant of Interest, VOI) is slowly increasing, largely due to increases in LF.7 and its descendent variants, while all other VUMs (KP.3, KP.3.1.1, XEC, and LB.1) are declining. 
    • Several JN.1 derived variants have independently evolved changes in the spike protein at epitopes known to be targeted by neutralizing antibodies.
    • Published and unpublished data using antisera from naïve hamsters infected with JN.1, KP.2, KP.3.1.1, XEC or LP.8.1 or mice immunized with mRNA vaccine antigens JN.1, KP.2 or KP.3 showed that JN.1, KP.2, KP.3.1.1, XEC, and LP.8.1 are antigenically closely related to each other (approximately 1 antigenic unit in cartographic analysis, which corresponds to a two-fold-difference in neutralization).
    • In published and unpublished data from humans, vaccination with monovalent JN.1 or KP.2 antigens significantly increased neutralizing antibody titers against all JN.1 descendent lineages tested:
      • Analysis of pre- and post-vaccination sera from JN.1 lineage (i.e. JN.1 or KP.2) immunized individuals demonstrated significant rises in neutralization of JN.1 and its descendent lineages, including KP.3.1.1, XEC, LF.7.2.1, and LP.8.1.
      • Neutralization titers against LP.8.1 were generally modestly lower (2-fold reduction) than those against the homologous JN.1 or KP.2 antigen.
    • Contemporary vaccine effectiveness (VE) estimates are relative (rVE), rather than absolute (comparing vaccinated to unvaccinated individuals), and demonstrate the added or incremental protection of recent vaccination over and above pre-existing infection- and vaccine-derived immunity. Monovalent JN.1 or KP.2 COVID-19 vaccines were introduced into some vaccination programmes in the second half of 2024. There are only a few studies estimating rVE for the monovalent JN.1 or KP.2 mRNA COVID-19 vaccines during periods of JN.1 descendent lineage circulation. Both vaccines demonstrated additional protection—relative to pre-existing immunity—against symptomatic and severe COVID-19 during the first three to four months after vaccination.
    • Data shared confidentially with the TAG-CO-VAC by vaccine manufacturers showed that:
      • Immunization of naïve mice, as well as of mice previously immunized with SARS-CoV-2 variants, with monovalent JN.1 or KP.2 vaccines resulted in high neutralizing antibody titers against JN.1 and its derivatives including KP.2, KP.3.1.1, XEC, LP.8.1, and LF.7.2. However, neutralization titers against LP.8.1 were typically lower than those against the homologous immunizing antigen.
      • Immunization of naïve mice, as well as of mice previously immunized with SARS-CoV-2 variants, with monovalent LP.8.1 vaccine candidates elicited high neutralizing antibody titers against the homologous antigen. Cross-neutralizing antibody titers elicited against other JN.1 lineage variants including JN.1, KP.2, KP.3, KP.3.1.1, XEC, and LF.7.2 were similar or modestly higher than those elicited by JN.1 or KP.2 antigens.
      • In humans, vaccination with monovalent JN.1 or KP.2 antigens resulted in robust neutralizing antibody responses to JN.1 and descendent variants, including KP.3.1.1, XEC, LP.8.1, and LF.7.2.
      • As in non-clinical data, analysis of pre- and post-vaccination sera from JN.1 or KP.2 immunized individuals showed some variation in neutralizing antibody titers against LP.8.1 and LF.7.2 across different studies. In most instances, they were similar or lower than those against the homologous JN.1 or KP.2 antigens.

    Overall, the currently approved monovalent JN.1 or KP.2 vaccines continue to elicit broadly cross-reactive immune responses to circulating JN.1-derived variants. LP.8.1 as a vaccine antigen offers similar or modestly increased cross-reactive antibody responses to circulating JN.1-derived variants, as compared to monovalent JN.1 or KP.2 vaccines. Mathematical modeling indicates that an increase in neutralizing antibody titers may translate into an improvement in vaccine effectiveness and duration of protection.

    The TAG-CO-VAC acknowledges several limitations of available data: 

    • There are persistent and increasing gaps in the reporting of cases, hospitalizations and deaths, from WHO Member States, as well as in genetic/genomic surveillance of SARS-CoV-2 globally, including low numbers of samples sequenced and limited geographic diversity. The TAG-CO-VAC strongly supports the ongoing work of the WHO Coronavirus Network (CoViNet) and the Global Influenza Surveillance and Response System (GISRS) to address this information gap.
    • The timing, specific mutations and antigenic characteristics of emerging and future variants are difficult to predict, and the potential public health impact of these variants remain unknown. There are JN.1-derived variants and long branch saltation variants that are currently detected in low or very low proportions, and which will continue to be monitored and/or characterized. The TAG-CO-VAC strongly supports the ongoing work of the TAG-VE. 
    • Although neutralizing antibody titers have been shown to be important correlates of protection from SARS-CoV-2 infection and of estimates of vaccine effectiveness, there are multiple components of immune protection elicited by infection and/or vaccination. Data on the immune responses following JN.1 descendent lineage infection or monovalent JN.1 or KP.2 vaccination are largely restricted to neutralizing antibodies. Data and interpretation of other aspects of the immune response, including cellular immunity, are limited. 
    • Immunogenicity data against currently circulating SARS-CoV-2 variants are not available for all COVID-19 vaccines. 
    • Estimates of rVE against recently circulating JN.1 variants are limited in terms of the number of studies, geographic diversity, vaccine platforms evaluated, populations assessed, duration of follow-up, and contemporary comparisons of vaccines with different antigen composition.

    Recommendations for COVID-19 vaccine antigen composition

    Monovalent JN.1 (NextStrain: 24A, GenBank: PP298019, GISAID: EPI_ISL_18872762) or KP.2 vaccines remain appropriate for ongoing use; monovalent LP.8.1 (NextStrain: 25A; GenBank: PV074550.1; GISAID: EPI_ISL_19467828) is a suitable alternative vaccine antigen.

    Other approaches that demonstrate broad and robust neutralizing antibody responses or efficacy against currently circulating JN.1 descendent lineage variants could also be considered.

    As per the WHO Director General’s standing recommendations for COVID-19, Member States are recommended to continue to offer COVID-19 vaccination based on the recommendations of the WHO SAGE. Vaccination should not be delayed in anticipation of access to vaccines with an updated composition.

    Further data requested

    Given the limitations of the evidence upon which the recommendations above are derived and the anticipated continued evolution of the virus, the TAG-CO-VAC strongly encourages generation of the following data (in addition to the types of data outlined in March 2025): 

    • Immune responses and clinical endpoints (i.e. VE and/or comparator rates of infection and severe disease) in varied human populations who receive currently approved COVID-19 vaccines against emerging SARS-CoV-2 variants, across different vaccine platforms.
    • Strengthened epidemiological and virological surveillance, as per the Standing Recommendations for COVID-19 in accordance with the International Health Regulations (2005), to determine if emerging variants are antigenically distinct and able to displace circulating variants.
    • Strengthened epidemiological surveillance to characterize disease severity in immunologically naïve and/ or immature individuals (i.e. birth cohorts).
    • Clinical evaluation of relevant new vaccine antigens derived from more recent SARS-CoV-2 variants.

    As previously stated, the TAG-CO-VAC continues to encourage the further development of vaccines that may improve protection against infection and reduce transmission of SARS-CoV-2.

    The TAG-CO-VAC will continue to closely monitor the genetic and antigenic evolution of SARS-CoV-2 variants, immune responses to SARS-CoV-2 infection and COVID-19 vaccination, and the performance of COVID-19 vaccines against circulating variants. The TAG-CO-VAC will also continue to reconvene every six months, or as needed, to evaluate the implications for COVID-19 vaccine antigen composition. At each meeting, recommendations to either maintain current vaccine composition or to consider updates will be issued. Prior to each meeting, the TAG-CO-VAC will publish an update to the statement on the types of data requested to inform COVID-19 vaccine antigen composition deliberations.

    MIL OSI United Nations News –

  • MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on May 15, 2025: Cut-Offs

    Source: Reserve Bank of India

    Security 7.10% GS 2029 7.26% GS 2032 7.50% GS 2034 6.67% GS 2035 7.41% GS 2036
    Total amount notified Aggregate amount of ₹25,000 crore
    (no security-wise notified amount)
    Total amount (face value) accepted by RBI (₹ in crore) 4,965 1,205 5,571 8,361 4,898
    Cut off yield (%) 6.0304 6.2556 6.3414 6.3644 6.4269
    Cut off price (₹) 103.68 105.78 107.99 102.32 107.94
    Detailed results will be issued shortly.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/328

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Joint trade statement between New Zealand and United Kingdom

    Source: United Kingdom – Executive Government & Departments

    News story

    Joint trade statement between New Zealand and United Kingdom

    Summary of a Joint Statement following the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade.

    This Joint Statement follows the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade of the United Kingdom on 12 May 2025.

    At their meeting, the Ministers celebrated the successful trading relationship between the UK and New Zealand, which reached a record £3.7bn1 or $7.3bn of trade in goods and services in 2024.

    At the meeting, the Ministers opened the second Joint Committee of the New Zealand-United Kingdom Free Trade Agreement (FTA).

    Significant progress has been made under the FTA, including amongst other things, the commencement of an artists’ resale royalty scheme, the inclusion of further wine making (oenological) practices, the establishment of a legal services regulatory dialogue, the renewal of the engineers’ Admissions Pathways Agreement, a sustainable finance dialogue, a women in STEM event, and a visit to the UK by a delegation of Māori women technology entrepreneurs.

    Ministers commended the significant uptake of the Agreement.

    Since entry into force, £752.3m ($1,588m NZD) of traded goods successfully used preferential tariffs; i.e. around 82.2% of goods traded between the UK and New Zealand made use of preferences where one was available.

    The strong uptake of the Agreement’s benefits is resulting in real savings with the potential to benefit both businesses and consumers.

    Between June 2023 and Dec 2024:

    • £164.2m or $344.5m NZD (80.7%) of goods imports into New Zealand from the UK used preferential tariffs4. Had these occurred at standard Most Favoured Nation (MFN) tariff rates, they could have encountered an additional £9.3m ($19.5m NZD) in duties.

    • £588.1m or $1,243m NZD (82.6%) of goods imports into the UK from New Zealand used preferential tariffs6. Had these occurred at standard MFN tariff rates, they could have encountered an additional £67.4m ($141.8m NZD) in duties.5

    The Ministers noted that free trade is a cornerstone of prosperity in both countries. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.

    The Ministers agreed to work together to strengthen the role that free trade, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which the United Kingdom and New Zealand are Parties to), plays in increasing prosperity and reinforcing resilience against economic turbulence.

    This includes growing the agreement ambitiously through further accessions, modernising the agreement through the ongoing General Review, and working with partners to defend the rules-based trading system upon which we rely.

    Note to editors:

    Sources:  Trade data sourced from the ONS publication of UK total trade: all countries seasonally adjusted October to December 2024 data.

    Source: Source: Statistics New Zealand, publicly accessible through New Zealand Trade Dashboard  

    Trade asymmetries exist between the UK and New Zealand official trade statistics, but this does not mean that either country is inaccurate in their estimation. Differences can be caused by a range of conceptual and measurement variations between the estimation practices of different countries.

    Based on data from New Zealand Ministry of Foreign Affairs & Trade, Statistics New Zealand, Customs import utilisation data, April 2025

    Estimated duty savings are based on exchanged country tariff schedules and preference utilisation data (footnotes 4 and 6). For UK imports, these are all calculated used the Ad Valorem, Specific, or Compound tariffs applied at the CN8 level. Where appropriate, Ad Valorem Equivalent tariffs were used (source: MacMap). The Bank of England spot exchange rates (June-December 2023, and 2024) was used to convert from GBP to NZD.

    The underlying data for the imports into the UK preference utilisation figures were sourced from HM Revenue and Custom’s (HMRC) UK goods imports by tariff regime, February 2025 data. This data is provided on a country of origin basis.

    The methodology used to calculate UK preference utilisation rates can be found here https://www.gov.uk/government/statistics/preference-utilisation-of-uk-trade-in-goods-technical-annex/preference-utilisation-of-uk-trade-in-goods-official-statistics-technical-annex#methodology-note-for-preference-utilisation-of-uk-trade-in-goods

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government goes further and faster to boost capital markets by delivering PISCES

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government goes further and faster to boost capital markets by delivering PISCES

    Capital markets are set to be boosted, as part of this government’s Plan for Change.

    • Government delivers legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) – an innovative new type of stock market for private companies that will boost the growth companies of the future and support the UK’s IPO pipeline. 
    • This delivers on the Chancellor’s Mansion House commitment to launch PISCES by May, with share trading taking place later this year.
    • The government will legislate to ensure that employees who have share options will be able to exercise them on PISCES and retain tax advantages, making the platform more attractive for companies and investors looking to use PISCES.

    Capital markets are set to be boosted, as part of this government’s Plan for Change as we deliver legislation for PISCES, a new type of stock market which will give investors the chance to get in on the ground floor of some of the most exciting companies around, so supporting those businesses to grow. 

    Today’s announcement means that stock markets can launch their PISCES platforms in the coming months with shares likely to be traded in the Autumn. Thanks to PISCES, private company shareholders, which includes founders and early-stage investors, can more easily realise their gains and reinvest this in productive assets. 

    In a boost to growth companies and start-ups, the government has also confirmed that it will legislate to ensure employees retain tax advantages on the share options they have, which will make PISCES more attractive and encourage even more businesses to use the platform.

    Emma Reynolds, Economic Secretary to the Treasury, said:

    Getting PISCES up and running will support UK growth companies. This will boost our capital markets and help to grow our economy, putting more money in working people’s pockets as part of our Plan for Change.

    We are also ensuring that employees will retain the tax advantages of shares traded on PISCES to boost the attractiveness of the product to high growth companies looking to expand.

    Simon Walls, Executive Director of Markets at the FCA, said:

    We are laying the groundwork for a new private stock market that will give investors more opportunities to invest in growing companies.  

    Today’s legislation is a big step forward and we will set out the final rules for PISCES soon. Together, this will support an organised marketplace to buy and sell private shares.

    To ensure employees can continue to benefit from the tax advantages on their shares, the law will be changed to extend to the existing Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP) contracts to also include PISCES. 

    This is in addition to the announcement in the Autumn Budget making PISCES transactions exempt from Stamp Taxes on Shares. Today’s announcement on tax mean that employees as well as investors will benefit from the tax changes made, further increasing the attractiveness of the project. 

    Today’s reform delivers on the Chancellor’s commitment at Mansion House to deliver PISCES, a new innovative market for trading private company shares, combining features of private and public markets. 

    Companies and investors using the platform will benefit from greater flexibility and have greater freedom to choose when and to whom their shares are traded with, and they will only be required to disclose information ahead of trading. 

    The platform will act as a stepping stone for companies eyeing a listing in future preparing and easing the journey to an IPO. 

    With many companies choosing to stay private for longer, there is increasing demand for investors, including angel investors and employees, to be able to trade shares in private companies more easily.

    The Financial Conduct Authority will publish their rules underpinning PISCES shortly after the legislation comes into force. Thereafter, those wishing to operate PISCES trading events can apply to the FCA. We expect to see the first PISCES trading events take place later this year.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Rosneft held an IT competition for students of Krasnoyarsk universities

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft’s Research Institute in Krasnoyarsk organized a hackathon at the Siberian Federal University to develop software for hydrodynamic well studies.

    The participants’ task was to create a prototype of a program that optimizes the processing and analysis of research results by visualizing the entire technological complex of works during well research. Students from the Institute of Oil and Gas, the Institute of Mathematics and Applied Informatics, and the Institute of Space and Information Technologies of the Siberian Federal University took part in the hackathon.

    Eight teams successfully completed the task. According to the decision of the expert jury, which included Rosneft specialists and university teachers, two teams won the hackathon at once, one of which completed the task most accurately, and the second created an effective solution in terms of the structure and organization of software elements and hardware components. Both proposed solutions present broad opportunities for the development and implementation of a digital product within the Company.

    Digitalization of business processes is one of the key objectives of the Rosneft 2030 strategy. The company continuously implements advanced technological solutions for data analysis to improve the efficiency of work processes in all areas of its activities. Conducting specialized hackathons allows Rosneft to solve real production problems and develop the potential of future industry professionals in managing digital projects.

    Reference:

    Rosneft has been cooperating with the Siberian Federal University since 2008. With the financial and organizational assistance of the Company, an educational and laboratory building of the Institute of Oil and Gas, equipped with modern equipment, was built at SFU. This is one of the most popular institutes among applicants.

    Department of Information and Advertising of PJSC NK Rosneft May 15, 2025

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

    MIL OSI Russia News –

  • MIL-OSI: Hyperscale Data to Resume Montana Bitcoin Mining Operations during June 2025

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, May 15, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its wholly owned subsidiary Sentinum, Inc. (“Sentinum”), plans to resume Bitcoin mining operations at one of its two Montana sites on or around June 10, 2025.

    Sentinum completed the build-out of the Montana site in 2024 and it currently provides up to 10 megawatts of power, which is sufficient to operate approximately 3,200 S19j Pro Antminers (“Antminers”). Sentinum will initially recommence mining operations on approximately 2,600 Antminers and expects to increase operations to full capacity of approximately 3,200 Antminers, during July 2025.

    “Given the recent increase in the price of Bitcoin, we have made the decision to resume mining at one of our Montana sites,” said William Horne, Chief Executive Officer of Hyperscale Data. “It is our belief that the current price of Bitcoin is sustainable, which will allow our Montana Bitcoin mining operations to generate positive cash flow from operations.”

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiary Sentinum, Inc., Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence (“AI”) ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”). Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

    This press release contains “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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

  • MIL-OSI: Euronext N.V. Annual General Meeting results   

    Source: GlobeNewswire (MIL-OSI)

    Euronext N.V. Annual General Meeting results         

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 15 May 2025 – Euronext announced that in its Annual General Meeting (AGM) that took place today, all resolutions with the exception of voting item 1 (advisory vote) were approved.

    The voting items were as follows:

    1. Proposal to adopt the 2024 remuneration report
    2. Proposal to adopt the 2024 financial statements
    3. Proposal to adopt a dividend of €2.90 per ordinary share
    4. Proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2024
    5. Proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2024
    6. Re-appointment of Piero Novelli as a member of the Supervisory Board
    7. Re-appointment of Olivier Sichel as a member of the Supervisory Board
    8. Appointment of Francesca Scaglia as a member of the Supervisory Board
    9. Re-appointment of Delphine d’Amarzit as a member of the Managing Board
    10. Appointment of René van Vlerken as a member of the Managing Board
    11. Proposal to amend the remuneration policy with regard to the Managing Board
    12. Proposal to amend the remuneration policy with regard to the Supervisory Board
    13. Proposal to appoint the external auditor
    14. Proposal regarding cancellation of the company’s own shares purchased by the company under the share repurchase program
    15. Proposal to designate the Managing Board as the competent body to issue ordinary shares
    16. Proposal to designate the Managing Board as the competent body to restrict or exclude the pre-emptive rights of shareholders
    17. Proposal to authorise the Managing Board to acquire ordinary shares in the share capital of the company on behalf of the company
    18. Proposal to authorise the Supervisory Board or Managing Board (subject to approval of the Supervisory Board) to grant rights to French beneficiaries to receive shares in accordance with Articles L225-197-1 and seq. of the French Code of commerce

    The payment of the annual dividend will occur on 28 May 2025, with ex-dividend on 26 May 2025 and record date on 27 May 2025.

    CONTACTS  

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97          

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45   

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Andrea Monzani         +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    Corporate Solutions        Andrea Monzani         +39 02 72 42 62 13                          

    About Euronext  

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

    As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Attachment

    The MIL Network –

  • MIL-OSI China: China’s service trade fair to open in September

    Source: People’s Republic of China – State Council News

    BEIJING, May 15 — The 2025 China International Fair for Trade in Services (CIFTIS) is scheduled to open on Sept. 10 in Beijing, with Australia invited as the guest country of honor.

    Starting this year, the fair will adopt a fixed schedule, opening on the second Wednesday of September every year, Zhao Qizhou, an official with the Beijing Municipal Commerce Bureau, told a press conference on Thursday.

    It will be held at Shougang Park, a 3-square-kilometer industrial heritage site and a previous venue of the Beijing 2022 Winter Olympics.

    The fair consists of sectors including finance, culture and tourism, education, sports, supply chain and healthcare services.

    The event will run for five days — the first three days designated for professional visitors and the last two for public access.

    The Global Trade in Services Summit, co-hosted by the United Nations Conference on Trade and Development, China’s Ministry of Commerce and the Beijing municipal government, will be held on Sept. 10.

    Since its inception in 2012, CIFTIS has brought together enterprises from around the world to share opportunities stemming from China’s opening up and development of trade in services.

    Last year’s edition attracted over 450 Fortune 500 enterprises and companies taking the lead in their respective industries, as well as participants from 85 countries and international organizations.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Company director sentenced to community service order for contravening Employment Ordinance

    Source: Hong Kong Government special administrative region

    Company director sentenced to community service order for contravening Employment Ordinance
    The company wilfully and without reasonable excuse contravened requirements of the EO, failing to pay two employees’ wages and payment in lieu of notice within seven days after the expiry of the wage periods and termination of employment contracts of about $306,000, and also failing to pay the awarded sums of about $439,000 within 14 days after the date set by the Labour Tribunal (LT). The former director concerned was prosecuted and convicted for his consent, connivance or neglect in the above offences.
     
    “The ruling will disseminate a strong message to all employers, directors and responsible officers of companies that they have personal liability to ensure payment of wages and sums awarded by the LT or the Minor Employment Claims Adjudication Board to employees within the statutory time limit stipulated in the EO,” a spokesman for the LD said. 
     
    ???”The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees’ statutory rights,” the spokesman added.
    Issued at HKT 18:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: SHELL PLC – REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2024

    Source: GlobeNewswire (MIL-OSI)

    Shell plc – Report on Payments to Governments for the year 2024

    Basis for preparation – Report on Payments to Governments for the year 2024
    This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2024 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This Report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

    This Report is available for download from www.shell.com/payments.

    Legislation
    This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

    Reporting entities
    This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

    Activities
    Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

    Government
    Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

    Project
    Payments are reported at project level, except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

    “Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

    Payment
    The information is reported under the following payment types:

    Production entitlements
    These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

    In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

    In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

    Taxes
    These are taxes paid by Shell on its income, profits or production (which include resource severance tax and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

    Royalties
    These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

    Dividends
    These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2024, there were no reportable dividend payments to a government.

    Bonuses
    These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone.

    Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
    These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

    Infrastructure improvements
    These are payments which relate to the construction of infrastructure (road, bridge or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

    Other
    Operatorship
    When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

    When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

    Cash and in-kind payments
    Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

    Materiality level
    For each payment type, total payments below £86,000 to a government are excluded from this Report.

    Exchange rate
    Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

    Report on Payments to Governments [1]

    Summary report (in USD)
    Countries Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Europe              
    Germany         –         243,935,441         –         –         –         –         243,935,441
    Italy         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
    Norway         2,083,221,642         1,300,962,023         –         –         122,391         –         3,384,306,056
    United Kingdom         –         -16,649,747         –         –         11,483,529         –         -5,166,218
    Asia              
    Brunei         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
    China         –         10,343,616         –         –         –         –         10,343,616
    India         –         -17,715,638         –         –         –         –         -17,715,638
    Kazakhstan         –         242,741,780         –         –         –         –         242,741,780
    Malaysia         2,317,002,807         305,924,901         500,008,822         –         –         –         3,122,936,530
    Middle East              
    Oman         633,711,368         3,954,062,451         –         –         900,000         –         4,588,673,819
    Qatar         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Oceania              
    Australia         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
    Africa              
    Egypt         –         41,164,348         –         1,836,435         –         –         43,000,783
    Nigeria         3,804,949,166         648,734,398         780,231,463         –         102,925,166         –         5,336,840,193
    Sao Tome and Principe         –         –         –         1,300,000         –         –         1,300,000
    Tanzania         –         –         –         –         140,000         –         140,000
    Tunisia         –         24,904,580         4,941,633         –         –         –         29,846,213
    North America              
    Canada         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
    Mexico         –         –         –         –         21,527,002         –         21,527,002
    USA         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
    South America              
    Argentina         53,082,051         1,984,309         143,969,668         –         123,276         –         199,159,304
    Brazil         327,688,819         656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
    Colombia         –         –         –         –         489,880         –         489,880
    Trinidad and Tobago         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
    Total         11,387,783,976         10,456,840,201         4,322,795,167         12,976,786         1,913,987,033         1,127,250         28,095,510,413

    [1] The figures in this Report are rounded.

    Germany

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    FEDERAL CENTRAL TAX OFFICE         –         294,891,077         –         –         –         –         294,891,077
    MUNICIPALITY OF COLOGNE         –         -2,763,591         –         –         –         –         -2,763,591
    MUNICIPALITY OF DINSLAKEN         –         -386,534         –         –         –         –         -386,534
    MUNICIPALITY OF GELSENKIRCHEN         –         -483,145         –         –         –         –         -483,145
    MUNICIPALITY OF OSTSTEINBEK         –         584,685         –         –         –         –         584,685
    MUNICIPALITY OF WESSELING         –         -3,943,262         –         –         –         –         -3,943,262
    TAX AUTHORITY HAMBURG         –         -43,963,789         –         –         –         –         -43,963,789
    Total         –         243,935,441         –         –         –         –         243,935,441
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    DEUTSCHE SHELL HOLDING GmbH         –         243,935,441         –         –         –         –         243,935,441
    Total         –         243,935,441         –         –         –         –         243,935,441

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Italy

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    CALVELLO MUNICIPALITY         –         –         884,083         –         –         –         884,083
    CORLETO PERTICARA MUNICIPALITY         –         –         1,964,671         –         –         –         1,964,671
    GORGOGLIONE MUNICIPALITY         –         –         302,257         –         –         –         302,257
    GRUMENTO NOVA MUNICIPALITY         –         –         505,190         –         –         –         505,190
    MARSICO NUOVO MUNICIPALITY         –         –         378,893         –         –         –         378,893
    MARSICOVETERE MUNICIPALITY         –         –         126,298         –         –         –         126,298
    MONTEMURRO MUNICIPALITY         –         –         126,298         –         –         –         126,298
    REGIONE BASILICATA         –         –         44,157,199         –         79,302,465         –         123,459,664
    TESORERIA PROVINICIALE DELLO STATO         –         4,128,063         22,264,135         –         718,305         –         27,110,503
    VIGGIANO MUNICIPALITY         –         –         3,504,758         –         200,016         –         3,704,774
    Total         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ITALY UPSTREAM ASSET         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
    Total         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Norway

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    EQUINOR ASA         853,946,278 [A]         –         –         –         –         –         853,946,278
    PETORO AS         1,229,275,364 [B]         –         –         –         –         –         1,229,275,364
    SKATTEETATEN         –           1,300,962,023         –         –         –         –         1,300,962,023
    SOKKELDIREKTORATET         –           –         –         –         122,391         –         122,391
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ORMEN LANGE         2,083,221,642 [C]         –         –         –         –         –         2,083,221,642
    Entity level payment                
    A/S NORSKE SHELL         —           1,300,962,023         –         –         122,391         –         1,301,084,414
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $853,946,278 for 12,291 thousand barrels of oil equivalent (kboe) valuated at market price. 

    [B] Includes payment in kind of $1,229,275,364 for 17,693 kboe valuated at market price. 

    [C] Includes payment in kind of $2,083,221,642 for 29,984 kboe valuated at market price.

    United Kingdom

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    HM REVENUE AND CUSTOMS         –         -16,649,747         –         –         –         –         -16,649,747
    NORTH SEA TRANSITION AUTHORITY         –         –         –         –         11,355,210         –         11,355,210
    THE CROWN ESTATE SCOTLAND         –         –         –         –         128,319         –         128,319
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BRENT AND OTHER NORTHERN NORTH SEA PROJECTS         –         -32,113,820         –         –         563,325         –         -31,550,495
    ONEGAS WEST         –         –         –         –         3,232,597         –         3,232,597
    UK EXPLORATION PROJECTS         –         –         –         –         1,117,783         –         1,117,783
    UK OFFSHORE OPERATED         –         –         –         –         2,119,313         –         2,119,313
    WEST OF SHETLAND NON-OPERATED         –         –         –         –         1,076,456         –         1,076,456
    Entity level payment              
    SHELL U.K. LIMITED         –         15,464,073         –         –         3,374,055         –         18,838,128
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Brunei

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE AND ECONOMY         –         44,229,620         –         –         –         –         44,229,620
    PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM         3,983,642         –         8,660,091         –         –         –         12,643,733
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL DEEPWATER BORNEO B.V.         –         39,001,133         –         –         –         –         39,001,133
    SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.         3,983,642         5,228,487         8,660,091         –         –         –         17,872,220
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    China

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    TIANJIN MUNICIPAL TAXATION BUREAU         –         5,911,867         –         –         –         –         5,911,867
    YULIN MUNICIPAL TAXATION BUREAU         –         4,431,749         –         –         –         –         4,431,749
    Total         –         10,343,616         –         –         –         –         10,343,616
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED         –         10,343,616         –         –         –         –         10,343,616
    Total         –         10,343,616         –         –         –         –         10,343,616

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    India

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    INCOME TAX DEPARTMENT         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    BG EXPLORATION AND PRODUCTION INDIA LIMITED         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Kazakhstan

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    WEST KAZAKHSTAN TAX COMMITTEE         –         242,741,780         –         –         –         –         242,741,780
    Total         –         242,741,780         –         –         –         –         242,741,780
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    KARACHAGANAK         –         242,741,780         –         –         –         –         242,741,780
    Total         –         242,741,780         –         –         –         –         242,741,780

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Malaysia

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                  
    BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD         301,048,915 [A]         –         –           –         –         –         301,048,915
    LEMBAGA HASIL DALAM NEGERI         –           305,924,901         –           –         –         –         305,924,901
    MALAYSIA FEDERAL AND STATE GOVERNMENTS         –           –         469,060,363 [B]         –         –         –         469,060,363
    PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.         74,656,856 [C]         –         –           –         –         –         74,656,856
    PETROLIAM NASIONAL BERHAD         990,078,563 [D]         –         30,948,459           –         –         –         1,021,027,022
    PETRONAS CARIGALI SDN. BHD.         951,218,473 [E]         –         –           –         –         –         951,218,473
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530
                       
    Project report (in USD)
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                  
    SABAH GAS (NON-OPERATED)         –           16,208,714         3,017,327           –         –         –         19,226,041
    SABAH INBOARD AND DEEPWATER OIL         1,435,194,825 [F]         158,435,164         303,452,674 [G]         –         –         –         1,897,082,663
    SARAWAK OIL AND GAS         881,807,982 [H]         116,047,586         193,538,821 [I]         –         –         –         1,191,394,389
    Entity level payment                  
    SABAH SHELL PETROLEUM COMPANY LIMITED         –           4,502,043         –           –         –         –         4,502,043
    SARAWAK SHELL BERHAD         –           3,394,907         –           –         –         –         3,394,907
    SHELL ENERGY ASIA LIMITED         –           2,616,753         –           –         –         –         2,616,753
    SHELL OIL AND GAS (MALAYSIA) LLC         –           595,653         –           –         –         –         595,653
    SHELL SABAH SELATAN SENDRIAN BERHAD         –           4,124,081         –           –         –         –         4,124,081
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $301,048,915 for 3,355 thousand barrels of oil equivalent (kboe) valuated at market price. 

    [B] Includes payment in kind of $342,702,511 for 3,909 kboe valuated at market price and $126,357,852 for 6,336 kboe valuated at fixed price. 

    [C] Includes payment in kind of $59,554,178 for 3,011 kboe valuated at fixed price and $15,102,678 for 201 kboe valuated at market price. 

    [D] Includes payment in kind of $783,520,240 for 8,933 kboe valuated at market price and $209,732,743 for 10,921 kboe valuated at fixed price.

    [E] Includes payment in kind of $624,146,940 for 7,163 kboe valuated at market price and $327,071,533 for 16,397 kboe valuated at fixed price.

    [F] Includes payment in kind of $1,435,194,825 for 15,977 kboe valuated at market price.

    [G] Includes payment in kind of $297,371,578 for 3,339 kboe valuated at market price.

    [H] Includes payment in kind of $596,358,454 for 30,329 kboe valuated at fixed price and $288,623,948 for 3,675 kboe valuated at market price.

    [I] Includes payment in kind of $126,357,852 for 6,336 kboe valuated at fixed price and $45,330,933 for 570 kboe valuated at market price.

    Oman

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    MINISTRY OF ENERGY AND MINERALS         633,711,368 [A]         –         –         –         –         –         633,711,368
    MINISTRY OF FINANCE         –           3,954,062,451         –         –         900,000         –         3,954,962,451
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BLOCK 6 CONCESSION         –           3,954,062,451         –         –         –         –         3,954,062,451
    BLOCK 10 CONCESSION         633,711,368 [A]         –         –         –         400,000         –         634,111,368
    BLOCK 11 CONCESSION         –           –         –         –         250,000         –         250,000
    BLOCK 55 CONCESSION         –           –         –         –         250,000         –         250,000
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $60,839,756 for 4,551 kboe valuated at fixed price and of $572,871,612 for 7,095 kboe valuated at the government’s selling price.

    Qatar

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    QATARENERGY         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Total         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    PEARL GTL         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Total         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Australia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AUSTRALIAN TAXATION OFFICE         –         1,277,737,693         –         –         –         –         1,277,737,693
    BANANA SHIRE COUNCIL         –         –         –         –         217,920         –         217,920
    FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES         –         –         111,989,284         –         –         –         111,989,284
    QUEENSLAND REVENUE OFFICE         –         –         356,590,166         –         –         –         356,590,166
    QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE         –         –         –         –         935,554         –         935,554
    QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES         –         –         –         –         581,472         –         581,472
    RESOURCES SAFETY AND HEALTH QUEENSLAND         –         –         –         –         1,359,992         –         1,359,992
    WESTERN DOWNS REGIONAL COUNCIL         –         –         –         –         10,317,519         266,428         10,583,947
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    NORTH WEST SHELF         –         –         111,989,284         –         –         –         111,989,284
    QGC         –         583,570,540         356,590,166         –         13,412,457         266,428         953,839,591
    Entity level payment              
    SHELL AUSTRALIA PTY LTD         –         694,167,153         –         –         –         –         694,167,153
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Egypt

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    EGYPTIAN GENERAL PETROLEUM CORPORATION         –         41,164,348         –         1,836,435         –         –         43,000,783
    Total         –         41,164,348         –         1,836,435         –         –         43,000,783
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    EGYPT OFFSHORE DEVELOPMENT         –         41,164,348         –         540,000         –         –         41,704,348
    Entity level payment              
    SHELL EGYPT N.V.         –         –         –         1,296,435         –         –         1,296,435
    Total         –         41,164,348         –         1,836,435         –         –         43,000,783

    [I] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Nigeria

    Government report (in USD) [1]
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                    
    FEDERAL INLAND REVENUE SERVICE         –           648,734,398 [A]         –           –         –         –         648,734,398
    NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE         –           –           –           –         3,931,917         –         3,931,917
    NIGER DELTA DEVELOPMENT COMMISSION         –           –           –           –         97,260,899         –         97,260,899
    NIGERIAN NATIONAL PETROLEUM CORPORATION         3,804,949,166 [B]         –           –           –         –         –         3,804,949,166
    NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION         –           –           780,231,463 [C]         –         1,732,350         –         781,963,813
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193
                         
    Project report (in USD)
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                    
    EAST ASSET         1,300,681,939 [D]         –           –           –         –         –         1,300,681,939
    PSC 1993 (OML 133)         –           136,652,153 [E]         –           –         –         –         136,652,153
    PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)         649,948,707 [F]         303,125,852 [G]         452,170,096 [H]         –         32,015,797         –         1,437,260,452
    WEST ASSET         1,854,318,520 [I]         –           –           –         –         –         1,854,318,520
    Entity level payment                    
    SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED             –           –           –         440,468         –         440,468
    THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED             208,956,393           328,061,367             70,468,901           607,486,661
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $439,778,005 for 5,293 kboe valuated at market price.

    [B] Includes payment in kind of $3,804,949,166 for 80,289 kboe valuated at market price.

    [C] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price. 

    [D] Includes payment in kind of $1,300,681,939 for 49,766 kboe valuated at market price. 

    [E] Includes payment in kind of $136,652,153 for 1,654 kboe valuated at market price. 

    [F] Includes payment in kind of $649,948,707 for 7,916 kboe valuated at market price. 

    [G] Includes payment in kind of $303,125,852 for 3,639 kboe valuated at market price. 

    [H] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price. 

    [I] Includes payment in kind of $1,854,318,520 for 22,607 kboe valuated at market price.

    Sao Tome and Principe

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    DW BLOCK 4         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Tanzania

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    PETROLEUM UPSTREAM REGULATORY AUTHORITY         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 1 AND 4         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Tunisia

      Government report (in USD) [1]
      Production entitlements Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                
    ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES         –         –         2,140,627 [A]         –         –         –         2,140,627
    LE RECEVEUR DES FINANCES DU LAC         –         24,904,580         2,801,006           –         –         –         27,705,586
    Total         –         24,904,580         4,941,633           –         –         –         29,846,213
                     
      Project report (in USD)
      Production entitlements Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                
    HASDRUBAL CONCESSION         –         24,904,580         4,941,633 [A]         –         –         –         29,846,213
    Total         –         24,904,580         4,941,633           –         –         –         29,846,213

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $2,140,627 for 37 kboe valuated at market price. 

    Canada

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    GOVERNMENT OF ALBERTA         –         –         656,638         –         119,099         –         775,737
    MINISTRY OF FINANCE (BRITISH COLUMBIA)         –         –         2,915,313         –         625,526         –         3,540,839
    MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)         –         –         –         –         679,158         –         679,158
    PROVINCIAL TREASURER OF ALBERTA         –         60,864,405         –         –         –         –         60,864,405
    RECEIVER GENERAL FOR CANADA         –         111,702,667         1,126,040         –         –         –         112,828,707
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ATHABASCA OIL SANDS         –         172,567,072         –         –         –         –         172,567,072
    FOOTHILLS         –         –         1,126,040         –         –         –         1,126,040
    GREATER DEEP BASIN         –         –         656,638         –         119,099         –         775,737
    GROUNDBIRCH         –         –         2,915,313         –         1,304,684         –         4,219,997
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Mexico

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    FONDO MEXICANO DEL PETRÓLEO PARA LA ESTABILIZACIÓN Y EL DESARROLLO         –         –         –         –         17,154,483         –         17,154,483
    SERVICIO DE ADMINISTRACIÓN TRIBUTARIA         –         –         –         –         4,372,519         –         4,372,519
    Total         –         –         –         –         21,527,002         –         21,527,002
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    MEXICO EXPLORATION DEEPWATER         –         –         –         –         21,527,002         –         21,527,002
    Total         –         –         –         –         21,527,002         –         21,527,002

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    USA

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    ALASKA DEPARTMENT OF NATURAL RESOURCES         –         –         –         –         243,408         –         243,408
    COMMONWEALTH OF PENNSYLVANIA         –         -400,000         –         –         –         –         -400,000
    INTERNAL REVENUE SERVICE         –         53,638,500         –         –         –         –         53,638,500
    LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT         –         –         –         –         –         860,822         860,822
    OFFICE OF NATURAL RESOURCES REVENUE         –         –         1,187,594,021         –         80,435,119         –         1,268,029,140
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ALASKA EXPLORATION         –         –         –         –         243,408         –         243,408
    GULF OF AMERICA (CENTRAL)         –         –         1,076,187,269         –         282,312         –         1,076,469,581
    GULF OF AMERICA (WEST)         –         –         111,406,752         –         126,720         –         111,533,472
    GULF OF AMERICA EXPLORATION         –         –         –         –         80,026,087         –         80,026,087
    Entity level payment              
    SHELL EXPLORATION AND PRODUCTION COMPANY         –         -400,000         –         –         –         –         -400,000
    SHELL OFFSHORE INC.         –         –         –         –         –         860,822         860,822
    SHELL PETROLEUM INC.         –         53,638,500         –         –         –         –         53,638,500
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Argentina

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO         –           1,984,309         –         –         –         –         1,984,309
    GAS Y PETRÓLEO DEL NEUQUÉN S.A.         53,082,051 [A]         –         –         –         –         –         53,082,051
    PROVINCIA DE SALTA         –           –         2,475,819         –         –         –         2,475,819
    PROVINCIA DEL NEUQUÉN         –           –         141,493,849         –         123,276         –         141,617,125
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ACAMBUCO         –           –         2,475,819         –         –         –         2,475,819
    ARGENTINA UNCONVENTIONAL PROJECTS         53,082,051 [A]         1,984,309         141,493,849         –         123,276         –         196,683,485
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $53,082,051 for 785 kboe valuated at market price.

    Brazil

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS         –           –         –         9,540,351         –         –         9,540,351
    MINISTÉRIO DA FAZENDA         –           –         1,147,687,680         –         1,556,282,443         –         2,703,970,123
    PRÉ-SAL PETRÓLEO S.A.         327,688,819 [A]         –         –         –         –         –         327,688,819
    RECEITA FEDERAL DO BRASIL         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BASIN EXPLORATION PROJECTS         –           –         –         9,540,351         3,244,993         –         12,785,344
    BC-10         –           –         31,254,519         –         1,251,598         –         32,506,117
    BIJUPIRA AND SALEMA         –           –         –         –         501,608         –         501,608
    BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ         29,716,011 [B]         –         882,483,636         –         1,551,284,244         –         2,463,483,891
    LIBRA PSC         297,972,808 [C]         –         233,949,525         –         –         –         531,922,333
    Entity level payment                
    SHELL BRASIL PETROLEO LTDA.         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $327,688,819 for 4,585 kboe valuated at market price. 

    [B] Includes payment in kind of $29,716,011 for 410 kboe valuated at market price. 

    [C] Includes payment in kind of $297,972,808 for 4,175 kboe valuated at market price.

    Colombia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGENCIA NACIONAL DE HIDROCARBUROS         –         –         –         –         489,880         –         489,880
    Total         –         –         –         –         489,880         –         489,880
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    COLOMBIA EXPLORATION (OPERATED)         –         –         –         –         489,880         –         489,880
    Total         –         –         –         –         489,880         –         489,880

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Trinidad and Tobago

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE         –         561,771         –         –         –         –         561,771
    MINISTRY OF ENERGY AND ENERGY INDUSTRIES         362,690,585         –         2,210,566         300,000         13,719,070         –         378,920,221
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 5C         84,428,910         –         –         –         1,714,071         –         86,142,981
    CENTRAL BLOCK         –         561,771         2,210,566         –         900,921         –         3,673,258
    COLIBRI         120,876,414         –         –         –         3,332,208         –         124,208,622
    DEEPWATER ATLANTIC AREA         –         –         –         –         537,570         –         537,570
    EAST COAST MARINE AREA         99,098,428         –         –         –         2,100,156         –         101,198,584
    EXPLORATION         –         –         –         300,000         2,017,530         –         2,317,530
    MANATEE         –         –         –         –         847,999         –         847,999
    NORTH COAST MARINE AREA 1         58,286,833         –         –         –         2,268,615         –         60,555,448
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Cautionary note
    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    The MIL Network –

  • MIL-OSI: T1 Energy Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) reported financial and operating results for the first quarter 2025 today.

    Headlines

    • T1 has signed 253 MW 2025 sales agreement with U.S. utility-scale developer. This sales agreement, which is the first new customer commitment the Company has signed as T1 Energy, underscores T1’s commercial appeal to U.S. developer customers. With this sales agreement, T1 has now secured 1.75 GW of 2025 customer module sales and offtake commitments for G1 Dallas.
    • Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity, the elective conversion of three production lines from PERC to TOPCon technology, and a potential 800 MW inventory build. At the low-end of the updated EBITDA guidance range, T1 expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
    • G1 Dallas revenues and production continue to ramp. Following the full handover of G1 Dallas to T1’s operating team in April, the Company’s U.S. module manufacturing facility has continued to ramp sales and production volumes. During Q1 2025, T1 generated $64.6 million of revenue from G1 Dallas exclusively associated with deliveries under the Trina offtake contract. During Q2 2025, deliveries under the RWE offtake contract have commenced. As of May 11th, T1 had produced 690 MW of modules from G1.
    • T1 has entered into a Heads of Agreement with a partner aligned with the Kingdom of Saudi Arabia to explore a potential investment in G2 Austin. T1 announced this morning that the Company has entered into a non-binding agreement to pursue an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility. The agreement was signed at a ceremony in Riyadh this week hosted by the Saudi Ministry of Investment to commemorate the U.S. administration’s ‘America First’ program and the Kingdom’s commitment to investing in critical U.S. energy infrastructure projects.

    “T1’s rapid corporate transformation gained momentum during and following the first quarter,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “Although potential changes to trade policy are creating near-term uncertainties in the merchant sales market for T1 and our developer customers, we are well positioned to manage this sales environment with 1.7 GW of 2025 contracted module offtake coverage, a robust cash and liquidity position, and the continued production and sales ramp up at G1 Dallas. In addition, our plans to establish a vertically integrated U.S. solar value chain, coupled with our domestic content strategy, are generating meaningful interest from customers, prospective capital providers, and industrial partners. As we sprint forward with our key strategic initiatives, we will continue to prioritize value generating opportunities that enhance T1’s competitive position as an emerging leader in the U.S. solar and storage markets.”

    Highlights of First Quarter 2025 and Subsequent Events

    • G1 Dallas fully operational following term conversion of construction loan. On April 30th, T1 achieved term conversion of the G1 Dallas construction loan to a $235 million term loan in line with the previously communicated timeline. The conversion of the loan was conditioned upon third-party verification that construction, commissioning, and testing of all G1 Dallas production line equipment was complete. All production lines have been handed over to T1’s operations team.
    • Key additions strengthen T1’s leadership team. On April 28th, T1 announced the additions of Andy Munro as Chief Legal Officer and Russell Gold as Executive Vice President of Strategic Communications. Mr. Munro and Mr. Gold bring deep solar energy legal and communications experience to T1’s mission to create a vertically integrated, solar plus storage manufacturing and technology leader in the United States.
    • U.S. tariffs align with T1’s strategy to establish an integrated U.S. solar value chain based on high domestic content. On April 4th, T1 published a communication highlighting the potential long-term benefits to T1 from its domestic vertical integration strategy. Although solar industrial and tariff policy uncertainty are creating some near-term headwinds for T1 and utility-scale developers, T1 believes that it is positioned to benefit from public policies that promote U.S. manufacturing, technology transfer, and job creation.

    Business Outlook and Guidance

    • Reducing 2025 guidance, maintaining integrated G1/G2 guidance. T1 is lowering its 2025 full-year EBITDA guidance to $25 – $50 million from a prior range of $75 – $125 million based on a reduced production forecast of 2.6 – 3.0 GW from a prior expectation of 3.4 GW. The reduction in 2025 guidance reflects T1’s assumption of limited to no merchant sales from G1 Dallas during 2025 due to near-term trade policy uncertainties that are obscuring Bill of Materials cost visibility and creating a temporary lull in bidding activity; the elective conversion of three production lines from PERC to TOPCon technology; and a potential 800 MW inventory build. There are no changes to T1’s projected $650 – $700 million annual run-rate EBITDA estimate based on optimized production at G1 Dallas and G2 Austin.
    • Strong liquidity outlook despite reductions to 2025 to EBITDA guidance. At the low-end of T1’s updated 2025 EBITDA guidance range, the Company expects to exit 2025 with a cash and liquidity position of more than $100 million after approximately $70 million of cash debt service. T1’s significant liquidity position is supported by 1.5 GW of high-margin customer offtake contracts, the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025, and the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business.
    • T1 is advancing financing processes for G2 Austin. T1 initiated several capital formation initiatives in parallel during the first quarter to pursue funding for the Company’s planned G2 Austin U.S. solar cell facility. The Company is currently advancing a project financing with its consortium of commercial lenders, the monetization of Section 45X PTCs, and possible mezzanine financing options to complement expected customer offtake deposits to reserve G2 capacity.
    • Update on European Portfolio Optimization. The Company continues to make progress with the wind down of legacy European operations and the European Portfolio Optimization initiative. As personnel-related expenses roll off T1’s P&L, cost savings from the wind down should accelerate later in 2025, representing a projected $20 million of General & Administrative costs that will not recur in 2026. T1’s Board of Directors is concurrently overseeing the process of potentially harvesting value from legacy European assets, including Giga Arctic, the Customer Qualification Plant, and the Giga Vasa project. Securing access to additional power for these assets is expected to be a key value driver, and T1 will provide additional updates as the process develops.

    Q1 2025 Results Overview

    • T1 Energy reported a net loss attributable to common stockholders for the first quarter 2025 of $17.1 million, or $0.11 per diluted share compared to a net loss of $28.5 million, or $0.20 per diluted share for the first quarter of 2024. Net loss from continuing operations was $4.1 million, or $0.03 per diluted share for the first quarter of 2025 compared to $11.3 million or $0.08 per diluted share for the first quarter of 2024. Net loss from discontinued operations was $12.1 million or $0.08 per diluted share for the first quarter of 2025 compared to $17.4 million or $0.12 per diluted share for the first quarter of 2024.
    • As of March 31, 2025, T1 had cash, cash equivalents, and restricted cash of $51.1 million.

    Presentation of First Quarter 2025 Results

    A presentation will be held today, May, 15, 2025, at 8:00 am Eastern Daylight Time to discuss financial and operating results for the first quarter. The results and presentation material will be available for download at https://ir.t1energy.com/.

    To access the conference call, listeners should proceed as follows:

    1. Click on the call link and complete the online registration form.
    2. Upon registering, you will receive dial-in information and a unique PIN to join the call as well as an email confirmation with details.
    3. Select a method for joining the call:
      1. Dial in: A dial in number and unique PIN are displayed to connect directly by phone.
      2. Call Me: Enter your phone number and a click “Call Me” for an immediate callback from the system. The call will come from a U.S. number.

        3. The call will also be available by clicking the webcast link.

        About T1 Energy

        T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

        To learn more about T1, please visit www.T1energy.com and follow us on social media.

        Investor contact:

        Jeffrey Spittel
        EVP, Investor Relations and Corporate Development
        jeffrey.spittel@T1energy.com
        Tel: +1 409 599-5706

        Media contact:

        Russell Gold
        EVP, Strategic Communications
        russell.gold@T1energy.com
        Tel: +1 214 616-9715

        Cautionary Statement Concerning Forward-Looking Statements:

        This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the Company’s commercial appeal to U.S. developer customers; the Company’s financial, production and operational guidance; the existence of trade policy uncertainties and lack of cost visibility; the Company’s inventory build resulting from production at G1; the Company’s projected cash and liquidity position; the ability of the Company to ramp sales and production volumes at G1; the speed and success of the Company’s corporate transformation; the Company’s ability to manage the current sales environment; the Company’s plans to establish a vertically integrated U.S. solar value chain, coupled with its domestic content strategy; interest from the Company’s customers, prospective capital providers and industrial partners; the prioritization of value generating opportunities that enhance the Company’s competitive position as an emerging leader in the U.S. solar and storage markets; the potential for an investment in the Company’s planned G2 Austin U.S. solar cell manufacturing facility by a partner aligned with the Kingdom of Saudi Arabia; the Company’s potential long-term benefits of tariffs and other public policies that promote U.S. manufacturing, technology transfer, and job creation; the elective conversion of three production lines from PERC to TOPCon technology; the anticipated start of Section 45X Production Tax Credit (“PTC”) monetizations in Q2 or Q3 2025; the expected roll off of $20 million of legacy annual General & Administrative expenses by 2026 associated with the wind down of T1’s legacy European business; and the Company’s goals and projections for securing project financing at G2; These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

        T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

            March 31, 2025   December 31, 2024
        ASSETS
        Current assets:        
        Cash and cash equivalents   $ 48,881     $ 72,641  
        Restricted cash     2,210       4,004  
        Accounts receivable trade, net – related parties     18,005       —  
        Government grants receivable, net     14,080       687  
        Inventory     333,032       274,549  
        Advances to suppliers     164,248       164,811  
        Other current assets     7,908       1,569  
        Current assets of discontinued operations     38,312       64,909  
        Total current assets     626,676       583,170  
        Property and equipment, net     310,246       285,187  
        Goodwill     74,527       74,527  
        Intangible assets, net     270,686       281,881  
        Right-of-use asset under operating leases     149,570       111,081  
        Total assets   $ 1,431,705     $ 1,335,846  
        LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
        Current liabilities:        
        Accounts payable   $ 108,532     $ 61,708  
        Accrued liabilities and other     76,845       91,346  
        Deferred revenue     61,525       48,155  
        Derivative liabilities     1,556       14,905  
        Current portion of long-term debt     56,492       42,867  
        Current portion of long-term debt – related party     59,000       51,500  
        Payables to related parties     88,947       52,534  
        Current liabilities of discontinued operations     40,204       51,009  
        Total current liabilities     493,101       414,024  
        Long-term deferred revenue     30,000       32,000  
        Convertible note – related party     82,083       80,698  
        Operating lease liability     139,921       101,787  
        Long-term debt     170,753       188,316  
        Long-term debt – related party     234,829       238,896  
        Deferred tax liability     20,232       21,227  
        Other long-term liabilities     9,581       21,761  
        Total liabilities     1,180,500       1,098,709  
        Commitments and contingencies        
        Redeemable preferred stock        
        Convertible series A preferred stock, $0.01 par value, 5,000 issued and outstanding as of both March 31, 2025 and December 31, 2024 (includes accrued dividends and accretion of $978 and $87 as of March 31, 2025 and December 31, 2024, respectively)     49,266       48,375  
        Stockholders’ equity:        
        Common stock, $0.01 par value, 155,938 issued and outstanding as of March 31, 2025 and 155,928 issued and outstanding as of December 31, 2024     1,559       1,559  
        Additional paid-in capital     974,767       971,416  
        Accumulated other comprehensive loss     (32,910 )     (58,975 )
        Accumulated deficit     (741,477 )     (725,238 )
        Total equity     201,939       188,762  
        Total liabilities, redeemable preferred stock, and equity   $ 1,431,705     $ 1,335,846  
         
         
            Three months ended March 31,
              2025       2024  
        Net sales – related parties   $ 64,647     $ —  
        Cost of sales     35,671       —  
        Gross profit     28,976       —  
        Selling, general and administrative     52,587       15,004  
        Loss from continuing operations     (23,611 )     (15,004 )
        Other income (expense):        
        Warrant liability fair value adjustment     1,567       146  
        Derivative liabilities fair value adjustment     25,229       —  
        Interest (expense) income, net     (9,853 )     1,405  
        Foreign currency transaction (loss) gain     (14 )     554  
        Other income, net     34       1,594  
        Total other income     16,963       3,699  
        Loss from continuing operations before income taxes     (6,648 )     (11,305 )
        Income tax benefit     2,513       —  
        Net loss from continuing operations     (4,135 )     (11,305 )
        Net loss from discontinued operations, net of tax     (12,104 )     (17,385 )
        Net loss     (16,239 )     (28,690 )
        Net loss attributable to non-controlling interests     —       147  
        Preferred dividends and accretion     (891 )     —  
        Net loss attributable to common stockholders   $ (17,130 )   $ (28,543 )
                 
        Weighted average shares of common stock outstanding – basic and diluted     155,933       139,705  
        Net loss per share from continuing operations – basic and diluted   $ (0.03 )   $ (0.08 )
        Net loss per share from discontinued operations – basic and diluted   $ (0.08 )   $ (0.12 )
        Net loss per share attributable to common stockholders – basic and diluted   $ (0.11 )   $ (0.20 )
                 
        Other comprehensive income (loss):        
        Net loss   $ (16,239 )   $ (28,690 )
        Foreign currency translation adjustments     26,065       (26,044 )
        Total comprehensive income (loss)     9,826       (54,734 )
        Comprehensive loss attributable to non-controlling interests     —       147  
        Preferred dividends and accretion     (891 )     —  
        Comprehensive income (loss) attributable to common stockholders   $ 8,935     $ (54,587 )
         
         
            Three months ended March 31,
              2025       2024  
        Cash flows from operating activities:        
        Net loss   $ (16,239 )   $ (28,690 )
        Adjustments to reconcile net loss to cash used in operating activities:        
        Share-based compensation expense     3,939       3,551  
        Depreciation and amortization     14,678       2,211  
        Change in fair value of derivative liabilities     (25,229 )     —  
        Gain on sale of property and equipment     (5,675 )     —  
        Accretion of discount on long-term debt     4,640       —  
        Reduction in the carrying amount of right-of-use assets     1,689       277  
        Warrant liability fair value adjustment     (1,567 )     (146 )
        Deferred income taxes     (995 )     —  
        Share of net loss of equity method investee     425       156  
        Foreign currency transaction net unrealized gain     251       (1,359 )
        Other     1,311       —  
        Changes in assets and liabilities:        
        Inventory     (58,483 )     —  
        Advances to suppliers and other current assets     (358 )     2,852  
        Trade accounts receivable     (18,005 )     —  
        Government grants receivable     (13,393 )     —  
        Accounts payable, accrued liabilities and other     56,827       4,930  
        Deferred revenue     11,370       —  
        Net cash used in operating activities     (44,814 )     (16,218 )
        Cash flows from investing activities:        
        Proceeds from the return of property and equipment deposits     1,202       19,021  
        Purchases of property and equipment     (29,141 )     (21,455 )
        Proceeds from the sale of property and equipment     50,000       —  
        Net cash provided by (used in) investing activities     22,061       (2,434 )
        Cash flows from financing activities:        
        Debt fees paid     (3,760 )     —  
        Net cash used in financing activities     (3,760 )     —  
        Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash     959       (4,324 )
        Net decrease in cash, cash equivalents, and restricted cash     (25,554 )     (22,976 )
        Cash, cash equivalents, and restricted cash at beginning of period     76,645       275,742  
        Cash, cash equivalents, and restricted cash at end of period   $ 51,091     $ 252,766  
         

        A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41e3f5da-8114-4e43-9b08-944982bb0e1d

      The MIL Network –

  • MIL-OSI: Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

    Source: GlobeNewswire (MIL-OSI)

    Expects Growth to Accelerate In Second Quarter
    Reiterates 2025 Guidance

    PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the first quarter ended March 31, 2025.

    “2025 is off to a strong start and we are well positioned to achieve our full year targets,” said Orlando Zayas, CEO of Katapult. “We achieved double-digit gross originations and revenue growth, driven by increasing engagement with the Katapult app marketplace, including 57% growth in KPay originations. Our marketplace is thriving – from application growth to repeat purchase rates, to high Net Promoter scores and beyond, we believe we have all the hallmarks of a healthy ecosystem and we intend to lean into opportunities to accelerate our growth. We are excited about the future and as we continue to execute on our consumer and merchant initiatives, we feel confident that we can create value for all of our stakeholders.”

    Operating Progress: Recent Highlights

    • Increased activity within the Katapult app marketplace
      • ~59% of first quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source. Total app originations grew 42% year-over-year.
      • Applications grew ~59% year-over-year in the first quarter
      • Customer satisfaction remained high and Katapult had a Net Promoter Score of 66 as of March 31, 2025
      • 57.4% of gross originations for the first quarter of 2025 came from repeat customers1
    • Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
      • KPay conversion rate increased during the first quarter leading to unique customer count growth of more than 65% year-over-year
      • KPay gross originations grew approximately 57% year-over-year in the first quarter; 35% of total gross originations were transacted using KPay
      • Launched Ashley and Bed Bath & Beyond in the Katapult app marketplace, bringing the total number of merchants in our KPay ecosystem to 35
    • Made strong progress against merchant engagement initiatives
      • Direct and waterfall gross originations, which represented 65% of total first quarter originations, grew approximately 40%, excluding the home furnishings and mattress category
      • Continued to expand our waterfall partnerships by kicking off a new partnership with Finti, a modern waterfall financing platform that connects consumers with a curated network of lenders and financing providers
      • Together with several merchant-partners, we launched targeted co-branded, co-promoted marketing campaigns that delivered year-over-year gross originations growth ranging from 7% to more than 75% depending on the campaign

    First Quarter 2025 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
    • Total revenue was $71.9 million, an increase of 10.6%
    • Total operating expenses in the first quarter increased 17.3%. Our fixed cash operating expenses2, which exclude litigation settlement and other non-cash and variable expenses, increased approximately 10.8%.
    • Net loss was $5.7 million for the first quarter of 2025 compared with net loss of $0.6 million reported for the first quarter of 2024. The higher net loss was mainly due to higher cost of sales and higher operating expenses.
    • Adjusted net loss2 was $3.4 million for the first quarter of 2025 compared to adjusted net income of $1.0 million reported for the first quarter of 2024
    • Adjusted EBITDA2 was $2.2 million for the first quarter of 2025 compared to Adjusted EBITDA2 of $5.6 million in the first quarter of 2024. The year-over-year performance was impacted by higher cost of sales related to rapid, faster-than-expected gross originations growth during the first quarter of 2025 and the end of the fourth quarter of 2024.
    • Katapult ended the quarter with total cash and cash equivalents of $14.3 million, which includes $8.3 million of restricted cash. The Company ended the quarter with $77.8 million of outstanding debt on its credit facility.
    • Write-offs as a percentage of revenue were 9.0% in the first quarter of 2025 and are within the Company’s 8% to 10% long-term target range. This compares with 8.4% in the first quarter of 2024.

    [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
    [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.

    Second Quarter and Full Year 2025 Business Outlook

    The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

    Given our quarter-to-date progress, Katapult expects the following results for the second quarter of 2025:

    • 25% to 30% year-over-year increase in gross originations
    • 17% to 20% year-over-year increase in revenue
    • Approximately breakeven Adjusted EBITDA

    Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult is reiterating its expectations for full year 2025:

    • We expect gross originations to grow at least 20%

    This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

    Both our second quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category do not improve materially from our 2024 performance.

    • We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay
    • Revenue growth is expected to be at least 20%
    • Finally, with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

    “The first quarter came in stronger than our outlook, and we are continuing to successfully grow our top-line without meaningfully increasing our expense base,” said Nancy Walsh, CFO of Katapult. “The second quarter is off to a great start and we believe we can continue to scale our business by offering a transparent and fair LTO product to consumers and a growth engine to our partners. Our team’s hard work and agile execution is fueling our growth and we are looking forward to a great 2025.”

    Conference Call and Webcast

    The Company will host a conference call and webcast at 8:00 AM ET on Thursday, May 15, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com

    Forward-Looking Statements

    Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our second quarter of 2025 and full year 2025 business outlook and underlying expectations and assumptions and statements regarding our ability to obtain a comprehensive maturity extension amendment to our credit facility. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

    These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

    If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

    Key Performance Metrics

    Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

    Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

    Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

    Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

    Non-GAAP Financial Measures

    To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

    Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

    Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, litigation settlement and other related expenses, and debt refinancing costs.

    Adjusted net income (loss) is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense and litigation settlement and other related expenses and debt refinancing costs.

    Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, debt refinancing costs, and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

    Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

    • Are widely used to measure a company’s operating performance;
    • Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
    • Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

    Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (amounts in thousands, except per share data)
      Three Months Ended March 31,
        2025       2024  
           
    Revenue      
    Rental revenue $ 71,078     $ 64,142  
    Other revenue   868       919  
    Total revenue   71,946       65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Operating expenses   14,885       12,688  
    Income (loss) from operations   (536 )     3,800  
    Interest expense and other fees   (5,144 )     (4,527 )
    Interest income   57       324  
    Change in fair value of warrant liability   (36 )     (162 )
    Loss before income taxes   (5,659 )     (565 )
    Provision for income taxes   (29 )     (5 )
    Net loss $ (5,688 )   $ (570 )
           
    Weighted average common shares outstanding – basic and diluted   4,618       4,242  
           
    Net loss per common share – basic and diluted $ (1.23 )   $ (0.13 )
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
      March 31,   December 31,
        2025       2024  
      (unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 5,965     $ 3,465  
    Restricted cash   8,346       13,087  
    Property held for lease, net of accumulated depreciation and impairment   66,913       67,085  
    Prepaid expenses and other current assets   4,445       6,731  
    Total current assets   85,669       90,368  
    Property and equipment, net   244       253  
    Capitalized software and intangible assets, net   2,155       2,076  
    Right-of-use assets, non-current   376       383  
    Security deposits   91       91  
    Total assets $ 88,535     $ 93,171  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 3,040     $ 1,491  
    Accrued liabilities   18,945       17,372  
    Accrued litigation settlement   2,199       2,199  
    Unearned revenue   5,711       4,823  
    Revolving line of credit, net   77,663       82,582  
    Term loan, net, current   31,490       30,047  
    Lease liabilities   129       179  
    Total current liabilities   139,177       138,693  
    Lease liabilities, non-current   431       444  
    Other liabilities   614       828  
    Total liabilities   140,222       139,965  
    STOCKHOLDERS’ DEFICIT      
    Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively   —       —  
    Additional paid-in capital   102,452       101,657  
    Accumulated deficit   (154,139 )     (148,451 )
    Total stockholders’ deficit   (51,687 )     (46,794 )
    Total liabilities and stockholders’ deficit $ 88,535     $ 93,171  
     
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three Months Ended March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net loss $ (5,688 )   $ (570 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   39,392       34,026  
    Depreciation for early lease purchase options (buyouts)   9,664       7,613  
    Depreciation for impaired leases   6,632       5,636  
    Change in fair value of warrants and other non-cash items   36       162  
    Stock-based compensation   1,066       1,391  
    Amortization of debt discount   963       669  
    Amortization of debt issuance costs, net   88       66  
    Accrued PIK interest expense   480       347  
    Amortization of right-of-use assets   76       76  
    Changes in operating assets and liabilities:      
    Property held for lease   (55,185 )     (45,249 )
    Prepaid expenses and other current assets   2,217       1,029  
    Accounts payable   1,549       754  
    Accrued liabilities   1,573       (4,123 )
    Accrued litigation   (250 )     —  
    Lease liabilities   (63 )     (55 )
    Unearned revenues   888       208  
    Net cash provided by operating activities   3,438       1,980  
    Cash flows from investing activities:      
    Purchases of property and equipment   (24 )     —  
    Additions to capitalized software   (377 )     (126 )
    Net cash used in investing activities   (401 )     (126 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   5,128       10,058  
    Principal repayments on revolving line of credit   (10,135 )     (2,840 )
    Repurchases of restricted stock   (271 )     (312 )
    Net cash (used in) provided by financing activities   (5,278 )     6,906  
    Net (decrease) increase in cash, cash equivalents and restricted cash   (2,241 )     8,760  
    Cash and cash equivalents and restricted cash at beginning of period   16,552       28,811  
    Cash and cash equivalents and restricted cash at end of period $ 14,311     $ 37,571  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 3,661     $ 3,382  
    Cash paid for income taxes $ —     $ 112  
    Cash paid for operating leases $ 111     $ 82  
     
    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Interest expense and other fees   5,144       4,527  
    Interest income   (57 )     (324 )
    Change in fair value of warrants   36       162  
    Provision for income taxes   29       5  
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Provision for impairment of leased assets   150       173  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259     $ —  
    Debt refinancing costs $ 971       —  
    Adjusted EBITDA $ 2,240     $ 5,630  
     
      Three Months Ended March 31,
        2025       2024  
           
    Net loss $ (5,688 )   $ (570 )
    Add back:      
    Change in fair value of warrants   36       162  
    Stock-based compensation expense   1,066       1,391  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971       —  
    Adjusted net income (loss) $ (3,356 )   $ 983  
     
      Three Months Ended March 31,
        2025       2024  
           
    Operating expenses $ 14,885     $ 12,688  
    Less:      
    Depreciation and amortization on property and equipment and capitalized software   330       266  
    Stock-based compensation expense   1,066       1,391  
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Litigation settlement and other related expenses   259       —  
    Debt refinancing costs   971     $ —  
    Fixed cash operating expenses $ 10,402     $ 9,390  
    (in thousands) Three Months Ended March 31,  
        2025       2024  
             
    Total revenue $ 71,946     $ 65,061  
    Cost of revenue   57,597       48,573  
    Gross profit   14,349       16,488  
    Less:        
    Servicing costs   1,085       1,132  
    Underwriting fees   772       509  
    Adjusted gross profit $ 12,492     $ 14,847  
     
    CERTAIN KEY PERFORMANCE METRICS
     
    (in thousands) Three Months Ended March 31,  
        2025       2024  
    Total revenue $ 71,946     $ 65,061  
     
    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER
        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2025   $ 64.2     $ —     $ —     $ —  
    FY 2024   $ 55.6     $ 55.3     $ 51.2     $ 64.2  
    FY 2023   $ 54.7     $ 54.7     $ 49.6     $ 67.5  
    FY 2022   $ 46.7     $ 46.4     $ 44.1     $ 59.8  
    FY 2021   $ 63.8     $ 64.4     $ 61.0     $ 58.9  

    The MIL Network –

  • MIL-OSI: Colorado State University Selects Ambow’s HybriU Platform to Power the Future of Hybrid Learning

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., May 15, 2025 (GLOBE NEWSWIRE) — Ambow Education Holding Ltd. (NYSE American: AMBO) (“Ambow” or the “Company”), a leading global EdTech and AI-powered solutions provider, today announced that it has entered into an agreement with Colorado State University for use of Ambow’s HybriU’s Digital Educational Solution platform to modernize classroom engagement and elevate the phygital (Physical + Digital) learning experience for students and faculty.

    The HybriU “box-top” solution, selected by Colorado State University, is a compact, all-in-one, plug-and-play platform that transforms conventional physical classrooms into intelligent learning environments with seamless connectivity between in-person and remote learners. Through intelligent automation, the HybriU system integrates real-time lecture capture, multilingual transcription, AI-generated content summaries and immersive display capabilities. These robust, integrated functions synchronize in-room and remote participation seamlessly, making hybrid instruction more interactive, accessible and effective.

    “Our latest HybriU installation reflects the growing urgency among leading institutions to rethink how learning happens,” said Dr. Jin Huang, CEO of Ambow. “The demands of higher education environments have changed, prompting universities to increasingly explore next-generation classrooms that meet the evolving needs of both students and faculty. With HybriU, universities can bridge physical and virtual classrooms, creating a phygital learning hub without overhauling infrastructure. It’s a powerful tool for improving engagement, accessibility and learning outcomes.”

    HybriU’s deployment at Colorado State University reflects a broader shift across U.S. higher education, where institutions are actively seeking flexible, scalable solutions to elevate teaching, collaboration and student engagement. As hybrid learning becomes a foundational part of modern instruction, HybriU is emerging as a go-to platform for universities, training centers and corporate learning environments.

    Designed for speed, simplicity, and seamless integration with existing classrooms, HybriU is redefining what’s possible in AI-enhanced education. Its growing presence in the U.S. education landscape underscores Ambow’s leadership in shaping the future of smart, inclusive and technology-forward learning. Ambow expects HybriU’s footprint in U.S. higher education to expand as more institutions adopt hybrid learning as a core component of their instructional models.

    HybriU’s Digital Education solution is currently being used across the global education sector, including at Ambow’s wholly owned college, NewSchool of Architecture & Design, located in San Diego, Calif. NewSchool of Architecture & Design was ranked #23 in the nation for Social Mobility by U.S. News & World Report in its 2025 Regional Universities rankings.

    In addition to Ambow’s HybriU Digital Education Solutions, which include HybriU as a box-top set and subscription-based model, Ambow offers HybriU Conferencing, providing phygital solutions for corporations from boardrooms to global summits.

    To learn more or request a live demonstration of HybriU, visit www.hybriu.com.

    About Ambow

    Ambow Education Holding Ltd. is a U.S.-based, AI-driven technology company offering phygital (physical + digital) solutions for education, corporate conferencing and live events. Through its flagship platform, HybriU, Ambow is shaping the future of learning, collaboration and communication—delivering immersive, intelligent, real-time experiences across industries. For more information, visit Ambow’s corporate website at https://www.ambow.com/.

    Follow us on X: @Ambow_Education
    Follow us on LinkedIn: Ambow-education-group

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Ambow and the industry. All information provided in this press release is as of the date hereof, and Ambow undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Ambow believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

    For more information, please contact:

    Ambow Education Holding Ltd.
    E-mail: ir@ambow.com
    or
    Piacente Financial Communications
    Tel: +1 212 481 2050
    E-mail: ambow@tpg-ir.com

    The MIL Network –

  • MIL-OSI: Xunlei Announces Unaudited Financial Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. 

    First Quarter 2025 Financial Highlights:

    • Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year.
    • Subscription revenues were US$35.7 million, representing an increase of 7.7% year-over-year. 
    • Live-streaming and other services revenues were US$28.4 million, representing an increase of 66.0% year-over-year. 
    • Cloud computing revenues were US$24.7 million, representing a decrease of 18.0% year-over-year. 
    • Gross profit was US$44.1 million, representing an increase of 2.9% year-over-year, and gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024. 
    • Net loss was US$0.9 million in the first quarter, compared with net income of US$3.6 million in the same period of 2024. 
    • Non-GAAP net income1 was US$0.1 million in the first quarter, compared with non-GAAP net income of US$4.5 million in the same period of 2024. 
    • Diluted loss per ADS was US$0.01 in the first quarter, compared with diluted earnings per ADS of US$0.06 in the same period of 2024. 
    • Non-GAAP diluted earnings per ADS2 were US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    “Our quarterly revenue was in line with our expectations, and we achieved consistent top-line growth of 10.5% year-over-year in total revenues to US$88.8 million in the first quarter of 2025,” commented Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei. “Notably, our subscription revenue increased by 7.7% year-over-year, primarily due to intensified efforts in diversifying marketing channels for user acquisition. Additionally, the 79.2% year-over-year growth in revenue from our live-streaming business reflected a recovery and an expansion of our market presence overseas. I believe the result underscores our strategic efforts to adapt to international markets, leveraging localized operation and innovative technologies to meet diverse user preferences.” 

    “This year will be pivotal for Xunlei, marked by the strategic acquisition of Hupu and proactive exploration of corporate development initiatives aimed at diversifying revenue streams to achieve sustainable growth in both top-line and bottom-line. Supported by our strong capital structure and ample financial liquidity, we remain committed to delivering value to users while harnessing our outstanding technological capabilities and operational expertise to capitalize on AI-driven applications and other new opportunities, and to create long-term value for shareholders,” Mr. Li concluded.

    First Quarter 2025 Financial Results

    Total Revenues

    Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our subscription business and overseas audio live-streaming business.

    Revenues from subscription were US$35.7 million, representing an increase of 7.7% year-over-year. The increase in subscription revenues was mainly driven by the increase in the number of subscribers. The number of subscribers was 6.04 million as of March 31, 2025, compared with 5.76 million as of March 31, 2024. The average revenue per subscriber for the first quarter was RMB40.9, compared with RMB39.5 in the same period of 2024. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have higher average revenue per subscriber.

    Revenues from live-streaming and other services were US$28.4 million, representing an increase of 66.0% year-over-year. The increase in live-streaming and other services revenues was mainly due to the increase in revenues from our overseas audio live-streaming businesses.

    Revenues from cloud computing were US$24.7 million, representing a decrease of 18.0% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sales of our cloud computing services and hardware devices as a result of heightened competition, pricing pressure and evolving regulatory environment.

    Costs of Revenues

    Costs of revenues were US$44.4 million, representing 50.0% of our total revenues, compared with US$37.1 million, or 46.2% of the total revenues, in the same period of 2024. The increase in costs of revenues was mainly attributable to the increase in revenue-sharing expenses in our overseas audio live-streaming operations, generally in line with the growth in live-streaming and other service revenues.

    Bandwidth costs, as included in costs of revenues, were US$26.6 million, representing 30.0% of our total revenues, compared with US$27.1 million, or 33.8% of the total revenues, in the same period of 2024. The decrease in bandwidth costs was primarily due to the reduced sales of our cloud computing services during the quarter, partially offset by the increased usage of Xunlei Cloud as a result of the increased subscribers.

    The remaining costs of revenues mainly consisted of costs related to the revenue-sharing costs for our live streaming business and payment handling charges.

    Gross Profit and Gross Profit Margin

    Gross profit for the first quarter of 2025 was US$44.1 million, representing an increase of 2.9% year-over-year. Gross profit margin was 49.7% in the first quarter of 2025, compared with 53.3% in the same period of 2024. The increase in gross profit was mainly driven by the increase in gross profit generated from our overseas audio live-streaming business and subscription business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of cloud computing business.

    Research and Development Expenses

    Research and development expenses for the first quarter of 2025 were US$18.7 million, representing 21.1% of our total revenues, compared with US$17.6 million, or 22.0% of our total revenues, in the same period of 2024. The increase was primarily due to the increased labor costs incurred during the quarter.

    Sales and Marketing Expenses

    Sales and marketing expenses for the first quarter of 2025 were US$15.5 million, representing 17.5% of our total revenues, compared with US$10.1 million, or 12.5% of our total revenues, in the same period of 2024. The increase was primarily due to more marketing expenses incurred during the quarter for our subscription and overseas audio live-streaming businesses as part of our ongoing efforts on user acquisition.

    General and Administrative Expenses

    General and administrative expenses for the first quarter of 2025 were US$11.8 million, representing 13.3% of our total revenues, compared with US$11.1 million, or 13.9% of our total revenues, in the same period of 2024.

    Operating (Loss)/Income

    Operating loss was US$1.9 million, compared with an operating income of US$4.0 million in the same period of 2024. The decrease in operating income was primarily attributable to the decrease in gross profit margin and the increase in sales and marketing expenses during the quarter, compared with the same period of 2024.

    Other Income, Net

    Other income, net was US$1.2 million, compared with other income, net of US$0.3 million in the same period of 2024. The increase was primarily due to impairment on one of our long-term investments that occurred during the first quarter of 2024.

    Net (Loss)/Income and (Loss)/Earnings Per ADS

    Net loss was US$0.9 million compared with net income of US$3.6 million in the same period of 2024. The net loss was primarily due to the increase in operating loss, partially offset by the increased other income as discussed above. Non-GAAP net income was US$0.1 million in the first quarter of 2025, compared with US$4.5 million in the same period of 2024.

    Diluted loss per ADS in the first quarter of 2025 was US$0.01, compared with diluted earnings per ADS of US$0.06 in the first quarter of 2024. Non-GAAP diluted earnings per ADS was US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

    Cash Balance

    As of March 31, 2025, the Company had cash, cash equivalents and short-term investments of US$274.6 million, compared with US$287.5 million as of December 31, 2024. The decrease in cash, cash equivalents and short-term investments was mainly due to the first tranche of payment for the acquisition of Hupu, spending on share repurchase and repayment of bank loans during the quarter, partially offset by the net cash inflow from operating activities.

    Share Repurchase Program

    On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of its ADSs or shares over the 12 months that followed. As of March 31, 2025, the Company had spent US$6.5 million on share buybacks under the new share repurchase program, among which US$0.9 million was spent in the first quarter of 2025.

    Guidance for the Second Quarter of 2025

    For the second quarter of 2025, Xunlei estimates total revenues to be between US$91 million and US$96 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 5.3%. This estimate represents management’s preliminary view as of the date of this press release, which is subject to change and any change could be material.

    Conference Call Information.

    Xunlei’s management will host a conference call at 8:00 a.m. U.S. Eastern Time on May 15, 2025 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company’s quarterly results and recent business developments.

    Participant Online Registration: https://register-conf.media-server.com/register/BIe31316b11951413ca6026dd0a7227b38

    Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that “Call Me” does not work for China number.

    The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/vrett8r2

    About Xunlei

    Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotations and the “Guidance” section in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    About Non-GAAP Financial Measures

    To supplement Xunlei’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating (loss)/income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company’s operating performance by excluding share-based compensation expenses and impairment loss of goodwill, which are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management’s internal comparisons to Xunlei’s historical performance and assist the Company’s financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei’s results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

     
    XUNLEI LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
     
      March 31, Dec 31,
      2025 2024
      US$ US$
    Assets    
         
    Current assets:    
    Cash and cash equivalents 163,136   177,329  
    Short-term investments 111,436   110,209  
    Accounts receivable, net 40,034   32,662  
    Inventories 1,024   1,255  
    Due from related parties 30,482   31,519  
    Prepayments and other current assets 15,464   10,058  
    Total current assets 361,576   363,032  
         
    Non-current assets:    
    Restricted cash 218   218  
    Long-term investments 31,049   30,599  
    Deferred tax assets 10,720   10,528  
    Property and equipment, net 54,631   55,430  
    Intangible assets, net 8,416   8,310  
    Long-term prepayments and other assets 18,718   5,334  
    Operating lease assets 532   450  
    Total assets 485,860   473,901  
         
    Liabilities    
    Current liabilities:    
    Accounts payable 24,900   22,964  
    Due to related parties, current 17   17  
    Contract liabilities, current portion 41,253   39,936  
    Lease liabilities 331   253  
    Income tax payable 10,466   9,386  
    Accrued liabilities and other payables 61,242   52,093  
    Short-term bank borrowings and current portion of long-term bank borrowings 697   2,087  
    Total current liabilities 138,906   126,736  
         
    Non-current liabilities:    
    Contract liabilities, non-current portion 588   458  
    Lease liabilities, non-current portion 174   161  
    Deferred tax liabilities 1,090   1,154  
    Bank borrowings, non-current portion 27,166   27,127  
    Other long-term payables 711   480  
    Total liabilities 168,635   156,116  
         
    Equity    
    Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 311,860,331 shares outstanding as at March 31, 2025) 78   77  
    Treasury shares (67,650,744 shares and 63,141,609 shares as at December 31, 2024 and March 31, 2025, respectively) 16   16  
    Additional paid-in-capital 477,350   477,244  
    Statutory reserves 8,718   8,718  
    Accumulated other comprehensive loss (21,412 ) (21,694 )
    Accumulated deficits (147,105 ) (146,305 )
    Total Xunlei Limited’s shareholders’ equity 317,645   318,056  
    Non-controlling interests (420 ) (271 )
    Total liabilities and shareholders’ equity 485,860   473,901  
    XUNLEI LIMITED
    Unaudited Condensed Consolidated Statements of (Loss)/Income
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
    Revenues, net of rebates and discounts 88,764   84,302   80,359  
    Business taxes and surcharges (310 ) (313 ) (379 )
    Net revenues 88,454   83,989   79,980  
    Costs of revenues (44,350 ) (40,416 ) (37,139 )
    Gross profit 44,104   43,573   42,841  
           
    Operating expenses      
    Research and development expenses (18,743 ) (18,716 ) (17,642 )
    Sales and marketing expenses (15,522 ) (12,461 ) (10,061 )
    General and administrative expenses (11,791 ) (12,102 ) (11,132 )
    Credit loss write-back/(expenses), net 65   (75 ) 26  
    Impairment of goodwill –   (20,748 ) –  
    Total operating expenses (45,991 ) (64,102 ) (38,809 )
           
    Operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Interest income 1,072   1,173   1,221  
    Interest expense (220 ) (139 ) (242 )
    Other income, net 1,234   1,541   290  
    Income/(loss) before income taxes 199   (17,954 ) 5,301  
    Income tax (expense)/benefit (1,145 ) 8,083   (1,663 )
    Net (loss)/income (946 ) (9,871 ) 3,638  
           
    Less: net loss attributable to non-controlling interest (146 ) (97 ) (1 )
    Net (loss)/income attributable to common shareholders (800 ) (9,774 ) 3,639  
           
    (Loss)/earnings per share for common shares      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    (Loss)/earnings per ADS      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  
           
           
           
    XUNLEI LIMITED
    Reconciliation of GAAP and Non-GAAP Results
    (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
      Three months ended
       
      Mar 31, Dec 31, Mar 31,
      2025  2024  2024 
      US$ US$ US$
           
    GAAP operating (loss)/income (1,887 ) (20,529 ) 4,032  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP operating (loss)/income (829 ) 609   4,933  
           
    GAAP net (loss)/income (946 ) (9,871 ) 3,638  
    Share-based compensation expenses 1,058   390   901  
    Impairment of goodwill –   20,748   –  
    Non-GAAP net income 112   11,267   4,539  
           
    GAAP (loss)/earnings per share for common shares:      
    Basic (0.0026 ) (0.0312 ) 0.0113  
    Diluted (0.0026 ) (0.0312 ) 0.0112  
           
    GAAP (loss)/earnings per ADS:      
    Basic (0.0130 ) (0.1560 ) 0.0565  
    Diluted (0.0130 ) (0.1560 ) 0.0560  
           
    Non-GAAP earnings per share for common shares:      
    Basic 0.0008   0.0362   0.0140  
    Diluted 0.0008   0.0362   0.0140  
           
    Non-GAAP earnings per ADS:      
    Basic 0.0040   0.1810   0.0700  
    Diluted 0.0040   0.1810   0.0700  
           
    Weighted average number of common shares used in calculating:      
    Basic 306,082,940   313,664,089   323,341,607  
    Diluted 306,082,940   313,664,089   323,491,768  
           
    Weighted average number of ADSs used in calculating:      
    Basic 61,216,588   62,732,818   64,668,321  
    Diluted 61,216,588   62,732,818   64,698,354  


    CONTACT:
    Investor Relations
    Xunlei Limited
    Email: ir@xunlei.com
    Tel: +86 755 6111 1571
    Website: http://ir.xunlei.com

    __________________________
    1 Non-GAAP net income is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
    2 Non-GAAP earnings per ADS is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.

    The MIL Network –

  • MIL-OSI: Adyton announces $11M funding round from Venrock, Khosla and new deployment with the U.S. Navy

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 15, 2025 (GLOBE NEWSWIRE) — Today, Adyton announced its $11M funding round, led by Venrock with participation from Khosla Ventures, Liquid 2 Ventures, Alumni Ventures, Initialized Capital, Kindred Ventures, and Leblon Capital.

    The company also announced a multi-year deal worth up to $7M with U.S. Naval Aviation to deploy its technology, the Adyton Operations Kit (AOK), to thousands of sailors on multiple aircraft carriers, including the USS Stennis.

    AOK is the operating system for defense, built specifically for the warfighter. AOK is mobile-first technology that generates net new, real-time data about personnel, equipment, and munitions from the individual-level up through the chain of command, increasing readiness, operational agility, and lethality of America’s forces.

    “America’s success in the next conflict will be defined by how quickly we can learn, adapt, and innovate relative to our rivals, and how quickly we can convert data into action. In order to maintain force supremacy, we have to change the design of the systems that generate and distribute data for everyone in the Armed Forces, from the individual warfighter to four-star generals and admirals,” said James Boyd, CEO and co-founder of Adyton, and former member of the Army Special Forces. “AOK digitizes and automates operational processes, meaning the warfighter spends less time on paperwork and more time preparing for the mission, and Commanders have accurate, ground-truth data that does not exist today.”

    “As a Naval officer, I’ve seen firsthand how few technologies are built specifically with the warfighter in mind,” said Morgan Hitzig, Venrock’s lead investor in Adyton’s round. “James and JJ didn’t just interview users, they were the users. That authenticity and mission-intimacy puts Adyton in a position to build technology that gives our military a decisive tempo advantage necessary to succeed during the next conflict we hope not to fight, but must be prepared to win.”

    The number of active units with AOK deployed has increased more than 500% during 2024, including being in use in all Special Forces Groups and over 60% of Army Brigade Combat Teams. Troops use AOK to operate with greater agency and empowerment because they have instantaneous access to information, resources, supplies, and support platforms. AOK generates ground-level truth for Commanders to radically improve decision velocity and accuracy.

    “Adyton’s technology generates data about the ground-truth status of personnel and equipment that, until now, the Department of Defense has never had access to,” said Sven Strohband, Partner and Managing Director at Khosla Ventures.

    “My focus is finding the right people who I believe will succeed. James and JJ have the mettle and mission-focus to radically improve how the warfighter operates. We’ve been an early supporter of Adyton, and we’re proud to reaffirm our dedication to Adyton,” said Joe Montana, Managing Partner at Liquid 2 Ventures.

    About Adyton
    Adyton is a public benefit corporation, founded by former non-commissioned officers and U.S. Special Forces operators in 2019. Confronted with the operational challenges every member of the Armed Forces experiences, Adyton built the Adyton Operations Kit (AOK) to digitize and automate operational processes like equipment and inventory management and personnel availability and readiness.

    By reducing hours or days of paperwork and manual drudgery to minutes or seconds, AOK enhances warfighters’ level of battlefield effectiveness. Adyton’s technology is also used to provide accurate, individual-level data to Command, enabling leadership to confidently deploy troops for any mission, from kinetic action to humanitarian assistance and disaster recovery.

    Adyton is backed by leading investors at Venrock, Khosla Ventures, Liquid 2 Ventures, Initialized Capital, Kindred Ventures, Alumni Ventures, and Leblon Capital.

    Contact
    Ian Martorana
    ian@aimcomms.xyz

    The MIL Network –

  • MIL-OSI: T1 Energy Take Steps to Bring Investment to G2_Austin Solar Cell Project

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, May 15, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced this morning that the Company has entered into a Heads of Agreement to pursue an investment in the planned G2_Austin 5 GW solar cell manufacturing facility. The non-binding agreement was signed this week at a ceremony in Riyadh hosted by the Saudi Ministry of Investment (“MISA”) to commemorate the Trump administration’s ‘America First’ program and the Kingdom’s commitment to investing in critical U.S. energy infrastructure projects.

    “We wish to extend our sincerest appreciation to the Saudi Ministry of Investment for hosting our delegation. We are honored to sign this landmark agreement which is intended to bring in strategic capital to support America’s advanced manufacturing sector,” said Daniel Barcelo, T1’s Chief Executive Officer and Chairman of the Board. “The U.S. needs to establish a domestic solar manufacturing supply chain, and T1 is at the forefront of that mission with our world-class operating G1_Dallas facility and planned G2_Austin project. This agreement is a positive step towards an investment to accelerate our development plans and our strategy to become a U.S. solar energy leader built on domestic content and leading-edge technology.”

    Representatives from T1 and our Saudi partner, Manaar Gulf Saudi Arabia Ltd., signed the agreement on May 13th at a ceremony in Riyadh welcoming a U.S. delegation from the Trump administration and U.S. industrial partners to the Kingdom. The event promoted Gulf Corporation Council investment in America to support the ‘America First’ agenda.

    “T1 is grateful to be part of a larger conversation to reshore American manufacturing through cooperative efforts with our overseas industrial partners,” added Daniel Barcelo. “With this agreement in place, our teams will be working to secure this capital and advance T1’s mission to bring investment, jobs, and key supply chains to America. As this relationship develops, we are also pleased to examine complementary opportunities to invest in the Kingdom’s solar manufacturing sector.”

    About T1 Energy

    T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

    To learn more about T1, please visit www.T1energy.com and follow us on social media.

    Investor contact:

    Jeffrey Spittel
    EVP, Investor Relations and Corporate Development
    jeffrey.spittel@T1energy.com
    Tel: +1 409 599 5706

    Media contact:

    Russell Gold
    EVP, Strategic Communications
    russell.gold@T1energy.com
    Tel: +1 214 616 9715

    Cautionary Statement Concerning Forward-Looking Statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: a potential investment in G2 Austin; the Company’s ability to bring in strategic capital to support America’s advanced manufacturing sector; the Company being at the forefront of the development of domestic solar manufacturing supply chains; the Company’s development plans and strategy to become a U.S. solar energy leader built on domestic content and leading-edge technology; the investment by the Gulf Corporation Council in America to support the ‘America First’ agenda; T1’s participation in the reshoring of American manufacturing; the Company’s mission to bring investment, jobs and key supply chains to America; and any complementary opportunities that T1 may explore with respect to investments in the Kingdom’s solar manufacturing sector. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s post-effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

    T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

    The MIL Network –

  • MIL-OSI: Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.

    CFO’S MESSAGE

    Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.

    Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”

    SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025   2024   Change  
    (C$000s, except per share amounts) ($)   ($)   (%)  
    (unaudited)      
    Revenue 370,057   330,096   12  
    Adjusted EBITDA(1) 55,317   26,057   112  
    Cash flows provided by operating activities (7,050 ) 11,958   NM  
    Capital expenditures 42,132   48,072   (12 )
    Net income (loss) 7,796   (2,903 ) NM  
    Per share – basic 0.09   (0.03 ) NM  
    Per share – diluted 0.09   (0.03 ) NM  
    As at Mar. 31, Dec. 31, Change  
      2025 2024    
    (C$000s) ($) ($) (%)  
    (unaudited)      
    Cash and cash equivalents 15,463 44,045 (65 )
    Working capital, end of period(2) 266,087 229,856 16  
    Total assets, end of period 1,254,979 1,234,840 2  
    Long-term debt, end of period 341,095 320,908 6  
    Net debt(1)(3) 348,674 300,347 16  
    Total consolidated equity, end of period 660,262 653,330 1  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Working capital excludes cash and cash equivalents and the current portion of long-term debt of $341.1 million.
    (3)Refer to note 10 of the consolidated interim financial statements for further information.

    FIRST QUARTER OVERVIEW

    In the first quarter of 2025, the Company:

    • generated revenue of $370.1 million, an increase of 12 percent from the first quarter in 2024 resulting primarily from higher pricing and activity in Argentina, offset partially by lower pricing in North America;
    • reported Adjusted EBITDA of $55.3 million versus $26.1 million in the first quarter of 2024 due to record quarterly financial results in Argentina with the commencement of a second large fracturing fleet in the Vaca Muerta shale play during a portion of the first quarter;
    • had cash flow from operating activities of negative $7.1 million, which included $12.7 million of interest paid and cash used for working capital purposes of $35.0 million, as compared to $12.0 million in the first quarter of 2024, which was net of $9.7 million of interest paid and cash used for working capital purposes of $1.6 million;
    • reported net income from continuing operations of $7.8 million or $0.09 per share diluted compared to a net loss of $2.9 million or $0.03 per share diluted during the first quarter in 2024;
    • had a cash position of $15.5 million of which approximately 70 percent was held in Argentina. The Argentina cash balance includes an investment of US$6.1 million in Argentinean government bonds (BOPREAL Bonds) that will be repatriated to Canada before the end of the third quarter in 2025;
    • reported an increase in period-end working capital to $266.1 million from $229.9 million at December 31, 2024, primarily due to an increase in revenue in the first quarter of 2025 with a greater proportion generated from Argentina, which has longer lead times to collection than North America; and
    • incurred capital expenditures of $42.1 million, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment.

    FINANCIAL OVERVIEW – CONTINUING OPERATIONS
    THREE MONTHS AND YEARS ENDED MARCH 31, 2025 VERSUS 2024

    NORTH AMERICA

      Three Months Ended Mar. 31,
    		  
      2025 2024 Change  
    (C$000s, except operational and exchange rate information) ($) ($) (%)  
    (unaudited)      
    Revenue 227,902 248,959 (8 )
    Adjusted EBITDA(1) 6,131 14,872 (59 )
    Adjusted EBITDA (%)(1) 2.7 6.0 (55 )
    Fracturing revenue per job ($) 25,060 33,518 (25 )
    Number of fracturing jobs 8,709 7,176 21  
    Active pumping horsepower, end of year (000s) 898 951 (6 )
    US$/C$ average exchange rate(2) 1.4352 1.3486 6  

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    The uncertainty caused by geopolitical tensions, OPEC+ supply increases, and changes to the United States trade and tariff regimes, have affected the economic outlook for the global economy and triggered a recent decline in near-term crude oil prices. While activity in North America has not been significantly impacted as yet, oil-weighted completion activity is expected to be lower year-over-year, but more resilient than past cycles as a focus on capital discipline by the E&P sector has resulted in activity that only supports the maintenance of current production levels. However, completions activity within the Company’s natural gas producing regions in North America is anticipated to be slightly higher than the previous year given the relative strength in natural gas prices.

    The Company has been evaluating the implication of tariffs across its North American operations over the last few months and has commenced with mitigation efforts, wherever possible, including seeking applicable tariff exemptions for critical items that are sourced from the United States.

    Calfrac’s previously announced Tier IV modernization program is nearing completion. These strategic investments in next-generation Dynamic Gas Blending (“DGB”) pumping technology have resulted in the Company exiting the quarter with the equivalent of five Tier IV DGB fleets operating in the field. Calfrac’s dual-fuel capable fracturing fleets in North America are expected to remain in high demand during the second quarter, despite the current headwinds, and fleet utilization is expected to increase sequentially from the first quarter as certain clients in the Rockies region commence with their 2025 programs.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Revenue from Calfrac’s North American operations decreased to $227.9 million during the first quarter of 2025 from $249.0 million in the comparable quarter of 2024. The Company’s North American activity was impacted by extreme cold weather and was significantly lower than the comparable quarter in 2024 despite the 21 percent increase in the number of jobs completed. The Company’s client mix was different than the comparable period in 2024 with the completion of a larger quantity of smaller jobs, which also impacted the fracturing revenue per job. The Company reduced its operating footprint to 11 active fracturing fleets to begin the first quarter to address the seasonal challenges experienced in the Rockies region. The Company recommenced operations in the Appalachian basin in January with an additional fracturing crew, which helped offset the lower revenue experienced in the Rockies. Pricing in North America was lower relative to the comparable quarter in 2024, which contributed to the 8 percent reduction in revenue. Coiled tubing revenue was consistent with the first quarter in 2024 as slightly lower activity was offset by the completion of larger jobs.

    ADJUSTED EBITDA

    The Company’s operations in North America generated Adjusted EBITDA of $6.1 million or 3 percent of revenue during the first quarter of 2025 compared to $14.9 million or 6 percent of revenue in the same period in 2024. This decrease was primarily due to the decline in fracturing fleet utilization and lower pricing.

    ARGENTINA

      Three Months Ended Mar. 31,
      2025 2024 Change
    (C$000s, except operational and exchange rate information) ($) ($) (%)
    (unaudited)      
    Revenue 142,155 81,137 75
    Adjusted EBITDA(1) 53,265 16,100 231
    Adjusted EBITDA (%)(1) 37.5 19.8 89
    Fracturing revenue per job ($) 124,874 74,354 68
    Number of fracturing jobs 741 672 10
    Active pumping horsepower, end of period (000s) 153 139 10
    US$/C$ average exchange rate(2) 1.4352 1.3486 6

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.
    (2)Source: Bank of Canada.

    OUTLOOK

    Argentina continued to demonstrate year-over-year operational and financial improvement by achieving record quarterly financial performance during the first quarter of 2025. Calfrac expects its full-year financial results in Argentina will be very strong, building on the significant momentum generated during the first quarter. The Company benefited from spot work for its second large fracturing fleet in the Vaca Muerta shale play during the first quarter at operating margins that are not expected to be maintained during the remainder of the year. The Company’s 2025 capital program also contemplates the addition of in-house wireline capabilities in Argentina during the fourth quarter which will further bolster its service offering in Neuquén. Recent Argentina government announcements related to the cash repatriation regime in that country reaffirm the Company’s expectations of a greater ability to repatriate excess cash flow following the completion of its significant 2025 capital program.

    THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

    REVENUE

    Calfrac’s Argentinean operations generated revenue of $142.2 million during the first quarter of 2025 versus $81.1 million in the comparable quarter in 2024. The 75 percent increase in revenue was driven by improved pricing for spot work and an increase in the number of fracturing jobs completed during the quarter. The Company operated two unconventional fracturing fleets in the Vaca Muerta shale play for a portion of the first quarter. The Company also demonstrated growth in activity across its other service lines as the Company permanently transferred equipment from Las Heras to Neuquén following the completion of a long-term contract. The Company’s offshore coiled tubing unit also contributed to the increase in revenue versus the comparable quarter in 2024.

    ADJUSTED EBITDA

    The Company’s operations in Argentina generated Adjusted EBITDA of $53.3 million during the first quarter of 2025 compared to $16.1 million in the same quarter of 2024, while the Company’s Adjusted EBITDA margins increased to 37 percent from 20 percent. This increase was primarily due to the significant revenue growth and efficiencies resulting from operating two unconventional fracturing fleets simultaneously during parts of the quarter and higher pricing for spot work. In addition, the Company received an early termination fee related to the closure of its operations in Las Heras following the completion of a long-term contract with a major client in that region. This revenue offset costs that were incurred in 2024 to permanently close this district.

    SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

    Three Months Ended Jun. 30, Sep. 30, Dec. 31, Mar. 31,   Jun. 30, Sep. 30,   Dec. 31,   Mar. 31,
      2023 2023 2023 2024   2024 2024   2024   2025
    (C$000s, except per share and operating data) ($) ($) ($) ($)   ($) ($)   ($)   ($)
    (unaudited)                
    Financial                
    Revenue 466,463 483,093 421,402 330,096   426,047 430,109   381,230   370,057
    Adjusted EBITDA(1) 87,785 91,286 62,591 26,057   65,386 65,039   34,512   55,317
    Net income (loss) 50,531 97,523 13,202 (2,903 ) 24,549 (6,687 ) (6,424 ) 7,796
    Per share – basic 0.62 1.20 0.16 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Per share – diluted 0.58 1.09 0.15 (0.03 ) 0.29 (0.08 ) (0.07 ) 0.09
    Capital expenditures 30,718 50,825 49,397 48,072   66,753 22,509   32,955   42,132

    (1)Refer to “Non-GAAP Measures” on page 6 for further information.

    CAPITAL EXPENDITURES – CONTINUING OPERATIONS

      Three Months Ended Mar. 31,
    		  
      2025 2024 Change  
    (C$000s) ($) ($) (%)  
    North America 12,941 37,174 (65 )
    Argentina 29,191 10,898 168  
    Continuing Operations 42,132 48,072 (12 )

    Capital expenditures were $42.1 million for the three months ended March 31, 2025, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment versus $48.1 million in the comparable period in 2024.

    Calfrac’s Board of Directors approved a 2025 capital budget totalling approximately $135.0 million. The program includes approximately $50.0 million to facilitate the expansion of the Company’s fracturing operations in the Vaca Muerta shale play in Argentina that will be funded locally from cash flow. The 2025 Argentina capital program includes additional fracturing pumping units, an expansion of the Company’s deep coiled tubing capabilities and the introduction of in-house wireline services. The balance of the 2025 program will fund maintenance capital for all operating divisions as well as additional investments in the North American Tier IV fleet modernization program and coiled tubing fleet. Due to a delay in spending related to the Company’s 2024 capital program, approximately $30.0 million of 2024 capital commitments will be funded in 2025, mainly related to the expansion in Argentina, of which approximately $20.0 million occurred during the first quarter.

    NON-GAAP MEASURES

    Certain supplementary measures presented in this press release, including Adjusted EBITDA, Adjusted EBITDA percentage and Net Debt do not have any standardized meaning under IFRS and, because IFRS have been incorporated as Canadian generally accepted accounting principles (GAAP), these supplementary measures are also non-GAAP measures. These measures have been described and presented to provide shareholders and potential investors with additional information regarding the Company’s financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are explained below.

    Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses (gains), non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. Adjusted EBITDA is presented because it gives an indication of the results from the Company’s principal business activities prior to consideration of how its activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. Adjusted EBITDA is used by management to evaluate the performance of the Company and is also used as a basis for monitoring the Company’s compliance with covenants under the revolving credit facility. Adjusted EBITDA for the period was calculated as follows:

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
         
    Net income (loss) from continuing operations 7,796   (2,903 )
    Add back (deduct):    
    Depreciation 31,922   27,995  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Restructuring charges 516   —  
    Stock-based compensation (925 ) 2,185  
    Interest, net 7,944   6,032  
    Income taxes 6,247   38  
    Adjusted EBITDA from continuing operations 55,317   26,057  
    Less: IFRS 16 lease payments (3,679 ) (3,235 )
    Less: Argentina EBITDA threshold adjustment(1) (45,397 ) (5,428 )
    Bank EBITDA for covenant purposes 6,241   17,394  

    (1)Refer to note 4 of the Company’s interim consolidated financial statements for the three months ended March 31, 2025.

    Adjusted EBITDA percentage is a non-GAAP financial ratio that is determined by dividing Adjusted EBITDA by revenue for the corresponding period.

    Net Debt is defined as long-term debt less unamortized debt issuance costs plus lease obligations, less cash and cash equivalents from continuing operations. The calculation of net debt is disclosed in note 10 to the Company’s interim consolidated financial statements for the corresponding period.

    OTHER NON-STANDARD FINANCIAL TERMS

    MAINTENANCE AND EXPANSION CAPITAL

    Maintenance capital refers to expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Expansion capital refers to expenditures primarily for new items, upgrades and/or equipment that will expand the Company’s revenue and/or reduce its expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus expansion capital involves judgement by management.

    BUSINESS RISKS

    The business of Calfrac is subject to certain risks and uncertainties. Prior to making any investment decision regarding Calfrac, investors should carefully consider, among other things, the risk factors set forth in the Company’s most recently filed Annual Information Form under the heading “Risk Factors” which is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 500, 407 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

    ADDITIONAL INFORMATION

    Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

    Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the Company’s Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the Company’s financial statements as discontinued operations. The results of the Company’s discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the Company’s annual consolidated financial statements for the year ended December 31, 2024 for additional information on the Company’s discontinued operations.

    Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the Company’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca.

    FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

    Calfrac will no longer be conducting the previously announced conference call to review its 2025 first-quarter results on Thursday, May 15, 2025. Any interested parties can reach out to Mike Olinek, Chief Financial Officer at the contact information below should they wish to ask any questions regarding the Company’s quarterly financial results.

    The Company will be holding its Annual General Meeting at 1:30 pm on Thursday May 15, 2025 in the Viking Room of the Calgary Petroleum Club.

    CONSOLIDATED BALANCE SHEETS

      March 31,   December 31,  
      2025   2024  
    (C$000s) ($)   ($)  
    ASSETS    
    Current assets    
    Cash and cash equivalents 15,463   44,045  
    Accounts receivable 306,957   251,108  
    Inventories 130,596   145,506  
    Prepaid expenses and deposits 21,797   26,452  
      474,813   467,111  
    Assets classified as held for sale 47,053   45,335  
      521,866   512,446  
    Non-current assets    
    Property, plant and equipment 684,123   673,381  
    Right-of-use assets 19,990   20,013  
    Deferred income tax assets 29,000   29,000  
      733,113   722,394  
    Total assets 1,254,979   1,234,840  
    LIABILITIES AND EQUITY    
    Current liabilities    
    Accounts payable and accrued liabilities 160,129   173,974  
    Income taxes payable 23,301   9,700  
    Current portion of long-term debt 341,095   150,000  
    Current portion of lease obligations 9,833   9,536  
      534,358   343,210  
    Liabilities directly associated with assets classified as held for sale 32,677   30,945  
      567,035   374,155  
    Non-current liabilities    
    Long-term debt —   170,908  
    Lease obligations 13,209   13,948  
    Deferred income tax liabilities 14,473   22,499  
      27,682   207,355  
    Total liabilities 594,717   581,510  
    Capital stock 911,900   911,785  
    Contributed surplus 76,190   77,159  
    Accumulated deficit (373,875 ) (379,490 )
    Accumulated other comprehensive income 46,047   43,876  
    Total equity 660,262   653,330  
    Total liabilities and equity 1,254,979   1,234,840  

    CONSOLIDATED STATEMENTS OF OPERATIONS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s, except per share data) ($)   ($)  
         
    Revenue 370,057   330,096  
    Cost of sales 330,576   316,208  
    Gross profit 39,481   13,888  
    Expenses    
    Selling, general and administrative 15,677   18,011  
    Foreign exchange losses (gains) 1,693   (1,049 )
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest, net 7,944   6,032  
      25,438   16,753  
    Income (loss) before income tax 14,043   (2,865 )
    Income tax expense (recovery)    
    Current 14,240   6,414  
    Deferred (7,993 ) (6,376 )
      6,247   38  
    Net income (loss) from continuing operations 7,796   (2,903 )
    Net (loss) income from discontinued operations (2,181 ) 750  
    Net income (loss) 5,615   (2,153 )
         
    Earnings (loss) per share – basic    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )
         
    Earnings (loss) per share – diluted    
    Continuing operations 0.09   (0.03 )
    Discontinued operations (0.03 ) 0.01  
      0.07   (0.02 )

    CONSOLIDATED STATEMENTS OF CASH FLOWS

      Three Months Ended March 31,
    		  
      2025   2024  
    (C$000s) ($)   ($)  
    CASH FLOWS PROVIDED BY (USED IN)   Restated
    OPERATING ACTIVITIES    
    Net income (loss) 7,796   (2,903 )
    Adjusted for the following:    
    Depreciation 31,922   27,995  
    Stock-based compensation (925 ) 2,185  
    Unrealized foreign exchange losses 1,846   2,627  
    Loss (gain) on disposal of property, plant and equipment 124   (6,241 )
    Interest 7,944   6,032  
    Interest paid (12,716 ) (9,717 )
    Deferred income taxes (7,993 ) (6,376 )
    Changes in items of working capital (35,048 ) (1,644 )
    Cash flows (used in) provided by operating activities from continuing operations (7,050 ) 11,958  
    Cash flows provided by (used in) operating activities from discontinued operations 10,231   (8,185 )
    Net cash flows provided by operating activities 3,181   3,773  
    INVESTING ACTIVITIES    
    Purchase of property, plant and equipment (38,498 ) (55,727 )
    Proceeds on disposal of property, plant and equipment 1,553   11,508  
    Proceeds on disposal of right-of-use assets 206   227  
    Cash flows used in investing activities from continuing operations (36,739 ) (43,992 )
    Cash flows used in investing activities from discontinued operations (1,457 ) (678 )
    Net cash flows used in investing activities (38,196 ) (44,670 )
    FINANCING ACTIVITIES    
    Issuance of long-term debt, net of debt issuance costs 30,000   60,000  
    Long-term debt repayments (10,000 ) —  
    Lease obligation principal repayments (3,244 ) (2,840 )
    Proceeds on issuance of common shares from the exercise of stock options 71   —  
    Cash flows provided by financing activities from continuing operations 16,827   57,160  
    Cash flows provided by financing activities from discontinued operations —   —  
    Net cash flows provided by financing activities 16,827   57,160  
    Effect of exchange rate changes on cash and cash equivalents 550   (1,464 )
    (Decrease) increase in cash and cash equivalents (17,638 ) 14,799  
    Cash and cash equivalents, beginning of period 50,776   45,190  
    Cash and cash equivalents, end of period 33,138   59,989  
    Included in the cash and cash equivalents per the balance sheet 15,463   58,239  
    Included in the assets held for sale/discontinued operations 17,675   1,750  


    ADVISORIES

    FORWARD-LOOKING STATEMENTS

    In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, certain statements contained in this press release, including statements that contain words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”).

    In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the expectations regarding trends in, and prospects of, the global oil and gas industry; activity, demand, utilization and outlook for the Company’s continuing operations, including the potential impacts of, and mitigation strategies for, the trade tariffs implemented by the U.S. and Canada on the Company’s North American segment and the strong activity and profitability outlook for the Argentina segment; the supply and demand fundamentals of the pressure pumping industry; input costs, margin and service pricing trends and strategies; operating and financing strategies, performance, priorities, metrics and estimates, including the Company’s ability to repatriate cash from Argentina and the timing thereof; the Company’s Russian segment, including the planned sale of the Russian division; the Company’s service quality and competitive position; capital investment plans, including the progress of the Company’s fleet modernization plan in North America and planned wireline investments to bolster the Company’s service offering in Argentina; and the Company’s expectations and intentions with respect to the foregoing.

    These statements are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including, but not limited to, the economic and political environment in which the Company operates, including the continued implementation of Argentina economic reforms and liberalization of its oil and gas industry as well as the current state of the trade war between Canada and the U.S. and its expected impact on the pressure pumping market in North America; the Company’s expectations for its customers’ capital budgets, demand for services and geographical areas of focus; the level of merger and acquisition activity among oil and gas producers and its impact on the demand for well completion services; the anticipated effects of artificial intelligence power requirements and the commissioning of liquified natural gas terminals on supply and demand fundamentals for oil and natural gas; the ability of newly deployed Tier IV DGB pumping units to achieve manufacturer claims with respect to operational performance, diesel displacement and costs savings in the field; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the status of the military conflict in the Ukraine and related Canadian, United States and international sanctions and restrictions involving Russia and counter-sanctions, restrictions, and political measures that may be undertaken in respect of the Company’s ownership and planned sale of the Russian division; industry equipment levels including the number of active fracturing fleets marketed by the Company’s competitors and the timing of deployment of the Company’s fleet upgrades; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.

    Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Such risk factors include but are not limited to: (A) industry risks, including but not limited to, global economic conditions and the level of exploration, development and production for oil and natural gas in North America and Argentina; a shift in strategy by exploration and production companies prioritizing shareholders returns over production growth; excess equipment levels; impacts of conservation measures and technological advances on the demand for the Company’s services; an intensely competitive oilfield services industry; and hazards inherent in the industry; (B) geopolitical risks, including but not limited to, the impacts of the trade war between Canada and United States; foreign operations exposure, including risks relating to repatriation of cash from foreign jurisdictions, unsettled political conditions, war, foreign exchange rates and controls; and risks that the sale of the discontinued operations in Russia may not occur or may be delayed; (C) financial risks, including but not limited to, restrictions on the Company’s access to capital, including the impacts of covenants under the Company’s lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation and availability of raw materials, diesel fuel and component parts; actual results which are materially different from management estimates and assumptions; the Company’s access to capital and common share price given a significant number of common shares are controlled by two directors of the Company; possible dilution from outstanding stock-based compensation, additional equity or debt securities; and changes in tax rates or reassessment risk by tax authorities; (D) business operations risks, including but not limited to, fleet reinvestment risk, including the ability of the Company to finance the capital necessary for equipment upgrades to support its operational needs while meeting government and customer requirements and preferences; risks of delays and quality of equipment due to Company’s reliance on equipment manufacturers, suppliers and fabricators; seasonal volatility; constrained demand for the Company’s services due to merger and acquisition activity; a concentrated customer base; cybersecurity risks; difficulty retaining, replacing or adding personnel; failure to continuously improve equipment, proprietary fluid chemistries and other products and services; climate change; failure to maintain safety standards and records; improper access to confidential information; failure to effectively and timely address the energy transition; risks of various types of activism; and failure to realize anticipated benefits of acquisitions and dispositions; (E) legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws; health, safety and environmental laws and regulations; the direct and indirect costs of various existing and proposed climate change regulations; and legal and administrative proceedings. Further information about these and other risks and uncertainties may be found under the heading “Business Risks” above.

    Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

    For further information, please contact:

    Mike Olinek, Chief Financial Officer

    Telephone: 403-266-6000        
    www.calfrac.com

    The MIL Network –

  • MIL-OSI: Barnwell Industries, Inc. Reports Results for its Second Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, May 15, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its second quarter ended March 31, 2025. For the quarter, the Company had revenue from continuing operations of $3,569,000 and a net loss from continuing operations of $1,538,000 or $0.15 per share. In the prior year quarter ended March 31, 2024, the Company reported quarterly revenue from continuing operations of $4,678,000 and a net loss from continuing operations of $1,306,000 or $0.13 per share.

    The net loss from continuing operations for the three months ended March 31, 2025, was due to an increase of $906,000, 72%, in general and administrative expenses due to $978,000 in new expenses related to both a shareholder consent solicitation and a proxy contest as compared to the same period in the prior year. Additionally, the loss was due to a decrease of $500,000 in our land investment segment operating results, before non-controlling interests’ share of such profits, due to the Kukio Resort Land Development Partnerships’ sale of two lots in the prior quarter period, whereas no lots were sold in the current quarter period.

    Non-Cash Impairment, Oil and Gas Production

    The net loss from continuing operations for the three months ended March 31, 2025 included a ceiling test impairment of $52,000 as compared to a $1,677,000 ceiling test impairment in the prior year period, a $1,625,000 decrease. Additionally, oil and natural gas depletion in the current year period decreased $589,000 as compared to the second quarter in the prior year due to a lower depletion rate due to prior years’ write downs and decreased production. Oil, natural gas and natural gas liquids production decreased 14%, 24% and 13%, respectively, during the three months ended March 31, 2025, compared to the prior year’s quarter.

    Sale of our Water Drilling Subsidiary

    During the three months ended March 31, 2025, the Company completed the sale of its wholly-owned subsidiary, Water Resources International, Inc. (“Water Resources”) for $1,050,000. Water Resources drilled water wells and water pumping systems in Hawaii and represented our contract drilling segment. As a result of the sale, the Company has reclassified the results of its contract drilling business as discontinued operations for all periods presented. Having previously sold assets held by this segment, the Company recorded a loss of $193,000 on the sale of Water Resources in the quarter ended March 31, 2025.

    Proxy Contest, Expenses Increase

    The aforementioned consent solicitation and proxy contest are currently on going and costs will continue to be incurred until the matter is resolved. Accordingly, general and administrative expenses will continue to be affected by these matters beyond March 31, 2025. The Company is unable to estimate the amount of such future costs as the matter as such costs will depend upon the future actions to be taken, which are yet to be determined.

    Due to these proxy contest costs, incurred and estimated to be incurred, and the impacts of recently imposed tariffs which have caused a reduction in oil prices and have had an impact on the U.S. economy as a whole, we now face greater uncertainty about our oil and natural gas operating cash inflows, which in turn has raised substantial doubt regarding our ability to continue as a going concern. The Company is investigating potential sources of funding, including debt financing, non-core oil and natural gas property sales and the partial or complete sale of its remaining interests in the Kukio Resort Land Development Partnerships, however, no probable timing or amounts of such funding have yet been secured.

    Summary and Outlook

    Craig D. Hopkins, CEO, stated, “Our current proxy contest has negatively impacted the Company’s liquidity and hindered its investment and growth opportunities. The completed sale of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell should be positioned to invest more in operations. The Company ended the quarter with a working capital deficit of $57,000, including $1,432,000 in cash and cash equivalents.

    The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

    COMPARATIVE OPERATING RESULTS
    (Unaudited)
     
        Three months ended   Six months ended
        March 31,   March 31,
          2025       2024       2025       2024  
                     
    Revenues   $ 3,569,000     $ 4,678,000     $ 7,503,000     $ 9,840,000  
                     
    Net loss from continuing operations attributable to Barnwell Industries, Inc.   $ (1,538,000 )   $ (1,306,000 )   $ (3,136,000 )   $ (1,656,000 )
    Net earnings (loss) from discontinued operations     331,000       (466,000 )     12,000       (780,000 )
    Net loss attributable to Barnwell Industries, Inc.   $ (1,207,000 )   $ (1,772,000 )   $ (3,124,000 )   $ (2,436,000 )
                     
    Basic and diluted net (loss) earnings per share:                
    Net loss from continuing operations attributable to Barnwell Industries, Inc.   $ (0.15 )   $ (0.13 )   $ (0.31 )   $ (0.16 )
    Net earnings (loss) from discontinued operations     0.03       (0.05 )     –       (0.08 )
    Net loss attributable to Barnwell Industries, Inc.   $ (0.12 )   $ (0.18 )   $ (0.31 )   $ (0.24 )
                     
    Weighted-average shares and              
    equivalent shares outstanding:            
    Basic and diluted     10,053,534       10,019,172       10,050,319       10,007,905  
                     
    CONTACT: Craig D. Hopkins
      Chief Executive Officer and President
      Phone: (403) 531-1560
      Email:info@bocl.ca

    The MIL Network –

  • MIL-OSI: Tradoor Unveils ‘Fastest DEX on TON’ Following $3.2m in Financing

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 15, 2025 (GLOBE NEWSWIRE) — Tradoor, the first triple Perps, Options, and SocialFi DEX on The Open Network (TON), has announced $3.2 million in total funding to bring CEX-grade trading to Telegram. The rounds were led by TON Ventures and Kenetic Capital, with participation from Sigil Fund, Protagonist, VentureSouq, T Fund, TONX, Re7 Capital, and BitsLab. The financing also includes a $1.5 million token purchase commitment, which will support Tradoor’s roadmap to deliver high-frequency trading on TON, and an upcoming ‘Turbo Rewards’ trade to earn campaign.

    Tradoor introduces groundbreaking features such as Turbo Mode and Turbo Accounts, which dramatically enhance trading speed and user experience. Turbo Mode enables transactions at 10,000 TPS with confirmation times as fast as 50 milliseconds. Turbo Accounts allow seamless one-click trades and multi-chain deposits from networks such as Ethereum, BNB Smart Chain, or Solana, and ensure zero price slippage for unmatched trading efficiency.

    “Think of Tradoor as ‘Hyperliquid in your pocket’, on Telegram,” said core contributor Balal Khan. “With Turbo Mode, users enjoy instant trades at speeds 600x faster than before, fully onchain on TON, with the lowest gas fees on the network. Users can open a Turbo Account in just one step, no KYC required, and start trading with a single click. The Price Lock mechanism guarantees zero slippage, making your trading efficient and worry-free.”

    Tradoor is set to launch token swap functionality and innovative AI-powered features, including text-to-trade, which lets users execute trades via text commands, and a social copy trading product, allowing users to replicate the trades of top-performing community traders.

    The “Turbo Rewards” trade to earn campaign will offer reward trading activity in the form of $DOOR points – Tradoor’s in-app reward – with points awarded for trading volume.

    Jehan Chu of Kenetic Capital commented, “Tradoor’s integration on Telegram brings CEX-grade trading into the hands of hundreds of millions of users. With its innovative Turbo Mode, we believe Tradoor is uniquely positioned to introduce high-frequency trading into TON’s rapidly growing ecosystem.”

    Telegram, already a prominent global messaging platform, continues to gain significant traction within the crypto community. TON, its underlying blockchain ecosystem, has 42 million activated wallets and supports a wide array of decentralized applications — further amplifying Tradoor’s potential reach and impact.

    Tradoor’s new multi-collateral pool now includes support for tgBTC, which could provide liquidity providers with attractive double-digit yields on USDT, Toncoin, tgUSD, and Bitcoin. tgBTC functions as a tokenized version of Bitcoin within the Telegram and TON ecosystems, designed to enable users to access DeFi benefits while retaining exposure to Bitcoin.

    Since its launch in Q3 2024, Tradoor has reached several key milestones, including over $400 million in trading volume, 360,000 total active users, and a record-breaking $49 million in daily trading volume — the highest on TON to date. The platform has also earned industry recognition, winning both the Open League 6 contest organized by TON Society and the TON Code Summer Asia Hackathon.

    About Tradoor

    Tradoor is the first triple Perps + Options + SocialFi decentralized protocol on TON, a fast and self-custodial all-in-one trading tool for Telegram and Web App users. It’s unique ‘Turbo Mode’ offers one-click confirmations and a high throughput of 10K TPS, 50ms execution time, with the lowest gas fees on TON. Users experience zero price slippage with the Price Lock guarantee and fair pricing with the AI-enhanced Liquidity Shield. Turbo Accounts enhance usability with one-click trades and multi-chain deposit support.

    Website: tradoor.io｜Mini App｜User Guide｜Twitter/X｜Telegram News

    For media enquiries, please contact Wei Wei Lim: limweiwei@tradoor.io

    Disclaimer: This is a paid post and is provided by Tradoor. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at :

    https://www.globenewswire.com/NewsRoom/AttachmentNg/cc26ef7a-0bf7-4b0e-aa66-0d302f74fb2d

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1ed9a600-ca64-4a4d-8c44-be94ba86841a

    The MIL Network –

  • MIL-OSI: KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, May 15, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    Business and Financial Highlights for the First Quarter 2025

    • Gross transaction value (GTV)1 was RMB843.7 billion (US$116.3 billion), an increase of 34.0% year-over-year. GTV of existing home transactions was RMB580.3 billion (US$80.0 billion), an increase of 28.1% year-over-year. GTV of new home transactions was RMB232.2 billion (US$32.0 billion), an increase of 53.0% year-over-year.
    • Net revenues were RMB23.3 billion (US$3.2 billion), an increase of 42.4% year-over-year.
    • Net income was RMB855 million (US$118 million), an increase of 97.9% year-over-year. Adjusted net income2 was RMB1,393 million (US$192 million), relatively flat year-over-year.
    • Number of stores was 56,849 as of March 31, 2025, a 28.6% increase from one year ago. Number of active stores3 was 55,210 as of March 31, 2025, a 29.6% increase from one year ago.
    • Number of agents was 550,290 as of March 31, 2025, a 24.3% increase from one year ago. Number of active agents4 was 490,862 as of March 31, 2025, a 23.0% increase from one year ago.
    • Mobile monthly active users (MAU)5 averaged 44.5 million in the first quarter of 2025, compared to 47.7 million in the same period of 2024.

    Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “Building on the stable market performance and the continued effectiveness of our growth strategy, our business maintained strong growth in the first quarter, with our total transaction value increasing by 34.0% year-over-year and net revenues rising by 42.4%. Our housing transaction services continue to significantly outperform the market. Our platform continually empowers more industry partners, with the numbers of active stores and agents increasing notably by 29.6% and 23.0% year-over-year, respectively, and with improvements in both agent and store efficiency. Our home renovation and furnishing services saw steady revenue growth, achieving a record high in contribution margin, with initial progress in improving customer experience and operational efficiency. The home rental services managed over 500,000 units by the end of the first quarter, with ongoing improvements in operational capabilities. We are also advancing our AI applications, deploying multiple intelligent tools on both the C-end and B-end, enhancing customer experience and boosting service efficiency.”

    “Looking ahead, we are confident in the long-term development of our Company under the ‘One Body, Three Wings’ strategy and will continue to invest firmly in AI applications. At the same time, we will be more prudent in other types of investments this year, focusing on the return on investment to strengthen the foundation for safe operations and ensure that shareholders who support the Company’s long-term vision can benefit from our sustainable development,” concluded Mr. Peng.

    Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the first quarter, the market performance was very stable, continuing the positive impact resulting from the policies implemented in September last year. National new home sales remained relatively flat year-over-year in the first quarter, better than the substantial year-over-year decline in the same period last year, and the existing home market remained at a high level in activity.

    For performance in the first quarter, our net revenues reached RMB23.3 billion, up 42.4% year-over-year. Net revenues from existing home transaction services reached RMB6.9 billion in Q1, up 20.0% year-over-year. Net revenues from new home transaction services reached RMB8.1 billion in Q1, up 64.2% year-over-year. Net revenues from non-housing transaction services grew by 46.2% year-over-year, accounted for 35.9% of total net revenues. Among these, net revenues from home rental services reached a record high of RMB5.1 billion, up 93.8% year-over-year. Our operational efficiency further improved. The operating expenses in the first quarter were RMB4.2 billion, down 31.3% quarter-over-quarter. The profitability also improved. The net income in the first quarter reached RMB855 million, up 97.9% year-on-year. The adjusted net income reached RMB1,393 million.

    With robust cash reserves, we continued to reward our shareholders who have grown with us. In the first quarter, we allocated approximately US$139 million to share repurchases, and the repurchased shares accounted for approximately 0.6% of the Company’s total issued shares at the end of 2024.

    We will continue to support long-term business development by fully backing our ‘One Body, Three Wings’ strategic initiatives and actively exploring the AI technology.”

    First Quarter 2025 Financial Results

    Net Revenues

    Net revenues increased by 42.4% to RMB23.3 billion (US$3.2 billion) in the first quarter of 2025 from RMB16.4 billion in the same period of 2024, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 34.0% to RMB843.7 billion (US$116.3 billion) in the first quarter of 2025 from RMB629.9 billion in the same period of 2024, primarily attributable to the sustained growth of existing home transaction market and the Company’s enhanced capabilities in market coverage.

    • Net revenues from existing home transaction services were RMB6.9 billion (US$0.9 billion) in the first quarter of 2025, increased by 20.0% from RMB5.7 billion in the same period of 2024. GTV of existing home transactions increased by 28.1% to RMB580.3 billion (US$80.0 billion) in the first quarter of 2025 from RMB453.2 billion in the same period of 2024. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a) a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis, and b) a lower proportion of GTV from existing home rental transaction services as of total existing home transaction services, which has a higher commission rate than existing home sales transaction services.

      Among that, (i) commission revenue was RMB5.6 billion (US$0.8 billion) in the first quarter of 2025, increased by 20.5% from RMB4.6 billion in the same period of 2024, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 23.6% to RMB221.4 billion (US$30.5 billion) in the first quarter of 2025 from RMB179.2 billion in the same period of 2024; and

      (ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 17.6% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.1 billion in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 31.0% to RMB358.9 billion (US$49.5 billion) in the first quarter of 2025 from RMB274.0 billion in the same period of 2024, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

    • Net revenues from new home transaction services increased by 64.2% to RMB8.1 billion (US$1.1 billion) in the first quarter of 2025 from RMB4.9 billion in the same period of 2024, primarily due to the increase of GTV of new home transactions of 53.0% to RMB232.2 billion (US$32.0 billion) in the first quarter of 2025 from RMB151.8 billion in the same period of 2024. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 58.3% to RMB192.0 billion (US$26.5 billion) in the first quarter of 2025 from RMB121.3 billion in the same period of 2024, and the GTV of new home transactions served by Lianjia brand increased by 32.1% to RMB40.3 billion (US$5.5 billion) in the first quarter of 2025 from RMB30.5 billion in the same period of 2024.
    • Net revenues from home renovation and furnishing increased by 22.3% to RMB2.9 billion (US$0.4 billion) in the first quarter of 2025 from RMB2.4 billion in the same period of 2024, primarily attributable to the increase in home renovation orders referred by home transaction services.
    • Net revenues from home rental services increased by 93.8% to RMB5.1 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.6 billion in the same period of 2024, primarily attributable to the increase of the number of rental units under the Carefree Rent model.
    • Net revenues from emerging and other services were RMB350 million (US$48 million) in the first quarter of 2025, compared to RMB700 million in the same period of 2024.

    Cost of Revenues

    Total cost of revenues increased by 51.0% to RMB18.5 billion (US$2.6 billion) in the first quarter of 2025 from RMB12.3 billion in the same period of 2024.

    • Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 66.6% to RMB5.7 billion (US$0.8 billion) in the first quarter of 2025, from RMB3.4 billion in the same period of 2024, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
    • Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 33.1% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB3.6 billion in the same period of 2024, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.
    • Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 18.8% to RMB2.0 billion (US$0.3 billion) in the first quarter of 2025 from RMB1.7 billion in the same period of 2024, which was in line with the growth of net revenues from home renovation and furnishing.
    • Cost of home rental services. The Company’s cost of revenues for home rental services increased by 91.3% to RMB4.7 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.5 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services.
    • Cost related to stores. The Company’s cost related to stores increased by 4.6% to RMB717 million (US$99 million) in the first quarter of 2025 from RMB685 million in the same period of 2024, primarily attributable to the increased number of Lianjia stores.
    • Other costs. The Company’s other costs increased to RMB0.5 billion (US$0.1 billion) in the first quarter of 2025 from RMB0.4 billion in the same period of 2024, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

    Gross Profit

    Gross profit increased by 17.0% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB4.1 billion in the same period of 2024. Gross margin decreased to 20.7% in the first quarter of 2025 from 25.2% in the same period of 2024, primarily due to a) a lower proportion of net revenues from existing home transaction services with a relatively higher contribution margin than other revenues streams, and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

    Income from Operations

    Total operating expenses were RMB4.2 billion (US$0.6 billion) in the first quarter of 2025, compared to RMB4.1 billion in the same period of 2024.

    • General and administrative expenses were RMB1.9 billion (US$0.3 billion) in the first quarter of 2025, compared with RMB2.0 billion in the same period of 2024, mainly due to the decrease in share-based compensation expenses.
    • Sales and marketing expenses increased by 9.2% to RMB1.8 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.6 billion in the same period of 2024, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
    • Research and development expenses increased by 24.9% to RMB584 million (US$80 million) in the first quarter of 2025 from RMB467 million in the same period of 2024, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

    Income from operations was RMB591 million (US$81million) in the first quarter of 2025, compared to RMB12 million in the same period of 2024. Operating margin was 2.5% in the first quarter of 2025, compared to 0.1% in the same period of 2024, primarily due to the improved operating leverage, compared to the same period of 2024.

    Adjusted income from operations6 was RMB1,148 million (US$158 million) in the first quarter of 2025, compared to RMB960 million in the same period of 2024. Adjusted operating margin7 was 4.9% in the first quarter of 2025, compared to 5.9% in the same period of 2024. Adjusted EBITDA8 was RMB1,842 million (US$254 million) in the first quarter of 2025, compared to RMB1,666 million in the same period of 2024.

    Net Income

    Net income was RMB855 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

    Adjusted net income was RMB1,393 million (US$192 million) in the first quarter of 2025, relatively flat compared to RMB1,392 million in the same period of 2024.

    Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

    Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB856 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders9 was RMB1,393 million (US$192 million) in the first quarter of 2025, compared to RMB1,392 million in the same period of 2024.

    Net Income per ADS

    Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10 were RMB0.76 (US$0.10) and RMB0.73 (US$0.10) in the first quarter of 2025, respectively, compared to RMB0.38 and RMB0.37 in the same period of 2024, respectively.

    Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11 were RMB1.24 (US$0.17) and RMB1.19 (US$0.16) in the first quarter of 2025, respectively, compared to RMB1.21 and RMB1.18 in the same period of 2024, respectively.

    Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

    As of March 31, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB54.8 billion (US$7.6 billion).

    Share Repurchase Program

    As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of March 31, 2025, the Company in aggregate has purchased approximately 116.6 million ADSs (representing approximately 349.9 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,764.8 million under this share repurchase program since its launch.

    Conference Call Information

    The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Thursday, May 15, 2025 (8:00 P.M. Beijing/Hong Kong Time on Thursday, May 15, 2025) to discuss the financial results.

    For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

    Participant Online Registration:

    English Line: https://s1.c-conf.com/diamondpass/10046740-j8h7g6.html

    Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10046741-h6g53.html

    A replay of the conference call will be accessible through May 22, 2025, by dialing the following numbers:

    United States: +1-855-883-1031
    Mainland, China: 400-1209-216
    Hong Kong, China: 800-930-639
    International: +61-7-3107-6325
    Replay PIN (English line): 10046740
    Replay PIN (Chinese simultaneous interpretation line): 10046741
       

    A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

    Exchange Rate

    This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

    Non-GAAP Financial Measures

    The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

    The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

    Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please visit: https://investors.ke.com.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: ke@tpg-ir.com

    Source: KE Holdings Inc.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    ASSETS            
    Current assets            
    Cash and cash equivalents   11,442,965   12,772,700   1,760,125
    Restricted cash   8,858,449   10,145,685   1,398,113
    Short-term investments   41,317,700   31,876,941   4,392,760
    Financing receivables, net of allowance for credit losses of RMB147,330 and RMB162,302 as of December 31, 2024 and March 31, 2025, respectively   2,835,527   2,073,051   285,674
    Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,643,867 as of December 31, 2024 and March 31, 2025, respectively   5,497,989   5,139,299   708,214
    Amounts due from and prepayments to related parties   379,218   390,196   53,770
    Loan receivables from related parties   18,797   194,086   26,746
    Prepayments, receivables and other assets   6,252,700   7,573,610   1,043,672
    Total current assets   76,603,345   70,165,568   9,669,074
    Non-current assets            
    Property, plant and equipment, net   2,400,211   2,427,395   334,504
    Right-of-use assets   23,366,879   23,536,212   3,243,377
    Long-term investments, net   23,790,106   27,618,510   3,805,932
    Intangible assets, net   857,635   823,140   113,432
    Goodwill   4,777,420   4,777,420   658,346
    Long-term loan receivables from related parties   131,410   19,360   2,668
    Other non-current assets   1,222,277   1,244,856   171,546
    Total non-current assets   56,545,938   60,446,893   8,329,805
    TOTAL ASSETS   133,149,283   130,612,461   17,998,879
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   9,492,629   7,868,788   1,084,348
    Amounts due to related parties   391,446   427,753   58,946
    Employee compensation and welfare payable   8,414,472   5,226,229   720,194
    Customer deposits payable   6,078,623   7,452,000   1,026,913
    Income taxes payable   1,028,735   823,746   113,515
    Short-term borrowings   288,280   182,010   25,082
    Lease liabilities current portion   13,729,701   13,579,265   1,871,273
    Contract liabilities and deferred revenue   6,051,867   6,583,215   907,191
    Accrued expenses and other current liabilities   7,268,505   10,618,658   1,463,290
    Total current liabilities   52,744,258   52,761,664   7,270,752
    Non-current liabilities            
    Deferred tax liabilities   317,697   317,697   43,780
    Lease liabilities non-current portion   8,636,770   8,579,296   1,182,259
    Other non-current liabilities   2,563   2,465   340
    Total non-current liabilities   8,957,030   8,899,458   1,226,379
    TOTAL LIABILITIES   61,701,288   61,661,122   8,497,131
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
    (All amounts in thousands, except for share, per share data)
     
        As of
    December 31,    		   As of
    March 31,
        2024   2025
        RMB   RMB   US$
                 
    SHAREHOLDERS’ EQUITY            
    KE Holdings Inc. shareholders’ equity            
    Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding(1) as of December 31, 2024; 3,477,710,889 Class A ordinary shares issued and 3,346,161,732 Class A ordinary shares outstanding(1) as of March 31, 2025; and 145,413,446 and 144,042,476 Class B ordinary shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively)   461     460     63  
    Treasury shares   (949,410 )   (462,581 )   (63,745 )
    Additional paid-in capital   72,460,562     68,618,103     9,455,827  
    Statutory reserves   926,972     926,972     127,740  
    Accumulated other comprehensive income   609,112     616,892     85,010  
    Accumulated deficit   (1,723,881 )   (868,114 )   (119,629 )
    Total KE Holdings Inc. shareholders’ equity   71,323,816     68,831,732     9,485,266  
    Non-controlling interests   124,179     119,607     16,482  
    TOTAL SHAREHOLDERS’ EQUITY   71,447,995     68,951,339     9,501,748  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   133,149,283     130,612,461     17,998,879  

    (1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net revenues          
    Existing home transaction services 5,727,030     6,870,407     946,767  
    New home transaction services 4,916,515     8,074,995     1,112,764  
    Home renovation and furnishing 2,408,848     2,945,443     405,893  
    Home rental services 2,625,203     5,087,776     701,114  
    Emerging and other services 699,718     349,726     48,194  
    Total net revenues 16,377,314     23,328,347     3,214,732  
    Cost of revenues          
    Commission-split (3,418,179 )   (5,693,140 )   (784,536 )
    Commission and compensation-internal (3,620,949 )   (4,818,277 )   (663,976 )
    Cost of home renovation and furnishing (1,671,718 )   (1,985,956 )   (273,672 )
    Cost of home rental services (2,480,497 )   (4,746,056 )   (654,024 )
    Cost related to stores (685,047 )   (716,809 )   (98,779 )
    Others (378,838 )   (547,217 )   (75,408 )
    Total cost of revenues(1) (12,255,228 )   (18,507,455 )   (2,550,395 )
    Gross profit 4,122,086     4,820,892     664,337  
    Operating expenses          
    Sales and marketing expenses(1) (1,623,737 )   (1,772,957 )   (244,320 )
    General and administrative expenses(1) (2,019,195 )   (1,873,760 )   (258,211 )
    Research and development expenses(1) (467,300 )   (583,610 )   (80,424 )
    Total operating expenses (4,110,232 )   (4,230,327 )   (582,955 )
    Income from operations 11,854     590,565     81,382  
    Interest income, net 309,675     268,568     37,010  
    Share of results of equity investees (4,086 )   7,345     1,012  
    Fair value changes in investments, net 7,765     110,486     15,225  
    Impairment loss for equity investments accounted for using measurement alternative (6,147 )   –     –  
    Foreign currency exchange loss (17,748 )   (39,633 )   (5,462 )
    Other income, net 537,638     445,447     61,384  
    Income before income tax expense 838,951     1,382,778     190,551  
    Income tax expense (406,829 )   (527,455 )   (72,685 )
    Net income 432,122     855,323     117,866  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net loss (income) attributable to non-controlling interests shareholders (348 )   444     61  
    Net income attributable to KE Holdings Inc. 431,774     855,767     117,927  
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 431,774     855,767     117,927  
               
    Net income 432,122     855,323     117,866  
    Currency translation adjustments 36,335     (23,695 )   (3,265 )
    Unrealized gains on available-for-sale investments, net of reclassification 25,331     31,475     4,337  
    Total comprehensive income 493,788     863,103     118,938  
    Comprehensive loss (income) attributable to non-controlling interests shareholders (348 )   444     61  
    Comprehensive income attributable to KE Holdings Inc. 493,440     863,547     118,999  
    Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders 493,440     863,547     118,999  
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Weighted average number of ordinary shares used in computing net income per share, basic and diluted          
    —Basic 3,439,606,429   3,362,716,016   3,362,716,016
    —Diluted 3,541,861,506   3,522,002,071   3,522,002,071
               
    Weighted average number of ADS used in computing net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Net income per share attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.13   0.25   0.03
    —Diluted 0.12   0.24   0.03
               
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.38   0.76   0.10
    —Diluted 0.37   0.73   0.10
               
    (1) Includes share-based compensation expenses as follows:
    Cost of revenues 124,433   109,558   15,097
    Sales and marketing expenses 47,303   45,295   6,242
    General and administrative expenses 577,134   331,203   45,641
    Research and development expenses 44,510   41,113   5,666
               
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Income from operations 11,854     590,565     81,382  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Adjusted income from operations 959,527     1,147,617     158,146  
               
    Net income 432,122     855,323     117,866  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Tax effects on non-GAAP adjustments (6,916 )   (6,494 )   (895 )
    Adjusted net income 1,392,217     1,392,797     191,932  
               
    Net income 432,122     855,323     117,866  
    Income tax expense 406,829     527,455     72,685  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets 158,506     35,171     4,847  
    Depreciation of property, plant and equipment 165,169     178,254     24,564  
    Interest income, net (309,675 )   (268,568 )   (37,010 )
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Adjusted EBITDA 1,665,669     1,841,720     253,795  
               
    Net income attributable to KE Holdings Inc.’s ordinary shareholders 431,774     855,767     117,927  
    Share-based compensation expenses 793,380     527,169     72,646  
    Amortization of intangible assets resulting from acquisitions and business cooperation agreement 154,293     29,883     4,118  
    Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration 13,191     (13,084 )   (1,803 )
    Impairment of investments 6,147     –     –  
    Tax effects on non-GAAP adjustments (6,916 )   (6,494 )   (895 )
    Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders (7 )   (7 )   (1 )
    Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders 1,391,862     1,393,234     191,992  
    KE Holdings Inc.
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued)
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Weighted average number of ADS used in computing net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted          
    —Basic 1,146,535,476   1,120,905,339   1,120,905,339
    —Diluted 1,180,620,502   1,174,000,690   1,174,000,690
               
    Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.38   0.76   0.10
    —Diluted 0.37   0.73   0.10
               
    Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 0.83   0.48   0.07
    —Diluted 0.81   0.46   0.06
               
    Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders          
    —Basic 1.21   1.24   0.17
    —Diluted 1.18   1.19   0.16
               
    KE Holdings Inc.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (All amounts in thousands)
     
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    Net cash used in operating activities (2,108,532 )   (3,965,271 )   (546,429 )
    Net cash provided by investing activities 1,290,426     6,285,669     866,188  
    Net cash provided by (used in) financing activities (252,538 )   261,073     35,977  
    Effect of exchange rate change on cash, cash equivalents and restricted cash (3,505 )   35,500     4,892  
    Net increase (decrease) in cash and cash equivalents and restricted cash (1,074,149 )   2,616,971     360,628  
    Cash, cash equivalents and restricted cash at the beginning of the period 25,857,461     20,301,414     2,797,610  
    Cash, cash equivalents and restricted cash at the end of the period 24,783,312     22,918,385     3,158,238  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE
    (All amounts in thousands)
     
        For the Three Months Ended
        March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
        RMB   RMB   US$
    Existing home transaction services            
    Net revenues   5,727,030     6,870,407     946,767  
    Commission and compensation   (3,180,925 )   (4,252,291 )   (585,981 )
    Contribution   2,546,105     2,618,116     360,786  
    New home transaction services            
    Net revenues   4,916,515     8,074,995     1,112,764  
    Commission and compensation   (3,821,103 )   (6,185,772 )   (852,422 )
    Contribution   1,095,412     1,889,223     260,342  
    Home renovation and furnishing            
    Net revenues   2,408,848     2,945,443     405,893  
    Material costs, commission and compensation   (1,671,718 )   (1,985,956 )   (273,672 )
    Contribution   737,130     959,487     132,221  
    Home rental services            
    Net revenues   2,625,203     5,087,776     701,114  
    Property leasing costs, commission and compensation   (2,480,497 )   (4,746,056 )   (654,024 )
    Contribution   144,706     341,720     47,090  
    Emerging and other services            
    Net revenues   699,718     349,726     48,194  
    Commission and compensation   (37,100 )   (73,354 )   (10,109 )
    Contribution   662,618     276,372     38,085  
    KE Holdings Inc.
    UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued)
    (All amounts in thousands)
     
        For the Three Months Ended
        March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
        RMB   RMB   US$
    Reconciliation of profit            
    Cost related to stores   (685,047 )   (716,809 )   (98,779 )
    Other costs   (378,838 )   (547,217 )   (75,408 )
    Amounts not allocated to segment:            
    Sales and marketing expenses   (1,623,737 )   (1,772,957 )   (244,320 )
    General and administrative expenses   (2,019,195 )   (1,873,760 )   (258,211 )
    Research and development expenses   (467,300 )   (583,610 )   (80,424 )
    Total operating expenses   (4,110,232 )   (4,230,327 )   (582,955 )
    Income from operations   11,854     590,565     81,382  
     

    1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
    2 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    3 Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
    “Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,593 as of March 31, 2024.
    4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 399,159 as of March 31, 2024.
    5 “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
    6 Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    7 Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
    8 Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    9 Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
    10 ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
    11 Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

    The MIL Network –

  • MIL-OSI: BEN Expands into Hospitality with AI Concierge

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., May 15, 2025 (GLOBE NEWSWIRE) — What happens when an AI innovator enters one of the world’s most service-driven industries? For BEN, it enters a new vertical—reimagining hospitality with personalized, intelligent AI. That journey begins at one of Eastern Europe’s top luxury hotels, delivering a next-generation guest experience that blends high-touch service with human-like intelligence.

    Brand Engagement Network Inc. (BEN) (Nasdaq: BNAI), an innovator in AI-powered customer engagement, announced it has entered into a formal agreement with Seven Visions Resort & Places, The Dvin (The Dvin), to develop and deploy BEN’s expert Concierge AI Agent at the iconic Yerevan destination. This collaboration signifies BEN’s entry into the hospitality sector, which the parties believe will establish a new standard for AI-enhanced luxury guest experiences on a larger scale.

    A Two-Phase Pilot Initiative Designed for Impact

    The collaboration will begin with a two-phase pilot initiative, starting with a 24/7 Concierge AI Agent and following with a Reservation AI Agent. Both are powered by BEN’s modular iSKYE platform, allowing clients to deploy high-impact use cases quickly and scale across the guest journey. 

    With this initiative, BEN enters the hospitality industry, offering secure, guest-first AI tailored for high-touch customer experience, marking a strategic expansion into a new vertical.

    A Setting Built for Innovation

    “Introducing AI at this level isn’t just about adopting new technology—it’s about redefining luxury,” said Dvin owner Artak Tovmasyan, who also holds a 30% stake in a cybersecurity firm serving over 85% of Dubai’s hotels. “We chose BEN for their secure, guest-first platform—designed with trust, speed, and world-class execution in mind.”

    “This is an opportunity to demonstrate the versatility of BEN’s AI platform in a setting where service excellence is paramount,” said Paul Chang, CEO of Brand Engagement Network.

    For more information about BEN, visit www.beninc.ai.

    About Seven Visions Resort & Places, The Dvin
    Seven Visions Resort & Places, The Dvin stands as Armenia’s crown jewel — a historical and cultural entertainment destination where timeless heritage meets bold innovation. Globally recognized with 15 international awards and several Guinness nominations, it stands as a symbol of excellence on the world stage — including titles such as World’s Leading Hotel Dining & Entertainment Experience 2023 and 2024, World’s Best New MICE Hotel 2023, as well as multiple awards as Europe’s and Armenia’s Leading Hotel. Seven Visions plays a key role in making Armenia a top MICE destination for meetings, incentives, conferences, and exhibitions worldwide. Its mission is clear: to place Armenia on the global touristic map. The resort features 153 artfully appointed rooms and suites, providing guests with unparalleled comfort and an immersive stay. At the heart of Seven Visions Resort & Places lies The Dvin Music Hall — the largest ceremony venue in the region, having hosted weddings, prestigious events, and prominent guests. The One & Only Theatre, home to the world’s only ceiling-stage, redefines live entertainment with an immersive experience. Hayrik Restaurant by Seven Visions elevates Armenian cuisine, blending tradition with modern techniques and global influences in a warm, welcoming atmosphere. For a unique entertainment experience, the Stage Gastro Show Club pairs fine cuisine with live acrobatic performances, creating a memorable sensory experience. Relaxation flows seamlessly at The Pool, a breathtaking infinity pool designed for inspiration and serenity. Guests can also focus on wellness at Body & Soul Fitness Center, featuring advanced training equipment, a tennis court, and a Cross Fit zone. For business meetings, Hartak Meeting Places offers 12 high-tech venues ideal for conferences, networking events, expos, summits, and exclusive gatherings. The resort also houses ARTaments in Future Tower, a premium business center where only market-leading companies rent exclusive office spaces. Finally, N7 Beach Club, located 1,111 meters above sea level and enclosed by a one-glass facade, boasts the 4th biggest infinity pool of its kind in the world, making it one of the most iconic aquatic experiences globally. And this is just the beginning — with visionary new projects on the horizon, including a world-class casino and an opulent, internationally acclaimed spa, Seven Visions Resort & Places, The Dvin continues to shape the future of hospitality, culture, and global tourism.
    Learn more at 7visionshotels.com.

    About Brand Engagement Network Inc. (BEN)
    Brand Engagement Network Inc. (BEN) (Nasdaq: BNAI) innovates in AI-powered customer engagement by delivering safe, intelligent, scalable solutions. Its proprietary Enterprise Language Model (ELM™) and Retrieval-Augmented Generation (RAG™) architecture enable highly personalized interactions supported by customers’ curated data in closed-loop environments. BEN develops AI-driven engagement solutions for the life sciences, automotive, and retail industries, featuring AI-powered avatars for outbound campaigns, inbound customer service, and real-time recommendations. With a global AI research and development team, BEN provides secure cloud-based and on-premises deployments, granting complete control of the technology stack and ensuring compliance with GDPR, CCPA, HIPAA, and SOC 2 Type 1 standards. The company holds 21 patents, with 28 pending, demonstrating its commitment to advancing AI-driven consumer engagement.
    Learn more at www.beninc.ai.

    Forward-Looking Statements
    Certain statements in this communication are “forward-looking statements” within the meaning of federal securities laws. They are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, BEN’s current expectations, assumptions, plans, strategies, and anticipated results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.

    There are a number of risks, uncertainties and conditions that may cause BEN’s actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to the risk factors described in Part I, Item 1A of Risk Factors in BEN’s Annual Report on Form 10-K for the year ended December 31, 2023 and the other risk factors identified from time to time in the BEN’s other filings with the Securities and Exchange Commission (the “SEC”). Filings with the SEC are available on the SEC’s website at http://www.sec.gov.

    Many of these circumstances are beyond BEN’s ability to control or predict. These forward-looking statements necessarily involve assumptions on BEN’s part. These forward-looking statements may include words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” “should,” “may,” “will,” “might,” “could,” “would,” or similar expressions. All forward-looking statements attributable to the Company or persons acting on BEN’s behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to the Company and speak only as of the date they are made. BEN disclaims any intention or obligation to update or revise publicly any forward-looking statements.

    Media Contact 
    Amy Rouyer
    P: 503-367-7596
    E: amy@beninc.ai

    Investor Relations
    Susan Xu
    P: 778-323-0959
    E: sxu@allianceadvisors.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c4acfcc4-228d-4129-803b-0a67ff1bf6b6

    The MIL Network –

  • MIL-OSI Economics: OEUK news Record increase in offshore wind capacity critical to Clean Power 2030 goal, says OEUK report 15 May 2025

    Source: Offshore Energy UK

    Headline: OEUK news

    Record increase in offshore wind capacity critical to Clean Power 2030 goal, says OEUK report

    15 May 2025

    In its 2025 Offshore Wind Insight, Offshore Energies UK (OEUK) warns that without action to address price inflation, capital cost and UK supply chain competitiveness, the UK will fail to meet the government’s Clean Power 2030 (CP30) target of between 43 and 51 GW of installed offshore wind capacity.

    The UK has the capacity to become a major exporter of wind energy, but if it is to meet CP2030 objectives the September wind allocation round (AR7) will have to be the biggest ever with more than 8GW of new licences awarded.

    As the halt to Hornsea 4 wind farm last week shows, cost inflation, finance costs and market outlook make investment in offshore wind all the more challenging, putting additional pressure on CP30 delivery.

    North Sea oil and gas have provided the primary source of energy for more than 50 years and the UK will continue to need homegrown oil and gas as part of an integrated energy mix for years to come alongside the build out of renewables. As the focus on decarbonising the economy gains momentum, electricity is expected to dominate the future low carbon energy mix. Much of this will be generated by offshore wind installations fixed to the seabed as well as floating offshore wind (FOW) structures but unless the pace of change quickens, the UK stands to achieve only 35GW by 2030, short of the CP30 target.

    In 2024, the National Energy System Operator (NESO) published the Clean Power 2030 (CP30) report, setting out recommendations to the UK government on the design of a clean power grid by 2030. With a goal to accelerate progress to net zero by eliminating emissions that currently come from electricity generation, CP30 also aims to ensure that heating, transport and industry sectors are powered by electricity.

    The plan sees a huge build out of renewables including 43-50 Gigawatts (GW) of offshore wind, 27-29 GW of onshore wind, and 45-47 GW of solar power. Noting all renewables play important roles in delivering a clean power grid, whereby Britain will generate enough clean power to meet 95% of total annual electricity demand by 2030, NESO highlighted the critical role of offshore wind.

    OEUK’s Wind & Renewables Manager, Thibaut Cheret says:

    “Meeting the government’s 2030 target of 43 and 51 GW of installed offshore wind capacity means securing £15bn of private investment in offshore wind each and every year between now and 2030. The government’s next Contract for Difference auction in Allocation Round 7 (AR7), which incentivises new low carbon electricity generating projects, will need to secure historic levels of renewable energy procurement. AR7 needs to clear a record 8.4GW of offshore wind capacity to maintain the course toward CP30.”

    “With the flexibility to supply oil and gas installations or the national grid, Floating Offshore Wind (FOW) will become a critical tool for delivering CP30 and beyond. Offshore wind leasing rounds released by Innovation and Targeted Oil and Gas (INTOG) under the auspices of Crown Estate Scotland are helping decarbonise offshore oil and gas production whilst accelerating deployment of the first floating offshore wind project at commercial scale.

    “As Floating Offshore Wind projects will have access to windier areas in deeper waters around the UK, it is set to become the growth engine beyond 2030 with investment in FOW likely to overtake fixed-bottom wind in 2033. More than 50 years oil and gas experience means that our UK supply chain is well equipped to capture a sizeable stake of the floating wind market, but a significant portion of the spend required is beyond the reach of many UK companies, which highlights the need for strategic investment in innovation, skills and infrastructure. Getting this right means the UK can become a market leader in wind power generation and play a major part in delivering a homegrown energy transition.”

    Wind power remains a key component of the UK’s energy system, its share for UK’s electricity amounting to 29.5% in 2024. Of that, offshore wind contributed 17.2% of total electricity generation. Its ability to outperform onshore wind generation relative to installed capacity is down to newer, larger turbines installed off the coast of Britain, where wind speeds are often stronger for longer and efficiency is likely to be higher. This makes offshore wind one of the most attractive of the renewable energy technologies.

    Key report recommendations:

    • Development plans should be front-loaded to meet CP 2030 – The UK is not on track to meet CP 2030 target so Allocation Round 7 (AR7) needs to be the most ambitious auction round yet. It will need to secure 8.4 GW of new offshore wind capacity if the UK is to stay on course for CP30.
    • Timely delivery of transmission infrastructure will be essential– Rebuilding the National Grid electricity transmission grid will be a massive task. A grid investment programme of £58bn will be required to support 50 GW offshore wind by 2030.
    • Investment in UK energy should be to the long-term benefit of the UK economy– £65bn will be invested in UK offshore wind over the next five years – this has the potential to transform the growth outlook for the UK. The forthcoming UK industrial strategy should make developing a competitive homegrown energy supply chain equipped to make the most of these opportunities one of its key objectives.
    • Energy security is as important as a predominantly renewables-based power system-There should be a focus on homegrown energy, making the most of UK resources. There will be a continued role for gas-fired power generation to balance the grid. This should see the progressive deployment of gas with CCS and in due course hydrogen-fuelled power generation. Interconnectivity will help. A North Sea integrated grid can save £37bn/yr and cut wholesale prices by a fifth and would avoid system duplication.

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    MIL OSI Economics –

  • MIL-OSI Economics: Thales inaugurates GenF, a first step towards nuclear fusion energy

    Source: Thales Group

    Headline: Thales inaugurates GenF, a first step towards nuclear fusion energy

    • Thales, a global leader in high-power lasers, will inaugurate GenF on Thursday 15 May 2025 in Le Barp (Bordeaux). GenF aims to take a major step toward in developing a new energy source that is safe, abundant, competitive and low-carbon, through inertial confinement nuclear fusion.
    • GenF is working in collaboration with the CEA, CNRS, École polytechnique and the Nouvelle-Aquitaine Region to design a first inertial confinement fusion reactor.
    • Thales is contributing its expertise in high-power lasers, developed at its Élancourt site, which enabled the company to build the world’s most powerful laser system, currently in operation in Romania.

    Energy production through nuclear fusion is now identified as one of the solutions to address two crucial challenges: the need to reduce global carbon emissions and the ever-increasing energy demand across various sectors of the economy, such as transport, construction, agriculture and the digital industry. According to the IEA (International Energy Agency), electricity consumption by data centres is expected to more than double by 2030, particularly due to the rise of AI.

    Nuclear fusion is therefore regarded as a tremendous opportunity to create a new energy source that is safe (it carries no risk of runaway reactions), abundant (its resources are widely available in nature), competitive and low-carbon (it emits no greenhouse gases). Furthermore, nuclear fusion generates one million times less radioactive waste than fission, and this waste can be eliminated more quickly.

    To achieve nuclear fusion, extensive research is being carried out on two methods: magnetic confinement and inertial confinement. The inertial confinement method requires the use of high-energy lasers to compress matter and reach the thermonuclear conditions required for fusion. Significant scientific progress is still needed for this method of energy production to be deployed.

    To ensure that France remains one of the pioneering countries in this field, the government, via BPI France, launched a call for projects on “innovative nuclear reactors” in June 2023, under the France 2030 initiative. Drawing on its expertise in high-power lasers, Thales submitted the TARANIS project, in partnership with the CEA, the CNRS and École polytechnique, to demonstrate the feasibility of designing a first inertial confinement nuclear fusion reactor. The project was selected in February 2024, giving it access to a €18,5 million budget for its initial development phase. To bring together the essential complementary expertise, Thales created the company GenF, officially launched in January 2025, and signed a first contract worth several million euros for the development of its fusion laser.

    GenF will progress through three development phases:

    1. By 2027, GenF plans a first phase of modelling and simulation, calibrated through experiments on existing facilities such as LMJ;
    2. From 2027 to 2035, a second phase will focus on the maturation of fusion technologies such as multiple laser synchronisation, the production of cryogenic targets and the development of new materials for the reactor wall;
    3. From 2035, a third phase could lead to the scaling-up of the reactor, with the construction of a first prototype.

    GenF currently brings together around ten scientists, engineers and industrial experts and involves about forty people from all the institutions combined. The company will inaugurate its premises in Le Barp (Bordeaux) on Thursday 15 May 2025, with support from the Nouvelle-Aquitaine Regional Council—region that already brings together many areas of expertise in nuclear fusion, including the Centre Lasers Intenses et Applications (CELIA – CNRS/University of Bordeaux/CEA) and the Centre d’Études Scientifiques et Techniques d’Aquitaine (CESTA – CEA).

    Thales has 40 years of experience in high-power lasers. From design and development to installation, team training and operational support, Thales masters the entire high-power laser expertise chain, which includes laser sources from 10 TW to 10 petawatts, beam transport lines, target focusing optics and quality control systems. Thales has also been active in nuclear fusion for over 25 years, particularly as a lead contractor for subassemblies as part of the Laser Mégajoule programme, a research initiative on inertial confinement fusion developed by the CEA. In addition, at its Vélizy and Thonon sites, Thales develops high-power electronic tubes for magnetic confinement fusion reactors, including for the international ITER demonstrator.

    MIL OSI Economics –

  • MIL-OSI Economics: Piero Cipollone: Harnessing the digital future of payments: Europe’s path to sovereignty and innovation

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the France Payments Forum event “Digital euro and the future of payments in Europe”

    Paris, 15 May 2025

    Thank you for inviting me to discuss the future of payments and the digital euro.

    Most people associate the adoption of the euro with the launch of euro banknotes and coins. While the euro was introduced for accounting purposes in 1999, we tend to feel it only became our money three years later once we started paying in euro cash around Europe. Euro banknotes and coins made the currency the tangible symbol of a united Europe.

    A strong currency also comes in tandem with strong payment systems. We offer payment infrastructures that form the plumbing of the financial system. Though less visible than banknotes and coins, these infrastructures are key to our monetary and financial integration.

    Retail and wholesale payments are hence an integral part of our tasks at the central bank. We issue cash, supply reserves – the ultimate liquid asset – to banks and operate payment systems, thereby supporting our economy by enabling euro area transactions that are secure, risk-free and European. This is what preserves our economic stability and our monetary sovereignty.

    Building on this reliable base, private sector firms can then offer their own solutions, without their customers having to worry about the money they use. One euro is one euro, because private money can be converted to cash at all times and because financial transactions can be settled in central bank money – the only risk-free asset there is.

    So today, I want to focus on how we can make our currency future-proof and enhance the integration, competitiveness and resilience of European payments in the digital era.

    As people increasingly prefer to pay digitally and online commerce expands, the role of cash as a universal payment solution is declining. We thus risk being left without a European solution that allows us to pay throughout the euro area in all situations. To restore the central role of cash, we need to complement physical cash with its digital equivalent, a digital euro. Making central bank money available in digital form might seem like a small and obvious step, but it is in fact an essential one for overcoming the entrenched and longstanding fragmentation of our payment market. The digital euro will achieve this directly by modernising the supply of public money and indirectly through its infrastructure and acceptance network, which private payment service providers can leverage to expand and innovate on a European scale. Ultimately, a digital euro will enhance the competitiveness of European providers and their ability to offer all types of digital payments to European consumers.

    The situation is different for wholesale financial transactions as we already offer settlement in digital central bank money and do not face the same dependencies. However, market participants increasingly expect that tokenisation and distributed ledger technology (DLT) will transform financial transactions by enabling assets to be issued or represented as digital tokens. We are currently expanding our initiative to settle DLT-based transactions in central bank money. By making central bank money available, we avoid the risk of other settlement assets being used, such as US dollar stablecoins, which would reintroduce credit risk, fragmentation and a dependency on non-European solutions.

    We are progressing on the retail and wholesale fronts in parallel. In both cases, Europe needs its own, sovereign money for the digital era, so that it can harness the benefits of integration, innovation and independence. In the words of the late French economist Michel Aglietta, money is not just a technical device, it is an essential institution.[1]

    A digital euro for everyday payments

    Let me first discuss the rationale for the digital euro and the benefits it will bring.

    Currently, cash is the sole sovereign payment method across the euro area. It offers Europeans a convenient, secure and universally accepted way to pay and store value, ensuring financial inclusion. Cash also upholds the resilience of our payment systems and economies, acting as a reliable fallback during crises such as cyberattacks or power outages. This is why we remain strongly committed to cash.[2]

    However, digital payments have gained popularity, with online shopping accounting for more than a third of our retail transactions. This means that acceptance of and access to cash are no longer sufficient to cover a growing share of payment situations. In value terms, cash payments made up only 24% of day-to-day payments in the euro area last year.[3]

    Lacking a genuine European payment solution that works across the euro area, we are left critically dependent on foreign payment providers.[4] Currently, nearly two-thirds of euro area card-based transactions are processed by non-European companies while 13 euro area countries depend entirely on international card schemes or mobile solutions for in-store payments.[5] And even where national card schemes are available, they require co-badging with international card schemes to facilitate cross-border payments within the euro area or online shopping. Moreover, mobile apps and e-payment solutions are dominated by foreign solutions like PayPal, Apple Pay or Alipay. And they partner with international card schemes to further reinforce their position and expand their reach: PayPal has just announced that it will start enabling contactless payments in Germany, using Mastercard technology.[6] Looking ahead, our dependency could soon extend to foreign stablecoins, 99% of which are dollar-denominated in terms of total value.[7]

    As a result, European payments face three significant challenges.

    First, we need to ensure our strategic autonomy and monetary sovereignty. Our overreliance on foreign payment providers makes us dependent on the kindness of strangers at a time of heightened geopolitical tensions. I trust that this risk is well understood in the country of De Gaulle. There is no true sovereignty without sovereign money.[8] As my dear colleague Banque de France governor François Villeroy de Galhau has remarked, this is as true in the 21st century as it was in the past.[9]

    Second, we should simply ask ourselves why there is no Europe-based international card scheme. I would say it’s because we suffer from a lack of competitiveness and innovation. European payment service providers focus on their home country and struggle to compete on a European level, let alone on a global one, limiting their ability to drive large-scale innovation. The cost of investing in a European-wide acceptance network has often discouraged European payment service providers from offering a European card payment solution.

    These failures come at a high price: the dominance of non-European providers stifles competition, leading to higher costs for merchants and consumers. And when transactions are conducted through international card schemes, European banks lose fees. When transactions are made on apps such as Apple Pay or PayPal, they lose fees and data. And if the use of US dollar stablecoins becomes more widespread, the banks could lose, fees, data and deposits.

    Third, user experience is still poor for Europeans, who juggle multiple payment solutions to meet various needs. Despite the euro’s 25-year legacy, we still lack a digital payment solution that can be used across all euro area countries.

    By introducing the digital euro, we aim to tackle these challenges head-on.

    Importantly, the digital euro would make payments more convenient. It would provide a digital payment method that complements cash, extending its benefits into the digital realm. For instance, it would have legal tender status, meaning that it would be accepted wherever one can pay digitally. And it would also be available offline, offering users similar privacy to paying with cash and allowing them to pay even in the absence of a network connection. A digital euro would give European consumers a simple and safe digital payment option, free for basic use, that covers all their payment needs everywhere in the euro area.

    In fact, one simple reason for introducing the digital euro is that people want it. Even at this early stage, surveys show that close to half of respondents would be likely to use the digital euro – a number that has significantly increased over time.[10] This trend is confirmed by several surveys[11] conducted by national central banks which suggest that many Europeans are open to the idea of using a digital euro.

    Launching the digital euro would also ensure that the euro area retains control over its financial future. By offering a secure and universally accepted digital payment option which would be suitable for all use cases – and, crucially, under European governance – it would reduce our dependence on foreign providers. This would protect European merchants from excessive charges, strengthening their bargaining power with those providers and offering an attractive alternative.[12] At the same time, European banks would be able to retain their customer relationship and be remunerated for their role in distributing the digital euro. And the digital euro would limit the likelihood of foreign currency stablecoins becoming widely used for retail payments within the euro area.

    Moreover, the digital euro would be based on a core public-private partnership that would leverage synergies, enabling private initiatives to scale up across the euro area. For instance, domestic card payment solutions could co-badge with the digital euro to cover transactions currently beyond their reach. At the same time, banks’ wallets and internet banking solutions could integrate the digital euro as an alternative way to pay that is accepted throughout the euro area and supports both contactless and QR-based payments.[13] The open digital euro standards – which can be finalised as soon as the regulation on the digital euro is adopted and can start being used even before the digital euro is issued – would facilitate cost-effective standardisation, allowing private providers to launch new products and functionalities on a European scale. This would unlock innovation and create new business opportunities. In fact, research shows that stock prices of European payment firms increase in response to positive announcements on the digital euro, whereas those of US payment firms decrease.[14]

    Last October we issued a call for expressions of interest in innovation partnerships for the digital euro. Some 70 merchants, fintech companies, start-ups, banks and other payment service providers – including four from France[15] – have now joined us in exploring the potential of the digital euro to drive innovation.[16] Our innovation platform simulates the envisaged digital euro ecosystem, in which the ECB provides the technical support and infrastructure for European intermediaries to develop digital payment features and services at European level. One of the areas we are exploring is broadening the set of possible conditional payments, such as making payments dependent on successful delivery of goods or services.

    In July we will release a report on these innovation partnerships. It will include the technical information shared with the participants, enabling the entire market to replicate these activities, thereby further supporting innovation by the private sector. Additionally, based on the positive feedback from the pioneers, we will extend the exercise until the end of June, which will allow us to test new functionalities of conditional payments, incorporating fresh ideas and suggestions from our private sector counterparts.

    The digital euro’s success in reclaiming our autonomy in the retail payment space and boosting innovation capacity hinges on collaboration. In recent years we have engaged extensively with market stakeholders, gathering input from consumers, merchants, banks and payment service providers. We have also started working with market participants on the digital euro rulebook – a single set of rules, standards and procedures for digital euro payments.[17]

    This inclusive approach helps us to address everyone’s needs and perspectives, crafting a robust payment solution and platform that will benefit all Europeans, support private sector innovation and preserve the future of our money – the euro.

    The role of central bank money in shaping a European market for digital assets

    Let me now turn to wholesale transactions, a domain where technology holds tremendous potential for transformation.

    Currently, we facilitate transactions between financial institutions through our TARGET Services: T2 processes over 90% of large payments, while T2S handles securities transactions.

    These services have significantly enhanced the efficiency and integration of post-trade platforms in Europe. And we plan to continue improving them: in 2023 we extended T2 operating times to 22.5 hours on weekdays and we are about to launch a consultation paper investigating stakeholder needs and their interest in a further extension of operating hours. In a month’s time we will also launch the European Collateral Management System, which will provide a single, harmonised framework for handling collateral in the 20 euro area countries.[18] And in October 2027 we will move to T+1, shortening the settlement cycle from two days to one. Meanwhile, emerging technologies such as DLT and tokenisation have the potential to bring about a step change in wholesale markets.

    These technologies are no incremental improvement: they represent a fundamentally new way of operating by allowing assets to be issued or represented in digital token form. This innovation would enable market participants to manage trading, settlement and custody on a single platform, available 24/7, 365 days a year. It would also synchronise trading and settlement. And it would enable new business models, as tokenised money can be used to automate conditional transactions. DLT and tokenisation could also reduce the cost and barriers to access capital markets, in particular for small and medium-sized enterprises.

    In fact, the emergence of these new technologies is an opportunity to establish an integrated European capital market for digital assets from the outset – a digital capital markets union – which would contribute to better channelling our savings into productive uses and boosting Europe’s innovation potential.[19] It could help European capital markets to become a hub for DLT-based financial services.

    European banks are active in this space, with over 60% exploring or using DLT and 22% already implementing DLT applications. On the securities front, there is a growing number of high-profile issuances on DLT.

    The availability of central bank money for settling transactions using these new technologies is crucial for two reasons. First, without central bank money, other settlement assets like stablecoins or tokenised deposits may be used, reintroducing credit risks and fragmentation into the financial system. Second, the market views the ability to settle in central bank money as a key factor in adopting new technologies.

    Last year the Eurosystem conducted exploratory work with DLT for settling wholesale transactions in central bank money, using three different solutions to ensure interoperability between our infrastructures and market DLT platforms.[20] The results were highly promising, with 60 industry participants settling real transactions in central bank money or conducting experiments with mock transactions. A wide range of securities and payments use cases were covered, including the first issuance of an EU sovereign bond using DLT. A total of €1.6 billion was settled over a six-month period, exceeding values settled in comparable initiatives in other parts of the world.

    As the next step, we have already announced plans to provide a solution to settle DLT-based transactions in central bank money in the short term.[21] Looking further ahead, the Eurosystem will explore a more integrated, long-term solution. A critical risk is indeed that DLT application fragmentation and a lack of interoperability could hinder the development of liquid DLT-based markets in Europe, imposing high costs on investors and issuers connecting to multiple platforms. So we need to create a more harmonised and integrated ecosystem.

    One way to achieve this would be to move towards a shared ledger: a programmable platform bringing together token versions of central bank money, commercial bank money and other assets, on which market players can provide their services. Another option could be the coordinated development of an ecosystem of fully interoperable technical solutions, which might better serve specific use cases and enable the coexistence of both legacy and new solutions.

    This approach will help us enhance the efficiency of European financial markets through innovation, aligning with the Eurosystem’s goal of achieving a more harmonised and integrated European financial system.

    However, we cannot do this alone. As we enter this new exploration phase, collaboration with public and market stakeholders will be crucial.

    Conclusion

    Let me conclude.

    The journey toward a digital euro and the integration of new technologies in wholesale transactions represents a pivotal moment for Europe. By embracing these innovations, we can strengthen our monetary sovereignty, enhance our competitiveness and pave the way for a more integrated and resilient financial system.

    The digital euro will ensure that Europeans have access to a secure, reliable and universally accepted digital payment solution that complements cash while reducing our reliance on foreign providers. Meanwhile, leveraging central bank money in DLT-based transactions will foster a dynamic and unified digital asset market, driving innovation and unlocking new business opportunities across the continent.

    In this transformative era, collaboration is key. We must bring together all stakeholders – public and private, national and European – to craft solutions that reflect the diverse needs and perspectives of all Europeans. Together, we can harness these technological advancements to build a financial ecosystem that is not only more efficient and innovative but also more inclusive and secure.

    We have inherited a united Europe and a currency embodying this unity. Our legacy should be European sovereignty and a euro that is fit for the future. This is our collective responsibility, in the public and private sector alike.

    Thank you for your attention.

    MIL OSI Economics –

  • MIL-OSI Economics: Thales powers one million digital payment experiences with Vipps mobile wallet in Norway

    Source: Thales Group

    Headline: Thales powers one million digital payment experiences with Vipps mobile wallet in Norway

    • Thales fully supports the success of Vipps, Norway’s leading mobile wallet, which has enabled over one million users for mobile contactless payments since December 2024.
    • Vipps wallet users are the first to benefit from a third-party mobile contactless payment solution on iOS, enabled by Thales D1 technology that securely digitizes payment cards on smartphone.
    • This milestone highlights Thales’ continued leadership in digital payments and its commitment to support fast, large-scale innovation in partnership with financial players.

    With the launch of NFC payments for iPhone and Android devices, Vipps became the first third-party wallet on iOS to offer this feature—an industry first. Behind this innovation, Thales provided the technology foundation, its D1 platform, that made this achievement possible, ensuring a smooth, secure, and scalable experience for Norwegian consumers.

    A breakthrough in everyday payments

    In just 24 hours after the launch, more than 200,000 digital cards were activated—clear proof of the demand for simple and secure digital payments. Behind the scenes, Thales D1 technology enabled users to get a digital payment card – just in few seconds – on Vipps’ wallet, and proceed with contactless payment at shops, getting on top real time transaction notification on their iPhones. Since the launch, Vipps users enjoy a fast and convenient alternative to traditional mobile wallets for everyday purchases.

    Currently supporting Norway’s domestic BankAxept cards, Vipps will expand to include international schemes such as Visa and Mastercard in the coming months, broadening its reach and usability across borders.

    Thales D1 platform boosting innovation ​

    Built for innovation, the D1 platform supported Vipps by adding contactless payment to their wallet. This showcases the platform’s ability to consistently add new innovative use cases, while providing a scalable and secure solution that grows with customer needs.

    The D1 platform is cloud-based and works in real time, making it easy to integrate with existing systems. It helps Thales customers respond to today’s expectations for secure, flexible, and instant payment services — such as modern card issuing, tokenization, or transaction control — while also preparing for the future of payments.

    Trusted collaboration driving success

    “Everything we do at Vipps is about simplifying life for people and businesses. Hitting one million users for contactless payments shows that this is something people really want. Now, we are looking forward to when our users can add Visa and Mastercard to Vipps, enabling them to tap their phones and pay with Vipps across the world. Our collaboration with Thales has been key to making all this happen.” Rune Garborg, CEO of Vipps MobilePay.

    “Driven by strong collaboration between our teams, we successfully met ambitious launch timelines and proved the strength of our operations — delivering a reliable, high-performance service that handled both the surge in demand at launch and the steady, high-volume usage that continues today.he D1 platform is also a key enabler of innovative digital payment services, helping financial players expand and thrive in an increasingly competitive payments landscape.” François Chaffard, Vice President Digital Payment Services at Thales.

    With this milestone, Thales reaffirms its role as a trusted partner in the future of digital payments, helping financial institutions offer flexible, future-ready solutions that meet consumers’ evolving expectations.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: West Country water lovers urged to lend a hand to bathing waters

    Source: United Kingdom – Executive Government & Departments

    Press release

    West Country water lovers urged to lend a hand to bathing waters

    Communities who campaigned to turn their favourite spots into official bathing waters asked to help the Environment Agency make them cleaner to swim in.

    The first sample of the season being taken from the River Tone at French Weir Park in Taunton

    3 rivers in Somerset and Hampshire were officially chosen as ‘designated bathing waters’ last year. Meaning they ticked the boxes of being easy to get to with parking and toilets nearby. But contrary to public opinion, being ‘designated’ doesn’t automatically mean the water met set standards of public hygiene.  

    Environment Agency monitoring of the 451 beaches and rivers on England’s list of designated bathing waters this summer has begun. Water samples will be taken weekly or fortnightly at consistent points in seas and rivers and sent for testing in the lab.  

    The results of these samples show how clean the water is and will be available online at Swimfo to inform public choice of where to swim or paddle. These sample results will ultimately help dictate what classification a beach or river location will be given later in the year. Any classification from ‘Sufficient’ and above means the water quality is good enough to swim in.  

    The classifications for all 3 river bathing waters at Taunton, Farleigh Hungerford near Bath and Fordingbridge in Hampshire came back as ‘Poor’ – meaning swimming was not advisable.  

    In response, groups including campaigners, swimmers, councillors, MPs, water companies and the Environment Agency have formed to turn around water quality at these sites. 

    This includes the River Tone at French Weir Park in Taunton. The group has come together to create an action plan which will drive improvements to reduce pollution affecting the bathing water quality where swimming takes place.  

    Jim Flory of the Environment Agency said:

    We routinely monitor rivers to check that the water quality for wildlife and the natural ecology of our rivers is protected. 

    But the standards needed to protect human health are different to those needed to safeguard the ecology and wildlife in our rivers and a lot of teamwork is needed to clear that bar. This will be a marathon not a sprint.

    Environment Agency officers will patrol the surrounding area looking for obvious sources of pollution entering the watercourse. As well as inspecting water company pipes and other types of equipment that discharges water into the river. 

    Public interest also saw a Dorset beach return to the Environment Agency’s list of 450 monitored bathing waters last year. Water sampling began again at Church Cliff Beach in Lyme Regis after an absence of 9 years. The site lost its designated status due to the low number of people going into the sea.  

    The beach was given a classification of ‘Poor’ after its first bathing water season. Nevertheless, public support from the River Lim Action Group, Blue Tit Swimmers and local officials is strong and committed to improving water quality. 

    Throughout the season, 15 May until the end of September, the Environment Agency will be taking more than 7000 samples at 451 designated bathing waters across England.    

    Today also marks the re-opening of applications for new bathing waters which have been closed since October 2023. Since then, the government has announced significant reforms to the Bathing Water Regulations to better reflect public use of iconic swimming spots. Successful sites will be announced next year.  

    Background 

    • Bathing waters are officially designated outdoor swimming sites. England has 451 designated bathing waters, which are monitored and classified by the Environment Agency.   

    • Applicants are encouraged to use the bathing water season to gather evidence for their applications. Prospective sites will be assessed for their suitability as a designated bathing water. Applications for the 2026 season will close on 31 October 2025.   

    • The Environment Agency has driven £2.5 billion of investment and facilitated partnerships to dramatically improve our bathing waters.   

    • Last year, nearly 92% of bathing waters in England met the minimum water quality standards. More information on 2024 bathing water classifications is available here.  

    • The UK Health Security Agency and Environment Agency also offer advice in their ‘swim healthy’ guidance, which is available to read before making any decision on swimming.  

    • Bathing waters are stretches of water throughout England which we monitor for two types of bacteria: E.coli and intestinal enterococci. We monitor for these two bacteria because they indicate that there are germs in the water which can make you ill.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Fraudulent social media account related to Bank of Singapore Limited

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent social media account, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
     
    The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
     
    Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the social media account concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Ireland’s Competitiveness Confirmed – Minister Peter Burke

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    15th May 2025

    The Minister for Enterprise, Trade and Employment, Peter Burke, has welcomed the publication of Re-estimating Ireland’s International Competitiveness Performance, the latest bulletin by the National Competitiveness and Productivity Council (NCPC).

    Minister Burke said:

     “This analysis marks a very welcome contribution by the Council and confirms that the Irish economy is internationally competitive. However, we cannot become complacent, and there remains work to do in many areas. The Council’s findings will make a valuable contribution in the preparation of the Action Plan on Competitiveness and Productivity.”

    “Despite our strong international performance, we are also aware that there are challenges, and it is important that we do not take our current strengths for granted. This is reflected in the decision taken by Cabinet to expedite delivery of the Action Plan, which will play a key role in addressing these challenges and safeguarding our competitiveness performance into the future.”

    This Bulletin explores how Ireland’s performance in the IMD World Competitiveness Ranking 2024 is affected when selected indicators are rescaled using Modified Gross National Income (GNI*) in place of Gross Domestic Product (GDP). 

    The findings show that Ireland’s competitiveness performance remains strong with this adjustment. In fact, it rises by one position in the ranking, with improvements in three of the four pillars. The analysis explores how Ireland’s competitiveness profile changes when key metrics are recalibrated to better reflect the scale of the domestic economy.

    The IMD World Competitiveness Ranking is a widely used international benchmark, assessing over 60 economies across four key pillars and 20 sub-pillars, and based on 250 individual measures. In the 2024 IMD results, Ireland was ranked 4th overall. The analysis included in this Bulletin involves replicating the IMD methodology from the ground up, in order to facilitate the substitution of GNI* for GDP for Ireland. 

    Key findings from the Bulletin include:

    • Ireland’s competitiveness ranking improves by one place when GDP-based indicators are adjusted using GNI*, with notable gains in Economic Performance (up seven places) and Infrastructure (up two places). Business Efficiency is unchanged, while Government Efficiency declines slightly, reflecting a more constrained fiscal profile when public finance metrics are expressed over a smaller income base.
    • The analysis underscores the importance of context-sensitive benchmarking, especially when using international indices to inform national policy. This Bulletin highlights the need to interpret international indices critically, understanding their underlying assumptions, and where necessary, supplementing them with alternative analyses that better capture national circumstances.

    NOTES TO EDITORS

    The National Competitiveness and Productivity Council (NCPC) was established in 1997 (then the National Competitiveness Council) to report to the Taoiseach, through the Minister for Enterprise, Trade and Employment, on key competitiveness issues facing the Irish economy.   In 2019, the NCPC was designated as Ireland’s National Productivity Board. 

     As part of its work, the NCPC makes recommendations on policy actions required to enhance Ireland’s competitive position. The NCPC publishes three main research outputs:

    • The Competitiveness Scorecard benchmarks Ireland against international competitors on areas of competitiveness and productivity. This is published every three years (and was last published in 2024).
    • The Competitiveness Challenge is an annual publication in which the NCPC makes recommendations for Government on key challenges to Ireland’s international competitiveness.
    • NCPC Bulletins are short and focused research notes, examining specific topics within the sphere of competitiveness and productivity. The NCPC releases multiple Bulletins each year. These short pieces often feed into the NCPC’s main Challenges report.

     The members of the Council are:

    Dr. Frances Ruane      Chair, National Competitiveness and Productivity Council

    Dr. Laura Bambrick    Head of Social Policy & Employment Affairs, ICTU

    Edel Clancy                Group Director of Corporate Affairs, Musgrave Group

    Kevin Sherry               Interim Chief Executive, Enterprise Ireland 

    Ciaran Conlon             Director of Public Policy, Microsoft Ireland

    Luiz de Mello             Director of Country Studies, Economics Department, OECD

    Maeve Dineen             Chair of Ireland’s Financial Services and Pensions Ombudsman

    Brian McHugh            Chairperson, Competition and Consumer Protection Commission

    Gary Tobin                 Assistant Secretary, Department of Enterprise, Trade and Employment

    Michael Lohan            Chief Executive, IDA Ireland

    Liam Madden             Independent Consultant, Semiconductor Industry

    Neil McDonnell          Chief Executive, ISME 

    Bernadette McGahon  Director of Innovation Services, Industry Research & Development Group 

    Danny McCoy             Chief Executive, IBEC

    Michael Taft               Research Officer, SIPTU

    Representatives from the Departments of An Taoiseach; Agriculture, Food and the Marine; Environment, Climate and Communications; Further and Higher Education, Research, Innovation and Science; Social Protection; Finance; Housing, Local Government and Heritage; Justice; Public Expenditure and Reform; Tourism, Culture, Arts, Gaeltacht, Sport and Media, Children, Equality, Disability, Integration and Youth, and Transport attend Council meetings in an advisory capacity.

    Research, Analysis and Secretariat from the Department of Enterprise, Trade and Employment:

    Dr. Dermot Coates      

    Rory Mulholland                    

    Dr. Keith Fitzgerald

    Pádraig O’Sullivan                 

    Erika Valiukaite

    Jordan O’Donoghue

    Patrick Connolly

    ENDS

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