Category: Business

MIL-OSI USA: King, Bipartisan Colleagues Collaborate to Expand Tax Credit for Small Businesses Investing in Research & Development

US Senate News:

Source: United States Senator for Maine Angus King
WASHINGTON, D.C. – Today, U.S. Senator Angus King (I-ME), a member of the Senate Armed Services Committee (SASC), is cosponsoring bipartisan legislation to help the United States outcompete foreign adversaries like China that are significantly investing in research and development (R&D). The American Innovation and Jobs Act would help American small businesses expand and strengthen research and development (R&D) by extending and making permanent vital tax credits –allowing full expensing of R&D—previously included in the 2017 Tax Cuts and Jobs Act.
Companies and startups investing in R&D have long been able to either claim a tax credit or deduct their investments, which helps them to invest in developing new, innovative products. The legislation would also permanently restore full expensing of R&D costs while allowing businesses to retroactively take advantage of the deduction for the tax years during which full expensing had expired.
“’Made in America’ products are essential to demonstrating American superiority on the world stage – from maintaining access to critical supply chains to preserving control of sensitive intellectual property,” Senator King said. “The bipartisan American Innovation and Jobs Act will allow American small businesses to innovate and grow their footprints with the certainty of expanded, permanent tax credits that make this critical research more economically desirable. I want to thank my colleagues on both sides of the aisle for recognizing the importance of strengthening American industry to build jobs here at home, address national security challenges, and compete on the global stage.”
More specifically, the American Innovation and Jobs Act would:
Restore incentives for long-term R&D investment by ensuring that companies can continue to fully deduct R&D expenses each year by repealing the change made by the Tax Cuts and Jobs Act to section 174 of the tax code.
Expand support for innovative startups by:
Immediately doubling the cap on the refundable R&D tax credit from $250,000 to $500,000, and ultimately raising it to $750,000 over ten years.
Expanding access to the R&D tax credit for startups by lowering certain threshold needed to qualify.
Expand the number of startups eligible to use the refundable R&D credit by:
Increasing the eligibility threshold from $5 million to $15 million in gross receipts.
Increasing the period during which startups can claim the credit from 5 years to 8 years after beginning to generate at least $25,000 in revenue.
In addition to King, cosponsors of the legislation include Senators Todd Young (R-IN), Maggie Hassan (D-NH), James Lankford (R-OK), Jeanne Shaheen (D-NH), Steve Daines (R-MT), Mark Warner (D-VA), John Barrasso (R-WY), Jacky Rosen (D-NV), Thom Tillis (R-NC), Gary Peters (D-MI), Roger Marshall (R-KS), Alex Padilla (D-CA), Tommy Tuberville (R-AL), Patty Murray (D-WA), John Kennedy (R-LA), Amy Klobuchar (D-MN), Pete Ricketts (R-NE), Mark Kelly (D-AZ), Katie Britt (R-AL), Tim Kaine (D-VA), Shelley Moore Capito (R-WV), Catherine Cortez Masto (D-NV), Deb Fischer (R-NE), Tammy Baldwin (D-WI), Jerry Moran (R-KS), Ben Ray Lujan (D-NM), Bill Hagerty (R-TN), Chris Coons (D-DE), Markwayne Mullin (R-OK), Elissa Slotkin (D-MI), Roger Wicker (R-MS), Ted Budd (R-NC), Jon Ossoff (D-GA), Jon Husted (R-OH), and Martin Heinrich (D-NM.).
The legislation is endorsed by the R&D Coalition, which includes companies of all sizes and many trade associations including Business Roundtable, National Association of Manufacturers, Information Technology Industry Council, and the U.S. Chamber of Commerce.
As a member of the Senate Armed Services Committee, Senate Select Committee on Intelligence, and Senate Energy & Natural Resources Committee, Senator King is committed to advancing American competitiveness in 21st century technologies and reducing America’s reliance on fossil fuels while improving national security and strengthening cyberdefenses. Senator King is the co-chair of the Senate Semiconductor Caucus, and has been one of the Senate’s leading advocates for improving battery technology and recycling as a way to strengthen national security and create good-paying American jobs. He was also a cosponsor of the Critical Minerals Security Act to direct the U.S. Department of the Interior to evaluate the global supply and ownership of critical minerals, establish a process to assist U.S. companies seeking to divest critical minerals operations in foreign countries, and develop a method for sharing intellectual property for clean mining and processing technologies with U.S. allies and partners.
Full text of the legislation can be found here.

MIL OSI USA News –

May 10, 2025
MIL-OSI: Vocodia Expands Business Plan to Include Crypto Asset Acquisition Powered by Predictive AI

Source: GlobeNewswire (MIL-OSI)

BOCA RATON, Fla., May 09, 2025 (GLOBE NEWSWIRE) — Vocodia Holdings Corp. (OTCQB: VHAI), a leader in AI-driven voice automation and digital intelligence, announced today an update to its business plan to include the acquisition of crypto assets as part of its strategic growth initiatives.

This move is supported by Vocodia’s proprietary Predictive AI technology, co-developed with its strategic partners, designed to identify and act on optimal digital asset opportunities. The company is currently in advanced negotiations with investment banks for an initial investment to support the first phase of this new initiative.

“Our Predictive AI gives us a unique edge in the digital asset space,” said Brian Podolak, CEO of Vocodia. “We believe integrating crypto into our business model aligns with our long-term vision for value creation and innovation.”

Further details will be announced as the investment and execution strategy are finalized.

About Vocodia
Vocodia Holdings Corp. (OTCQB: VHAI) is an AI technology company focused on building and deploying human-like voice automation agents for sales, service, and support across multiple industries.

For media or investor inquiries, please contact:
Investor Relations
ir@vocodia.com

The MIL Network –

May 10, 2025
MIL-OSI: Standard Lithium Reports Fiscal First Quarter 2025 Results
Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 09, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI), a leading near-commercial lithium company, today announced its financial and operating results for the three month fiscal period ended March 31, 2025.

“2025 will be a pivotal year for us, marked by several key milestones that will shape the future of Standard Lithium, our joint venture, and impact the industry as a whole,” said David Park, Chief Executive Officer and Director of Standard Lithium. “We started with a strong first quarter by finalizing our $225 million grant from the US Department of Energy, advancing our subsurface understanding through extensive reservoir testing, completing the derisking of our DLE technology with a final pilot field test at South West Arkansas, and continuing to expand our leasehold footprint in East Texas. Together with our South West Arkansas project’s recent designation as a priority transparency critical mineral project by the Trump administration and the approval of our first brine production unit, these achievements reinforce our conviction that our projects in the Smackover will deliver significant value to our shareholders, the communities that we work in, and will help secure critical mineral production in the United States. While much remains to be done ahead of a final investment decision at SWA, as well as further advancing East Texas, we are energized by the momentum we have built and we are focused on our next project development milestones.”

Highlights Subsequent to the Three Month Fiscal Period Ended March 31, 2025

All amounts are in US dollars unless otherwise indicated.
- Smackover Lithium’s South West Arkansas Project receives special designation. Smackover Lithium announced that its South West Arkansas (“SWA”) Project had been selected as one of the first critical mineral production projects to be advanced under Executive Order 14241 – Immediate Measures to Increase American Mineral Production, announced by the U.S. Federal Permitting Improvement Steering Council at the recommendation of the National Energy Dominance Council.
- Approval of brine production unit for Phase I of the SWA Project. On April 24, Smackover Lithium announced the brine production unit, formally named the Reynolds Unit, for Phase I of it’s SWA Project was unanimously approved by the Arkansas Oil and Gas Commission with no objections or opposition in a hearing that was open to all stakeholders from the community. Approval of the unit was a necessary statutory requirement as Smackover Lithium seeks to establish a royalty rate for the unit by the end of the second quarter.
- Submission of royalty application to the Arkansas Oil and Gas Commission for the SWA Project. On May 6, Smackover Lithium announced that SWA Lithium LLC had submitted a royalty application to the Arkansas Oil and Gas Commission to establish a lithium royalty for the Reynolds Unit for Phase I of its SWA Project.
Highlights From Three Month Fiscal Period Ended March 31, 2025
- Finalized $225 million grant from the U.S. Department of Energy (“DOE”) for the South West Arkansas Project. The grant will support construction of Phase 1 of the SWA Project. The SWA Project is expected to be one of the world’s first commercial-scale Direct Lithium Extraction (“DLE”) facilities.
- Undertook extensive field and reservoir testing program at the SWA Project. Completed drilling of new well and multiple well re-entries into the Smackover Formation to conduct detailed reservoir testing and brine sampling work to further support front end engineering design and definitive feasibility studies.
- Completed final test of field-pilot plant at the SWA Project. In partnership with Koch Technology Solutions, successfully operated a field-pilot plant at the SWA Project as the final DLE derisking step prior to commercialization. Lithium recovery far exceeded design criteria, with over 99% recovery from brine sourced from the project’s International Paper Company well.
- Launch of Smackover Lithium. On January 29, 2025, at a community townhall in Stamps, AR, the Company and Equinor announced Smackover Lithium as the new name for their joint venture developing DLE projects in Southwest Arkansas and East Texas.
- Continued strategic additions to board of directors. The Company announced on March 19, 2025 the appointment of Karen G. Narwold, as an independent member of its board of directors.
- Provided corporate update demonstrating continuous advancement and derisking of corporate objectives. Announcement made on March 26, 2025 provided highlights on certain developmental project milestones for the Smackover Lithium joint venture as well as updates on the Company’s progress at its demonstration plant and on the Lanxess Projects.
- Cash and working capital of $31.6 million and $31.3 million, respectively, as of March 31, 2025.
- The Company has no term or revolving debt obligations as of March 31, 2025.
Consolidated Financial Statements

This news release should be read in conjunction with the Company’s Consolidated Financial Statements and MD&A for the three month fiscal period ended March 31, 2025, which are available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Three-Month Fiscal Period Ended March 31, 2025 Call and Webcast

The Company will hold a conference call and webcast to discuss its three-month fiscal period ended March 31, 2025 on Friday, May 16th at 3:30 p.m. ET. Access to the call is available via webcast or direct dial.

Conference Call and Webcast Details
Standard Lithium Fiscal Q1 2025 Earnings Call and Webcast
May 16, 2025 3:30 p.m. Eastern Time (US and Canada)

Participant Information:
Conference ID: 6017900

USA / International Toll +1 (646) 307-1963
USA – Toll-Free (800) 715-9871
Canada – Toronto (647) 932-3411
Canada – Toll-Free (800) 715-9871

Attendee Webcast Link:
https://events.q4inc.com/attendee/929712112

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated DLE and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”. Please visit the Company’s website at www.standardlithium.com.

Investor and Media Inquiries

Chris Lang
Standard Lithium Ltd.
+1 604 409 8154
investors@standardlithium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

The MIL Network –
May 10, 2025
MIL-OSI: Baltic Horizon will hold an Investor Conference Webinar to introduce the results for Q1 2025

Source: GlobeNewswire (MIL-OSI)

Baltic Horizon Fund invites unitholders, investors, analysts and other stakeholders to join its investor conference webinar, scheduled on 15 May 2025 at 13:00 PM (CET) or 14:00 PM (EET).

The webinar will be hosted by Tarmo Karotam, the Fund Manager of Baltic Horizon Fund. Q&A session will follow after the presentation. Due to limited webinar time, we encourage participants to send their questions no later than one day before the webinar to tarmo.karotam@nh-cap.com.

To join the webinar, please register via the following link: https://nasdaq.zoom.us/webinar/register/WN_lUzvGaYZRoCEAqJ761GHZg

You will be provided with the webinar link and instructions how to join successfully. When joining the webinar for the first time, you will be asked to download the plug-in which will take only few seconds. In case plug-in can’t be downloaded, a web browser which enables attending the webinar, opens automatically. The registration is open until 15 May at 12:00 PM (CET)/ 13:00 PM (EET).

Registered participants will receive a reminder e-mail one hour prior to the webinar. The webinar will be recorded and available online for everyone at the company’s website on www.baltichorizon.com and on Nasdaq Baltic youtube.com account.

For additional information, please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
www.baltichorizon.com

The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.

Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

The MIL Network –

May 10, 2025
MIL-OSI Economics: RBI imposes monetary penalty on Jana Small Finance Bank Limited

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated May 07, 2025, imposed a monetary penalty of ₹1.00 crore (Rupees One Crore only) on Jana Small Finance Bank Limited (the bank) for contravention of provision of Section 12B(5) of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the BR Act.

The bank had raised paid-up share capital through issue / allotment of Compulsory Convertible Preference Shares (CCPS) to certain persons. This was examined vis-à-vis the requirement under Section 12B(5) of the BR Act and a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the statutory provision.

After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank issued / allotted CCPS to certain persons, which taken along with equity share capital held by them, made such persons to hold more than permitted percentage of the paid-up share capital of the bank. It was not ensured that such persons have obtained previous approval of RBI as required under Section 12B(1) of the BR Act.

This action is based on deficiencies in statutory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

(Puneet Pancholy)
Chief General Manager

Press Release: 2025-2026/302

MIL OSI Economics –

May 10, 2025
MIL-OSI: BDO Unibank, Inc. to Present at the dbVIC – Deutsche Bank ADR Virtual Investor Conference May 15th

Source: GlobeNewswire (MIL-OSI)

MANILA, Philippines, May 09, 2025 (GLOBE NEWSWIRE) — BDO Unibank, Inc. (BDO, BDOUY) based in the Philippines, and focused on providing financial products and services, today announced that BDO Unibank, Inc. Executive Vice President, Luis S. Reyes will present at the dbVIC – Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on May 15. This virtual investor conference is aimed exclusively at introducing global companies with ADR programs to investors.

DATE: May 15^th
TIME: 2:00 PM ET
LINK: REGISTER HERE

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Participation is free of charge.

About BDO Unibank, Inc.

BDO is a full-service universal bank in the Philippines, providing a complete array of industry-leading products and services including Lending (corporate and consumer), Deposit-taking, Foreign Exchange, Brokering, Trust and Investments, Credit Cards, Retail Cash Cards, Corporate Cash Management and Remittances. Through its local subsidiaries, the Bank offers Investment Banking, Private Banking, Leasing and Finance, Thrift Banking and Microfinance, Life Insurance, Property and Casualty Insurance Brokerage, and Online and Traditional Stock Brokerage services.

BDO’s institutional strengths and value-added products and services hold the key to its successful business relationships with customers. On the front line, its branches remain at the forefront of setting high standards as a sales and service-oriented, customer-focused force. The Bank has the largest distribution network with over 1,800 operating branches and more than 5,800 teller machines nationwide. BDO has 16 international offices (including full-service branches in Hong Kong and Singapore) spread across Asia, Europe, North America and the Middle East.

The Bank also offers digital banking solutions to make banking easier, faster, and more secure for its clients.

Through selective acquisitions and organic growth, BDO has positioned itself for increased balance sheet strength and continuing expansion into new markets. As of December 31, 2024, BDO is the country’s largest bank in terms of total resources, customer loans, deposits, assets under management and capital, as well as branch and teller machine network nationwide.

BDO is a member of the SM Group, one of the country’s largest and most successful conglomerates with businesses spanning retail, mall operations, property development (residential, commercial, hotels and resorts), and financial services. Although part of a conglomerate, BDO’s day-to-day operations are handled by a team of professional managers and bank officers. Further, the Bank has one of the industry’s strongest Board of Directors, composed of professionals with extensive experience in various fields that include banking and finance, accounting, law, and business.

For more information, please visit www.bdo.com.ph.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:
BDO Unibank, Inc.
Investor Relations (IR) Team
(632) 8840 7000
irandcorplan@bdo.com.ph

Katherine T. Tan
Senior Assistant Vice President
(63 2) 8840-7000 ext 37609
tan.katherine@bdo.com.ph

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

May 10, 2025
MIL-OSI Global: Can Trump strip Harvard of its charitable status? Scholars of nonprofit law and accounting describe the obstacles in his way

Source: The Conversation – USA – By Philip Hackney, Professor of Law, University of Pittsburgh

Getting into Harvard University is hard, and so is getting rid of its charitable status. Scott Eisen/Getty Images

President Donald Trump has repeatedly threatened to revoke Harvard University’s tax-exempt status, and some media outlets have reported that the Internal Revenue Service is taking steps in that direction.

Harvard President Alan Garber says this would be “highly illegal.” Several U.S. senators, all Democrats, have urged the IRS inspector general to see whether the IRS has begun auditing Harvard or any nonprofits in response to his administration’s requests or whether Trump has violated any laws with his pressure campaign.

The Conversation U.S. asked Philip Hackney, a nonprofit law professor who previously worked in the office of the chief counsel of the IRS, and Brian Mittendorf, an expert on nonprofit accounting, to explain what it would take for the federal government to revoke a university’s tax-exempt status.

Can Trump order the IRS to strip Harvard of its tax-exempt status?

No.

First, the IRS rarely revokes an organization’s charitable tax-exempt status for failure to operate for a charitable purpose.

Before the IRS can do that, tax law requires that it first audit that charity. And it’s illegal for U.S. presidents or other officials to force the IRS to conduct an audit or stop one that’s already begun. Even doing either of those things indirectly is a crime. The punishment can include fines and imprisonment.

Congress strengthened constraints on presidential power after Richard Nixon resigned in the midst of the Watergate investigations. At the time, evidence indicated that he had used the IRS as a weapon to punish his perceived political enemies.

Worried that future presidents or officials might abuse the IRS, a Republican-led Congress later passed Section 7217 of the IRS Restructuring and Reform Act of 1998.

That provision prohibits presidents and vice presidents, as well as other officials and their staff, from instructing, “directly or indirectly, any officer or employee of the Internal Revenue Service to conduct or terminate an audit or other investigation of any particular taxpayer with respect to the tax liability of such taxpayer.”

President Richard M. Nixon holds a tax bill he signed into law in 1970, four years before he resigned. Part of his legacy is that it’s now more clearly illegal for presidents to use the IRS as a political weapon.
Bettmann/Getty Images

What does it take for a nonprofit’s tax-exempt status to be revoked?

This can’t happen on a whim. The IRS first has to audit the nonprofit. If it obtains evidence of wrongdoing – and a court upholds that finding – the IRS can proceed.

The government has to find that the nonprofit’s operations have a “substantial nonexempt purpose.” That’s because these tax exemptions are provided only to organizations that are organized and operated primarily for charitable purposes, such as education, religion or scientific research.

Any audit of Harvard would involve a large team of IRS agents familiar with higher education, which would work on this probe for months. The process could take years.

If, after completing that audit, that team were to determine that Harvard violated the rules, the IRS would have to send Harvard a proposed revocation letter. Harvard then would have 30 days to file an appeal with the IRS. Were the IRS to propose such a revocation, we would be shocked if Harvard didn’t take that step.

If the IRS Office of Appeals were to uphold the revocation, the IRS would send a revocation letter to Harvard. But Harvard would have the right to challenge that official revocation in court under Section 7428 of the tax code.

How often does this happen?

Very rarely. Almost never for private schools. The only legal precedent the Trump administration could perhaps invoke is Bob Jones University v. United States.

That litigation got underway in the 1970s after the IRS had, following years of civil rights litigation, stopped allowing private schools to have charitable status if they discriminated on the basis of race.

That policy put the small Christian university on the spot because it barred the admission of Black students until 1971. At that point, it began to accept Black students but only if they were married to another Black person. The school justified this restriction by voicing its belief that the Bible forbids interracial marriage and dating. In 1970, the IRS had notified the university that it intended to cancel Bob Jones’ tax-exempt status.

The IRS issued a final revocation in 1976 after determining that Bob Jones University continued to discriminate with the ban on interracial dating and marriage. And in 1983, the U.S. Supreme Court upheld the IRS’ action in an 8-1 decision.

The court’s majority wrote that an institution should be denied charitable status “only where there can be no doubt that the activity involved is contrary to a fundamental public policy.”

Harvard President Alan Garber responds to Trump’s threats in an interview with The Wall Street Journal.

What’s the Trump administration’s rationale?

Many signs indicate the Trump administration would try to use the fundamental policy limitation to revoke Harvard’s status. We’re unaware, though, of what alleged violation of a “fundamental public policy” the IRS might invoke if it were to carry through on Trump’s threat to strip Harvard of its charitable status. The Trump administration has signaled that it might rest its case on Harvard’s diversity, equity and inclusion programs.

In a related case, a majority found in a 2023 ruling that affirmative action admissions programs violated the Constitution. The case, known as Students for Fair Admissions v. President and Fellows of Harvard College, also considered the University of North Carolina’s policies.

Harvard subsequently enrolled fewer new Black students, indicating that it had changed its admissions policies. Regardless, there are many precedents finding elements of diversity, equity and inclusion to be activities that do further a charitable purpose.

We believe the Trump administration would be unlikely to prevail in the courts with an anti-DEI argument should it try to use one to justify stripping Harvard of its tax-exempt status.

What happens if a big nonprofit loses its charity status?

Losing nonprofit status can do a lot of damage.

An organization that loses its status, whether it’s a university like Harvard, a food bank, a homeless shelter or any other kind of charity, is suddenly subject to federal income tax. It also loses the ability to receive tax-deductible gifts from donors who are eligible to make them.

Because many state and municipal tax breaks are tied to federal tax status, losing tax-exempt status can also lead to local tax penalties. One compelling local tax break afforded to many charities is an exemption from property tax. Universities with large amounts of buildings and land – as Harvard has – would especially feel the pain.

Without charity status, organizations that rely on grants from local, state and federal government sources, as well as private sources such as other charities, will find many of those sources of funding largely cut off. This is because many grant providers require all recipients to have tax-exempt status.

The Internal Revenue Manual, which guides IRS agents in carrying out their work, indicates a number of other problems that would arise after revocation. For instance, an agent is required to consider the impact on the organization’s deferred compensation plans and tax-exempt bonds.

Does the government appear to have a strong case against Harvard?

There’s been little concrete information about the basis for Harvard losing its status. Most of what we know comes from social media posts and media interviews.

The Trump administration has attacked Harvard for its efforts to increase its diversity and its response to antisemitism on its campus. In response to concerns about these issues, Harvard has retooled its DEI office and begun to roll out reforms to combat both antisemitism and anti-Muslim bias.

But it is hard to argue that these issues would be central to Harvard and its educational mission, let alone warrant it losing its tax-exempt status.

What’s the impact then?

Given the steep climb it would be to prove that the organization has strayed from its educational mission, and not just taken some actions the White House dislikes, we find it hard to imagine a viable path toward the IRS revoking Harvard’s charitable status.

That doesn’t mean there will not be any consequences from the administration’s campaign against Harvard.

The daily onslaught of public attacks coupled with the ongoing legal battles are a drain on Harvard officials’ time and energy.

The administration has put Harvard and other universities on the defensive in many other ways too. It has cut federal funding for scientific research, sought to revoke international student visas, expressed an interest in reducing federally funded student loans and grants, and floated proposals to increase what is today a small tax on the income some higher education endowments earn.

If there’s a silver lining for Harvard, we think it’s that Trump’s attacks could spur giving to the nation’s wealthiest university, at least in the short run. Harvard’s supporters stepped up their donations after the administration’s initial efforts to punish Harvard. And giving-as-activism has been a frequent theme in both of Trump’s terms.

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

– ref. Can Trump strip Harvard of its charitable status? Scholars of nonprofit law and accounting describe the obstacles in his way – https://theconversation.com/can-trump-strip-harvard-of-its-charitable-status-scholars-of-nonprofit-law-and-accounting-describe-the-obstacles-in-his-way-255072

MIL OSI – Global Reports –

May 10, 2025
MIL-OSI Global: I’m a business professor who asked dozens of former students how they define success. Here are their lessons for today’s grads

Source: The Conversation – USA – By Patrick Abouchalache, Lecturer in Strategy and Innovation, Boston University

As the Class of 2025 graduates into an uncertain and fast-changing working world, they face a crucial question: What does it mean to be successful?

Is it better to take a job that pays more, or one that’s more prestigious? Should you prioritize advancement, relationship building, community impact or even the opportunity to live somewhere new? Sorting through these questions can feel overwhelming.

I am a business school professor who spends a lot of time mentoring students and alumni in Generation Z – those born between 1997 and 2012. As part of this effort, I’ve surveyed about 300 former undergraduate students and spoken at length with about 50 of them.

Through these conversations, I’ve watched them wrestle with the classic conflicts of young adulthood – such as having to balance external rewards like money against internal motivations like wanting to be of service.

I recently revisited their stories and reflections, and I compiled the most enduring insights to offer to the next generation of graduates.

Here’s their collective advice to the Class of 2025:

1. Define what matters most to you

Success starts with self-reflection. It means setting aside society’s noise and defining your own values.

When people are driven by internal rewards like curiosity, purpose or pleasure in an activity itself – rather than outside benefits such as money – psychologists say they have “intrinsic motivation.”

Research shows that people driven by intrinsic motivation tend to display higher levels of performance, persistence and satisfaction. Harvard Business School professor Teresa Amabile’s componential theory further suggests that creativity flourishes when people’s skills align with their strongest intrinsic interests.

The alternative is to “get caught up in society’s expectations of success,” as one consulting alum put it. She described struggling to choose between a job offer at a Fortune 500 company or one at a lesser-known independent firm. In the end, she chose to go with the smaller business. It was, she stressed, “the right choice for me.” This is crucial advice: Make yourself proud, not others.

One related principle I share with students is the “Tell your story” rule. If a job doesn’t allow you to tell your story – in other words, if it doesn’t mirror your vision, values, talents and goals – keep looking for a new role.

2. Strive for balance, not burnout

A fulfilling life includes time for relationships, health and rest. While many young professionals feel endless pressure to hustle, the most fulfilled alumni I spoke with learned to take steps to protect their personal well-being.

For example, a banking alum told me that business once dominated his thoughts “24/7.” He continued, “I’m happier now that I make more time for a social life and paying attention to all my relationships – professional, personal, community, and let’s not forget myself.”

And remember that balance and motivations can change throughout your life. As one alum explained: “Your goals change and therefore your definition of success changes. I think some of the most successful people are always adapting what success means to them – chasing success even if they are already successful.”

3. Be kind, serve others and maximize your ‘happy circle’

“Some people believe to have a positive change in the world you must be a CEO or have a ton of money,” another alum told me. “But spreading happiness or joy can happen at any moment, has no cost, and the results are priceless.”

Many alumni told me that success isn’t just a matter of personal achievement – it’s about giving back to society. That could be through acts of kindness, creativity, innovation, or other ways of improving people’s lives. A retail alum shared advice from her father: “When your circle is happy, you are going to be happy,” she said. “It’s sort of an upward spiral.”

Your “happy circle” doesn’t need to consist of people you know. An alum who went into the pharmaceutical industry said his work’s true reward was measured in “tens of thousands if not millions of people” in better health thanks to his efforts.

In fact, your happy circle doesn’t even need to be exclusively human. An alum who works in ranching said he valued the well-being of animals – and their riders – more than money or praise.

4. Be a good long-term steward of your values

Success isn’t just about today – it’s what you stand for.

Several alumni spoke passionately about stewardship: the act of preserving and passing on values, relationships and traditions. This mindset extended beyond family to employees, customers and communities. As one alum who majored in economics put it, success is “leaving a mark on the world and creating a legacy that extends beyond one’s quest for monetary gain.”

One alum defined success as creating happiness and stability not just for herself, but for her loved ones. Another, who works in hospitality, said he had a duty to further his employees’ ambitions and help them grow and develop – creating a legacy that will outlast any title or paycheck.

In an analysis by the organizational consulting firm Korn Ferry, Gen Z employees were found to be more prone to burnout when their employers lacked clear values. These findings reinforce what my students already know: Alignment between your values and your work is key to success.

Final words for the Class of 2025

To the latest crop of grads, I offer this advice: Wherever life takes you next — a family business or corporate office, Wall Street or Silicon Valley, or somewhere you can’t even imagine now — remember that your career will be long and full of ups and downs.

You’ll make tough choices. You’ll face pressures. But if you stay grounded, invest in your well-being, celebrate your happy circle and honor your values, you’ll look back one day and see not just a job well done, but a life well lived.

Bon voyage!

Patrick Abouchalache does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. I’m a business professor who asked dozens of former students how they define success. Here are their lessons for today’s grads – https://theconversation.com/im-a-business-professor-who-asked-dozens-of-former-students-how-they-define-success-here-are-their-lessons-for-todays-grads-256189

MIL OSI – Global Reports –

May 10, 2025
MIL-OSI Global: Nitrous oxide recreational use is linked to brain damage and sudden death − but ‘laughing gas’ is still sold all over the US

Source: The Conversation – USA – By Andrew Yockey, Assistant Professor of Public Health, University of Mississippi

Nitrous oxide is often inhaled with a balloon. Matt Cardy/Getty Images News

The U.S. Food and Drug Administration is warning Americans about the ever-increasing and potentially deadly recreational use of nitrous oxide products, particularly among young people.

Marketed with names like “Galaxy Gas” and “Miami Magic,” and often sold in steel cartridges known as “whippets,” these products are cheap and readily available at gas stations, convenience stores, smoke shops and major retail outlets, including Walmart. They’re also sold online.

As an assistant professor of public health who studies these products, I’m aware of how dangerous they can be.

Recreational and continued use of nitrous oxide can cause a wide range of serious health problems, and in some cases, death.

A long list of potential harms

The list of serious side effects from frequent use is long. It includes: cognitive impairment, memory problems, hallucinations, headaches, lightheadedness, mood disturbances, blood clots, limb weakness, trouble walking, peripheral neuropathy, impaired bowel or bladder function, spinal cord degeneration and irreversible brain damage. Vitamin B-12 deficiency is common and can lead to nerve and brain damage.

Deaths in the U.S. attributed to abuse of nitrous oxide jumped more than 100% between 2019 and 2023; over a five-year period, emergency department visits rose 32%.

All told, more than 13 million Americans have misused nitrous oxide at least once during their lifetimes. This includes children: In 2024, just over 4% of eighth graders and about 2% of 12th graders said they’ve tried inhalants. Nitrous oxide is among the most abused of these inhalants due to its low cost, easy availability and commercial appeal – one flavor of the gas is named “pink bubble gum.”

Pure nitrous, inhaled for a quick high, can be lethal.

Laughing gas parties

Because of legal loopholes in the Food and Drug Administration Act, nitrous oxide remains unregulated. What’s more, U.S. scientists have done relatively little research on its abuse, partly because the public still perceives the substance as benign, particularly when compared with alcohol.

The few studies on the use of nitrous oxide are limited mainly to case reports – that is, a report on a single patient. Although limited in scope, they’re alarming.

More thorough studies are available in the United Kingdom and Europe, where there’s even more demand for the product. One example: Over a 20-year period, 56 people died in England and Wales after recreational use. Typically, deaths occur from hypoxia, which is the lack of oxygen to the brain, or accidents occurring while intoxicated by the gas, such as car wrecks or falls.

Americans have known about the effects of nitrous oxide for centuries. Before becoming a medicinal aid, nitrous oxide was popular at “laughing gas” parties during the late 1700s.

Physicians began using it in the U.S. around the mid-19th century after Horace Wells, a dentist, attended a stage show – called “Laughing Gas Entertainment” – and saw the numbing effect that nitrous oxide had on audience volunteers. By coincidence, Wells was having a wisdom tooth removed the next day, so he tried the gas during his procedure. The nitrous oxide worked; Wells said he felt no pain. Thereafter, medicinal use of the gas was gradually accepted.

Today, nitrous oxide is often used in dentist offices. It’s safe under a doctor’s supervision as a mild sedative that serves as a pain reliever and numbing agent.
Nitrous oxide also benefits some patients with severe psychiatric disorders, including treatment-resistant depression and bipolar depression. It may also help with anxiety and pain management.

Bans and restrictions

No federal age restrictions exist for purchasing nitrous oxide products, although a few states have passed age limits.

As of May 2025, four U.S. states – Louisiana, Michigan, Alabama and California – have banned the recreational use of nitrous oxide, and more than 30 states are working on legislation to ban or at least restrict sale of the products. In addition, numerous lawsuits filed against the manufacturers are in court.

Research shows school prevention programs help keep kids from using these products. So does early screening of patients by primary care and mental health physicians. The sooner they can intervene, the more likely that ongoing therapy will work.

Through appropriate legislation, regulation, education and intervention, nitrous oxide abuse can be slowed or stopped. Otherwise, these products – with their sleek packaging and attractive social media campaigns that obscure their dangers – remain a growing threat to our children.

Andrew Yockey does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Nitrous oxide recreational use is linked to brain damage and sudden death − but ‘laughing gas’ is still sold all over the US – https://theconversation.com/nitrous-oxide-recreational-use-is-linked-to-brain-damage-and-sudden-death-but-laughing-gas-is-still-sold-all-over-the-us-254983

MIL OSI – Global Reports –

May 10, 2025
MIL-OSI Global: How William Howard Taft’s approach to government efficiency differed from Elon Musk’s slash-and-burn tactics

Source: The Conversation – USA – By Laura Ellyn Smith, Assistant Teaching Professor of History, Arizona State University

Elon Musk and his son board Air Force One in West Palm Beach, Fla., on April 13, 2025. Mandel Ngan/AFP via Getty Images

For four months, the world’s richest man has played an unprecedented role in U.S. government. At the start of his 2025 term, President Donald Trump asked Elon Musk to cut government “waste and fraud.” That translated into the Musk-driven firing of 121,000 federal workers, essentially closing entire government programs and departments.

Many Americans protested Musk’s work. His unsupervised access to sensitive government materials and unchecked influence over the firing of federal employees represents an unprecedented moment in the United States. An unelected billionaire sought to overhaul the federal government, empowered and legitimized not by Congress but only by the president.

There are two individuals intrinsic to any presidential effort to restructure government: the president himself and the person he entrusts with the task.

In 2025, Musk has been the person designated to carry out the president’s aims.

In 1910, it was Frederick Cleveland, an academic, who was President William H. Taft’s designated head of his effort to streamline government.

Both presidents, Taft and Trump, have said they wanted to improve how government functioned.

But while Taft worked with Congress to launch his effort, Trump hasn’t followed that route. And the men each president asked to lead their efforts were vastly different in the responsibility given to them, and different in values as well as temperament.

Power on Pennsylvania Avenue

Among the many historic attempts by presidents to streamline federal government, Taft’s administration provides a distinct parallel to an administration attempting to make government more efficient.

The Taft administration’s early 20th-century equivalent to the Musk-run Department of Government Efficiency, or DOGE, was called the Commission on Economy and Efficiency.

Unlike DOGE, created by presidential fiat via an executive order, Taft’s efficiency commission was funded by Congress.

Taft also delegated the work of this reorganization to trusted Cabinet subordinates, rather than an outsider who was not confirmed by Congress. Other presidents of Taft’s generation would have found it unthinkable to delegate such consequential work to someone outside of the bureaucracy to the extent that Trump has empowered Musk.

The work of Taft’s commission took place during a time of turmoil for the role and power of the president, as the country itself became more powerful and its governance more complex, calling for increased efficiency through streamlining.

Studying and streamlining government

Taft organized his commission in 1910, a year into his presidency. It lasted until his divided party led to his election defeat in 1912.

The commission’s aims were tied to economy and efficiency – as the commission itself was named. Indeed, Secretary of the Navy George von Lengerke Meyer, one of Taft’s trusted Cabinet members, concisely explained how the “main object was the establishment of a system which would enable the Secretary to administer his office efficiently and economically, with the advice of responsible expert advisers, ensuring continuity of policy for the future.”

Taft came to the presidency in 1909 with clear concepts of how the nation’s top office needed to become more powerful to meet the growing country’s burgeoning needs.

The presidency, he believed, also needed to expand its power to meet the modernizing demands of the Progressive Era in early 20th-century America. This era put new demands on government to be responsive to the country’s expanding needs, from grassroots demands by voters for greater government activism to professionals seeking more efficient support for their businesses from the government.

Taft was critically aware of existing inefficiency, with bureaucratic work overlapping at expense to the government, without any clear mandate, job description or hierarchy. The vision of the commission is clear in a diagram for the War Department that sought to streamline the bureaucracy, conglomerating the existing 18 divisions into eight.

A chart of the Taft commission’s proposed streamlining of what was then called the ‘War Department.’
archive.org

The Commission on Economy and Efficiency focused on providing solutions for this clearly defined problem of government inefficiency. At the time of Taft’s final message to Congress in 1913, the commission had submitted 85 reports to Taft encouraging the reorganization of executive departments, including new and specifically defined roles for government employees.

One of the reports from Taft’s commission, which he delivered to Congress.
Google Books

Long-term, targeted changes

Unlike the radical unilateral actions taken by DOGE, the Taft commission recommended action to Congress for the long term, while making more targeted changes to the executive bureaucracy behind the scenes.

Despite Taft’s pleas stressing the need to sustain these changes beyond his tenure, Congress was tired of the empowerment of the executive by Republican presidents Theodore Roosevelt, followed by Taft, and had no incentive to support reorganization.

This is in direct contrast to Trump and Musk’s less substantiated concerns over “fraud and abuse” or ongoing vague concerns over the size and cost of the federal government. That phrasing may inspire more consensus over the problem, but not necessarily the solution.

President William Howard Taft at a desk in the Oval Office in 1909.
Corbis Historical/Getty Images

Empowering the executive

Taft’s choice to head his commission, Frederick Cleveland, was a kindred spirit who believed in a strengthened presidency. Cleveland was an academic with past affiliations with the University of Pennsylvania and New York University. Congress accepted Cleveland’s nomination, seeing him as a pioneer in the realm of public administration.

Cleveland fit the Progressive Era’s mantra of employing experts. As a professional but not a member of the wealthy elite, and having been considered by Congress, Cleveland represents a clear distinction from Musk, who appears to have little understanding of what an average American may need from an operative federal bureaucracy.

Cleveland reflected the Taft administration’s approach of wanting to remold the government without animosity toward federal workers specifically or the government more broadly. He embraced the Progressive Era ethos in seeking to rectify inefficiency.

Streamlining did not equate to big cuts. The priority remained ensuring the American government could meet the increased demands of the new century.

Similar to DOGE, the White House was the command center for the Commission on Economy and Efficiency. That enabled Taft to manage reorganization of the executive branch from the Oval Office.

Not all of the modernizing and streamlining of the federal government would come at the behest of Taft’s commission.

Impatient to implement change while awaiting the commission’s reports, and with the commission hampered by a decrease in congressional funding in 1912, Taft had immediately sought improvement within his own administration.

But when the commission’s reports were finally available, Taft was in the unfortunate position of being a lame duck and could do little besides emphasize the need for further action.

While limited in the short term, the commission’s reports were later credited for major changes: “Although the report fell on deaf ears in Congress, it would become an essential roadmap for the budget reforms of 1921. The Budget and Accounting Act of 1921 addressed and mirrored the concerns and proposals of the Commission’s Report,” as described by the Calvin Coolidge Presidential Foundation.

Unlike DOGE, the approach of Taft and his commission focused on streamlining rather than gutting federal bureaucracy.

That approach was reflective of an era when experts were revered and sought after rather than maligned. As an experienced bureaucrat, Taft characteristically directed that the problem of government inefficiency be studied. This secured his legacy, as his agenda was eventually put into practice and embraced, proving his reflective approach to be ahead of its time.

Laura Ellyn Smith does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. How William Howard Taft’s approach to government efficiency differed from Elon Musk’s slash-and-burn tactics – https://theconversation.com/how-william-howard-tafts-approach-to-government-efficiency-differed-from-elon-musks-slash-and-burn-tactics-249891

MIL OSI – Global Reports –

May 10, 2025
MIL-OSI Global: Science requires ethical oversight – without federal dollars, society’s health and safety are at risk

Source: The Conversation – USA – By Christine Coughlin, Professor of Law, Wake Forest University

Brain organoids, pictured here, raise both many medical possibilities and ethical questions. NIAID/Flickr, CC BY-SA

As the Trump administration continues to make significant cuts to NIH budgets and personnel and to freeze billions of dollars of funding to major research universities – citing ideological concerns – there’s more being threatened than just progress in science and medicine. Something valuable but often overlooked is also being hit hard: preventing research abuse.

The National Institutes of Health has been the world’s largest public funder of biomedical research. Its support helps translate basic science into biomedical therapies and technologies, providing funding for nearly all treatments approved by the Food and Drug Administration from 2010 to 2019. This enables the U.S. to lead global research while maintaining transparency and preventing research misconduct.

While the legality of directives to shrink the NIH is unclear, the Trump administration’s actions have already led to suspended clinical trials, institutional hiring freezes and layoffs, rescinded graduate student admissions, and canceled federal grant review meetings. Researchers at affected universities say that funding will delay or possibly eliminate ongoing studies on critical conditions like cancer and Alzheimer’s.

The Trump administration has deeply culled U.S. science across agencies and institutions.

It is clear to us, as legal and bioethics scholars whose research often focuses on the ethical, legal and social implications of emerging biotechnologies, that these directives will have profoundly negative consequences for medical research and human health, with ripple effects that will last decades. Our scholarship demonstrates that in order to contribute to knowledge and, ultimately, to biomedical treatments, medical research at every stage depends on significant infrastructure support and ethical oversight.

Our recent focus on brain organoid research – 3D lab models grown from human stem cells that simulate brain structure and function – shows how federal support for research is key to not only promote innovation, but to protect participants and future patients.

History of NIH and research ethics

The National Institutes of Health began as a one-room laboratory within the Marine Hospital Service in 1887. After World War I, chemists involved in the war effort sought to apply their knowledge to medicine. They partnered with Louisiana Sen. Joseph E. Ransdell who, motivated by the devastation of malaria, yellow fever and the 1928 influenza pandemic, introduced federal legislation to support basic research and fund fellowships focusing on solving medical problems.

By World War II, biomedical advances like surgical techniques and antibiotics had proved vital on the battlefield. Survival rates increased from 4% during World War I to 50% in World War II. Congress passed the 1944 Public Health Services Act to expand NIH’s authority to fund biomedical research at public and private institutions. President Franklin D. Roosevelt called it “as sound an investment as any Government can make; the dividends are payable in human life and health.”

As science advanced, so did the need for guardrails. After World War II, among the top Nazi leaders prosecuted for war crimes were physicians who conducted experiments on people without consent, such as exposure to hypothermia and infectious disease. The verdicts of these Doctors’ Trials included 10 points about ethical human research that became the Nuremberg Code, emphasizing voluntary consent to participation, societal benefit as the goal of human research, and significant limitations on permissible risks of harm. The World Medical Association established complementary international guidelines for physician-researchers in the 1964 Declaration of Helsinki.

At least 100 participants died in the Tuskegee Untreated Syphilis Study.
National Archives

In the 1970s, information about the Tuskegee study – a deceptive and unethical 40-year study of untreated syphilis in Black men – came to light. The researchers told study participants they would be given treatment but did not give them medication. They also prevented participants from accessing a cure when it became available in order to study the disease as it progressed. The men enrolled in the study experienced significant health problems, including blindness, mental impairment and death.

The public outrage that followed starkly demonstrated that the U.S. couldn’t simply rely on international guidelines but needed federal standards on research ethics. As a result, the National Research Act of 1974 led to the Belmont Report, which identified ethical principles essential to human research: respect for persons, beneficence and justice.

Federal regulations reinforced these principles by requiring all federally funded research to comply with rigorous ethical standards for human research. By prohibiting financial conflicts of interest and by implementing an independent ethics review process, new policies helped ensure that federally supported research has scientific and social value, is scientifically valid, fairly selects and adequately protects participants.

These standards and recommendations guide both federally and nonfederally funded research today. The breadth of NIH’s mandate and budget has provided not only the essential structure for research oversight, but also key resources for ethics consultation and advice.

Brain organoids and the need for ethical inquiry

Biomedical research on cell and animal models requires extensive ethics oversight systems that complement those for human research. Our research on the ethical and policy issues of human brain organoid research provides a good example of the complexities of biomedical research and the infrastructure and oversight mechanisms necessary to support it.

Organoid research is increasing in importance, as the FDA wants to expand its use as an alternative to using animals to test new drugs before administering them to humans. Because these models can simulate brain structure and function, brain organoid research is integral to developing and testing potential treatments for brain diseases and conditions like Alzheimer’s, Parkinson’s and cancer. Brain organoids are also useful for personalized and regenerative medicine, artificial intelligence, brain-computer interfaces and other biotechnologies.

Brain organoids are built on knowledge about the fundamentals of biology that was developed primarily in universities receiving federal funding. Organoid technology began in 1907 with research on sponge cells, and continued in the 1980s with advances in stem cell research. Since researchers generated the first human organoid in 2009, the field has rapidly expanded.

Brain organoids have come a long way since their beginnings over a century ago.
Madeline Andrews, Arnold Kriegstein’s lab, UCSF, CC BY-ND

These advances were only possible through federally supported research infrastructure, which helps ensure the quality of all biomedical research. Indirect costs cover operational expenses necessary to maintain research safety and ethics, including utilities, administrative support, biohazard handling and regulatory compliance. In these ways, federally supported research infrastructure protects and promotes the scientific and ethical value of biotechnologies like brain organoids.

Brain organoid research requires significant scientific and ethical inquiry to safely reach its future potential. It raises potential moral and legal questions about donor consent, the extent to which organoids should be grown and how they should be disposed, and consciousness and personhood. As science progresses, infrastructure for oversight can help ensure these ethical and societal issues are addressed.

New frontiers in scientific research

Since World War II, there has been bipartisan support for scientific innovation, in part because it is an economic and national security imperative. As Harvard University President Alan Garber recently wrote, “[n]ew frontiers beckon us with the prospect of life-changing advances. … For the government to retreat from these partnerships now risks not only the health and well-being of millions of individuals but also the economic security and vitality of our nation.”

Cuts to research overhead may seem like easy savings, but it fails to account for the infrastructure that provides essential support for scientific innovation. The investment the NIH has put into academic research is significantly paid forward, adding nearly US$95 billion to local economies in fiscal year 2024, or $2.46 for every $1 of grant funding. NIH funding had also supported over 407,700 jobs that year.

President Donald Trump pledged to “unleash the power of American innovation” to battle brain-based diseases when he accepted his second Republican nomination for president. Around 6.7 million Americans live with Alzheimer’s, and over a million more suffer from Parkinson’s. Hundreds of thousands of Americans are diagnosed with aggressive brain cancers each year, and 20% of the population experiences varying forms of mental illness at any one time. These numbers are expected to grow considerably, possibly doubling by 2050.

Organoid research is just one of the essential components in the process of learning about the brain and using that knowledge to find better treatment for diseases affecting the brain.

Science benefits society only if it is rigorous, ethically conducted and fairly funded. Current NIH policy directives and steep cuts to the agency’s size and budget, along with attacks on universities, undermine globally shared goals of increasing understanding and improving human health.

The federal system of overseeing and funding biomedical science may need a scalpel, but to defund efforts based on “efficiency” is to wield a chainsaw.

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

– ref. Science requires ethical oversight – without federal dollars, society’s health and safety are at risk – https://theconversation.com/science-requires-ethical-oversight-without-federal-dollars-societys-health-and-safety-are-at-risk-252794

MIL OSI – Global Reports –

May 10, 2025

MIL-OSI Economics: RBI approves the voluntary amalgamation of Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi (Maharashtra) with TJSB Sahakari Bank Ltd. (Maharashtra)

Source: Reserve Bank of India

The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi (Maharashtra) with TJSB Sahakari Bank Ltd. (Maharashtra). The Scheme has been sanctioned in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from May 13, 2025. The branches of Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi (Maharashtra) will function as branches of TJSB Sahakari Bank Ltd. (Maharashtra) with effect from May 13, 2025.

(Puneet Pancholy)
Chief General Manager

Press Release: 2025-2026/301

MIL OSI Economics –

May 10, 2025

MIL-OSI: Inuvo Posts Record Q1 2025 Revenue of $26.7M, up 57% Year-Over-Year

Source: GlobeNewswire (MIL-OSI)

LITTLE ROCK, Ark., May 09, 2025 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), a leading provider of artificial intelligence AdTech solutions, today provided a business update and announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights:

Revenue was a record $26.7 million; a 57% increase compared to $17.0 million in Q1. 2024; highest revenue in the Company’s history.
Gross profit increased 41% to $21.1 million, compared to $14.9 million in Q1 2024.
Net loss per share was $0.01 compared to $0.02 in the prior year.
Adjusted EBITDA loss was $22 thousand, compared to a loss of $1.0 million for Q1 2024.

First Quarter 2025 Operational Highlights:

The company launched the enhanced IntentKey Self-Serve Platform, an advanced AI agent for audience discovery and targeting.
The company added 20 new IntentKey clients and now has 15 self-service clients.
The company introduced IntentKey zip code-level audience insights and targeting.
The company materially grew both Platform and the Agencies & Brands product lines.

Richard Howe, CEO of Inuvo, stated, “I’m thrilled to announce another record quarter, our second consecutive, with 57% year-over-year growth driven by both product lines. As Q1 is typically our weakest quarter, this strong performance sets a positive tone for the year ahead.” Mr. Howe added, “Our Platform product is benefiting from technology and service enhancements initiated in late 2023, while Agencies & Brands are thriving with enhanced capabilities that enable marketers to quickly identify and target virtually any audience they can conceive, in minutes.”

Financial Results for the First Quarter Ended March 31,2025

Net revenue for the first quarter of 2025 totaled $26.7 million, compared to $17.0 million for the same period last year. The increase in revenue for the three-month period ended March 31, 2025, compared to the same period in the prior year came from a 61% increase within Platforms and a 31% increase within Agencies & Brands.

Cost of revenue for the first quarter of 2025 totaled $5.6 million, compared to $2.1 million for the same period last year. The increase in the cost of revenue for the three months ended March 31, 2025, as compared to the same period last year, was related to higher Platform revenue and the introduction of a new product.

Gross profit for the three months ended March 31, 2025, totaled $21.1 million as compared to $14.9 million for the same period last year. Gross profit margin for the three months ended March 31, 2025, was 79% as compared to 87.7% for the same period last year. The lower gross margin was due to changes in product mix.

Operating expenses for the three months ended March 31, 2025, totaled $22.9 million compared to $17 million for the same period last year. Operating expenses are composed of marketing costs, compensation and general & administrative expenses. For the three-months ended March 31, 2025, all three categories of operating expense increased year-over-year.

Marketing costs increased due to the higher expenses associated with Platform revenue growth. Compensation expense was higher due primarily to a one-time accrual of an employee benefit of $335,000 and to higher incentive accrual. General and administrative expense was $1.1 million higher year-over-year primarily due to a reduction of the allowance for expected credit losses last year.

Finance expense, net of interest income, for the three months ended March 31, 2025, was $28 thousand compared to $20 thousand in the same quarter last year. Finance expense this year included $77 thousand of interest income from the Internal Revenue Service (IRS) for a delayed employee retention credit.

Other income was approximately $541 thousand for the three months ended March 31, 2025 in comparison with $0 for the same quarter in 2024. In March 2025, the Company received a payment from the IRS totaling $610 thousand in connection with an employee retention credit filed in 2023. Of the total payment, $533 thousand was recognized in other Income.

Net loss for the first quarter of 2025 was $1.3 million, or $0.01 per basic and diluted share, as compared to net loss of $2.1 million, or $0.02 per basic and diluted share, for the same period last year.

Adjusted EBITDA [see reconciliation table below] was near break-even at a loss of approximately $22 thousand in the first quarter of 2025 compared to a loss of approximately $1.0 million for the same period last year.

Liquidity and Capital Resources:

On March 31, 2025, Inuvo had $2.6 million in cash and cash equivalents, an unused working capital facility of $10.0 million and no debt.

As of May 2, 2025, Inuvo had 144,253,434 common shares issued and outstanding.

Conference Call Details:

Date: Friday, May 9, 2025
Time: 8:30 a.m. Eastern Time
Toll-free Dial-in Number: 1-800-717-1738
International Dial-in Number: 1- 646-307-1865
Conference ID: 11109974
Webcast Link: HERE

A telephone replay will be available through Friday, May 23, 2025. To access the replay, please dial 1- 844-512-2921 (domestic) or 1- 412-317-6671 (international). At the system prompt, please enter the code 11109974 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.

About Inuvo
Inuvo®, Inc. (NYSE American: INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey® AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.

Safe Harbor / Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Inuvo’s quarter-end financial close process and preparation of financial statements for the quarter that are subject to risks and uncertainties that could cause results to be materially different than expectations. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed on February 27, 2025, and our other filings with the SEC. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo’s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information which appears on our websites and our social media platforms is not part of this press release.

Inuvo Company Contact:
Wally Ruiz
Chief Financial Officer
Tel (501) 205-8397
wallace.ruiz@inuvo.com

(Tables follow)

INUVO, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended
	March 31			March 31
		2025			2024
Net revenue	$	26,708,032		$	17,023,777
Cost of revenue		5,620,941			2,099,042
Gross profit		21,087,091			14,924,735
Operating expenses:
Marketing costs		17,512,994			13,102,644
Compensation		3,599,321			3,224,859
General and administrative		1,744,563			688,510
Total operating expenses		22,856,878			17,016,013
Operating loss		(1,769,787	)		(2,091,278	)
Interest expense, net		27,929			20,380
Other income		(540,571	)		–
Income tax expense		2,676			–
Net loss	$	(1,259,821	)	$	(2,111,658	)
Other comprehensive income:
Unrealized gain (loss) on marketable securities		–			–
Comprehensive income (loss)	$	(1,259,821	)	$	(2,111,658	)

Net loss per share, basic and diluted	($	0.01	)	($	0.02	)
Weighted average shares outstanding:
Basic		142,719,274			138,789,669
Diluted		142,719,274			138,789,669

INUVO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS


	March 31		December 31
		2025		2024
Assets

Cash and cash equivalent	$	2,561,993	$	2,459,245
Accounts receivable, net		12,022,440		12,545,771
Prepaid expenses and other current assets		738,995		639,805
Total current assets		15,323,428		15,644,821

Property and equipment, net		1,793,966		1,792,903

Goodwill		9,853,342		9,853,342
Intangible assets, net of accumulated amortization		3,777,499		3,897,875
Other assets		943,956		1,006,990

Total assets	$	31,692,191	$	32,195,931

Liabilities and Stockholders’ Equity

Current liabilities
Accounts payable	$	7,257,005	$	8,422,351
Accrued expenses and other current liabilities		10,221,581		9,463,537
Total current liabilities		17,478,586		17,885,888

Long-term liabilities		766,891		835,271

Total stockholders’ equity		13,446,714		13,474,772
Total liabilities and stockholders’ equity	$	31,692,191	$	32,195,931

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
(unaudited)

	Three Months Ended
	March 31			March 31
		2025			2024
Net loss	$	(1,259,821	)	$	(2,111,658	)
Interest expense, net		27,929			20,380
Income tax expense		2,676			–
Depreciation and amortization		568,042			673,203
EBITDA		(661,174	)		(1,418,075	)
Stock-based compensation		304,284			396,312
Non recurring items:
Employee Benefit		335,000			–
Adjusted EBITDA	$	(21,890	)	$	(1,021,763	)

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as Net loss plus (i) interest expense, (ii) depreciation, and (iii) amortization. We further define Adjusted EBITDA as EBITDA plus (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

The MIL Network –

May 10, 2025

MIL-OSI: Best Sugar Baby Websites [2025] Top Sugar Daddy Sites for Sugar Babies And Sugar Daddies to Meet!
Source: GlobeNewswire (MIL-OSI)

Las Vegas, Nevada, May 09, 2025 (GLOBE NEWSWIRE) — Find the best sugar baby websites and top-rated sugar daddy sites trusted by millions of attractive sugar babies and affluent sugar daddies to connect safely, chat instantly, and meet on your terms.

Las Vegas, Nevada, May 08, 2025 (GLOBE NEWSWIRE) – Sugar dating is becoming more mainstream and sophisticated than ever before. More young women and ambitious individuals are turning to sugar baby websites to build meaningful, mutually beneficial relationships with generous benefactors. These platforms, ranging from full-featured websites to mobile-friendly sugar baby apps, make it easier to find compatibility, luxury, and opportunity all in one.

⇒ Why Wait? Trusted, safe, and elegant – the best sugar baby site awaits!

Whether you’re new to the scene or looking for better options, knowing which sugar baby websites are trustworthy and effective can make all the difference. In this guide, we explore how to identify the best platforms, what features to look for, and why even free sugar baby sites can sometimes offer surprising value.

Among all the platforms available, SugarDaddy.com stands out as the best sugar daddy website with free access, offering unmatched features, verified profiles, and a safe space for sugar babies and sugar daddies alike.

⇒ Don’t miss your chance to meet real sugar daddies and babies – join free now!

What Are Sugar Baby Websites?

Sugar baby websites are online platforms where younger individuals, often college students, entrepreneurs, or lifestyle seekers, connect with financially successful and often older partners, commonly referred to as sugar daddies or sugar mommies.

These relationships are built on open communication and mutual benefit, which may include financial support, mentorship, travel, and luxury experiences in exchange for companionship, attention, or emotional connection.

Unlike typical dating platforms, sugar baby sites are designed with these unique expectations in mind, offering more structured and transparent arrangements.

⇒ Get VIP access to the best free sugar baby site – sign up now!

Why Sugar Baby Sites Are More Popular Than Ever

Sugar dating isn’t new, but in 2025 it’s more normalized than ever. Here’s why more sugar babies and benefactors are turning to sugar baby websites:
- Economic Pressures: With rising tuition and living costs, many young adults are turning to sugar dating to support their goals.
- Empowerment: Sugar babies have more control over the kind of relationships they want, setting their terms from the start.
- Convenience: Modern sugar baby sites offer safe, fast, and discreet ways to meet high-quality matches online.
⇒ Your sugar daddy is waiting – join the best sugar baby site today!

What Makes the Best Sugar Baby Websites?

With dozens of platforms out there, it’s crucial to distinguish between reputable sugar baby websites and low-quality or scammy ones. Here are the most important features to look for:

1. User Verification

The best sugar baby sites require ID or photo verification to ensure all users are real. This reduces fake profiles and improves trust.

2. Safety & Privacy Tools

Reliable sugar baby websites offer profile visibility settings, anonymous browsing, and tools to block or report users.

⇒ Start dating successful partners on the best free sugar baby website today!

3. Advanced Matching Algorithms

Modern platforms use intelligent match-making based on preferences, arrangement types, age, income, and lifestyle compatibility.

4. Free Signup Options

Some of the top free sugar baby websites and sugar daddy websites offer valuable features even without a paid membership. Look for platforms that allow browsing, messaging, or profile visibility for free users.

5. Mobile Accessibility

With mobile-first dating on the rise, the best sugar baby websites are responsive or offer dedicated apps for both iOS and Android.

⇒ Join the hottest sugar baby website of 2025 – it’s free and easy!

The Role of Free Sugar Baby Websites and Apps

A growing number of platforms now offer free sugar baby websites, which allow users to create accounts, browse profiles, and sometimes even message potential matches without paying.

However, not all free sugar baby sites deliver quality. The best platforms offer a freemium model—free access to essential features with optional upgrades for premium tools.

SugarDaddy.com offers one of the best free options on the market, giving new sugar babies an excellent opportunity to get started without financial commitment.

⇒ Discover premium sugar dating without premium costs – join free now!

SugarDaddy.com: The Best Sugar Baby Website in 2025

Among all sugar baby sites in 2025, SugarDaddy.com takes the crown. With a loyal user base, top-tier features, and a reputation for excellence, it’s no surprise that this site continues to lead the industry.

What Makes SugarDaddy.com the Best Sugar Baby Site?

Verified Profiles Only

All users go through a verification process, ensuring sugar babies and daddies are who they say they are.

Real Connections, Not Scams

SugarDaddy.com has powerful anti-fraud systems in place to detect suspicious behavior and fake profiles.

⇒ Free to join, easy to connect – Try sugardaddy.com today!

Elite User Base

The platform attracts serious benefactors and high-quality sugar babies. Many members are professionals, entrepreneurs, and influencers looking for real, respectful relationships.

Powerful Search and Match Tools

You can filter by income, age, appearance, location, lifestyle goals, and more to find the perfect match.

Free Sugar Baby Website Access

While premium features are available, SugarDaddy.com gives new users free access to create a profile, explore members, and begin connecting.

Excellent Mobile Experience

The mobile version of SugarDaddy.com functions like a smooth sugar baby app, ideal for users on the go.

⇒ Trusted by millions, sugardaddy.com is the #1 sugar baby site!

Safety Tips for Sugar Baby Sites and Apps

Even on trustworthy sugar baby websites like SugarDaddy.com, it’s essential to prioritize your safety:
- Don’t Share Personal Info Too Soon
- Always Meet in Public for the First Time
- Use the Site’s Messaging System
- Report Suspicious Users
- Block Users Who Make You Uncomfortable
SugarDaddy.com makes it easy to report or block anyone, giving you full control over your interactions.

⇒ Want the best sugar dating experience? Try sugardaddy.com today!

How to Succeed on Sugar Baby Sites

If you want to stand out and make the most of your sugar dating experience, follow these tips when using sugar baby websites:

Optimize Your Profile

Use high-quality photos and write a compelling, honest bio. Show off your personality and clearly state your expectations.

Be Upfront About Your Goals

Transparency helps both parties determine if the relationship is a fit. Be confident in what you’re looking for—whether it’s mentorship, support, companionship, or lifestyle upgrades.

Stay Active

Frequent activity increases your profile’s visibility on most sugar baby sites. Respond to messages promptly and keep your profile fresh.

⇒ Find your perfect arrangement today on the best free sugar baby site!

Practice Online Safety

Even on the best platforms, it’s important to:
- Use in-platform messaging
- Avoid sharing personal contact info early on
- Verify profiles before meeting
- Meet in public spaces first
⇒ Connect now with real sugar babies and daddies – it’s free to start!

Top Benefits of Using Sugar Baby Websites in 2025

Still wondering if sugar baby websites are right for you? Here are the benefits that keep users coming back:
1. Financial Empowerment – Sugar babies can receive financial support for education, lifestyle, or goals.
2. Emotional Fulfillment – Many sugar babies enjoy attention, support, and even romantic partnerships.
3. Luxury Opportunities – Travel, fine dining, and upscale experiences are common in sugar dating.
4. Mentorship & Guidance – Benefactors often provide life and career mentorship.
Keep reading to learn how sugar baby websites work, how to find a sugar baby, and what makes these sites so effective when done right.

⇒ Elite sugar dating starts here – click to join the best sugar baby site!

What Is a Sugar Baby?

The sugar baby is normally younger and engages in a relationship with an older, more financially successful partner. Such relationships are founded on respect, clarity, and reciprocal terms. It is mostly the case that the sugar baby gets money, mentorship, or lifestyle benefits and, in turn, provides time, emotional connection, or companionship.

Then, what is a sugar baby now? Not the kind who would ask for money. A modern sugar baby would be self-conscious, self-assured, and particular about company. It is about finding something where both parties know that they’re both contributing to and expecting something out of it.

It is a matter of understanding the real definition of sugar baby beyond worn-out clichés. These are not unequal relationships. They are grounded in real connections established on honesty and equity.

⇒ Real people, real connections – join the best sugar baby website today!

Why People Choose the Sugar Baby Lifestyle

There are many reasons someone might choose to become a sugar baby. Some are students dealing with rising tuition costs. Others are entrepreneurs, creatives, or single parents who want more financial flexibility. A few are just tired of the stress that comes with traditional dating.

One key motivation is mentorship. A sugar baby might be drawn to someone who has real-world experience and wisdom to share. On the flip side, sugar daddies and mommies often enjoy the energy, perspective, and companionship that younger partners bring to the relationship.

Whether financial support or lifestyle upgrades, sugar baby dating arrangements are built on direct communication and shared goals.

⇒ Find elite sugar daddies on the best sugar baby site!

Who Can Be a Sugar Baby?

There’s no official mold for who qualifies as a sugar baby. While many are in their 20s or 30s, age isn’t the main factor. Confidence, emotional maturity, and strong communication matter far more. People from all backgrounds become sugar babies—artists, professionals, students, and even travelers looking to expand their horizons.

How Sugar Baby Websites Help Foster Genuine Interactions

These types of arrangements were harder to find in the past. These sugar baby websites and apps make it all easy and secure. These websites are designed for people searching for this type of arrangement and feature filters, privacy settings, and upfront profile elements where you can indicate exactly what you are looking for.

Unlike casual dating sites, sugar baby sites attract people yearning for transparency. You’ll notice members dedicated to mutual respect and gain on a good sugar baby site—no games or confusion.

One of the top sugar baby websites even has safety advice, verification processes, and built-in messaging systems to keep everything safe.

⇒ Meet your match, upgrade your life – all on the best sugar baby site!

How to Become a Sugar Baby

If you’re wondering how to become a sugar baby, it’s not as hard as you think. It starts by finding a good sugar baby website and making a genuine, appealing profile. Post some nice pictures, state your expectations, and be honest about what you have to offer and what you’re looking for.

A proper sugar baby dating site allows you to connect with like-minded people. And once settled, the experience can be empowering. You dictate the boundaries, pace, and expectations.

So, if you’re interested or even half-serious about a sugar lifestyle, here’s the thing: there’s nothing wrong with knowing your worth and choosing a relationship that fits into your life.

⇒ Meet generous singles on the best free sugar baby website!

Understanding Sugar Baby Websites

If you’ve wondered about sugar dating, you’ve probably heard of sugar baby websites. These sites aim to match sugar babies—people searching for lifestyle assistance, mentorship, or true companionship—with successful individuals open to offering money, experience, and something honest in exchange.

Unlike conventional dating sites, sugar baby websites are based on open communication and honest intentions. There is no beating around the bush. Both parties are open about their intentions from the beginning, which leads to more solid, respectful relationships.

⇒ Want results? Use the best sugar baby websites trusted by millions!

What Are Sugar Baby Sites All About?

A sugar baby site is not your average dating site. The sites are designed to cater to mutually beneficial arrangements. Sugar babies usually provide companionship, emotional support, or even good conversation. Their partners, in return, might provide financial support, gifts, career guidance, or access to a better lifestyle.

What is so refreshing about these sites is that they are so open about the transaction. There’s no expectation of fitting into old dating norms or games of guessing. Individuals join these communities because they want adult discussions regarding what they need and can give.

The best sugar baby websites provide a more streamlined opportunity to meet like-minded individuals willing to accept this arrangement. There’s a huge range of users, from students and entrepreneurs to established professionals, but everyone is looking for a real partnership with clear objectives.

⇒ No fake profiles – just real matches on the best sugar baby site!

The Core Principles: Privacy, Consent, and Clarity

One of the greatest advantages of sugar baby dating websites is how they emphasize privacy and respect. Users control how much information about themselves is made available, who can reach out to them, and how they want to be contacted.

These platforms take consent seriously. Every step in the relationship-building process is based on mutual agreement. No assumptions. No blurred lines. Just clear communication from start to finish.

Individuals who are interested in this kind of relationship enjoy the boundaries and individual autonomy that sugar baby websites enable. You establish the parameters, set your requirements, and connect with individuals who accept your lifestyle. This method contributes to safer, more comfortable experiences for all parties involved.

⇒ sugardaddy.com is the #1 sugar baby site – try it for free today!

How Sugar Baby Sites Differ From Traditional Dating Apps

The difference between sugar baby sites and other dating sites is honesty and format. Traditional dating is always a guessing game. What are they looking for? Serious or casual? Will they be honest about what they want?

All of those questions have been answered on a sugar baby website. Every person on the site knows they’re there and why and what type of arrangement they’re seeking. That mutual understanding eliminates the guesswork that too often accompanies conventional dating apps.

The second main difference is in user intent. Most users of sugar baby sites aren’t here to fool around. They’re direct, normally successful, and anticipatory. That applies to sugar babies as well—they’re confident, educated, and clear about the type of life they’d wish to live.

Thanks to this framework, sugar baby websites are respectful and safe environments. As moderation and privacy are integrated, members can communicate without worrying about harassment or misinterpretation.

⇒ Don’t miss your chance to meet real sugar daddies – join free now!

Why More Individuals Are Relying on Sugar Baby Sites in 2025

As attitudes toward relationships and dating evolve, increasing numbers of individuals look for relationships that are clear-cut and rewarding. The growth of sugar baby websites is indicative of a trend for what individuals desire—greater openness, choice, and less judgment.

As public perception shifts, so does the popularity of the sugar lifestyle. People embrace the idea that there’s more than one method of forming meaningful connections. Sugar baby websites provide the venue for people looking for more customized, upfront relationships, with often long-lasting impact.

Looking to experiment with something different or prepared to fully embrace the sugar lifestyle, the correct website can help open the door.

⇒ Try the sugar baby site that actually works – sugardaddy.com is live!

How to Find a Sugar Baby

Finding the ideal sugar baby is not about appearance or luxury but compatibility, integrity, and shared expectations. Most sugar mommies and daddies these days begin browsing through sugar baby websites, but offline encounters are still part of the package. Let’s break down finding a sugar baby online and offline.

⇒ Find serious sugar daddies on the best sugar baby sites online now!

Steps to Find a Sugar Baby Online

Finding a sugar baby online is easier than ever before, with numerous websites popping up that connect like-minded adults. But blind diving can lead to missed opportunities or miscommunications. Here’s how to do it the right way—step by step.

1. Select a Reputable Sugar Baby Website

Start by selecting a credible platform. The best sugar baby websites are designed with transparency, privacy, and user safety in mind. A good sugar baby site will offer you active profiles, filters to narrow down your options, and communication tools.

Avoid general dating sites that aren’t meant for sugar dating. Look for sites specifically created for that kind of arrangement instead. Sites created for the sugar lifestyle attract more serious and respectful people.

⇒ Why settle? Join the best free sugar baby website for real rewards!

2. Create an Honest and Appealing Profile

Once you have chosen the right sugar baby website, take the time to develop your profile. It is your first impression. Upload a recent, good-quality photo and include a short but honest description of yourself and what you are looking for.

Be clear about expectations. Sugar babies like someone who knows their boundaries and speaks up sooner rather than later. Being upfront also attracts people whose goals are aligned with yours.

3. Apply Filters and Read Profiles Carefully

Most sugar baby sites offer search functions to filter your options. Set preferences based on age, location, lifestyle, and interests. Read each profile carefully. Look for consistency in photographs, grammar, and tone—it is most likely an indication of a person serious about their profile on the site.

4. Start Conversations with Respect and Sincerity

When reaching out, skip the generic greetings. Be polite and personalized. Ask questions that show you have read their profile and be inquisitive. Be professional and never rush the conversation.

A good start leads to more matches. Most people on sugar baby dating sites are looking for more than small talk—they desire connection, respect, and understanding.

⇒ Don’t pay to connect – the best sugar baby site lets you chat for free!

5. Set Expectations Early

Before anything progresses, discuss what you’re both looking for. This is the key to any successful sugar baby dating arrangement. Defining roles, boundaries, and desires upfront helps avoid confusion later.

Be specific about your boundaries and what you’re providing. The most successful connections are made through openness and respect for one another—two cornerstones that characterize contemporary sugar dating. When both parties understand what they can expect, things usually go more smoothly and last longer.

⇒ The best sugar baby site is trending – don’t get left behind!

How to Build the Perfect Sugar Baby Profile

Creating a great profile on sugar baby sites like SugarDaddy.com can make or break your success. Here’s how to do it right:
- Use Real, High-Quality Photos: Avoid heavy filters. Authenticity attracts more genuine offers.
- Describe What You Want: Be upfront about your ideal arrangement and lifestyle expectations.
- Highlight Personality and Interests: Talk about your hobbies, career goals, and values.
- Stay Active: Update your profile regularly and log in often to show you’re engaged.
A good sugar baby website facilitates finding matches that are present for the sake of everything, not just money. Be realistic in your expectations, and find someone who brings you true value, not merely a person searching for a free ride.

⇒ Click here to find real success on the best sugar baby website!

Benefits of Sugar Baby Sites

Sugar baby sites are designed to enable actual relationships between people who have common goals, and they do this with convenience and discretion in mind.

Let us take a closer glance at why using sugar baby sites is typically the most secure and smartest choice.

1. Clearly Defined Format for Meaningful Dating

Unlike traditional apps where a lot is left to assumption, sugar baby websites offer a platform where people are open about what they require. There is no speculation or concealed agendas. Profiles typically contain open statements of expectations, lifestyle, and what the person wants to gain in the relationship. This arrangement spares both sugar daddies and sugar babies from time-wasting relationships.

Some sites even permit people to select their preferred arrangement type—mentorship, companionship, travel, or financial support. This openness is especially useful for those wondering how to be a sugar baby or how to locate someone who truly understands the lifestyle.

⇒ Find what you’re looking for on the best sugar baby websites – join free!

2. Enhanced Safety and Privacy

Privacy is a big concern for most in the sugar baby dating scene. The best websites take this seriously. Top sugar baby websites use encryption, discreet billing, and internal messaging systems so that users are not required to divulge personal information right away.

Some even provide reporting tools, profile verification, and photo screening to reduce scams or fake profiles. That kind of online protection is hard to come by outside the niche world of sugar baby dating sites.

3. Better Screening and Matchmaking

Not every match will be a connection—and that’s okay. But filtering options on most sugar baby websites get you one step closer to what you’re looking for. You can filter based on age, location, lifestyle habits, and more.

This is a big reason why most consider these to be the best sugar baby websites—they eliminate the guessing and make it easier.

⇒ The best free sugar baby website is just one step away – join free!

4. Tools of Working Communication

Most sugar baby sites have instant messaging features, icebreakers, and filters for chat. These allow you to build more respectful, meaningful conversations from the start. They also allow you to control the pace, especially when you’re exploring the possibility of a sugar relationship.

5. Lifestyle Compatibility

These websites appeal to a broad audience: young professionals, students, entrepreneurs, travelers, and retirees. Regardless of where you are in life, you can locate someone whose pace and ambitions match yours.

Some of those sites let you connect to social profiles and interests or share your ideal date with us, making it more enjoyable and intimate to find a match.

⇒ Join the sugar baby site everyone’s talking about – it’s 100% free!

Sugar Baby Etiquette and Best Practices

Navigating the space comes with its own set of social expectations. Those who understand and respect the etiquette involved in sugar dating tend to build longer-lasting, drama-free arrangements. Whether you’re new to the scene or looking to refine your approach, a few best practices go a long way when using sugar baby sites or meeting someone in person.

Start With Respect and Honesty

The foundation of any successful sugar baby dating connection is mutual respect. This begins with being honest about your intentions. If you’re looking for companionship, mentorship, or a financial arrangement, state it clearly—but respectfully.

People on sugar baby websites are quite open about what they desire, so there is no use beating around the bush. Respect for the other person’s time and boundaries is a simple yet often overlooked sign of class and seriousness.

⇒ This is where sugar babies and daddies connect – join now!

Communicate Clearly and Consistently

Open communication sets expectations and keeps misunderstandings at bay. Once you’ve connected on a sugar baby site, make the first move to discuss what you want and listen to what they want. Clearly define boundaries from the start: how often you will meet, what relationship is convenient for both of you, and how you will communicate.

If something does, tell them. This sort of honesty is what will differentiate a considerate partner from someone who just wants to exploit the arrangement.

Be Considerate With Gifts and Compensation

Gift-giving is generally a component of sugar dating, but it should never be coerced or come off as a transaction. It isn’t about showing off—it’s about appreciation. Give thoughtful gifts that apply to your sugar baby’s aspirations or hobbies. Some will enjoy designer gifts, while others will appreciate tuition help or the ability to travel.

Sugar baby websites can help set the tone for those expectations because most websites allow users to specify what they are willing to accept. That openness saves confusion or embarrassment later.

⇒ Want luxury and love? Start with the best sugar baby websites here!

Always Prioritize Consent

Consent is not just physical boundaries. It’s emotional and financial boundaries, too. If you’re offering support or expecting certain things in return, those terms must be discussed and mutually agreed upon—never assumed. Healthy sugar baby dating starts and ends with enthusiastic, ongoing consent.

Stay Wary of and Avoid Scams

As with all online interactions, it’s best to stay cautious on sugar baby dating sites. Be cautious of members who ask for money first, avoid video chat, or refuse to meet in public. A reputable sugar baby website will have reporting features for suspicious behavior—don’t be afraid to use them if something doesn’t feel quite right.

Go with your gut and do not be hasty. Scammers oftentimes rely on urgency and emotional manipulation, and ongoing open communication keeps you secure.

⇒ Find elite sugar daddies on the best sugar baby site!

Final Thought

Choosing the right platform can make all the difference in your sugar dating experience. With so many sugar baby websites and sugar baby sites online, it’s easy to feel overwhelmed. But the best outcomes come from using a verified, secure, and transparent sugar baby website—one that values consent, communication, and connection.

A quality sugar baby site goes beyond flashy designs and bold promises. It provides safety features, identity verification, privacy options, and filtering tools to help users find real compatibility. These aren’t just platforms—they’re spaces where clear expectations, respectful conversations, and mature arrangements can thrive.

The best sugar baby websites attract people who are serious about the lifestyle. This includes both experienced sugar babies and those still learning how to become a sugar baby. From profile design to personalized matches, a trusted site supports your goals without compromising safety or authenticity.

For anyone exploring this lifestyle seriously, choosing the right sugar babies website isn’t just smart—it’s essential.

FAQs

This FAQ section addresses the most common questions about sugar baby sites, including details on free sugar baby websites, safety, and what makes a site the best.

What are sugar baby websites?

Sugar baby websites are platforms where individuals can find mutually beneficial relationships involving companionship and lifestyle support.

What’s the best sugar baby site in 2025?

SugarDaddy.com is considered the best sugar baby site in 2025 due to its safety features, verified profiles, and high-quality user base.

Are sugar baby sites legal?

Yes, sugar baby sites are fully legal and function within the bounds of consensual adult relationships.

Can I join sugar baby sites for free?

Yes, free sugar baby websites like SugarDaddy.com allow users to sign up and use basic features without cost.

Is SugarDaddy.com a real sugar baby website?

Absolutely. SugarDaddy.com is one of the most reputable sugar baby sites in the world.

Are there legit free sugar baby websites?

While many claim to be free, SugarDaddy.com is one of the few legitimate platforms offering functional free access.

How do sugar baby apps work?

Sugar baby apps are mobile-optimized versions of dating platforms that let users message, browse, and match on their phones.

How do I stay safe on sugar baby websites?

Use the platform’s messaging system, don’t share financial info, and always meet in public places.

What should I write in my sugar baby profile?

Include your lifestyle preferences, relationship expectations, and a few personal interests to stand out.

Is SugarDaddy.com good for beginners?

Yes, SugarDaddy.com is beginner-friendly and provides tools and guidance for new users.

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Media Contact

Company: Sugar Daddy

Contact Person: Christopher A. Waldo

Email: support@sugardaddy.com

Address: 29 Roseburn Place, Highland Park, Manukau 2010, New Zealand

URL: https://www.sugardaddy.com/

Phone: +64-29-4659-632

Content Accuracy Disclaimer
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It is the responsibility of the reader to verify product information directly through the official website or manufacturer prior to making a purchasing decision. Any reliance placed on the information in this article is done strictly at your own risk.
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The MIL Network –
May 10, 2025
MIL-OSI Video: No birds were hurt during this Army training!

Source: US Army (video statements)

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #Shorts #Army

https://www.youtube.com/watch?v=Rn8HGkuyTHo

MIL OSI Video –

May 10, 2025
MIL-OSI Video: Radio Davos | “Pause reality” – Platon on photography, power and AI

Source: World Economic Forum (video statements)

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
Twitter ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#WorldEconomicForum

https://www.youtube.com/watch?v=2mE9ZKR9vBU

MIL OSI Video –

May 10, 2025
MIL-OSI USA: Neag School Class of 2025 Student Profile: Michael Santos

Source: US State of Connecticut

Editor’s Note: As Commencement approaches, we are featuring some of our Neag School Class of 2025 graduating students over the coming days.

Major: BS, Sport Management and minor in Digital Marketing and Analytics
Hometown: East Granby, Connecticut

Q: Why did you choose UConn?

A: As a Connecticut native, I grew up admiring UConn’s athletic programs. Choosing UConn felt natural — not only because of that connection but also because of the wide range of academic and experiential opportunities available to students here.

Q: What’s your major or field of study, and what drew you to it?

A: I’m majoring in sport management with a minor in digital marketing and analytics. I’ve always known I wanted to work in sports, and UConn allowed me to shape my academic path around that passion, especially within sport marketing.

Q: Did you have a favorite professor or class?

A: My favorite class was EDLR 3091, the Sport Internship course taught by Dr. Danielle DeRosa. While most of the learning happened outside the classroom, it gave me the most hands-on insight into how an athletic department operates and what it’s really like to work in sports.

Q: What activities were you involved in as a student?

A: I was a member of the UConn club baseball team, interned with UConn Sport Properties and the UConn Athletics marketing department, and was actively involved in the UConn Sport Business Association and the UConn Sport Business Conference.

Q: What’s one thing that surprised you about UConn?

A: By the end of my four years, I was surprised at how many familiar faces I had come to recognize — students, professors, and coworkers. UConn started to feel smaller in the best way, and I really appreciated that sense of community.

Q: What are your plans after graduation/receiving your degree?

A: I plan to pursue a career in the sports industry, ideally within partnerships or sponsorships.

Q: How has UConn prepared you for the next chapter in life?

A: UConn taught me not only technical skills but also how to be adaptable. It helped me grow more independent, become comfortable with uncertainty, and learn through experience — lessons that I know will carry into my career.

UConn taught me not only technical skills but also how to be adaptable. &#8212 Michael Santos

Q: Any advice for incoming students?

A: Don’t stay in your dorm all day! Put yourself out there — join clubs, meet new people, try new things. Whether you love it or realize it’s not for you, it’s all part of figuring out what you really enjoy.

Q: What’s one thing everyone should do during their time at UConn?

A: Attend the UConn Sport Business Conference — it’s a great opportunity to connect, learn, and get inspired by professionals in the industry.

Q: What will always make you think of UConn?

A: Winning championships — UConn is the Basketball Capital of the World!

MIL OSI USA News –

May 10, 2025
MIL-OSI: Sharc Energy Featured in Ottawa’s LeBreton Flats Redevelopment District Energy Project

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 09, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce that two SHARC 880 Wastewater Energy Transfer (“WET”) systems will be used to power a district energy system (also referred to as thermal energy network), in the Canadian capital of Ottawa, Ontario, serving the LeBreton Flats redevelopment.

A new era of sustainable energy is dawning in Ottawa with the formation of the LeBreton Community Utility Partnership, a joint venture between Envari Holding Inc. (a subsidiary of Hydro Ottawa Holding Inc.) and Theia Partners. Together with the City of Ottawa, the partners have formalized a landmark agreement to implement an advanced WET system.

“The formation of the LeBreton Community Utility partnership marks a significant step in realizing a truly sustainable energy model for urban development. Our WET technology, powered by SHARC Energy’s Canadian innovation, will provide reliable, efficient, and environmentally responsible thermal energy to the LeBreton community, starting with DREAM’s Odenak development,“ stated Scott Demark, Partner at Theia Partners.

“This is more than just a project; it’s a testament to Ottawa’s dedication to leading the way in sustainable energy solutions. Hydro Ottawa is proud to be at the forefront of this innovation, demonstrating the power of collaboration and forward-thinking technology, including the highly efficient and Canadian-made SHARC Energy WET System, in building a sustainable future for the community we serve. We are especially pleased that this project supports vital affordable housing and aligns with our commitment to ensuring all customers can participate in a smart and equitable energy future,” says Bryce Conrad, President and CEO of Hydro Ottawa Holding Inc.

This groundbreaking energy project will harness the untapped thermal potential of wastewater to provide 9 Megawatts (MW) of sustainable and efficient building heating and cooling to the LeBreton Flats redevelopment including DREAM’s Odenak development at 665 Albert Street, the inaugural customer for LeBreton Community Utility’s WET system. Odenak is a 600-unit, two-tower project adjacent to the Pimisi light rail transit (LRT) station. It features a mix of market-rate and affordable residential units as well as retail spaces. The WET system utilizes highly efficient heat pumps and operates entirely without fossil fuel, marking a significant step towards a cleaner energy future for the city.

“HTS is incredibly proud to be involved in this monumental project, which sets a new standard in sustainability. We are honored to contribute to such an innovative solution that not only pushes the boundaries of technology but also fosters a more sustainable future. This project reflects our commitment to advancing environmentally responsible practices and delivering the most advanced HVAC solutions,” said Wael Khalaf, P.Eng. HTS, SHARC Energy’s Ontario representative.

By utilizing SHARC Energy’s WET system, the LeBreton Community Utility estimates a reduction of approximately 5,066 tonnes of greenhouse gas (GHG) emissions annually compared to traditional buildings relying on boilers and chillers. To visualize 5,066 tonnes, it is the equivalent of the electricity used by 3,387 homes for a full year (as calculated by the Natural Resources Canada’s Greenhouse Gas Equivalencies Calculator).

“Almost 95 per cent of Ottawa’s greenhouse gases emissions are not within the City’s direct control. Instead, they require community action and commitment to achieve our reduction targets. In partnering on this innovative sewage energy project at LeBreton Flats, the City is supporting other local businesses and organizations to help us achieve a clean energy future for all of Ottawa,” said Mayor Mark Sutcliffe, City of Ottawa

Construction to connect to the City’s sewer infrastructure is slated to begin later this year, following a collaborative design phase between the City of Ottawa and the LeBreton Community Utility partners. SHARC Energy anticipates commencing submittals for the SHARC WET systems in 2025 with equipment build and delivery expected during 2026.

The LeBreton Community Utility Partnership is also engaged in discussions with the National Capital Commission (NCC) to explore the potential for the WET network to serve additional land parcels at the LeBreton Flats redevelopment, to take advantage of economies of scale. This forward-thinking approach positions the site as a model for sustainable community energy infrastructure in Canada. Moreover, this presents additional opportunities for the implementation of SHARC WET equipment.

About SHARC Energy

SHARC International Systems Inc. is a world leader in energy transfer with the wastewater we send down the drain every day. SHARC Energy’s systems exchange thermal energy with wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

About HTS

HTS is North America’s largest independent distributor of built-to-order, full-service commercial and industrial HVAC solutions. HTS is dedicated to driving shared success by collaborating with all those involved in the design, selection, installation, and maintenance of the ideal HVAC solution for each project.

ON BEHALF OF THE BOARD

Freid Andriano
Chairman

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a8dbc469-7d83-4929-8402-906d4e192f12

The MIL Network –

May 10, 2025
MIL-OSI: Kaltura Announces Partnership With Magna Systems & Engineering To Support Growth in Asian and Pacific Markets

Source: GlobeNewswire (MIL-OSI)

New York, May 09, 2025 (GLOBE NEWSWIRE) — Kaltura (Nasdaq: KLTR), the AI Video Experience Cloud, and Magna Systems and Engineering, a leading systems integration specialist and technology supplier for the broadcast and telecommunication industries, today announced a new partnership with Magna supporting Kaltura in Australia, New Zealand, Singapore, and Hong Kong.

This collaboration comes as part of Kaltura’s expansion of its media & telecom activities in the Asian and Pacific markets, with Magna as the first of several APAC partnerships. The growing network of Kaltura partners will bring new value to existing customers, supporting their technological and business evolution with new technologies, and provide a local presence for sales and market development.

Kaltura’s services for the media and telecommunications industries are based on the company’s robust TV Content Management system and TV streaming application, as well as advanced AI-powered capabilities that reshape content strategies. Using metadata enrichment, AI user-controlled chat, real-time translation and dubbing in multiple languages, highlighting and chaptering for VOD and live content, AI-powered content curation, and more, providers can increase engagement and grow viewership as they expand into new markets.

Kaltura’s recent addition, the AI-powered Kaltura TV Genie, which won the Product of the Year for Streaming at the 2025 NAB Show Award, enables companies to offer AI-powered, hyper-personalized lean-forward viewing experiences for audiences. Beyond recommendations for users, TV Genie automatically curates content in real-time for editors based on their catalogue and current trends, streamlining operations and driving continuous, ongoing engagement.

Magna Systems & Engineering, also commonly known simply as Magna, is an experienced systems integration specialist and provider of technology, products, and solutions to the broadcast and telecommunication industries. The company’s focus is on partnering with and providing best-of-breed technology and solutions, such as Kaltura, for their clients that meet their current requirements and future-proof them for years to come. Support, alongside the very best customer service, are two of Magna’s key and most important offerings, and they offer both across the entire Asia Pacific region from offices in Australia, Hong Kong, Indonesia, New Zealand, and Singapore.

“Partnering with Kaltura aligns with our strategy of connecting our customers with the latest, world-leading technology solutions and providers, enabling them to innovate and maintain a competitive advantage in the media and telecom sector. In short, we will provide our clients in the region with Kaltura AI Video Experience Cloud solutions that will add real and tangible value and efficiency to their organisations. Our new partnership with Kaltura is a very positive one that will bring many benefits to the industry as a whole,” said Matthew Clemesha, group CEO of Magna Systems.

“Magna is well known in APAC for its commitment to providing top-notch services, support, and solutions to its customers in the media and telecommunications industry, a brand that perfectly reflects our values and vision,” said Natan Israeli, Chief Customer Officer at Kaltura. “We are excited to work with Magna Systems to expand our reach and improve streaming experiences for more customers with our AI-powered products in this market”.

About Kaltura
Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; entertainment and monetization. For more information, visit www.corp.kaltura.com.

About Magna Systems & Engineering
Founded in 1968, Magna Systems & Engineering, also commonly known simply as Magna, is an experienced systems integration specialist and provider of technology, products and solutions to the broadcast and telecommunication industries. Our focus is on partnering with and providing best-of-breed technology and solutions for our clients that meet their current requirements and future-proof them for years to come. Support, alongside the very best customer service, are two of Magna’s key and most important offerings for our clients, and we offer both across the entire Asia Pacific region from our offices in Australia, Hong Kong, Indonesia, New Zealand and Singapore.

The MIL Network –

May 10, 2025
MIL-OSI United Kingdom: Another boost for British car industry as £1 billion secured for new Sunderland gigafactory
Source: United Kingdom – Executive Government & Departments

Press release

Another boost for British car industry as £1 billion secured for new Sunderland gigafactory

New state-of-the-art gigafactory ignites growth in industrial heartlands, supporting 1,000 jobs and powering up 100,000 electric vehicles a year
Chancellor visited Sunderland today following landmark economic deal with the US that saved thousands of auto jobs and slashed tariffs on car exports

Latest action in the Government’s Plan for Change to strengthen our industrial heartlands, make Britain a clean energy superpower and put more money in people’s pockets through good jobs

Working people will benefit from 1,000 jobs at a new state-of-the-art gigafactory in Sunderland in a £1 billion auto deal to accelerate the transition to electric vehicles and boost growth.

This investment is another boost for the British car industry after yesterday’s landmark economic deal with the United States saved thousands of jobs by slashing tariffs on British exports.

The new AESC gigafactory will manufacture batteries for electric vehicles, powering up to 100,000 EVs each year – a six-fold increase on the country’s current capacity – making the UK globally competitive selling more British EVs at home and abroad and helping to achieve our net zero target.

In the landmark transaction, the National Wealth Fund and UK Export Finance will provide financial guarantees which unlock £680 million in financing from banks including Standard Chartered, HSBC, SMBC Group, Societe Generale and BBVA. This will cover construction and operation of the new plant. The remaining £320 million has been secured through private financing in addition to new equity provided by AESC.

In addition to this £1 billion investment, the Government’s Automotive Transformation Fund is also investing £150 million in grant funding.

This is the Government’s Plan for Change in action, making us more competitive on the world stage, helping Britain on its way to becoming a clean energy superpower through innovation in the automotive sector, and delivering economic growth that puts more money in people’s pockets through high skilled jobs.

Chancellor of the Exchequer, Rachel Reeves, said:

We are going further and faster to boost our industries’ resilience and encourage their growth as part of our Plan for Change, and this investment follows hot on the heels of yesterday’s landmark economic deal with the US which will save thousands of jobs in the industry.

This investment in Sunderland will not only further innovation and accelerate our move to more sustainable transport, but it will also deliver much-needed high quality, well-paid jobs to the North East, putting more money in people’s pockets.

Business and Trade Secretary, Jonathan Reynolds, said:

We’re backing our world-class car industry, and this investment is yet another vote of confidence in the North East’s thriving auto manufacturing hub which will secure a thousand well-paid jobs and boost prosperity across the region.

Our modern Industrial Strategy will drive this growth even further, powering our high-potential sectors like advanced manufacturing so we can deliver jobs and investment in every corner of the UK and make our Plan for Change a reality.

The Chancellor visited AESC in Sunderland today (Friday 9 May) where she met staff and local leaders to discuss how the investment will bring jobs and prosperity to the North East, and how the landmark economic deal secured with the US will secure the industry for years to come.

The deal slashes car export tariffs from 27.5% to 10% and will apply to a quota of 100,000 UK cars – almost the total exported last year.

This will save some car companies hundreds of millions of pounds, making high skilled jobs in industrial heartlands like Sunderland more secure.

Shoichi Matsumoto, CEO of Japanese headquartered AESC, said:

This investment marks a key milestone in AESC’s ongoing efforts to support the UK’s path towards decarbonisation and the expansion of its EV market.

Through close collaboration with strategic partners, we strive to accelerate this transition while creating high-quality local jobs and building resilient, sustainable supply chain.

We are honoured to contribute to the development of low-carbon economy with our advanced battery technologies.

John Flint, National Wealth Fund CEO, said:

AESC’s gigafactory will not only help to retool our car industry for net zero it will also support jobs, growth, and prosperity in the Northeast.

This investment further demonstrates the significant role NWF is playing to crowd private capital into the industries and regions where its most needed, boosting government’s growth and clean energy missions.

UKEF CEO, Tim Reid, said:

This hugely exciting project is a prime example of how export financing is a powerful tool for unlocking growth opportunities for British exporters and strengthening local economies.

We’re proud to join forces with partners to back this pioneering gigafactory that will help cement the UK’s prowess as an EV battery-making force for years to come.

More information

The government continues to unlock private investment in UK automotive design, development, and manufacturing as the sector transitions to zero emission technology.

To date, the Automotive Transformation Fund and Advanced Propulsion Centre funding programmes have leveraged over £6 billion of investment from the private sector.

Last year’s Autumn Budget also confirmed over £2 billion for capital and research and development funding over five years for zero emission vehicle manufacturing and their supply chains – a vote of confidence in the UK’s automotive industry, supporting investment and productivity growth.

Additional quotes

Ian Stuart, UK CEO for HSBC who were joint ECA Coordinator & Structuring Bank (alongside SCB) as well as Underwriting Bank and Mandated Lead Arranger, said:

We’re extremely proud to have played a leading role in this complex and significant deal, including as underwriter, structuring bank and joint ECA co-ordinator.

Once operational, the gigafactory will unlock a huge increase in the UK’s EV battery production, supporting the electrification of vehicles and the wider green transition. The inward investment involved in the project will also deliver highly-skilled jobs and economic growth to North East England.

Hideo Kawafune, CEO, Head of EMEA, SMBC Banking International plc said:

SMBC Group is delighted to participate in the successful financing of this landmark Gigafactory project. As a lending partner we’re proud to work alongside partners such as National Wealth Fund, UK Export Finance and Sinosure, as well as existing client AESC, in order to support projects which power the energy transition.”

Saif Malik, CEO, UK and Head, Client Coverage, UK, Standard Chartered said:

We are proud to support this transformative UK project. The development of AESC’s new gigafactory will deliver significant economic benefits locally while supporting the development of zero-emission technology. This is more than an investment in infrastructure, it’s a commitment to innovation, UK economic growth and sustainability. Supporting the transition to net zero is deeply embedded in how we operate as a Bank, and this project reflects how we bring that to life by supporting clients on their own sustainability journeys.

Lenaig Trenaux, Societe Generale’s Global Head of Batteries, Mining and Industries, said:

We are proud to have worked with AESC to deliver the first gigafactory project financing in the UK, which has benefitted from strong support from the National Wealth Fund and UK Export Finance.

Societe Generale’s deep understanding of the EV value chain, coupled with our experience working with AESC, were instrumental in delivering the project financing.

This is another demonstration of SG’s commitment to the green mobility and another step towards the energy transition.

Beatriz Roa, Global Sectoral Head of Industrials at BBVA, states:

BBVA is proudly supporting AESC in this landmark project in the UK. This gigafactory will help foster the transition to electric vehicles while supporting the buildup of an entire ecosystem around battery manufacturing in Sunderland. These are key objectives in BBVA’s efforts to support the transition to a more sustainable economy and to the auto and energy industries in particular.

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Published 9 May 2025
MIL OSI United Kingdom –
May 10, 2025
MIL-OSI: Research Capital Corporation Welcomes Jean-Paul Bachellerie to Its Executive Team

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 09, 2025 (GLOBE NEWSWIRE) — Research Capital Corporation (“RCC”), one of Canada’s largest independent, fully integrated, employee-owned investment dealers, is pleased to announce that Jean-Paul (“J-P”) Bachellerie has joined the firm as a Director and Member of RCC’s Executive Committee. In his initial role as Executive Vice President, he will be responsible for the management and further growth of RCC’s western business operations.

Mr. Bachellerie, CPA, was previously CEO and Chair of PI Financial Corp., where he was employed in various roles over the past 29 years, having responsibility for all aspects of that firm’s operations. Over the past 35 years, he has had extensive securities industry experience and served on numerous industry committees and councils, including having served on the Board of Directors of the Canadian Investment Regulatory Organization (CIRO) from 2013 to 2022. Since 2014, he has also sat on the combined Board of the Canadian Depository for Securities (CDS) and Canadian Derivatives Clearing Corporation (CDCC).

“I am very pleased and excited to be working with J-P. I have known him for many years and am confident that his knowledge and experience in our industry will be a great asset to our firm. His sense of fairness and balance in dealing with others will also be a great fit with the culture of our employee-owned company,” said Geoffrey Whitlam, President of RCC.

About Research Capital Corporation

Research Capital Corporation is one of Canada’s largest and oldest independent, fully integrated, employee-owned investment dealers, offering private client and equity capital markets services. Founded in 1921, RCC is a member of all Canadian stock exchanges and serves its clients from several major cities across Canada.

For more information, please contact:

Geoffrey Whitlam, President
Phone: 416-864-7641
Email: gwhitlam@researchcapital.com

The MIL Network –

May 10, 2025

MIL-OSI: illumin Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter Revenue of $29.1 Million up 17% YoY
Exchange Service Revenue up 148% YoY

(All monetary figures are expressed in Canadian dollars unless otherwise stated)

TORONTO, May 09, 2025 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM and OTCQB: ILLMF) (“illumin” or the “Company”), the advertising technology platform that enables you to win your next customer, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

First quarter 2025 revenue rose 17% year-over-year to $29.1 million, driven by higher Exchange service revenue, partially offset by lower Managed service revenue.
Self-service revenue was $8.4 million, up slightly compared with the year ago period and represented 29% of total revenue.
The Company on-boarded 18 net new Self-service clients during the quarter, reflecting sales initiatives targeting higher-spend clients and positioning the Company for continued long-term Self service revenue growth.
Managed service revenue was $8.7 million compared to $11.8 million in the prior year, primarily reflecting more cautious marketing spend related to geo-political and macro-economic uncertainty.
Exchange service revenue increased by 148% from the prior year to $12.0 million, resulting from increased demand from new customers, an enhanced supplier network, and platform improvements.
Gross margin was 45% compared to 47% for the same period in 2024, reflecting the change in mix to service lines with lower margins, such as Exchange service.
Net revenue, or gross profit (revenue less media-related costs), was $13.1 million, up 13% compared with $11.6 million in the prior year period.
Adjusted EBITDA loss was $0.4 million, compared to $0.0 million in the prior year period, primarily attributable to higher operating costs due to higher sales, sales support functions, and marketing costs, partly offset by higher revenue.
Net loss was $(1.9) million, compared to $(1.1) million in Q1 2024. The increase in the net loss was primarily a result of higher operating costs due to increased sales and marketing costs and a lower net foreign exchange gain compared to the prior year period, partially offset by higher revenue.
On December 23, 2024, the Company commenced a new normal course issuer bid (“2024 NCIB”) for its common shares that will remain open until December 22, 2025, or such earlier time as the 2024 NCIB is completed or terminated at the option of the Company. Under the 2024 NCIB, the Company may purchase for cancellation up to 3,914,167 common shares, representing approximately 10% of the Company’s public float as of December 10, 2024. Daily purchases are limited to 12,518 common shares. For the three months ended March 31, 2025, the company purchased nil common shares pursuant to the 2024 NCIB.

Simon Cairns, illumin’s Chief Executive Officer, commented, “Our first quarter revenue rose 17% even after a slower start to the period than we anticipated. We responded by adjusting our marketing tests week to week and made several advances in our selling process and sales team, which enabled us to exit the quarter with solid growth, led by a 148% rise in our Exchange service revenue and supported by solid performance in Self-service.”

“In Exchange service, we continue to create and capture both new and recurring demand at surprising levels, as a result of product and selling investments that have given us some differentiation in a very crowded market. As for Self-service, we successfully added 18 new customers in the quarter, which is in line with our key goal of adding targeted, higher-spend clients in this growth area. Self-service revenue, while up slightly year-over-year, exhibited several solid underlying trends, such as increased customer adoption, spend performance and conversion.”

“We continue to employ the more customer-centric portfolio platform approach that we launched in the second half of 2024, where customers can pick and choose how they want to be supported. Our efforts to market and sell more effectively continue to yield initial positive results, assisted by our ability to offer our clients a broad range of solutions that fit their needs. We continue to invest in our Self-service platform and Exchange service offering, while balancing this with a focus on maintaining liquidity and cost management across our organization.”

“We remain focused on our plan – being aggressive in generating better marketing and sales performance, removing friction from our selling processes and furthering our product stickiness as a Self-first platform supported by complimentary Managed and Exchange services,” concluded Mr. Cairns.

Elliot Muchnik, illumin’s Chief Financial Officer, commented, “For what is typically a seasonally slower quarter, our strong year-over-year increase in total revenue reflects exceptional growth in Exchange service due to our initiatives to drive increased demand in this area. Adjusted EBITDA declined slightly despite higher revenues as we continued to make strategic investments in sales and marketing to bolster our long-term growth. As we look ahead, operational discipline continues to be a priority as we aim to grow our Adjusted EBITDA while preserving our substantial net cash position.”

The following table presents a reconciliation of Net loss to Adjusted EBITDA for the periods ended:

	Three months ended
	March 31,			March 31,
		2025			2024
Net loss for the period	$	(1,854	)	$	(1,138	)
Adjustments:
Finance income, net		(337	)		(506	)
Foreign exchange gain		(311	)		(1,386	)
Depreciation and amortization		1,382			1,365
Income tax expense (benefit)		(63	)		378
Share-based compensation		737			699
Severance expenses		34			90
Nasdaq-related costs¹		–			423
Other non-recurring expenses		1			89
Total adjustments		1,443			1,152
Adjusted EBITDA	$	(411	)	$	14

(1) Nasdaq-related costs are listing fees and directors’ and officers’ insurance specific to the Company’s Nasdaq listing and have been reclassed below Adjusted EBITDA as they are not recurring.

Conference Call Details:

Date: Friday, May 9, 2025
Time: 8:30AM Eastern Time

To register for the conference call webcast and presentation, please visit:

https://events.illumin.com/q1-2025-earnings-call

Please connect 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.

A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investor-information/.

Non-IFRS Measures

This press release makes reference to certain non-IFRS Accounting Standard measures (“non-IFRS measures”). These measures are not recognized measures under IFRS Accounting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including “revenue less media-related costs”, “Gross margin”, and “Adjusted EBITDA” (as well as other measures discussed elsewhere in this press release).

The term “Gross margin” refers to the amount that “revenue less media-related costs” represents as a percentage of total revenue for a given period. Gross margin is used for internal management purposes as an indicator of the performance of the Company’s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company’s margin objectives and, accordingly, the Company believes it is useful supplemental information.

“Adjusted EBITDA” refers to net income (loss) after adjusting for finance costs (income), impairment loss, fair value gain, income taxes, foreign exchange loss (gain), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses and adjustments to the carrying value of investment tax credits receivable. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities before taking into consideration how those activities are financed and taxed and prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.

These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures are relevant to their analysis of the Company.

About illumin:

illumin is evolving the digital advertising landscape by empowering marketers to achieve transformative results through its customer-centric approach. Featuring a unified canvas built around the open web, illumin lets brands and agencies seamlessly plan, build, and execute campaigns across the entire marketing funnel—connecting programmatic channels, email, and social media within a single platform. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit illumin.com.

Disclaimer with regard to forward looking statements

Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

For further information, please contact:

Steve Hosein
Investor Relations
illumin Holdings Inc.
416-218-9888 ext. 5313
investors@illumin.com

David Hanover
Investor Relations – U.S.
KCSA Strategic Communications
212-896-1220
dhanover@kcsa.com

Please note that the following financial information is an extract from the Company’s Consolidated Financial Statements for the three months ended March 31, 2025 and 2024 (the “Financial Statements”) provided for readers’ convenience and should be viewed in conjunction with the Notes to the Financial Statements, which are an integral part of the statements. The full Financial Statements and MD&A for the period may be found by accessing SEDAR+ at www.sedarplus.com.

illumin Holdings Inc.
Consolidated Statements of Financial Position
(Expressed in thousands of Canadian dollars)
For the three months ended March 31, 2025 and 2024

	March 31, 2025		December 31, 2024
Assets

Current assets
Cash and cash equivalents	$	54,013	$	55,952
Accounts receivable		27,663		44,650
Income tax receivable		417		613
Prepaid expenses and other		3,439		2,864

		85,532		104,079
Non-current assets
Other assets		117		115
Property and equipment		7,102		7,406
Intangible assets		11,099		9,352
Goodwill		4,870		4,870

		108,720		125,822

Liabilities

Current liabilities
Accounts payable and accrued liabilities		24,534		39,148
Income tax payable		80		137
Borrowings		15		48
Lease obligations		1,212		1,513

		25,841		40,846
Non-current liabilities
Deferred tax liability		661		1,241
Lease obligations		4,553		4,702

		31,055		46,789

Shareholders’ equity		77,283		79,033

		108,720		125,822

illumin Holdings Inc.
Consolidated Statements of Comprehensive Loss
(Expressed in thousands of Canadian dollars, except share amounts)
For the three months ended March 31, 2025 and 2024

		2025			2024

Revenue	$	29,081		$	24,952

Media-related costs		15,935			13,327

Gross profit		13,146			11,625

Operating expenses
Sales and marketing		7,348			5,753
Technology		4,338			4,086
General and administrative		1,906			2,374
Share-based compensation		737			699
Depreciation and amortization		1,382			1,365

		15,711			14,277

Loss from operations		(2,565	)		(2,652	)

Finance income, net		(337	)		(506	)
Foreign exchange gain		(311	)		(1,386	)

		(648	)		(1,892	)

Net loss before income taxes		(1,917	)		(760	)

Income tax expense (benefit)		(63	)		378

Net loss for the period		(1,854	)		(1,138	)


Basic and diluted net loss per share		(0.04	)		(0.02	)

Other Comprehensive Loss

Items that may be subsequently reclassified to net loss:
Exchange loss on translating foreign operations		(389	)		(164	)

Comprehensive loss for the period		(2,243	)		(1,302	)

illumin Holdings Inc.
Consolidated Statements of Cash Flows
(Expressed in thousands of Canadian dollars)
For the three months ended March 31, 2025 and 2024

		2025			2024
Cash provided by (used in)

Operating activities
Net loss for the period	$	(1,854	)	$	(1,138	)
Adjustments to reconcile net loss to net cash flows
Depreciation and amortization		1,382			1,365
Finance income, net		(337	)		(506	)
Share-based compensation		737			699
Foreign exchange gain		(311	)		(1,386	)
Severance expense		34			90
Income tax expense (benefit)		(63	)		378
Change in non-cash operating working capital
Accounts receivable		16,769			10,447
Prepaid expenses and other		(522	)		427
Other assets		–			(1	)
Accounts payable and accrued liabilities		(14,759	)		(6,151	)
Income taxes paid, net		(349	)		(52	)
Interest received		363			495

		1,090			4,667

Investing activities
Additions to property and equipment		(47	)		(775	)
Additions to intangible assets		(2,465	)		(1,761	)

		(2,512	)		(2,536	)

Financing activities
Repayment of international loans		(33	)		(33	)
Payment of leases		(533	)		(510	)
Repurchase of common shares for cancellation		–			(1,912	)
Proceeds from the exercise of stock options		138			4

		(428	)		(2,451	)

Decrease in cash and cash equivalents		(1,850	)		(320	)

Impact of foreign exchange on cash and cash equivalents		(89	)		405

Cash and cash equivalents – beginning of period		55,952			55,455

Cash and cash equivalents – end of period		54,013			55,540

Supplemental disclosure of non-cash transactions
Unpaid additions (reversals) to property and equipment, net		313			(734	)

The MIL Network –

May 10, 2025

MIL-OSI Asia-Pac: 21 persons arrested during anti-illegal worker operations (with photos)

Source: Hong Kong Government special administrative region

21 persons arrested during anti-illegal worker operations
The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.
Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.
Issued at HKT 19:12

NNNN

CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 10, 2025

MIL-OSI: Plains All American Reports First-Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights:

First-Quarter Results

Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 million
Delivered Adjusted EBITDA attributable to PAA of $754 million
Exited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x – 3.75x (includes previously announced and closed transactions)
Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0%

Business Highlights

Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025
Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025
Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in Canada
Increased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level

“Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.”

Plains All American Pipeline

Summary Financial Information (unaudited)
(in millions, except per unit data)

	Three Months Ended March 31,				%
*GAAP Results*	2025		2024		Change
Net income attributable to PAA ⁽¹⁾	$	443	$	266		67	%
Diluted net income per common unit	$	0.49	$	0.29		69	%
Diluted weighted average common units outstanding		704		701		—	%
Net cash provided by operating activities	$	639	$	419		53	%
Distribution per common unit declared for the period	$	0.3800	$	0.3175		20	%

	Three Months Ended March 31,						%
*Non-GAAP Results* ⁽²⁾	2025			2024			Change
Adjusted net income attributable to PAA ⁽¹⁾	$	375		$	354			6	%
Diluted adjusted net income per common unit	$	0.39		$	0.41		(5		)%
Adjusted EBITDA	$	881		$	847			4	%
Adjusted EBITDA attributable to PAA ⁽¹⁾	$	754		$	718			5	%
Implied DCF per common unit and common unit equivalent	$	0.66		$	0.67		(1		)%
Adjusted Free Cash Flow ⁽³⁾	$	(308	)	$	70		**
Adjusted Free Cash Flow after Distributions ⁽³⁾	$	(639	)	$	(217	)	**
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽³⁾	$	(169	)	$	262		**
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽³⁾	$	(500	)	$	(25	)	**

_____________________

**	Indicates that variance as a percentage is not meaningful.
⁽¹⁾	Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
⁽²⁾	See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
⁽³⁾	The 2025 period includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.

Summary of Selected Financial Data by Segment (unaudited)
(in millions)

	Segment Adjusted EBITDA
	Crude Oil			NGL
Three Months Ended March 31, 2025	$	559		$	189
Three Months Ended March 31, 2024	$	553		$	159
*Percentage change in Segment Adjusted EBITDA versus* *2024* *period*		1	%		19	%

First-quarter 2025 Crude Oil Segment Adjusted EBITDA was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) higher operating expenses and (v) the impact to our assets from refinery downtime.

First-quarter 2025 NGL Segment Adjusted EBITDA increased 19% versus comparable 2024 results primarily due to higher weighted average frac spreads and NGL sales volumes in the first quarter of 2025.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

Conference Call and Webcast Instructions

PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, May 9, 2025 to discuss first-quarter performance and related items.

To access the internet webcast, please go to https://edge.media-server.com/mmc/p/qqvgtyoa/

Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit our website at www.plains.com (in particular the section under “Financial Information” entitled “Non-GAAP Reconciliations” within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings before (i) interest expense, (ii) income tax (expense)/benefit, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities), (iv) gains and losses on asset sales, asset impairments and other, net, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among PAA and certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests.

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present the Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).


PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per unit data)

	Three Months Ended March 31,
		2025			2024
REVENUES	$	12,011		$	11,995

COSTS AND EXPENSES
Purchases and related costs		10,761			10,917
Field operating costs		368			358
General and administrative expenses		100			96
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Total costs and expenses		11,478			11,625

OPERATING INCOME		533			370

OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities		103			95
Gain on investments in unconsolidated entities, net		31			—
Interest expense, net ⁽¹⁾		(127	)		(95	)
Other income/(expense), net ⁽¹⁾		26			(5	)

INCOME BEFORE TAX		566			365
Current income tax expense		(46	)		(53	)
Deferred income tax (expense)/benefit		(4	)		39

NET INCOME		516			351
Net income attributable to noncontrolling interests		(73	)		(85	)
NET INCOME ATTRIBUTABLE TO PAA	$	443		$	266

NET INCOME PER COMMON UNIT:
Net income allocated to common unitholders — Basic and Diluted	$	343		$	203
Basic and diluted weighted average common units outstanding		704			701
Basic and diluted net income per common unit	$	0.49		$	0.29

_____________________

⁽¹⁾

PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income/(expense), net” each include $20 million for the three months ended March 31, 2025 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEET DATA (in millions)

	March 31, 2025		December 31, 2024
ASSETS
Current assets (including cash and cash equivalents of $427 and $348, respectively)	$	4,735	$	4,802
Property and equipment, net		16,062		15,424
Investments in unconsolidated entities		2,745		2,811
Intangible assets, net		1,675		1,677
Linefill		988		968
Long-term operating lease right-of-use assets, net		321		332
Long-term inventory		289		280
Other long-term assets, net		244		268
Total assets	$	27,059	$	26,562

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	4,691	$	4,950
Senior notes, net		8,131		7,141
Other long-term debt, net		73		72
Long-term operating lease liabilities		301		313
Other long-term liabilities and deferred credits		1,003		990
Total liabilities		14,199		13,466

Partners’ capital excluding noncontrolling interests		9,632		9,813
Noncontrolling interests		3,228		3,283
Total partners’ capital		12,860		13,096
Total liabilities and partners’ capital	$	27,059	$	26,562

DEBT CAPITALIZATION RATIOS
(in millions)

	March 31, 2025			December 31, 2024
Short-term debt	$	478		$	408
Long-term debt		8,204			7,213
Total debt	$	8,682		$	7,621

Long-term debt	$	8,204		$	7,213
Partners’ capital excluding noncontrolling interests		9,632			9,813
Total book capitalization excluding noncontrolling interests (“Total book capitalization”)	$	17,836		$	17,026
Total book capitalization, including short-term debt	$	18,314		$	17,434

Long-term debt-to-total book capitalization		46	%		42	%
Total debt-to-total book capitalization, including short-term debt		47	%		44	%

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT ⁽¹⁾ (in millions, except per unit data)

	Three Months Ended March 31,
	2025			2024
Basic and Diluted Net Income per Common Unit
Net income attributable to PAA	$	443		$	266
Distributions to Series A preferred unitholders		(39	)		(44	)
Distributions to Series B preferred unitholders		(18	)		(19	)
Amounts allocated to participating securities		(1	)		(1	)
Impact from repurchase of Series A preferred units ⁽²⁾		(43	)		—
Other		1			1
Net income allocated to common unitholders	$	343		$	203

Basic and diluted weighted average common units outstanding ⁽³^{) (}⁴⁾		704			701

Basic and diluted net income per common unit	$	0.49		$	0.29

_____________________

⁽¹⁾	We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
⁽²⁾	We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.
⁽³⁾	The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
⁽⁴⁾	Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED CASH FLOW DATA (in millions)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	516		$	351
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Deferred income tax expense/(benefit)		4			(39	)
Equity earnings in unconsolidated entities		(103	)		(95	)
Distributions on earnings from unconsolidated entities		125			132
Other		(13	)		8
Changes in assets and liabilities, net of acquisitions		(139	)		(192	)
Net cash provided by operating activities		639			419

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities ⁽¹⁾⁽²⁾		(1,149	)		(261	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities ⁽¹⁾		590			(273	)

Effect of translation adjustment		(1	)		(4	)

Net increase/(decrease) in cash and cash equivalents and restricted cash		79			(119	)

Cash and cash equivalents and restricted cash, beginning of period		348			450
Cash and cash equivalents and restricted cash, end of period	$	427		$	331

_____________________

⁽¹⁾	PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2025, “Net cash used in investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”
⁽²⁾	The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.

CAPITAL EXPENDITURES
(in millions)

	Net to PAA ⁽¹⁾				Consolidated
	Three Months Ended March 31,				Three Months Ended March 31,
	2025		2024		2025		2024
Investment capital expenditures:
Crude Oil	$	89	$	65	$	120	$	90
NGL		41		14		41		14
Total Investment capital expenditures		130		79		161		104
Maintenance capital expenditures		38		53		41		57
	$	168	$	132	$	202	$	161

_____________________

⁽¹⁾	Excludes expenditures attributable to noncontrolling interests.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS (in millions, except per unit and ratio data)

Computation of Basic and Diluted Adjusted Net Income Per Common Unit ⁽¹⁾:

	Three Months Ended March 31,
	2025			2024
Basic and Diluted Adjusted Net Income per Common Unit
Net income attributable to PAA	$	443		$	266
Selected items impacting comparability – Adjusted net income attributable to PAA ⁽²⁾		(68	)		88
Adjusted net income attributable to PAA	$	375		$	354
Distributions to Series A preferred unitholders		(39	)		(44	)
Distributions to Series B preferred unitholders		(18	)		(19	)
Amounts allocated to participating securities		(1	)		(2	)
Impact from repurchase of Series A preferred units ⁽³⁾		(43	)		—
Other		1			1
Adjusted net income allocated to common unitholders	$	275		$	290

Basic and diluted weighted average common units outstanding ⁽⁴^{) (}⁵⁾		704			701

Basic and diluted adjusted net income per common unit	$	0.39		$	0.41

_____________________

⁽¹⁾	We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
⁽²⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽³⁾	We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.
⁽⁴⁾	The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
⁽⁵⁾	Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation:

	Three Months Ended March 31,
	2025			2024
Basic and diluted net income per common unit	$	0.49		$	0.29
Selected items impacting comparability per common unit ⁽¹⁾		(0.10	)		0.12
Basic and diluted adjusted net income per common unit	$	0.39		$	0.41

_____________________

⁽¹⁾	See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:

	Three Months Ended March 31,
	2025			2024
Net income	$	516		$	351
Interest expense, net of certain items ⁽¹⁾		107			95
Income tax expense		50			14
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Gain on investments in unconsolidated entities, net		(31	)		—
Depreciation and amortization of unconsolidated entities ⁽²⁾		20			19
Selected items impacting comparability – Adjusted EBITDA ⁽³⁾		(30	)		114
Adjusted EBITDA	$	881		$	847
Adjusted EBITDA attributable to noncontrolling interests		(127	)		(129	)
Adjusted EBITDA attributable to PAA	$	754		$	718

Adjusted EBITDA	$	881		$	847
Interest expense, net of certain non-cash and other items ⁽⁴⁾		(104	)		(90	)
Maintenance capital		(41	)		(57	)
Investment capital of noncontrolling interests ⁽⁵⁾		(30	)		(25	)
Current income tax expense		(46	)		(53	)
Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings ⁽⁶⁾		(2	)		12
Distributions to noncontrolling interests ⁽⁷⁾		(132	)		(100	)
Implied DCF	$	526		$	534
Preferred unit distributions paid ⁽⁷⁾		(64	)		(64	)
Implied DCF Available to Common Unitholders	$	462		$	470

Weighted Average Common Units Outstanding		704			701
Weighted Average Common Units and Common Unit Equivalents		767			772

Implied DCF per Common Unit ⁽⁸⁾	$	0.66		$	0.67
Implied DCF per Common Unit and Common Unit Equivalent ⁽⁹⁾	$	0.66		$	0.67

Cash Distribution Paid per Common Unit	$	0.3800		$	0.3175
Common Unit Cash Distributions ⁽⁷⁾	$	267		$	223
Common Unit Distribution Coverage Ratio	1.73x			2.11x

Implied DCF Excess	$	195		$	247

_____________________

⁽¹⁾	Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among PAA and certain Plains entities.
⁽²⁾	Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
⁽³⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽⁴⁾	Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among PAA and certain Plains entities.
⁽⁵⁾	Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
⁽⁶⁾	Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities).
⁽⁷⁾	Cash distributions paid during the period presented.
⁽⁸⁾	Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
⁽⁹⁾	Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation:

	Three Months Ended March 31,
	2025		2024
Basic net income per common unit	$	0.49	$	0.29
Reconciling items per common unit ^{(1) (2)}		0.17		0.38
Implied DCF per common unit	$	0.66	$	0.67

Basic net income per common unit	$	0.49	$	0.29
Reconciling items per common unit and common unit equivalent ^{(1) (3)}		0.17		0.38
Implied DCF per common unit and common unit equivalent	$	0.66	$	0.67

_____________________

⁽¹⁾	Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
⁽²⁾	Based on weighted average common units outstanding for the three months ended March 31, 2025 and 2024 of 704 million and 701 million, respectively.
⁽³⁾	Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the three months ended March 31, 2025 and 2024 of 63 million and 71 million, respectively.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:

	Three Months Ended March 31,
		2025			2024
Net cash provided by operating activities	$	639		$	419
Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:
Net cash used in investing activities ⁽¹⁾⁽²⁾		(1,149	)		(261	)
Cash contributions from noncontrolling interests		4			12
Cash distributions paid to noncontrolling interests ⁽³⁾		(132	)		(100	)
Proceeds from the issuance of related party notes ⁽¹⁾		330			—
Adjusted Free Cash Flow ⁽⁴⁾	$	(308	)	$	70
Cash distributions ⁽⁵⁾		(331	)		(287	)
Adjusted Free Cash Flow after Distributions ⁽⁴^{) (}⁶⁾	$	(639	)	$	(217	)

	Three Months Ended March 31,
		2025			2024
Adjusted Free Cash Flow ⁽⁴⁾	$	(308	)	$	70
Changes in assets and liabilities, net of acquisitions ⁽⁷⁾		139			192
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽⁸⁾	$	(169	)	$	262
Cash distributions ⁽⁵⁾		(331	)		(287	)
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽⁸⁾	$	(500	)	$	(25	)

_____________________

⁽¹⁾	PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
⁽²⁾	The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
⁽³⁾	Cash distributions paid during the period presented.
⁽⁴⁾	Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
⁽⁵⁾	Cash distributions paid to preferred and common unitholders during the period.
⁽⁶⁾	Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
⁽⁷⁾	See the “Condensed Consolidated Cash Flow Data” table.
⁽⁸⁾	Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED ITEMS IMPACTING COMPARABILITY (in millions)

	Three Months Ended March 31,
	2025			2024
Selected Items Impacting Comparability: ⁽¹⁾
Derivative activities and inventory valuation adjustments ⁽²⁾	$	34		$	(159	)
Long-term inventory costing adjustments ⁽³⁾		3			33
Deficiencies under minimum volume commitments, net ⁽⁴⁾		7			12
Equity-indexed compensation expense ⁽⁵⁾		(9	)		(9	)
Foreign currency revaluation ⁽⁶⁾		—			9
Transaction-related expenses ⁽⁷⁾		(5	)		—
Selected items impacting comparability – Adjusted EBITDA	$	30		$	(114	)
Gain on investments in unconsolidated entities, net		31			—
Gain on asset sales, net		13			—
Tax effect on selected items impacting comparability		(3	)		30
Aggregate selected items impacting noncontrolling interests		(3	)		(4	)
Selected items impacting comparability – Adjusted net income attributable to PAA	$	68		$	(88	)

_____________________

⁽¹⁾	Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
⁽²⁾	We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. For applicable periods, we excluded gains and losses from the mark-to-market of the embedded derivative associated with the Preferred Distribution Rate Reset Option of our Series A preferred units.
⁽³⁾	We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
⁽⁴⁾	We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
⁽⁵⁾	Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
⁽⁶⁾	During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
⁽⁷⁾	Primarily related to acquisitions completed during the first quarter of 2025.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED FINANCIAL DATA BY SEGMENT (in millions)

	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	Crude Oil			NGL			Crude Oil			NGL
Revenues ⁽¹⁾	$	11,439		$	638		$	11,582		$	507
Purchases and related costs ⁽¹⁾		(10,488	)		(339	)		(10,665	)		(346	)
Field operating costs ⁽²⁾		(292	)		(76	)		(266	)		(92	)
Segment general and administrative expenses ^{(2) (3)}		(79	)		(21	)		(73	)		(23	)
Equity earnings in unconsolidated entities		103			—			95			—

Other segment items: ⁽⁴⁾
Depreciation and amortization of unconsolidated entities		20			—			19			—
Derivative activities and inventory valuation adjustments		(24	)		(10	)		37			122
Long-term inventory costing adjustments		—			(3	)		(28	)		(5	)
Deficiencies under minimum volume commitments, net		(7	)		—			(12	)		—
Equity-indexed compensation expense		9			—			9			—
Foreign currency revaluation		—			—			(17	)		(4	)
Transaction-related expenses		5			—			—			—
Segment amounts attributable to noncontrolling interests ⁽⁵⁾		(127	)		—			(128	)		—
Segment Adjusted EBITDA	$	559		$	189		$	553		$	159

Maintenance capital expenditures	$	31		$	10		$	46		$	11

_____________________

⁽¹⁾	Includes intersegment amounts.
⁽²⁾	Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
⁽³⁾	Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
⁽⁴⁾	Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
⁽⁵⁾	Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

OPERATING DATA BY SEGMENT ⁽¹⁾

	Three Months Ended March 31,
	2025		2024
Crude Oil Segment Volumes
Crude oil pipeline tariff (by region)
Permian Basin ⁽²⁾		6,869		6,428
South Texas / Eagle Ford ⁽²⁾		492		378
Mid-Continent ⁽²⁾		415		486
Gulf Coast ⁽²⁾		214		202
Rocky Mountain ⁽²⁾		495		499
Western		247		259
Canada		354		348
Total crude oil pipeline tariff ⁽²⁾		9,086		8,600

NGL Segment Volumes
NGL fractionation		157		128
NGL pipeline tariff		234		214
Propane and butane sales		147		128

_____________________

⁽¹⁾	Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
⁽²⁾	Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP SEGMENT RECONCILIATIONS (in millions)

Supplemental Adjusted EBITDA attributable to PAA Reconciliation:

	Three Months Ended March 31,
	2025		2024
Crude Oil Segment Adjusted EBITDA	$	559	$	553
NGL Segment Adjusted EBITDA		189		159
Adjusted other income, net ⁽¹⁾		6		6
Adjusted EBITDA attributable to PAA ⁽²⁾	$	754	$	718

_____________________

⁽¹⁾	Represents “Other income/(expense), net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among PAA and certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
⁽²⁾	See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in millions, except per share data)

	Three Months Ended March 31, 2025									Three Months Ended March 31, 2024
				Consolidating									Consolidating
	PAA			Adjustments ⁽¹⁾			PAGP			PAA			Adjustments ⁽¹⁾			PAGP
REVENUES	$	12,011		$	—		$	12,011		$	11,995		$	—		$	11,995

COSTS AND EXPENSES
Purchases and related costs		10,761			—			10,761			10,917			—			10,917
Field operating costs		368			—			368			358			—			358
General and administrative expenses		100			1			101			96			1			97
Depreciation and amortization		262			—			262			254			—			254
Gain on asset sales, net		(13	)		—			(13	)		—			—			—
Total costs and expenses		11,478			1			11,479			11,625			1			11,626

OPERATING INCOME		533			(1	)		532			370			(1	)		369

OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities		103			—			103			95			—			95
Gain on investments in unconsolidated entities, net		31			—			31			—			—			—
Interest expense, net		(127	)		20			(107	)		(95	)		—			(95	)
Other income/(expense), net		26			(20	)		6			(5	)		—			(5	)

INCOME BEFORE TAX		566			(1	)		565			365			(1	)		364
Current income tax expense		(46	)		—			(46	)		(53	)		—			(53	)
Deferred income tax (expense)/benefit		(4	)		(23	)		(27	)		39			(14	)		25

NET INCOME		516			(24	)		492			351			(15	)		336
Net income attributable to noncontrolling interests		(73	)		(335	)		(408	)		(85	)		(209	)		(294	)
NET INCOME ATTRIBUTABLE TO PAGP	$	443		$	(359	)	$	84		$	266		$	(224	)	$	42

Basic and diluted weighted average Class A shares outstanding								198									197

Basic and diluted net income per Class A share							$	0.42								$	0.21

_____________________

⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING BALANCE SHEET DATA (in millions)

	March 31, 2025							December 31, 2024
			Consolidating							Consolidating
	PAA		Adjustments ⁽¹⁾			PAGP		PAA		Adjustments ⁽¹⁾			PAGP
ASSETS
Current assets	$	4,735	$	(6	)	$	4,729	$	4,802	$	(26	)	$	4,776
Property and equipment, net		16,062		—			16,062		15,424		—			15,424
Investments in unconsolidated entities		2,745		—			2,745		2,811		—			2,811
Intangible assets, net		1,675		—			1,675		1,677		—			1,677
Deferred tax asset		—		1,199			1,199		—		1,220			1,220
Linefill		988		—			988		968		—			968
Long-term operating lease right-of-use assets, net		321		—			321		332		—			332
Long-term inventory		289		—			289		280		—			280
Other long-term assets, net		244		—			244		268		—			268
Total assets	$	27,059	$	1,193		$	28,252	$	26,562	$	1,194		$	27,756

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	4,691	$	(7	)	$	4,684	$	4,950	$	(26	)	$	4,924
Senior notes, net		8,131		—			8,131		7,141		—			7,141
Other long-term debt, net		73		—			73		72		—			72
Long-term operating lease liabilities		301		—			301		313		—			313
Other long-term liabilities and deferred credits		1,003		—			1,003		990		—			990
Total liabilities		14,199		(7	)		14,192		13,466		(26	)		13,440

Partners’ capital excluding noncontrolling interests		9,632		(8,276	)		1,356		9,813		(8,462	)		1,351
Noncontrolling interests		3,228		9,476			12,704		3,283		9,682			12,965
Total partners’ capital		12,860		1,200			14,060		13,096		1,220			14,316
Total liabilities and partners’ capital	$	27,059	$	1,193		$	28,252	$	26,562	$	1,194		$	27,756

_____________________

⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE (in millions, except per share data)

	Three Months Ended March 31,
	2025		2024
Basic and Diluted Net Income per Class A Share
Net income attributable to PAGP	$	84	$	42
Basic and diluted weighted average Class A shares outstanding		198		197

Basic and diluted net income per Class A share	$	0.42	$	0.21

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;
declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;
fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;
unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;
the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;
the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom;
environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;
negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;
the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;
weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);
the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;
negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;
the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;
the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;
loss of key personnel and inability to attract and retain new talent;
disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;
the effectiveness of our risk management activities;
shortages or cost increases of supplies, materials or labor;
maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;
our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;
the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;
failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;
tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;
the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;
the use or availability of third-party assets upon which our operations depend and over which we have little or no control;
the currency exchange rate of the Canadian dollar to the United States dollar;
the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;
significant under-utilization of our assets and facilities;
increased costs, or lack of availability, of insurance;
fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
risks related to the development and operation of our assets; and
other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

About Plains:

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 8 million barrels per day of crude oil and NGL.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

Contacts:

Blake Fernandez
Vice President, Investor Relations
(866) 809-1291

Michael Gladstein
Director, Investor Relations
(866) 809-1291

The MIL Network –

May 10, 2025

MIL-OSI: Best 5 Tribal Loans Direct Lender Guaranteed Approval For Bad Credit with No Credit Check – Payday Ventures
Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Payday Ventures, a leading provider of online payday loans, owns multiple providers offering tribal loans direct lender guaranteed approval with no credit check, helping Americans with urgent financial needs get fast access to cash even with poor or no credit history. These providers specialize in tribal payday loans, tribal installment loans direct lenders no credit check, and tribal loans for bad credit, ensuring borrowers can secure up to $5000 with instant approval, flexible terms, and no teletrack verification. Whether you need $500 tribal installment loans or higher amounts, applications are 100% online and take just minutes to complete.

Easiest Tribal Loans to Get Online for Bad Credit 2025
- Heart Paydays – Best for Tribal Loans Online Up to $50,000 with Guaranteed Approval
- Low Credit Finance – Top Choice for Tribal Payday Loans No Credit Check with Fast Payout
- Green Dollar Loans – Easiest Tribal Loans to Get Online with Direct Lender Matching
- Viva Payday Loans – Ideal for Tribal Installment Loans for Bad Credit with No Teletrack
- Loan Raptor – Quick and Easy Tribal Loans for Bad Credit and Self-Employed Borrowers
In 2025, online tribal loans have emerged as one of the easiest tribal loans to get, thanks to relaxed eligibility criteria and fast turnaround times. Since these guaranteed tribal loans are offered by lenders on Native American tribal land, they are not bound by traditional state regulations—allowing for more lenient terms for people with low credit scores. In this guide, we cover the top 5 best tribal loans direct lender guaranteed approval, including platforms that specialize in easy tribal loans for bad credit, tribal loans no credit check, and tribal loans online guaranteed approval.

Click Here to Apply for Tribal Loans >>

What Are Tribal Loans?

Tribal loans are short-term or installment loans provided by lenders operating under the sovereign laws of Native American tribes. Unlike traditional loans, tribal loans direct lender guaranteed approval options often have relaxed requirements, making them ideal for borrowers with bad credit.

Features of Guaranteed Tribal Loans Offered by These Providers

The top tribal loan platforms like Super Personal Finder, Viva Payday Loans, and Green Dollar Loans offer fast, flexible, and hassle-free loan options. Borrowers can get tribal loans no credit check with approval in minutes and funding in 24 – 48 hours. These platforms support tribal installment loans for bad credit, allow loan amounts up to $50,000.

Click Here to Apply for Tribal Loans >>

Types of Direct Tribal Loans USA

$500 Tribal Installment Loans Direct Lenders Only – Great for short-term needs. Get up to $500 with no credit check and repay over several months.

Tribal Payday Loans No Credit Check – Perfect for emergencies. Fast approval with minimal eligibility requirements and no hard credit pull.

Tribal Installment Loans for Bad Credit – Ideal for borrowers with poor credit scores. Borrow up to $5,000 and repay in affordable monthly installments.

Tribal Loans Online Guaranteed Approval No Teletrack – Avoid credit databases like Teletrack. Get approved based on your income and repayment ability.

Easy Tribal Loans for Bad Credit Self-Employed – Designed for gig workers and freelancers. Use bank statements or tax returns to qualify.

Online Tribal Loans with Same Day Deposit – Apply online and receive funds as soon as the same business day after approval.

Name: Mukesh Bhardwaj
Email: mukesh@paydayventures.com

Disclaimer: This announcement contains general information about Payday Ventures loan services and should not be considered financial advice. Loans are available to US residents only.

The MIL Network –
May 10, 2025
MIL-OSI China: China, Russia pledge to join forces against bullying, power politics

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

MOSCOW, May 9 — China will work with Russia to shoulder the special responsibilities entrusted by the times, Chinese President Xi Jinping told his Russian counterpart, Vladimir Putin, during their talks here on Thursday, as global uncertainties are exerting more pressure on the global economy.

Today, in the face of unilateralist countercurrents, bullying and acts of power politics, China is working with Russia to shoulder the special responsibilities of major countries and permanent members of the UN Security Council, Xi said.

Putin, for his part, criticized the imposition of high tariffs, saying it defies common sense, has no legal basis, and will only backfire.

In early April, the United States rolled out so-called “reciprocal” tariffs against almost all of its trading partners worldwide, triggering widespread opposition and concerns over a possible global economic recession. Many countries have vowed to retaliate.

On Thursday, the European Commission launched a public consultation targeting U.S. imports worth 95 billion euros (107.2 billion U.S. dollars), warning that retaliatory measures could take effect if ongoing negotiations with the United States over the so-called “reciprocal” tariffs fail to yield an agreement.

A meeting on economic and trade affairs between Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent will take place at the request of the U.S. side, during He’s May 9-12 visit to Switzerland. China’s Commerce Ministry stressed that China will not seek to reach any agreement at the expense of sacrificing its principles or the cause of international fairness and justice.

Following their Thursday talks, Xi and Putin signed a joint statement on further deepening the China-Russia comprehensive strategic partnership of coordination for a new era. In the document, China and Russia voice firm opposition against unilateral and unlawful restrictive measures such as trade and financial restrictions.

The statement said that certain countries, under various pretexts, have arbitrarily imposed tariffs on their trading partners, seriously infringing upon the legitimate rights and interests of other countries, gravely violating WTO rules, severely undermining the rules-based multilateral trading system, and profoundly disrupting the stability of the global economic order.

The two countries condemned acts of bypassing the UN Security Council to implement measures that violate the UN Charter and international law, obstruct justice and violate the rules of the WTO.

They also pledged to continue to jointly deal with the downward pressure on the world economy, and facilitate the participation of more Global South countries in international and regional trade.

In today’s world, China and Russia collaborate to establish a more just, sustainable and multipolar world order, said Vladimir Petrovskiy, chief researcher at the Institute of China and Contemporary Asia at the Russian Academy of Sciences.

To this end, China and Russia have been working closely in mechanisms like BRICS and the Shanghai Cooperation Organization, which are vital platforms for Global South countries to address development challenges and promote universal peace, he said.

Xi is in Moscow for a state visit to Russia and celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War. He and Putin have met over 40 times on various occasions.

On Thursday, Xi and Putin held back-to-back small-group and large-group talks, and also had a chat over tea at the presidential office in the Kremlin.

When the two presidents met the press following their talks, Xi described his talks with Putin as “in-depth, cordial and fruitful,” adding that they reached many important new consensuses. Putin said Xi’s visit is of great significance, and will inject strong momentum into the development of bilateral ties.

The two presidents also witnessed the exchange of over 20 bilateral cooperation documents, covering areas such as global strategic stability, upholding the authority of international law, investment protection, digital economy, quarantine and film cooperation.

In 2024, trade between China and Russia reached 244.8 billion dollars. China has remained Russia’s largest trading partner for 15 consecutive years.

Russia-China relations are built on equality and mutual respect, Putin said during talks with Xi. It is neither directed against any third party nor swayed by any transient matters, Putin noted.

The political trust between Russia and China is unparalleled in the world, said Alexander V. Lomanov, a researcher at the Institute of World Economy and International Relations, Russian Academy of Sciences.

In this context, there is vast potential to further facilitate the movement not only of tourists, but also of experts, scientists and cultural figures between the two countries, he noted.

“There is much more we can do to deepen our exchanges,” he said. “The more frequent these interactions become, the stronger our mutual understanding will grow.”

MIL OSI China News –

May 10, 2025
MIL-OSI Video: Press Conference: European Commission President von der Leyen with German Chancellor Merz

Source: European Commission (video statements)

“We had an excellent exchange. We both agreed that whatever we are addressing right now needs to have an urgency mindset.” – European Commission President von der Leyen

On 9 May 2025, European Commission President Ursula von der Leyen held a press conference with the German Chancellor Friedrich Merz.

Key topics discussed:
Competitiveness
Trade
Support to Ukraine
Defence
Migration

For the full transcript of President von der Leyen’s statement, see here: https://ec.europa.eu/commission/presscorner/detail/en/statement_25_1173

Follow live events and access media content here:
https://audiovisual.ec.europa.eu/en/

Stay updated — follow us on X: https://x.com/EC_AVService

Watch on the Audiovisual Portal of the European Commission:
https://audiovisual.ec.europa.eu/en/

Follow us on:
-X: https://twitter.com/EU_Commission
-Instagram: https://www.instagram.com/europeancommission/
-Facebook: https://www.facebook.com/EuropeanCommission
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-Medium: https://medium.com/@EuropeanCommission

Check our website: http://ec.europa.eu/

https://www.youtube.com/watch?v=hK_-cSY8tuQ

MIL OSI Video –

May 10, 2025
MIL-OSI Russia: /China Spotlight/ Integrating Futuristic Robotics into Scenic Natural Landscapes Helps Renew China’s Tourism Experience

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

BEIJING, May 9 (Xinhua) — It’s so exciting to see how China’s tourism industry embraces technology! Robot-assisted walking tours and artificial intelligence (AI) tours are just the beginning. Such futuristic travel experiences are becoming more common across the country, and they are making the travel experience more exciting than ever!

This year’s May Day holiday, which ran from May 1 to 5, was one of the busiest tourism periods of the year in China, with many tourist attractions using cutting-edge technology to offer visitors unique and unforgettable experiences, from virtual reality equipment providing digital tours to drones creating dramatic patterns in the sky or monitoring crowd density at scenic spots.

At the Shichuan Ancient Pear Garden, an incredible pear blossom attraction located in the remote inland county of Gaolan, Gansu Province, northwest China, you will be amazed to see robots developed by Chinese startup Unitree Robotics guiding tourists around the garden’s iconic landmarks. These advanced robots demonstrate dynamic obstacle avoidance and terrain-crossing skills that are truly impressive.

The tech company, based in the bustling eastern Chinese city of Hangzhou, has taken the world by storm with its humanoid robots, which made a splash at the 2025 Spring Festival (Chinese Lunar New Year) gala, leaving everyone in awe.

At the Gaolan Museum of Agriculture, robots can be seen interacting with traditional farming tools. It is a fascinating dialogue between ancient and modern times, showing visitors how China’s ancient agricultural civilization has evolved to embrace modern technology.

“It was a wonderful surprise! I didn’t expect to befriend high technology in an ancient pear orchard,” said one visitor surnamed Zhang, who got a first-hand look at the cutting-edge technology by shaking hands with a robot.

“His movements were incredibly flexible and he seemed to be listening to me carefully. It was like communicating with a real person,” he said.

Under the “AI Plus Consumption” initiative outlined in the State Council’s recently released special action plan to promote consumption in the country, the use of AI applications has become ubiquitous in numerous scenarios both online and offline.

The tourism industry, which is usually associated with scenic views and cultural heritage, is undergoing significant changes thanks to the integration of robotics and advanced technologies.

A striking illustration of this integration is the recent introduction of exoskeleton robots, which have become particularly popular among mountain climbers and mountaineers. These devices saw a significant surge in demand during the aforementioned vacations on Mount Taishan, a famous scenic area in eastern China’s Shandong Province.

Li Gang, a senior official with Taishan Cultural Tourism Group, which organizes trips to Mount Taishan, said that in the last few days of the May Day holiday, rentals of exoskeleton robots were particularly busy every day, with some visitors waiting for two hours.

The use of wearable and lightweight intelligent devices such as exoskeleton robots can reduce the burden on humans as they recognize the user’s intentions and dynamically apply mechanical force to key body parts. Such devices have an instantaneous traction force of 200 kg and an eight-hour endurance.

With Mount Tai’s scenic beauty and cultural heritage evident on the steepest sections of its hiking trails, exoskeleton robots have proven effective in alleviating the discomfort associated with intense physical activity, cutting the expected three-hour climb up the steep mountainside in half.

As Li Gang noted, during the holiday period, all available exoskeleton robots were fully booked in advance, with a rental price of 80 yuan (about $11) for three hours of “work.” The devices were designed not only to assist with walking, but also to monitor a person’s physical condition in real time and have functions such as emergency calls and landmark information.

It is no secret that similar robots have been installed at other mountain tourist attractions in provincial-level administrative units such as Hebei, Anhui, Shaanxi, Jiangxi and Ningxia Hui Autonomous Region.

Chinese travelers made an estimated 314 million domestic trips during the five-day holiday period, with a significant proportion expressing deep satisfaction with new experiences using AI or human-robot interactions.

In Guangdong province alone, 42 events organized by tech companies or telecom operators showcasing new AI applications attracted more than 2.1 million people.

The integration of robotics into the tourism industry extends beyond entertainment and support functions and is finding applications in the areas of safety and security.

A four-wheeled robot named Xiaoyu is currently being tested for patrol and safety inspection in the Grand Canal Cultural and Tourism Zone in Beijing’s Tongzhou District.

Xiaoyu was designed to provide tourists with timely safety alerts, and can detect smoke and locate fire sources using its built-in thermal imaging and heat-sensing camera. The technology used in the robot can assess the health of trees and detect signs of pests or disease. In the event of an emergency, tourists can press the SOS button on the robot’s shoulder to contact the facility’s staff.

These innovations are having a profound impact on how Chinese people travel and experience the world around them, from enhancing experiences to improving safety and efficiency. The May Day holiday provided a glimpse into an exciting future where the boundaries between people and technology become blurred, opening up new opportunities for the travel industry.

An article published recently on the China News Service website quoted Guo Qiang, a sales manager at a humanoid robot company in central China’s Hunan Province, as saying that the company had received more than 100 orders from tourist sites across the country for tasks such as performing Tai Chi, serving tea, or assisting with hiking.

“The presence of robots in China’s scenic areas is growing rapidly and on a large scale. This phenomenon can serve as a catalyst for the upgrading of cultural tourism services,” Guo Qiang shared his opinion. -0-

MIL OSI Russia News –

May 9, 2025
MIL-OSI United Nations: 9 May 2025 Joint News Release WHO and Medicines Patent Pool announce sublicensing agreement for rapid diagnostic test technology

Source: World Health Organisation

The World Health Organization (WHO) and Medicines Patent Pool (MPP) have today announced a sublicensing agreement between MPP and a Nigerian health technology company – Codix Bio – to start development and manufacturing of rapid diagnostic tests (RDTs) using technology transferred from global in-vitro diagnostics company – SD Biosensor (SDB). This agreement will contribute to advancing equitable access to vital diagnostic tools through local production, expanding manufacturing capacity in the African Region.

The new RDT technology is especially useful for low- and middle-income countries (LMICs), as it is easy to use in health facilities without requiring additional equipment. Tests are highly sensitive and can generate results within 20 minutes. Codix Bio will initially focus on producing RDTs for HIV, but the technology can also be used for manufacturing tests for malaria and syphilis, among others. It can also be quickly adapted to other diseases, which will prove valuable during health emergencies and pandemics, contributing to improvements in health security and equity.

“Sublicensing SDB’s RDT technology marks a major milestone in strengthening manufacturing capabilities in regions where they are needed most,” said Dr Yukiko Nakatani, WHO Assistant Director-General, Access to Medicines and Health Products. “It can help advance global commitments made at the 2023 World Health Assembly to promote equitable access to diagnostics as a cornerstone of universal health coverage and pandemic preparedness.”

“We are delighted to have signed this first sublicense agreement for RDTs with Codix Bio. Today marks a major step forward in diversifying diagnostic production and ensuring access where it is needed most,” said Charles Gore, Executive Director of the Medicines Patent Pool. “It shows how voluntary licensing and coordinated technology transfer can empower manufacturers in LMICs, ultimately helping reshape global supply chains to become more equitable and resilient.”

A new beginning for HTAP

This agreement is the first to come out of a non-exclusive, transparent license between SDB and MPP, which was agreed in December 2023 under the auspices of the WHO COVID-19 Technology Access Pool (C-TAP) initiative. C-TAP has since evolved as HTAP – the Health Technology Access Programme, with the goal of reducing the access gap in underserved regions and countries by empowering capable local producers of health products (tests, vaccines, treatments and medical devices) through sublicensing, technology and know-how transfer.

“The announcement of this sublicensing agreement with Codix Bio marks an important milestone in our partnership with WHO and MPP. By coupling the technology transfer with coordinated support, this initiative not only helps Codix Bio respond to health priorities in Nigeria and the region – it also demonstrates a collaborative model for building sustainable and self-reliant local manufacturing capacity,” said Hyo-Keun Lee, Vice Chairman of SD Biosensor, Inc. “We are proud that our highly adaptable and reliable rapid diagnostic testing technology will contribute to strengthening regional manufacturing ecosystems and expanding equitable access to diagnostics.”

After the WHO and MPP open call was announced for applications for LMIC-based manufacturers, Codix Bio was selected as the first sublicensee. “This landmark agreement is a defining moment in our journey of health-tech innovation and a breakthrough for local healthcare manufacturing in Africa. Being selected as the first sublicensee under this global initiative underscores our commitment to contribute meaningfully to pandemic preparedness and regional health security,” said Sammy Ogunjimi, Group Managing Director/CEO, Codix Group. “With support from WHO and MPP, we are committed to producing high-quality, rapid diagnostic tests that can transform access to timely diagnosis, not just in Nigeria, but across the continent.”

HTAP will coordinate support from across WHO and its partners, covering areas such as workforce development, regulatory compliance and product uptake. It is also continuing with evaluations for a potential second sublicensee for this technology transfer.

Most LMICs rely on importing health diagnostics. Following fragility and heavy dependence on imported health product supplies during the COVID-19 pandemic and important lessons learnt for regional health security, there is growing momentum for improving local production and supply resilience, including by institutions such as the Africa Centres for Disease Control and Prevention (Africa CDC), the Global Fund and Unitaid.

Note to editors

About Medicines Patent Pool (MPP)
The Medicines Patent Pool (MPP) is a United Nations-backed public health organization working to increase access to and facilitate the development of life-saving medicines for low- and middle-income countries. Through its innovative business model, MPP partners with civil society, governments, international organizations, industry, patient groups, and other stakeholders to prioritize and license needed medicines and pool intellectual property to encourage generic manufacture and the development of new formulations. medicinespatentpool.org

About WHO
Dedicated to the well-being of all people and guided by science, the World Health Organization leads and champions global efforts to give everyone, everywhere an equal chance at a safe and healthy life. We are the UN agency for health that connects nations, partners and people on the front lines in 150+ locations – leading the world’s response to health emergencies, preventing disease, addressing the root causes of health issues and expanding access to medicines and health care. Our mission is to promote health, keep the world safe and serve the vulnerable. www.who.int

MIL OSI United Nations News –

May 9, 2025

MIL-OSI: Bitdeer Announces April 2025 Production and Operations Update

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 09, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today announced its unaudited mining and operations updates for April 2025.

Operational Update

Self-mined Bitcoin: 166 Bitcoins, increase of 45.6% from March 2025 on higher average self-mining hashrate from energization of SEALMINERs.
Mining Rig Manufacturing and R&D:
- SEALMINER A1: 3.7 EH/s are energized with remaining 0.1 EH/s to be energized in Q2 2025.
- SEALMINER A2:
  - Total of 3.3 EH/s mining rigs have been manufactured and 1.2 EH/s are in assembly as of the end of April.
  - Of the 3.3 EH/s mining rigs that have been manufactured:
    - External-sales: 1.3 EH/s of mining rigs have been shipped to external customers.
    - Self-mining:
      - 0.5 EH/s have been deployed in Texas and Tydal, Norway.
      - 0.4 EH/s are in-transit to Bitdeer’s site in Texas and Tydal, Norway.
      - 1.1 EH/s are being prepared for shipping.
- SEALMINER A3:
  - Beyond the initial testing result of an energy efficiency of 9.7 J/TH at the chip level while running at low voltage, ultra power-saving mode, Bitdeer successfully completed testing several dozen of its prototype models in April 2025, with all the test results meeting expectations.
  - Machine level testing is expected to be finalized by late Q2 2025.
- SEALMINER A4:
  - SEAL04 R&D remains on track to achieve an expected chip efficiency of approximately 5 J/TH with anticipated initial tape-out in Q4 2025.
HPC/AI:
- Discussions are ongoing with multiple development partners and potential end users for selected large scale sites in the U.S. for HPC/AI.
Hosting:
- Client-hosted mining rigs increased by 3,000 units or 0.6 EH/s in April 2025, due to existing customers increasing hosted mining rigs.
Infrastructure:
- Tydal, Norway: 70 MW of available power capacity was energized in April 2025. The remaining 105 MW are expected to be energized by end of Q2 2025.
- Jigmeling, Bhutan: 132 MW of available power capacity was energized in April 2025. The remaining 368 MW are on track to be energized in phases by the end of Q2 2025. Two 132kV transformers have been energized and five 220kV transformers are expected to be ready for energization in June 2025. Construction of datacenter infrastructure and cooling systems are in progress and also expected to be completed in June 2025.
- Clarington, Ohio: Paused Bitcoin mining related construction at 570 MW Clarington, Ohio site (Phase 1 and 2) as a result of advancing HPC/AI discussions.
Financing:
- In April 2025, Bitdeer entered into a loan agreement with Matrixport Group, a related party of the Company, for a financing facility of up to US$200.0 million. Loans drawn under the facility bear a variable interest rate equal to 9.0% plus a market-based reference rate. Each drawdown is repayable in fixed monthly installments over a 24-month term and is secured by a pledge of SEALMINERs.

Management Commentary

“In April 2025, we successfully energized 70 MW and 132 MW of power capacity at our Tydal, Norway expansion and Jigmeling, Bhutan sites, respectively, bringing Bitdeer’s global available power capacity to nearly 1.1 GW,” said Matt Kong, Chief Business Officer at Bitdeer. “By the end of June 2025, we expect to energize the remaining 473 MW at Tydal and Jigmeling, increasing our global available power capacity to 1.6 GW—of which more than half will be located outside the U.S. Our early investment in global diversification is now yielding meaningful strategic benefits. Our international footprint enhances our operational flexibility, particularly as we navigate evolving global trade dynamics. In the near term, we are prioritizing deployments of our SEALMINER A2s in Norway and Bhutan, which we expect will drive our self-mining hashrate to over 40 EH/s in 2025. Further, we made the strategic decision to pause Bitcoin mining related construction at our 570 MW site in Clarington, Ohio due to advancing discussions with multiple development partners and end users for HPC/AI. The Company maintains full optionality to reassess and resume the build-out for Bitcoin mining at a later date.”

Production and Operations Summary

Metrics	Apr 2025	Mar 2025	Apr 2024
Total hash rate under management¹(EH/s)	25.1	24.2	22.3
– Proprietary hash rate	12.4	12.1	8.4
• Self-mining	12.4	11.5	6.7
• Cloud Hash Rate	–	–	1.7
• Delivered but not hashing	–	0.6	–
– Hosting	12.7	12.1	13.9
Mining rigs under management	179,000	175,000	224,000
– Self-owned²	98,000	97,000	86,000
– Hosted	81,000	78,000	138,000
Bitcoins mined (self-mining only)	166	114	265
Bitcoin held³	1,246	1,156	103

¹Total hash rate under management as of April 30, 2025 across the Company’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.

Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end.
Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.

²Self-owned mining machines are for the Company’s self-mining business and Cloud Hash Rate business.
³Bitcoins held do not include the Bitcoins from deposits of the customers.

Infrastructure Construction Update

Site / Location	Capacity (MW)	Status	Timing⁴
Electrical capacity
– Rockdale, Texas	563	Online	Completed
– Knoxville, Tennessee	86	Online	Completed
– Wenatchee, Washington	13	Online	Completed
– Molde, Norway	84	Online	Completed
– Tydal, Norway	120	Online	Completed
– Gedu, Bhutan	100	Online	Completed
– Jigmeling, Bhutan	132	Online	Completed
Total electrical capacity	1,098⁵
Pipeline capacity
– Tydal, Norway Phase 2	105	In progress	Q2 2025
– Massillon, Ohio	221	In progress	Q3 – Q4 2025
– Clarington, Ohio Phase 1	266	Paused	TBD
– Clarington, Ohio Phase 2	304	Pending approval	TBD
– Jigmeling, Bhutan	368	In progress	Q2 2025
– Rockdale, Texas	179	In planning	Estimate 2026
– Alberta, Canada	99	In planning	Q4 2026
– Oromia Region, Ethiopia	50	In planning	Q4 2025
Total pipeline capacity	1,592
Total global electrical capacity	2,690

⁴ Indicative timing. All timing references are to calendar quarters and years.
⁵ Figures represent total available electrical capacity.

Rockdale, Texas – 100 MW Hydro-cooling conversion energization commenced:

All cooling system delivered and installed.
Energization in accordance with the phased of delivery of mining rigs.
Approximately 1.4 EH/s of SEALMINER A1 hydro mining rigs have been energized.

Tydal, Norway – 175 MW site expansion has commenced energization and is expected to be fully energized by end of Q2 2025:

70 MW was energized in April.
Remaining 105 MW is expected to be energized in phases by end of Q2 2025.
Installation of the transformers has been completed, with the delivery and installation of electrical equipment currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and drainage systems construction is ongoing.

Massillon, Ohio – 221 MW site on track for completion in H2 2025:

Substation construction is underway and is expected to be completed in Q3 2025.
Building design completed and construction has begun earlier than expected.
Estimated energization is expected to be completed in phases between Q3 and Q4 2025.

Clarington, Ohio – Paused Bitcoin mining related construction at 570 MW Clarington, Ohio site (both Phase 1 and 2) as a result of advancing HPC/AI discussions.

The Company maintains full optionality to reassess and resume the build-out for Bitcoin mining at a later date.

Jigmeling, Bhutan – 500 MW site has commenced energization and is expected to be fully energized in phases by end of Q2 2025:

132 MW was energized in April.
Remaining 368 MW is expected to be energized in phases by end of Q2 2025.
Two 132kV transformers have been energized and five 220kV transformers are expected to be ready for energization in June 2025.
Delivery of containers and hydro-cooling systems are in progress and is expected to be completed in phases by Q2 2025.

Fox Creek, Alberta – 101 MW site acquired in Alberta, sitting on 19 acres, is fully licensed and permitted:

Site includes all permits and licenses to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”).
Bitdeer will develop and construct the power plant in partnership with a leading engineering, procurement and construction (“EPC”) company and is expected to be energized by Q4 2026.

Oromia Region, Ethiopia – Signed an SPA and a turnkey agreement for the acquisition and construction of a 50 MW Bitcoin mining project in Ethiopia for US$7.5 million:

Acquisition includes local Ethiopian company with a mining permit, connected to a neighboring transmission substation at 33kV interconnection.
This local Ethiopian company has signed a Power Purchase Agreement (PPA) with Ethiopian Electric Power Company for a duration of 4 years at an electricity price of approximately US$0.036/ kWh.
Bitdeer is working closely with an EPC contractor with specialized experience in Bitcoin mining and this mining project is expected to be energized in Q4 2025.

Upcoming Conferences and Events

May 14 – 15, 2025: Macquarie Asia Conference 2025 in Hong Kong
May 19 – 20, 2025: Barclay 15^th Annual Emerging Payments and Fintech Forum in New York City
May 20, 2025: Benchmark Virtual Digital Asset Seminar
May 21 – 22, 2025: B. Riley 25^th Annual Investor Conference in Marina Del Rey, California
May 28, 2025: Orange Group & Blockware Sell-side and Buy-side Conference in Las Vegas, Nevada
June 24 – 26, 2025: Roth 15th Annual Conference in London
June 25, 2025: Northland Virtual Growth Conference 2025

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
bitdeerIR@orangegroupadvisors.com

Public Relations
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com

The MIL Network –

May 9, 2025

Category: Business

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