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Category: Business

  • MIL-OSI: Angola Entry via Strategic Partnership with Corcel plc Investment in KON-16 Onshore Kwanza Basin

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to announce the formation of a strategic partnership with Corcel, plc (AIM: CRCL) (“Corcel”) focused initially on opportunities in Angola.

    Specifically, Sintana and Corcel have entered into an agreement which provides for Sintana’s acquisition of an indirect 5% net interest in KON-16 located in the onshore Kwanza Basin in Angola. Sintana will acquire its interest through the acquisition of a 5.88% equity stake in a newly formed Special Purpose Vehicle (“SPV”) that will hold Corcel’s consolidated 85% gross interest in KON-16. Additionally, Sintana will receive a future 2.5% Net Profits Interest (“NPI”) on Corcel’s interest in KON-16 of up to $50,000,000, after which the NPI reduces to 1.5%. The consideration for the transaction is a total of US$2.5MM payable by way of an initial US$500,000 deposit and a balance of payment at closing, which is subject to entry into definitive documents and other completion conditions expected to occur in Q3 2025.

    KON-16 represents one of the most exciting opportunities in the onshore Kwanza Basin with a history of successful exploration establishing petroleum systems in both post- and pre-salt intervals. KON-16 has multiple exploration opportunities, including a large, multi-target prospect whose primary targets contain estimated unrisked volumes of several hundred million barrels of recoverable oil.

    Corcel and Sintana have also executed a Joint Study and Bid Agreement establishing an alliance to evaluate and pursue oil and gas exploration and production opportunities in Angola. Under the agreement, both parties commit to jointly collaborate on the identification and review of new opportunities. Participation in any specific opportunity is voluntary and subject to unanimous agreement on commercial and other bid terms.

    “Our emerging partnership with Corcel is emblematic of our strategy to work with best-in-class partners and deploy high impact capital that brings us exposure to large potential resource outcomes that require little additional capital,” said Robert Bose, CEO of Sintana. “We look forward to the expansion of our West African conjugate margin exposure through our acquisition of an interest in KON-16, one of the most promising blocks in a proven, underexplored basin,” he added.

    ABOUT SINTANA ENERGY:

    The Company is engaged in petroleum and natural gas exploration and development activities on six large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

    On behalf of Sintana Energy Inc.,

    “A. Robert Bose”
    Chief Executive Officer

    For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com

    Corporate Contacts:   Investor Relations Advisor:
    Robert Bose Sean Austin Jonathan Paterson
    Chief Executive Officer Vice-President Founder & Managing Partner
    212-201-4125 713-825-9591 Harbor Access
    475-477-9401
         

    Forward-Looking Statements

    Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, statements as to the future prospectivity of KON-16, the closing of the proposed transaction with Corcel as presently proposed or at all, the receipt of all applicable regulatory approvals, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56e0d936-7e4d-49ce-8408-a41979ca8677

    The MIL Network –

  • MIL-OSI United Kingdom: £10 million regeneration scheme set to breathe new life into St James Street

    Source: City of Derby

    A bold £10 million regeneration project has been unveiled, breathing new life into the heart of Derby city centre.

    Developer St James Street (Derby) Ltd, working in partnership with Derby City Council, has launched ambitious plans to restore, regenerate and revitalise more than a dozen properties on St James Street, one of the city’s most historically significant but underused areas.

    The developer acquired the properties from Clowes Developments in summer 2024, supported by Derby City Council and the Government’s Future High Streets Fund (FHSF).

    The properties comprise a mix of long-term vacant ground floor shops and extensive redundant upper floor spaces.

    Marc and Rebecca Brough, owners of the development company, recently acquired Allestree Hall from Derby City Council and are also founders of Cubo, the UK’s fastest growing high-end flex office company.

    St James Street has long been considered an ‘at risk’ street, with vacancy rates consistently exceeding 50%. However, with the opening of the city’s brand-new live entertainment venue, Vaillant Live, and the restored Derby Market Hall, the street is set to gain enhanced visibility and footfall.

    Beginning with the transformation of The Tramshed, a disused historic warehouse space, into Grade A office space, the scheme aims to completely overhaul ground-floor retail units and repurpose extensive, unused upper floors.

    A planning application is now ready to be submitted to create 29 apartments on the upper floors of the properties, stretching from The Strand to the end of St James Street, as well as new shopfronts on the vacant ground floor units.

    Future phases include plans to rejuvenate St James’s Yard and reinstate the pedestrian link from Sadler Gate through to St James Street.

    Rigby & Co acted on behalf of St James Street (Derby) Ltd to acquire the site from Clowes Developments.

    Commenting on the launch of the scheme, Marc Brough said:

    We opened the first Cubo flexible office space at the corner of St James Street in 2020 and it has saddened me to see how this once-thriving street has become so run down and neglected since then.

    As a company we are committed to breathing new life into these buildings – bringing long term vacant buildings back into economic use, driving higher footfall and vibrancy and creating a vibrant environment that will benefit businesses, residents and visitors.

    We could not have embarked on this journey without the unwavering support from Derby City Council and their extended team and partners who have played a key role in helping bring our vision to life through the Future High Streets Fund.

    Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy, welcomed the news:

    We were thrilled to partner with St James Street (Derby) Ltd on this project to revitalise this key area of our city centre. The team have made rapid progress and we’re looking forward to seeing the first phase of the scheme come to life.

     Working closely with our partners, we’ve been able to make great progress in revitalising areas of our city centre. St James Street is a prime example of how, by collaborating with private sector partners, we can bring our vision for a vibrant city centre to life.

    Commercial property and regeneration specialists Rigby & Co acted for St James Street (Derby) Ltd in acquiring the properties from Clowes Developments.

    Russell Rigby, managing director of Rigby & Co added:

    This is a massive shot in the arm for Derby city centre – the scheme needs vision, pace, experience and a ‘can-do’ attitude to overcome a number of barriers which have previously held this street back from releasing its full potential.

    This ambitious scheme not only signals a new chapter for St James Street, but it also reinforces Derby’s commitment to transforming Derby city centre through innovation and partnership working.

    MIL OSI United Kingdom –

  • MIL-OSI Economics: 14 May 2025 Eastern Economic Forum announces main theme of 2025 The main theme of the Eastern Economic Forum (EEF) 2025, which will take place on 3–6 September in Vladivostok, will be ‘The Far East: Cooperation for Peace and Prosperity’. The organizer of the EEF is the Roscongress Foundation.

    Source: Eastern Economic Forum

    MIL OSI Economics –

  • MIL-OSI Russia: Rosneft opens registration for the conference “Technologies for the development of oil, gas and gas condensate fields”

    Translation. Region: Russian Federal

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

    On September 24-25, Rosneft will present scientific and technical developments for the development of oil and gas fields in Tomsk. The event will traditionally be organized by the Tomsk corporate institute of Rosneft.

    More than 300 leading experts from manufacturing companies, universities, engineering centers and equipment manufacturers will discuss key issues of technological development in the oil and gas industry.

    The conference will become a platform for presentations of implemented projects and projects at the stage of pilot industrial testing, as well as scientific and technical developments and digital models of installations and structures prepared for industrial implementation. Separate sections will be devoted to automation of production processes, decarbonization, the latest solutions and materials in the field of construction.

    As a leader in the development of innovative oil and gas production technologies, Rosneft annually holds conferences on various areas of activity, within the framework of which it consolidates and replicates the best ideas and practices for the comprehensive development of the domestic oil and gas industry.

    Registration of participants The conference is open until June 15.

    Department of Information and Advertising of PJSC NK Rosneft May 14, 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: YieldMax™ ETFs Announces Distributions on TSLY, SNOY, YBIT, ULTY, and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per Share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5 Ex-Date & Record Date Payment Date
    CHPY YieldMax™ Semiconductor Portfolio Option Income ETF Weekly $0.3820 – – 100.00% 5/15/25 5/16/25
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2712 33.18% 0.00% 100.00% 5/15/25 5/16/25
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4747 61.54% 0.00% 100.00% 5/15/25 5/16/25
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly $0.2347 28.60% 0.00% 100.00% 5/15/25 5/16/25
    RDTY YieldMax™ R2000 0DTE Covered Call ETF Weekly $0.2447 27.81% 0.00% 98.80% 5/15/25 5/16/25
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.2448 28.90% 0.00% 100.00% 5/15/25 5/16/25
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.1059 87.93% 0.00% 100.00% 5/15/25 5/16/25
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.1998 65.64% 70.00% 94.77% 5/15/25 5/16/25
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1910 71.26% 95.10% 96.24% 5/15/25 5/16/25
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.3153 75.37% 1.81% 97.39% 5/15/25 5/16/25
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $1.4429 51.04% 55.86% 0.00% 5/15/25 5/16/25
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $0.9723 32.71% 38.10% 0.00% 5/15/25 5/16/25
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3449 37.15% 3.52% 81.91% 5/15/25 5/16/25
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.3118 51.21% 3.10% 94.42% 5/15/25 5/16/25
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $1.3068 101.54% 2.87% 97.27% 5/15/25 5/16/25
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.7600 105.58% 3.27% 97.90% 5/15/25 5/16/25
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.7880 65.94% 3.43% 95.70% 5/15/25 5/16/25
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.3976 38.87% 3.42% 85.39% 5/15/25 5/16/25
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.8697 100.89% 1.20% 99.08% 5/15/25 5/16/25
    Weekly Payers & Group B ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY UTLY YMAG YMAX BABO DIPS FBY GDXY JPMO MARO MRNY NVDY PLTY


    Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at     www.yieldmaxetfs.com

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

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

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

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

    1 All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. YMAG has a management fee of 0.29% and Acquired Fund Fees and Expenses of 0.83% for a gross expense ratio of 1.12%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.40%, and a net expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
    2 The Distribution Rate shown is as of close on May 13, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
    3 The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended April 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
    4 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
    5 ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.
       

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

    Important Information

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

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

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

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

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

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

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

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to GPTY)

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

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

    Risk Disclosure (applicable only to MARO)

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

    Risk Disclosures (applicable only to BABO and TSMY)

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

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

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

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

    Risk Disclosures (applicable only to GDXY)

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

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

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

    Risk Disclosures (applicable only to YBIT)

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

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

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

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

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to CHPY)

    Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

    The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

    Risk Disclosures (applicable only to YQQQ)

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

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

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

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

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Global-e and Shopify sign new multi-year strategic partnership agreement, extending relationship

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE) the leader of global Direct-To-Consumer eCommerce enablement, and Shopify, a leading commerce technology company, today announced a new 3-year strategic partnership agreement. The new agreement renews the companies’ long-standing strategic partnership for both their 1P (i.e. Shopify Managed Markets) and 3P solutions to empower international direct to consumer e-commerce on the Shopify platform.

    “As the leader in this market, Global-e has been a great partner of ours for over four years now, helping Shopify merchants realize their true global potential,” said Kaz Nejatian, COO of Shopify. “Our renewed agreement enables us to take our offering to the next level and enhance opportunities and optionality for merchants of all sizes, geographies and verticals to grow their global footprint.”

    “In early 2021 we teamed up with Shopify to build a unique native integration which streamlined the way merchants transact with their global audiences. Not long after, we expanded our partnership, as our teams worked hand-in-hand to create the innovative Managed Markets solution, a first-of-its-kind merchant-of-record solution built for self-onboarding,” said Amir Schlachet, Founder and CEO of Global-e. “The new multi-year strategic agreement we have signed will carry our long-standing partnership into the future and enhance the value we can bring to our joint merchants. We look forward to continuing our close work with our partners at Shopify over the coming years as we continue our journey to power better global e-commerce for merchants around the globe.”

    The companies’ new three-year strategic partnership covers both 1P (Shopify Managed Markets) and 3P MoR (Merchant of Record) solutions.

    According to the new agreement, for 1P (Shopify Managed Markets) Global-e will remain the exclusive provider of MoR services for the Shopify branded solution. As part of the agreement, future versions of Managed Markets will leverage Shopify Payments as well as other elements of the Shopify suite of services, thereby further streamlining the merchant experience on international e-commerce, making it even more accessible and intuitive for merchants. Under the new agreement, Shopify and Global-e aim to drive increased adoption of Shopify Managed Markets. As such, the commercial structure will be updated to reflect the revised division of responsibilities between Shopify and Global-e in the provision of the Managed Markets solution.

    Regarding the 3P solution, the new agreement will allow for additional MoR providers to work with Shopify merchants. However, Global-e will remain the preferred partner for MoR services on Shopify, and will enjoy exclusive access to certain key features available on the Shopify platform. Global-e will also benefit from enhanced commercial terms.

    For more information please visit https://investors.global-e.com/

    Cautionary Note Regarding Forward Looking Statements
    This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; our ability to retain existing merchants and to attract new merchants; our ability to anticipate merchant needs or develop or integrate new functionality or enhance our existing platforms to meet those needs; the impact of imposed tariffs or other trade regulations on our business and financial results; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to adapt our platform and services for the Shopify platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets and the introduction of new platforms and offerings; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a D2C model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events or conditions in individual markets such as financial and credit market fluctuations, war, climate change, and macroeconomic events; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 27, 2025 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

    About Global-E Online Ltd.
    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,000 brands and retailers across the United States, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    About Shopify
    Shopify is the leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, Vuori, BevMo, Carrier, JB Hi-Fi, Meta, ButcherBox, SKIMS, Supreme, and many more. For more information visit www.shopify.com.

    Investor Contact:
    Global-e: Alan Katz, VP, Investor Relations, IR@global-e.com
    Shopify: Carrie Gillard Director, Investor Relations, IR@shopify.com

    Press Contact:
    Global-e: Sarah Schloss, Headline Media, Globale@headline.media
    Shopify: Stephanie Ross Lead, Communications press@shopify.com

    The MIL Network –

  • MIL-OSI: Mercury Introduces First Safety-Certifiable, SOSA-aligned Mission Computer for Aviation Platforms

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., May 14, 2025 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology company that delivers mission-critical processing power to the edge, today introduced the first safety-certifiable, SOSA-aligned aviation mission computer, which will allow government and commercial organizations to field and modernize aircraft that support next-generation applications such as those enabled by 5G communications and artificial intelligence.

    Mercury’s new ROCK3 is a DAL-certifiable, 3U OpenVPX mission computer that features Intel Core i7 safety-certifiable processors and delivers up to 20 times the performance of PowerPC-based aircraft computers. ROCK3 is purpose-built to support advanced, safety-critical applications for military and urban mobility aircraft including mission management, sensor fusion and processing, and surveillance. ROCK3’s open architecture allows customers to break vendor lock and eliminate stovepiped systems to enable greater application interoperability and deploy new capabilities faster and more cost-effectively.

    ROCK3 leverages lessons learned from Mercury’s participation in the U.S. Army’s Aviation Mission Common Server (AMCS) program, which was intended to develop a single mission computing architecture for the Army’s rotorcraft fleet that would allow them to store, process, and transport data and serve as application network nodes across the battlespace.

    “With ROCK3, current and next-generation aircraft can increase safety and survivability by leveraging advanced sensors and data fusion applications to give pilots more accurate and timely information to make decisions, identify targets, and avoid hazards,” said Roya Montakhab, Mercury’s SVP of Integrated Processing Solutions. “ROCK3 represents a new path for aviation organizations to field more affordable, scalable, interoperable, and sustainable avionics solutions using open architectures.”

    Mercury’s ROCK3 features:

    • 11th Gen Intel® Core i7™ quad core processors with integrated GPU
    • DO-254 and DO-178C artifacts, certifiable up to DAL-A
    • Rugged, SWaP optimized
    • Discrete, MIL-STD-1553, ARINC-429, RS-485, CAN avionics interfaces
    • Certifiable RTOS, CAST-32A compliant
    • 32GB DDR4 with ECC
    • 64 MB FLASH
    • 80GB M.2 SSD storage

    Mercury will be demonstrating a number of next-generation mission computing applications alongside industry partners at the Army Aviation Mission Solutions Summit 2025, May 14-16 in Nashville, Tenn. Demonstrations will be shown at Mercury (booth 779), Parry Labs (booth 2322), Elbit Systems (booth 978), Green Hills Software (booth 2621), and GTRI (booth 2911).

    Mercury Systems – Innovation that matters® 
    Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has more than 20 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY) 

    Forward-Looking Safe Harbor Statement 
    This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company’s focus on enhanced execution of the Company’s strategic plan. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company’s products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, such as the deductibility of internal research and development, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

    INVESTOR CONTACT
    Tyler Hojo
    Vice President, Investor Relations
    Tyler.Hojo@mrcy.com

    MEDIA CONTACT
    Turner Brinton
    Senior Director, Corporate Communications
    Turner.Brinton@mrcy.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ff09fb6-764b-446f-8313-f3a16ad360bd

    The MIL Network –

  • MIL-OSI: Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.

    Highlights

    Financial results

    • Lower EBITDA(A)1, operating income and net earnings in Q1-2025
      • Production down 4% (1% on a Combined1 basis)2 from Q1-2024 and 10% (11%) below anticipated production1. Good weather conditions in Canada partially offset less favourable conditions in France.
      • EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France.
      • Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024.
      • Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024.
    • Lower cash flow related to operating activities for the quarter but consistently strong balance sheet
      • Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024.
      • Discretionary cash flows1 of $74 million for Q1-2025, down $4 million from Q1-2024.
      • $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing1 as at March 31, 2025.
      • Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April.

    Update on development and construction activities

    • Start of production at the 106 MW Limekiln wind farm in Scotland
    • Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges
      • Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning scheduled for summer 2025.
      • Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025.
      • Ongoing work on the Des Neiges Sud wind project in Québec (total 400 MW, Boralex’s share 133 MW), with phased commissioning scheduled for in late 2026/early 2027.
    • 129 MW added to early-stage project pipeline

    “Boralex has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential. I am very grateful to our teams, whose dedication continue to ensure the company’s growth in our strategic markets. In a context of increasingly volatile resources, the geographic and technological diversification of our operations makes us more resilient,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

    “During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favourable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets. We look forward to sharing news on our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto,” Mr. Decostre added.

    ______________________________________________
    1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
    2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

    1st quarter highlights

    Three-month periods ended March 31

        Consolidated   Combined  
    (in millions of Canadian dollars, unless otherwise specified) (unaudited)   2025   2024   Change   2025   2024   Change  
                $   %           $   %  
    Power production (GWh)(1)   1,691   1,767   (76 ) (4 ) 2,334   2,355   (21 ) (1 )
    Revenues from energy sales and                                  
    feed-in premium   226   259   (33 ) (13 ) 267   291   (24 ) (8 )
    Operating income   65   106   (41 ) (39 ) 99   134   (35 ) (26 )
    EBITDA(A)   176   195   (19 ) (10 ) 199   218   (19 ) (9 )
    Net earnings   41   73   (32 ) (44 ) 41   73   (32 ) (44 )
    Net earnings attributable to                                  
    shareholders of Boralex   30   55   (25 ) (46 ) 30   55   (25 ) (46 )
    Per share – basic and diluted   $0.29   $0.53   ($0.24 ) (46 ) $0.29   $0.53   ($0.24 ) (46 )
    Net cash flows related to operating                                  
    activities   172   230   (58 ) (25 ) —   —   —   —  
    Cash flows from operations(2)   135   157   (22 ) (14 ) —   —   —   —  
    Discretionary cash flows   74   78   (4 ) (5 ) —   —   —   —  
    (1) Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed- in premium.
    (2) The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.

    In the first quarter of 2025, Boralex produced 1,691 GWh (2,334 GWh) of electricity, 4% (1%) less than the 1,767 GWh (2,355 GWh) produced in the same quarter of 2024. The decrease was attributable mainly to unfavourable wind conditions in France and to a lesser degree to hydropower in the United States. Boralex ended the quarter with production that was 10% (11%) below anticipated production.

    Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2025, amounted to $226 million ($267 million), 13% (8%) lower than in the first quarter of 2024. The decrease was mainly attributable to the lower production and price impact in France, where Boralex had benefited from higher prices in the previous year. EBITDA(A) amounted to
    $176 million ($199 million), down 10% (9%) from the first quarter of 2024. The lower prices in France were partly offset by a decrease in the inframarginal rent contribution, which no longer applies in 2025. Operating income totalled $65 million ($99 million), compared to $106 million ($134 million) for the same quarter of 2024. Boralex posted net earnings of $41 million, down $32 million from $73 million in the same quarter of 2024.

    Outlook

    Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements of fiscal 2024 in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, which is available in the Investors section of the Boralex website.

    In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs.

    Finally, to fuel its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 8 GW of wind, solar and energy storage projects.

    Dividend declaration

    The Company’s Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025. Boralex designates this dividend as an “eligible dividend” pursuant to paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

    Non-IFRS measures

    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses various performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. It is important to note that the non-IFRS financial measures should not be considered as substitutes for IFRS measures. They are primarily derived from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. In addition, these non-IFRS financial measures are not audited and have important limitations as analytical tools. Investors are therefore cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-IFRS financial measures
    Specific financial measure Use Composition Most directly comparable IFRS measure
    Financial data – Combined (all disclosed financial data) To assess the performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

    		 Respective financial data – Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.

    Corporate objectives for 2025 from the strategic plan.

    		 Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less:

    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;(iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).

    		 Net cash flows related to operating activities
    Cash flows from operations To assess the cash generated by the Corporation’s operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities
    Available cash and cash equivalents(1) To assess the cash and cash equivalents available, as at the balance sheet date, to fund the Corporation’s growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents
    Available cash resources and authorized financing(1) To assess the total cash resources available, as at the balance sheet date, to fund the Corporation’s growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents


    (1)     For more details on the reconciliation between the non-GAAP financial measure and the most directly comparable financial measure, see the Capital and liquidity – Available cash resources and authorized financing section in this report.

    Other financial measures – Total of segments measure
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Supplementary Financial Measures
    Specific financial measure Composition
    Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility – France and the unused tranche of the construction facility.
    Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.


    Combined

    The following tables reconcile Consolidated financial data with data presented on a Combined basis:

          2025     2024
    (in millions of Canadian dollars) (unaudited) Consolidated Reconciliation(1) Combined Consolidated  Reconciliation(1) Combined
    Three-month periods ended March 31:            
    Power production (GWh)(2) 1,691 643 2,334 1,767 588 2,355
    Revenues from energy sales and feed-in            
    premium 226 41 267 259 32 291
    Operating income 65 34 99 106 28 134
    EBITDA(A) 176 23 199 195 23 218
    Net earnings 41 — 41 73 — 73
      As at March 31, 2025 As at December 31, 2024
    Total assets 7,582 924 8,506 7,604 872 8,476
    Debt – Principal balance 4,095 554 4,649 4,032 556 4,588
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $1 million under EBITDA(A) for the three-month period ended March 31, 2025 ($1 million as at March 31, 2024).
    (2) Includes compensation following electricity production limitations.


    EBITDA(A)

    EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and restructuring costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

    EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

    EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

              2025           2024   Change
    2025 vs 2024
    (in millions of Canadian dollars) (unaudited) Consolidated   Reconciliation(1)   Combined   Consolidated   Reconciliation(1)   Combined   Consolidated   Combined
    Three-month periods ended March 31:                              
    EBITDA(A) 176   23   199   195   23   218   (19 ) (19)
    Amortization (74 ) (16 ) (90 ) (73 ) (15 ) (88 ) (1 ) (2)
    Impairment (6 ) —   (6 ) —   —   —   (6 ) (6)
    Other gains (losses) (4 ) —   (4 ) 4   —   4   (8 ) (8)
    Share in earnings of joint ventures                              
    and associates (28 ) 28   —   (19 ) 19   —   (9 ) —
    Change in fair value of a derivative                              
    included in the share in earnings of                              
    a joint venture 1   (1 ) —   (1 ) 1   —   2   —
    Operating income 65   34   99   106   28   134   (41 ) (35)
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.


    Cash flow from operations and discretionary cash flows

    The Corporation computes the cash flow from operations and discretionary cash flows as follows:

      Consolidated
      Three-month periods ended   Twelve-month periods ended  
      March 31   March 31   December 31  
    (in millions of Canadian dollars) (unaudited) 2025   2024   2025   2024  
    Net cash flows related to operating activities 172   230   157   215  
    Change in non-cash items relating to operating activities (37 ) (73 ) 236   200  
    Cash flows from operations 135   157   393   415  
    Repayments on non-current debt (projects)(1) (64 ) (65 ) (238 ) (240 )
    Adjustment for non-operating items(2) 5   —   11   7  
      76   92   166   182  
    Principal payments related to lease liabilities(3) (7 ) (6 ) (20 ) (19 )
    Distributions paid to non-controlling shareholders(4) (4 ) (18 ) (38 ) (52 )
    Additions to property, plant and equipment        
    (maintenance of operations) (2 ) (2 ) (10 ) (10 )
    Development costs (from statement of earnings) 11   12   56   57  
    Discretionary cash flows 74   78   154   158  
    (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio.
    (2) For the twelve-month periods ended March 31, 2025 and December 31, 2024, favourable adjustment consisting mainly of acquisition and restructuring costs.
    (3) Excludes the principal payments related to lease liabilities for projects under development and construction.
    (4) Includes distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.


    Available cash resources and authorized financing

    The Corporation computes the cash flow from operations and discretionary cash flows, as well as available cash resources and authorized financing, as follows:

    (in millions of Canadian dollars) (unaudited) As at March 31,
    2025    		   As at December 31,
    2024    		  
    Available cash and cash equivalents(1)        
    Cash and cash equivalents 388   592  
    Cash and cash equivalents held by entities subject to project debt agreements and restrictions (318 ) (526 )
    Bank overdraft (13 ) (5 )
    Available cash and cash equivalents 57   61  
    Credit facilities of the parent company    
    Authorized credit facility(2) 550   550  
    Amounts drawn under the authorized credit facility(3) (178 ) (157 )
    Unused tranche of the parent company’s credit facility 372   393  
    Unused tranche of the subsidiary’s credit facilities 75   69  
    Credit facilities available for growth(4) 447   462  
    Available cash resources and authorized financing 504   523  
    (1) Available cash and cash equivalents is a non-GAAP measure and doesn’t have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section in this report.
    (2) Excluding the accordion clause of $200 million ($150 million as at December 31, 2024).
    (3) As at March 31, 2025, this amount included $13 million in letters of credit ($33 million as at December 31, 2024).
    (4) Credit facilities available for growth is a supplementary financial measure. For more details, see the Non-IFRS and other financial measures section in this report.


    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information:

    The MIL Network –

  • MIL-OSI: Global-e Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the first quarter of 2025.

    “We had another quarter of strong results, demonstrating our ability to grow fast even within macroeconomic turbulent times with Q1 results coming in at or above the midpoints across our guidance. While the market remains volatile with a higher level of uncertainty given the on-going global duty tariff dynamics, our pipeline is very active and we see increased interest in our services.”

    We are also excited about the long term extension of our strategic partnership agreement with Shopify, which will allow us to take this partnership to the next level,” said Amir Schlachet, Founder and CEO of Global-e.”

    Q1 2025 Financial Results

    • GMV1 in the first quarter of 2025 was $1,243 million, an increase of 34% year over year
    • Revenue in the first quarter of 2025 was $189.9 million, an increase of 30% year over year, of which service fees revenue was $84.0 million and fulfillment services revenue was $105.9 million
    • Non-GAAP gross profit2 in the first quarter of 2025 was $86.3 million, an increase of 31% year over year. GAAP gross profit in the first quarter of 2025 was $84.1 million
    • Non-GAAP gross margin2 in the first quarter of 2025 was 45.4%, compared to 45.3% in the first quarter of 2024. GAAP gross margin in the first quarter of 2025 was 44.3%
    • Adjusted EBITDA3 in the first quarter of 2025 was $31.6 million compared to $21.3 million in the first quarter of 2024
    • Net loss in the first quarter of 2025 was $17.9 million compared to $32.1 million in the first quarter of 2024

    Recent Business Highlights

    • Announced a new 3-year strategic partnership agreement with Shopify, renewing the companies’ long-standing relationship for both 1P (i.e. Shopify Managed Markets) and 3P solutions
    • Launched our 3B2C offering allowing merchants to partially mitigate unnecessary price hikes in key destination markets, while avoiding the costs and effort involved in creating a full multi-local setup for specific markets
    • Revamped our Merchant Portal, adding two important Self-Service BI tools for merchants – a real time sales dashboard and a funnel analysis dashboard, and providing easier access to frequently used areas
    • Continued growing with brands across geographies and verticals, including:
      • Europe: Launched Subdued out of Italy and VIBAe footwear, Global-e’s first large merchant based in Finland
      • Sports clubs: Launched with Atletico Madrid in Spain
      • APAC: Multiple merchant launches including Threetimes and Samo Ondoh in Korea, T2Tea and Scarlet & Sam in Australia, Bandai-Namco, United Arrows Tabaya and Sacai in Japan, and many more
      • Expanded with a number of merchants including the launch of Adidas Hong Kong

    Q2 2025 and Full Year Outlook

    Global-e is introducing second quarter guidance and is maintaining the full year guidance as follows:

    Q2 2025 and Full Year Outlook

    Global-e is introducing second quarter guidance and is maintaining the full year guidance as follows:

      Q2 2025   FY 2025   Previous FY 2025
    (in millions)
    GMV (1) $1,387 – $1,427   $6,190 – $6,490   $6,190 – $6,490
    Revenue $204 – $211   $917 – $967   $917 – $967
    Adjusted EBITDA (3) $35 – $39   $179 – $199   $179 – $199

    1 Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

    2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

    3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.

    Conference Call Information:

    Global-e will host a conference call at 8:00 a.m. ET on Wednesday, May 14, 2025.
    The call will be available, live, to interested parties by dialing:

    United States/Canada Toll Free: 1-800-717-1738
    International Toll: 1-646-307-1865
       

    A live webcast will also be available in the Investor Relations section of Global-E’s website at: https://investors.global-e.com/news-events/events-presentations

    Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.

    The press release with the financial results will be accessible on the Company’s Investor Relations website prior to the conference call.

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:

    • Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
    • Adjusted EBITDA, which Global-e defines as net profit (loss) adjusted for income tax (benefit) expenses, financial expenses (income) net, stock based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles, merger related contingent consideration, and acquisition related expenses.
    • Free Cash Flow, which Global-e defines as net cash provided by operating activities less the purchase of property and equipment.

    Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

    The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.

    Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

    Cautionary Note Regarding Forward Looking Statements

    This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; our ability to retain existing merchants and to attract new merchants; our ability to anticipate merchant needs or develop or integrate new functionality or enhance our existing platforms to meet those needs; the impact of imposed tariffs or other trade regulations on our business and financial results; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to adapt our platform and services for the Shopify platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets and the introduction of new platforms and offerings; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a D2C model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events or conditions in individual markets such as financial and credit market fluctuations, war, climate change, and macroeconomic events; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 27, 2025 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

    About Global-E Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,400 brands and retailers across the North America, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contact:
    Alan Katz
    Vice President, Investor Relations
    IR@global-e.com

    Press Contact:
    Sarah Schloss
    Headline Media
    Globale@headline.media 
    +1 786-233-7684

    Global-E Online Ltd.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
     
        Period Ended
         December 31,     March 31, 
         2024     2025 
          (Audited)        (Unaudited)  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 254,620     $ 207,716  
    Short-term deposits     183,475       183,229  
    Accounts receivable, net     41,171       34,700  
    Prepaid expenses and other current assets     84,613       116,967  
    Marketable securities     36,345       53,888  
    Funds receivable, including cash in banks     122,984       87,484  
    Total current assets     723,208       683,984  
    Property and equipment, net     10,440       10,453  
    Operating lease right-of-use assets     24,429       23,365  
    Deferred contract acquisition and fulfillment costs, noncurrent     3,787       3,836  
    Long-term investments and other long-term assets     8,313       8,213  
    Commercial agreement asset     66,527        29,510  
    Goodwill     367,566        367,566  
    Intangible assets, net     59,212        54,810  
    Total long-term assets     540,274       497,753  
    Total assets   $ 1,263,482     $ 1,181,737  
    Liabilities and Shareholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 79,559     $ 67,184  
    Accrued expenses and other current liabilities     141,551       117,852  
    Funds payable to Customers     122,984       87,484  
    Short term operating lease liabilities     4,347       4,366  
    Total current liabilities     348,441       276,886  
    Long-term liabilities:                
    Long term operating lease liabilities     20,510       19,508  
    Other long-term liabilities     1,098       1,088  
    Total liabilities   $ 370,049     $ 297,482  
                     
    Shareholders’ equity:                
    Share capital and additional paid-in capital     1,425,317       1,434,341  
    Accumulated comprehensive income (loss)     515       169  
    Accumulated deficit     (532,399 )     (550,255 )
    Total shareholders’ equity     893,433       884,255  
    Total liabilities and shareholders’ equity   $ 1,263,482     $ 1,181,737  
                     
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share and per share data)
     
        Three Months Ended  
        March 31,  
        2024     2025  
        (Unaudited)  
    Revenue   $ 145,873     $ 189,882  
    Cost of revenue     82,587       105,798  
    Gross profit     63,286       84,084  
                     
    Operating expenses:                
    Research and development     23,538       28,138  
    Sales and marketing     56,955       63,938  
    General and administrative     12,054       11,193  
    Total operating expenses     92,547       103,269  
    Operating profit (loss)     (29,261 )     (19,185 )
    Financial expenses (income), net     3,510       (1,870 )
    Loss before income taxes     (32,771 )     (17,315 )
    Income taxes     (720 )     541  
    Net earnings (loss) attributable to ordinary shareholders   $ (32,051 )   $ (17,856 )
    Basic and diluted net loss per share attributable to ordinary shareholders   $ (0.19 )     (0.11 )
    Basic and diluted weighted average ordinary shares     166,187,424       169,346,771  
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024   2025
        (Unaudited)  
    Operating activities                
    Net loss   $ (32,051 )   $ (17,856 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Depreciation and amortization     512       536  
    Share-based compensation expense     8,711       8,793  
    Commercial agreement asset amortization     36,296       37,017  
    Intangible assets amortization     5,002       4,402  
    Changes in accrued interest and exchange rate on short-term deposits     369       (842 )
    Unrealized loss (gain) on foreign currency     2,726       (1,477 )
    Accounts receivable     8,418       6,471  
    Prepaid expenses and other assets     2,685       (28,405 )
    Funds receivable     (7,688 )     (9,182 )
    Long-term receivables     708       101  
    Funds payable to customers     (30,857 )     (35,500 )
    Operating lease ROU assets     817       1,064  
    Deferred contract acquisition and fulfillment costs     (268 )     (101 )
    Accounts payable     (17,049 )     (12,375 )
    Accrued expenses and other liabilities     (30,228 )     (23,710 )
    Deferred tax liabilities     (1,424 )     –  
    Operating lease liabilities     (944 )     (983 )
    Net cash (used in) provided by operating activities     (54,265 )     (72,047 )
    Investing activities                
    Investment in marketable securities     (1,042 )     (17,768 )
    Proceeds from marketable securities     1,012       999  
    Investment in short-term investments and deposits     (56,949 )     (70,972 )
    Proceeds from short-term investments     58,000       67,059  
    Investment in long-term deposits     (31 )     –  
    Purchases of property and equipment     (882 )     (548 )
    Net cash (used in) provided by investing activities     108       (21,230 )
    Financing activities                
    Proceeds from exercise of share options     120       210  
    Net cash provided by financing activities     120       210  
    Exchange rate differences on balances of cash, cash equivalents and restricted cash     (2,726 )     1,477  
    Net increase (decrease) in cash, cash equivalents, and restricted cash     (56,763 )     (91,590 )
    Cash and cash equivalents and restricted cash—beginning of period     268,597       331,682  
    Cash and cash equivalents and restricted cash—end of period   $ 211,834     $ 240,092  
    Global-E Online Ltd.
    SELECTED OTHER DATA
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024
    		   2025  
        (Unaudited)  
    Key performance metrics      
    Gross Merchandise Value     929,510               1,242,514            
    Adjusted EBITDA (a)     21,260               31,563            
                                       
    Revenue by Category                                  
    Service fees     68,258       47 %     83,983       44 %  
    Fulfillment services     77,615       53 %     105,899       56 %  
    Total revenue   $ 145,873       100 %   $ 189,882       100 %  
                                       
    Revenue by merchant outbound region                                  
    United States     72,112       49 %     100,554       53 %  
    United Kingdom     41,276       28 %     41,747       22 %  
    European Union     26,343       18 %     33,530       18 %  
    Israel     316       0 %     401       0 %  
    Other     5,826       4 %     13,650       7 %  
    Total revenue   $ 145,873       100 %   $ 189,882       100 %  

    (a) See reconciliation to adjusted EBITDA table

    Global-E Online Ltd.
    RECONCILIATION TO Non-GAAP GROSS PROFIT
    (In thousands)
     
        Three Months Ended  
        March 31,  
          2024       2025  
        (Unaudited)  
    Gross profit     63,286       84,084  
                     
    Amortization of acquired intangibles included in cost of revenue     2,796       2,198  
    Non-GAAP gross profit     66,082       86,282  
    Global-E Online Ltd.
    RECONCILIATION TO ADJUSTED EBITDA
    (In thousands)
     
        Three Months Ended  
        March 31,  
        2024
    		   2025
        (Unaudited)  
    Net profit (loss)     (32,051 )     (17,856 )
    Income tax (benefit) expenses     (720 )     541  
    Financial expenses (income), net     3,510       (1,870 )
    Stock-based compensation:                
    Cost of revenue     180       267  
    Research and development     3,468       3,625  
    Selling and marketing     1,282       1,438  
    General and administrative     3,781       3,463  
    Total stock-based compensation     8,711       8,793  
                     
    Depreciation and amortization     512       536  
                     
    Commercial agreement asset amortization     36,296       37,017  
                     
    Amortization of acquired intangibles     5,002       4,402  
    Adjusted EBITDA     21,260       31,563  
    Global-E Online Ltd.
    RECONCILIATION TO Free Cash Flow
    (In thousands)
     
        Three Months Ended  
        March 31,  
          2024       2025  
        (Unaudited)  
    Net cash (used in) provided by operating activities     (54,265 )     (72,047 )
    Purchase of property and equipment     (882 )     (548 )
    Free Cash Flow     (55,147 )     (72,595 )

    The MIL Network –

  • MIL-OSI: LeddarTech Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, May 14, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), today provided a corporate update and announced financial results for the second quarter ended March 31, 2025.

    “We are executing our strategic plan to commercialize LeddarVision™ while we work to address our previously disclosed liquidity challenges. We are also excited to introduce an additional revenue stream, LeddarSim™—a next-generation simulation platform designed to close the gap between virtual testing and real-world deployment of ADAS and AD solutions. LeddarSim will play a critical role in training AI models to accelerate the deployment of ADAS and autonomous driving technologies,” said Frantz Saintellemy, President and CEO of LeddarTech. “In parallel, we are advancing production planning for our first OEM design win, and we are poised to leverage this success to secure additional contracts as the value of our platform becomes increasingly evident to automotive manufacturers.”

    Recent Business and Technology Highlights

    • Launched LeddarSim, a next-generation simulation platform designed to close the gap between virtual testing and real-world deployment.
    • Progressed OEM Design Win Toward Production: LeddarTech is actively providing engineering services to integrate its software platform into the 2028 model year vehicles of one of the world’s leading commercial vehicle OEMs. This design win is expected to generate non-recurring services revenue in fiscal year 2025.

    Customer Traction and Development

    LeddarTech has a robust pipeline of more than 30 active opportunities with original equipment manufacturers (OEMs), as well as Tier 1 and Tier 2 automotive suppliers, aimed at meeting growing consumer demand for enhanced safety features and addressing upcoming regulatory deadlines.

    Fiscal Second Quarter 2025 Financial Highlights1

    Revenue: Revenue for the fiscal second quarter of 2025, ending March 31, 2025, was $238,914, compared to $122,101 in the fiscal quarter ending March 31, 2024.

    Net loss: Net loss for the fiscal second quarter of 2025, ending March 31, 2025, was ($16.0) million, or ($0.42) per share, compared to a net loss of ($17.2) million, or ($0.60) per share, in the fiscal quarter ending March 31, 2024. The decreased net loss was primarily due to lower stock-based compensation and financing expenses, offset by higher R&D expense as we are no longer capitalizing R&D expense.

    EBITDA and adjusted EBITDA2: EBITDA loss for the second quarter of 2025, ending March 31, 2025, was ($8.4) million, compared to a ($14.0) million loss in the fiscal quarter ending March 31, 2024. The lower loss was primarily due to lower stock-based compensation and financing-related expenses, partially offset by higher R&D expense as we are no longer capitalizing a substantial portion of our R&D expenses as we were in the prior period. Adjusted EBITDA loss for the second quarter of 2025, ending March 31, 2025, was ($12.0) million, compared to adjusted EBITDA loss of ($8.7) million in the fiscal quarter ending March 31, 2024. The higher loss was primarily attributable to higher R&D expense as we are no longer capitalizing a substantial portion of our R&D expense.

    Balance Sheet and Liquidity3

    As of March 31, 2025, LeddarTech had a cash balance of approximately $9.2 million, which cash balance had declined to approximately $4.1 million as of May 8, 2025. Pursuant to the amended and restated financing offer dated as of April 5, 2023 with Fédération des caisses Desjardins du Québec (“Desjardins” and the financing offer, as amended, the “Desjardins Credit Facility”), the Company is required to maintain a minimum cash balance of $1.8 million at all times after April 1, 2025. If we are not able to raise additional capital in the next several days, we will be in default under this minimum cash covenant. Moreover, we are obligated to complete an equity financing pursuant to which we must raise an additional US$9.7 million in equity investments prior to May 23, 2025 in order to satisfy the requirement that we raise at least US$35.0 million in equity investments prior to that date. We are also required to produce a plan at the satisfaction of our lenders regarding a refinancing, recapitalization or any suitable transaction no later than May 16, 2025. Toward that end, we have engaged a financial advisor to do a comprehensive review of the options that are available to the Company. We are currently exploring all alternatives to secure the financing necessary to comply with the covenants in our debt arrangements and to continue to pursue our strategic goals. Failure to complete the equity financing by May 23, 2025 or to produce a plan for our lenders by May 16, 2025 constitute liquidity events that could trigger a requirement for us to repay all amounts under our Desjardins Credit Facility, under our bridge financing offer dated as of August 16, 2024 with the initial bridge lenders and certain members of management and the board of directors (collectively, the “Bridge Lenders”, and the financing offer, the “Bridge Facility”), and other indebtedness. At this time, we are not expecting to be able to complete the equity financing or to produce a plan that would be acceptable to all our lenders. Desjardins has expressed an unwillingness to provide additional financing to the Company, but has expressed a willingness to work toward a solution, and LeddarTech is currently engaged with Desjardins and the Bridge Lenders with respect to a potential solution that could result in additional financing for the Company as well as relief from the above-described minimum cash, equity financing and process plan covenants. While LeddarTech is seeking additional financing, we continue to consider all possible cost reduction measures. There is no assurance that such measures could be done successfully, or at all. In such circumstances, LeddarTech’s ability to continue as a going concern would be materially and adversely affected and investors in LeddarTech’s Common Shares could lose all or a substantial part of their investment. For more details, see our Management’s Discussion and Analysis filed with the U.S. Securities and Exchange Commission on the date hereof.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 190 patent applications (112 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    LeddarTech might, in the scope of collaborations, partnerships and projects, from time to time, collect with test vehicles personal information, i.e., information that directly or indirectly identifies members of the public. Collected personal information may be processed, used, stored and communicated by LeddarTech within the scope of developing and training our software and products. For further information about the processing activities, which include the collection, use, storage and communication of personal information, as well as the associated personal information protection rights and how to exercise them, please consult LeddarTech’s Privacy Policy.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. 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 (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. 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 “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. 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 and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.
    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    Continuing operations Q2-2025   Q2-2024  
    Revenues $238,914   $122,101  
    Loss from operations (13,348,106 ) (12,570,811 )
    Finance costs, net 2,710,512   4,741,236  
    Loss before income taxes (15,948,479 ) (17,221,982 )
    Net loss and comprehensive loss (15,961,864 ) (17,238,993 )
    Net loss and comprehensive loss attributable to Shareholders of the Company (15,961,864 ) (17,238,993 )
    Loss per share    
    Net loss per share (basic and diluted) (in dollars) (0.42 ) (0.60 )
    Weighted average common shares outstanding (basic and diluted) 37,573,262   28,770,930  
    EBITDA (loss) (8,394,400 ) (14,011,179 )
    Adjusted EBITDA (loss) (11,979,035 ) (8,729,399 )

      
    The following table sets forth a reconciliation of adjusted EBITDA and EBITDA to net loss reported in accordance with IFRS for the three months ended March 31, 2025 and 2024.

      Q2-2025   Q2-2024  
    Net loss from continued operations ($15,961,864 ) ($17,238,993 )
    Income taxes 13,385   17,011  
    Depreciation of property and equipment 146,882   91,626  
    Depreciation of right-of-use assets 186,356   35,316  
    Amortization of intangible assets (92,832 ) 180,248  
    Interest expenses 7,313,673   2,903,613  
    EBITDA loss from continuing operations (8,394,400 ) (14,011,179 )
         
    Foreign exchange gain (5,663 ) (13,188 )
    Loss (gain) on revaluation of financial instruments
    carried at fair value    		 (4,612,632 ) 1,884,686  
    Gain on lease modification –   (39,305 )
    Stock-based compensation 1,033,660   2,803,357  
    Transaction costs –   646,230  
    Adjusted EBITDA loss from continuing operations (11,979,035 ) (8,729,399 )

     
    Non-IFRS Financial Measures

    A non-IFRS financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in Company’s consolidated primary financial statements.

    In Q2-2024, the Company started to use two new non-IFRS financial measures because we believe these non-IFRS financial measures are reflective of our ongoing operating results and provide readers with an understanding of management’s perspective on and analysis of our performance.

    Below are descriptions of the non-IFRS financial measures that we use to explain our results and reconciliations to the most directly comparable IFRS financial measures.

    EBITDA (loss) is calculated as net earnings (loss) before interest expenses (income), deferred income taxes, depreciation of property and equipment, depreciation of right-of-use assets and amortization of intangible assets.

    EBITDA (loss) should not be considered an alternative to net loss in measuring performance or used as a measure of cash flow.

    Adjusted EBITDA (loss) is calculated as EBITDA (loss), adjusted for foreign exchange gain (loss), loss (gain) on revaluation of financial instruments carried at fair value, gain or loss on lease modification, share‐based compensation, listing expense, transaction costs, restructuring costs and impairment loss on intangible assets.

    ____________________________
    1  All amounts in Canadian dollars except where otherwise noted.
    2  EBITDA and adjusted EBITDA are non-IFRS measures and are presented by the Company as they are used to assess operating performance. These non-IFRS measures do not have standardized meanings under IFRS and are not likely comparable to similarly designated measures reported by other corporations. The reader is cautioned that these measures are being reported in order to complement, and not replace, the analysis of financial results in accordance with IFRS. See “Non-IFRS Financial Measures” below.
    3  All amounts in Canadian dollars except where otherwise noted.

    The MIL Network –

  • MIL-OSI: Bitfarms Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    – Revenue of $67 million, up 33% Y/Y –
    – Gross mining margin of 43%, down from 63% from Q1 2024 –
    – Total energy pipeline of ~1.4 GW, ~80% based in the U.S. –
    – Private debt facility announced in April 2025 with division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline – 

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the first quarter ended March 31, 2025. All financial references are in U.S. dollars.  

    CEO Ben Gagnon stated, “During the quarter, we executed across several key areas in our strategic pivot to the U.S. and HPC. First, we completely transformed our energy portfolio with the strategic and profitable disposition of one of our Paraguayan Bitcoin mining campus, Yguazu, and the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition. This materially reduced capex spending on Bitcoin mining and secured two high potential flagship campuses for HPC while further bolstering our liquidity position. Second, we strengthened our management team with two internal HPC/Infrastructure hires and two world-class external HPC/AI partners who are laser focused on developing and scaling our North American HPC/AI business. Lastly, we continued to make strides with our core Bitcoin mining business, growing our EHuM over 50% in the quarter and achieving our efficiency target of 19 w/TH ahead of schedule. The mining business now provides a stable, low-capex and free cash flow foundation for the Company that positions us very well to grow and develop our U.S. assets into HPC/AI data centers while still capitalizing on any potential Bitcoin upside in 2025 and 2026.

    “We continued this momentum into Q2, having already secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors, to fund HPC data center development at our Panther Creek campus. Panther Creek has the scale, location, power availability, and fiber connectivity that is attracting notable HPC counterparties. This campus also has the quickest energization timeline of our three PA sites, and extensive work is underway on the Site Map Plans, development timelines, budgets and other key initiatives needed in order to begin construction.”

    CFO Jeff Lucas stated, “We are excited to have joined forces with Macquarie to finance our HPC business cost-effectively and with much less dilution than equity funding, creating long-term value for shareholders. In addition to funding the initial phase of our buildout of Panther Creek, their expertise and vast experience in HPC infrastructure financing will be integral as we look to further scale our project and expand to other sites within our portfolio.  With strong and steady mining economics, no plans for additional large miner purchases, minimal impact expected from potential tariffs, and near-term capital expenditures funded or with financing in place, we are confident that our strong financial position will enable us to efficiently and cost-effectively grow our HPC business in the U.S.” 

    Mining Operations

    • Current hashrate of 19.5 EHuM, up 200% from 6.5 EHuM as of March 31, 2024
    • Current efficiency of 19 w/TH, an improvement of 44% from 34 w/TH as of March 31, 2024

    Recent Strategic Developments 

    • Completed acquisition of Stronghold Digital Mining, Inc.
    • Completed sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies Ltd.
    • Secured private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ HPC data center potential
    • Strengthened management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure
    • Completed feasibility assessments for all U.S. sites with two strategic partners, ASG and World Wide Technology, advancing HPC/AI business
    • Initiated Bitcoin One program following the success of  Synthetic HODLTM program in 2024

    Q1 2025 Financial Highlights

    • Total revenue of $67 million, up 33% Y/Y
    • Gross mining margin of 43%, down from 63% in Q1 2024
    • General and administrative expenses of $20 million, inclusive of $2 million in non-recurring expenses related to closing transactions with Stronghold and Hive, compared to $13 million in Q1 2024
    • Operating loss of $32 million compared to an operating loss of $24 million in Q1 2024
    • Net loss of $36 million, or $0.07 per basic and diluted share compared to a net loss of $6 million or $0.02 per basic and diluted share in Q1 2024
    • Adjusted EBITDA* of $16 million, or 23% of revenue, down from $23 million or 46% of revenue in Q1 2024
    • The Company earned 693 BTC at an average direct cost of production per BTC* of $47,800
    • Total cash cost of production per BTC* was $72,300 in Q1 2025

    Liquidity**
    As of May 13, 2025, the Company had total liquidity of approximately $150 million. 

    Q1 2025 and Recent Financing Activities

    • Sold 428 BTC at an average price of $87,100 for total proceeds of $37 million in Q1 2025. Earned 268 BTC and sold 350 BTC during April 2025, generating total proceeds of $30 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives and to supplement our Bitcoin One market operations program.
    • As of May 13, 2025, the Company held 1,166 BTC.
    • Raised $24 million in net proceeds during January 2025 under the Company’s 2024 at-the-market equity offering program (“ATM”). During the period from January 24, 2025 through May 13, 2025, the Company issued zero shares through the ATM.

    Quarterly Operating Performance

      Q1 2025   Q4 2024   Q1 2024
    Total BTC earned                        693                             654                          943
    BTC received through hosting revenue                            6                               —                            —
    BTC sold                        428                             502                          941
      As of March 31,   As of December 31,   As of March 31,
      2025   2024   2024
    Operating EH/s                       19.5                            12.8                           6.5
    Average Watts/Average TH efficiency***                          20                               22                            35
    Operating capacity (MW)                        461                             394                          240
               

    Quarterly Average Revenue**** and Cost of Production per BTC*

      Q1 2025
    		   Q4 2024
    		   Q3 2024
    		   Q2 2024
    		   Q1 2024
    Avg. Rev****/BTC $ 92,500   $ 82,400   $ 60,900   $ 65,800   $ 52,400
    Direct Cost*/BTC $ 47,800   $ 40,800   $ 36,600   $ 30,600   $ 18,400
    Total Cash Cost*/BTC $ 72,300   $ 60,800   $ 53,700   $ 47,600   $ 27,900

    * Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.

    ** Liquidity represents cash and balance of unrestricted digital assets.

    *** Average watts represent the energy consumption of miners.

    **** Average revenue per BTC is for mining operations only and excludes Volta revenue and Hosting revenue.

    Conference Call 

    Management will host a conference call today at 8:00 am EST. All Q1 2025 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.  

    The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    Non-IFRS Measures*
    As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

    The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    http://x.com/Bitfarms_io
     https://www.instagram.com/bitfarms/
     https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • BTC BTC/day = Bitcoin or Bitcoin per day
    • EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • Q/Q = Quarter over Quarter
    • Y/Y = Year over Year
    • Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
    • HPC/AI = High Performance Computing / Artificial Intelligence

    Forward-Looking Statements 
    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy,  opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the ability to enhance the business of the Company through adding additional human resources and consulting groups to HPC/AI strategies, the benefits of a second principal office in the U.S., the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms  operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on  www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law.   Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications and Marketing
    cbaker@bitfarms.com  

    Bitfarms Ltd. Consolidated Financial & Operational Results
     
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues 66,848     50,317     16,531     33 %
    Cost of revenues (67,390 )   (60,999 )   (6,391 )   10 %
    Gross loss (542 )   (10,682 )   10,140   (95)%
    Gross margin (1) (1)% (21)%   —     —  
             
    Operating expenses        
    General and administrative expenses (20,173 )   (13,196 )   (6,977 )   53 %
    Gain on disposition of property, plant and equipment and deposits 5,586     170     5,416   nm
    Impairment of non-financial assets (17,230 )   —     (17,230 ) (100)%
    Operating loss (32,359 )   (23,708 )   (8,651 )   36 %
    Operating margin (1) (48)% (47)%   —     —  
             
    Net financial income 2,110     11,443     (9,333 ) (82)%
    Net loss before income taxes (30,249 )   (12,265 )   (17,984 )   147 %
             
    Income tax recovery (expense) (5,626 )   6,285     (11,911 ) (190)%
    Net loss (35,875 )   (5,980 )   (29,895 )   500 %
             
    Basic and diluted net loss per share  (in U.S. dollars) (0.07 )   (0.02 )   —     —  
    Change in revaluation surplus – digital assets, net of tax (13,421 )   17,433     (30,854 )   (177 %)
    Total comprehensive income (loss), net of tax (49,296 )   11,453     (60,749 )   (530 %)
             
    Gross Mining profit (2) 28,043     31,340     (3,297 ) (11)%
    Gross Mining margin (2) 43 %   63 %   —     —  
    Adjusted EBITDA (2) 15,086     23,324     (8,238 ) (33)%
    Adjusted EBITDA margin (2) 23 %   46 %   —     —  

    nm: not meaningful

    1 Gross margin and Operating margin are supplemental financial ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
    2 Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
       
    Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA 
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues 66,848     50,317          16,531     33 %
             
    Net loss before income taxes (30,249 )   (12,265 )      (17,984 )   147 %
    Interest income (305 )   (302 )                (3 )   1 %
    Depreciation and amortization 29,693     38,977          (9,284 ) (24)%
    EBITDA (861 )   26,410        (27,271 ) (103)%
    EBITDA margin (1)%   52 %                —               —     
    Share-based payment 4,437     3,094            1,343     43 %
    Impairment of non-financial assets 17,230     —          17,230     100 %
    Gain on revaluation of warrants (5,618 )   (9,040 )          3,422   (38)%
    Gain on disposition of marketable securities (391 )   (338 )              (53 )   16 %
    Gain on settlement of Refundable Hosting Deposits (945 )   —              (945 ) (100)%
    Professional services not associated with ongoing operations 1,671     —            1,671     100 %
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1) —     2,387          (2,387 )   100 %
    Net financial (income) expense and other (437 )   811          (1,248 ) (154)%
    Adjusted EBITDA 15,086     23,324          (8,238 ) (33)%
    Adjusted EBITDA margin 23 %   46 %   —     —      
       
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
       
    Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Gross loss      (542 )   (10,682 )      10,140   (95)%
    Non-Mining revenues¹ (1,985 )        (894 )       (1,091 )   122 %
    Depreciation and amortization   29,693       38,977         (9,284 ) (24)%
    Electrical components and salaries         877             708              169     24 %
    Sales tax recovery – prior years – energy and infrastructure²            —         2,028         (2,028 )   100 %
    Other            —         1,203         (1,203 )   100 %
    Gross Mining profit   28,043       31,340         (3,297 ) (11)%
    Gross Mining margin 43 %   63 %              —               —     

    nm: not meaningful

    (1 ) Non-Mining revenues reconciliation:
         
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues       66,848           50,317           16,531     33 %
    Less Mining related revenues for the purpose of calculating gross Mining margin:        
    Mining revenues³     (64,863 )       (49,423 )       (15,440 )   31 %
    Non-Mining revenues         1,985               894             1,091     122 %

    nm: not meaningful

    (2 ) Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
    (3 ) Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services.
         
    Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Cost of revenues      67,390          60,999            6,391     10 %
    Depreciation and amortization    (29,693 )      (38,977 )          9,284   (24)%
    Electrical components and salaries          (877 )            (708 )            (169 )   24 %
    Infrastructure expenses      (3,677 )        (1,974 )        (1,703 )   86 %
    Sales tax recovery – prior years – energy and infrastructure (1)              —          (2,028 )          2,028     100 %
    Other              —                  —                  —     — %
    Direct Cost      33,143          17,312          15,831     91 %
             
    Quantity of BTC earned           693               943              (250 ) (27)%
    Direct Cost per BTC (in U.S. dollars)      47,800          18,400          29,400     160 %
                           
    Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Cost of revenues      67,390          60,999            6,391     10 %
    General and administrative expenses      20,173          13,196            6,977     53 %
           87,563          74,195          13,368     18 %
    Depreciation and amortization    (29,693 )      (38,977 )          9,284   (24)%
    Non-cash service expense (2)          (785 )                —              (785 ) (100)%
    Electrical components and salaries          (877 )            (708 )            (169 )   24 %
    Share-based payment      (4,437 )        (3,094 )        (1,343 )   43 %
    Professional services not associated with ongoing operations      (1,671 )                —          (1,671 ) (100)%
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)              —          (2,387 )          2,387     100 %
    Other              —          (2,744 )          2,744     100 %
    Total Cash Cost      50,100          26,285          23,815     91 %
             
    Quantity of BTC earned           693               943              (250 ) (27)%
    Total Cash Cost per BTC (in U.S. dollars)      72,300          27,900          44,400     157 %
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
    2 Non-cash service expense, included in infrastructure, which was exchanged for computational power sold.

    The MIL Network –

  • MIL-OSI: Construction begins on New York’s largest solar energy project

    Source: GlobeNewswire (MIL-OSI)

    ELBA, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker”), an energy transition-focused investment manager and independent power producer, today announced the start of major construction activities on its Cider Solar Farm (“Cider”) in Genesee County, New York. Cider, which broke ground on early construction activities in late 2024, was the first renewable energy project of its kind to receive a siting permit from the state’s Office of Renewable Energy Siting and Transmission (“ORES”) under Section 94-c rules and, upon completion in late 2026, will be New York’s largest solar farm to date.

    “We are pleased to begin major construction on New York’s largest solar energy project yet,” said Dan de Boer, Greenbacker Interim CEO and Head of Infrastructure. “Cider offers tangible economic benefits to Genesee County communities and the broader region, and it represents an important milestone in New York’s clean energy transition that will power the state forward for years to come.”

    Cider will deliver significant energy and economic benefits to its surrounding communities. Once it enters commercial operation, Cider is expected to supply about one million megawatt-hours of renewable electricity per year – enough to power approximately 120,000 New York households.1 The project is also projected to generate roughly $100 million in revenue to the Genesee County community over its operational lifespan through property taxes, host community agreements, and tax benefits.

    Cider’s initial construction phase will focus on substantive civil and mechanical activities, including placement of steel piling and racking for solar modules. All phases of construction are expected to be fully underway by mid-summer, including electrical wiring and installation of the high-voltage utility interconnection infrastructure.

    The utility-scale photovoltaic solar project, which spans approximately 2,500 acres, will also support hundreds of construction jobs. Since day one, Greenbacker has committed to working with local Genesee County organized labor whenever possible and seeks to meet – and exceed – all wage and hiring requirements outlined by the state. Additionally, Greenbacker has secured a Project Labor Agreement with a New York-based bona fide building and construction trade organization to ensure Cider is staffed with experienced, skilled, and trained union workers.

    “Our union is pleased to provide local, highly skilled labor supporting Cider’s construction,” said Carpenter’s Local 276 Business Manager Chris Austin. “While this is an important moment for New York’s green energy ambitions, it is an even bigger indicator of the growing strength of our state’s specialized workforce—which is drawn chiefly from labor unions like ours—to support projects like Cider in the Empire State.”

    Greenbacker became Cider’s long-term owner and operator following its acquisition of the project from Hecate Energy LLC (“Hecate”), a leading developer of renewable power projects and energy storage solutions in the U.S. Cider is Greenbacker’s largest clean energy project to date, for which it secured $950 million in aggregate financing to support its acquisition, construction, and operation.

    The project also plans to employ agrivoltaics—the practice of utilizing a site for both solar photovoltaic power generation and agricultural activities. Initially, Cider plans to host rotational sheep grazing on over 300 acres, with the potential to host additional acreage over Cider’s operational lifetime, as part of a more cost-effective, nature-based approach to vegetation management at the site.

    The start of Cider’s construction marks an important milestone in New York’s efforts to build a robust green energy workforce and achieve its clean energy goals. Solar projects like Cider have created 14,000 good-paying jobs statewide.2 During its first year of operation, the energy generated by Cider is expected to offset approximately 680,000 metric tons of carbon dioxide,3 which according to the U.S. Environmental Protection Agency is equivalent to the annual emissions from over 150,000 passenger vehicles.

    As of December 31, 2024, Greenbacker’s clean energy assets had cumulatively produced more than 11 million MWh of clean power since January 2016, abating over 7 million metric tons of carbon4 and saving nearly 8 billion gallons of water.5 Greenbacker’s fleet of operating and pre-operating projects currently support, or are expected to support, thousands of green jobs.6

    Additional information regarding Greenbacker can also be found in the company’s impact report. For more information on Hecate Energy and the Cider Solar Farm, visit www.CiderSolarFarm.com.

    About Greenbacker Renewable Energy Company
    Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.

    1Governor Hochul Announces Siting Approval of New York’s Largest Solar Facility to Date, governor.ny.gov.

    2New York State Has Achieved Major Solar Milestone A Year Early, NYSERDA, October 2024.

    3Greenhouse Gas Equivalencies Calculator, US EPA.

    4 Data is as of December 31, 2024. When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.

    5 Data is as of December 31, 2024. Water saved by Greenbacker’s clean energy projects is compared to the amount of water needed to produce the same amount of power by burning coal. Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.

    6 Data is as of December 31, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.

    The MIL Network –

  • MIL-OSI: Tower Semiconductor Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    9% year-over-year revenue growth

    Affirms sequential quarterly revenue growth target throughout 2025

    MIGDAL HAEMEK, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ/TASE: TSEM) reports today its results for the first quarter ended March 31, 2025.

    First Quarter of 2025 Results Overview
    Revenues for the first quarter of 2025 were $358 million as compared to $327 million for the first quarter of 2024, representing 9% year-over-year revenue growth.

    Gross profit and operating profit for the first quarter of 2025 were $73 million and $33 million, respectively, as compared to gross profit and operating profit of $73 million and $34 million in the first quarter of 2024, respectively. Gross and operating profits remain similar since the positive impact of the $31 million revenue increase was offset by the fixed costs of the new 300mm Agrate facility, as previously disclosed.

    Net profit for the first quarter of 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share. First quarter of 2024 net profit was $45 million, reflecting $0.40 basic and diluted earnings per share, having been positively impacted by a non-recurring income tax benefit.

    Cash flow generated from operating activities in the first quarter of 2025 was $94 million. Investments in property and equipment, net, were $111 million and debt payments totaled $27 million.

    Corporate Credit Rating 
    On May 7, 2025, Standard & Poor’s Maalot (an S&P Global Ratings fully owned company) completed its annual rating review for the Company and reaffirmed its corporate credit rating as “ilAA, with a stable outlook”.

    Business Outlook
    Tower Semiconductor guides revenues for the second quarter of 2025 to be $372 million, with an upward or downward range of 5%, reflecting 6% year-over-year revenue increase; and reiterates its previously communicated company target for continued quarter-over-quarter revenue growth within 2025.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
    “Tower delivered continued record revenue in RF infrastructure, which includes SiPho and SiGe. We target further revenue growth of these technologies throughout the year, increases in our high voltage 200mm power management business and higher revenue levels in our sensors business. Additionally, we have entered a new served market for Tower, namely envelope trackers, using our 300mm technology platform. In the face of geo-political uncertainties, we are leveraging Tower’s global scale and technology breadth into new opportunities.”

    Teleconference and Webcast
    Tower Semiconductor will host an investor conference call today, Wednesday, May 14, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the first quarter of 2025 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures
    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $94 million, $101 million and $110 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively (less cash used for investments in property and equipment, net (in the amounts of $111 million, $93 million and $98 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor 
    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiPho, SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:
    Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

    Forward-Looking Statements
    This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, include certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, credit crisis and/or unfavorable macro-economic conditions, such as the imposition of regulatory requirements, tariffs, import and export restrictions and other trade barriers and restrictions, including the timing and availability of export licenses and permits, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, such as announced for SiPho and SiGe, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease due to which he requested a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well as uncertainties associated with the ability to extend such lease or acquire the real estate and obtain the required local, state and/or other approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impact due to reorganization and consolidation of fabrication facilities, or cessation of operations, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares, and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

    (Financial tables follow)

       
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
    (dollars in thousands)  
      March 31,   December 31,  
      2025   2024  
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $ 274,818   $ 271,894  
    Short-term deposits 906,446   946,351  
    Trade accounts receivable 219,496   211,932  
    Inventories 276,072   268,295  
    Other current assets 51,429   61,817  
    Total current assets 1,728,261   1,760,289  
    PROPERTY AND EQUIPMENT, NET 1,346,213   1,286,622  
    OTHER LONG-TERM ASSETS, NET 34,131   33,574  
    TOTAL ASSETS $ 3,108,605   $ 3,080,485  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Short-term debt $ 27,490   $ 48,376  
    Trade accounts payable 118,318   130,624  
    Deferred revenues and customers’ advances 17,233   21,655  
    Other current liabilities 86,421   84,409  
    Total current liabilities 249,462   285,064  
    LONG-TERM DEBT 134,835   132,437  
    OTHER LONG-TERM LIABILITIES 22,293   22,804  
    TOTAL LIABILITIES 406,590   440,305  
    TOTAL SHAREHOLDERS’ EQUITY 2,702,015   2,640,180  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,108,605   $ 3,080,485  
             
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (dollars and share count in thousands, except per share data)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    REVENUES $ 358,170     $ 387,191     $ 327,238  
    COST OF REVENUES 284,999     300,338     254,632  
    GROSS PROFIT 73,171     86,853     72,606  
    OPERATING COSTS AND EXPENSES:                
    Research and development 20,172     20,622     19,951  
    Marketing, general and administrative 20,101     19,812     18,670  
      40,273     40,434     38,621  
                     
    OPERATING PROFIT 32,898     46,419     33,985  
    FINANCING AND OTHER INCOME, NET 10,598     8,315     3,984  
    PROFIT BEFORE INCOME TAX 43,496     54,734     37,969  
    INCOME TAX BENEFIT (EXPENSE), NET   (3,779 )     (2,149 )   5,078  
    NET PROFIT 39,717     52,585     43,047  
    Net loss attributable to non-controlling interest 425     2,553     1,587  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    BASIC EARNINGS PER SHARE $ 0.36     $ 0.49     $ 0.40  
    Weighted average number of shares 111,575     111,493     110,840  
    DILUTED EARNINGS PER SHARE $ 0.35     $ 0.49     $ 0.40  
    Weighted average number of shares 113,152     112,967     111,627  
     
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    Stock based compensation and amortization of acquired intangible assets 10,335     11,258     7,209  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 50,477     $ 66,396     $ 51,843  
    ADJUSTED EARNINGS PER SHARE:                
    Basic $ 0.45     $ 0.60     $ 0.47  
    Diluted $ 0.45     $ 0.59     $ 0.46  
                     
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
    (dollars in thousands)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 271,894     $ 270,979     $ 260,664  
    Net cash provided by operating activities 93,922     100,816     110,038  
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Debt received (repaid), net   (26,874 )   2,795       (8,409 )
    Effect of Japanese Yen exchange rate change over cash balance 2,817       (4,972 )     (2,665 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net 44,470       (4,328 )     (1,113 )
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
                     
     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three months ended
        March 31,     December 31,     March 31,
        2025     2024     2024
    CASH FLOWS – OPERATING ACTIVITIES                      
    Net profit for the period $ 39,717     $ 52,585     $ 43,047  
    Adjustments to reconcile net profit for the period                      
    to net cash provided by operating activities:                      
    Income and expense items not involving cash flows:                      
    Depreciation and amortization *   74,228       75,820       59,544  
    Other expense, net   558       12,439       5,993  
    Changes in assets and liabilities:                      
    Trade accounts receivable   (6,354 )     (19,034 )     (6,489 )
    Other current assets   5,622       (36,464 )     (13,454 )
    Inventories   (4,128 )     (3,356 )     (23,703 )
    Trade accounts payable   (11,114 )     18,320       32,559  
    Deferred revenues and customers’ advances   (4,432 )     (8,712 )     (1,931 )
    Other current liabilities   3,718       7,057       16,868  
    Other long-term liabilities   (3,893 )     2,161       (2,396 )
    Net cash provided by operating activities   93,922       100,816       110,038  
    CASH FLOWS – INVESTING ACTIVITIES                      
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net   44,470       (4,328 )     (1,113 )
    Net cash used in investing activities   (66,941 )     (97,724 )     (99,131 )
    CASH FLOWS – FINANCING ACTIVITIES                      
    Debt received (repaid), net   (26,874 )     2,795       (8,409 )
    Net cash provided by (used in) financing activities   (26,874 )     2,795       (8,409 )
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   2,817       (4,972 )     (2,665 )
                           
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   2,924       915       (167 )
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD   271,894       270,979       260,664  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
     
    * Includes stock based compensation and amortization of acquired intangible assets in the amounts of $10,335, $11,258 and $7,209
    for the 3 months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    The MIL Network –

  • MIL-OSI: LeddarTech Announces the Launch of LeddarSim: Next Leap in Realistic Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) Simulation

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, May 14, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), is pleased to announce the launch of LeddarSim™, a next-generation simulation platform purposely built to reduce the gap between virtual testing and real-world deployment.

    LeddarSim redefines the standards of ADAS and AD development by closing the long-standing simulation gap through delivering a breakthrough multi-modality neural reconstruction of driving scenarios, including camera, radar and LiDAR inputs. The platform generates sensor-accurate, real-time renderings of real-world driving, resulting in a high-fidelity environment that empowers developers to train, test and validate perception models under conditions that mirror real-life complexity and dynamics.

    Anticipated Benefits to Automotive OEMs and Tier 1 Suppliers:

    • Accelerate Time-to-Market: LeddarSim allows ADAS/AD engineers to reconstruct and test millions of configurable scenarios virtually, significantly reducing development cycles and speeding up validation.
    • Cut Costs, Not Corners: LeddarSim offers a cost-effective solution without compromising accuracy, leading to a 10x reduction in data and annotation costs and significant savings in non-recurring engineering (NRE) expenses.
    • Design Once, Deploy Anywhere: LeddarSim’s flexibility allows for easy adaptation of sensor setups, vehicle types and regional driving conditions, enabling scalable development across various platforms.
    • Data-Driven Simulation: Unlike synthetic environments, LeddarSim builds realistic scenarios directly from real-world data, enhancing the accuracy and relevance of simulations.
    • Multi-Modal Sensor Support: LeddarSim can simulate data from cameras, radar and LiDAR simultaneously, optimizing and validating multi-sensor perception systems.
    • Near-Zero Simulation Gap: LeddarSim uses advanced AI algorithms ensuring fidelity to real-world conditions; this comprehensive approach minimizes the gap between virtual testing and real-world performance.

    “Traditional simulation platforms struggle to match the unpredictability and nuance of real-world driving,” said Pierre Olivier, CTO of LeddarTech. “With LeddarSim, we’ve managed to design a solution that achieves a near-zero simulation gap. By accelerating testing and validation cycles, LeddarSim empowers automotive OEMs and Tier 1 suppliers to bring next-generation ADAS and autonomous driving solutions to market faster, with greater confidence in performance and safety.”

    Antonio Polo, Sr. Vice-President of Product and Business Development at LeddarTech, added: “Automotive companies face exponential challenges in the cost, complexity and scale of the data required to deploy safety-compliant and regulation-ready ADAS and AD systems at scale. LeddarSim brings the latest advances in AI-powered, multi-modal sensor dataset generation to recreate real-world driving scenarios with high fidelity. We believe LeddarSim fills a critical gap in the market. As the demand for simulation tools grows—with the industry expected to surpass $4.6 billion by 2035—this solution is poised to help address the massive data and validation challenge. LeddarSim is available for trial evaluation and offers the flexibility to be used as a stand-alone tool or integrated within existing simulation toolchains.”

    For more information on LeddarSim™, please contact us or visit the LeddarSim page.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 190 patent applications (112 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    LeddarTech might, in the scope of collaborations, partnerships and projects, from time to time, collect with test vehicles personal information, i.e., information that directly or indirectly identifies members of the public. Collected personal information may be processed, used, stored and communicated by LeddarTech within the scope of developing and training our software and products. For further information about the processing activities, which include the collection, use, storage and communication of personal information, as well as the associated personal information protection rights and how to exercise them, please consult LeddarTech’s Privacy Policy.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. 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 (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. 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 “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. 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 and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to timely access sufficient capital and financing on favorable terms or at all; (ii) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (iii) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (iv) our ability to successfully scale and commercialize our product offerings, including through strategic collaborations or otherwise; (v) delays or cost overruns in product development, testing, validation or release; (vi) the potential for limitations in simulation fidelity, coverage or performance when compared to real-world datasets or field testing; (vii) our ability to obtain, meet and maintain the evolving technical, regulatory or safety requirements applicable to simulation tools used in regulated or performance-critical domains, such as automotive applications; (viii) customer hesitancy or delays in adoption due to integration challenges, concerns about validation equivalency or compatibility with customer workflows, data formats or toolchains; (ix) the potential for claims of intellectual property infringement or legal exposure related to simulation models, datasets or output reproducibility; (x) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (xi) changes in general economic and/or industry-specific conditions; (xii) our ability to retain, attract and hire key personnel; (xiii) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xiv) legislative, regulatory and economic developments; (xv) the outcome of any known and unknown litigation and regulatory proceedings; (xvi) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xvii) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Maram Fityani, Media and Public Relations, LeddarTech Holdings Inc.
    Tel.: + 1-418-653-9000 ext. 623, maram.fityani@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI: Calian Reports Results for the Second Quarter

    Source: GlobeNewswire (MIL-OSI)

    (All amounts in release are in Canadian dollars)

    OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a mission critical solutions company, with a focus on defence, space, healthcare and strategic growth markets, today released its results for the second quarter ended March 31, 2025.

    “Our consolidated second quarter results reflect momentum in some areas, whilst challenging headwinds in others,” said Kevin Ford, Calian CEO. “Our defence solutions in both North America and Europe grew by 13%, highlighting the increasing need for global security and operational readiness. Our ITCS business saw a more challenging environment due to slower customer demand, and one-time investments we have made to re-position our offerings for long-term growth.”

    Q2-25 Highlights:

    • Revenue at $194 million
    • Gross margin at 33.4%
    • Adjusted EBITDA1 of $17 million
    • Operating free cash flow1 of $10 million
    • Very strong signings of $248 million
    • Growth in our defence end market solutions of 13%
    • Since the launch of the NCIB, the Company repurchased 416,812 shares, or 4% of the float, in consideration of $19.7 million
    • Increasing NCIB – plan to repurchase up to 6% of float in FY25
    • Guidance withdrawn due to ongoing economic and geopolitical uncertainty as well as limited visibility and timing of key opportunities in the ITCS segment
    • Completed the acquisition of Advanced Medical Solutions (“AMS”) after quarter end

    “Given ongoing economic and geopolitical uncertainty as well as limited visibility and timing of key opportunities in the ITCS segment,  we have made the decision to withdraw our guidance. Despite this, we remain confident in the future growth of Calian given strong momentum in signings, our backlog of close to $1.4 billion, including AMS, optimism around defence spending and a robust M&A pipeline – underscored by our most recent acquisition of AMS.”

                       
    Financial Highlights Three months ended Six months ended
    (i(in millions of $, except per share & margins) March 31, March 31,
      2025     20242   %   2025     20242   %
    Revenue 193.7     201.3   (4)%   378.7     380.4   — %
    Adjusted EBITDA1 17.4     27.2   (36)%   35.2     48.5   (27)%
    Adjusted EBITDA %1 9.0 %   13.5 % (450)bps   9.3 %   12.7 % (340)bps 
    Adjusted Net Profit1 11.1     19.0   (42)%   21.5     33.0   (35)%
    Adjusted EPS Diluted1 0.93     1.58   (41)%   1.81     2.73   (34)%
    Operating Free Cash Flow1 9.8     21.0   (53)%   22.9     38.2   (40)%
                       
                       

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
    2 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.

    Access the full report on the Calian Financials web page.

    Register for the conference call on Wednesday, May 14, 2025, 8:30 a.m. Eastern Time.

    Second Quarter Results

    Revenues decreased 4%, from $201 million to $194 million. Acquisitive growth was 4% and was generated by the acquisitions of the nuclear assets from MDA Ltd and Mabway completed last year. Organic growth was down 8% primarily due to reductions in the ITCS segment, partially offset by 51% organic growth in nuclear services, GNSS antenna products and defence solutions.

    Gross margin stood at 33.4% slightly down compared to the same period last year and it represents the 12th quarter above the 30% mark. Adjusted EBITDA1 stood at $17 million, down 36% from $27 million last year, due to revenue slow downs in the current year, combined with a slight decrease in margin percentage, and investments made in selling and marketing efforts to build pipeline for future years. In the United States macro-economic uncertainty resulted in more cautious customer behavior and the Canadian election one month prior to our quarter end did impact the timing of revenues. As a result, adjusted EBITDA1 margin decreased to 9.0%, from 13.5% last year.  

    Net profit decreased to $0.3 million, or $0.02 per diluted share, from $4.9 million, or $0.41 per diluted share last year. This decrease in profitability is primarily due to investments in our selling capacity, amortization and deemed compensation expenses related to acquisitions. Adjusted net profit1 was $11.1 million, or $0.93 per diluted share, down from $19.0 million, or $1.58  per diluted share last year.

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of the press release.

    Liquidity and Capital Resources

    “In the second quarter we generated $10 million in operating free cash flow1, representing a 56% conversion rate from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to make capital expenditure investments for $2 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $4 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 0.7x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of the press release.

    Normal Course Issuer Bid

    In the three-month period ended March 31, 2025, the Company repurchased 93,900 shares for cancellation in consideration of $4.4 million. For the six-month period ended March 31, 2025, the Company repurchased 195,250 shares for cancellation in consideration of $9.3 million. For the remainder of the fiscal year, the Company plans on accelerating its share buybacks by combining daily repurchases with block trades. Its intention is to repurchase up to 6% of the Company’s public float as defined at the time of the NCIB announcement on August 16, 2024.

    Appointed New Regional VP of Defence for Europe, U.K. and NATO

    On January 23, 2025, Calian announced the appointment of Major-General (Ret.) Roch Pelletier to the role of Regional Vice President (RVP) Global Defence & Security. This newly created role addresses the growth of Calian’s defence business, driven by increased global military spending, geopolitical instability and the rising demand for advanced technologies. This appointment will advance Calian’s strategic business development, strengthen relationships with stakeholders, and provide operational support to drive growth and efficiencies within the region.

    Appointed New Board Member

    On April 24, 2025, Calian announced the appointment of Eric Demirian to its Board of Directors. Demirian is currently chair of Descartes and a director of IMAX Corporation. He has held board and audit committee roles at a number of public and private companies including Enghouse. With the recent additions of Josh Blair and Lisa Greatrix in February, the appointment of Demirian brings the total number of board members to 10, of which nine are independent and half are women.

    Completed the Acquisition of Advanced Medical Solutions

    On May 14, 2025, Calian acquired Advanced Medical Solutions (AMS), a leading provider of remote and emergency healthcare services in Northern Canada. Headquartered in Yellowknife, Northwest Territories (NWT), AMS is a Canadian-owned company that specializes in the delivery of 24/7/365 operational and medical support across Canada’s northern regions, including the NWT, Yukon, Nunavut and parts of Canada’s northern provinces.  Founded in 1995, the company employs over 300 frontline medical personnel who deliver well-rounded, full-spectrum healthcare services through six distinct divisions.

    Quarterly Dividend

    On May 13, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable June 10, 2025, to shareholders of record as of May 27, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners. 

    Media inquiries:
    media@calian.com
    613-599-8600

    Investor Relations inquiries:
    ir@calian.com

    —————————————————————————–
    DISCLAIMER

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

     
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    As at March 31, 2025 and September 30, 2024
    (Canadian dollars in thousands, except per share data)
                   
      March 31,   September 30,
      2025   2024
    ASSETS              
    CURRENT ASSETS              
    Cash and cash equivalents $ 64,150     $ 51,788  
    Accounts receivable   213,476       157,376  
    Work in process   19,537       20,437  
    Inventory   26,805       23,199  
    Prepaid expenses   23,328       23,978  
    Derivative assets   71       32  
    Total current assets   347,367       276,810  
    NON-CURRENT ASSETS              
    Property, plant and equipment   40,835       40,962  
    Right of use assets   41,556       36,383  
    Prepaid expenses   7,018       7,820  
    Deferred tax asset   3,464       3,425  
    Investments   3,875       3,875  
    Acquired intangible assets   116,457       128,253  
    Goodwill   214,640       210,392  
    Total non-current assets   427,845       431,110  
    TOTAL ASSETS $ 775,212     $ 707,920  
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    CURRENT LIABILITIES              
    Accounts payable and accrued liabilities $ 171,962     $ 124,884  
    Provisions   1,873       3,075  
    Unearned contract revenue   41,447       41,723  
    Lease obligations   6,103       5,645  
    Contingent earn-out   30,978       39,136  
    Derivative liabilities   151       92  
    Total current liabilities   252,514       214,555  
    NON-CURRENT LIABILITIES              
    Debt facility   120,750       89,750  
    Lease obligations   38,714       33,798  
    Unearned contract revenue   17,164       14,503  
    Contingent earn-out   2,692       2,697  
    Deferred tax liabilities   21,557       25,862  
    Total non-current liabilities   200,877       166,610  
    TOTAL LIABILITIES   453,391       381,165  
                   
    SHAREHOLDERS’ EQUITY              
    Issued capital   226,347       225,747  
    Contributed surplus   5,193       6,019  
    Retained earnings   78,501       91,268  
    Accumulated other comprehensive income (loss)   11,780       3,721  
    TOTAL SHAREHOLDERS’ EQUITY   321,821       326,755  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 775,212     $ 707,920  
    Number of common shares issued and outstanding   11,690,276       11,802,364  
                   
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT
    For the three months and six months ended March 31, 2025 and 2024
    (Canadian dollars in thousands, except per share data)
                   
      Three months ended   Six months ended
      March 31,   March 31,
      2025   2024   2025   2024
    Revenue $ 193,667     $ 201,268     $ 378,714     $ 380,447  
    Cost of revenues   129,025       131,231       255,271       252,192  
    Gross profit   64,642       70,037       123,443       128,255  
                   
    Selling, general and administrative   44,477       40,192       82,582       74,337  
    Research and development   2,771       2,695       5,667       5,414  
    Share based compensation   949       1,128       2,040       2,318  
    Profit before under noted items   16,445       26,022       33,154       46,186  
                   
    Restructuring expense   372       1,495       1,064       1,495  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Profit before interest income and income tax expense   2,226       9,085       4,383       18,263  
                   
    Interest expense   2,111       1,734       3,894       3,281  
    Income tax expense (recovery)   (180)       2,426       1,170       4,532  
    NET PROFIT (LOSS) $ 295     $ 4,925     $ (681)     $ 10,450  
                   
    Net profit (loss) per share:              
    Basic $ 0.03     $ 0.42     $ (0.06)     $ 0.88  
    Diluted $ 0.02     $ 0.41     $ (0.06)     $ 0.87  
                                   
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the three months and six months ended March 31, 2025 and 2024
    (Canadian dollars in thousands)
                           
      Three months ended   Six months ended
      March 31,   March 31,
      2025   2024   2025   2024
    CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES                      
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Items not affecting cash:                      
    Interest expense   1,612       1,426       2,907       2,524  
    Changes in fair value related to contingent earn-out   558       4,088       1,116       4,814  
    Lease obligations interest expense   499       308       987       757  
    Income tax expense (recovery)   (180 )     2,426       1,170       4,532  
    Employee share purchase plan expense   115       134       289       296  
    Share based compensation expense   834       1,010       1,751       2,023  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Deemed compensation   1,470       911       3,033       1,515  
        16,677       25,341       33,586       46,030  
    Change in non-cash working capital                      
    Accounts receivable   (55,935 )     (49,996 )     (56,102 )     (61,185 )
    Work in process   668       1,341       900       443  
    Prepaid expenses and other   3,884       (3,483 )     1,146       (3,557 )
    Inventory   2,637       3,570       (3,605 )     980  
    Accounts payable and accrued liabilities   48,068       59,181       47,210       74,697  
    Unearned contract revenue   1,092       4,534       2,386       4,740  
        17,091       40,488       25,521       62,148  
    Interest paid   (2,111 )     (1,734 )     (3,894 )     (3,281 )
    Income tax paid   (5,120 )     (2,966 )     (7,385 )     (5,541 )
        9,860       35,788       14,242       53,326  
    CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES                      
    Issuance of common shares net of costs   664       945       1,545       1,639  
    Dividends   (3,292 )     (3,319 )     (6,584 )     (6,633 )
    Net draw on debt facility   5,000       (24,750 )     31,000       31,250  
    Payment of lease obligations   (1,664 )     (1,429 )     (3,106 )     (2,600 )
    Repurchase of common shares   (4,384 )     —       (9,310 )     (1,357 )
        (3,676 )     (28,553 )     13,545       22,299  
    CASH FLOWS USED IN INVESTING ACTIVITIES                      
    Business acquisitions   (678 )     (10,840 )     (11,893 )     (58,297 )
    Property, plant and equipment   (2,396 )     (2,796 )     (3,532 )     (5,196 )
        (3,074 )     (13,636 )     (15,425 )     (63,493 )
                           
    NET CASH INFLOW (OUTFLOW) $ 3,110     $ (6,401 )   $ 12,362     $ 12,132  
    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   61,040       52,267       51,788       33,734  
    CASH AND CASH EQUIVALENTS, END OF PERIOD $ 64,150     $ 45,866     $ 64,150     $ 45,866  
                                   
                                   

    Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

    These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.

    Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.

    Adjusted EBITDA

        Three months ended     Six months ended
        March 31,     March 31,
      2025   20241
    		   2025   20241
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Share based compensation   949       1,128       2,040       2,318  
    Restructuring expense   372       1,495       1,064       1,495  
    Depreciation and amortization   11,474       10,113       23,014       19,119  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Interest expense   2,111       1,734       3,894       3,281  
    Income tax   (180 )     2,426       1,170       4,532  
    Adjusted EBITDA $ 17,394     $ 27,150     $ 35,194     $ 48,504  
    Adjusted EBITDA per share – Basic   1.48       2.29       3.00       4.10  
    Adjusted EBITDA per share – Diluted $ 1.46     $ 2.26     $ 2.95     $ 4.02  
                                   

    Adjusted Net Profit and Adjusted EPS

        Three months ended     Six months ended
        March 31,     March 31,
      2025
    		   20241
    		   2025   20241
    Net profit $ 295     $ 4,925     $ (681 )   $ 10,450  
    Share based compensation   949       1,128       2,040       2,318  
    Restructuring expense   372       1,495       1,064       1,495  
    Mergers and acquisition costs   2,373       5,329       4,693       7,309  
    Amortization of intangibles   7,066       6,149       14,400       11,384  
    Adjusted net profit   11,055       19,026       21,516       32,956  
    Weighted average number of common shares basic   11,726,127       11,846,338       11,749,796       11,829,456  
    Adjusted EPS Basic   0.94       1.61       1.83       2.79  
    Adjusted EPS Diluted $ 0.93     $ 1.58     $ 1.81     $ 2.73  
                                   

    Operating Free Cash Flow

        Three months ended     Six months ended
        March 31,     March 31,
      2025   20241   2025   20241
    Cash flows generated from operating activities (free cash flow) $ 9,860     $ 35,788     $ 14,242     $ 53,326  
    Adjustments:                      
       M&A costs included in operating activities   345       330       544       980  
       Change in non-cash working capital   (414)       (15,147)       8,065       (16,118)  
    Operating free cash flow $ 9,791     $ 20,971     $ 22,851     $ 38,188  
    Operating free cash flow per share – basic   0.83       1.77       1.94       3.23  
    Operating free cash flow per share – diluted   0.82       1.74       1.92       3.17  
    Operating free cash flow conversion   56 %     77 %     65 %     79 %
                                   

    Net Debt to Adjusted EBITDA

      March 31,   September 30,
      2025
    		   20241
    Cash $ 64,150     $ 45,866  
    Debt facility   120,750       69,000  
    Net debt (net cash)   56,600       23,134  
    Trailing twelve month adjusted EBITDA   78,846       86,355  
    Net debt to adjusted EBITDA   0.7       0.3  
                   

    Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.

    1 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected quarterly financial information section of the management discussion and analysis.

    The MIL Network –

  • MIL-OSI Global: South African companies aren’t innovating enough: why support during tough economic times matters

    Source: The Conversation – Africa – By Amy Kahn, Research Specialist at the Centre for Science, Technology and Innovation Indicators, Human Sciences Research Council

    South Africa’s innovation fund, announced by President Cyril Ramaphosa in the 2025 state of the nation address, was a response to the country’s urgent need for inclusive and sustainable economic growth.

    Evidence from South Africa shows that public financial support for innovation influences the investment that businesses make in innovation.

    The fund will focus on providing venture capital to tech start-ups from higher education institutions. In practice, its activities will complement several programmes that offer different forms of investment for innovation. These include the long-standing research and development tax incentives; the Technology Acquisition and Development Fund; and the SA SME Fund.

    For these programmes to be effective, it’s important to understand the factors that either prohibit or enable innovation activity and innovation in businesses.

    The South African Business Innovation Survey provides unique data on innovation activity and performance in the industry and services sectors. It’s performed over a three-year cycle by the Human Sciences Research Council’s Centre for Science, Technology and Innovation Indicators for the Department of Science, Technology and Innovation.

    Analysis of data from 2019-2021 provides important evidence for designing effective innovation policy support.

    A key finding of the survey was that 62% of South African businesses carried out innovation activities between 2019 and 2021. This was noticeably lower than in the previous (2014-2016) survey round, when the rate was 70%. The reason might be the impact of the COVID-19 pandemic. Many businesses said that they had to make changes to their existing innovation activities between 2019 and 2021.

    It is expected that the innovation-active rate may rise again in the next round. (Data for the 2022-2024 reference period will be collected in 2025.)

    These results show that support for businesses is more pressing during times of economic crisis. It allows them to adapt and mitigate the negative impacts on their innovation projects.

    South Africa’s business innovation picture

    Less than two-thirds of South African businesses were innovation-active during 2019-2021. In addition, a significant proportion had innovation activities that did not result in product or process innovations.

    An innovation-active business is one that undertakes activities intended to result in an innovation. Examples include research and experimental development, training or acquiring new equipment or machinery.

    An innovation can be a new or improved product (including goods or services), introduced to the market. Or it can be a new or improved business process, implemented by the business.

    Businesses that are innovation-active make a greater contribution to the economy and society compared with businesses that don’t innovate. The most recent Business Innovation Survey found that the computer sector had the highest proportion of businesses with innovation activities. It also found that innovation-active businesses had more skilled labour and greater access to external knowledge than other businesses.

    Building human capabilities was an important component of innovation activity. Nearly half (47%) of innovation-active businesses reported training as an activity.

    Businesses that did not carry out formal innovation activities (such as R&D or patenting), and did not collaborate with other institutions, were most likely to have abandoned or not completed their innovation activities.

    Innovations tended to be incremental rather than radical. More businesses with product innovations reported improving existing goods and services rather than making new goods and services available to their customers. Only 10% of product innovators had “new to the world” innovations. Just over 50% had innovations that were new to their business only.

    Innovation-active businesses were more likely to sell their goods and services in international markets. Businesses with novel product innovations that were attractive to international markets were likely to be from the technical sectors and acquired more intellectual property rights.

    Over a third (36%) of innovative businesses considered the high costs of innovating to be highly important. Competition and the dominance of established businesses were also commonly cited barriers. Just over 40% of businesses that operated in domestic markets only, and innovated by modifying existing products from elsewhere, had more than 50 competitors. Businesses that introduced new-to-market (more novel) products faced less competition.

    Innovation has two types of social effects. New goods or services can affect the lives of consumers and end users; and the innovation that happens within a business can have positive impacts on employees.

    The survey revealed both effects. The most important outcomes of innovations were improved working conditions, improved quality of goods and services, and improved quality of life and well-being.

    Growing South Africa’s innovation economy

    Encouraging innovation requires targeted incentives for business. But can the precision of the support be improved?

    We make a number of recommendations:

    • Support mechanisms, including funding, should be tailored for different targets. This can be done by grouping businesses according to the types of activities they undertake to innovate.

    • Businesses should also be grouped according to their R&D and collaboration activities. That makes it possible to design more targeted support mechanisms.

    For example, we recommend that businesses that perform R&D and that collaborate with others require interventions to support those activities.

    • Improve South Africa’s R&D as a proportion of its GDP. At the moment it is too low. Countries that innovate with a healthy ratio of gross domestic expenditure on R&D have delivered robust economic growth. Government can promote business R&D through policy tools like tax incentives.

    • Policy instruments for businesses that do not perform R&D or collaborate should encourage knowledge-intensive innovation and building interactive capabilities.

    • Group businesses based on their innovation outcomes to help design more tailored support. We suggest several examples of policy interventions based on the novelty of innovations, market reach, and the ability of businesses to develop innovations in-house.

    Finally, policymakers should recognise that most businesses aren’t able to produce radical innovations. Support should rather help them take smaller innovative steps.

    Gerard Ralphs and Katharine McKenzie contributed to the research for this article.

    The Human Sciences Research Council (HSRC) receives funding from the Department of Science, Technology and Innovation (DSTI) to conduct the Business Innovation Survey (BIS). Amy Kahn is the project manager of the BIS.

    – ref. South African companies aren’t innovating enough: why support during tough economic times matters – https://theconversation.com/south-african-companies-arent-innovating-enough-why-support-during-tough-economic-times-matters-253881

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Rania El Rafie Appointed to Jury Panel of the 50 Most Influential African Women in Sports Awards 2025/2026

    Source: Africa Press Organisation – English (2) – Report:

    JOHANNESBURG, South Africa, May 14, 2025/APO Group/ —

    APO Group (https://APO-opa.com) is proud to announce that Rania El Rafie, Vice President of Public Relations and Strategic Communications, has been appointed to the Jury Panel for the 2025/2026 editions of the 50 Most Influential African Women in Sports Awards, an initiative recognising groundbreaking contributions and leadership by women across the African sports ecosystem.

    Organised by Africa Sports Ventures Group (ASVG) and the Women Sports Africa Network (WSAN), the 50 Most Influential African Women in Sports Awards honour outstanding female leaders, athletes, executives, and changemakers who are reshaping the African sports landscape. The esteemed Jury Panel features professionals from across the continent and the diaspora, including Albert Kyei Frimpong, President of WBSC Africa and Board Member of the Confederation of African Olympic Sports Associations (CASOL), and Dr. Maha Zaoui, an experienced sports management expert currently serving as General Manager of Rugby Africa.

    “I’m honoured to be considered for the Jury Panel of the 50 Most Influential African Women in Sports Awards for 2025 and 2026,” said El Rafie. “This platform plays a vital role in amplifying the voices and achievements of women shaping the future of African sport, and I’m proud to contribute to that mission.”

    El Rafie is a seasoned public relations executive with over 22 years of experience across Africa and the Middle East. Based in Cairo, Egypt, she currently serves as Vice President of Public Relations and Strategic Communications at APO Group, where she became the first and youngest person internally promoted to this executive role in January 2024. She has led award-winning campaigns recognised by SABRE Awards, Brands Review Magazine, and World Business Outlook, and was recently awarded a Bronze Stevie® Award in the Most Innovative Woman of the Year 2025 category, and was recognised as one of Africa’s Top 50 Outstanding Women in Communications.

    Her experience in sports communication spans the NFL, Basketball Africa League, International Olympic Committee (IOC), and FIFA. She has also driven pan-African communications strategy for major brands such as Canon, Nestlé, TikTok, and Afreximbank. With a degree in Business Administration from the American University in Dubai, Rania brings strategic insight, media expertise, and a passion for sports and empowerment to the jury’s mission.

    The announcement coincides with the official launch of the Awards’ new digital platform – (https://apo-opa.co/3SxXj9A) – a hub dedicated to honouring and celebrating the achievements of African women in sports. The site will serve as the central point for information, nominations, and public engagement in the lead-up to the 2025 Awards ceremony, scheduled to take place on 31 July 2025 in Nairobi, Kenya. All nominations will be reviewed by an independent Selection Committee.

    This joint initiative marks a landmark moment for African women in sports, aiming to increase visibility, recognition, and opportunities across administration, business, media, technology, and athletics.

    MIL OSI Africa –

  • MIL-OSI Africa: Mauritania Shifts to Private Power with 550 Megawatt (MW) Gas Plant, Bids to Start Within Weeks

    Source: Africa Press Organisation – English (2) – Report:

    PARIS, France, May 14, 2025/APO Group/ —

    Mauritania is accelerating its shift toward a fully privatized power generation model, with bids due in the next two to three weeks for a new independent power plant tied to the Greater Tortue Ahmeyim (GTA) gas project. The country’s Minister of Petroleum and Energy, Mohamed Ould Khaled, made the announcement at the Invest in African Energy 2025 Forum in Paris on Tuesday.

    “All new power generation projects in Mauritania will be private. State-owned companies will no longer be involved in power generation,” said the Minister. He added that two projects currently being developed as IPPs will be fueled by domestic gas and will contribute a combined 550 MW to the national grid over the next couple of years.

    The power sector reform is part of a wider transformation aimed at enabling Mauritania to harness its significant gas and renewable energy resources to power industrialization, expand electricity access and drive inclusive growth.

    “We want to develop large-scale natural gas and renewable energy resources. We want to expand affordable, clean power access to our people and industries and power inclusive economic growth, especially to unleash our mining potential.” 

    Mauritania currently has 57% energy access and aims to achieve full national coverage by 2030, according to the Minister. Gas from the GTA project – shared with Senegal – will play a central role in this transition, supplying enough fuel for a 250 MW combined-cycle power plant in each country during the project’s first phase, he said.

    The Minister described Mauritania as uniquely positioned for energy leadership on the continent and beyond, citing its combination of gas, solar, wind and strategic proximity to Europe. He also highlighted Mauritania’s position as the African leader in green hydrogen project development, backed by newly modernized regulatory frameworks.

    “Mauritania holds the largest pipeline of green hydrogen projects in Africa, which are designed not only to export molecules, but to catalyze industrialization in Mauritania and decarbonize hard-to-abate sectors. We have the potential to produce 12 million tons of green hydrogen production per year, with wind speeds of 10 meters per second and amazing solar.”

    “To support this transformation, we have completely modernized our framework,” the Minister continued. “We have opened up the electricity sector to private investments, introduced a new local content policy, and implemented new PPP and investment codes. Additionally, we have launched Africa’s first green hydrogen code, which provides clarity and long-term stability for investors.”

    Looking ahead, Mauritania’s integrated energy vision includes the expanded development of the BirAllah gas field – another major deepwater discovery – along with subsequent phases of the GTA project to reach 10 million tons of LNG per year, cross-border electricity trade with neighboring countries and further development of its mining sector.

    MIL OSI Africa –

  • MIL-OSI Africa: South African companies aren’t innovating enough: why support during tough economic times matters

    Source: The Conversation – Africa – By Amy Kahn, Research Specialist at the Centre for Science, Technology and Innovation Indicators, Human Sciences Research Council

    South Africa’s innovation fund, announced by President Cyril Ramaphosa in the 2025 state of the nation address, was a response to the country’s urgent need for inclusive and sustainable economic growth.

    Evidence from South Africa shows that public financial support for innovation influences the investment that businesses make in innovation.

    The fund will focus on providing venture capital to tech start-ups from higher education institutions. In practice, its activities will complement several programmes that offer different forms of investment for innovation. These include the long-standing research and development tax incentives; the Technology Acquisition and Development Fund; and the SA SME Fund.

    For these programmes to be effective, it’s important to understand the factors that either prohibit or enable innovation activity and innovation in businesses.

    The South African Business Innovation Survey provides unique data on innovation activity and performance in the industry and services sectors. It’s performed over a three-year cycle by the Human Sciences Research Council’s Centre for Science, Technology and Innovation Indicators for the Department of Science, Technology and Innovation.

    Analysis of data from 2019-2021 provides important evidence for designing effective innovation policy support.

    A key finding of the survey was that 62% of South African businesses carried out innovation activities between 2019 and 2021. This was noticeably lower than in the previous (2014-2016) survey round, when the rate was 70%. The reason might be the impact of the COVID-19 pandemic. Many businesses said that they had to make changes to their existing innovation activities between 2019 and 2021.

    It is expected that the innovation-active rate may rise again in the next round. (Data for the 2022-2024 reference period will be collected in 2025.)

    These results show that support for businesses is more pressing during times of economic crisis. It allows them to adapt and mitigate the negative impacts on their innovation projects.

    South Africa’s business innovation picture

    Less than two-thirds of South African businesses were innovation-active during 2019-2021. In addition, a significant proportion had innovation activities that did not result in product or process innovations.

    An innovation-active business is one that undertakes activities intended to result in an innovation. Examples include research and experimental development, training or acquiring new equipment or machinery.

    An innovation can be a new or improved product (including goods or services), introduced to the market. Or it can be a new or improved business process, implemented by the business.

    Businesses that are innovation-active make a greater contribution to the economy and society compared with businesses that don’t innovate. The most recent Business Innovation Survey found that the computer sector had the highest proportion of businesses with innovation activities. It also found that innovation-active businesses had more skilled labour and greater access to external knowledge than other businesses.

    Building human capabilities was an important component of innovation activity. Nearly half (47%) of innovation-active businesses reported training as an activity.

    Businesses that did not carry out formal innovation activities (such as R&D or patenting), and did not collaborate with other institutions, were most likely to have abandoned or not completed their innovation activities.

    Innovations tended to be incremental rather than radical. More businesses with product innovations reported improving existing goods and services rather than making new goods and services available to their customers. Only 10% of product innovators had “new to the world” innovations. Just over 50% had innovations that were new to their business only.

    Innovation-active businesses were more likely to sell their goods and services in international markets. Businesses with novel product innovations that were attractive to international markets were likely to be from the technical sectors and acquired more intellectual property rights.

    Over a third (36%) of innovative businesses considered the high costs of innovating to be highly important. Competition and the dominance of established businesses were also commonly cited barriers. Just over 40% of businesses that operated in domestic markets only, and innovated by modifying existing products from elsewhere, had more than 50 competitors. Businesses that introduced new-to-market (more novel) products faced less competition.

    Innovation has two types of social effects. New goods or services can affect the lives of consumers and end users; and the innovation that happens within a business can have positive impacts on employees.

    The survey revealed both effects. The most important outcomes of innovations were improved working conditions, improved quality of goods and services, and improved quality of life and well-being.

    Growing South Africa’s innovation economy

    Encouraging innovation requires targeted incentives for business. But can the precision of the support be improved?

    We make a number of recommendations:

    • Support mechanisms, including funding, should be tailored for different targets. This can be done by grouping businesses according to the types of activities they undertake to innovate.

    • Businesses should also be grouped according to their R&D and collaboration activities. That makes it possible to design more targeted support mechanisms.

    For example, we recommend that businesses that perform R&D and that collaborate with others require interventions to support those activities.

    • Improve South Africa’s R&D as a proportion of its GDP. At the moment it is too low. Countries that innovate with a healthy ratio of gross domestic expenditure on R&D have delivered robust economic growth. Government can promote business R&D through policy tools like tax incentives.

    • Policy instruments for businesses that do not perform R&D or collaborate should encourage knowledge-intensive innovation and building interactive capabilities.

    • Group businesses based on their innovation outcomes to help design more tailored support. We suggest several examples of policy interventions based on the novelty of innovations, market reach, and the ability of businesses to develop innovations in-house.

    Finally, policymakers should recognise that most businesses aren’t able to produce radical innovations. Support should rather help them take smaller innovative steps.

    Gerard Ralphs and Katharine McKenzie contributed to the research for this article.

    – South African companies aren’t innovating enough: why support during tough economic times matters
    – https://theconversation.com/south-african-companies-arent-innovating-enough-why-support-during-tough-economic-times-matters-253881

    MIL OSI Africa –

  • MIL-OSI: PussFi Launches $PUSS: Turning Memes into Real-Utility Tokens!

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, May 14, 2025 (GLOBE NEWSWIRE) — PussFi has officially launched $PUSS, the first-ever meme-tility token (a meme coin with real-world utility), on Steemit, a decentralized social media platform. Built on the Tron blockchain, $PUSS combines community culture with tangible functionality inside a growing Web3 ecosystem.

    Rewarding Creativity
    Unlike traditional meme coins that rely heavily on hype and speculation, $PUSS aims to serve as the foundation of the PussFi ecosystem, delivering a comprehensive set of utilities for content creators, token holders, and crypto enthusiasts.

    By integrating directly with Steemit, $PUSS looks to empower users to not only engage with decentralized social media but to earn from their content and participation. The project aims to create a digital environment where creativity is rewarded and the meme economy evolves into a sustainable value-driven space.

    What Can $PUSS Be Used For?
    Central to the PussFi ecosystem is the use of $PUSS for key utilities such as account creation through Steemit-ID, a service enabling users in restricted regions to access Steemit.

    The token also facilitates ABB-Curation, a program that enhances Steemit blogging rewards through $PUSS delegation, and PUSSTEEM, a feature allowing token holders to exchange $PUSS for visibility-increasing upvotes on Steemit. Finally, users can also stake their tokens and earn up to 20% APY.

    The PussFi Blockchain
    In order to distinguish itself further from conventional meme coins, PussFi is undergoing a strategic rebranding of $PUSS into a full-fledged utility token. This transformation includes the development of the PussFi Blockchain, a blockchain inspired by Steem but designed for multi-sector decentralization.

    The new network will support a range of industries including content creation, education, healthcare, finance, and social networking, each operating within a modular, tokenized structure that empowers user engagement through smart contracts and community governance.

    Moreover, the PussFi Blockchain will retain the popular Proof-of-Brain (PoB) rewards model pioneered by Steem while introducing modern enhancements such as decentralized identity, token-based learning systems, privacy-first healthcare frameworks, embedded DeFi tools, and censorship-resistant social networking.

    Looking Ahead
    PussFi is developing several new projects designed to expand the token’s relevance and real-world use. These include blockchain-based games that reward players in $PUSS, a native decentralized blogging platform called Steemit.blog, and upcoming listings on centralized exchanges to improve liquidity and access.

    These developments are part of a broader strategy to build a robust Web3 ecosystem centered around long-term user value. PussFi remains focused on building a platform where community, creativity, and technology intersect meaningfully.

    About PussFi
    The team behind $PUSS and PussFi believes that users deserve more than entertainment, they deserve tools, incentives, and ownership in the platforms they support. This philosophy drives every layer of the PussFi vision, from token utility to blockchain architecture.

    PussFi invites early adopters, creators, and blockchain enthusiasts to join a growing movement that is redefining what meme tokens can be. According to the team, with $PUSS, users can expect real-world value, long-term opportunity, and a decentralized future built for everyone.

    For more information and regular updates, visit PussFi’s official website alongside the Telegram, Discord, and X (Twitter) channels.

    Media contact:
    Julian Mercer 
    puss@puss.meme

    Disclaimer: This is a paid post and is provided by PussFi. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9f5ceef-09b9-416c-b0f8-47930d91c87f

    The MIL Network –

  • MIL-OSI: Introduction to UXUY Protocol

    Source: GlobeNewswire (MIL-OSI)

    Singapore, May 14, 2025 (GLOBE NEWSWIRE) — Abstract
    The advent of crypto has created the largest ownerless asset system in human history. Under the guidance of evolving crypto narratives, assets are being minted, issued, traded, and stored at near-zero marginal cost.
    While centralized exchanges (CEXs) offer trading venues for a select number of popular assets, they can no longer meet the rapidly growing demand. It is evident that CEXs are limiting the expansion of the crypto industry.
    UXUY Protocol aims to become a new layer of on-chain infrastructure by creating a permissionless and decentralized DEX framework. By connecting multiple major blockchains, it seamlessly integrates AMMs and order books, enabling ultra-fast on-chain crypto trading. At the same time, it provides powerful tools for developers and users to foster innovation and adoption in areas such as RWA and DeFi.
    Just as Uniswap opened the door to on-chain trading, UXUY Protocol is accelerating the path toward mass adoption.

    The Explosion of Crypto Assets

    As blockchain continues to gain traction, crypto assets are rapidly emerging as one of the most disruptive and high-growth forces globally. From the “super meme cycle” to the “Trump coin” craze, and the widespread use of USD, treasuries, stablecoins, and RWAs (Real World Assets), crypto assets have evolved far beyond simple transfers and trades. They are now deeply integrating with the real world and accelerating the structural transformation of the global financial system.

    In this permissionless new system, crypto assets have created a trustless financial network with no central authority—becoming the largest and most open ownerless asset system in human history. Various cryptocurrencies, tokens, and other forms of digital assets are minted, issued, traded, and stored at nearly zero marginal cost. This enables founders, users, small dev teams, and large institutions across the globe to easily participate in this decentralized economy.

    The explosion of crypto assets calls for an entirely new infrastructure—this is where UXUY Protocol comes in.

    Permissionless Trading Infrastructure

    Existing trading infrastructure is under strain. While centralized exchanges (CEXs) provide trading for major crypto assets, their centralized nature cannot keep up with the rapidly expanding demand. CEXs have become a major bottleneck for asset discovery and adoption.

    The key to solving this lies in building a permissionless and decentralized trading infrastructure that can meet the broader needs of DeFi and multi-chain asset trading. UXUY Protocol was born to break these limitations—offering a more open, transparent, and secure decentralized trading platform.

    UXUY Protocol connects multiple leading blockchains and integrates AMM, order book, RFQ, and oracle-based solutions to provide a fast and low-cost trading environment, enabling free movement of assets across chains. This decentralized model not only improves early asset liquidity but also enhances user security and privacy.

    UXUY Protocol is pioneering a new paradigm in crypto trading—launching an entirely new category beyond CEXs and DEXs: SEX (Smart Exchange Protocol).

    Unlike traditional centralized or decentralized exchanges, SEX goes beyond mere trading. It introduces innovations such as abstract wallets, GasLess transactions, on-chain AI alerts, and one-click trading—fundamentally reshaping the on-chain trading. By making trading faster, cheaper, and smarter, it delivers truly accessible crypto finance for everyone. The first app built on SEX, UXUY APP, is non-custodial—user assets remain fully in their control without exposure to platform risks or hacks, enabling both security and self-sovereignty.

    With its innovative GasLess module, users can trade on-chain without paying gas fees. This allows both everyday users and developers to enjoy efficient decentralized trading without extra costs—accelerating the adoption of crypto assets and advancing the decentralized ecosystem.

    What Is UXUY Protocol Doing?

    UXUY Protocol’s core mission is to build a permissionless protocol that comprehensively addresses the liquidity issues of on-chain trading. By combining multiple trading mechanisms, it not only offers an efficient platform for existing crypto assets but also supports the onboarding and liquidity of emerging ones.

    The protocol uses smart routing to aggregate a variety of trading models, including AMM (Automated Market Maker), OrderBook, RFQ (Request for Quote), and oracle-based pricing solutions—providing diverse trading options to cater to the needs of users and developers.

    Whether you’re a professional trader, DeFi developer, or an institution bringing RWA onto the blockchain, UXUY Protocol offers the right trading path for you.

    Unlike traditional DEX protocols, UXUY Protocol retains the advantages of various trading models and builds on them to offer accurate pricing and lower slippage.

    AMM (Automated Market Maker)

    AMMs are the dominant trading model for traditional DEXs. Users trade assets via liquidity pools, making it ideal for long-tail and early-stage tokens. The benefits include simplicity, no need for matching engines, and inherent decentralization.

    However, AMMs face challenges such as high slippage, impermanent loss, and low capital efficiency, making them vulnerable to frontrunning and MEV attacks. Many LPs (liquidity providers) report greater losses from impermanent loss than gains from fees.

    UXUY Protocol treats AMM as a core liquidity source and uses smart routing to dynamically optimize trade paths, enhancing efficiency and cost—without being limited to AMM alone.

    OrderBook (On-Chain Order Book)

    Order books—used in traditional finance and CEXs—offer more precise price discovery than AMMs. But on-chain implementation demands higher performance and infrastructure, along with complex deployment and higher liquidity costs.

    Best suited for high-volume assets, UXUY Protocol supports high-performance on-chain order book protocols to improve price precision and depth—delivering a professional-grade experience for serious traders.

    RFQ (Request for Quote)

    RFQ is ideal for large trades where liquidity may be limited—making it the preferred choice for custom OTC deals.

    Since RFQ relies on market makers’ responses, it’s less real-time and less automated, and therefore not suitable for frequent small trades. UXUY Protocol integrates RFQ to meet institutional demands for price stability and trade privacy.

    Oracle-Based Solutions

    Oracle models provide asset pricing through high-quality data sources—ideal for RWA, stablecoins, and some derivatives. Their strength lies in transparency and authoritative pricing, though they may suffer from delays, manipulation, or feed attacks.

    UXUY Protocol leverages major oracle networks to support pricing and settlement, building a more robust trading system.

    Additionally, UXUY Protocol’s cross-chain interoperability and liquidity provide a richer infrastructure for the on-chain trading of crypto assets.

    UXUY Founder Kevin Says:

    “By integrating AMM, OrderBook, RFQ mechanisms, and oracle-powered pricing, UXUY Protocol systematically solves the liquidity challenges in crypto trading. It is also the first on-chain trading system to implement GasLess transactions—lowering the user barrier and accelerating the shift from CEX to SEX (Smart Exchange Protocol).”

    The MIL Network –

  • MIL-OSI: Advanced Flower Capital Inc. Announces Financial Results for the First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    First quarter 2025 GAAP net income of $4.1 million or $0.18 per basic weighted average common share and 
    Distributable Earnings(1) of $4.5 million or $0.21 per basic weighted average common share

    WEST PALM BEACH, Fla., May 14, 2025 (GLOBE NEWSWIRE) — Advanced Flower Capital Inc. (Nasdaq: AFCG) (“Advanced Flower Capital”, “AFC” or the “Company”) today announced its results for the quarter ended March 31, 2025.

    AFC reported generally accepted accounting principles (“GAAP”) net income of $4.1 million or $0.18 per basic weighted average common share and Distributable Earnings of $4.5 million or $0.21 per basic weighted average common share for the first quarter of 2025.

    “Our top priority at AFC is reducing our exposure to underperforming credits, while also remaining disciplined on providing debt capital to accomplished operators,” said Dan Neville, AFC’s Chief Executive Officer. “While cannabis market sentiment continues to hinge on regulatory momentum, we are focused on taking advantage of market dislocations to invest in quality credits with strong risk adjusted returns, which our recent investments demonstrate.”

    Common Stock Dividend

    On April 15, 2025, the Company paid a regular cash dividend of $0.23 per common share for the first quarter of 2025 to shareholders of record as of March 31, 2025.

    Additional Information

    Advanced Flower Capital issued a presentation of its first quarter 2025 results, titled “First Quarter 2025 Earnings Presentation,” which can be viewed at advancedflowercapital.com under the Investor Relations section. The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, with the Securities and Exchange Commission on May 14, 2025.

    AFC routinely posts important information for investors on its website, advancedflowercapital.com. The Company intends to use this webpage as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. AFC encourages investors, analysts, the media and others interested in AFC to monitor the Investors section of its website, in addition to following its press releases, SEC filings, public conference calls, presentations, webcasts and other information posted from time to time on the website. To sign-up for email-notifications, please visit the “Email Alerts” section of the website under the “IR Resources” section.

    Conference Call & Discussion of Financial Results

    Advanced Flower Capital will host a conference call at 10:00 am (Eastern Time) on Wednesday, May 14, 2025, to discuss its quarterly financial results. All interested parties are welcome to participate. The call will be available through a live audio webcast at the Investor Relations section of AFC’s website found here: AFC — Investor Relations. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The complete webcast will be archived for 90 days on the Investor Relations section of AFC’s website.

    1 Distributable Earnings is a non-GAAP financial measure. See the “Non-GAAP Metrics” section of this release for a reconciliation of GAAP Net Income to Distributable Earnings.

    About Advanced Flower Capital

    Advanced Flower Capital Inc. (Nasdaq: AFCG) is a leading commercial mortgage real estate investment trust (“REIT”) that provides institutional loans to state law compliant cannabis operators in the U.S. Through the management team’s deep network and significant credit and cannabis expertise, AFC originates, structures, underwrites and manages loans ranging from $10 million to over $100 million, typically secured by quality real estate assets, license value and cash flows. It is based in West Palm Beach, Florida.

    Non-GAAP Metrics

    In addition to using certain financial metrics prepared in accordance with GAAP to evaluate our performance, we also use Distributable Earnings to evaluate our performance excluding the effects of certain transactions and GAAP adjustments we believe are not necessarily indicative of our current loan activity and operations. Distributable Earnings is a measure that is not prepared in accordance with GAAP. Distributable Earnings and the other capitalized terms not defined in this section have the meanings ascribed to such terms in our most-recently filed Quarterly Report on Form 10-Q. We use this non-GAAP financial measure both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that this non-GAAP financial measure and the information it provides is useful to investors since this measure permits investors and shareholders to assess the overall performance of our business using the same tools that our management uses to evaluate our past performance and prospects for future performance.

    The determination of Distributable Earnings is substantially similar to the determination of Core Earnings under our Management Agreement, provided that Core Earnings is a component of the calculation of any Incentive Compensation earned under the Management Agreement for the applicable time period, and thus Core Earnings is calculated without giving effect to Incentive Compensation expense, while the calculation of Distributable Earnings accounts for any Incentive Compensation earned for such time period.

    We define Distributable Earnings as, for a specified period, the net income (loss) computed in accordance with GAAP, excluding (i) stock-based compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss); provided that Distributable Earnings does not exclude, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash, (iv) provision for (reversal of) current expected credit losses, (v) taxable REIT (as defined below) subsidiary (“TRS”) (income) loss, net of any dividends received from TRS and (vi) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between our Manager and our independent directors and after approval by a majority of such independent directors.

    We believe providing Distributable Earnings on a supplemental basis to our net income as determined in accordance with GAAP is helpful to shareholders in assessing the overall performance of our business. As a REIT, we are required to distribute at least 90% of our annual REIT taxable income, subject to certain adjustments, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of such taxable income. Given these requirements and our belief that dividends are generally one of the principal reasons that shareholders invest in our common stock, we generally intend to attempt to pay dividends to our shareholders in an amount at least equal to such REIT taxable income, if and to the extent authorized by our Board of Directors. Distributable Earnings is one of many factors considered by our Board of Directors in authorizing dividends and, while not a direct measure of net taxable income, over time, the measure can be considered a useful indicator of our dividends.

    Distributable Earnings is a non-GAAP financial measure and should not be considered as a substitute for GAAP net income. We caution readers that our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our reported Distributable Earnings may not be comparable to similar measures presented by other REITs.

    The following table provides a reconciliation of GAAP Net income to Distributable Earnings:

      Three months ended
    March 31,
        2025       2024  
           
    Net income (loss) $ 4,067,685     $ (54,116 )
    Adjustments to net income (loss):      
    Stock-based compensation expense   553,749       543,222  
    Depreciation and amortization   —       —  
    Unrealized losses (gains) or other non-cash items   685,478       3,613,693  
    (Reversal of) provision for current expected credit losses   (699,424 )     4,931,674  
    TRS (income) loss, net of dividends   (63,582 )     931,233  
    One-time events pursuant to changes in GAAP and certain non-cash charges   —       —  
    Distributable earnings $ 4,543,906     $ 9,965,706  
    Basic weighted average shares of common stock outstanding   22,097,979       20,393,875  
    Distributable earnings per basic weighted average share $ 0.21     $ 0.49  
                   

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, including the ability of our manager to locate suitable loan opportunities for us, monitor and actively manage our loan portfolio and implement our investment strategy; the demand for cannabis cultivation and processing facilities and dispensaries; management’s current estimate of expected credit losses and current expected credit loss reserve and other factors could cause actual results and performance to differ materially from those projected in these forward-looking statements. More information on these risks and other potential factors that could affect our business and financial results is included in AFC’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of AFC’s most recently filed periodic reports on Form 10-K, Form 10-Q and subsequent filings. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect AFC. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Relations Contact

    Robyn Tannenbaum
    (561) 510-2293 
    ir@advancedflowercapital.com

    Media Contact 

    Collected Strategies
    Jim Golden / Jack Kelleher 
    AFCG-CS@collectedstrategies.com

    The MIL Network –

  • MIL-OSI United Kingdom: Thousands of Civil Service roles moved out of London in latest reform to the state

    Source: United Kingdom – Executive Government & Departments

    Press release

    Thousands of Civil Service roles moved out of London in latest reform to the state

    Civil servant roles, including senior leadership, will be relocated to 13 locations across the UK to develop and deliver policy closer to communities

    • Thousands of Civil Servants – including senior leaders – will be based in towns and cities across the UK to work with frontline workers and local leaders.

    • New digital and AI campus in Manchester and energy campus in Aberdeen to turbocharge local talent and expertise in these communities.

    • As part of our Plan for Change to re-wire the state, 11 central London offices will be closed including one of the largest Whitehall buildings – saving £94m per year – as the number of roles in the capital is reduced by 12,000.

    Thousands of civil service jobs will be relocated to 13 towns and cities across the country as part of our Plan for Change.

    The shake up will require more senior and policy roles to be based outside London. This will deliver and develop government policy closer to the communities it affects as part of a more productive and agile state.

    The plans will see officials working closely with frontline workers, facilitating greater understanding of the real issues facing local services and people, and how central government policy can support them.

    Changes will be introduced so talented young people from across the UK are able to progress straight from school or university into the Civil Service and rise all the way up to the most senior roles, without ever having worked in Whitehall.

    Chancellor of the Duchy of Lancaster Pat McFadden, said:

    To deliver our Plan for Change, we are taking more decision-making out of Whitehall and moving it closer to communities all across the UK.

    By relocating thousands of Civil Service roles we will not only save taxpayers money, we will make this Government one that better reflects the country it serves. We will also be making sure that Government jobs support economic growth throughout the country.

    As we radically reform the state, we are going to make it much easier for talented people everywhere to join the Civil Service and help us rebuild Britain.

    As part of the spending review, Chancellor of the Duchy of Lancaster Pat McFadden has written to all departments requiring them to relocate key roles and strengthen the Government’s presence around the UK. 

    Government departments now will submit plans for how many roles they plan to move to each of the locations as part of the spending review.

    Departments will be assessed on their commitments to the programme as part of the spending review. As well as increasing the number of officials working in Greater Manchester and Aberdeen, where two new government campuses will be created, roles will be created in Birmingham, Leeds, Cardiff, Glasgow, Darlington, Newcastle and Tyneside, Sheffield, Bristol, Edinburgh, Belfast and York.

    The changes are projected to bring £729m in local economic benefits to these areas between 2024 and 2030.

    New Regional Government Campuses

    Under the plans and to accelerate the delivery of the Missions, three major new Government campuses will be created. 

    Government campuses involve departments moving skilled roles to the same town or city to boost collaboration – bringing civil servants with different skills and expertise but the same policy or delivery focus, to solve issues and improve services for working people across the country.

    The first two of these, the new Government Digital and AI Innovation Campus and Energy Campus, will be in Manchester and Aberdeen.

    Manchester is already home to the second HQs of DSIT and DCMS, as well as a key base for GCHQ. The new campus will harness the city’s reputation as a global digital hub. 

    Aberdeen is the site of DESNZ’s second HQ, and the new HQ for Great British Energy.

    The new campuses will partner with local government and universities to deliver the government’s missions, improve the talent pipeline into Government and boost growth and opportunity. 

    Supporting Senior Civil Service Careers Outside London

    To ensure those based outside of London have equal professional growth and development opportunities, with full end-to-end careers, the Government will locate 50% of UK-based Senior Civil Servants in regional offices by 2030. 

    This will be supported by a new ambition for the Fast Stream programme to have 50% of placements offered outside of London by 2030, making it increasingly possible for future leaders and managers to progress in their careers without ever needing to work in the capital. 

    A new ‘Career Launch Apprenticeship’ programme will also open for applications this Summer, starting in 2026. The Level 3 Business Administrator apprenticeship programme will train up future civil servants based in Birmingham and Manchester, as well as London. 

    A new secondment scheme will also be developed and launched, in partnership with the Local Government Association, with Civil Servants placed directly with local authorities, building links within regions, and ensuring those delivering policy, experience first hand the work of local government and the services they provide.

    Making Savings in London

    Alongside the relocation of jobs, 11 London office buildings will be closed over the next five years and the number of London based civil servants will reduce by 12,000 by 2030 – down from 95,000 FTE staff to 83,000 – as the government focuses on saving taxpayer money and delivering better public services across all parts of the UK. 

    The move is set to deliver £94 million in savings annually by 2032, by getting rid of large, expensive London real estate. The plans include the closure of two major Westminster government buildings – 102 Petty France, one of the largest government buildings in London and home to 7,000 FTE staff, and 39 Victoria Street – which together cost tens of millions of pounds a year. 

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Alexandra Jones, Sally McInnes, Sally Sheard, James Strachan, Aruna Verma and Simon Wessely appointed to the ACNRA Board.

    Source: United Kingdom – Executive Government & Departments

    News story

    Alexandra Jones, Sally McInnes, Sally Sheard, James Strachan, Aruna Verma and Simon Wessely appointed to the ACNRA Board.

    The Secretary of State has appointed 6 Board Members to the Advisory Council on National Records and Archives for four years from 10 March 2025 to 09 March 2029.

    Alexandra Jones

    Alexandra Jones, the Director of Anti-Money Laundering at the Solicitors Regulation Authority, brings a wealth of experience in governance, compliance, and leadership to her role. At the SRA, Alexandra leads the development and implementation of AML policies, ensuring regulatory compliance across the legal sector. Her career spans diverse sectors, including finance and regulation, providing her with a unique perspective on risk management and ethical considerations.

    Before joining the SRA, Alexandra served as CEO of the Registry Trust, where she gained deep insight into legal and ethical issues related to data access, copyright, and privacy. She also held senior roles at the Financial Ombudsman Service and HSBC Bank, where she managed teams while upholding confidentiality and compliance standards. Her leadership experience is complemented by her commitment to professional development, including studying data ethics at the London School of Economics.

    Alexandra’s career reflects a dedication to promoting transparency and integrity. She is motivated by the vision of safeguarding collective heritage and leveraging it as a resource for education and public engagement.

    Sally McInnes

    Sally McInnes was formerly Head of Unique and Contemporary Content at the National Library of Wales. A professionally trained archivist, she has extensive experience in promoting, preserving and providing access to unique content of national significance, as well as policy development within the Welsh cultural sector.

    Sally has a particular interest in managing digital content, as well as improving professional competence in digital preservation, for which she has earned international recognition. As a former Director of the Digital Preservation Coalition, she worked to raise public and institutional awareness of digital preservation issues in Wales and beyond.

    She has played a leading role in a number of national and international professional networks. In recognition of her contribution to recordkeeping, she was awarded an MBE in 2024 for Services to Documentary History. She is a Fellow of the Archives and Records Association.

    Sally Sheard

    Professor Sally Sheard is Executive Dean of the Institute of Population Health at the University of Liverpool, where she also holds the Andrew Geddes and John Rankin Chair of Modern History. She is a health policy analyst and historian, with a research focus on the interface between expert advisers and policymakers. 

    Sally has extensive experience of using history in public and policy engagement, including working with national and local government organisations and health authorities. She has written for and appeared in numerous television and radio programmes. In 2018 she wrote and presented the twenty-part BBC Radio 4 series National Health Stories, to mark the seventieth anniversary of the NHS. Her books include The Passionate Economist: how Brian Abel-Smith shaped global health and social welfare (Policy Press, 2013); Making Genetics and Genomics Policy in Britain: from Personal to Population Health (co-authored with Philip Begley; Routledge, 2022) and NICE: A Contemporary History of the National Institute for Health and Care Excellence (co-authored with Paul Atkinson; Routledge, 2025).

    James Strachan

    James is Chief Executive of Eastleigh Borough Council in south Hampshire, and has been a senior leader in Hampshire local government for 16 years.  In addition to overseeing local services such as waste collection, planning, homelessness support and elections, James is ultimately responsible for information governance at the Council.  Prior to moving to Hampshire, James was Director of Public Services and Marketing at The National Archives, and served as Secretary to the official review of the 30-year rule, which was commissioned by Prime Minister Gordon Brown. 

    James has also worked at the Cabinet Office, and had a career in publishing prior to joining the civil service.  He oversaw the online launch of Encyclopaedia Britannica in Europe and was among the first employees of the mobile network ‘3’, negotiating the first ever mobile highlights deal with the Premier League.  James lives in Salisbury and serves as a magistrate on the West Hampshire Bench, based in Southampton.

    Aruna Verma

    Aruna Verma is a distinguished lawyer, associate professor, and Campus Dean at The University of Law, Moorgate. With a strong background in legal education and practice, she has played a pivotal role in shaping the next generation of legal professionals. As an academic leader, she combines her expertise in law with a passion for teaching, ensuring that students gain both theoretical knowledge and practical skills essential for success in the legal profession.

    Her career spans legal practice, academia, and educational leadership, making her a respected figure in the field. At The University of Law, she oversees academic programs, fosters student engagement, and works closely with industry professionals to bridge the gap between law school and legal practice.

    Beyond academia, Aruna is known for her contributions to legal scholarship, mentorship, and commitment to advancing diversity in the legal profession. Her leadership ensures that the Moorgate campus remains a hub for aspiring solicitors and barristers, preparing them for the challenges of the ever-evolving legal Landscape.

    With her wealth of experience and dedication to legal education, Aruna Verma continues to make a lasting impact on both students and the legal community. Aruna also sits as a Chair at The Valuation Tribunal and the Chair of Governors at a local school. Aruna is a trained mediator and online dispute resolution specialist.

    Simon Wessely

    Sir Simon Wessely FRS is the Regius Chair of Psychiatry at the Institute of Psychiatry, Psychology and Neuroscience (IOPPN), part of King’s College London (KCL), the first such chair in the United Kingdom. He is also a Consultant Liaison Psychiatrist at the Maudsley and King’s College Hospitals.

    After studying medicine and History of Art at Cambridge, he finished his medical training at Oxford. He is an active clinical academic psychiatrist with >1000 publications, a Fellow of the Academy of Medical Sciences and a Fellow of the Royal Society (FRS). He is a Past President of the Royal College of Psychiatrists and the Royal Society of Medicine. He was Dean of the IOPPN (2022-23) and is now a Non Executive Director of NHS-England.

    In 2003 he founded the King’s Centre for Military Health Research, which is now ranked 1st globally for publications on military health. He remains the Honorary Consultant Advisor in Psychiatry to the British Army, and works with several charities for Veterans. He was knighted in 2013 for services to military health and psychological medicine. He continues to have a broad interest in how people and populations react to adversity, past present and future.

    He chaired the government’s Independent Review of the Mental Health Act (2017-19), which should receive Royal Assent at Easter. He also was a member of the Judicial Appointments Commission (2017-23). His amateur interests revolve around history, and he is proud of having written some papers in “proper” history journals. Finally, if you are a follower of “Desert Island Discs” you will know his favourite occupation is arguing in Viennese cafes , perhaps reflecting the fact that his father was born in Central Europe, coming over to the UK in 1939.

    Remuneration and Governance Code

    Board Members will be remunerated at a rate of £386 per day. James Strachan requested not to be remunerated for this role. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. None of the candidates have declared any significant political activity.

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council crackdown on underage vape sales in Tunstall

    Source: City of Stoke-on-Trent

    Published: Wednesday, 14th May 2025

    Stoke-on-Trent City Council is stepping up its crackdown on underage and illegal vape sales after seizing more than £21,000 of illegal cigarettes, tobacco, and vapes from a Tunstall shop.

    It follows the sale of an illegal vape to a 17-year-old girl. The legal limit for vapes is 600 puffs, the one sold was three times over the legal limit.

    Trading Standards officers, supported by Staffordshire Police, visited TKT Express on High Street Tunstall on Friday, 9 May. During the operation, they discovered illegal products hidden in a nearby car linked to the shop. Officers seized 22,360 cigarettes, 6.2kg of tobacco and 290 vapes- all illegal – and with a total retail value of £21,600. The shop is now under formal investigation.

    Councillor Amjid Wazir OBE, cabinet member for city pride, enforcement and sustainability for Stoke-on-Trent City Council, said: “Our teams are taking firm action against shops that put young people at risk. I want to thank our Trading Standards for more hard work that protects all residents and upholds the law.

    “We want our city to be a safe place for children and young people, so the fact that this shop sold an illegal vape to somebody underage shows complete disregard for their safety. We will take action against those who put people at risk and undermine the hard work of legitimate businesses.”

    “I encourage any residents to report any suspicious activity related to illegal tobacco, vapes, or underage sales.”

    Anyone who wants to report a similar issue to Trading Standards can call the Trading Standards Hotline 01782 238444 or visit stoke.gov.uk

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Recent approval of IMO’s net-zero framework for international shipping

    Source: International Marine Contractors Association – IMCA

    Headline: Recent approval of IMO’s net-zero framework for international shipping

    Members of IMCA’s Marine Policy & Regulatory Affairs (MPRA) Committee and Margaret Fitzgerald, IMCA Head of Legal & Regulatory Affairs, participated in recent discussions at the 83rd session of the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC 83) aimed at setting shipping on a trajectory to reach net zero by 2050.

    It was a historic moment at the IMO when, on 11 April, MEPC 83 approved the draft legal text for incorporation into annex VI of the MARPOL Convention on its net-zero framework.

    In accordance with its 2023 revised greenhouse gas (GHG) strategy, the package of measures comprises of two elements:

    1. A global fuel intensity standard (GFI) measuring how much greenhouse gas is emitted for each unit of energy used, that ships must reduce over time,
    2. An economic measure, that will require ships operating above GFI thresholds to acquire remedial units to balance their excess emissions, while those using zero or near-zero GHG fuels or technologies will be eligible for financial rewards for their lower emissions profile.

    From 2028, ships with a gross tonnage of 5,000 GT or greater will be required to calculate their GHG fuel intensity (GFI) against a reference value of 93.3 gCO₂eq/MJ (the industry average in 2008), with mandatory reduction targets across two compliance tiers over the coming years.

    In terms of the economic measure, while there was significant support for a simple GHG levy, the compromise is an approach that establishes a two-tier carbon credits system of ‘remedial units’ and ‘surplus units’ that shipowners can trade to achieve compliance.

    The proposed text will now be circulated with an accompanying resolution in anticipation of adoption by an extraordinary session of the MEPC (MEPC ES/2) in October this year. If adopted, shipping will be the first sector to implement a globally agreed GHG pricing mechanism.

    IMO Secretary-General Arsenio Dominguez reminded delegates that the package of measures approved at MEPC 83 was only one step on international shipping’s journey to 2050 and much more work is needed to get there.

    MEPC 83 has identified a raft of new guidelines that will need to be developed, as well as a list of existing guidelines that will need to be amended to support the legal text.

    It will take some time to fully unpack what the economic impact of these measures on the offshore marine contacting sector will be, but IMCA’s MPRA Committee will do so over the next few months and will publish relevant guidance for members in due course.

    IMCA’s MPRA Committee will lead a seminar on 12 November 2025 analysing the outcome of October’s extraordinary session of the MEPC – please save the date in your calendars. 

    MIL OSI Global Banks –

  • MIL-OSI Russia: Construction of the second stage of the Novosibirsk State University campus has crossed the “equator”

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    Construction readiness of the second stage of the campus on the basis of Novosibirsk State University (NGU) is more than 50%. This was reported by the head of the Directorate for the construction of unique objects of the Unified Customer PPC Natalia Zarubina at a press tour that took place on May 14, 2025.

    The public-law company “Single Customer in the Sphere of Construction” acts as the state customer for the work and is responsible for the implementation of the facility.

    — Unified Customer is implementing the second stage of the project. At the moment, the overall readiness of the facilities is 57%. The builders are working according to the established schedule and in 2026 we plan to put all three buildings with a total area of about 40 thousand square meters into operation. Almost three thousand students will have the opportunity to study in new modern buildings, — noted Natalia Zarubina, Head of the Directorate for the Construction of Unique Facilities of the Unified Customer PPC.

    The construction of the campus opens up broad opportunities for the creation of innovative infrastructure that will promote the development of science, technology and education.

    — The development of modern educational infrastructure, including the construction of world-class campuses, is an important area of work for the Russian Construction Complex. We are currently creating such a campus at Novosibirsk State University. The construction is being carried out by the “Single Customer in the Sphere of Construction”. Three academic buildings will be built here. The largest of them, the building for continuous classrooms, is already ready, and the delivery and installation of technological equipment is underway. The construction of two more buildings — the educational and scientific center of the Institute of Medicine and Medical Technologies and the scientific research center — is ongoing. Here, the installation of facades and roofs, internal walls and partitions, external and internal utility networks, as well as finishing work are underway. I am confident that the creation of modern and comfortable conditions for learning will help students and researchers develop Russian science, — said Deputy Prime Minister Marat Khusnullin.

    The building of flow auditoriums was put into operation back in December 2024. Four auditoriums were equipped there, one of which is designed for 400 people, the building houses a scientific library, a student project center, coworking spaces, and a conference hall. In addition, for the convenient movement of students and teachers, an overhead passage with stained glass appeared there. It connects the building with the current educational building of NSU.

    — The cohesive, well-organized work of all specialized structures headed by the regional government yields results: an educational building and a leisure center Specialized educational and scientific center of NSU, as well as the NSU dormitory complex were put into operation.

    The building of flow auditoriums has been put into operation and is preparing to receive students. This is a high-tech multifunctional space. The objects that are located here can be called unique. A scientific library with elements of artificial intelligence and a collection of more than 1 million books. Four flow auditoriums, accommodating about a thousand people, and the auditorium for 400 people will be one of the largest among Novosibirsk universities. The locations in the building will be equipped with technologies of the NSU Artificial Intelligence Center according to the “smart home” principle.

    Construction of two other second-stage campus facilities, the educational and scientific center of the Institute of Medicine and Medical Technologies and the scientific research center of NSU, is continuing at a good pace.

    The project, aimed at creating a scientific and educational environment integrated into the city, will give a completely new dynamic to the development of the university, Akademgorodok and the entire region, commented Deputy Governor of the Novosibirsk Region Irina Manuilova.

    Modern campuses often include not only study spaces, but also recreation areas, coworking spaces, and libraries. According to the university’s rector, Mikhail Fedoruk, the new buildings will have everything necessary for student learning.

    — The building of continuous auditoriums will significantly increase our educational capabilities: about 2 thousand students will be able to study here at the same time. The educational process will begin here in September 2025. The fact that the library will receive a modern building and space is also very important. The total area of the building of continuous auditoriums is about 16 thousand square meters. This is the largest building among the second stage of construction. The commissioning of new buildings will certainly give further impetus to the development of the university in both educational and scientific research, technological terms. Thus, on the basis of the research center, we will develop promising scientific and technological areas. Among them are space instrumentation, new functional materials, platform software solutions in the oil and gas sector, photonics and sensorics, biotechnology and biomedical research, synchrotron-neutron research, advanced areas of applied mathematics (artificial intelligence and big data processing), — emphasized the rector of NSU, academician of the Russian Academy of Sciences Mikhail Fedoruk.

    The campus is being implemented within the framework of the federal project “Creation of a network of modern campuses” and the national project “Youth and Children” on behalf of the President of Russia Vladimir Putin and the Government of the Russian Federation. Currently, three more world-class campuses are being built by the Unified Customer PPC in Yekaterinburg, Kaliningrad and Orel.

    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: Orezone Gold Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the first quarter of 2025.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    First Quarter 2025 Highlights

    • Gold production of 28,688 oz
    • AISC per oz sold of $1,415
    • Revenue of $82.7M from the sale of 28,943 gold oz at an average realized price of $2,851 per oz
    • Adjusted EBITDA of $44.2M, Adjusted Earnings attributable to Orezone shareholders of $18.7M, and Adjusted Earnings per Share attributable to Orezone shareholders of $0.04
    • Liquidity of $130.9M at March 31, 2025 with cash of $102.0M and undrawn senior debt of $28.9M.
    • Stage 1 of the hard rock expansion reached 45% completion and remains on track for first gold in Q4-2025
    • Advancing work towards a secondary listing on the Australian Securities Exchange (“ASX”) by mid-2025

    Patrick Downey, President and CEO, commented “The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices. Production and costs were in line with expectations with annual guidance being maintained. Cash reached a record $102 million at March 31, 2025, providing the Company with significant financial flexibility in pursuing its strategy of expanding gold production at our Bomboré Mine.

    Construction of stage 1 of the hard rock expansion made excellent progress in Q1-2025 with project completion hitting 45%. We remain firmly on track for first gold by Q4-2025 which will scale forecasted gold production to over 170,000 oz per year.

    We are also well advanced in our ASX listing application and expect that to be completed later in mid-2025. The recent equity financing was well supported by several key Australian mining funds and by our cornerstone investor, Nioko Resources Corporation, through their pro-rata participation. These financings added over $32 million to the Company’s treasury and have provided us the opportunity to study the merits of fast-tracking stage 2 of the hard rock expansion to increase annual production to over 220,000 oz and to upsize our 2025 discovery-focus drill program. The Company expects to announce a Board-approved final investment decision on stage 2 in the coming months.”

    Highlights for the First Quarter and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q1-2025 Q1-2024
    Operating Performance      
    Gold production oz 28,688 30,139
    Gold sales oz 28,943 31,229
    Average realized gold price $/oz 2,851 2,066
    Cash costs per gold ounce sold1 $/oz 1,226 1,127
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,415 1,324
    Financial Performance      
    Revenue $000’s 82,715 64,685
    Earnings from mine operations $000’s 38,563 26,882
    Net earnings attributable to shareholders of Orezone $000’s 15,979 11,697
    Net earnings per common share attributable to shareholders of Orezone      
    Basic $ 0.03 0.03
    Diluted $ 0.03 0.03
    EBITDA1 $000’s 41,182 30,329
    Adjusted EBITDA1 $000’s 44,194 25,928
    Adjusted earnings attributable to shareholders of Orezone1 $000’s 18,690 7,736
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.04 0.02
    Cash and Cash Flow Data      
    Operating cash flow before changes in working capital $000’s 39,986 26,485
    Operating cash flow $000’s 27,704 13,637
    Free cash flow1 $000’s 3,682 2,013
    Cash, end of period $000’s 102,016 15,597

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    FIRST QUARTER HIGHLIGHTS

    • Safety Performance: Safety milestone of 20 million hours worked without a lost-time injury at the Bomboré Mine was achieved in March 2025 demonstrating the Company’s strong commitment to worker safety. In Q1-2025, 1.4M hours were worked without a lost-time injury and at a low total recordable injury frequency rate of 0.74 per million man hours. Sadly, an incident resulting in the death of one contractor employee occurred on May 8, 2025 at the hard rock expansion construction site. The Company is conducting a thorough investigation on the causes of the accident in order to further improve safety practices and procedures.
    • Improved Liquidity: Available liquidity rose to $130.9M at March 31, 2025 with $102.0M in cash and XOF 17.5 billion ($28.9M) available for drawdown on the Phase II term loan with Coris Bank International (“Coris Bank”). The Company remains well-funded to execute on its 2025 and future growth plans.   
    • Positive EBITDA, Net Earnings, and Earnings Per Share: Reported EBITDA of $41.2M, net earnings attributable to Orezone shareholders of $16.0M, and net earnings per share attributable to Orezone shareholders of $0.03 per share on a basic and diluted basis as earnings benefitted from the record rise in gold prices and unhedged gold sales in the current quarter. These earnings figures were 36%, 37%, and 5% higher, respectively, when compared against Q1-2024.
    • Free Cash Flow Generation: Generated free cash flow of $3.7M with cash flow from operating activities totalling $40.0M after deducting income taxes of $4.1M but before changes in non-cash working capital. Non-cash working capital increased by $12.3M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $24.0M reflecting a ramp-up in spending on the stage 1 of the Phase II hard rock expansion currently under construction. Strong operating cash flow funded the Company’s large capital programs and resulted in positive free cash flow for the current quarter.  
    • Stage 1 of Phase II Hard Rock Expansion – Tracking on Schedule and Budget: Project completion reached 45% at the end of Q1-2025 with total project costs at $34.3M after $19.0M was incurred in Q1-2025. The expansion continues to track towards first gold in Q4-2025 at a project budget of $90M – $95M. Once in commercial production, stage 1 of the expansion is expected to boost annual gold production of the Bomboré Mine to between 170,000 to 185,000 oz per year.
    • Debt Reduction of Phase I Financing: Principal repayments totalling XOF 3.0 billion ($4.8M) were made on the Company’s senior debt in Q1-2025. As of March 31, 2025, the principal on senior debt stood at XOF 39.5 billion ($65.2M), of which XOF 22.0 billion ($36.3M) related to Phase I.

    CORPORATE

    • Bought Deal Equity Offering: On March 13, 2025, the Company closed on a bought deal offering pursuant to which the Company issued 42,683,000 common shares at a price of C$0.82 per share for gross proceeds of C$35.0M. On March 19, 2025, the underwriter exercised its over-allotment option resulting in the Company issuing an additional 6,402,450 common shares at a price of C$0.82 per share for gross proceeds of C$5.3M. Gross proceeds from the offering totalled C$40.3M ($28.0M) with net proceeds at C$37.6M ($26.1M) after commission and other transaction costs. The Company intends to use the net proceeds from the offering towards the acceleration of stage 2 of the Phase II hard rock expansion, additional exploration, working capital, and general corporate purposes.
    • Proposed Australian Securities Exchange (“ASX”) Listing: The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes an ASX listing will improve its market trading liquidity, offer an opportunity to grow the Company’s shareholder base and research coverage, and provide a pathway for future index inclusion. Work with legal advisors and technical consultants on the ASX listing application continued to progress in Q1-2025.

    SUBSEQUENT EVENTS

    • Private placement with Nioko Resources Corporation (“Nioko”): On April 2, 2025, the Company closed a non-brokered private placement with Nioko for 10,719,659 common shares at a price of C$0.82 per share for gross proceeds of C$8.8M ($6.1M) in order to maintain its pro-rata share ownership in the Company.

    2025 GUIDANCE FOR BOMBORÉ MINE

    Bomboré Mine (100% basis) Unit FY2025 Guidance Q1-2025 Actuals
    Gold production Au oz 115,000 – 130,000 28,688
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500 $1,415
    Sustaining Capital12 $M $9 – $10 $3.2
    Growth capital (excluding Phase II Expansion) 12 $M $44 – $51 $7.7
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80 $19.0
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance Q1-2025 Actuals
    I Phase II Hardrock Expansion – Stage 1 $M $75 – $80 $19.0
    II Permanent Back-up Diesel Power Plant $M $22 – $24 $4.8
    III TSF Footprint Expansion – Cell 2 $M $11 – $13 $1.3
    IV Resettlement Action Plan (“RAP”) $M $11 – $14 $1.6
      Growth Capital Total $M $119 – $131 $26.7
             
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided –

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.

    OPERATING HIGHLIGHTS

    Bomboré Mine, Burkina Faso (100% basis)   Q1-2025   Q1-2024
    Safety      
    Lost-time injuries frequency rate Per 1M hours 0.00   0.00
    Personnel-hours worked 000’s hours 1,357   1,410
    Mining Physicals      
    Ore tonnes mined tonnes 2,114,543   2,402,533
    Waste tonnes mined tonnes 4,018,182   3,123,099
    Total tonnes mined tonnes 6,132,725   5,525,631
    Strip ratio waste:ore 1.90   1.30
    Processing Physicals      
    Ore tonnes milled tonnes 1,511,303   1,355,619
    Head grade milled Au g/t 0.67   0.78
    Recovery rate % 87.9   89.0
    Gold produced Au oz 28,688   30,139
    Unit Cash Cost      
    Mining cost per tonne $/tonne 2.81   3.48
    Mining cost per ore tonne processed $/tonne 8.06   8.02
    Processing cost $/tonne 7.80   9.24
    Site general and admin (“G&A”) cost $/tonne 3.78   3.79
    Cash cost per ore tonne processed $/tonne 19.64   21.05
    Cash Costs and AISC Details      
    Mining cost (net of stockpile movements) $000’s 12,176   10,867
    Processing cost $000’s 11,782   12,520
    Site G&A cost $000’s 5,718   5,134
    Refining and transport cost $000’s 166   117
    Government royalty cost $000’s 6,602   5,132
    Gold inventory movements $000’s (951 ) 1,416
    Cash costs1on a sales basis $000’s 35,493   35,186
    Sustaining capital $000’s 3,199   4,018
    Sustaining leases $000’s 73   73
    Corporate G&A $000’s 2,182   2,069
    All-In Sustaining Costs1on a sales basis $000’s 40,947   41,346
    Gold sold Au oz 28,943   31,229
    Cash costs per gold ounce sold1 $/oz 1,226   1,127
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,415   1,324

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    BOMBORÉ PRODUCTION RESULTS

    Q1-2025 vs Q1-2024

    Gold production in Q1-2025 was 28,688 oz, a decrease of 5% from the 30,139 oz produced in Q1-2024. The lower gold production is attributable to a 14% decrease in head grades and 1% decrease in recovery rates partially offset by a 11% increase in plant throughput.

    Plant throughput of 1.51M tonnes in Q1-2025 continues to exceed nameplate design by 16% and was 11% higher than Q1-2024 as plant operating hours in Q1-2024 were reduced from the commissioning of grid power to site, a ball mill reline, and grid power interruptions. Hourly plant throughput was successfully improved starting in July 2024 by increasing the mill power draw and reducing residence time in the CIL circuit with only a minor loss in recovery. This higher hourly throughput has been maintained into 2025.

    The better head grades in Q1-2024 were from the sequencing of higher-grade pits in earlier periods of the mine plan and the preferential stockpiling of lower-grade ore mined.

    BOMBORÉ OPERATING COSTS

    Q1-2025 vs Q1-2024

    AISC per gold oz sold in Q1-2025 was $1,415, a 7% increase from $1,324 per oz sold in Q1-2024. The higher AISC is primarily the result of: (a) lower head grades and (b) greater per oz royalty costs from a 38% increase in the realized gold price ($2,851/oz vs $2,066/oz). This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 and from a 11% increase in plant throughput resulting in economies for fixed costs. Grid utilization in Q1-2025 stood at 76%, a drop from 92% recorded in the second half of 2024, as site experienced higher occurrences of power dips from the national grid in Q1-2025, necessitating the use of back-up diesel gensets for longer periods. To avoid uncontrolled plant stoppages, Bomboré transferred power back to the grid only when stable.

    Cash cost per ore tonne processed in Q1-2025 was $19.64 per tonne, a decrease of 7% from $21.05 per tonne in Q1-2024, mainly as a result of a reduction in processing costs ($7.80/tonne vs $9.24/tonne) from the use of lower-cost grid power throughout Q1-2025 compared with only partial use in Q1-2024 as the connection to the national grid was not energized until February 2024.

    Mining cost per tonne has decreased in Q1-2025 when compared to Q1-2024 ($2.81/tonne vs $3.48/tonne) due to the greater proportion of material coming from the Siga pits which commenced mining in July 2024 resulting in less transition material and lower volume of drill-and-blast prior to excavation as softer oxide ore are mined in the upper benches of these new pits, and a shorter haul profile in comparison to ore mined from the A pits in Q1-2024. Mining unit costs in Q1-2025 also benefitted from less grade control drilling at a lower meterage cost as drilling in Q1-2024 was conducted using rented drills prior to the deployment of two new owner drills in the second half of 2024. However, the 19% decrease in unit mining cost was offset by a 46% jump in the strip ratio (1.90 vs 1.30).

    BOMBORÉ GROWTH CAPITAL PROJECTS

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of the Phase II hard rock expansion was officially approved by the Company’s Board in July 2024. Lycopodium Minerals Canada Ltd. was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant which has consistently operated above nameplate design since start-up.

    Progress and milestones achieved in Q1-2025 include:

    • Project completion reached 45%, slightly ahead of schedule.
    • Engineering and drafting progress stood at 85%, ahead of the 73% planned.
    • Procurement is essentially complete with all equipment and materials ordered except for top-ups of remaining bulks such as cabling which will be placed once final quantities are determined. Order deliveries are advancing with CIL tank platework and major SAG mill components already received at site.
    • Concrete volume poured of 2,326 m3 (44% of estimated total) including SAG mill footings and start of jaw crusher wing walls.
    • Mobilization of structural/mechanical/piping (“SMP”) contractor to site including set-up of construction camp.
    • Installation of bottom plates on the 5 CIL tanks with first set of strakes on the first 4 tanks in progress.
    • Operational readiness activities have commenced with safety and recruitment plans under preparation.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been signed with awards to the same contractors that successfully delivered on the Phase I oxide construction.

    As of March 31, 2025, the Company has incurred $34.3M in costs to-date against the project budget, of which $19.0M was incurred in Q1-2025.

    Permanent Back-Up Diesel Power Plant

    The installation of the standby power plant remains on track for final commissioning in October 2025. Layouts and drawings are finalized and purchase orders on all key equipment have been placed. At site, civil works are underway including initial concrete pours for the structural footings of the engine hall.

    The 18 Caterpillar diesel gensets have been packed for shipment and is currently awaiting export clearance prior to organizing transport to site.

    As of March 31, 2025, the Company has incurred $4.8M against the project budget.

    RAP Phases II and III

    BV2 resettlement site construction commenced in Q4-2024 and is divided into two distinct communities: BV2 Peuhl and BV2 Mossi. BV2 Peuhl construction and relocation was completed in Q1-2025 allowing for construction activities at BV2 Mossi to commence in the same quarter. Compensation payments to affected residents for loss of land, crops, trees, and private structures commenced in March 2025 with majority of payments expected to be completed in Q2-2025.

    As of March 31, 2025, the Company has incurred $1.6M in RAP costs for 2025.

    TSF Footprint Expansion – Cell 2

    Bush clearing and topsoil relocation of the Cell 2 basin was completed while placement and compaction of mining waste material on the eastern embankments of Cell 2 commenced in Q1-2025.

    As of March 31, 2025, the Company has incurred $1.3M in costs for 2025.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three months ended March 31, 2025 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The condensed interim consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its first quarter 2025 results on May 14, 2025:

    Webcast
    Date:    Wednesday, May 14, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone Q1-2025 Conference Call and Webcast

    Conference Call
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 3969133

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focussed on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.  

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI: Red Cat Expands Maritime Domain Capabilities with Battle-Tested Unmanned Surface Vessels

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, May 14, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a leading provider of drone technology for military, government, and commercial operations, today announced the expansion of its multi-domain Family of Systems with a new line of Unmanned Surface Vessels (USVs). This strategic move marks Red Cat’s official entry into the rapidly evolving maritime autonomy market and reinforces its position as a provider of comprehensive, interoperable unmanned systems for air, land, and sea operations.

    Meeting the Demands of Modern Conflict

    Red Cat’s entry into the maritime domain builds on existing inroads, including a partnership with Ocean Power Technologies to integrate its aerial drones with autonomous maritime platforms. Red Cat’s own line of kinetic-capable USVs marks a significant step forward. The decision is a direct response to rising geopolitical tensions and a shift in U.S. defense priorities toward re-asserting American maritime dominance globally. Red Cat is well positioned to deliver American-manufactured solutions that address these urgent operational needs of the U.S. and allied naval forces.

    “This is a pivotal moment for Red Cat as we evolve from an aerial-first drone company into a true multi-domain defense provider,” said Jeff Thompson, Red Cat CEO. “This expansion into maritime platforms opens significant opportunities in a fast-growing and urgently needed defense sector. As the U.S. and its allies confront rising maritime threats, particularly in the Indo-Pacific, there’s a clear demand for powerful, proven, and scalable USVs made in America. With these USVs, we’re helping to shape the future of autonomous warfare and strengthening the foundation of U.S. defense manufacturing.”

    Introducing Red Cat’s New Line of USVs

    Red Cat is bringing its line of USVs to market in partnership with a leading global manufacturer of USVs. The system is tested daily in actual combat and designed to operate either autonomously or in manned-unmanned teaming (MUM-T) configurations. The technology already has 10,000+ hours of operating time in live combat missions. Moving into production will accelerate Red Cat’s roadmap for USVs that integrate seamlessly with its existing family of ISR and unmanned aerial systems, supporting multi-domain and swarming operations.

    “This system has been used day in and day out in the current conflict, accumulating tens of thousands of hours in real combat operations and achieving dozens of successful kinetic engagements against enemy assets, more than any navy since World War II,” Thompson stated. “By partnering with a company that has extensive proven experience and is well beyond the proof-of-concept stage, we gain a substantial competitive advantage as we enter this market.”

    Red Cat is preparing to start production in Q3 of a seven-meter Expeditionary Multi-Role Craft developed to meet the demands of high-speed, long-range, kinetic maritime operations. It is built for larger payloads, extended endurance, and increased firepower. The version has enhanced range, payload capacity, and mission flexibility making it ideal for deep-strike missions, anti-ship warfare, and coastal interdiction in contested zones.

    Leaders in Ship Building and Marine Innovation

    Red Cat has assembled an elite team of master boatbuilders, drawing from industry leaders with centuries of collective experience. Renowned for pioneering advanced jet propulsion systems and crafting superior, American-made hulls, our team brings unmatched expertise to every vessel. Boatbuilding at scale demands profound knowledge and precision—qualities our proven professionals deliver with decades of hands-on experience, ensuring excellence in every detail.

    For more information about Red Cat’s mission and its line of Unmanned Surface Vessels visit www.redcat.red/USV.

    About Red Cat Holdings, Inc.

    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    Forward Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:

    E-mail: Investors@redcat.red

    NEWS MEDIA:

    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

    The MIL Network –

  • MIL-OSI: Descartes’ Annual Ecommerce Study Shows Younger Consumers Driving Online Buying Growth – but 79% Have Experienced Delivery Problems

    Source: GlobeNewswire (MIL-OSI)

    LONDON and ATLANTA, May 14, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, released findings from How Smarter Home Delivery Wins Younger Consumers as Online Buying Slows, its fourth annual consumer sentiment study of ecommerce home delivery. The study shows that, in a slower growing ecommerce market, consumers aged 18-35 (“under 35s”) are the biggest contributor to online growth, increasing both the volume and frequency of their purchases over the last 12 months compared to the prior year. While 18% of overall consumers surveyed cut back on purchases during this period, 43% of under 35s increased their spending year-on-year compared to just 32% of over 65s (see Figure 1).

    Figure 1. Changes in online purchasing behavior

    In addition, this year’s survey found that 44% of under 35s made online purchases at least every two weeks—a significant jump over last year’s 33%. For the younger demographic, however, their levels of dissatisfaction with home delivery remain high with a significant 79% reportedly experiencing delivery problems compared to 66% of overall consumers surveyed.

    Moreover, for each delivery problem detailed in the survey, under 35s reported a higher percentage of negative experiences than overall respondents (see Figure 2). Conversely, over 65s reported a lower percentage of negative experiences than all respondents. Not only is the younger demographic the cohort driving growth in online purchasing, it also appears to be the group with the highest expectations for positive delivery experiences.

    Figure 2. Issues with home deliveries

    “The bottom-line impact of negative delivery experiences remains a pressing concern for retailers and their delivery partners, especially with the pace of ecommerce growth steadying post-pandemic,” said Mavi Silveira, SVP Global Marketing at Descartes. “While small improvements in home delivery performance have been made over the past few years, they’re not currently reflecting the quality experience consumers are demanding, especially the valuable under 35 cohort, as poor delivery experiences risks the potential lifetime customer value of this demographic.”

    Descartes and SAPIO Research surveyed 8,000 consumers in Europe and North America on their ecommerce buying behavior during the first three months of 2025. The goal was to gain a comprehensive view of the state of ecommerce and home delivery performance by understanding, for example, the reasons for increases or decreases in ecommerce purchases, the different types of goods purchased, the frequency of purchases, delivery preferences, delivery experiences and the impact of delivery failures on retailers and their delivery agents. The study also examines how consumer behaviors and perceptions vary across demographics. For the full report, read How Smarter Home Delivery Wins Younger Consumers as Online Buying Slows.

    Learn more about Descartes’ Home Delivery Solutions and its Ecommerce Shipping & Fulfillment Solutions.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    Tel: 226-750-8050                                 
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ home delivery solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/77f81b2d-ddd8-48b8-974d-26698f3133a0

    https://www.globenewswire.com/NewsRoom/AttachmentNg/60a47827-611b-41e9-b7c0-eba8ee5e3956

    The MIL Network –