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Category: Business

  • MIL-OSI Europe: Written question – Genetic modification in the context of the ‘dire wolf’ project – E-001687/2025

    Source: European Parliament

    Question for written answer  E-001687/2025
    to the Commission
    Rule 144
    Bert-Jan Ruissen (ECR)

    Recently, US company Colossal Biosciences[1] announced that it has de-extincted the ‘dire wolf’. Through genetic modification, 20 characteristics of the dire wolf have been inserted into the DNA of a grey wolf.[2][3]

    • 1.What is the Commission’s take on the ethical appropriateness of this project, particularly in terms of animal welfare and the potential implications for nature?
    • 2.Which EU legislation does the Commission consider to be applicable to this type of project, especially in relation to the carrying out genetic modifications on EU territory or the release or migration of genetically modified animal species that have been ‘de-extincted’ outside the EU?
    • 3.Does the applicable EU legislation explicitly preclude (i) animals from being genetically modified with a view to bringing lost species back to life and (ii) genetically modified animal species from being introduced on EU territory? If this is not the case, is the Commission willing to put forward a proposal to make this explicit?

    Submitted: 28.4.2025

    • [1] https://colossal.com/the-return-of-the-dire-wolf/
    • [2] https://time.com/7274542/colossal-dire-wolf/
    • [3] https://edition.cnn.com/2025/04/07/science/dire-wolf-de-extinction-cloning-colossal/index.html
    Last updated: 6 May 2025

    MIL OSI Europe News –

    May 6, 2025
  • MIL-OSI Europe: Written question – Dramatic deterioration of mental health services – E-001684/2025

    Source: European Parliament

    Question for written answer  E-001684/2025
    to the Commission
    Rule 144
    Lefteris Nikolaou-Alavanos (NI)

    According to the latest figures, 46 % of EU citizens have experienced an emotional or psychosocial problem in the last year, while 20 % of young people aged 15-19 live with a mental health disorder. 22 % even reported that their medical needs were not being met.

    The unacceptable state of mental health structures is the result of the continual anti-grassroots policy followed by governments, most recently demonstrated by the law just passed by the Nea Dimokratia Government. As part of the so-called ‘psychiatric reform’, a single network of mental health services has been created, involving public and private sector participation and entailing the closure of two of the three remaining National Health Service hospitals specialising in psychiatry. Care for the mentally ill is deteriorating dramatically and is becoming a goldmine for private clinics and NGOs, also thanks to the EU’s push for ‘de-institutionalisation’.

    In light of the above, can the Commission answer the following:

    • 1.What view does it take of the fact that the single network of mental health services is leading to the dramatic deterioration of mental health services, with the further closure of the two psychiatric hospitals and the involvement of NGOs and civil non-profit companies, since it is based on criteria relating to the profitability of the groups involved rather than treatment, which stems from the cost-benefit policy and paves the way for further commercialisation and privatisation of health services?
    • 2.What view does it take of the fact that the mental health of young people is deteriorating, with 49 % of young people not receiving the necessary support, due to the strategy – followed by the EU and national governments – of understaffing and shutting down structures at EU level?

    Submitted: 28.4.2025

    Last updated: 6 May 2025

    MIL OSI Europe News –

    May 6, 2025
  • MIL-OSI Europe: REPORT on the deliberations of the Committee on Petitions in 2023 – A10-0063/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on the deliberations of the Committee on Petitions in 2023

    (2025/2027(INI))

    The European Parliament,

    – having regard to its previous resolutions on the outcome of the Committee on Petitions’ deliberations,

    – having regard to Articles 10 and 11 of the Treaty on European Union (TEU),

    – having regard to Articles 20, 24 and 227 of the Treaty on the Functioning of the European Union (TFEU) on the right of EU citizens and residents to bring their concerns to the attention of Parliament,

    – having regard to Article 228 TFEU on the role and functions of the European Ombudsman,

    – having regard to Article 44 of the Charter of Fundamental Rights of the European Union concerning the right to petition the European Parliament,

    – having regard to the provisions of the TFEU relating to the infringement procedure and, in particular, to Articles 258 and 260 thereof,

    – having regard to Rules 55 and 233(7) of its Rules of Procedure,

    – having regard to the report of the Committee on Petitions (A10-0063/2025),

    A. whereas the purpose of the annual report on the outcome of the Committee on Petitions’ deliberations is to present an analysis of the petitions received in 2023 and of relations with other institutions, as well as to present an accurate picture of the objectives achieved in 2023;

    B. whereas in 2023, Parliament received 1 452 petitions, which represents an increase of 16.2 % compared to the 1 217 petitions submitted in 2022 and of 4.0 % compared to the 1 392 petitions registered in 2021; whereas the total amount of petitions received continues to be significantly lower than the peak reached in 2013 and 2014, when Parliament received 2 891 and 2 715 petitions, respectively;

    C. whereas in 2023, the number of users supporting one or more petitions on Parliament’s Petitions Web Portal was 26 331, which represents a considerable increase compared to the 22 441 users recorded in 2022 (both numbers are considerably lower than the 209 272 supporters recorded in 2021); whereas the number of clicks in support of petitions also increased slightly in 2023, reaching a total of 29 287 (compared with 27 927 in 2022 and 217 876 in 2021);

    D. whereas however, the overall number of petitions remains modest in relation to the total population of the EU, revealing that efforts still need to be stepped up to increase citizens’ awareness of their right to petition and the possible usefulness of petitions as a means of drawing the attention of the institutions and the Member States to matters that affect and concern citizens directly; whereas in exercising the right to petition, citizens expect the EU institutions to provide added value in finding a solution to their problems;

    E. whereas the criteria for the admissibility of petitions are laid down in Article 227 TFEU and Rule 232(1) of Parliament’s Rules of Procedure, which require that petitions must be submitted by an EU citizen or by a natural or legal person who is resident or has a registered office in a Member State and is directly affected by matters falling within the EU’s fields of activity;

    F. whereas of the 1 452 petitions submitted in 2023, 429 were declared inadmissible and 13 were withdrawn; whereas the high percentage (29.55 %) of inadmissible petitions in 2023 confirms that there is still a widespread lack of clarity about the scope of the EU’s areas of responsibility; whereas in order to reduce the number of inadmissible petitions, efforts still need to be made to clarify further the scope of the EU’s fields of activity;

    G. whereas the right to petition Parliament is a fundamental right of EU citizens, offering both citizens and residents an open, democratic and transparent mechanism to address their elected representatives directly; whereas this essential tool empowers citizens to actively and effectively participate in the life of the Union; whereas through petitions, EU citizens can complain about failures to implement EU law and help detect breaches of EU law;

    H. whereas Parliament is the only EU institution directly elected by EU citizens; whereas the right to petition the European Parliament is one of the fundamental rights of EU citizens and residents and it allows them to address their elected representatives directly; whereas Parliament has long been at the forefront of the development of the petitions process internationally and has the most open, democratic and transparent petitions process in Europe, allowing petitioners to participate actively and effectively in its activities, whereas in exercising the right to petitions, citizens expect the EU institutions provide added value, cooperating with the Commission and Member State authorities, in solving their problems;

    I. whereas the information submitted by petitioners in their petitions and during committee meetings, along with the Commission’s assessments and the replies from the Member States and other bodies, also provide valuable input for the work of other parliamentary committees, given that admissible petitions are forwarded to the relevant committee for an opinion or for information; whereas, therefore, petitions can also play a role in the legislative process, providing concrete feedback on the impact of EU policies and enabling policies to address emerging needs;

    J. whereas the activities of the Committee on Petitions are based on the input provided by petitioners, enabling Parliament to enhance its responsiveness to complaints and concerns relating to respect for fundamental EU rights and compliance with EU legislation in the Member States; whereas petitions are therefore a useful source of information on instances of misapplication or breaches of EU law, enabling an assessment of the application of EU law and its impact on the rights of EU citizens and residents; whereas in 2023 fundamental rights were one of the three most important concerns of all petitioners; whereas, in the context of the structured dialogue with the Commission, the Committee on Petitions called on the Commission to fight discrimination in the European Union, including through initiatives to guarantee equal rights and to strengthen measures against all forms of discrimination, including those based on sex, racial or ethnic origin, disability, age, religion or belief and sexual orientation;

    K. whereas according to Article 17 TEU the Commission should ensure the correct application of the Treaties and of measures adopted pursuant to them; whereas the Commission’s strategic approach to addressing issues raised in petitions must be fully consistent with the Treaties in order to ensure the most effective follow-up of petitions, aiming at guaranteeing full and timely protection of citizens’ rights arising from EU law;

    L. whereas each petition must be considered and examined carefully, efficiently, impartially, fairly and transparently, in line with the standards set in Article 41 of the Charter of Fundamental Rights of the European Union on the Right to good administration; whereas all petitioners have the right to receive a reply informing them about the decision on admissibility and follow-up actions taken by the committee within a reasonable period of time, in their own language or in the language used in the petition; whereas timely and effective responses by the Commission and Member States to the issues raised in the petitions, along with solutions for redress, where appropriate, contribute to strengthening the trust citizens place in the Union and its policies;

    M. whereas the Committee on Petitions attaches the utmost importance to the examination and public discussion of petitions at its meetings; whereas petitioners have the right to present their petitions and frequently take the floor in the discussion, thereby actively contributing to the work of the committee; whereas in 2023, the Committee on Petitions held 10 committee meetings, at which 191 petitions were discussed with 114 petitioners present and actively participating by taking the floor;

    N. whereas the main subjects of concern raised in petitions submitted in 2023 related to the environment, fundamental rights, personal matters and justice;

    O.  whereas when adopting its meeting agenda, the Committee on Petitions pays attention to petitions and topics with a high degree of relevance for discussion at EU level and to the need to maintain a balanced geographical coverage of topics according to the petitions received;

    P. whereas 82.4 % of the petitions received in 2023 were submitted via Parliament’s Petitions Web Portal, which is a slight increase compared to 2022 (79.05 %), thus reconfirming it as by far the most used channel for citizens to submit petitions to Parliament;

    Q. whereas in February 2023, the Petitions Web Portal was revamped and relaunched to align it with current expectations and make it easier for residents of the Member States to exercise their right to submit petitions to Parliament; whereas the updated Petitions Portal 2.0 integrated seamlessly with Parliament’s web publishing tool, enabling faster and simpler content updates and new features (including seven ‘Quick Start Guides’ that provide clear, step-by-step instructions for submitting, tracking and supporting petitions); whereas a new search engine powered by elastic search technology enhanced the user experience by delivering more accurate results efficiently leading to the new portal’s prioritising a truly citizen-centred approach; whereas during 2023 all petitions were prepared and published in a timely manner, within a few days of their adoption, and all internal and external requests for support on the use and content of the Petitions Portal were replied to successfully, in a timely manner and in all languages;

    R. Whereas in 2023, the Committee on Petitions (PETI) held four fact-finding visits, during which Members travelled to Romania to examine the management and the protection of the brown bear population and illegal logging, to Donegal (Ireland) to investigate the use of defective mica blocks in construction in Ireland and to Catalonia (Spain) to assess in situ the language immersion model in Catalonia; whereas PETI members were also part of a joint delegation from the Committee on Employment and Social Affairs, the Committee on Civil Liberties, Justice and Home Affairs and PETI that travelled to New York to attend the 16th session of the Conference of States Parties to the Convention on the Rights of Persons with Disabilities (CRPD COSP);

    S. whereas under Parliament’s Rules of Procedure, the Committee on Petitions is also responsible for relations with the European Ombudsman, who investigates complaints about maladministration within the institutions and bodies of the EU; whereas the previous European Ombudsman, Emily O’Reilly, presented her annual report for 2022 to the Committee on Petitions at its meeting of 27 June 2023;

    T. whereas the Committee on Petitions is a member of the European Network of Ombudsmen, which also includes the European Ombudsman, national and regional ombudsmen and similar bodies in the Member States, the candidate countries and other European Economic Area countries, and which aims to promote the exchange of information about EU law and policy, and to share best practice;

    1. Emphasises Committee on Petition’s fundamental role in protecting and promoting the rights of EU citizens and residents by ensuring that petitioners’ concerns and complaints are examined in a timely, effective and appropriate manner and that petitioners are informed about the actions taken and progress made on their petitions; recalls that all petitions are treated through an open, democratic and transparent petition process;

    2. Welcomes the successful contribution the Committee on Petitions made to dealing with the case of the repatriation of children, together with their mothers, who were detained for years in dire conditions in Syrian refugee camps and suffering from serious illness, malnutrition, severe psychological pressure and whose health conditions were worsening day by day; appreciates that the main legal arguments supported unanimously in PETI were substantially backed by the Danish Supreme Court in its order to offer repatriation and support by the Danish foreign ministry to both the children concerned and their mothers;

    3. Reiterates the importance of a continuous public debate on the EU’s fields of activity in order to ensure that citizens are properly informed about the scope of the Union’s competences and the different levels of decision-making; calls for an EU-wide enhanced structured information and communication campaign in all EU official languages in collaboration with national and regional ombudsmen, NGOs, and educational institutions to increase awareness of petition rights among citizens from all Member States, particularly addressing rural and disadvantaged communities and marginalised groups, as well as, remote islands and regions; proposes an expansion of outreach efforts through social media and local community events, emphasises the need for broader awareness-raising campaigns, through the active involvement of communications services, to help increase citizens’ knowledge about their right to petition, as well as the scope of the EU’s responsibilities and the competences of the Committee on Petitions, with a view to reducing the number of inadmissible petitions and enhancing citizen engagement in the decision-making process; recommends improving the digital accessibility of the Petitions Portal, including through adaptations for people with disabilities and higher quality translations into all official EU languages; recommends exploring the potential of the existing IT tools in order to increase citizens’ support on the portal, including through redirecting options to relevant complaint mechanisms;

    4. Recalls the European dimension of the Committee on Petitions, which can be addressed by citizens from all 27 Member States on issues that fall within the scope of the EU Treaties and EU law; believes that the Committee has a special responsibility to uphold this European dimension and to demonstrate the added value of European unity and integration to citizens;

    5. Points out that petitions constitute a unique opportunity for Parliament and the other EU institutions to directly connect with EU citizens and maintain a regular dialogue with them, particularly in cases where they are affected by the misapplication or breach of EU law; stresses the need for enhanced cooperation between the EU institutions and national, regional and local authorities on inquiries regarding the implementation of, and compliance with, EU law; believes that such cooperation is crucial to address and resolve citizens’ concerns over the application of EU law and that it contributes to strengthening the democratic legitimacy and accountability of the Union; calls, therefore, for the participation of Member States’ representatives in committee meetings and for timely and detailed responses to requests for clarification or information sent by the Committee on Petitions to national authorities;

    6. Recalls that petitions contribute considerably to the exercise of the Commission’s role as the guardian of the Treaties by providing citizens with an additional tool to report alleged breaches of EU law; stresses that constructive cooperation between the Committee on Petitions and the Commission through timely and detailed answers from the Commission, which are based on thorough examinations of the issues raised in petitions, is essential to ensure the successful treatment of petitions;

    7. Reiterates its call on the Commission to provide legal clarifications on the key criteria underpinning its strategic approach to enforcing EU law and to regularly update the Committee on Petitions on developments in infringement proceedings and to ensure that the Committee on Petitions gets access to the all relevant documents on EU Pilot and infringement procedures and legislative initiatives that were launched based on petitions received; is of the opinion that increased transparency and regular feedback on the handling of ongoing infringement procedures by the Commission would be beneficial for the Committee’s follow-up of open petitions; welcomes the recent Commission initiative to include petitions in the search system of the infringement register of the Commission; stresses that it is important for the Commission to conduct timely investigations into petitions, highlighting violations of rights affecting a large number of citizens and residents within the EU and to consult, where appropriate, the relevant national ombudsman; expresses its concerns about the way the Commission is handling some infringement procedures launched against Member States, including those related to issues raised in many petitions; encourages the Commission to put in place all necessary measures to improve transparency and effectiveness of its management of infringement procedures, which can be perceived as opaque by citizens;

    8. Calls on the Commission to assess whether the national authorities are taking the necessary measures to respond to citizens’ concerns, as expressed in their petitions, where cases of failure to comply with EU law occur, and to launch infringement procedures where necessary; emphasises that timely and proactive action by the Commission in cases of breaches of EU law is crucial to prevent such breaches, which could undermine citizens’ trust in European institutions, becoming systemic in nature;

    9. Emphasises the need for enhanced and more active cooperation between Member States and the Committee on petitions in order to unblock those petitions requiring prompt responses and reactions from the national authorities; recalls that the delayed responses of the Member States could have an impact on the timely resolution of issues raised by citizens and negative consequences for the solution of breaches of Union law; notes that the Member States should guarantee responses to petitions within the three-month deadline requested; stresses that improved coordination and dialogue would facilitate a more efficient handling of citizens’ concerns, prevent unnecessary delays and strengthen the effectiveness of the petition process;

    10. Strongly condemns the harassment and intimidation to which the official members of the Delegation of the Committee on Petitions were subjected during their fact-finding visit to Barcelona from 18 to 20 December 2023, with the aim of assessing in situ the language immersion model in Catalonia, its effects on families moving to and residing in the Autonomous Community, as well as on multilingualism and non-discrimination and the principle of the rule of law;

    11. Condemns the attempted ‘escraches’ (public shaming through doorstep demonstrations), violence and intimidation by separatist entities and groups in Catalonia that were intended to prevent the smooth running of the mission and with which they sought to coerce MEPs so that the outcome of the mission would favour their interests;

    12. Regrets that the competent education authorities in the region have not implemented the recommendations issued by the Committee on Petitions in its report of 19 March 2024 following the mission, aimed at protecting the linguistic rights of students and their families;

    13. Recalls that the e-Petition database is an essential internal tool that allows the members of the Committee on Petitions to access all necessary information in order to follow up on the state of play of each petition and to be able to make informed decisions on the treatment of the petitions; notes that the e-Petition database also plays an important role in communication with petitioners;

    14. Recalls the Commission’s commitment to create an interinstitutional IT tool, together with Parliament, with which to share information and documents on all follow-up actions taken on petitions, such as infringement procedures, legislative proposals or replies by national authorities, thus enhancing the transparency and efficiency of the treatment of petitions, which, in a wider context, would contribute to increasing citizens’ trust in the EU institutions and the European project;

    15. Recalls that cooperation with other committees in Parliament is essential for the comprehensive treatment of petitions; notes that in 2023, 34 requests for opinion (corresponding to 31 petitions) and 223 requests for information were sent to other committees; notes that of the 34 opinions requested, only 25 answers were received by the end of 2023 (in 14 cases an opinion was provided, while in 10 cases the committee decided not to draft an opinion and on four occasions no official decision has been communicated); recalls that petitioners are informed of decisions to request opinions from other committees for the treatment of their petitions; underlines that parliamentary committees should step up their efforts to actively contribute to the examination of petitions by providing their expertise so as to enable Parliament to respond more swiftly and comprehensively to citizens’ concerns;

    16. Believes that the petitions network is a useful tool for facilitating the follow-up of petitions in parliamentary and legislative work; trusts that regular meetings of the petitions network are crucial in order to ensure more visibility for the Committee on Petition’s activities and a better understanding of its work and mission, as well as to strengthen cooperation with the other parliamentary committees;

    17. Underlines that the Committee on Petitions expressed its position on important issues raised in petitions by adopting its report on the outcome of the Committee on Petitions’ deliberations during 2022[1];

    18. Highlights a slight decrease in the number of petitions submitted on external relations issues compared to 2022; notes that this could be explained by the new geopolitical context in 2023 and in particular a decrease in the number of petitions on the war in Ukraine and a significant increase in petitions dealing with the new conflicts in the Middle East; notes that the Committee on Petitions took account of citizens’ concerns about sanctions, security, conflict resolution, visa policy, progress of EU candidate countries, among other issues, putting on its agenda a number of petitions dealing in particular with questions related to the situation of refugees, in particular of children and on the situation of Venezuelan refugees in the EU; acknowledges the efforts of the committees already actively addressing these issues and emphasises that the Committee on Foreign Affairs and the Committee on Civil Liberties, Justice, and Home Affairs should take note of these petitions in their deliberations;

    19. Takes note that health, which was one of the main areas of concern for petitioners in 2022, appeared to continue to play an important role in 2023; notes, in particular, that the Committee on Petitions examined and discussed petitions on the ban on chemicals and heavy metals in children’s toys, on support for healthy and environmentally friendly food systems and lifestyles and on the implementation of EU regulations on added sugars in foods intended for infants and young children;

    20. Draws attention to the significant number of petitions submitted and discussed in relation to citizens’ concerns over the reintroduction of border checks between some Member States raising the problematic aspect of limitation of the free movement of persons within the EU and other aspects such as the strengths and the weaknesses of the extension of the Schengen area, as well as the costs of not belonging to the Schengen area; appreciates the significant role played by the Committee on Petitions, in particular the host of activities carried out, the adoption in committee of a short motion for a resolution on the accession to the Schengen area on 27 June 2023 and the related Parliament resolution, to strongly support the enlargement of the Schengen area to include Romania and Bulgaria the organisation of the public hearing on Schengen Borders on 18 July 2023 in association with the Committee on Civil Liberties, Justice and Home Affairs; welcomes the unanimous decision by the Council for the full membership of both countries of the Schengen area as of 1 January 2025 allowing the full exercise of the fundamental freedoms of the EU Single Market; 

    21. Takes note of the sudden increase in petitions of Spanish origin in the second half of 2023 concerning the risks to the rule of law in Spain as a result of the Spanish Government’s intention to adopt an Amnesty Law contrary to constitutional and European law;

    22. Underlines the work of the Committee on Petitions in connection with petitions relating to common rules on a single standard for hand luggage dimensions, highlighting citizens’ concerns about the inconvenience and discomfort caused by inconsistent rules on airline carry-on luggage and the resulting hidden costs; emphasises its call for compliance with a relevant European Court of Justice ruling in the context of the revision of EU air services legislation; points, in this regard, to the short motion for a resolution on standardised dimensions for carry-on luggage adopted by the Committee on Petitions on 20 September 2023 followed by the adoption of a resolution by single vote of the European Parliament on 4 October 2023; welcomes the fact that in November 2023 the Commission put forward a review of the passenger rights framework and a series of proposals designed to improve the experience of passengers and travellers, including the requirement of a limited number of common sizes and weights to reduce the confusion; notes with regret that passengers with disabilities are still facing too many barriers while travelling, especially in case of multimodal journeys; regrets that the public transport systems of many Member States do not comply with the requirements of United Nations Convention on the Rights for Persons with Disabilities (UNCRPD);

    23. Notes that environmental issues remained an area of serious concern for petitioners in 2023 with more than 21 % of petitions dedicated to environmental issues; regrets that some of these petitions allege incorrect implementation of EU legislation by the Member States, with some Member States already facing infringement procedures for the breach of EU environmental laws; notes that numerous petitions describe complaints about air quality, noise pollution, waste management/treatment, the deterioration of natural ecosystems and violation of the Habitats Directive in different Member States; highlights the public hearing on the state of implementation of the Habitats Directive organised on 24 May 2023; notes the work the Committee on Petitions continued to carry out in 2023 on the impact of climate change in different fields, not only in the environmental area, but also in the use of land, putting a number of petitions received on these topics on the agenda; points to the workshop on the impact of climate change on social security and the most vulnerable groups organised on 22 March 2023 and also to the presentation of the study on compensation for victims of climate change disasters on 18 July 2023;

    24. Draws attention to the workshop organised by the Committee on Petitions on 25 January 2023 on transparency of pricing and reimbursement of medicinal products, which discussed transparency from the perspectives of patients and consumers, producers of medicinal products, and academic research; notes that the discussions focused on research and development costs of companies and information available on the prices paid for medicines, underlining the importance of transparency on these issues;

    25. Stresses the importance of delivering on EU citizens’ expectations regarding the protection of the environment and urges the Commission, together with the Member States, to ensure the correct implementation of EU legislation in the environmental field, in particular in the field of illegal logging; points to the petitions on environmental issues, which reflect a growing public concern about the implications of climate change, requiring consistent enforcement of the existing EU environmental legislation by both the Commission and the Member States;

    26. Acknowledges the positive effects of the fact-finding visit to Romania from 15 to 18 May 2023 on the management and protection of the brown bear population; notes with regret, however, that there are still too many fatal accidents caused by brown bears in connection with humans and livestock, making further monitoring and cooperation with the national authorities necessary;

    27. Following the fact-finding visit to Romania, stresses the need for a balance between wildlife protection and the citizens’ safety; underlines that each Member State should be allowed to take measures, including population control of the species, in order to prevent threats to the lives and property of its citizens;

    28. Stresses the commitment of the Committee on Petitions to protect the rights of persons with disabilities; recalls the annual workshop of held by the Committee on Petitions on 29 November 2023 on the rights of persons with disabilities; recalls that its first part focused on how persons with disabilities dealt with the recent crises (energy costs, war, high inflation, etc.) and how EU measures helped to overcome these obstacles while the second part addressed the issue of how the European institutions have built inclusive communication with citizens with disabilities; also highlights, in this context, the adoption by the Committee of an opinion in the form of a letter on establishing the European Disability Card and the European Parking Card for persons with disabilities on 29 November 2023; reiterates that the Commission should address the cases where the national authorities refuse to recognise the rights for social security benefits for person with disabilities, thus leaving them without the necessary means to cover their basic needs; underlines as well in this context the imperative need for a full and consistent transposition of the European Accessibility Act and calls on the Member States to avoid further delays that hinder the rights of persons with disabilities; recalls that the Accessibility Act aims at improving the life of at least 87 million persons with disabilities, facilitating their access to, inter alia, public transport, banking services, computers, TVs, e-books and online shops;

    29. Stresses the important contribution made by the Committee on Petitions to the protection of the rights of persons with disabilities, as revealed by its treatment of a number of petitions on this sensitive topic; acknowledges, in this context, the efforts of Parliament’s services and notes that not just the best technical but the most accessible solution for deaf citizens must be found in order to communicate with them in their own mother tongue, in national sign languages; requests the modification of the Rules of Procedures in close cooperation with the Committee on Constitutional Affairs (AFCO) committee in order to eliminate the written communication with deaf citizens; also highlights, in this context, the adoption by the Committee of an opinion in the form of a letter on establishing the European Disability Card and the European Parking Card for persons with disabilities on 29 November 2023;

    30. Underlines, furthermore, the specific protection role played by the Committee on Petitions within the EU in the framework of the UN Convention on the Rights of Persons with Disabilities through its capacity to hear petitions and highlights the committee’s important ongoing work on petitions concerning disability-related issues; while noting a slight decrease in the number of petitions on disability in 2023 compared to 2022, stresses that the number nearly doubled compared to 2021; further points out that discrimination and access to public transport and employment, continue to be major challenges faced by persons with disabilities and emphasises the Committee’s special attention to the request for the European Disability Statute to recognise the rights of people with autism; welcomes the adoption of a short motion for a resolution on harmonising the rights of autistic people, emphasising the need to improve access to diagnosis, healthcare, education, employment, accessibility and provision of reasonable accommodation, legal capacity and lifelong community support including as regards culture and sport; draws attention, furthermore, to the particular role of the Committee on Petitions in safeguarding the rights of children and their parents, acknowledging numerous petitions received on children’s rights, which require special attention and action; recalls, in this context the provisions of the EU Charter of Fundamental Rights, in particular the Article 24 thereof on the rights of the child, to allow every child to maintain a personal relationship and direct contact with both of his/her parents, unless that is contrary to the child’s interests; reiterates as well the risk that families with autistic children are being targeted by offers of unproven, potentially harmful and illegal therapies and interventions which may amount to serious physical abuse of children;

    31. Recalls the fact that relations with the European Ombudsman represent one of the responsibilities conferred on the Committee on Petitions by Parliament’s Rules of Procedure; welcomes Parliament’s constructive cooperation with the European Ombudsman, with whom the Committee on Petitions shares the objectives of ensuring the transparency, professionalism and integrity of the EU institutions vis-à-vis European citizens, as well as its involvement in the European Network of Ombudsmen;

    32. Underlines the key work performed by the Committee on Petitions on the protection of workers’ rights; underlines that several petitions received in this area were followed up by further actions such as the debate on the use of fixed-term contracts, as well as that on the European citizens’ initiative-turned petition ‘Good Clothes, Fair Pay’ focusing on the harmful situation of workers in the global garment and footwear industry, or the Parliamentary Question for Oral Answer on the Working conditions of teachers in the European Union, also having as its basis a petition received on this subject; reiterates the importance of ensuring fair working conditions and greater protection of workers in the EU, calling on the Member States and the Commission to effectively address concerns raised in petitions related to labour rights and trade unions; 

    33. Recalls the European Parliament study on Homelessness in the EU which was commissioned by the Committee on Petitions and presented at its meeting in November 2023; notes that this study made an important contribution on this pressing social and economic challenge, which represents one of the most severe forms of societal exclusion, highlighting the need for a public policy change towards preventing homelessness in the first place, inter alia by providing secure and affordable housing;

    34. Acknowledges the European Ombudsman’s regular contributions to the work of the Committee on Petitions throughout the year; firmly believes that the Union’s institutions, bodies and agencies must ensure consistent and effective follow-up to the recommendations of the Ombudsman;

    35. Stresses that European citizens’ initiatives (ECIs) represent an important instrument for active citizenship and public participation; welcomes the discussion in some meetings of unsuccessful ECIs, which were sometimes subsequently reformulated as petitions, giving citizens the opportunity to present their ideas and hold a constructive debate, while contributing to their participation in the EU’s democratic processes; takes note of the significant number of new ECIs registered by the Commission in 2023, which shows that citizens are seizing the opportunity to use participatory instruments to have a say in policy and lawmaking processes; calls on the Commission to better engage with citizens and give adequate follow-up to successful ECIs; welcomes the important effort put in place to organise, in association with other committees, four public hearings on successful ECIs, which allowed the organisers to present the initiative’s objectives and engage with Members of the European Parliament and representatives of the European Commission; underlines that the Commission’s commitment to responding to valid ECIs is essential to maintaining citizens’ trust in the ECI as the most significant instrument of participatory democracy;

    36. Urges the Commission to give due consideration to the parliamentary resolutions adopted on European Citizens’ Initiatives (ECIs) and to enhance its engagement with citizens, particularly by ensuring appropriate and effective follow-up to successful ECIs, thereby reinforcing the democratic process and ensuring that citizens’ voices are adequately reflected in EU policymaking;

    37. Underlines that the Petitions Web Portal is an essential tool for ensuring a smooth, efficient and transparent petitions process; welcomes, in this regard, the improvements to data protection and security features that have made the portal more user-friendly and secure for citizens; stresses that efforts to make the portal more accessible must be continued, including making it more accessible for sign-language users and persons with disabilities; notes that the Petitions Web Portal has been one of the European Parliament’s most visited websites, thus serving as a first point of contact with Parliament for many EU citizens;

    38. Recalls the European dimension of the Committee on Petitions, which can be addressed by citizens from all 27 Member States on issues that fall within the scope of the Union’s activities; believes that the Committee has a special responsibility to uphold this European dimension and to demonstrate the added value of European unity and integration to citizens and continue addressing issues related to violations of EU law, as well as loopholes and shortcomings in the provisions of existing EU law; believes that timely avoidance of petitions with clear national competences along with comprehensive explanations and instructions about alternative courses of action, where appropriate, could contribute to a constructive approach and an enhanced citizens engagement considers, in this context, that the European Parliament should increase its efforts to promote the role and work of its Committee on Petitions and raise awareness among all EU citizens of the possibility to address a petition to the European Parliament; recalls that due to the limited time allotted to committee meetings, most petitions are treated through written procedure; recalls, in this context, that all petitions received, including those in the area of international affairs, should be handled with the necessary transparency and impartiality; is of the opinion that the selection of petitions for discussion in committee should reflect a geographical and political balance of submissions received; believes, moreover, that geographical balance should also be sought when organising the committee’s fact-finding visits, yearly and over the course of each legislative term;

    39. Welcomes the adoption of the short motion for a resolution on the creation of a European Capital of Local Trade[2] at the plenary session of January 2023; underlines that this achievement is an excellent result for the Committee on Petitions, noting that this project has been successfully included as a preparatory action in the 2024 budget, with a total budget of EUR 3 million; recalls that the project to create a European Capital of Small Retail (ECSR) was officially presented by the Commission in Barcelona in December 2023;

    40. Instructs its President to forward this resolution and the report of the Committee on Petitions to the Council, the Commission, the European Ombudsman, and the governments and parliaments of the Member States, their petitions committees and their national ombudsmen or similar competent bodies.

     

    EXPLANATORY STATEMENT

    Pursuant to Rule 233(7) of the Rules of Procedure of the European Parliament, the Committee on Petitions shall report annually on the outcome of its deliberations. The report aims to provide a comprehensive overview of the work carried out by the committee in 2023 and includes a statistical analysis of the petitions received and processed as well as a stocktaking of other parliamentary activities such as the adoption of reports and opinions, the organisation of hearings and the committee’s relations with other EU institutions. It is worth recalling that the core work of the Committee on Petitions generates from the right to petition the European Parliament exercised by EU citizens and residents under Article 227 TFEU and is not directly linked to the work programme of the Commission.

     

    In 2023, following the decision taken in 2022, all the measures put in place in the European Parliament in the context of the COVID-19 pandemic aiming at ensuring Parliament’s core functions were confirmed. All committee meetings in 2023 took place in Parliament’s premises, with the participation of MEPs, as well as of Commission’s representatives, in person. Petitioners have had the possibility to participate remotely or in person.

     

    Statistical analysis of petitions received in 2023 compared to 2022

     

    According to the statistics, the European Parliament received 1 452 petitions in 2023, which represents an increase by 16.0 % compared to the 1217 petitions submitted in 2022 and by 4.0 % compared to the 1392 petitions registered in 2021. The number of petitions on COVID-19 has significantly decreased compared to the two previous years: 12 petitions on 2023 compared to 45 petitions in 2022 and 242 petitions in 2021.

     

    Users of the Petitions Web Portal have the possibility to support petitions. In 2023, 26331 users acted as supporters as compared to 2022, 22441 and 209272 in 2021. It follows, that in 2023 the number of users supporting petitions in the web portal slightly increased in comparison with the previous year. The number of supports increased in 2023, reaching 29287 compared to 27927 in 2022 but incomparably lower compared to the 217876 in 2021;

     

    In 2023, 11 petitions were co-signed by more than one citizen. Of the 11 petitions signed by more than one citizen, only 1 was signed by more than 100 citizens; of those 11 petitions, only 1 was signed by more than 500 citizens and none by more than 5000 citizens;

     

    Format of petitions

    In 2023, 82.4 % of petitions were submitted via the Petitions Web Portal, while almost 17.6 % of petitions were submitted by post. The figures in the two tables reveal that in 2023 the proportion of petitions submitted via the Petitions Web Portal slightly increased in comparison with 2022, the Petitions Web Portal remaining by far the most used channel for submitting citizens’ petitions to the European Parliament.

     

     

     

     

    2023

     

     

     

    2022

    Petition Format

    Number of petitions

    %

    Petition format

    Number of petitions

    %

     

     

    Petition Portal

     

    1186

    82.4

    Petitions Portal

    962

    79.05

    Letter

     

    254

    17.6

    Letter

    255

    20.95

    The following table shows the status of petitions from 2003 to 2023. It can be noted that in 2023, a very large majority (⅔) of petitions were closed within a year after being received and examined by the committee. As a result of the comparison with the data on the status of petitions included in the annual reports from 2010 to 2022, it can be concluded that a significantly majority of petitions are closed within a year after being received and examined. Except for the year 2023 and partially for year 2016, less than 11% of the petitions received each year since 2003 and very small percentages (from 0.2% to 1.5%) of petitions from 2004 to 2014 remain open. Most of these open petitions relate to environmental issues and ongoing infringement proceedings before the Court of Justice of the European Union or to issues that members of the committee want to follow closely. An important number of petitions on the beach concessions in Italy (in total 450) have been submitted from 2012 to 2023, with a high number in 2016 and 2023 and are still open with a relevant impact on the statistics.

    Status of petitions

     

    Year

     

    Number of petitions

     

    Open petitions

     

     

    Closed petitions

    2023

    1 452

    334

    23.2%

    1 106

    76.8%

    2022

    1 210

    142

    11.7%

    1 068

    88.3%

    2021

    1 388

    154

    11.1%

    1 234

    88.9%

    2020

    1 570

    141

    9.0%

    1 429

    91.0%

    2019

    1 355

    113

    8.3%

    1 242

    91.7%

    2018

    1 219

    110

    9.0%

    1 109

    91.0%

    2017

    1 270

    57

    4.5%

    1 213

    95.5%

    2016

    1 568

    249

    15.9%

    1 319

    84.1%

    2015

    1 431

    64

    4.5%

    1 367

    95.5%

    2014

    2 715

    38

    1.4%

    2 677

    98.6%

    2013

    2 891

    33

    1.1%

    2 858

    98.9%

    2012

    1 986

    26

    1.3%

    1 960

    98.7%

    2011

    1 414

    14

    1.0%

    1 400

    99.0%

    2010

    1 656

    14

    0.8%

    1 642

    99.2%

    2009

    1 924

    5

    0.3%

    1 919

    99.7%

    2008

    1 886

    12

    0.6%

    1 874

    99.4%

    2007

    1 506

    15

    1.0%

    1 491

    99.0%

    2006

    1 021

    2

    0.2%

    1 019

    99.8%

    2005

    1 016

    2

    0.2%

    1 014

    99.8%

    2004

    1 002

    2

    0.2%

    1 000

    99.8%

    2003

    1 315

    0

    0.0%

    1 315

    100.0%

     

    Outcome of petitions[3]

     

    2023

     

     

     

    2022

    Outcome of petitions

    Number

    %

    Outcome of petitions

    Number

    %

     

     

    Admissible and Closed

    677

    46.65

    Admissible and Closed

    527

    43.48

    Admissible and Open

    334

    23.00

    Admissible and Open

    327

    26.98

    Inadmissible

    429

    29.55

    Inadmissible

    357

    29.46

    Withdrawn

    13

    0.8

    Withdrawn

    5

    0.08

    Sent to EC for opinion

    572

    55.21

    Sent to EC for opinion

    482

    37.57

    Sent for opinion to other bodies

    12

    1.16

    Sent for opinion to other bodies

    12

    0.94

    Sent for information to other bodies

    452

    43.63

    Sent for information to other bodies

    789

    61.5

     

    The tables show that the petitions declared inadmissible in 2023 vs 2022 is significantly higher in terms of number but as percentage, the petitions declared inadmissible in 2023 remained stable as compared to 2022.

    The percentage of admissible petitions (46.65%), which were closed immediately by providing information to the petitioner in 2023, is slightly higher as compared to 2022. The percentage of petitions that have been kept open in 2023 (23.00%) have slightly decreased compared to 2022 (26.98%).

    It is also to be noted that in 2023, more than the half (55.21 %) of the admissible petitions were sent to the Commission for opinion.

    Finally, the percentage of petitions sent to other bodies for opinion remained the same in 2023 as compared to 2022.

    Number of petitions by country

    The following two tables illustrate in numbers and in percentage terms changes of petitions by country from 2022 to 2023. A large number of petitions submitted in both years concern the EU. It means that these petitions either raise EU-wide issues or call for common measures to be implemented throughout the EU. Petitions concerning the EU may also relate to one or more Member States and are therefore registered under both the EU and the concerned Member State(s). This explains why the sum of the petitions concerning the EU and of those only related to Member States exceeds the total number of petitions submitted in 2022 and 2023.

    Additionally, it is worth stressing that the six countries mostly concerned by petitions remained the same in both years although the order of the most concerned countries has changed in 2023 compared to 2022, (Italy in 2023 takes the second seat occupied by Germany in 2022 and Greece takes the sixth seat in 2023 occupied by Poland in 2022). The majority of petitions submitted in 2023 concern Spain, with a relevant increase in terms of numbers in comparison with 2022. It is interesting to note the very significant increase in the number of petitions concerning Italy (from 101 to 202) and Portugal (from 17 to 38), and an opposite flow of the number of petitions related to Greece, with a decrease from 71 to 53. A relevant aspect to underline is that the number of petitions related to France, increased (from 39 to 53) in comparison with 2022.

    By contrast, petitions concerning non-EU countries decreased significantly in 2023 compared to petitions submitted in 2022 (from 226 to 176).

    As regards the countries featuring at the bottom of the list, Slovakia, Cyprus and Luxembourg, are the least concerned countries in 2023, while in 2022 it was the case for Czechia, Estonia and Slovakia.

     

     

    2023

     

     

     

     

    2022

     

    Concerned Country

    Petitions

    %

     

    Concerned Country

    Petitions

    %

    European Union

    660

    45.8

     

    European Union

    566

    46.7

    Spain

    267

    18.5

     

    Spain

    199

    16.4

    Italy

    202

    14.0

     

    Germany

    139

    11.5

    Germany

    120

    8.3

     

    Italy

    101

    8.3

    Romania

    65

    4.5

     

    Greece

    71

    5.9

    France

    53

    3.7

     

    Romania

    59

    4.9

    Greece

    53

    3.7

     

    Poland

    54

    4.5

    Poland

    53

    3.7

     

    France

    39

    3.2

    Portugal

    38

    2.6

     

    Hungary

    20

    1.7

    Hungary

    24

    1.7

     

    Ireland

    19

    1.6

    Other EU countries

    193

    13.3

     

    Other EU countries

    143

    11.9

    Non-EU countries

    176

    12.2

     

    Non-EU countries

    226

    18.6

     

    Languages of petitions

    In 2023 and in 2022, petitions were submitted in 22 of the official languages of the European Union. English and Spanish were the most used languages in both 2022 and 2023, with Spanish re-confirmed as the second most used language, after English. Italian gained a position and became the third most used language in 2023, to the detriment of German which is the fourth in 2023. The tables illustrate that English continued to account for more than ¼ of the total of petitions submitted and that English, Spanish, Italian and German languages account for more than ¾ of the petitions received in 2023 and 2022 (77.5% and 76.2% respectively). Slovak, Estonian and Croatian were the least used languages in 2023 while in 2022 it was the case of Slovenian, Czech and Croatian.

     

     

     

     

    2023

     

     

     

    2022

     

    Petition Language

    Number of petitions

    %

     

    Petition Language

    Number of petitions

    %

    English

    382

    26.5

     

    English

    325

    26.7

    Spanish

    301

    20.9

     

    Spanish

    251

    20.6

    Italian

    224

    15.6

     

    German

    215

    17.6

    German

    209

    14.5

     

    Italian

    138

    11.3

    French

    74

    5.1

     

    French

    58

    4.8

    Polish

    49

    3.4

     

    Polish

    56

    4.6

    Greek

    47

    3.3

     

    Greek

    43

    3.5

    Romanian

    44

    3.1

     

    Romanian

    42

    3.5

    Others

    110

    7.6

     

    Others

    89

    7.3

    Total

    1440

    100

     

    Total

    1217

    100

     

    Nationality of petitioners

    As regards nationality, while petitions submitted by Spanish citizens represented the highest number in 2023 confirming not only the first place of the 2022 but also registering an important increase (from 266 to 330), Italian citizens exceeded German petitioners and became the second nationality in submitting petitions in 2023 with a significant increase (from 159 to 254).

     

    In addition, the tables below show a slight rise in the number of petitions submitted by Portuguese nationals in 2023 in comparison with the previous year. By contrast, the number of petitions by Hungarian citizens sensibly decreased in 2023, from 33 submitted in 2022 to 21 in 2023.

     

    Two additional observations: in 2023, the number of petitions submitted by other EU nationalities increased significantly compared to 2022, from 170 to 209, and petitions submitted by non-EU nationalities slightly decreased, accounting for 3% of the total.

     

     

    2023

     

     

     

    2022

     

    Prime petitioner nationality

    Number of petitions

    %

     

    Prime petitioner nationality

    Number of petitions

    %

    Spain

    330

    22.9

     

    Spain

    266

    21.9

    Italy

    254

    17.6

     

    Germany

    251

    20.7

    Germany

    246

    17.1

     

    Italy

    159

    13.1

    Romania

    93

    6.5

     

    Romania

    78

    6.4

    France

    71

    4.9

     

    Poland

    73

    6.0

    Poland

    64

    4.4

     

    France

    60

    5.0

    Greece

    62

    4.3

     

    Greece

    60

    5.0

    Portugal

    39

    2.7

     

    Hungary

    33

    2.7

    Belgium

    29

    2.0

     

    Portugal

    26

    2.1

    Other EU nationalities

     

    209

     

    14.6

     

    Other EU nationalities

     

     

    170

     

    13.9

    Non-EU nationalities

    43

    3.0

     

    Non-EU nationalities

    49

    4.0

     

    Main subjects of petitions

     

    The tables below include the top ten petition themes. From the tables, it appears that the main themes did not differ from one year to another. While in 2022 environment, fundamental rights and justice were the top three petition themes, in 2023 environment, internal market as well as fundamental rights ranked the highest.

    In 2023 the number of petitions raising concerns over the internal market had a significant increase compared to 2022 (194 vs 84), which represent more than the double. This could be explained by the high number of petitions related to the beach concessions in Italy submitted in 2023.

    As regard petitions on health, their number in 2023 (119) remained stable compared to the 115 petitions registered under the same theme in 2022. In the field of the external relations, a slight decrease can be noted, explained by a decrease of the number of petitions on the Ukraine’s war and a significant increase of petitions dealing with the new conflict in the Middle East.

    As far as fundamental rights theme is concerned, the number of petitions on this topic is stable in 2023 compared to 2022. This might be due to the fact that in 2023, an important number of petitions (40) registered under the theme of fundamental rights raised concerns over the respect of the rule of law in Spain.

    2023

     

    2022

    Top 10 Petition themes

    Number of petitions

    %

    Environment

    308

    21.5

    Internal Market

    194

    13.4

    Fundamental Rights

    193

    13.4

    Personal Matter

    179

    12.4

    Justice

    167

    11.6

    Health

    119

    8.3

    External Relations

    96

    6.7

    Consumer’s Right

    93

    6.5

    Transport

    93

    6.5

    Constitutional Affairs

    68

    4.7

    Top 10 Petition themes

    Number of petitions

    %

    Environment

    258

    21.2

    Fundamental Rights

    211

    17.4

    Justice

    189

    15.6

    External Relations

    126

    10.4

    Personal Matter

    126

    10.4

    Health

    115

    9.5

    Employment

    73

    6.0

    Consumer’s right

    66

    5.4

    Institutions

    63

    5.2

    Energy

    61

    5.0

     

    Petitions Web Portal

    In 2023, the Petitions Web Portal, launched in late 2014, was further improved to make it more user-friendly, more secure and more accessible to petitioners.

    The Petitions Web Portal was revamped and relaunched in February 2023 to align with modern expectations and make it easier for EU27 residents to exercise their right to submit petitions to the European Parliament. The updated PETI Portal 2.0 integrated seamlessly with the EP’s web publishing tool, enabling faster and simpler content updates. Its responsive design ensured compatibility with all devices and screen sizes. New features included four ‘Quick Start Guides’ – available in all 24 EU official languages – that provide clear, step-by-step instructions for submitting, tracking and supporting petitions. Additionally, a new search engine powered by elastic search technology enhanced user experience by delivering more accurate results efficiently. The new portal prioritises a truly citizen-centred approach.

     

    In April 2023, the PETI Portal 2.0 was presented to an extended Steering Committee (comprising group advisers and DG IPOL Strategy and Innovation representatives). Updates on releases, petition statistics and a communication strategy to boost the portal’s visibility were also discussed. Moreover, the portal was actively promoted through various media channels, including Europarl, Twitter, the Director-General’s newsletter and events such as the Open Doors Day.

     

    The automatic notification system has been extended and improved to inform petitioners and supporters by email – if they have opted in – when a reply from the European Commission (“Communication to Members” or “CM”) has been published and translated into the petition’s original language and the other languages of the Committee.

     

    The PETI Portal team ensured that all petitions were published within days of their adoption and promptly responded to numerous petitioner queries – across all EU languages – received through the chatbot and Smart Helpdesk.

     

    Relations with the Commission

    The Commission remains the natural partner of the Committee on Petitions in processing petitions as the responsible EU institution for ensuring the implementation of and compliance with EU law. The committee and the Commission have a well-established and consistently maintained level of cooperation. The main contact point in the Commission is the Secretariat-General, which coordinates the distribution of petitions to the relevant Commission’s services and transmits the Commission’s replies to the secretariat of the committee. The Commission’s services participate in the meetings of the Committee of Petitions when petitions are discussed in committee on the basis of the Commission’s written reply or of other documents received. While the Commission has stepped up its efforts to provide timely responses to requests for information made by the Committee on Petitions, the committee believes that the Commission should be more actively involved in the work of the Committee on Petitions in order to ensure that petitioners receive a precise response to their requests and complaints regarding the implementation of EU law.

    Additionally, the committee reiterated its calls for regular updates on developments in infringement proceedings and EU pilot procedures, which relate to open petitions. Finally, the committee remains critical as regards the Commission’s new enforcement policy based on in its 2016 communication entitled ‘EU Law: Better Results through Better Application’ (C(2016)8600), which aims to direct citizens to the national level when complaints or petitions do not raise issues of wider principle or systematic failure to comply with EU law. In this regard, the committee considers that the Commission should check whether national authorities take the necessary steps to respond to citizens’ concerns as expressed in their petitions.

    Pursuing to the Annex IV of the Framework Agreement on relations between the European Parliament and the European Commission on the Timetable for the Commission’s Work Programme and as part of the annual cycle of the structured dialogue, the Committee on Petition welcomed the remote participation of Vice-President of the European Commission for Interinstitutional Relations and Foresight Maroš Šefčovič at its meeting on 28 February 2023. The exchanges of views focused on the state of implementation of the Commission Work Programme as well as on the cooperation between the Petitions Committee and the European Commission on improving relations in the handling of petitions.

    It is also worth noting the Commission’s intervention in the Committee on Petitions’ events throughout the year. In particular the intervention of representatives of the Commission during the presentation of the following studies: study on ‘The boundaries of the Commission’s discretionary powers when handling petitions and potential infringements of EU law’ (Implementation & Enforcement of EU Law) on 26 April 2023; study on “Cross-Border Legal Recognition of Parenthood in the EU” (DG JUST) on 17 July 2023; study on “Compensation for Victims of climate change disasters” (DG CLIMA) on 18 July 2023; study on “Homelessness in the European Union” (DG EMPL) on 30 November 2023.

    Representatives of the Commission also participated in several PETI hearings in 2023: public hearing on “The impact of climate change on social security and the most vulnerable groups” organised on 22 March (DG EMPL), hearing on “The state of implementation of the Habitats Directive” on 24 May 2023 (DG ENV.E – implementation and relations with Member States) with a focus on the infringement actions brought in the context of the Habitat Directive; hearing in association with Committee on Liberties, Justice and Home Affairs on “Schengen Borders – issues raised by petitioners” (DG HOME – Unit of Schengen and External Borders) with a focus on “Historical overview: establishment of the Schengen agreement, its progressive extension and the transfer of the Schengen acquis to the EU competence” on 18 July 2023; hearing on “A reflection on the European Parliament’s Committee on Petitions and the petitions’ systems of third countries” on 24 October 2023.

    Finally, on 29 November 2023, in the annual workshop on the rights of persons with disabilities focusing on “Coping with the cost-of-living crisis and Inclusive communication”, Helena DALLI, the former European Commissioner for Equality intervened via a recorded video statement followed by representatives of DG Communication.

    ECI

    The European Citizens’ Initiative (ECI) is a European Union (EU) mechanism aimed at increasing direct democracy by enabling “EU citizens to participate directly in the development of EU policies”. The initiative enables one million citizens of the European Union, who are nationals of at least seven member states, to call directly on the European Commission to propose a legal act in an area where the member states have conferred powers onto the EU level. If at the end of the procedure, the ECI initiative reaches the threshold, organisers are invited to a hearing organised by the committee for petitions, to present their initiative, and afterwards, Parliament may decide to debate further and adopt a resolution on plenary on the topic.

     

    On 24 January 2023, the Committee on Agriculture and Rural Development (AGRI) jointly with the Committee on Environment, Public Health and Food Safety (ENVI) and with the association of the PETI Committee, held a public hearing on the European Citizens’ Initiative (ECI) “Save bees and farmers! Towards a bee-friendly agriculture for a healthy environment”. The initiative requests the phasing out of synthetic pesticides by 2035, a broader support to farmers and the development of the agriculture by prioritising small scale, diverse and sustainable farming, supporting a rapid increase in agro-ecological and organic practice, and enabling independent farmer-based training and research into pesticide. The former Commissioner for the Environment, Oceans and Fisheries Virginijus Sinkevicius and the former Commissioner for agriculture Janusz Wojiechowski presented their points of view on the different topics, showing the need for legislators to work together with all the stakeholder groups.

     

    On 27 March 2023, the Committee on Fisheries (PECH) organised, in association with the Committee on Petitions and the Committee on the Environment, Public Health and Food Safety (ENVI), a public hearing on the ECI “Stop Finning – Stop the Trade”. The initiative requests to the Commission to propose legal measures to end the trade of shark and ray fins in the EU, including the import, export and transit of fins, other than if naturally attached to the animal’s body, notably by extending the scope of Regulation (EU) No 605/2013. Former Commissioner for the Environment, Oceans and Fisheries Virginijus Sinkevicius intervened stressing that ECI raises important issues that are relevant to the EU’s policy of protecting the marine environment, protecting and conserving fisheries resources and ensuring sustainable fishing in the EU and globally.

     

    On 25 May 2023, Committee on Environment, Public Health and Food Safety (ENVI) organised in association with the Committee on Petitions and the Committee on Agriculture and Rural Development (AGRI), a public hearing on the ECI “Save cruelty-free cosmetics – Commit to a Europe without animal testing”. The initiative requests three main objectives: protect and strengthen the cosmetics animal testing ban, transform EU chemicals regulation, ensuring human health and the environment by managing chemicals without the addition of new animal testing requirements and modernise science in the EU.

     

    On 12 October 2023, the Committee on Agriculture and Rural Development (AGRI) and the Committee on the Internal Market and Consumer Protection (IMCO) organised, in association with the Committee on Petitions, a public hearing on the ECI “Fur-Free Europe”. The initiative calls on the EU to ban the rearing and killing of animals for the purpose of fur production. It also asked for a ban on the placing on the Union market of both fur from animals farmed for their fur, as well as products containing such fur. Former Commissioner for Health and Food safety Stella Kyriakides recalled that after a deep technical analysis, the Commission will eventually evaluate the necessity and justification of the bans requested by the ECI’ organisers in pursuing objectives of environmental and public health, of animal health and welfare objectives, in ensuring that consumer concerns can be addressed in practice, as well as in ensuring a smooth operation of the internal market.

     

    Article 230 of the Rules of Procedures of the European Parliament allows the Committee on Petitions, if it considers appropriate, to examine proposed citizens’ initiatives which have been registered in accordance with Article 4 of Regulation (EU) No 211/2011, but which cannot be submitted to the Commission in accordance with Article 9 of that Regulation, since not all the relevant procedures and conditions laid down have been complied with. On that basis, the Committee held on 27 April 2023 a debate on the European Citizens’ Initiative (ECI) “Ensuring Common Commercial Policy conformity with EU Treaties and compliance with international law” with the participation of the organisers and a representative of the Commission and members of the committee. The ECI representatives’ main objective was to invite the Commission to propose a legal acts based on the Common Commercial Policy to prevent EU legal entities from both importing products originating in illegal settlements in occupied territories and exporting to such territories, in order to preserve the integrity of the internal market and to not aid or assist the maintenance of such unlawful situations. Although the ECI ended without reaching the threshold of 1 million signatures, the Committee on Petitions could shed light on it and decide to send the petition to the Committee on International Trade for opinion and to ask the European Commission for an update on this topic.

     

    In accordance with the same article, the Committee held on 24 October 2023 a debate on the European Citizens’ Initiative (ECI) “Good Clothes, Fair Pay”, with the participation of the organisers and a representative of the Commission and members of the committee. The ECI representatives’ main objectives were to invite the Commission to propose legislation, requiring undertakings active in the garment and footwear sector to conduct due diligence in respect of living wages in their supply chain achieving the following objectives: (a) complement and build on the ‘EU’s Sustainable Corporate Governance framework’, and the ‘EU Adequate Minimum Wage Directive’; (b) require undertakings to identify, prevent and mitigate adverse impacts on the human right to a living wage and freedom of association and collective bargaining rights; (c) reduce poverty in the Union and worldwide, paying particular attention to the circumstances of women, migrants and workers with precarious contracts and the need to combat child labour; (d) prohibit unfair trading practices which cause, or contribute to, actual and potential harms to workers in the garment and footwear sector and promote fair purchasing practices; (e) provide a right to information for consumers regarding undertakings in the garment and footwear sector; (f) improve transparency and accountability of undertakings in the garment and footwear sector. Although the ECI ended without reaching the threshold of 1 million signatures, the Committee on Petitions could shed light on it and decide to send the petition to the Committee on Employment and Social Affairs for opinion and to ask the European Commission for an update on this topic.

     

    Relations with the Council

    Members of the Council’s Secretariat may attend the meetings of the Committee on Petitions. Regrettably, in 2023, the committee did not observe Council’s participation in the debates. Nevertheless, the committee notes the participation by some local or regional authorities in the discussion on petitions in committee meetings, which in 2023 concerned mainly Spanish-related topics. Also on 30 November 2023, the committee acknowledges the participation of the Head of the Diversity and Inclusion Office of the Council of the EU at the annual workshop on the rights of persons with disabilities.

     

    Relations with the European Ombudsman

    The Committee on Petitions continued its constructive, long-standing working relations with the office of the European Ombudsman, contributing to the increase of the democratic accountability of the EU institutions.

     

    On 27 June 2023, the committee heard the presentation of the European Ombudsman’s Annual Report 2022, delivered by Ms Emily O’Reilly. The report documented the Ombudsman’s work on transparency and accountability (e.g. access to information and documents), culture and service, respect of fundamental rights, the proper use of discretion (including in infringement procedures), recruitment, good management of personnel issues, respect of procedural rights, sound financial management, ethics and public participation in EU decision-making. In 2022, the Ombudsman opened 348 inquiries, of which four were on her own initiative, while closing 330 inquiries. The largest percentage of inquiries concerned the European Commission (57.1%), followed by the European Personnel Selection Office (6.3%), the European Parliament (5.5%) and the European External Action Service (4.6%). The remaining enquires concerned other EU institutions, agencies and bodies with the European Border and Coast Guard Agency (Frontex) totalling 4.3% and the European Union Aviation Safety Agency 2%.

     

    It is also worth noting the intervention by inquiries Officer in the Ombudsman’s Strategic Inquiries Team at the committee’s annual workshop on the rights of persons with disabilities which took place on 29 November 2023.

    Relations with the European Court of Auditors

    Over recent years, the Committee on Petitions has built constructive working relations with the European Court of Auditors (ECA) and has actively contributed to its annual work programmes.

    Relations with other EU bodies

    On 22 March 2023 in the frame of the workshop organised by the Committee on Petition on “The impact of climate change on social security and the most vulnerable groups’, the Head of Climate Change Impacts and Adaptation of the European Environment Agency spoke on “Social preparedness for current and future climate risks”.

    On 24 May 2023 in the frame of the workshop organised by the Committee on Petition on “The state of implementation of the Habitats Directive”, a nature and biodiversity expert at the European Environment Agency intervened in the session “How to promote full compliance by Member States of the Habitats Directive?”.

    On 20 September 2023, the Committee on Petitions organised an Interparliamentary Committee Meeting with a focus on the Cooperation with the Committees on Petitions in national Parliaments – Exchanging best practices and reflecting on new approaches and in the Panel 1 on “The right to petitions, Parliaments rules, procedures and practices” several Members of National Parliaments took the floor, in particular a Member of Spanish Senate, a member of Belgian Federal Parliament. In the second Panel titled “Best Practices And New Approaches To The Right To Petition National Parliaments’ Point Of View” some National Members intervened, among others, one Member of Italian Chamber, one Member of German Bundestag, one member of the French Senate and one Member of the Polish Sejm.

    On 24 October 2023, the Committee on Petitions organised a public hearing on “A reflection on the European Parliament’s Committee on Petitions and the petitions’ systems of third countries” and in this frame several Members of the extra EU National Parliaments intervened. In particular, two representatives of the House of Commons of Canada presented “An analysis of the legal, institutional and procedural framework governing the petitions’ system in Canada”, followed by a member of Federal Senate of Brazil who analysed ‘the legal, institutional and procedural framework governing the petitions’ system in Brazil’. In the second panel of the hearing, one member of the Norwegian Parliament analysed ‘The legal, institutional and procedural framework governing the petitions’ system in Norway”.

    On 29 November 2023, a representative of the Fundamental Rights Agency took the floor in the first panel of the annual workshop on the rights of persons with disabilities.

    Fact-finding visits

    In 2023, the Committee on Petitions organised four fact-finding visits.

     

    The committee organised a fact-finding visit to Romania (Bucharest, Sfântu Gheorghe and Suceava), from 15 to 18 May 2023, on the management and the protection of the brown bear population as raised in Petitions Nos 1188/2019, 1214/2019, 0685/2020, 0534/2021, 0410/2022 and the illegal logging in the country, petitions Nos. 1248/2019, 0408/2020, 0722/2020 and1056/2021. The aim of the mission was to collect as much information as possible on the two subjects of interest, to establish facts and to seek solutions. In this regard, the delegation met various interlocutors, such as national and regional authorities, petitioners, NGOs, environmental activists, as well as representatives of academia and. Following rich exchanges, Members acquired first-hand information and knowledge about the challenges related to the management and the protection of the brown bear population and to the illegal logging and the fight against it in Romania.

     

    From 13 June to 15 June 2023, two Members of the Committee on Petitions participated in a joint ad hoc EMPL, LIBE and PETI delegation to the 16th session of the Conference of States Parties to the Convention on the Rights of Persons with Disabilities (CRPD COSP), which took place at the United Nations Headquarters, New York. Members participating in the delegation took part in several official sessions of the Conference, side events (including one organised by the EP), as well as in a series of bilateral meetings with UN officials, European and non-European governmental and non-governmental organisations, working for the realisation of the rights of persons with disabilities. The main purpose of the delegation was to build on the well-established contacts of the previous year and to highlight and guarantee Parliament’s oversight in the implementation and monitoring of the UN CRPD, within the “Team Europe” cooperation.

     

    A fact-finding visit was organised to the region of Donegal (Ireland) from 30 October to 1 November 2023 on the use of defective mica blocks in construction in Ireland, an alleged non-compliance with the EU Construction Products Regulation (CPR) and on the protection of homeowners as raised on Petitions Nos. 0789/2021, 0790/2021, 0799/2021, 0800/2021, 0801/2021, 0813/2021, 0814/2021 and 0837/2021.During the mission, the delegation was made aware of the large scale and complexity of the challenges related to the use of defective building blocks in construction in Ireland, with significant health, financial and social consequences.

    Between 18 and 20 December 2023, the Committee on Petitions conducted a fact-finding visit to Catalonia (Spain) with the aim of assessing in situ the language immersion model in Catalonia, its impact on families moving to and residing in the region as well as on multilingualism and non-discrimination and the principle of the Rule of Law as raised on petitions Nos. 0858/2017, 0650/2022 and 0826/2022. The objective of this fact-finding visit was to investigate the claims made in the petitions, establish facts, seek solutions and establish a dialogue with regional authorities to obtain a better insight into various aspects concerning the language immersion model in Catalonia. The mission has enabled the Committee to gain a better understanding of the model’s impact on families moving to and residing in the region as well as on multilingualism, non-discrimination and compliance with international and EU law.

    Public Hearings

    In 2023, the Committee on Petitions organised four public hearings, partly jointly with other parliamentary committees. The public hearings covered a wide range of subject raised in petitions.

     

    On 28 February 2023, the Committee on Petitions hosted a public hearing on the “language immersion model in Catalonia, Spain”. The hearing was organised as follow up on several petitions (Nos. 0858/2017and 0650/2022) on the impact of full immersion in Catalan at schools and covered four main themes: the compatibility between European regulations and case law and the linguistic model in Catalonia, the impact of linguistic immersion in Catalonia on the school performance of students whose mother tongue is Spanish, the Catalan linguistic-cultural model and the linguistic immersion in Catalonia, respect for secular bilingualism in Catalonia and compatibility with the linguistic conjunction model.

     

    On 24 May 2023, the Committee on Petitions held, in association with the Committee on the Environment, Public Health and Food Safety, a public hearing entitled “The state of implementation of the Habitats Directive”. Following a significant number of petitions received alleging the breach of the Habitats Directive, the hearing aimed to take a closer look at how the Habitats Directive has being implemented and enforced in the Member States. It was organised in two sessions, and the experts invited, focused, in particular, on the following topics: implementation and infringement overview, implementation challenges and the infringement procedure as an efficient tool for the enforcement of the Habitats Directive. Furthermore, the speakers identified possible best practices to promote full compliance of Member States with the Habitats Directive.

     

    On 18 July 2023, the Committee on Petitions held, in association with the Committee on Civil Liberties, Justice and Home Affairs, a public hearing on: ‘Schengen Borders: – issues raised by petitioners’. On the basis of several petitions Nos. 0428/2020, 0653/2020, 0227/2022, 0719/2022, 0004/2023 and 0037/2023 the hearing aimed at giving voice to citizens’ concerns over the reintroduction of border checks between some Member States (e.g. Denmark and Sweden, Denmark and Germany), thus limiting the free movement of persons within the EU. It also touched upon other aspects such as the strengths and the weaknesses, the extension of the Schengen area, as well as the costs of Non-Schengen. The exchanges were organised in two panels, with the first focusing on the historical background and the current state of play of the Schengen area and the second on the issue of reintroduced border controls within the Schengen area. The Commission pointed out the ongoing dialogue with the Member States and the review of the Schengen Borders Code and stressed that the enlargement of the Schengen area remains a priority.

     

    On 24 October 2023, the Committee held the public hearing ‘A reflection on the EP Committee on Petitions and the petitions’ systems of third countries’. The hearing focused on the analysis and comparison of the EU petitions’ system and the petitions’ systems of selected non-European countries with shared democratic values, namely Canada, Brazil and Norway. The aim was to exchange best practices that could inspire the EU petitions’ system to become more efficient and closer to the citizens and to gather evidence on how citizens can bring forward their concerns through petitions. The experts analysed the legal, procedural and institutional framework governing the Canadian, Brazilian and Norwegian petitions’ systems, as well as the differences with the EU system concerning the submission, admissibility, examination and closure of petitions.

    Workshops

    In 2023, the Committee on Petitions organised three workshops covering subject-matters raised in petitions.

     

    On 25 January 2023, the Committee on Petitions held a workshop on “Transparency of pricing and reimbursement of medicinal products”. The workshop discussed transparency from the perspective of patients/consumers, producers of medicinal products, and academic research. The discussions focused on research and development costs of companies and information available on the actual prices paid for medicines. The exchanges concluded that without full transparency on these issues, any discussion on fair medicine prices and access to medicinal products remains highly difficult.

     

    On 22 March 2023, the Committee on Petitions hosted a workshop on “The impact of climate change on social security and the most vulnerable groups”. The workshop focused on the effects of climate change on vulnerable groups in society, such as the elderly, low-income families, and people with disabilities. It also looked into the role attribution science – an area of science that aims to determine which extreme weather events can be explained by or linked to climate change – can play in helping develop (social) policies for the future.

     

    On 29 November 2023, the Committee on Petitions held its “Annual Workshop on the Rights of Persons with Disabilities”, during the first European Parliament’s Disability Rights Week. The workshop focused on two themes: coping with the cost-of-living crisis and on inclusive communication. The first panel looked into the situation of persons with disabilities in the context of recent crises (COVID-19 pandemic, energy crisis and rising inflation) and discussed proposals for measures to overcome obstacles. The second panel debated the European institutions’ efforts to ensure effective communication with and about persons with disabilities, both internally and in their relations with citizens.

    Studies

    In 2023, the committee heard the presentations of the following studies commissioned by the Policy Department for Citizens’ Rights and Constitutional Affairs at its request:

    – Study on ‘FATCA legislation and its application at international and EU level: – An Update’ on 25 January 2023. Professor C. Garbarino described the most relevant developments in the period 2018-2022 in chronological order and drew conclusions, which include a systemic view of the institutional dynamics, a provisional legal analysis on the basis of existing rules and policy suggestions.

    – Study on “Environmental Crime affecting EU financial interest, the economic recovery and the EU’s green deal objectives”, presented by Prof. Dr Michael G. Faure (Professor of comparative and international environmental law at Maastricht University and Professor of comparative private law and economics at Erasmus School of Law in Rotterdam) and Dr. Kévine Kindji, (Research fellow at at the Maastricht European Institute for Transnational Legal Research (METRO) at Maastricht University) on 25 January 2023. The study suggested that despite commendable efforts, the transnational nature of environmental crime and its convergence with organised crime, money laundering and corruption, have not been adequately integrated into current reforms. It concluded that a proper categorization of environmental crime as a ‘serious crime’ was needed as an essential basis for policy reforms;

     

    – Study on ‘The boundaries of the Commission’s discretionary powers when handling petitions and potential infringements of EU law’, presented by Prof. Armin Cuyvers (Leiden University) on 26 April 2023. The study analysed the legal limits on the discretion of the Commission when deciding to launch, or not to launch, an infringement action, especially in response to a petition. In addition, it assessed how the Commission uses this discretion in practice, and formulates recommendations on improved political collaboration between the European Parliament and the Commission, in the interest of EU citizens;

     

    – Study on “Cross-Border Legal Recognition of Parenthood in the EU”, presented by Professor Alina Tryfonidou (Neapolis University) on 17 July 2023. It examined the problem of non-recognition of parenthood between Member States and its causes, the current legal framework and the (partial) solutions it offers to this problem, the background of the Commission proposal, and the text of the proposal. It also provides for a critical assessment of the proposal and issues policy recommendations for its improvement;

     

    – Study on “Compensation for Victims of climate change disasters”, presented by Professor Michael Faure (Maastricht University and Erasmus Universit), on 18 July 2023. The study outlined the dangers and effects of climate change in the EU, as well as the EU policies and mechanisms to deal with climate change disasters. It also analysed the types of compensation available to victims of climate change disasters in the EU and in a representative selection of Member States and formulated several policy recommendations;

     

    – Study on “Homelessness in the European Union” presented by Professor Eoin O’Sullivan, (Trinity College) on 30 November 2023. The study insisted on the need to change systems that respond to homelessness as an issue of individual dysfunction and inadequacy, to systems that actually end homelessness. Public policy should aim to prevent homelessness in the first instance. It highlighted that the duration of homelessness should be minimised by rapidly providing secure, affordable housing, in order to reduce further experiences of homelessness, decrease costly emergency accommodation, and alleviate trauma associated with homelessness.

     

    In addition, in the frame of the Annual Workshop on the Rights of Persons with Disabilities on 29 November 2023, the following study has been presented by Magdi Birtha (European Centre for Social Welfare Policy and Research):

    – Study on “Targeted measures for persons with disabilities to cope with the cost-of-living crisis”. The study analysed the impact of the ongoing cost-of-living and energy crises on the standard of living for persons with disabilities. Based on available evidence, it provided for an overview on legislation, policy measures and schemes that support persons with disabilities and their families to cope with the rising cost of living at EU level and in selected Member States.

    Key issues

    Internal Market

    It is worth noting the high increase in 2023 in the number of petitions on internal market issues. This rise is in large part due to a high number of petitions submitted on the situation of the beach concessions in Italy in particular on alleged non-compliance with Directive 2006/123/EC on liberalisation of services (‘Bolkestein Directive’). A second major topic is related to the citizens’ concerns over the reintroduction of border checks between some Member States (e.g. Denmark and Sweden, Denmark and Germany), thus limiting the free movement of persons within the EU and other aspects such as the strengths and the weaknesses, the extension of the Schengen area, as well as the costs of Non-Schengen in particular for Romania and Bulgaria.

    The Committee adopted a short motion of resolution on the Accession to the Schengen area on 27 June 2023 and organised a public hearing on Schengen Borders: – issues raised by petitioners on 18 July 2023.

    Fundamental Rights

    Still in 2023, the committee received a high number of petitions on fundamental rights, including alleged breaches of the General Data Protection Regulation in different EU countries and on the respect of the rule of law and democracy.

    In addition, the Committee continued to receive petitions on the violation of the human rights in several third countries and a series of petitions on the fundamental rights of LGBT-EU citizens.

    Other relevant topic concerned the homelessness in the EU, how to deal with this sensitive issue and a study has been presented on November 2023, insisting on the need to change systems that respond to homelessness as an issue of individual dysfunction and inadequacy, to systems that actually end homelessness, with a new role of the public sectors.

    Environmental issues

    In 2023, environmental issues remained high in citizens’ concerns and the committee paid paramount attention to them. The protection of the environment was discussed in almost all committee meetings, on the basis of petitions. Topics such as protection of wildlife and forest policy within the EU have been discussed as well as alleged breaches of the Habitats Directive in some Member States.

    The Committee exanimated also petitions on the protection of the quality of groundwater resources against chemical environmental pollution and on control of the air pollution and air quality safeguarding of the health of the population concerned.

    In addition, the committee held fact-finding visit to Romania (Bucharest, Sfântu Gheorghe and Suceava), in relation to several petitions that raised some issues as the management and the protection of the brown bear population and the illegal logging in the country.

    Other topics submitted to the attention of the PETI committee have concerned alleged breaches of EU environmental law and the new dimension of the climate change. In this frame, the Committee on Petitions held a workshop on the impact of climate change on social security and the most vulnerable groups on March 2023 and in its meeting of July 2023, a study on Compensation for victims of climate change disasters has been presented and discussed.

    The animal welfare became a relevant topic in 2023, with a series of petitions calling for a revision of the legislation on animal welfare and a specific legislation for the protection and management of companion, domestic and stray animals inside the EU. The Committee examined petitions against the cruel treatment of animals in different Member States and proposed to have a Commissioner specifically competent for the animal welfare issues.

    Disability issues

    The Committee on Petitions plays a specific protection role as regards compliance with the United Nations Convention on the Rights for Persons with Disabilities (UNCRPD) within the policymaking and legislative actions at EU level. Within this responsibility, the committee deals with petitions on disability issues. It is worth stressing that in 2023 the number of petitions on disability (22) slightly decreased in comparison with 2022 but almost doubled as compared to 2021 (28 in 2022 and 13 in 2021). In 2023, the committee continued examining petitions on disability revealing that the main challenges remain discrimination, access to education and employment as well as inclusion. Special attention was given by the committee to Petition No 0822/2022 asking for the European Disability Statute to contemplate the rights of people with autism followed by the approval of a short motion of resolution on the same topic, Petition No 0756/2019 on an EU-wide disability card, Petition No 1056/2016 requesting the European Parliament allow for the tabling of petitions in national sign languages used in the EU as well as Petition No 0569/2023 on the accessibility of public transport for wheelchair users in Belgium.

    From 13 June to 15 June 2023, the Committee on Petitions participated in a joint ad hoc EMPL, LIBE and PETI delegation to the 16th session of the Conference of States Parties to the Convention on the Rights of Persons with Disabilities (CRPD COSP), which took place at the United Nations Headquarters, New York. The main purpose of the delegation was to build on the well-established contacts of the previous year and to highlight and guarantee Parliament’s oversight in the implementation and monitoring of the UN CRPD, within the “Team Europe” cooperation. It gave the delegation the opportunity to exchange views and discussed how ensuring equal access to and accessibility of sexual and reproductive health services for persons with disabilities and improve their digital accessibility.

     

    Finally, on 29 November 2023, the Committee hosted the Annual Workshop on the Rights of Persons with Disabilities, focusing in the first part on ‘Coping with the cost-of-living crisis’. where the situation of persons with disabilities in the face of recent crises has been presented (the energy crisis following the Russian invasion of Ukraine, together with rising inflation) and some proposals for targeted measures to overcome obstacles have been discussed (EU funds, the European Social Fund Plus and temporary instruments, the Recovery and Resilience Funds (RRF)). In the second panel on ‘Inclusive communication’ the focus was on the efforts made by the European Institutions to ensure effective communication with and about persons with disabilities, both internally and in their relations with citizens.

    Reports, Motions for Resolutions and Opinions

    The Committee on Petitions worked intensely to adopt a considerable number of parliamentary files.

     

    In 2023, the Committee on Petitions adopted three own initiative reports as follows:

     

    – Report on the Activities of the European Ombudsman – Annual Report 2021” (2022/2141(INI)) PETI/9/10044 – Rapporteur: Anne Sophie Pelletier (GUE) – adopted on 28 February 2023;

    – Report under Rule 227(7) on the Deliberations of the Committee on Petitions in 2022” (2023/2047(INI)) PETI/9/11741 – Rapporteur: Alex AGIUS SALIBA (S&D) – adopted on 24 October 2023;

    – Report on the Activities of the European Ombudsman – Annual Report 2022” (2023/2120(INI)) PETI/9/12602 – Rapporteur: Peter JAHR (EPP) – adopted on 29 November 2023;

     

    The Committee also adopted the following fact-finding visits mission reports:

     

    – Report of the fact-finding visit to Poland 19-21 September 2022 PETI/9/11016 – adopted on 22 March 2023;

    – Report of the fact-finding visit to Washington D.C. 18-22 July 2022 PETI/9/11015 adopted on 22 March 2023;

    – Report of fact-finding visit to Germany from 3 to 4 November 2022 on the functioning of the “Jugendamt” (Youth Welfare Office) PETI/9/11343 adopted on 26 April 2023;

    – Report of Fact-Finding Visit to Romania from 15 to 18 May 2023 on the management and the protection of the brown bear population and the illegal logging in Romania, as raised in Petitions Nos: 1188/2019, 1214/2019, 0685/2020, 0534/2021, 0410/2022 (the brown bear population), as well as 1248/2019, 0408/2020, 0722/2020, 1056/2021 (the illegal logging) PETI/9/13165 – adopted on 29 November 2023;

     

    In addition, the committee adopted the following Motions for Resolutions:

     

    – Short motion for resolution on the Accession to the Schengen area 2023/2668(RSP), PETI/9/11832 – Rapporteur: Dolors Montserrat (Chair) – adopted on 27 June 2023;

    – Short motion for resolution on Standardised dimensions for carry-on luggage 2023/2774(RSP) PETI/9/12441 – Rapporteur: Dolors Montserrat (Chair) – adopted on 20 September 2023;

    – Short motion for resolution on Harmonising the rights of autistic persons, 2023/2768 (RSP) PETI/9/12151 – Rapporteur: Dolors Montserrat (Chair) – adopted on 20 September 2023;

     

    In 2023, the Committee on Petitions also adopted two opinions, as follows:

     

    – Opinion in form of a letter on Monitoring the application of European Union Law 2020, 2021 and 2022, 2023/2080(INI) PETI/9/12224 – Rapporteur: Loránt Vincze (EPP) – adopted on 20 September 2023;

    – Opinion in form of a letter on Establishing the European Disability Card and the European Parking Card for persons with disabilities, 2023/0311(COD) PETI/9/13175 – Rapporteur: Dolors Montserrat (EPP) – adopted on 29 November 2023;

     

    Finally, the committee adopted the following texts:

     

    – Amendments to the Budget 2024 – adopted on 18 July 2023.

    – Oral Question on Improving the strategic approach on the enforcement of EU Law 2023/2886(RSP) PETI/9/13266 – Rapporteur: Dolors Montserrat (Chair) – adopted on 24 October 2023.

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

    INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE

    Date adopted

    8.4.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    16

    13

    4

    Members present for the final vote

    Peter Agius, Alexander Bernhuber, Damien Carême, Alma Ezcurra Almansa, Gheorghe Falcă, Chiara Gemma, Isilda Gomes, Sandra Gómez López, Cristina Guarda, Paolo Inselvini, Michał Kobosko, Sebastian Kruis, Murielle Laurent, Dolors Montserrat, Valentina Palmisano, Pina Picierno, Bogdan Rzońca, Pál Szekeres, Jana Toom, Nils Ušakovs, Ivaylo Valchev, Anders Vistisen, Maria Zacharia

    Substitutes present for the final vote

    Gordan Bosanac, Hana Jalloul Muro, Elena Nevado del Campo

    Members under Rule 216(7) present for the final vote

    Maravillas Abadía Jover, Adrian-George Axinia, Marieke Ehlers, Tomasz Froelich, Eleonora Meleti, Elena Sancho Murillo, Marion Walsmann

     

     

     

    FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

    16

    +

    ECR

    Bogdan Rzońca

    PPE

    Maravillas Abadía Jover, Peter Agius, Alexander Bernhuber, Alma Ezcurra Almansa, Gheorghe Falcă, Eleonora Meleti, Dolors Montserrat, Elena Nevado del Campo, Marion Walsmann

    PfE

    Marieke Ehlers, Sebastian Kruis, Pál Szekeres, Anders Vistisen

    Renew

    Michał Kobosko, Jana Toom

     

    13

    –

    ESN

    Tomasz Froelich

    NI

    Maria Zacharia

    S&D

    Isilda Gomes, Sandra Gómez López, Hana Jalloul Muro, Murielle Laurent, Pina Picierno, Elena Sancho Murillo, Nils Ušakovs

    The Left

    Damien Carême, Valentina Palmisano

    Verts/ALE

    Gordan Bosanac, Cristina Guarda

     

    4

    0

    ECR

    Adrian‑George Axinia, Chiara Gemma, Paolo Inselvini, Ivaylo Valchev

     

    Key to symbols:

    + : in favour

    – : against

    0 : abstention

    MIL OSI Europe News –

    May 6, 2025
  • MIL-OSI Europe: Europe’s burgeoning aerospace and defence companies to get stock- listings support under EIB accord with Euronext

    Source: European Investment Bank

    • EIB teams up with bourse Euronext to help European aerospace and defence entrepreneurs raise finance publicly
    • EIB Advisory accord covers Euronext stock-listings programme planned for later this year   
    • Deal to empower next generation of European innovators

    The European Investment Bank (EIB) is joining forces with bourse Euronext to bolster small and Mid-Cap companies in Europe’s aerospace and defence industries.  Under an advisory agreement, the EIB will support Euronext in setting up a programme to ensure scale-up companies in the two sectors are able to navigate financial markets and access European capital.

    The goal is to help aerospace and defence entrepreneurs understand their financing options and the steps needed to prepare for stock-market listings, also known as initial public offerings or IPOs. The planned Euronext programme, called IPOready Defence, is due to begin between 1 July and 30 September this year.

    “Our collaboration with Euronext is important in empowering European innovators,” said EIB Vice-President Robert de Groot. “By combining our resources and expertise, we aim to support companies in the defence and aerospace sectors, helping them grow and maintain their strategic independence. This initiative focuses on enhancing autonomy in security and defence, steering Europe towards a stronger growth model that ensures European companies born in Europe to stay in Europe.”

    In March, the EIB further expanded the eligibilities for security and defence investments. The accord involving the EIB’s advisory services marks the bank’s latest move to step up support for European Union security and defence.

     “This partnership will enhance our IPOready programme,” said Euronext Chief Executive Officer Stéphane Boujnah. ”The programme aims to give innovative and high-growth small and mid-sized companies that contribute to the European continent’s strategic autonomy increased visibility and access to capital markets.”

    In addition to facilitating innovation in the security and defence fields, the EIB support for the Euronext programme  advances with a concrete step towards the improvement of the EU Capital Markets Union by filling a gap for European companies’ competitiveness.

    The initiative is part of the EIB Action Plan to help European innovators scale up their businesses, getting listed on the stock market, and channel savings into productive investments.

    Euronext  

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

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

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

    Background information

    EIB   

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. We finance investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.    The EIB Group stepped up its support to Europe’s security and defence industry in 2024 by enlarging the scope of projects eligible for financing and setting up a one-stop shop to streamline processes, doubling investment to €1 billion. The EIB expects to double this amount in 2025.

    The Board of Directors approved in March a series of additional measures to further contribute to European peace, and included peace and security as a cross-cutting PPG to finance large-scale strategic projects in areas such as land border protection, military mobility, critical infrastructures, military transport, space, cybersecurity, anti-jamming technologies, radar systems, military equipment and facilities, drones, bio-hazard and seabed infrastructure protection, critical raw materials and research. 

    By fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union targets cohesion regions, where income per capita is below the EU average.  

    In addition to financing, the EIB offers advisory services that help public and private partners develop and implement high-quality, investment-ready projects. In 2024 alone, our advisory teams helped mobilise over €200 billion of investment across Europe and beyond.

    High-quality, up-to-date photos of our headquarters for media use are available here. 

    MIL OSI Europe News –

    May 6, 2025
  • MIL-OSI Europe: Press release – EP TODAY – Tuesday, 6 May

    Source: European Parliament

    EU response to US tariffs

    From 9:00, MEPs, Commissioner Šefčovič and Polish Minister for EU Affairs Szłapka will discuss how the EU should respond to the tariffs imposed by the US Administration. MEPs will consider the countermeasures adopted by the EU – which were later suspended – and review EU trade opportunities elsewhere in the world.

    Lieven COSIJN

    (+32) 473 86 41 41

    EPTrade

    MEPs’ priorities for the EU’s next long-term budget

    From around 13:00, Parliament will outline its demands and priorities for the EU’s next long-term budget (2028-2034), in a debate with Commissioner Serafin. MEPs are expected to call for a significantly more ambitious long-term budget to reflect EU citizens’ expectations amidst an increasingly complex global landscape. A resolution will be put to a vote by MEPs on Wednesday, followed by a press conference with the co-rapporteurs. An off-the-record technical briefing for journalists will take place on Tuesday after the debate, from 15:30 to16:30.

    Eszter ZALÁN

    (+32) 477 99 20 73

    EP Trade

    EP_Budgets

    Fast-tracking CO2 flexibility measures for car manufacturers: vote

    In a vote at noon, plenary will decide whether to apply its “urgent procedure” to proposed legislation giving car manufacturers more flexibility to comply with C02 emissions requirements. Ahead of the vote, there will be one round of statements from the political group representatives. If MEPs agree to fast-track the proposal, they will vote on its substance on Thursday.

    Dana POPP

    (+32) 470 95 17 07

    EP_Environment

    EP_PublicHealth

    Wolves: MEPs to vote on changing EU protection status

    At noon, MEPs will also decide on whether to apply the “urgent procedure” to draft legislation that would change the EU’s wolf protection status from ‘strictly protected’ to ‘protected’, aligning it with the Bern Convention. If the vote goes through, MEPs will vote on the substance of the proposal on Thursday.

    Thomas HAAHR

    (+32) 470 88 09 87

    EP_Environment

    MEPs to assess EU-Türkiye relations

    In the evening, MEPs and Commissioner Kos will review Türkiye’s accession progress and relations with the EU. The draft text – on which plenary will vote on Wednesday – states that Türkiye’s EU accession process cannot resume under the current circumstances, given the widening values gap between Türkiye and the EU. The rapporteur will hold a press conference on Wednesday morning ahead of the plenary vote.

    Snjezana KOBESCAK SMODIS

    (+32) 470 96 08 19

    EP_Democracy

    EP_ForeignAff

    Viktor ALMQVIST

    (+32) 470 88 29 42

    EP_ForeignAff

    EP_Defence

    EP_HumanRights

    In brief

    Kosovo and Serbia. In the evening, MEPs and Commissioner Kos will evaluate Kosovo and Serbia’s progress towards EU membership. The vote will take place on Wednesday, followed by a press conference.

    Water resilience strategy. In the early evening, Parliament and Commissioner Roswall will debate MEPs’ views on water resilience ahead of the European Commission’s strategy, due in July 2025. The vote is on Wednesday.

    Greenland. In a late afternoon debate with EU foreign policy chief Kaja Kallas, MEPs are expected to call for the protection of Greenland’s right to decide its own future.

    Budget discharge. From around 15:00, MEPs and Commissioner Serafin will assess the EU’s budget management for 2023, followed by votes on Wednesday.

    Votes

    At noon, MEPs will also vote, among other things, on

    • protecting the EU’s financial interests and combating fraud (2023 annual report);
    • the financial activities of the European Investment Bank (2023 annual report), and
    • EU aid worth €8 million for 2,400 dismissed workers in Belgium.

    Live coverage of the plenary session can be found on Parliament’s webstreaming site and on EbS+.

    For detailed information on the session, please also see our newsletter.

    Find more information regarding plenary.

    MIL OSI Europe News –

    May 6, 2025
  • MIL-OSI: Genie Energy Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Newark, NJ, May 06, 2025 (GLOBE NEWSWIRE) — Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the first quarter of 2025. 

    Michael Stein, Chief Executive Officer of Genie Energy, commented: 

    “Our first quarter featured strong operational and financial results, highlighted by robust increases in revenue, profitability and cash generation compared to the year ago quarter.

    “At GRE, the significant investments we made in 2024 to expand our customer base drove a year-over-year increase of over 48,000 net new meters. We ended the quarter with approximately 413,000 meters served comprising 402,000 RCEs. Customer base growth in combination with a stable pricing environment enabled GRE to generate an 18% increase in both revenue and income from operations compared to the year ago quarter.

    “At GREW, we continue to advance our utility-scale project pipeline including the construction of our first community solar project in Lansing, New York. The Lansing array is on track for completion as early as the third quarter of this year. We expect it will become EBITDA accretive immediately once online.”

    “During the first quarter, we again returned value directly to our stockholders, repurchasing approximately 127,000 shares and paying our regular quarterly dividend of $0.075 per share.”

    First Quarter 2025 Highlights
    (Unless otherwise noted, 1Q25 results are compared to 1Q24, and results of Genie Retail Energy International (GREI) are included in discontinued operations for all periods.) 

      ● Revenue increased 14.3% to $136.8 million from $119.7 million;
      ● Gross profit increased 10.6% to $37.4 million from $33.8 million. Gross margin decreased to 27.3% from 28.2%;
      ● Income from operations increased to $12.8 million from $9.8 million;
      ● Adjusted EBITDA1 increased to $14.4 million from $11.7 million;
      ● Net income attributable to Genie common stockholders and income per diluted share (EPS) attributable to Genie common stockholders of $10.6 million and $0.40 compared to $8.1 million and $0.30, respectively;
      ● Non-GAAP net income1 and non-GAAP EPS1 attributable to Genie common stockholders of $11.1 million and $0.42 compared to $8.9 million and $0.33, respectively;
      ● Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities increased to $210.2 million at March 31, 2025;
      ● Genie repurchased approximately 127,000 shares of its Class B Common stock for $1.9 million during 1Q25;
      ● Genie will pay a $0.075 per share quarterly dividend to Class A and Class B common stockholders on May 30, 2025, with a record date of May 19, 2025.
         

    1 Adjusted EBITDA, Non-GAAP net income attributable to Genie Energy Ltd. common stockholders, and Non-GAAP EPS for all periods presented are non-GAAP measures intended to provide useful information that supplements the core operating results in accordance with GAAP for Genie Energy or the relevant segment. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these non-GAAP metrics, as well as reconciliations to its most directly comparable GAAP measures.

    Select Financial Metrics

    (in millions except for EPS)*   1Q25     1Q24     Change  
    Total revenue   $ 136.8       $ 119.7         14.3   %
    Genie Retail Energy   $ 132.5       $ 112.5         17.8   %
    Electricity   $ 104.1       $ 89.4         16.4   %
    Natural gas    $ 28.4       $ 22.4         26.8   %
    Others   $ 0.0       $ 0.7         (99.6 ) %
    Genie Renewables    $ 4.3       $ 7.2         -40.0   %
    Gross margin      27.3   %     28.2   %     (90 ) bps
    Genie Retail Energy     27.1   %     28.6   %     (150 ) bps
    Genie Renewables     33.7   %     22.0   %     1,170   bps
    Income from operations   $ 12.8       $ 9.8         30.3   %
    Operating margin     9.4   %     8.2   %     120   bps
    Net income from continuing operations   $ 10.4       $ 8.4         23.4   %
    Loss attributable to discontinued operations, net of tax   $ (0.1 )     $ (0.3 )       (60.7 ) %
    Net income attributable to Genie common stockholders   $ 10.6       $ 8.1         30.9   %
    Diluted earnings per share   $ 0.40       $ 0.30        $ 0.10    
    Non-GAAP net income attributable to Genie common stockholders   $ 11.1       $ 8.9         24.7   %
    Non-GAAP diluted earnings per share   $ 0.42       $ 0.33       $ 0.09    
    Adjusted EBITDA   $ 14.4       $ 11.7         22.7   %
    Cash flow from continuing operating activities   $ 13.5       $ 8.7         55.1   %

    * Numbers may not add due to rounding

    Segment Highlights

    Genie Retail Energy (GRE)

    GRE’s first quarter revenue increased 17.8% to $132.5 million from $112.5 million last year. Income from operations increased 18.2% to $16.8 million from $14.2 million, and Adjusted EBITDA increased 17.1% to $17.1 million from $14.6 million. The increases primarily reflect the growth in GRE’s customer base and higher consumption per customer.

    GRE Operational Metrics

    (RCEs and Meters in thousands at end of period)*   1Q25     1Q24     Change    
    RCEs     402       348       15.6   %  
    Electricity     318       267       19.2   %  
    Natural gas     84       81       3.8   %  
    Meters     413       365       13.3   %  
    Electricity     325       281       15.6   %  
    Natural gas     88       83       5.4   %  
    Gross meter additions during the period     61       70       (12.8 ) %  
    Churn**     5.5 %     5.5 %     —   %  
      * Numbers may not add due to rounding
      ** Excludes the impacts of aggregation deal expirations
         

    Genie Renewables (GREW)

    GREW’s first quarter revenue decreased 40.0% to $4.3 million from $7.2 million in 1Q24, primarily reflecting Genie Solar’s exit from the commercial-scale projects business during the second half of 2024. 

    Diversegy, Genie’s energy brokerage business, increased revenue by 55% year-over-year, and contributed the significant majority of GREW revenues in 1Q25.

    GREW’s loss from operations increased to $0.9 million from $0.6 million in 1Q24.

    At March 31, 2025, Genie Solar’s operating portfolio and development pipeline comprised:

    Pipeline   Total   Operational   Site Control   Permitting   Construction
    MW   123   10   97   6   10
    Project count   18   1   14   1   2

    During the quarter, portfolio and pipeline net additions totaled 15 MW and 2 projects.

    Balance Sheet and Cash Flow Highlights

    As of March 31, 2025, Genie reported cash and cash equivalents, short and long-term restricted cash, and marketable equity securities of $210.2 million.

    Total assets as of March 31, 2025 were $384.4 million. Liabilities totaled $197.0 million, and working capital (current assets less current liabilities) totaled $121.2 million. 

    Cash provided by operating activities increased to $13.5 million in 1Q25 from $8.7 million in 1Q24.

    Trended Financial Information*

    (in millions except EPS)**     1Q24     2Q24     3Q24       4Q24       1Q25     2023       2024  
    Total Revenue     $ 119.7     $ 90.7     $ 111.9     $ 102.9     $ 136.8     $ 428.7     $ 425.2  
    Genie Retail Energy     $ 112.5     $ 86.7     $ 105.8     $ 98.4     $ 132.5     $ 409.9     $ 403.6  
    Electricity     $ 89.4     $ 78.3     $ 100.7     $ 82.1     $ 104.1     $ 350.8     $ 350.8  
    Natural gas     $ 22.4     $ 8.4     $ 5.1     $ 16.2     $ 28.4     $ 56.0     $ 52.1  
    Others     $ 0.7     $ 0.0     $ 0.1     $ 0.0     $ 0.0     $ 3.1     $ 0.7  
    Genie Renewables     $ 7.2     $ 4.0     $ 6.1     $ 4.5     $ 4.3     $ 18.8     $ 21.9  
    Gross Profit     $ 33.8     $ 33.3     $ 37.9     $ 33.5     $ 37.4     $ 146.2     $ 138.8  
    Genie Retail Energy     $ 32.2     $ 32.3     $ 35.8     $ 31.9     $ 35.9     $ 143.3     $ 132.4  
    Genie Renewables     $ 1.6     $ 1.1     $ 2.1     $ 1.5     $ 1.5     $ 2.8     $ 6.3  
    Gross Margin       28.2 %     36.8 %     33.9 %     32.5 %     27.3 %     34.1 %     32.6 %
    Genie Retail Energy       28.6 %     37.2 %     33.8 %     32.4 %     27.1 %     35.0 %     32.8 %
    Genie Renewables       22.0 %     26.8 %     34.9 %     33.9 %     33.7 %     15.1 %     29.0 %
    Income (loss) from operations     $ 9.8     $ 10.6     $ 11.7     $ (20.8 )   $ 12.8     $ 10.0     $ 11.3  
    Operating margin       8.2 %     11.6 %     10.4 %     (20.2 )%     9.4 %     2.3 %     2.7 %
    Net income (loss) attributable to Genie common stockholders     $ 8.1     $ 9.6     $ 10.2     $ (15.3 )   $ 10.6     $ 19.2     $ 12.6  
    Diluted earnings (loss) per share     $ 0.30     $ 0.36     $ 0.38     $ (0.58 )   $ 0.40     $ 0.74     $ 0.5  
    Adjusted EBITDA     $ 11.7     $ 12.0     $ 13.6     $ 11.1     $ 14.41     $ 58.2     $ 48.5  
      * Some Genie Retail Energy International (GREI) operations have been classified as a discontinued operation and their results excluded from current and historical results
      ** Numbers may not add due to rounding
         

    Earnings Announcement and Supplemental Information

    At 8:30 AM Eastern this morning, Genie Energy’s management will host a conference call to discuss the Company’s financial and operational results, business outlook, and strategy. The call will begin with management’s remarks, followed by Q&A with investors.

    To participate in the conference call, dial 1-877-545-0523 (toll-free from the US) or 1-973-528-0016 (international) and provide the following participant access code: 585907.

    Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 52352. The replay will remain available through Tuesday, May 20, 2025. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website.

    About Genie Energy Ltd.

    Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division’s (GREW) holdings include Genie Solar, a vertically-integrated provider of community and utility-scale solar energy solutions, and Diversegy, an energy procurement advisor. For more information, visit Genie.com.

    In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

    Contact

    Bill Ulrey
    Investor Relations
    Genie Energy, Ltd.
    wulrey@genie.com

    GENIE ENERGY LTD.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except per share amounts)

        March 31,
    2025
        December 31,
    2024
     
                 
    Assets             
    Current assets:            
    Cash and cash equivalents (including amounts related to variable interest entity of $255 and $263 at March 31, 2025 and December 31, 2024, respectively)   $ 112,544     $ 104,456  
    Restricted cash—short-term     27,178       26,608  
    Marketable equity securities     405       357  
    Trade accounts receivable, net of allowance for doubtful accounts of $8,238 and $8,086 at March 31, 2025 and December 31, 2024, respectively (including amounts related to variable interest entity of $255 and $250 at March 31, 2025 and December 31, 2024, respectively)     64,218       61,858  
    Inventory      13,726       12,188  
    Prepaid expenses (including amounts related to variable interest entity of $130 and $307 at March 31, 2025 and December 31, 2024, respectively)     9,503       9,893  
    Other current assets     9,207       8,493  
    Current assets of discontinued operations     1,727       3,594  
    Total current assets     238,508       227,447  
    Restricted cash—long-term     70,104       69,580  
    Property and equipment, net     26,866       25,246  
    Goodwill     12,686       12,749  
    Other intangibles, net     2,275       2,367  
    Deferred income tax assets, net     7,045       7,055  
    Other assets (including amounts related to variable interest entity of $364 and $363 at March 31, 2025 and December 31, 2024, respectively)     22,305       22,365  
    Noncurrent assets of discontinued operations     4,589       4,466  
    Total assets   $ 384,378     $ 371,275  
    Liabilities and equity                
    Current liabilities:                
    Trade accounts payable     29,752       31,233  
    Accrued expenses (including amounts related to variable interest entity of $476 and $502 at March 31, 2025 and December 31, 2024, respectively)     52,497       48,793  
    Income taxes payable     13,596       9,196  
    Current captive insurance liability     9,236       9,120  
    Current debt, net     2,167       357  
    Due to IDT Corporation, net     136       135  
    Other current liabilities     6,227       6,393  
    Current liabilities of discontinued operations     3,706       4,585  
    Total current liabilities     117,317       109,812  
    Noncurrent captive insurance liability     70,104       69,580  
    Noncurrent debt, net     6,838       8,668  
    Other liabilities     2,022       2,959  
    Noncurrent liabilities of discontinued operations     707       705  
    Total liabilities     196,988       191,724  
    Commitments and contingencies     —       —  
    Equity:                
    Genie Energy Ltd. stockholders’ equity:                
    Preferred stock, $0.01 par value; authorized shares – 10,000:                
    Series 2012-A, designated shares – 8,750; at liquidation preference, consisting of 0 shares issued and outstanding at March 31, 2025 and December 31, 2024     —       —  
    Class A common stock, $0.01 par value; authorized shares – 35,000; 1,574 shares issued and outstanding at March 31, 2025 and December 31, 2024     16       16  
    Class B common stock, $0.01 par value; authorized shares -200,000 ; 29,324 and 29,310 shares issued and 25,336 and 25,482 shares outstanding at March 31, 2025 and December 31, 2024, respectively     293       293  
    Additional paid-in capital     159,981       159,192  
    Treasury stock, at cost, consisting of 3,988 and 3,828 shares of Class B common stock at March 31, 2025 and December 31, 2024     (39,835 )     (37,486 )
    Accumulated other comprehensive income     4,373       3,919  
    Retained earnings     73,178       64,574  
    Total Genie Energy Ltd. stockholders’ equity     198,006       190,508  
    Noncontrolling interests:                
    Noncontrolling interests     (9,833 )     (10,174 )
    Receivable for issuance of equity of a subsidiary     (783 )     (783 )
    Total noncontrolling interests     (10,616 )     (10,957 )
    Total equity     187,390       179,551  
    Total liabilities and equity   $ 384,378     $ 371,275  


    GENIE ENERGY LTD.

    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

        Three Months Ended March 31,  
        2025     2024  
        (in thousands, except per share data)
    Revenues:            
    Electricity   $ 104,063     $ 89,396  
    Natural gas     28,409       22,398  
    Other     4,335       7,894  
    Total revenues     136,807       119,688  
    Cost of revenues     99,444       85,902  
    Gross profit     37,363       33,786  
    Operating expenses:                
    Selling, general and administrative (i)     23,887       22,901  
    Provision for captive insurance liability     645       1,036  
    Income from operations     12,831       9,849  
    Interest income     1,981       1,340  
    Interest expense     (189 )     (32 )
    Gain on marketable equity securities and other investments     168       117  
    Other income, net     (6 )     80  
    Income before income taxes     14,785       11,354  
    Provision for income taxes     (4,380 )     (2,920 )
    Net income from continuing operations     10,405       8,434  
    Loss from discontinued operations, net of taxes     (104 )     (265 )
    Net income     10,301       8,169  
    Net income (loss) attributable to noncontrolling interests, net     (329 )     46  
    Net income attributable to Genie Energy Ltd. common stockholders   $ 10,630     $ 8,123  
                     
    Net income attributable to Genie Energy Ltd. common stockholders                
    Continuing operations   $ 10,734     $ 8,388  
    Discontinued operations     (104 )     (265 )
    Net income attributable to Genie Energy Ltd. common stockholders   $ 10,630     $ 8,123  
                     
    Earnings (loss) per share attributable to Genie Energy Ltd. common stockholders:                
    Basic:                
    Continuing operations   $ 0.40     $ 0.31  
    Discontinued operations     —       (0.01 )
    Earnings per share attributable to Genie Energy Ltd. common stockholders   $ 0.40     $ 0.30  
    Diluted                
    Continuing operations   $ 0.40     $ 0.31  
    Discontinued operations     —       (0.01 )
    Earnings per share attributable to Genie Energy Ltd. common stockholders   $ 0.40     $ 0.30  
                     
    Weighted-average number of shares used in calculation of earnings per share:                
    Basic     26,338       26,790  
    Diluted     26,612       27,298  
                     
    Dividends declared per common share    $ 0.075     $ 0.075  
    (i) Stock-based compensation included in selling, general and administrative expenses   $ 739     $ 749  


    GENIE ENERGY LTD. 

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited) 

        Three Months Ended March 31,  
        2025     2024    
        (in thousands)  
    Operating activities            
    Net income   $ 10,301     $ 8,169    
    Net loss from discontinued operations, net of tax     (104 )     (265 )  
    Net income from continuing operations     10,405       8,434    
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Provision for captive insurance liability     645       1,036    
    Depreciation and amortization     235       219    
    Provision for doubtful accounts receivable     309       729    
    Stock-based compensation     739       749    
    Unrealized gain on marketable equity securities and investment and others, net     (171 )     (49 )  
    Inventory valuation allowance     —       417    
    Changes in assets and liabilities:                
    Trade accounts receivable     (2,668 )     1,093    
    Inventory     (1,538 )     (2,191 )  
    Prepaid expenses     390       581    
    Other current assets and other assets     (209 )     505    
    Trade accounts payable, accrued expenses and other liabilities     981       (5,694 )  
    Due to IDT Corporation, net     1       (25 )  
    Income taxes payable     4,400       2,914    
    Net cash provided by operating activities of continuing operations     13,519       8,718    
    Net cash provided by operating activities of discontinued operations     1,830       4,208    
    Net cash provided by operating activities     15,349       12,926    
    Investing activities                
    Capital expenditures     (1,773 )     (1,206 )  
    Improvement of investment property     (370 )     —    
    Purchase of solar system facility     —       (1,344 )  
    Purchases of marketable equity securities and other investment     —       (2,094 )  
    Purchase of equity of subsidiary     —       (1,200 )  
    Proceeds from return of investments     50       —    
    Net cash used in investing activities     (2,093 )     (5,844 )  
    Financing activities                
    Dividends paid     (2,026 )     (2,121 )  
    Repurchases of Class B common stock     (1,887 )     (4,101 )  
    Repurchases of Class B common stock from employees     (462 )     (1,508 )  
    Net cash used in financing activities     (4,375 )     (7,730 )  
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash     (80 )     74    
    Net increase (decrease) in cash, cash equivalents, and restricted cash     8,801       (574 )  
    Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at beginning of period     201,958       165,479    
    Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period     210,759       164,905    
    Less: Cash of discontinued operations at end of period     933       2,886    
    Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period   $ 209,826     $ 162,019    


    Reconciliation of Non-GAAP Financial Measures for the First Quarter of 2025

    In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy disclosed Adjusted EBITDA on a consolidated basis and for GRE and disclosed Non-GAAP Net Income Attributable to Genie Energy Ltd. Common Stockholders (Non-GAAP Net Income and Non-GAAP earnings per share (Non-GAAP EPS). Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are non-GAAP financial measures.

    Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

    Genie’s measure of consolidated Adjusted EBITDA starts with income from operations and adds back depreciation, amortization, and stock-based compensation and deducts impairment of assets and equity in the net loss of equity method investees, net.

    Genie’s measure of Non-GAAP Net Income starts with net income attributable to Genie Energy Ltd. Common Stockholders in accordance with GAAP and adds captive insurance liability and the tax effect of this adjustment. These additions are non-cash and/or non-routine items in the relevant periods.

    Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie’s measurement of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

    Management believes that Genie’s measure of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS provide useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’s core operating results. Management uses Adjusted EBITDA, non-GAAP Net Income and Non-GAAP EPS, among other measures, as relevant indicators of core operational strengths in its financial and operational decision-making.

    Management also uses Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS to evaluate operating performance in relation to Genie’s competitors. Disclosure of these non-GAAP financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting at this time.

    Management refers to Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS as well as the GAAP measures revenue, gross profit, and income from operations, as well as net income, on a consolidated level to facilitate internal and external comparisons to Genie’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

    Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance.

    Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions, and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance. 

    Impairment of assets is a component of income (loss) from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of assets is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie’s continuing operations. 

    Captive insurance liability is a non-cash charge incurred by Genie’s insurance operations. While there may be related charges in other periods, the magnitude of these changes can fluctuate markedly and do not reflect the performance of Genie’s continuing operations. Captive insurance losses are excluded from Genie’s calculation of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. 

    Following are the reconciliations of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to income from operations for Genie Energy on a consolidated basis as well as for GRE. 

    Non-GAAP Reconciliation – Consolidated Adjusted EBITDA

    (in millions)    1Q23     2Q23     3Q23     4Q23     1Q24     2Q24      
    3Q24
        4Q24       1Q25     2023     2024  
    Income (loss) from operations   $ 11.3     $ 15.0     $ 17.9     $ (34.2 )   $ 9.8     $ 10.6     $  11.7       (20.8 )     12.8     $ 10.0     $ 11.3  
    Add back                                                                                        
    Captive insurance liability   $ 0.0     $ 0.0     $ 0.0     $ 45.1     $ 1.0     $ 0.6     $ 1.0       30.9       0.6     $ 45.1     $ 33.6  
    Depreciation and amortization   $ 0.1     $ 0.1     $ 0.1     $ 0.2     $ 0.2     $ 0.2     $  0.2       0.2       0.2     $ 0.5     $ 0.9  
    Non-cash compensation   $ 0.8     $ 0.8     $ 0.6     $ 0.5     $ 0.7     $ 0.5     $  0.6       0.6       0.7     $ 2.7     $ 2.3  
    Impairment   $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.0     $ 0.1     $  0.1       0.0       0     $ 0.0     $ 0.2  
    Equity in net loss (income) of equity method investees   $ 0.2     $ (0.1 )   $ (0.1 )   $ (0.1 )   $ (0.1 )   $ 0.0     $  0.0       0.1       0.0     $ (0.1 )   $ 0.2  
    Adjusted EBITDA   $ 12.4     $ 15.8     $ 18.5     $ 11.5     $ 11.7     $ 12.0     $  13.6       11.1       14.4     $ 58.2     $ 59.5  


    Non-GAAP Reconciliation – GRE Adjusted EBITDA

    (in millions)   1Q25     1Q24     2024     2023  
    Income from operations   $ 16.8     $ 14.2     $ 56.5     $ 71.9  
    Add back                                
    Depreciation and amortization   $ 0.1     $ 0.1     $ 0.3     $ 0.3  
    Stock-based compensation   $ 0.3     $ 0.2     $ 1.1     $ 1.0  
    Impairment   $ 0.0     $ 0.0     $ 0.0     $ 0.0  
    Equity in the income of equity method investees   $ (0.1 )   $ 0.0     $ 0.5     $ 0.0  
    Adjusted EBITDA   $ 17.1     $ 14.6     $ 58.4     $ 73.3  

     Non-GAAP Reconciliation – Consolidated Non-GAAP Net Income Attributable to Genie Energy Ltd. Common Stockholders and Non-GAAP Diluted Income Per Share

    (in millions except for EPS)   1Q25     1Q24     2024     2023  
    Net income attributable to Genie Energy Ltd. common stockholders   $ 10.6     $ 8.1     $ 12.6     $ 19.2  
    Add back                                
    Captive insurance liability   $ 0.6     $ 1.0     $ 33.6     $ 45.1  
    Income tax effect of adjustment   $ (0.2 )     (0.3 )   $ (8.8 )   $ (10.5 )
    Non-GAAP net income attributable to Genie Energy Ltd. common stockholders   $ 11.1     $ 8.9     $ 37.4     $ 53.7  
                                     
    Diluted earnings per share   $ 0.40     $ 0.30     $ 0.46     $ 0.74  
    Total adjustments   $ 0.02     $ 0.03     $ 0.91     $ 1.33  
    Non-GAAP diluted earnings per share   $ 0.42     $ 0.33     $ 1.38     $ 2.06  
                                     
    Weighted average number of shares used in the calculation of diluted earnings per share     26.6       27.3       27.2       26.1  

    # # #

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Caliber Enters Exclusive Development Agreement with Hyatt to Bring 15 Hyatt Studios Hotels to Key U.S. Markets

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., May 06, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD), a real estate investor, developer, and manager, today announced that it has entered into a Development Rights Agreement with an affiliate of Hyatt Hotels Corporation (NYSE: H) to develop 15 new Hyatt Studios hotels in the United States. Under the terms of the agreement, Caliber Hospitality Development (“CHD”) will receive exclusive development rights for future development of Hyatt Studios hotels in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana. Construction on the first hotel, located in Georgetown, Texas, a city within the Austin metropolitan district, is expected to break ground in the fourth quarter of 2025. The second hotel within the agreement will be in Scottsdale, Arizona and is expected to break ground second quarter of 2026.

    Announced in 2023, Hyatt Studios is Hyatt’s first upper-midscale extended-stay brand, concepted in direct collaboration with owners and informed by guest feedback, featuring an efficient build cost, lean operating model, and design flexibility—all supported by Hyatt’s powerful commercial engine. Each Hyatt Studios hotel will include approximately 122 apartment-style suites equipped with in room kitchens, free high-speed fiber internet, EV charging stations, complimentary grab-and-go breakfast, a 24/7 market, self-service laundry, fitness studio, and pet friendly accommodations.

    “Our new Hyatt Studios brand has been steadily growing since we announced it in 2023, and today we have more than 50 executed deals that will extend the Hyatt brand into more than 20 new markets,” said Jim Chu, Chief Growth Officer, Hyatt. “We are excited to be working with Caliber on the development of at least 15 new properties, many of which are expected to be located in new markets for Hyatt. This significant development agreement will advance Hyatt’s ongoing evolution, as we aim to make our brands even more profitable for owners and more desirable for travelers.”

    “We are very excited about our new relationship with Hyatt, a world-class brand that shares our steadfast commitment to superior service for our guests,” said Chris Loeffler, CEO of Caliber. “As a hospitality investor and developer since 2013, Caliber has taken notice that hotel inventory across the United States is lower today than it was in January of 2020. This, combined with historically low new construction starts, and a recent return of demand for hotel rooms, makes the case to develop Hyatt Studios hotels in attractive, underserved markets. The Hyatt Studios brand offers Caliber the opportunity to capture a fundamental change in the way people work and their desire to stay in a hotel that feels like home for a longer trip,” continued Mr. Loeffler.

    Caliber expects to develop 15 hotels over the course of the next three to five years, as the market bears opportunities, and will seek to expand the agreement if market conditions allow. Caliber expects these developments to deliver $400 million in additional assets under management (AUM) to the Platform, delivering an attractive operating margin and significant growth in annual and one-time Platform revenue.

    The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

    About Caliber (CaliberCos Inc.)
    With more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.

    About Caliber Hospitality Trust
    Caliber Hospitality Trust (“CHT”), an externally advised private hospitality corporation, is a subsidiary of CaliberCos Inc. (NASDAQ: CWD). Led by an experienced team of agile entrepreneurs and specialists, CHT offers a unique opportunity in an UPREIT strategy for hotel owners and managers to access scale on a tax-deferred basis. CHT is targeting middle-market, full service, select service, extended stay, and lifestyle hotels in attractive geographic locations. CHT’s asset management technology enables management of mixed asset classes, top-tier brands, and third-party managers, who all interact via an integrated platform. More information at CaliberHospitality.com

    About Hyatt Hotels Corporation
    Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2025, the Company’s portfolio included more than 1,450 hotels and all-

    inclusive properties in 79 countries across six continents. The Company’s offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape® Resorts & Spas, Alua Hotels & Resorts®, and Bahia Principe Hotels & Resorts; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

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

    CONTACTS:
    Caliber:
    Ilya Grozovsky
    +1 480-214-1915
    Ilya@caliberco.com

    The MIL Network –

    May 6, 2025
  • MIL-OSI Europe: Press release – €8 million in EU aid for 2,400 dismissed workers in Belgium

    Source: European Parliament 3

    Employees affected by the bankruptcy of Belgian automotive company Van Hool will benefit from an EU aid package worth €8 million.

    On Tuesday, Parliament approved Belgium’s request for support from the European Globalisation Adjustment Fund for Displaced Workers (EGF) by 598 votes in favour, 48 against and with 5 abstentions.

    MEPs acknowledged that “the European automotive and supplier industry is facing unprecedented pressure from both external and internal challenges, such as distortion of competition and high-energy costs.”

    Van Hool produced coaches, buses, trolleybuses, and trailers. The company was declared bankrupt in April 2024 following a sharp decline in sales prompted by the COVID-19 pandemic, and exacerbated by Russia’s war of aggression against Ukraine, rising inflation, and supply chain disruptions. As a result, 2,400 workers were dismissed, one third of them aged 50 or over, and 80 % with outdated skillsets.

    The support package finances counselling, vocational orientation, job-search assistance, and new professional and digital skills training. It is worth €9.4 million in total – with the EGF providing €8 million and Belgium’s Flemish Employment and Vocational Training Service (VDAB) funding €1.4 million. Support measures have been available since the layoffs.

    Background

    Under the EGF Regulation for the 2021-2027 period, the fund supports displaced workers and self-employed individuals who have lost their jobs. EGF support is available for those affected by all types of unexpected major restructuring events, including the economic effects of the COVID-19 pandemic and Russia’s invasion of Ukraine, as well as broader trends, such as decarbonisation and automation. Member states can apply for EU funding when at least 200 workers lose their jobs within a specific reference period.

    Once a member state submits an application detailing the redundancies and planned support measures, the Commission evaluates it. If the application meets the EGF criteria, the Commission makes a proposal to mobilise funds that must be approved by Parliament and Council. Since 2007, the EGF has intervened in 182 cases, allocating €700 million to help more than 170,000 people in 20 Member States.

    MIL OSI Europe News –

    May 6, 2025
  • MIL-OSI: RentRedi Launches “The Rental Pro” Newsletter to Help Landlords Grow Their Rental Businesses

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — RentRedi, the fastest-growing all-in-one property management software that makes renting easy for both landlords and renters, announces The Rental Pro newsletter, offering a powerful monthly resource designed to provide landlords, investors, real estate agents, and property managers with expert insights, real estate data, and actionable strategies. Delivered monthly, The Rental Pro is open to anyone interested in real estate investing or rental housing—not just RentRedi customers.

    The Rental Pro marks a strategic evolution with a strong focus on investment growth. The newsletter is tailored specifically to those navigating the rental housing market, offering in-depth exclusive rental market data, expert commentary, and actionable advice that helps readers make smarter investment decisions, improve operations, and unlock new opportunities in real estate investing.

    “The Rental Pro Newsletter is designed for real estate investors who want to work smarter, not harder—and grow faster because of it,” said RentRedi Co-founder and CEO Ryan Barone. “We’re giving them the tools, insights, and strategies to stay ahead of the curve and scale with confidence.”

    Whether you’re managing a single-family home or expanding a multi-unit portfolio, this newsletter offers guidance that fuels sustainable business growth.

    What readers will learn:

    • How to identify trends and capitalize on market opportunities
    • Ways to streamline property operations and reduce overhead
    • Insights into pricing strategies, maintenance planning, and tenant retention
    • Exclusive data reports and expert analysis not found anywhere else
    • Tips for navigating regulations, leveraging tech, and scaling smarter

    With The Rental Pro, RentRedi continues its mission to make property management not only more accessible and efficient, but also more strategic and growth-oriented.

    To subscribe to The Rental Pro, visit: rentredi.com/newsletter.

    About RentRedi

    RentRedi offers an award-winning, comprehensive property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. DIY landlords can quickly grow their rental businesses by using RentRedi’s all-in-one web and mobile app for rent collection, market listings, tenant screening, lease signing, maintenance coordination, and accounting. Tenants enjoy the convenience and benefits of RentRedi’s easy-to-use mobile app that allows them to pay rent, set up auto-pay, build credit by reporting rent payments to all three major credit bureaus, prequalify and sign leases, and submit 24/7 maintenance requests.

    Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market. The company ranks No. 180 on the Inc. 5000 list and No. 13 on the Inc. 5000 Regionals list. It was also named an Inc. Power Partner in 2023 and 2024, and to Fast Company’s Next Big Things in Tech list in 2024, as well as HousingWire’s Tech100 list in 2025. To date, RentRedi has more than $28 billion in assets under management with nearly 200,000 landlords and tenants using its platform. The company partners with technology leaders such as Zillow, TransUnion, Experian, Equifax, Realtor.com, Lessen, Thumbtack, Plaid, and Stripe to create the best customer experience possible. For more information visit RentRedi.com.

    The MIL Network –

    May 6, 2025
  • MIL-OSI: YieldMax™ ETFs Announces Distributions on BIGY ($0.4609) and SOXY ($0.4384)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Target 12™ ETFs listed in the table below. The Fund seeks to generate income with a 12% target annual income level.

    ETF
    Ticker
    1
    ETF Name Distribution Frequency Distribution per Share Distribution
    Rate
    2
    30-Day
    SEC Yield3
    ROC4 Ex-Date & Record Date Payment
    Date
    BIGY YieldMax™ Target 12™ Big 50 Option Income ETF Monthly   $0.4609 12.00% 0.18% 66.89% 5/7/25 5/8/25
    RNTY* YieldMax™ Target 12™ Real Estate Option Income ETF Monthly   – – – – – –
    SOXY YieldMax™ Target 12™ Semiconductor Option Income ETF Monthly $0.4384 12.00% 0.12% 100.00% 5/7/25 5/8/25
                     

    You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

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

    *The inception date for RNTY is April 16, 2025.

    1Each ETF’s strategy will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF.

    2The Distribution Rate shown is as of close on May 5, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

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

    4ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

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

    Standardized Performance

    For BIGY, click here. For SOXY, click here. For RNTY, click here.

    Important Information

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

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

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

    Important Information
    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

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

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

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

    © 2025 YieldMax™ ETFs

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Greenbacker’s Cider solar project awarded North American Solar Deal of the Year

    Source: GlobeNewswire (MIL-OSI)

    • Utility-scale solar farm awarded for its innovative financing package—which includes one of the market’s earliest tax credit transfer bridge loans—on an industry-leading clean energy infrastructure project.
    • Financing supports construction and operation of 674 MWdc / 500 MWac Cider, Greenbacker’s largest clean energy asset to date, expected to be the largest solar farm in the state of New York when completed in 2026.

    NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker”), an energy transition-focused investment manager and independent power producer, is proud to announce today that its Cider solar project (“Cider”) has been named the 2024 North American Solar Deal of the Year by Proximo Infra.

    The award honors the innovative multi-tranche financing package behind the project, which includes one of the market’s earliest tax credit transfer bridge loans. The nearly $1 billion project financing supports the construction and operation of the 674 MWdc / 500 MWac utility-scale project in Genesee County, New York—the largest solar project ever built in the state and the largest clean energy asset in Greenbacker’s portfolio to date.

    The financing package comprises a $418 million tax equity bridge loan, a $373 million construction-to-term loan, and $79 million in letters of credit. It also includes an additional $81 million mezzanine financing in the form of a development loan.

    This recognition underscores Greenbacker’s continued commitment to advancing the energy transition through strong industry partnerships and innovative financing packages.

    “We’re incredibly proud of our team’s innovation, dedication, and expertise in bringing this financing to life,” said Carl Weatherley-White, interim CFO of Greenbacker. “While this award recognizes the innovative deal structure behind Cider, it’s also a reflection of the successful collaboration with our financing partners, our development partner Hecate Energy, our engineering, procurement, and construction managers, and a number of specialty firms we partnered with to make this project a reality. Greenbacker was able to realize this milestone with the commitment and precision of all parties involved.”

    “Cider’s financing structure combined a range of innovative instruments—including the tax credit transfer bridge loan, deal-contingent interest rate hedges, and dual tranche construction and term-loan facilities—while at the same time balancing and optimizing between two different sources of capital: traditional bank financing and mezzanine financing,” said Michael Dudum, VP on Greenbacker’s infrastructure investment team. “This thoughtful layering allowed us to optimize the capital stack and deliver the project in a highly efficient, cost-effective way.”

    The project was acquired from long-standing partner Hecate Energy, a leading US developer with a renewable energy and energy storage pipeline exceeding 43.7 GWac of projects. Cider broke ground in November 2024 and is expected to reach commercial operation in late 2026. Once operational, the project is estimated that Cider will generate enough clean energy to power more than 120,000 homes annually.1

    Over its lifetime, Cider is expected to generate approximately $100 million in tax revenue to the local community, funds that can support essential community services, such as local first responders, and important infrastructure, including area roadways, libraries, and schools.

    As of December 31, 2024, Greenbacker’s clean energy assets had cumulatively produced more than 11 million MWh of clean power since January 2016, abating over 7 million metric tons of carbon2 and saving nearly 8 billion gallons of water.3 Greenbacker’s fleet of operating and pre-operating projects currently support, or are expected to support, thousands of green jobs.4

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

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

    Greenbacker media contact
    Chris Larson
    Media Communications
    646.569.9532
    c.larson@greenbackercapital.com

    1Governor Hochul Announces Siting Approval of New York’s Largest Solar Facility to Date, governor.ny.gov.
    2 Data is as of December 31, 2024. When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.
    3 Data is as of December 31, 2024. Water saved by Greenbacker’s clean energy projects is compared to the amount of water needed to produce the same amount of power by burning coal. Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.
    4 Data is as of December 31, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Prairie Operating Co. Expands Senior Leadership Team

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, TX, May 06, 2025 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) – an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin – today announced the appointment of Maree K. Delgado, CPA, as Senior Vice President of Accounting & Controller.

    With over two decades of experience across financial accounting, regulatory compliance, and risk management, primarily within the energy sector, Ms. Delgado brings a proven track record of building and leading high-performing finance teams through both growth and transformation. Her appointment reflects Prairie’s continued focus on operational excellence, financial discipline, and strong governance as it scales its DJ Basin platform.

    Most recently, Ms. Delgado served as E&P Controller at Antero Resources Corporation, where she led all aspects of financial reporting, SOX compliance, treasury, and revenue accounting. During her tenure, she played a critical role in implementing strategic financial partnerships, driving internal efficiencies, and overseeing two major system implementations. Prior to Antero, she held key executive roles at Ultra Petroleum Corp (now PureWest Energy), including Vice President and Chief Accounting Officer, where she managed accounting, tax, treasury, and marketing back-office operations through significant corporate transitions.

    Ms. Delgado is a Certified Public Accountant and holds a Bachelor of Commerce in Accounting and Business Law from Curtin University of Technology in Western Australia. She is licensed in the state of Colorado and brings global audit experience from her time at KPMG, where she managed energy-focused audits across multiple continents.

    “Maree is a proven leader with deep experience across all facets of energy accounting, financial reporting, and compliance,” said Greg Patton, EVP and CFO of Prairie. “On behalf of the Prairie team, I’d like to welcome her to the team as we continue executing our strategic growth plan.”

    About Prairie Operating Co.

    Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com.

    Forward-Looking Statement

    The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of present or historical fact included herein, are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “strive”, “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. There may be additional risks not currently known by the Company or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact the Company’s expectations can be found in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K filed with the SEC on March 6, 2025, and any subsequently filed Quarterly Report and Current Report on Form 8-K. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

    Investor Relations Contact:
    Wobbe Ploegsma
    info@prairieopco.com 
    832.274.3449

    The MIL Network –

    May 6, 2025
  • MIL-OSI: CareCloud Delivers Growth and Strong Cash Flow in Q1 2025, Advances AI and Acquisition Strategy

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., May 06, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO), a leader in healthcare technology and generative AI solutions, today announced strong financial results for the three months ended March 31, 2025. CareCloud’s strategic execution, AI-driven innovation, and disciplined financial management have fueled a transformational turnaround, positioning the Company for sustained profitability and long-term growth. Management will discuss these results and the Company’s 2025 growth strategies in a live conference call today at 8:30 a.m. ET.

    First Quarter 2025 Financial Highlights:

    • Revenue of $27.6 million, compared to $26.0 million in Q1 2024, an increase of 6% year-over-year
    • GAAP net income of $1.9 million, compared to a net loss of $241,000 in Q1 2024
    • Adjusted EBITDA of $5.6 million, compared to $3.7 million in Q1 2024, an increase of 52%
    • Adjusted net income of $2.3 million, or $0.05 per share
    • Cash balance of $6.8 million and net working capital of $11.7 million as of March 31, 2025

    Recent Strategic Updates

    • AI Center of Excellence Launched: CareCloud launched its dedicated AI Center of Excellence, onboarding the first wave of over 50 AI professionals and aiming to scale to 500 AI specialists by fourth quarter 2025. The initiative is fully self-funded through operating cash flows.
    • Series A Preferred Stock Conversion Completed: Successfully converted 3.5 million Series A preferred shares into 26 million common shares, reducing the annual dividend commitment by approximately $7.7 million and strengthening cash flow and the capital structure.
    • Resumption of Preferred Dividends: Payments of preferred dividends resumed in February 2025.
    • Acquisition Strategy Reignited: Completed two strategic acquisitions in March and April 2025, with additional acquisition opportunities actively under evaluation.

    Management Commentary:

    “The launch of our AI Center of Excellence marks a pivotal moment in CareCloud’s evolution,” said A. Hadi Chaudhry, Co-CEO of CareCloud. “By building one of the largest dedicated healthcare AI teams globally, we believe we are creating real-world solutions to automate clinical workflows, optimize revenue cycle management, and improve patient outcomes. This initiative is intended to accelerate our operational efficiency as well as positioning CareCloud at the forefront of intelligent healthcare transformation — driving sustainable profitability and long-term growth for ourselves and the healthcare providers who use our services.”

    “After record profits and a successful turnaround in 2024, we are excited to announce continued momentum and strength as we enter 2025,” said Co-CEO Stephen Snyder. “With two recent acquisitions and the launch of our AI Center of Excellence, CareCloud is not just responding to the market shift — we are intending to lead it.”

    “We are pleased to announce our fourth consecutive quarter of positive GAAP net income and an increase in revenue and adjusted EBITDA year over year,” said Norman Roth, Interim CFO and Corporate Controller of CareCloud. “We have resumed paying our Preferred Stock dividends monthly out of internally-generated free cash flow, while generating additional profits and cash flow to reinvest for future growth. To date we have declared six months of Preferred Stock dividends.”

    Capital

    On March 31, 2025, the Company had 984,530 shares of Series A Preferred Stock and 1,511,372 shares of non-convertible Series B Preferred Stock outstanding. As of March 31, 2025, the Series A and B shares both accrued dividends at the rate of 8.75% per annum, based on the $25.00 per share liquidation preference (equivalent to $2.1875 annually per share), and they are redeemable at the Company’s option once the preferred stock dividends are brought current.

    2025 Guidance: Poised for Growth

    CareCloud is reconfirming its earnings guidance for 2025, expecting:

    For the Fiscal Year Ending December 31, 2025
    Forward-Looking Guidance
    Revenue $111 – $114 million
    Adjusted EBITDA $26 – $28 million
    Net Income Per Share (EPS) $0.10 – $0.13

    The Company continues to anticipate full year 2025 revenue of approximately $111 to $114 million. Revenue guidance is based on management’s expectations regarding revenue from existing clients, organic growth in new client additions and anticipated number of small tuck-in acquisitions.

    Adjusted EBITDA is expected to be $26 to $28 million for full year 2025 and reflects improvements from the Company’s cost reduction efforts. EPS is expected to be $0.10 to $0.13 for full year 2025.

    Conference Call Information

    CareCloud management will host a conference call today at 8:30 a.m. Eastern Time to discuss the first three months of 2025 results. The live webcast of the conference call and related presentation slides can be accessed at ir.carecloud.com/events. An audio-only option is available by dialing 201-389-0920 and referencing “CareCloud First Quarter 2025 Results Conference Call.” Investors who opt for audio-only will need to download the related slides at ir.carecloud.com/events.

    A replay of the conference call and related presentation slides will be available approximately three hours after conclusion of the call at the same link. An audio-only option can also be accessed by dialing 412-317-6671 and providing the access code 13753440.

    Use of Non-GAAP Financial Measures

    In our earnings releases, prepared remarks, conference calls, slide presentations, and webcasts, we use and discuss non-GAAP financial measures, as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investor Relations section of our web site at ir.carecloud.com.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, manage and keep our information systems secure and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    About CareCloud

    CareCloud (Nasdaq: CCLD, CCLDO) brings disciplined innovation and generative AI solutions to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), artificial intelligence (AI), business intelligence (BI), patient experience management (PXM) and digital health, at carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    For additional information, please visit our website at carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com

    CARECLOUD, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    ($ in thousands, except share and per share amounts)
                 
          March 31,       December 31,  
          2025       2024  
          (Unaudited)          
    ASSETS                
    Current assets:                
    Cash   $ 6,805     $ 5,145  
    Accounts receivable – net     13,887       12,774  
    Contract asset     4,457       4,334  
    Inventory     609       574  
    Current assets – related party     16       16  
    Prepaid expenses and other current assets     2,843       1,957  
    Total current assets     28,617       24,800  
    Property and equipment – net     5,323       5,290  
    Operating lease right-of-use assets     3,097       3,133  
    Intangible assets – net     16,877       18,698  
    Goodwill     19,186       19,186  
    Other assets     456       507  
    TOTAL ASSETS   $ 73,556     $ 71,614  
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Current liabilities:                
    Accounts payable   $ 4,951     $ 4,565  
    Accrued compensation     2,865       1,817  
    Accrued expenses     5,002       4,951  
    Operating lease liability (current portion)     1,355       1,287  
    Deferred revenue (current portion)     1,297       1,212  
    Notes payable (current portion)     133       310  
    Contingent consideration (current portion)     47       –  
    Dividend payable     1,299       5,438  
    Total current liabilities     16,949       19,580  
    Notes payable     23       26  
    Contingent consideration     60       –  
    Operating lease liability     1,776       1,847  
    Deferred revenue     571       387  
    Total liabilities     19,379       21,840  
    COMMITMENTS AND CONTINGENCIES                
    SHAREHOLDERS’ EQUITY:                
    Preferred stock, $0.001 par value – authorized 7,000,000 shares. Series A, issued and outstanding 984,530 and 4,526,231 shares at March 31, 2025 and December 31, 2024, respectively. Series B, issued and outstanding 1,511,372 shares at March 31, 2025 and December 31, 2024.     2       6  
    Common stock, $0.001 par value – authorized 85,000,000 shares. Issued 43,061,928 and 16,997,035 shares at March 31, 2025 and December 31, 2024, respectively. Outstanding 42,321,129 and 16,256,236 shares at March 31, 2025 and December 31, 2024, respectively     43       17  
    Additional paid-in capital     123,537       121,046  
    Accumulated deficit     (64,682 )     (66,630 )
    Accumulated other comprehensive loss     (4,061 )     (4,003 )
    Less: 740,799 common shares held in treasury, at cost at March 31, 2025 and December 31, 2024     (662 )     (662 )
    Total shareholders’ equity     54,177       49,774  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 73,556     $ 71,614  
    CARECLOUD, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
    ($ in thousands, except share and per share amounts)
        Three Months Ended  
        March 31,  
        2025     2024*  
    NET REVENUE   $ 27,632     $ 25,962  
    OPERATING EXPENSES:                
    Direct operating costs     15,464       15,177  
    Selling and marketing     1,131       1,770  
    General and administrative     4,332       3,721  
    Research and development     1,235       913  
    Depreciation and amortization     3,337       3,930  
    Restructuring costs     114       322  
    Total operating expenses     25,613       25,833  
    OPERATING INCOME     2,019       129  
    OTHER:                
    Interest income     42       27  
    Interest expense     (58 )     (365 )
    Other (expense) income – net     (14 )     7  
    INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES     1,989       (202 )
    Income tax provision     41       39  
    NET INCOME (LOSS)   $ 1,948     $ (241 )
                     
    Preferred stock dividend     2,811       1,312  
    NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ (863 )   $ (1,553 )
                     
    Net loss per common share: basic and diluted   $ (0.04 )   $ (0.10 )
    Weighted-average common shares used to compute basic and diluted loss per share     23,813,943       16,014,309  

    * Restated to include the preferred stock dividends earned, but not declared, during the three months ended March 31, 2024.

    CARECLOUD, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
    ($ in thousands)
                 
          2025       2024  
    OPERATING ACTIVITIES:                
     Net income (loss)   $ 1,948     $ (241 )
     Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
     Depreciation and amortization     3,407       4,020  
     Lease amortization     480       509  
     Deferred revenue     269       58  
     Provision for expected credit losses     70       37  
     Foreign exchange gain     (1 )     (11 )
     Interest accretion     107       168  
     Stock-based compensation expense (benefit)     108       (708 )
     Changes in operating assets and liabilities:                
    Accounts receivable     (1,183 )     (111 )
    Contract asset     (105 )     (361 )
    Inventory     (35 )     (15 )
    Other assets     (908 )     –  
    Accounts payable and other liabilities     956       721  
     Net cash provided by operating activities     5,113       4,066  
    INVESTING ACTIVITIES:                
     Purchases of property and equipment     (624 )     (298 )
     Capitalized software and other intangible assets     (846 )     (1,570 )
     Initial payment for acquisition     (40 )     –  
     Net cash used in investing activities     (1,510 )     (1,868 )
    FINANCING ACTIVITIES:                
     Preferred stock dividends paid     (1,730 )     –  
     Settlement of tax withholding obligations on stock issued to employees     (21 )     (151 )
     Repayments of notes payable     (181 )     (223 )
     Repayment of line of credit     –       (1,000 )
     Net cash used in financing activities     (1,932 )     (1,374 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH     (11 )     (17 )
    NET INCREASE IN CASH     1,660       807  
    CASH – Beginning of the period     5,145       3,331  
    CASH – End of the period   $ 6,805     $ 4,138  
    SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:                
     Conversion of preferred stock and accrued dividends to common stock   $ 2,435     $ –  
     Dividends declared, not paid   $ 1,299     $ 5  
     Purchase of prepaid insurance with assumption of note   $ –     $ 96  
     Reclass of deposits for property and equipment placed in service   $ –     $ 296  
    SUPPLEMENTAL INFORMATION – Cash paid during the period for:                
    Income taxes   $ 15     $ 6  
    Interest   $ 18     $ 295  

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    TO COMPARABLE GAAP MEASURES

    The following is a reconciliation of the non-GAAP financial measures used by us to describe our financial results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). An explanation of these measures is also included below under the heading “Explanation of Non-GAAP Financial Measures.”

    While management believes that these non-GAAP financial measures provide useful supplemental information to investors regarding the underlying performance of our business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP.

    Adjusted EBITDA to GAAP Net Income (Loss)

    Set forth below is a reconciliation of our “adjusted EBITDA” to our GAAP net income (loss).

        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
    Net revenue   $ 27,632     $ 25,962  
                     
    GAAP net income (loss)     1,948       (241 )
                     
    Provision for income taxes     41       39  
    Net interest expense     16       338  
    Foreign exchange loss (gain) / other expense     19       (5 )
    Stock-based compensation expense (benefit)     108       (708 )
    Depreciation and amortization     3,337       3,930  
    Transaction and integration costs     12       12  
    Restructuring costs     114       322  
    Adjusted EBITDA   $ 5,595     $ 3,687  


    Non-GAAP Adjusted Operating Income to GAAP Operating Income

    Set forth below is a reconciliation of our non-GAAP “adjusted operating income” and non-GAAP “adjusted operating margin” to our GAAP operating income and GAAP operating margin.

        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
    Net revenue   $ 27,632     $ 25,962  
                     
    GAAP net income (loss)     1,948       (241 )
    Provision for income taxes     41       39  
    Net interest expense     16       338  
    Other expense (income) – net     14       (7 )
    GAAP operating income     2,019       129  
    GAAP operating margin     7.3 %     0.5 %
                     
    Stock-based compensation expense (benefit)     108       (708 )
    Amortization of purchased intangible assets     89       840  
    Transaction and integration costs     12       12  
    Restructuring costs     114       322  
    Non-GAAP adjusted operating income   $ 2,342     $ 595  
    Non-GAAP adjusted operating margin     8.5 %     2.3 %


    Non-GAAP Adjusted Net Income to GAAP Net Income (Loss)

    Set forth below is a reconciliation of our non-GAAP “adjusted net income” and non-GAAP “adjusted net income per share” to our GAAP net income (loss) and GAAP net loss per share.

        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
    GAAP net income (loss)   $ 1,948     $ (241 )
                     
    Foreign exchange loss (gain) / other expense     19       (5 )
    Stock-based compensation expense (benefit)     108       (708 )
    Amortization of purchased intangible assets     89       840  
    Transaction and integration costs     12       12  
    Restructuring costs     114       322  
    Non-GAAP adjusted net income   $ 2,290     $ 220  
                     
    End-of-period common shares     42,321,129       16,118,492  
                     
    Non-GAAP adjusted net income per share   $ 0.05     $ 0.01  

    For purposes of determining non-GAAP adjusted net income per share, we used the number of common shares outstanding as of March 31, 2025 and 2024.

        Three Months Ended March 31,  
        2025     2024  
    GAAP net loss attributable to common shareholders, per share   $ (0.04 )   $ (0.10 )
    Impact of preferred stock dividend     0.09       0.08  
    Net income (loss) per end-of-period share     0.05       (0.02 )
                     
    Foreign exchange loss (gain) / other expense     0.00       0.00  
    Stock-based compensation expense (benefit)     0.00       (0.04 )
    Amortization of purchased intangible assets     0.00       0.05  
    Transaction and integration costs     0.00       0.00  
    Restructuring costs     0.00       0.02  
    Non-GAAP adjusted earnings per share   $ 0.05     $ 0.01  


    Net cash provided by operating activities to free cash flow

    Set forth below is a reconciliation of our non-GAAP “free cash flow” to our GAAP net cash provided by operating activities.

        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
    Net cash provided by operating activities   $ 5,113     $ 4,066  
                     
    Purchases of property and equipment     (624 )     (298 )
    Capitalized software and other intangible assets     (846 )     (1,570 )
    Free cash flow   $ 3,643     $ 2,198  
                     
    Net cash used in investing activities 1   $ (1,510 )   $ (1,868 )
    Net cash used in financing activities   $ (1,932 )   $ (1,374 )
                     
    1 Net cash used in investing activities includes purchases of property and equipment and capitalized software and other intangible assets, which are also included in our computation of free cash flow.  
       

    Explanation of Non-GAAP Financial Measures

    We report our financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of CareCloud and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.

    Management uses adjusted EBITDA, adjusted operating income, adjusted operating margin, and non-GAAP adjusted net income to provide an understanding of aspects of operating results before the impact of investing and financing charges and income taxes. Adjusted EBITDA may be useful to an investor in evaluating our operating performance and liquidity because this measure excludes non-cash expenses as well as expenses pertaining to investing or financing transactions. Management defines “adjusted EBITDA” as the sum of GAAP net income (loss) before provision for income taxes, net interest expense, foreign exchange loss (gain) / other expense, stock-based compensation expense (benefit), depreciation and amortization, transaction and integration costs, and restructuring costs.

    Management defines “non-GAAP adjusted operating income” as the sum of GAAP operating income before stock-based compensation expense (benefit), amortization of purchased intangible assets, transaction and integration costs, and restructuring costs, and “non-GAAP adjusted operating margin” as non-GAAP adjusted operating income divided by net revenue.

    Management defines “non-GAAP adjusted net income” as the sum of GAAP net income (loss) before foreign exchange loss (gain) / other expense, stock-based compensation expense (benefit), amortization of purchased intangible assets, transaction and integration costs, and restructuring costs, and “non-GAAP adjusted net income per share” as non-GAAP adjusted net income divided by common shares outstanding at the end of the period.

    Management defines “free cash flow” as the sum of net cash provided by operating activities less cash used for purchases of property and equipment and cash used to develop capitalized software and other intangible assets.

    Management considers all of these non-GAAP financial measures to be important indicators of our operational strength and performance of our business and a good measure of our historical operating trends, in particular the extent to which ongoing operations impact our overall financial performance.

    In addition to items routinely excluded from non-GAAP EBITDA, management excludes or adjusts each of the items identified below from the applicable non-GAAP financial measure referenced above for the reasons set forth with respect to that excluded item:

    Foreign exchange loss (gain) / other expense. Other expense is excluded because foreign currency gains and losses and other non-operating expenses are expenditures that management does not consider part of ongoing operating results when assessing the performance of our business, and also because the total amount of the expense is partially outside of our control. Foreign currency gains and losses are based on global market factors which are unrelated to our performance during the period in which the gains and losses are recorded.

    Stock-based compensation expense (benefit). Stock-based compensation expense (benefit) is excluded because this is primarily a non-cash expenditure that management does not consider part of ongoing operating results when assessing the performance of our business, and also because the total amount of the expenditure is partially outside of our control because it is based on factors such as stock price, volatility, and interest rates, which may be unrelated to our performance during the period in which the expenses are incurred. Stock-based compensation expense includes cash-settled awards based on changes in the stock price.

    Amortization of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. Accordingly, this item is not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are recorded.

    Transaction costs. Transaction costs are upfront costs related to acquisitions and related transactions, such as brokerage fees, pre-acquisition accounting costs and legal fees, and other upfront costs related to specific transactions. Management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.

    Integration costs. Integration costs are severance payments for certain employees relating to our acquisitions and exit costs related to terminating leases and other contractual agreements. Accordingly, management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.

    Restructuring costs. Restructuring costs primarily consist of severance and separation costs associated with the optimization of the Company’s operations and profitability improvements. Management believes that such expenses do not have a direct correlation to future business operations, and therefore, these costs are not considered by management in making operating decisions. Management does not believe such charges accurately reflect the performance of our ongoing operations for the period in which such charges are incurred.

    Free cash flow. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating the Company’s financial performance. Free cash flow should be considered in addition to, rather than as a substitute for, consolidated net operating results as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, the Company’s definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our condensed consolidated statements of cash flows.

    The MIL Network –

    May 6, 2025
  • MIL-OSI: FAVO Capital Secures $8 Million Series A Preferred Investment from Stewards Investment Capital

    Source: GlobeNewswire (MIL-OSI)

    FORT LAUDERDALE, Fla., May 06, 2025 (GLOBE NEWSWIRE) — via IBN — FAVO Capital, Inc. (OTC: FAVO), a rapidly growing private credit platform focused on revenue-based funding for small and medium-sized businesses (SMBs), today announced that it has secured an $8 million Series A Preferred equity investment from Stewards Investment Capital, a global asset manager with deep expertise in fintech and private credit.

    Vincent Napolitano, CEO of FAVO Capital said, “Stewards has been a trusted partner, and this funding further positions us to serve the capital needs of underserved SMBs with speed, flexibility, and transparency.”

    “This investment reflects institutional confidence in our platform’s scalability and disciplined strategy,” said Shaun Quin, President of FAVO Capital.

    This investment will accelerate direct SMB funding, restructure a portion of our debt notes and expand embedded lending partnerships, all while reinforcing FAVO’s balance sheet and supporting its ongoing growth initiatives as it advances toward a Nasdaq uplisting.

    Glen Steward, Founder and Chairman of Stewards Investment Capital added, “The growth trajectory of FAVO from our original investment has been nothing but positive and rewarding. Our continued support and investment from our international network has been a testament to the Award Winning bespoke investment products that we have been able to create around FAVO.”

    The securities offered will not be or have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirement.

    About FAVO Capital, Inc.

    FAVO Capital, Inc. (OTC: FAVO) is a private credit firm specializing in alternative financing solutions for small and medium-sized businesses (SMBs) across the United States. Since its inception, FAVO Capital has supported more than 10,000 businesses. FAVO Capital is committed to financial transparency, sustainable growth, and empowering SMBs with flexible funding solutions. Headquartered in Fort Lauderdale, FL, the company also has operations in New York and the Dominican Republic.

    For more information, visit www.favocapital.com and follow us on LinkedIn and X.

    Investor Alerts

    Interested investors and shareholders are encouraged to sign up for press releases and industry updates by registering for Email Alerts at FAVO News Alerts.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, projections, estimates, and expectations regarding future trends, financial performance, and operational strategies. Forward-looking statements are often identified by words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “seeks,” “estimates,” “may,” “will,” “should,” or similar expressions.

    These statements are based on the company’s current beliefs, expectations, and assumptions and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual results to differ materially from those expressed or implied. Factors that may cause such differences include, but are not limited to, market conditions, regulatory developments, competition, economic conditions, and the company’s ability to execute its business strategy.

    Actual results may differ materially from those anticipated, and investors are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this press release, except as required by law.


    Company Contact:

    FAVO Capital, Inc.
    4300 N University Drive
    D-105
    Lauderhill, FL 33351

    Investor Relations:
    Scott McGowan
    InvestorBrandNetwork (IBN)
    Phone: 310.299.1717
    ir@favocapital.com

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Strategic Venue Partners Expands C-Suite with Industry Veteran David Tokunaga as COO

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., May 06, 2025 (GLOBE NEWSWIRE) — Strategic Venue Partners (SVP), the leading provider of in-building wireless-connectivity-as-a-service, proudly announces the appointment of David Tokunaga, a seasoned wireless industry executive, as its new Chief Operating Officer. With a career spanning more than 25 years across some of the most influential names in telecommunications, Tokunaga will play a pivotal role in driving the company’s mission to transform venues with fast, reliable, and future-ready wireless network solutions. This strategic leadership appointment follows several key financial milestones for SVP, with Tokunaga’s operational prowess poised to drive further growth and meet the rising enterprise demand for in-building wireless solutions.

    Tokunaga most recently served as General Manager of Boingo Wireless. In this role, he led sales, marketing, engineering, and operations for the enterprise segment. He also guided strategy, partnerships, and engineering initiatives. Previously, David also held senior roles at Qualcomm, leading global account teams and driving growth across emerging wireless technologies. Tokunaga also spent more than seven years at Nokia, overseeing product strategy during a pivotal phase in the company’s evolution.

    “We’re thrilled to welcome David to the SVP leadership team,” said Justin Marron, CEO of SVP. “He brings a wealth of experience across enterprise sales, engineering, operations, and large-scale business leadership at some of the most respected companies in the wireless industry. His unique blend of strategic vision and hands-on execution has consistently delivered impactful, scalable solutions. David’s leadership arrives at a pivotal moment for SVP, as we continue to accelerate growth and meet rising demand for our essential infrastructure assets.”

    “I’ve spent much of my career helping enterprises navigate the ever-changing wireless landscape—and I firmly believe that SVP’s approach is one of the most innovative and sustainable models I’ve ever seen,” said David Tokunaga, SVP’s new Chief Operating Officer. “By turning wireless connectivity into a managed service, SVP not only removes the financial and technological burden from its customers but also empowers them to grow and innovate faster utilizing SVP’s state-of-the-art wireless systems. I’m excited to join this incredible team and help continue to bring this vision to life at scale.”

    “The addition of David marks another major step forward for SVP. Since inception, SVP has been focused on the growing need for long-term solutions that thousands of venues face regarding their mission-critical connectivity challenges. Justin and his co-founder, Chad Aaron, have assembled an elite team of knowledgeable and passionate professionals to provide bespoke solutions to each of SVP’s customers,” said Marc H. Blair, COO and Senior Managing Director at Tiger Infrastructure Partners, the majority shareholder in SVP. “While the existing team has created a highly efficient and scalable business, the addition of David to the “C suite” adds decades of valuable experience and will expand SVP’s strategic and operational capabilities.”

    SVP’s infrastructure solutions are designed for each individual customer’s particular end use. SVP’s solutions can apply on a nearly universal basis and its customers operate in a wide variety of sectors, including healthcare, hospitality, information services and technology, higher education and retail. SVP’s long-term assets provide services essential to (i) the customer and employee experiences, (ii) optimization of business and enterprise operating systems and applications, (iii) timely dissemination of information and (iv) emergency communications.

    David is set to join the team in Chicago next week during Connect (X), the premier communications infrastructure industry event proudly sponsored by SVP. He will represent SVP on an informative panel entitled, It’s Time to Radically Re-Think In-Building Wireless on Tuesday, May 13th at 3:00 pm in Room W183B.

    About SVP
    Strategic Venue Partners (SVP) is the leading provider of in-building wireless connectivity-as-a-service. SVP partners directly with venues and carriers to design, develop, install, own, operate, and future-proof wireless infrastructure using solutions such as Distributed Antenna Systems, CBRS (OnGo®), Private LTE, Public Safety Systems, Wi-Fi, IPTV, RTLS, and fiber assets. SVP’s utility-style model enables enterprise clients to access cutting-edge wireless technology without the capital burden, backed by a long-term partner who grows with their business. Learn more at www.strategicvenue.com.

    About Tiger Infrastructure Partners
    Tiger Infrastructure Partners is an innovative private equity firm focused on providing transformational growth capital to middle market infrastructure companies. Tiger’s value-add approach targets growth investments across the Digital Infrastructure, Energy Transition and Transportation sectors in North America and Europe, where Tiger believes strong tailwinds are driving demand for new infrastructure. Tiger maintains offices in New York and London. Visit www.tigerinfrastructure.com.

    Media Contact
    Megan Wesley, VP, Marketing
    info@strategicvenue.com

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Cipher Mining Provides First Quarter 2025 Business Update

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Revenue of $49m, up 16% quarter over quarter

    Signed term sheet with Fortress Credit Advisors to serve as the JV financing partner at Barber Lake

    Nearing completion of 150 MW Phase I infrastructure at Black Pearl

    First Quarter 2025 GAAP Net Loss of $39m, and Non-GAAP Adjusted Earnings of $6m

    NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) —  Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced its first quarter 2025 financial results, with an update on its operations and business strategy.

    “The first quarter was marked by disciplined execution and steady progress as we advanced our 2025 expansion plans,” said Tyler Page, CEO. “Notably, we’re thrilled to have partnered with Fortress, a best-in-class financing partner, to develop a next-generation data center at Barber Lake. Fortress will not only bring extensive experience in data center development, but also a strong network of relationships with hyperscalers that complements our active discussions.”

    Over the quarter, Cipher also made substantial progress on expanding its mining footprint, with rig deployment at Black Pearl anticipated ahead of schedule.

    Mr. Page added, “We are nearing completion of the Black Pearl Data Center’s Phase I core and shell, and all four substation transformers are now onsite. Given the accelerated progress and expected energization in May, we’ve decided to immediately deploy rigs from inventory at the newly constructed site while we await the arrival of new machines expected later this summer. This strategic decision will bring approximately 2.5 exahashes per second online one quarter earlier than anticipated through the efficient use of idle assets at no additional capital expenditure to the company.”

    This redeployment will bring Cipher to ~16.0 EH/s by the end of the second quarter, with expectations to scale to ~23.1 EH/s by the end of the third quarter, as the Company continues to monitor the tariff landscape and new rig delivery schedules come into focus.

    “Cipher’s strong treasury management, disciplined approach to growth, and site flexibility continue to give me confidence in our ability to navigate a dynamic market environment and drive long-term success,” said Mr. Page.

    Finance and Operations Highlights

    • Completed first full quarter of operations with the upgraded Odessa fleet, which increased Cipher’s total self-mining hashrate to ~13.5 EH/s
    • Signed term sheet with Fortress Credit Advisors LLC to serve as the JV financing partner at Barber Lake
    • Infrastructure at Black Pearl Phase I nearing completion, with energization expected ahead of schedule
    • Continued HPC tenant momentum at Barber Lake site with multiple tenants under NDA and performing due diligence
    • Pipeline of 2.8 GW of site capacity
    • Q1 2025 net loss of $39 million, or $0.11 per diluted share, and adjusted earnings of $6 million, or $0.02 per diluted share

    Business Update Call and Webcast

    The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com/. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    About Cipher

    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company’s beliefs and expectations regarding its future results of operations and financial position, its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Website Disclosure

    The company maintains a dedicated investor website at https://investors.ciphermining.com/investors (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.

    Non-GAAP Financial Measures

    This press release includes supplemental financial measures for Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case that exclude the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability. These supplemental financial measures are not measurements of financial performance under accounting principles generally accepted in the United Stated (“GAAP”) and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions. We believe the use of these non-GAAP financial measures can also facilitate comparison of our operating results to those of our competitors by excluding certain items that vary in our industry based on company policy.

    Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect that share-based compensation expense, which is excluded from the non-GAAP financial measure, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Similarly, we expect that depreciation and amortization will continue to be a recurring expense over the term of the useful life of the related assets. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our condensed consolidated financial statements included elsewhere in this press release, which have been prepared in accordance with GAAP. We rely primarily on such condensed consolidated financial statements to understand, manage and evaluate our business performance and use the non-GAAP financial measures only supplementally.

    Contacts:
    Investor Contact:
    Courtney Knight
    Head of Investor Relations at Cipher Mining
    Courtney.knight@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    CIPHER MINING INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except for share and per share amounts)
    (unaudited)

      March 31, 2025   December 31, 2024
    ASSETS      
    Current assets      
    Cash and cash equivalents $ 23,173     $ 5,585  
    Accounts receivable   758       596  
    Receivables, related party   300       2,090  
    Prepaid expenses and other current assets   2,970       3,387  
    Bitcoin   52,024       92,651  
    Receivable for bitcoin collateral   32,497       32,248  
    Derivative asset   42,835       31,648  
    Total current assets   154,557       168,205  
    Restricted cash   14,392       14,392  
    Property and equipment, net   477,972       480,865  
    Deposits on equipment   122,502       38,872  
    Intangible assets, net   9,043       8,881  
    Investment in equity investees   48,499       53,908  
    Derivative asset   50,165       54,022  
    Operating lease right-of-use asset   12,192       12,561  
    Security deposits   19,776       19,782  
    Other noncurrent assets   4,694       3,958  
    Total assets $ 913,792     $ 855,446  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $ 29,879     $ 22,699  
    Accrued expenses and other current liabilities   66,300       69,824  
    Finance lease liability, current portion   3,903       3,798  
    Operating lease liability, current portion   3,200       3,127  
    Short-term borrowings   35,459       32,330  
    Total current liabilities   138,741       131,778  
    Asset retirement obligations   20,801       20,282  
    Finance lease liability   6,315       7,331  
    Operating lease liability   9,506       9,833  
    Deferred tax liability   3,634       4,269  
    Total liabilities   178,997       173,493  
    Commitments and contingencies (Note 13)      
    Stockholders’ equity      
    Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of March 31, 2025, and December 31, 2024   –       –  
    Common stock, $0.001 par value, 500,000,000 shares authorized, 371,313,598 and 361,432,449 shares issued as of March 31, 2025 and December 31, 2024, respectively, and 370,857,699 and 350,783,817 shares outstanding as of March 31, 2025, and December 31, 2024, respectively   371       361  
    Additional paid-in capital   954,812       863,015  
    Accumulated deficit   (220,387 )     (181,412 )
    Treasury stock, at par, 455,899 and 10,648,632 shares at March 31, 2025 and December 31, 2024, respectively   (1 )     (11 )
    Total stockholders’ equity   734,795       681,953  
    Total liabilities and stockholders’ equity $ 913,792     $ 855,446  
    CIPHER MINING INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except for share and per share amounts)
    (unaudited)
      Three Months Ended March 31,
        2025       2024  
    Revenue – bitcoin mining $ 48,959     $ 48,137  
    Costs and operating (expenses) income      
    Cost of revenue   (14,894 )     (14,820 )
    Compensation and benefits   (14,303 )     (13,036 )
    General and administrative   (8,951 )     (6,077 )
    Depreciation and amortization   (43,467 )     (17,244 )
    Change in fair value of derivative asset   7,330       7,359  
    Power sales   991       1,173  
    Equity in income (losses) of equity investees   (5,292 )     738  
    Unrealized (losses) gains on fair value of bitcoin   (20,178 )     40,556  
    Realized gains on sale of bitcoin   12,196       –  
    Other gains   (479 )     –  
    Total costs and operating expenses   (87,047 )     (1,351 )
    Operating (loss) income   (38,088 )     46,786  
    Other income (expense)      
    Interest income   190       786  
    Interest expense   (777 )     (400 )
    Change in fair value of warrant liability   –       250  
    Other expense   (156 )     (1,958 )
    Total other expense   (743 )     (1,322 )
    (Loss) income before taxes   (38,831 )     45,464  
    Current income tax expense   (779 )     (386 )
    Deferred income tax benefit (expense)   635       (5,178 )
    Total income tax expense   (144 )     (5,564 )
    Net (loss) income $ (38,975 )   $ 39,900  
    (Loss) income per share – basic and diluted $ (0.11 )   $ 0.13  
    Weighted average shares outstanding – basic   360,514,620       296,641,499  
    Weighted average shares outstanding – diluted   360,514,620       304,397,979  

    Non-GAAP Financial Measures

    The following are reconciliations of our Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case excluding the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability, to the most directly comparable GAAP measures for the periods indicated (in thousands, except for per share amounts):

      Three Months Ended March 31,
        2025       2024  
    Reconciliation of Adjusted Earnings:      
    Net (loss) income $ (38,975 )   $ 39,900  
    Change in fair value of derivative asset   (7,330 )     (7,359 )
    Share-based compensation expense   9,132       8,317  
    Depreciation and amortization   43,467       17,244  
    Deferred income tax (benefit) expense   (635 )     5,178  
    Other losses – nonrecurring   479       –  
    Change in fair value of warrant liability   –       (250 )
    Adjusted (loss) earnings $ 6,138     $ 63,030  
           
           
      Three Months Ended March 31,
        2025       2024  
    Reconciliation of Adjusted Earnings per share – diluted:      
    Net (loss) income per share – diluted $ (0.11 )   $ 0.13  
    Change in fair value of derivative asset per diluted share   (0.02 )     (0.03 )
    Share-based compensation expense per diluted share   0.03       0.03  
    Depreciation and amortization per diluted share   0.12       0.06  
    Deferred income tax (benefit) expense per diluted share   —       0.02  
    Other losses – nonrecurring per diluted share   —       —  
    Change in fair value of warrant liability per diluted share   —       —  
    Adjusted (loss) earnings per diluted share $ 0.02     $ 0.21  

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Datadog Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First quarter revenue grew 25% year-over-year to $762 million

    Robust growth of larger customers, with about 3,770 $100k+ ARR customers, up from about 3,340 a year ago

    Announced 2025 DASH user conference, June 10-11, in New York City

    NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — Datadog, Inc. (NASDAQ:DDOG), the monitoring and security platform for cloud applications, today announced financial results for its first quarter ended March 31, 2025.

    “Datadog executed solidly in the first quarter, with 25% year-over-year revenue growth, $272 million in operating cash flow, and $244 million in free cash flow,” said Olivier Pomel, co-founder and CEO of Datadog.

    Pomel added, “We are innovating rapidly across the Datadog platform, to help customers observe, secure, and act to solve mission-critical business problems in their modern, cloud environments.”

    First Quarter 2025 Financial Highlights:

    • Revenue was $762 million, an increase of 25% year-over-year.
    • GAAP operating loss was $(12) million; GAAP operating margin was (2)%.
    • Non-GAAP operating income was $167 million; non-GAAP operating margin was 22%.
    • GAAP net income per diluted share was $0.07; non-GAAP net income per diluted share was $0.46.
    • Operating cash flow was $272 million, with free cash flow of $244 million.
    • Cash, cash equivalents, and marketable securities were $4.4 billion as of March 31, 2025.

    First Quarter & Recent Business Highlights:

    • As of March 31, 2025, we had about 3,770 customers with ARR of $100,000 or more, an increase of 13% from about 3,340 as of March 31, 2024.
    • Acquired Eppo, a feature flagging and experimentation platform, which will tightly integrate with Datadog’s existing Product Analytics suite.
    • Released the new report, State of DevSecOps 2025, which found that only a fraction of critical vulnerabilities are truly worth prioritizing.
    • Acquired Metaplane, an end-to-end data observability platform that provides advanced machine learning-powered monitoring and column-level lineage to prevent, detect and resolve data quality issues across a company’s entire data stack.
    • Named a Leader in The Forrester Wave™: AIOps Platforms, Q2 2025. Datadog’s AIOps solutions include Bits AI, Watchdog and Event Management.
    • Highlighted multiple recent product launches at Google Cloud Next, including expanded monitoring capabilities for BigQuery.
    • Announced plans for a new data center to be located in Australia. The data center instance will be Datadog’s first in Australia and adds to existing locations in North America, Asia, and Europe.
    • Opened registration for DASH, Datadog’s eighth annual global conference for CIOs, CISOs, developers, SREs, and security and operations professionals, to build and scale the next generation of applications, infrastructure, security, GenAI and teams. The conference will take place June 10-11, 2025 at North Javits Center in New York City.

    Second Quarter and Full Year 2025 Outlook:

    Based on information as of today, May 6, 2025, Datadog is providing the following guidance:

    • Second Quarter 2025 Outlook:
      • Revenue between $787 million and $791 million.
      • Non-GAAP operating income between $148 million and $152 million.
      • Non-GAAP net income per share between $0.40 and $0.42, assuming approximately 361 million weighted average diluted shares outstanding.
    • Full Year 2025 Outlook:
      • Revenue between $3.215 billion and $3.235 billion.
      • Non-GAAP operating income between $625 million and $645 million.
      • Non-GAAP net income per share between $1.67 and $1.71, assuming approximately 362 million weighted average diluted shares outstanding.

    Datadog has not reconciled its expectations as to non-GAAP operating income, or as to non-GAAP net income per share, to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation and employer payroll taxes on equity incentive plans. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Datadog’s results computed in accordance with GAAP.

    Conference Call Details:

    • What: Datadog financial results for the first quarter of 2025 and outlook for the second quarter and the full year 2025
    • When: May 6, 2025 at 8:00 A.M. Eastern Time (5:00 A.M. Pacific Time)
    • Dial in: To access the call in the U.S., please register here. Callers are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining.
    • Webcast: https://investors.datadoghq.com (live and replay)
    • Replay: A replay of the call will be archived on the investor relations website

    About Datadog

    Datadog is the observability and security platform for cloud applications. Our SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, user experience monitoring, cloud security and many other capabilities to provide unified, real-time observability and security for our customers’ entire technology stack. Datadog is used by organizations of all sizes and across a wide range of industries to enable digital transformation and cloud migration, drive collaboration among development, operations, security and business teams, accelerate time to market for applications, reduce time to problem resolution, secure applications and infrastructure, understand user behavior, and track key business metrics.

    Forward-Looking Statements

    This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Datadog’s strategy, product and platform capabilities, the growth in and ability to capitalize on long-term market opportunities including the pace and scope of cloud migration and digital transformation, gross margins and operating margins including with respect to third-party cloud infrastructure hosting costs, sales and marketing, research and development expenses, net interest and other income, cash taxes, investments and capital expenditures, and Datadog’s future financial performance, including its outlook for the second quarter and the full year 2025 and related notes and assumptions. These forward-looking statements are based on Datadog’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Datadog’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.

    The risks and uncertainties referred to above include, but are not limited to (1) our recent rapid growth may not be indicative of our future growth; (2) our history of operating losses; (3) our limited operating history; (4) our dependence on existing customers purchasing additional subscriptions and products from us and renewing their subscriptions; (5) our ability to attract new customers; (6) our ability to effectively develop and expand our sales and marketing capabilities; (7) risk of a security breach; (8) risk of interruptions or performance problems associated with our products and platform capabilities; (9) our ability to adapt and respond to rapidly changing technology or customer needs; (10) the competitive markets in which we participate; (11) risks associated with successfully managing our growth; and (12) general market, political, economic, and business conditions including concerns about trade policies, tariffs, reduced economic growth and associated decreases in information technology spending. These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (SEC), including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and other filings and reports that we may file from time to time with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

    About Non-GAAP Financial Measures

    Datadog discloses the following non-GAAP financial measures in this release and the earnings call referencing this press release: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing and general and administrative), non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, non-GAAP net income (loss) per basic share, free cash flow and free cash flow margin. Datadog uses each of these non-GAAP financial measures internally to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate Datadog’s financial performance. Datadog believes they are useful to investors, as a supplement to GAAP measures, in evaluating its operational performance, as further discussed below. Datadog’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Datadog’s reported financial results.

    Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

    Datadog defines non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing and general and administrative), non-GAAP operating income (loss), non-GAAP operating margin and non-GAAP net income (loss) as the respective GAAP balances, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; (3) employer payroll taxes on employee stock transactions; (4) amortization of issuance costs; and (5) an assumed provision for income taxes based on our long-term projected tax rate. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in Datadog’s geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate. Datadog defines free cash flow as net cash provided by operating activities, minus capital expenditures and minus capitalized software development costs, if any. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

    Management believes these non-GAAP financial measures are useful to investors and others in assessing Datadog’s operating performance due to the following factors:

    Stock-based compensation. Datadog utilizes stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of its stockholders and at long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.

    Amortization of acquired intangibles. Datadog views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of acquired intangibles is an expense that is not typically affected by operations during any particular period.

    Employer payroll taxes on employee stock transactions. Datadog excludes employer payroll tax expense on equity incentive plans as these expenses are tied to the exercise or vesting of underlying equity awards and the price of Datadog’s common stock at the time of vesting or exercise. As a result, these taxes may vary in any particular period independent of the financial and operating performance of Datadog’s business.

    Amortization of issuance costs. In June 2020 and December 2024, Datadog issued $747.5 million of 0.125% convertible senior notes due 2025 and $1.0 billion of 0% convertible senior notes due 2029, respectively. Debt issuance costs, which reduce the carrying value of the convertible debt instrument, are amortized as interest expense over the term. The expense for the amortization of debt issuance costs is a non-cash item, and we believe the exclusion of this interest expense will provide for a more useful comparison of our operational performance in different periods.

    Additionally, Datadog’s management believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of our liquidity and future ability to generate cash that can be used for strategic opportunities or investing in our business. Free cash flow represents net cash provided by operating activities, reduced by capital expenditures and capitalized software development costs, if any. The reduction of capital expenditures and amounts capitalized for software development facilitates comparisons of Datadog’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of our liquidity.

    Operating Metrics

    Datadog’s number of customers with ARR of $100,000 or more is based on the ARR of each customer, as of the last month of the quarter.

    We define the number of customers as the number of accounts with a unique account identifier for which we have an active subscription in the period indicated. Users of our free trials or tier are not included in our customer count. A single organization with multiple divisions, segments or subsidiaries is generally counted as a single customer. However, in some cases where they have separate billing terms, we may count separate divisions, segments or subsidiaries as multiple customers.

    We define ARR as the annualized revenue run-rate of subscription agreements from all customers at a point in time. We calculate ARR by taking the monthly recurring revenue, or MRR, and multiplying it by 12. MRR for each month is calculated by aggregating, for all customers during that month, monthly revenue from committed contractual amounts, additional usage, usage from subscriptions for a committed contractual amount of usage that is delivered as used, and monthly subscriptions. ARR and MRR should be viewed independently of revenue, and do not represent our revenue under GAAP on a monthly or annualized basis, as they are operating metrics that can be impacted by contract start and end dates and renewal rates. ARR and MRR are not intended to be replacements or forecasts of revenue.

     
    Datadog, Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Revenue   $ 761,553     $ 611,253  
    Cost of revenue (1)(2)(3)     157,628       110,098  
    Gross profit     603,925       501,155  
    Operating expenses:        
    Research and development (1)(3)     341,061       269,988  
    Sales and marketing (1)(2)(3)     214,291       173,881  
    General and administrative (1)(3)     60,993       45,290  
    Total operating expenses     616,345       489,159  
    Operating (loss) income     (12,420 )     11,996  
    Other income:        
    Interest expense (4)     (2,963 )     (1,374 )
    Interest income and other income, net     47,179       35,563  
    Other income, net     44,216       34,189  
    Income before provision for income taxes     31,796       46,185  
    Provision for income taxes     7,154       3,554  
    Net income   $ 24,642     $ 42,631  
    Net income per share – basic   $ 0.07     $ 0.13  
    Net income per share – diluted   $ 0.07     $ 0.12  
    Weighted average shares used in calculating net income per share:        
    Basic     343,097       331,806  
    Diluted     363,078       355,979  
    (1) Includes stock-based compensation expense as follows:        
    Cost of revenue   $ 6,651     $ 5,527  
    Research and development     105,735       88,413  
    Sales and marketing     34,125       28,531  
    General and administrative     17,754       12,562  
    Total   $ 164,265     $ 135,033  
    (2) Includes amortization of acquired intangibles as follows:        
    Cost of revenue   $ 894     $ 2,027  
    Sales and marketing     203       205  
    Total   $ 1,097     $ 2,232  
    (3) Includes employer payroll taxes on employee stock transactions as follows:                
    Cost of revenue   $ 186     $ 192  
    Research and development     9,582       10,819  
    Sales and marketing     1,570       2,153  
    General and administrative     2,225       2,057  
    Total   $ 13,563     $ 15,221  
    (4) Includes amortization of issuance costs as follows:        
    Interest expense   $ 1,819     $ 850  
    Total   $ 1,819     $ 850  
    Datadog, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands; unaudited)
     
        March 31,
    2025
      December 31,
    2024
    ASSETS        
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 1,079,854     $ 1,246,983  
    Marketable securities     3,369,820       2,942,076  
    Accounts receivable, net of allowance for credit losses of $17,707 and $16,302 as of March 31, 2025 and December 31, 2024, respectively     490,172       598,919  
    Deferred contract costs, current     58,832       56,095  
    Prepaid expenses and other current assets     77,660       67,042  
    Total current assets     5,076,338       4,911,115  
    Property and equipment, net     249,916       226,970  
    Operating lease assets     203,074       172,512  
    Goodwill     361,738       360,381  
    Intangible assets, net     2,626       3,711  
    Deferred contract costs, non-current     90,501       86,573  
    Other assets     26,188       24,077  
    TOTAL ASSETS   $ 6,010,381     $ 5,785,339  
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    CURRENT LIABILITIES:        
    Accounts payable   $ 98,442     $ 107,731  
    Accrued expenses and other current liabilities     138,238       127,136  
    Operating lease liabilities, current     34,228       31,970  
    Convertible senior notes, net, current     634,780       634,023  
    Deferred revenue, current     949,135       961,853  
    Total current liabilities     1,854,823       1,862,713  
    Operating lease liabilities, non-current     227,974       196,905  
    Convertible senior notes, net, non-current     980,314       979,282  
    Deferred revenue, non-current     21,560       22,693  
    Other liabilities     9,036       9,383  
    Total liabilities     3,093,707       3,070,976  
    STOCKHOLDERS’ EQUITY:        
    Common stock     3       3  
    Additional paid-in capital     2,860,643       2,689,013  
    Accumulated other comprehensive income (loss)     1,338       (4,701 )
    Retained earnings     54,690       30,048  
    Total stockholders’ equity     2,916,674       2,714,363  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 6,010,381     $ 5,785,339  
    Datadog, Inc.
    Condensed Consolidated Statements of Cash Flow
    (In thousands; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    CASH FLOWS FROM OPERATING ACTIVITIES:        
    Net income   $ 24,642     $ 42,631  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation and amortization     11,255       12,895  
    Accretion of discounts on marketable securities     (10,370 )     (14,126 )
    Amortization of issuance costs     1,819       850  
    Amortization of deferred contract costs     14,853       11,844  
    Stock-based compensation, net of amounts capitalized     164,265       135,033  
    Non-cash lease expense     8,389       6,810  
    Allowance for credit losses on accounts receivable     4,520       2,732  
    (Gain) loss on disposal of property and equipment     (145 )     43  
    Changes in operating assets and liabilities:        
    Accounts receivable, net     104,227       55,490  
    Deferred contract costs     (21,519 )     (12,636 )
    Prepaid expenses and other current assets     (10,263 )     (14,075 )
    Other assets     (1,217 )     2,614  
    Accounts payable     (10,712 )     (17,122 )
    Accrued expenses and other liabilities     5,648       (7,433 )
    Deferred revenue     (13,851 )     6,720  
    Net cash provided by operating activities     271,541       212,270  
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Purchases of marketable securities     (970,302 )     (637,351 )
    Maturities of marketable securities     555,938       401,666  
    Proceeds from sale of marketable securities     (76 )     —  
    Purchases of property and equipment     (8,748 )     (14,158 )
    Capitalized software development costs     (18,402 )     (11,365 )
    Cash paid for acquisition of businesses; net of cash acquired     (1,818 )     —  
    Net cash used in investing activities     (443,408 )     (261,208 )
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Proceeds from exercise of stock options     1,673       2,191  
    Repayments of 2025 Convertible Senior Notes     (20 )     —  
    Net cash provided by financing activities     1,653       2,191  
             
    Effect of exchange rate changes on cash and cash equivalents     3,085       (1,374 )
             
    NET DECREASE IN CASH AND CASH EQUIVALENTS     (167,129 )     (48,121 )
    CASH AND CASH EQUIVALENTS—Beginning of period     1,246,983       330,339  
    CASH AND CASH EQUIVALENTS—End of period   $ 1,079,854     $ 282,218  
    Datadog, Inc.
    Reconciliation from GAAP to Non-GAAP Results
    (In thousands, except per share data; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Reconciliation of gross profit and gross margin        
    GAAP gross profit   $ 603,925     $ 501,155  
    Plus: Stock-based compensation expense     6,651       5,527  
    Plus: Amortization of acquired intangibles     894       2,027  
    Plus: Employer payroll taxes on employee stock transactions     186       192  
    Non-GAAP gross profit   $ 611,656     $ 508,901  
    GAAP gross margin     79 %     82 %
    Non-GAAP gross margin     80 %     83 %
             
    Reconciliation of operating expenses        
    GAAP research and development   $ 341,061     $ 269,988  
    Less: Stock-based compensation expense     (105,735 )     (88,413 )
    Less: Employer payroll taxes on employee stock transactions     (9,582 )     (10,819 )
    Non-GAAP research and development   $ 225,744     $ 170,756  
             
    GAAP sales and marketing   $ 214,291     $ 173,881  
    Less: Stock-based compensation expense     (34,125 )     (28,531 )
    Less: Amortization of acquired intangibles     (203 )     (205 )
    Less: Employer payroll taxes on employee stock transactions     (1,570 )     (2,153 )
    Non-GAAP sales and marketing   $ 178,393     $ 142,992  
             
    GAAP general and administrative   $ 60,993     $ 45,290  
    Less: Stock-based compensation expense     (17,754 )     (12,562 )
    Less: Employer payroll taxes on employee stock transactions     (2,225 )     (2,057 )
    Non-GAAP general and administrative   $ 41,014     $ 30,671  
             
    Reconciliation of operating (loss) income and operating margin        
    GAAP operating (loss) income   $ (12,420 )   $ 11,996  
    Plus: Stock-based compensation expense     164,265       135,033  
    Plus: Amortization of acquired intangibles     1,097       2,232  
    Plus: Employer payroll taxes on employee stock transactions     13,563       15,221  
    Non-GAAP operating income   $ 166,505     $ 164,482  
    GAAP operating margin     (2 )%     2 %
    Non-GAAP operating margin     22 %     27 %
    Datadog, Inc.
    Reconciliation from GAAP to Non-GAAP Results
    (In thousands, except per share data; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Reconciliation of net income (loss)        
    GAAP net income (loss)   $ 24,642     $ 42,631  
    Plus: Stock-based compensation expense     164,265       135,033  
    Plus: Amortization of acquired intangibles     1,097       2,232  
    Plus: Employer payroll taxes on employee stock transactions     13,563       15,221  
    Plus: Amortization of issuance costs     1,819       850  
    Non-GAAP net income before non-GAAP tax adjustments   $ 205,386     $ 195,967  
    Income tax effects and adjustments (1)     37,479       38,345  
    Non-GAAP net income after non-GAAP tax adjustments   $ 167,907     $ 157,622  
    Net income per share before non-GAAP tax adjustments – basic   $ 0.60     $ 0.59  
    Net income per share before non-GAAP tax adjustments – diluted   $ 0.57     $ 0.55  
             
    Net income per share after non-GAAP tax adjustments – basic   $ 0.49     $ 0.48  
    Net income per share after non-GAAP tax adjustments – diluted   $ 0.46     $ 0.44  
             
    Shares used in non-GAAP net income per share calculations:        
    Basic     343,097       331,806  
    Diluted     363,078       355,979  
    ___________________
    1) Non-GAAP financial information for the periods shown are adjusted for an assumed provision for income taxes based on our long-term projected tax rate of 21%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.
    Datadog, Inc.
    Reconciliation of GAAP Cash Flow from Operating Activities to Free Cash Flow
    (In thousands; unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Net cash provided by operating activities   $ 271,541     $ 212,270  
    Less: Purchases of property and equipment     (8,748 )     (14,158 )
    Less: Capitalized software development costs     (18,402 )     (11,365 )
    Free cash flow   $ 244,391     $ 186,747  
    Free cash flow margin     32 %     31 %

    Contact Information
    Yuka Broderick
    Datadog Investor Relations
    IR@datadoghq.com

    Dan Haggerty
    Datadog Public Relations
    Press@datadoghq.com

    Datadog is a registered trademark of Datadog, Inc.
    All product and company names herein may be trademarks of their registered owners.

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Lantronix to Participate in the 22nd Annual Craig-Hallum Institutional Investor Conference on May 28, 2025

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., May 06, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling Edge AI Intelligence, today announced that Lantronix CEO Saleel Awsare and CFO Brent Stringham will participate in one-on-one meetings with investors at the 22nd Annual Craig-Hallum Institutional Investor Conference to be held on May 28, 2025, at the Depot Renaissance Hotel in Minneapolis.

    Interested investors should contact Lantronix CFO Brent Stringham at investors@lantronix.com to inquire about availability for a one-on-one meeting.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products or leadership team. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties about which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    The MIL Network –

    May 6, 2025
  • MIL-OSI: CECO Environmental Announces Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    ADDISON, Texas, May 06, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announces that CECO management will participate at the following investor conferences:

    • May 13, 2025 – The ONE Houlihan Lokey Global Industrials Conference
    • May 28, 2025 – The 22nd Annual Craig-Hallum Institutional Investor Conference in Minneapolis.
    • June 10, 2025 – The Wells Fargo 2025 Industrials Conference in Chicago (To be confirmed)
    • June 12, 2025 – The 15th Annual East Coast IDEAS Conference in New York.  
    • June 25, 2025 – The Northland Growth Virtual Conference
    • June 24-26, 2025 – The 15th Annual ROTH London Conference

    The presentations will be available on the Investor Relations section of the Company’s website www.cecoenviro.com.

    ABOUT CECO ENVIRONMENTAL
    CECO Environmental is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets globally through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom solutions for applications in power generation, petrochemical processing, refining, midstream gas transport and treatment, electric vehicle and battery production, metals and mineral processing, polysilicon production, battery recycling, beverage can production, and produced and oily water/wastewater treatment along with a wide range of other industrial applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670
            
    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors
    214-872-2710
    Investor.Relations@OneCECO.com

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Willis Lease Finance Corporation Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Delivers Pre-Tax Income of $25.3 Million and Record Quarterly Revenue of $157.7 Million

    Declares Second Quarter 2025 Dividend of $0.25 Per Share

    COCONUT CREEK, Fla., May 06, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its financial results for the first quarter ended March 31, 2025. The Company also announced a quarterly dividend of $0.25 per share, payable on May 22, 2025, to shareholders of record as of the close of business on May 12, 2025.

    First Quarter 2025 Highlights (All metrics compared to first quarter 2024, except where noted)

    • Total, record, quarterly revenues of $157.7 million, an increase of 32.5%
    • Solid quarterly pre-tax income of $25.3 million
    • Lease rent revenue of $67.7 million, an increase of 28.1%
    • Maintenance reserve revenue of $54.9 million, an increase of 25.0%
    • Spare parts and equipment sales of $18.2 million, compared to $3.3 million
    • Portfolio utilization increased to 86.4% at quarter end, compared to 76.7% at year end 2024

    For the three months ended March 31, 2025, total revenue was $157.7 million, up 32.5% as compared to $119.1 million for the same period in 2024. For the first quarter of 2025, core lease rent and maintenance reserve revenues were $122.6 million in the aggregate, up 27% as compared to $96.8 million for the same period in 2024. The growth was predominantly driven by core, recurring lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company’s leasing, parts and maintenance capabilities to avoid protracted, expensive engine shop visits.

    “WLFC’s strong first quarter 2025 financial results reflect the strength in our business model, which enables us to provide advanced and efficient solutions to airlines,” said Austin C. Willis, Chief Executive Officer of WLFC. “While concerns over tariffs have created market volatility, we remain confident in the drivers of our business. The cost of new engines continues to drive operators towards leasing, and our maintenance capabilities and programs provide value and certainty for cost conscious airlines.”

    First Quarter 2025 Operating Results

    Maintenance reserve revenue for the quarter ended March 31, 2025, was $54.9 million, compared to $43.9 million for the quarter ended March 31, 2024, reflecting the increased size of the Company’s lease portfolio and leases on short-term lease conditions.

    Engines on lease with “non-reimbursable” usage fees generated $45.3 million of short-term maintenance revenues for the quarter ended March 31, 2025, compared to $37.6 million for the quarter ended March 31, 2024.

    During the first quarter of 2025, the Company recognized $9.6 million of long-term maintenance revenue, compared to $6.3 million for the quarter ended March 31, 2024. Long-term maintenance revenue is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.

    Spare parts and equipment sales increased to $18.2 million for the quarter ended March 31, 2025, compared to $3.3 million for the quarter ended March 31, 2024. The year-over-year increase in spare parts sales reflects the heightened demand for surplus material as operators extend the lives of their current generation engine portfolios. The increase was influenced by a discrete $7.0 million sale. Equipment sales for the three months ended March 31, 2025, were $2.2 million for the sale of one engine. There were no equipment sales for the three months ended March 31, 2024.

    For the quarter ended March 31, 2025, the gain on sale of leased equipment was $4.4 million, reflecting the sale of seven engines, one airframe, and other parts and equipment from the lease portfolio. During the three months ended March 31, 2024, the Company sold eight engines and other parts and equipment for a net gain of $9.2 million.

    General and administrative expenses were influenced by an $11.4 million increase in consultant-related fees predominantly related to the Company’s sustainable aviation fuel project. As the project is in its early design stage, we have expensed the related costs, which is in line with accounting principles generally accepted in the United States (“GAAP”).

    The book value of lease assets owned either directly or through WLFC’s joint ventures, inclusive of the Company’s equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases was $3,219.9 million as of March 31, 2025.

    Balance Sheet

    As of March 31, 2025, the Company’s lease portfolio was $2,819.5 million, consisting of $2,597.8 million of equipment held in its operating lease portfolio, $179.3 million of notes receivable, $25.2 million of maintenance rights, and $17.3 million of investments in sales-type leases, which represented 347 engines, 15 aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2024, the Company’s lease portfolio was $2,872.3 million, consisting of $2,635.9 million of equipment held in its operating lease portfolio, $183.6 million of notes receivable, $31.1 million of maintenance rights, and $21.6 million of investments in sales-type leases, which represented 354 engines, 16 aircraft, one marine vessel and other leased parts and equipment.

    Conference Call

    WLFC will hold a conference call today at 10:00 a.m. Eastern Daylight Time to discuss its first quarter 2025 results. To participate in the conference call or webcast, please use the following dial-in numbers or visit the webcast link.

    U.S. and Canada: +1 (800) 289-0459
    International: +1 (646) 828-8082
    Conference ID: 578662
    https://event.webcasts.com/starthere.jsp?ei=1716437&tp_key=f56060bee8

    A replay of the conference call will be available two hours after the completion of the conference call. To access the replay, please visit our website at www.wlfc.global under the Investor Relations section for details.

    About Willis Lease Finance Corporation

    Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Forward-Looking Statements

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Any forward-looking statement made by the Company is based only on information currently available to the Company and speaks only as of the date on which it is made. We undertake no obligation to update them, except as may be required by law. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and pandemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

       
    Contact: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      561.413.0112
       

    Unaudited Condensed Consolidated Statements of Income
    (In thousands, except per share data) 

      Three months ended March 31,    
        2025       2024     % Change
    REVENUE          
    Lease rent revenue $ 67,739     $ 52,881       28.1 %
    Maintenance reserve revenue   54,859       43,870       25.0 %
    Spare parts and equipment sales   18,240       3,288       454.7 %
    Interest revenue   3,934       2,269       73.4 %
    Gain on sale of leased equipment   4,437       9,201       (51.8) %
    Gain on sale of financial assets   378       —     nm
    Maintenance services revenue   5,586       5,227       6.9 %
    Other revenue   2,559       2,347       9.0 %
    Total revenue   157,732       119,083       32.5 %
               
    EXPENSES          
    Depreciation and amortization expense   25,024       22,486       11.3 %
    Cost of spare parts and equipment sales   15,323       2,705       466.5 %
    Cost of maintenance services   5,329       5,574       (4.4) %
    Write-down of equipment   2,109       261       708.0 %
    General and administrative   47,720       29,581       61.3 %
    Technical expense   6,230       8,255       (24.5) %
    Net finance costs:          
    Interest expense   32,094       23,003       39.5 %
    Total net finance costs   32,094       23,003       39.5 %
    Total expenses   133,829       91,865       45.7 %
               
    Income from operations   23,903       27,218       (12.2) %
    Income from joint ventures   1,351       2,674       (49.5) %
    Income before income taxes   25,254       29,892       (15.5) %
    Income tax expense   8,385       9,023       (7.1) %
    Net income   16,869       20,869       (19.2) %
    Preferred stock dividends   1,323       900       47.0 %
    Accretion of preferred stock issuance costs   70       12       483.3 %
    Net income attributable to common shareholders $ 15,476     $ 19,957       (22.5) %
               
    Basic weighted average income per common share $ 2.34     $ 3.12      
    Diluted weighted average income per common share $ 2.21     $ 3.00      
               
    Basic weighted average common shares outstanding   6,606       6,387      
    Diluted weighted average common shares outstanding   7,000       6,659      
                       

    Unaudited Condensed Consolidated Balance Sheets
    (In thousands, except per share data)

        March 31, 2025   December 31, 2024
    ASSETS        
    Cash and cash equivalents   $ 32,356     $ 9,110  
    Restricted cash     116,737       123,392  
    Equipment held for operating lease, less accumulated depreciation     2,597,792       2,635,910  
    Maintenance rights     25,167       31,134  
    Equipment held for sale     19,125       12,269  
    Receivables, net     41,504       38,291  
    Spare parts inventory     67,318       72,150  
    Investments     65,210       62,670  
    Property, equipment & furnishings, less accumulated depreciation     54,342       48,061  
    Intangible assets, net     1,601       2,929  
    Notes receivable, net     179,283       183,629  
    Investments in sales-type leases, net     17,271       21,606  
    Other assets     56,927       56,045  
    Total assets   $ 3,274,633     $ 3,297,196  
             
    LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Accounts payable and accrued expenses   $ 56,855     $ 75,983  
    Deferred income taxes     191,297       185,049  
    Debt obligations     2,231,593       2,264,552  
    Maintenance reserves     104,452       97,817  
    Security deposits     24,090       23,424  
    Unearned revenue     37,666       37,911  
    Total liabilities     2,645,953       2,684,736  
             
    Redeemable preferred stock ($0.01 par value)     63,192       63,122  
             
    Shareholders’ equity:        
    Common stock ($0.01 par value)     74       72  
    Paid-in capital in excess of par     57,967       50,928  
    Retained earnings     505,083       491,439  
    Accumulated other comprehensive income, net of tax     2,364       6,899  
    Total shareholders’ equity     565,488       549,338  
    Total liabilities, redeemable preferred stock and shareholders’ equity   $ 3,274,633     $ 3,297,196  

    The MIL Network –

    May 6, 2025
  • MIL-OSI: ARRAY Technologies, Inc. Reports Financial Results for the First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    2025 First Quarter Highlights

    • Revenue of $302.4 million
    • Gross Margin of 25.3%
    • Adjusted gross margin(1) of 26.5%
    • Net income to common shareholders of $2.3 million
    • Adjusted EBITDA(1) of $40.6 million
    • Net income per basic and diluted share of $0.02
    • Adjusted net income per diluted share(1) of $0.13
    • Total executed contracts and awarded orders at March 31, 2025 were $2.0 billion
    • Successfully amended and extended our Revolving Credit Facility(2)

    ALBUQUERQUE, N.M., May 06, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology products, systems and services, today announced financial results for its first quarter ended March 31, 2025.

    “ARRAY is off to a great start for 2025 with first quarter high double digits revenue growth compared with the first quarter of 2024, and achieving the second largest quarter of volume shipped since 2023, indicating solid market share recovery and the strength of our execution capabilities. We are now able to provide customers with quotes for our 100% domestic content trackers under Table I of the Inflation Reduction Act (“IRA”), an important milestone for ARRAY, reflecting our continued commitment to supply chain resilience and ability to minimize effects of geopolitical uncertainty, including tariffs. With electricity demand increasing and utility-scale solar being the lowest cost and fastest-growing energy source, domestic customers are expressing greater interest in Volume Commitment Agreements, and we are well positioned to help our customers deploy projects quickly and efficiently. We have a strong orderbook with 18% sequential growth in contracting for the quarter, gaining meaningful traction with Independent Power Producers across Europe, the Middle East and Asia, where we are seeing strong contracting momentum,” said Chief Executive Officer, Kevin G. Hostetler.

    Mr. Hostetler continued, “Amidst global economic uncertainty related to tariffs, and potential changes to the IRA, we are confident in our ability to navigate changes in the utility-scale solar landscape. As we look forward to building on a strong first quarter, we have flexibility with the strength of our available liquidity, no near-term refinancing requirements, robust operational capabilities and an agile team. We maintain our full year 2025 guidance and remain focused on long-term value creation, deepening customer partnerships, and demonstrating consistent product leadership.”

    Full Year 2025 Guidance

    For the year ending December 31, 2025, the Company maintains guidance:

    • Revenue to be in the range of $1.05 billion to $1.15 billion
    • Adjusted EBITDA(3)(4) to be in the range of $180 million to $200 million
    • Adjusted net income per share(3)(4) to be in the range of $0.60 to $0.70

    (1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.

    (2) Matures October 2028 or July 2027 if Term Loan under the Credit Agreement remains outstanding as of July 2027.

    (3) Guidance includes benefits related to the Inflation Reduction Act Section 45X Advanced Manufacturing Production Credit for torque tube and structural fastener manufacturing.

    (4) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2025 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

    Supplemental Presentation and Conference Call Information

    ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (May 6, 2025) at 8:00 a.m. (ET). The conference call can be accessed live over the phone by dialing (877)869-3847 (domestic) or (201)689-8261 (international) and entering the passcode 13752974, or via webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)660-6853 (domestic), or (201)612-7415 (international), with the passcode 13752974. The replay will be available until 11:59 p.m. (ET) on May 20, 2025. The online replay will be available for 30 days on the same website, immediately following the call.

    About ARRAY Technologies, Inc.

    ARRAY Technologies, Inc. (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

    Investor Relations Contact:

    H. Keith Jennings
    505-437-0010
    investors@arraytechinc.com

    Media Contact:

    Nicole Stewart
    505-589-8257

    Forward-Looking Statements

    This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing and investment plans, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating the implementation of tariffs and changes in trade policy, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” or similar expressions and the negatives of those terms.

    Array’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in the cost and availability of raw materials as a result of tariffs and other geopolitical uncertainty, changes in growth or rate of growth in demand for solar energy projects; competitive pressures within our industry; factors affecting viability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, may present technical, regulatory and economic barriers to the purchase and use of solar energy systems, which may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers, including our ability to optimize those changes brought about by the passage of the IRA or any repeal thereof; and the other risks and uncertainties described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website, www.arraytechinc.com.

    Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

    Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Non-GAAP Financial Information

    This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, Adjusted general and administrative expense and Free cash flow.

    We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and (ii) other costs if applicable. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) to common shareholders plus (i) other expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax expense (benefit), (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) certain legal expenses, and (xii) other costs. We define Adjusted net income as net income (loss) to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology, (iii) amortization of debt discount and issuance costs (iv) Series A preferred stock accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) certain legal expenses, (viii) other costs, and (ix) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity based compensation, (ii) certain legal expenses, and (iii) other costs. We define Free cash flow as Cash provided by (used in) operating activities less purchase of property, plant and equipment.

    A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this press release. We calculate net income (loss) per share as net income (loss) to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

    We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

    Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

    We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income on a supplemental basis.

    You should review the reconciliation of gross profit to Adjusted gross profit and net income (loss) to Adjusted EBITDA and Adjusted net income below and not rely on any single financial measure to evaluate our business.

    Array Technologies, Inc. 
    Condensed Consolidated Balance Sheets (unaudited)
    (in thousands, except per share and share amounts)
     
      March 31,
    2025
      December 31,
    2024
    ASSETS
    Current assets      
    Cash and cash equivalents $ 348,324     $ 362,992  
    Restricted cash   1,169       1,149  
    Accounts receivable, net of allowance of $6,601 and $4,848, respectively   282,575       275,838  
    Inventories, net   186,875       200,818  
    Prepaid expenses and other   157,348       157,927  
    Total current assets   976,291       998,724  
           
    Property, plant and equipment, net   28,740       26,222  
    Goodwill   164,221       160,189  
    Other intangible assets, net   176,347       181,409  
    Deferred income tax assets   16,049       17,754  
    Other assets   64,110       41,701  
    Total assets $ 1,425,758     $ 1,425,999  
           
    LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
    Current liabilities      
    Accounts payable $ 153,781     $ 172,368  
    Accrued expenses and other   77,576       91,183  
    Accrued warranty reserve   2,045       2,063  
    Income tax payable   8,734       5,227  
    Deferred revenue   120,225       119,775  
    Current portion of contingent consideration   2,528       1,193  
    Current portion of debt   34,472       30,714  
    Other current liabilities   9,132       15,291  
    Total current liabilities   408,493       437,814  
           
    Deferred income tax liabilities   21,634       21,398  
    Contingent consideration, net of current portion   5,179       7,868  
    Other long-term liabilities   17,311       18,684  
    Long-term warranty   5,021       4,830  
    Long-term debt, net of current portion   644,520       646,570  
    Total liabilities   1,102,158       1,137,164  
           
    Commitments and contingencies (Note 11)      
           
    Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 468,122 and 460,920 shares issued as of March 31, 2025 and December 31, 2024, respectively; liquidation preference of $493.1 million at both dates   421,374       406,931  
           
    Stockholders’ equity      
    Preferred stock of $0.001 par value – 4,500,000 shares authorized; none issued at respective dates   —       —  
    Common stock of $0.001 par value – 1,000,000,000 shares authorized; 152,512,805 and 151,951,652 shares issued at respective dates   151       151  
    Additional paid-in capital   286,079       297,780  
    Accumulated deficit   (353,878 )     (370,624 )
    Accumulated other comprehensive income   (30,126 )     (45,403 )
    Total stockholders’ equity   (97,774 )     (118,096 )
    Total liabilities, redeemable perpetual preferred stock and stockholders’ equity $ 1,425,758     $ 1,425,999  
    Array Technologies, Inc.
    Condensed Consolidated Statements of Operations (unaudited)
    (in thousands, except per share amounts)
     
      Three Months Ended March 31,
        2025       2024  
    Revenue $ 302,363     $ 153,403  
    Cost of revenue      
    Cost of product and service revenue   222,296       94,674  
    Amortization of developed technology   3,639       3,639  
    Total cost of revenue   225,935       98,313  
    Gross profit   76,428       55,090  
           
    Operating expenses      
    General and administrative   43,945       37,784  
    Change in fair value of contingent consideration   (150 )     (735 )
    Depreciation and amortization   5,349       9,627  
    Total operating expenses   49,144       46,676  
           
    Income from operations   27,284       8,414  
           
    Other expense, net   23       814  
    Interest income   3,319       3,680  
    Foreign currency gain (loss), net   689       (499 )
    Interest expense   (8,035 )     (8,940 )
    Total other expense, net   (4,004 )     (4,945 )
           
    Income before income tax expense   23,280       3,469  
    Income tax expense   6,534       1,304  
    Net income   16,746       2,165  
    Preferred dividends and accretion   14,443       13,502  
    Net income (loss) to common shareholders $ 2,303     $ (11,337 )
           
    Income (loss) per common share      
    Basic $ 0.02     $ (0.07 )
    Diluted $ 0.02     $ (0.07 )
    Weighted average number of common shares outstanding      
    Basic   152,076       151,351  
    Diluted   152,783       151,351  
    Array Technologies, Inc. and Subsidiaries
    Consolidated Statements of Cash Flows (unaudited)
    (in thousands)
     
      Three Months Ended March 31,
        2025       2024  
    Operating activities      
    Net income $ 16,746     $ 2,165  
    Adjustments to reconcile net income to cash provided by operating activities:      
    Provision for bad debts   1,671       896  
    Deferred tax expense (benefit)   1,024       (13 )
    Depreciation and amortization   5,932       10,125  
    Amortization of developed technology   3,639       3,639  
    Amortization of debt discount and issuance costs   1,506       1,553  
    Equity-based compensation   2,798       3,926  
    Change in fair value of contingent consideration   (150 )     (735 )
    Warranty provision   1,720       (1,138 )
    Inventory reserve   839       600  
    Changes in working capital, net   (48,784 )     26,484  
    Net cash provided by (used in) operating activities   (13,059 )     47,502  
    Investing activities      
    Purchase of property, plant and equipment   (2,352 )     (2,396 )
    Retirement/disposal of property, plant and equipment   —       10  
    Net cash used in investing activities   (2,352 )     (2,386 )
    Financing activities      
    Proceeds from issuance of other debt   7,862       2,283  
    Principal payments on other debt   (7,294 )     (3,781 )
    Principal payments on term loan facility   (1,075 )     (1,070 )
    Contingent consideration payments   (1,204 )     (1,427 )
    Other financing   (14 )     (580 )
    Net cash used in financing activities   (1,725 )     (4,575 )
    Effect of exchange rate changes on cash and cash equivalent balances   2,488       (2,001 )
    Net change in cash and cash equivalents and restricted cash   (14,648 )     38,540  
    Cash and cash equivalents, and restricted cash beginning of period   364,141       249,080  
    Cash and cash equivalents and restricted cash, end of period $ 349,493     $ 287,620  
    Array Technologies, Inc.
    Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
    (in thousands, except per share amounts)
    The following table reconciles Gross profit to Adjusted gross profit:
      Three Months Ended March 31,
      2025   2024
    Revenue 302,363     153,403  
    Cost of revenue 225,935     98,313  
    Gross profit 76,428     55,090  
    Gross margin 25.3 %   35.9 %
           
    Amortization of developed technology 3,639     3,639  
    Adjusted gross profit 80,067     58,729  
    Adjusted gross margin 26.5 %   38.3 %

    The following table reconciles net income (loss) to Adjusted EBITDA:

      Three Months Ended March 31,
        2025       2024  
    Net income $ 16,746     $ 2,165  
    Preferred dividends and accretion   14,443       13,502  
    Net income (loss) to common shareholders $ 2,303     $ (11,337 )
    Other expense, net   (3,342 )     (4,494 )
    Foreign currency gain (loss), net   (689 )     499  
    Preferred dividends and accretion   14,443       13,502  
    Interest expense   8,035       8,940  
    Income tax expense (benefit)   6,534       1,304  
    Depreciation expense   1,043       883  
    Amortization of intangibles   4,889       9,254  
    Amortization of developed technology   3,639       3,639  
    Equity-based compensation   2,798       4,020  
    Change in fair value of contingent consideration   (150 )     (735 )
    Certain legal expenses(a)   1,083       730  
    Other costs(b)   —       42  
    Adjusted EBITDA $ 40,586     $ 26,247  


    (a)
    Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended March 31, 2024, other costs represent costs related to Capped-Call treatment evaluation for prior year.

    Array Technologies, Inc.
    Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
    (in thousands, except per share amounts)
    The following table reconciles net income (loss) to Adjusted net income:
      Three Months Ended March 31,
        2025       2024  
    Net income $ 16,746     $ 2,165  
    Preferred dividends and accretion   14,443       13,502  
    Net income (loss) to common shareholders $ 2,303     $ (11,337 )
    Amortization of Intangibles   4,889       9,254  
    Amortization of developed technology   3,639       3,639  
    Amortization of debt discount and issuance costs   1,393       1,552  
    Series A Pref stock accretion   7,241       6,665  
    Equity based compensation   2,798       4,020  
    Change in fair value of contingent consideration   (150 )     (735 )
    Certain legal expenses (a)   1,083       730  
    Other costs(b)   —       42  
    Income tax expense of adjustments(c)   (3,474 )     (4,852 )
    Adjusted net income $ 19,722     $ 8,978  
           
    Income (loss) per common share      
    Basic $ 0.02     $ (0.07 )
    Diluted $ 0.02     $ (0.07 )
    Weighted average number of common shares outstanding      
    Basic   152,076       151,351  
    Diluted   152,783       151,351  
           
    Adjusted net income per common share      
    Basic $ 0.13     $ 0.06  
    Diluted $ 0.13     $ 0.06  
    Weighted average number of common shares outstanding      
    Basic   152,076       151,351  
    Diluted   152,783       152,243  


    (a)
    Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended March 31, 2024, other costs represent costs related to Capped-Call treatment evaluation for prior year.

    (c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

    Array Technologies, Inc.
    Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
    (in thousands, except per share amounts)
    The following table reconciles General and administrative expense to Adjusted general and administrative expense:
      Three Months Ended March 31,
      2025   2024
    General and administrative expense 43,945     37,784  
    Equity based compensation (2,798 )   (4,020 )
    Certain legal expenses(a) (1,083 )   (730 )
    Other costs(b) —     (42 )
    Adjusted general and administrative expense 40,064     32,992  


    (a)
    Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended March 31, 2024, other costs represent costs related to Capped-Call treatment evaluation for prior year.

    The following table reconciles cash provided by (used in) operating activities to Free cash flow:

      Three Months Ended March 31,
      2025   2024
    Net cash provided by (used in) operating activities (13,059 )   47,502  
    Purchase of property, plant and equipment (2,352 )   (2,396 )
    Free cash flow (15,411 )   45,106  

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Keiretsu Forum Mid-Atlantic and South-East Appoints Christian Haller as Regional Vice President, Signaling Strategic Leadership Expansion

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, May 06, 2025 (GLOBE NEWSWIRE) — Keiretsu Forum Mid-Atlantic and South-East, a leading network for accredited angel investors and innovators, is proud to announce the appointment of Christian Haller as Regional Vice President. Haller’s role marks a step forward in the organization’s commitment to accelerating growth and supporting high-potential startups across these dynamic regions.

    Christian Haller brings more than 35 years of entrepreneurial and investment expertise to Keiretsu Forum. He currently serves on the board of innovative, actively funding companies including Tympanogen, Accelera.US and ALM Orthopaedics, and founded LifeLine Medical, a pioneer in wearable health technology.

    Haller’s extensive background includes founding The RavenOye Group, LLC, where he has supported seed and pre-seed medtech companies through commercialization and growth strategy. He is recognized for his leadership in entrepreneurial education, founding AdvaMed’s Entrepreneur’s Boot Camp and EBD’s Japan Medtech Partnering Forum, and is a frequent speaker on topics of innovation and product commercialization.

    “Christian’s track record as a founder, investor, and board leader in promising life-science and tech startups will elevate our ability to source, vet and accelerate the deal flow that our members care about most. His strategic insight aligns perfectly with Keiretsu Forum’s mission and will be invaluable as we expand our support for entrepreneurs and investors in the Mid-Atlantic and South-East regions.” said Howard Lubert, Area President of Keiretsu Forum MST.

    “I am honored to join Keiretsu Forum as Regional Vice President,” said Christian Haller. “I look forward to working with our exceptional members and partners to accelerate innovation, support promising startups, and create value for our investor community.”

    This expansion of leadership underscores Keiretsu Forum’s dedication to building a robust ecosystem for entrepreneurs and investors, positioning the organization for continued growth and influence in the innovation economy.

    About Keiretsu Forum

    Founded in 2000, Keiretsu Forum is the world’s largest global investment community of accredited private-equity angel investors, venture capitalists and corporate/institutional backers. Through 54 chapters on four continents, our members have invested over $1 billion in more than 1,400 high-growth companies. For more information, visit www.keiretsuforum-midatlantic.com

    Media Contact
    Cindi Sutera
    Keiretsu Forum MST, Communications
    CindiS@AMSCommunications.net
    610-613-2773

    The MIL Network –

    May 6, 2025
  • MIL-OSI United Nations: Udemy

    Source: UNISDR Disaster Risk Reduction

    Mission

    Udemy’s mission is to provide flexible, effective skill development to empower organizations and individuals. Udemy is a learning platform that helps learners prepare for the path ahead — wherever it leads. Its curated collection of business and technical courses help companies, governments, and nonprofits go further by placing learning at the center of their strategies.

    MIL OSI United Nations News –

    May 6, 2025
  • MIL-OSI Russia: Rosneft opened a photo exhibition in Ufa and laid out an alley of oil workers in honor of the 80th anniversary of the Victory

    Translation. Region: Russian Federal

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

    ANK Bashneft (part of Rosneft) opened a photo exhibition in Ufa called “Bashkir Oil of Victory” and laid a memorial Alley of Bashkir Oil Workers. Representatives of the Government of the Republic, employees of the Company and schoolchildren of the “Movement of the First” took part in the ceremonial event. The patriotic initiative is aimed at preserving the historical memory of the contribution of Bashkir oil workers who fought at the front and home front workers to achieving Victory.

    The photo exhibition and memorial alley are located in the park near the memorial complex “Ufa – the city of labor valor” on the bank of the Belaya River. The exhibition tells about the milestones in the development of the republic’s oil industry and the labor feat of Bashkir oil workers during the war years. The historical shots depict working teams of the Ufa cracking plant and the Ishimbay oil refinery, and oil workers at the fields.

    During the Great Patriotic War, Bashkortostan became one of the significant centers of the country’s fuel and energy complex. The republic produced more than 5 million tons of oil, processed 6.5 million tons of oil, and produced 2.5 million tons of oil products. New fields and deposits were discovered in the republic, and the capacity of oil refineries was significantly increased. Bashkiria became the key center of the Volga-Ural oil province, which was called “Second Baku”.

    The photo chronicle tells about the people who forged the common Victory. Including the heroism of women in the rear, who worked in harsh conditions in several shifts for 12 hours at the fields and factories. Bashkir oil workers were repeatedly awarded the Challenge Red Banner of the State Defense Committee (GKO). In 1946, the Red Banners of the GKO as a symbol of labor glory were transferred for eternal storage to Field No. 1 of the Tuymazaneft Trust and the Ufa Oil Refinery.

    Rosneft and its subsidiaries actively participate in patriotic events that help strengthen historical memory, foster civic responsibility and preserve cultural heritage.

    Reference:

    ANK Bashneft is one of the oldest enterprises in the oil and gas industry of the country, carrying out activities in the extraction and processing of oil and gas, the company’s key assets are located in the Republic of Bashkortostan. Exploration and production of oil and gas are also carried out in the Khanty-Mansiysk Autonomous Okrug – Yugra, Nenets Autonomous Okrug, Orenburg Region and the Republic of Tatarstan.

    Department of Information and Advertising of PJSC NK Rosneft May 6, 2025

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

    MIL OSI Russia News –

    May 6, 2025
  • MIL-OSI Russia: The HSE team is the champion of the All-Russian student festival in advertising and PR

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    “PR and Advertising Week on Yenisei” – “Yarpiar” – All-Russian student festival on advertising and PR brought the School of Communications of the National Research University Higher School of Economics 22 awards.

    Photo by: Yulia Korogod

    The festival was held from April 21 to 24 and included an advertising Olympiad, the Blue Cone competition, a scientific and practical conference and master classes. This year’s concept was “Eco-communications”, as well as the role of advertising and PR in sustainable development. This year, 27 teams from three countries, 16 cities and 25 universities took part in the Festival.

    The Yes.My team, led by Rimma Pogodina, Associate Professor of the School of Communications, received 22 awards. This year, the team has 8 first, 6 second, 3 third places and 4 special nominations. And Karina Amdieva was awarded the individual championship cup.

    Photo by: Yulia Korogod

    – The individual assessment included the Olympiad: it is very similar to the Unified State Exam in advertising, only with open tasks – ten questions with atypical cases or situations. For example, you are a PR manager for a mayor who has spoken out sharply on some issue, and you need to conduct anti-crisis communication because he was “exposed” on a federal channel. Or another example: you are a PR manager for a gamer streamer who was invited to give a lecture to students of the journalism department of Moscow State University. What advice would you give him? That is, these are questions that require reflection and a professional approach.

    The second part of the individual championship is the analysis of a communication case. This year it consisted of two stages: online and offline. The online stage is a classic case solution: you are given a problem, you do analytics, formulate input and propose a strategy. At the in-person stage, it was necessary to analyze the Silver Archer case according to the criteria in an hour and a half: evaluate it for compliance with the target audience, the stated results and generally give your expert assessment, – said Karina Admieva, a bachelor’s student “Advertising and Public Relations”.

    Representatives of the companies that provided cases for the Festival – market leaders – emphasized the high level of training of students from HSE.

    As Elena Kharlamova, Deputy Director for Communications of the Krasnoyarsk Representative Office of the Norilsk Nickel Mining and Metallurgical Company, noted: HSE teachers have an incredibly broad vision of everything, they teach students to look at the task from a different angle, in an unconventional way. “The team managed to offer a comprehensive approach, which we take and do! This will all be implemented, you will see it all,” she said at the award ceremony.

    The “Promotion of Territories” competition is part of the team championship of the All-Russian Olympiad in Advertising and Public Relations. It consists of two stages. The first is solving a task in an online format before the festival: this year the task was presented in the form of an analysis of existing narratives for promoting territories to choose from.

    Photo by: Yulia Korogod

    – My team and I analyzed the campaign to promote Kolomna and proposed improved approaches. Following this stage, we and seven other teams were shortlisted, – shared Yulia Korogod, a master’s student “Integrated Communications”.

    The second stage was carried out directly at the festival and included two competitions. The first was related to homework and involved creating creative slogans for the chosen territory. The second competition involved creating a communications campaign to promote one of the places in Southern Yenisei Siberia.

    Photo by: Yulia Korogod

    – The creative framework of our solution was expressed in the contact of man with the universe, which was positively noted by the jury members. Based on the results of two stages of the competition, our team took first place. This result was incredibly desirable and significant. Moreover, for us personally, this became another proof of high preparation at the university, since in the conditions of limited time, various theories and creative frameworks seemed to be in the subcortex, – Yulia Korogod.

    Congratulations to Karina Amdieva, Yulia Korogod, Evgenia Guseva, Ekaterina Solovieva and Stefania Bochkareva on their awards!

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

    MIL OSI Russia News –

    May 6, 2025
  • MIL-OSI: Enlight Renewable Energy Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

    TEL AVIV, Israel, May 06, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the first quarter of 2025 ending March 31, 2025. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.

    Financial Highlights

    3 months ending March 31, 2025

    • Revenues and income of $130m, up 39% year over year
    • Adjusted EBITDA1 of $132m, up 84% year over year
    • Net income of $102m, up 316% year over year
    • Cash flow from operations of $44m, up 24% year over year
      For the three months ended
     ($ millions) 31/03/2025 31/03/2024 % change
    Revenues and Income 130 94 39%
    Net Income 102 24 316%
    Adjusted EBITDA 132 72 84%
    Cash Flow from Operating Activities 44 35 24%

    ________________________
    1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2

    • In January 2025, the Company announced the sale of 44% of the Sunlight cluster of renewable energy projects in Israel for a consideration of $52m at a valuation of $119m, and deconsolidated the cluster from its balance sheet. The transaction added $42m to Adjusted EBITDA (actual consideration received less the book value of the associated assets) and $80m to net profit in the 1Q25 results.
    • A detailed analysis of financial results appears below

    Impact of U.S. Tariffs on the Company’s Operations

    Enlight’s procurement strategy has effectively mitigated significant exposure to increased U.S. import tariffs. The agreements and good relationships we have with our supply chain partners allow for a significant distribution of the impact of tariffs.

    Costs

    • Solar panels for projects under construction are either domestically constructed or sourced from outside China and carry no tariff exposure
    • 80% of battery capacity for projects under construction is supplied by Tesla, a supplier with high levels of domestic U.S. manufacturing

    Revenues

    • Negotiations for PPA price adjustments are now underway to account for higher tariff-related construction costs

    “Enlight showed strong financial results for 1Q25, including 84% growth in Adjusted EBITDA and a 316% rise in net profit,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

    “The introduction of U.S. tariffs underscores how Enlight’s diversified procurement strategy in this market over the past two years has proven itself, effectively shielding us from cost increases. As a result, our U.S. projects now under construction, with total capex of $1.7bn, have no solar panel exposure under the current tariff policy. Selecting Tesla as our primary storage supplier further strengthens this position – its substantial levels of U.S. manufacturing offer greater tariff protection than other battery suppliers.

    “Securing $1.8bn in financing over recent months marks a significant milestone, and was achieved through three financial closings, a sale of a stake in the Sunlight cluster to institutional investors, and a successful bond issuance. This funding will enable the launch of our aggressive plan to begin construction on 4.7 FGW of capacity in 2025. Combined with our existing operating portfolio, these projects represent 90% of the capacity required to reach an annual revenue and income run rate of $1.4bn by 2027.”

    Portfolio Review

    • Enlight’s total portfolio is comprised of 19.2 GW of generation capacity and 49.8 GWh storage (33.4 FGW2)
    • Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.8 GWh of storage (8.6 FGW)
    • Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

    The full composition of the portfolio appears in the following table:

    Component Status FGW2 Annual revenues &
    income run rate ($m)
    Operating Commercial operation 3.0 ~5003
    Under Construction Under construction 1.8 ~305
    Pre-Construction 0-12 months to start of construction 3.8 ~615
    Total Mature Portfolio Mature 8.6 1,420~
    Advanced Development 13-24 months to start of construction 7 –
    Development 2+ years to start of construction 17.8 –
    Total Portfolio   33.4 –

    ________________________
    2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
    3 Based on the midpoint of 2025 guidance.

    • Operating component of the portfolio: 3 FGW
      • The operational portfolio totals 3 GW of capacity is spread over three regions: 44% of the capacity is located in 7 European countries, 29% is located in Israel, and 27% in the U.S.
      • 81% of the operational capacity sells electricity under PPA agreements, with 29% of the power sold under inflation-linked PPAs.
      • The operational portfolio generates annualized revenues and income of approximately $500 million.
         
    • Under Construction component of the portfolio: 1.8 FGW
      • Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; the solar and storage cluster in Israel; and the addition of storage capacity at project Bjornberget in Sweden. Approximately half of the cluster is expected to reach COD in 2025, with the rest expected to commission in 2026.
      • Projects under construction are expected to contribute $305m to the annual revenues and income run rate during their first full year of operation
         
    • Pre-construction component of the portfolio: 3.8 FGW
       
      • Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $455m to revenues and income on an annualized basis.
      • Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25. The Pre-construction portion of the Mature portfolio includes additional projects in Israel, Hungary, and the US with a combined capacity of 0.9 FGW.
      • Pre-construction projects are expected to contribute $615m in revenues and income in their first full year of operations.

        The under construction and pre-construction projects are expected to reach COD by the end of 2027, which is expected to boost operating capacity to 8.6 FGW and the annualized revenue and income run rate to $1.4bn.

    • Advanced Development component of the portfolio component: 7 FGW
      • 5.7 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
      • The U.S. pipeline includes several mega-projects, including the 1.4 FGW Cedar Island facility in Oregon and the 1.1 FGW Blackwater project in Virginia.
      • The U.S. portfolio includes several follow-ons to Mature projects, such as Atrisco 2 (0.7 FGW), the energy storage expansion at CO-Bar (0.9 FGW), and Snowflake B (1.3 FGW).
      • These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
      • 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
      • 0.6 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.4 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.
         
    • Development component of the portfolio: 17.8 FGW
      • 12 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions. The storage portion of the US portfolio has grown by 5.6 FGW to reflect greater demand for energy storage in this region.
      • 3 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
      • 2.8 FGW in MENA, focused on solar combined storage projects and stand-alone storage facilities.

    Mature Portfolio Components Expected to Generate Annualized Revenues and Income of ~$1.4bn4,5

    ________________________
    4 Projection based on 2025 guidance, adding on total revenues and income (sales of electricity and tax benefits) of under construction and pre-construction projects
    5 The company’s revenues from tax benefits are estimated at approximately 20-24% of the total revenue run rate for December 2025; approximately 22-26% of the total revenue run rate for December 2026, and approximately 26-30% of the total revenue run rate for December 2027

    Financing Activities

    • During the quarter, the Company secured $1bn in financial closings for the Country Acres and Quail Ranch projects, representing 830 FMW of combined capacity.
    • Along with the financial close on the 560 FMW Roadrunner project in December 2024, the financing for the second wave of U.S. projects in now complete, with a total of $1.5bn raised.
    • Raising $245m through the sale of Series G and H bonds to finance the Company’s growth.
    • Sale of 44% of the Sunlight cluster for $52m cash at a valuation of $119m, generating Adjusted EBITDA of $42m (actual consideration received less associated book value of assets) and a pre-tax profit of $97m.
    • As of the balance sheet date, the Company maintained $350m of revolving credit facilities, of which none have been drawn.

    2025 Guidance

    Construction and commissioning

    • Expected commissioning of 0.9 FGW of capacity, which is expected to add approximately $148-152m to annualized revenues and income and $129-133m annualized EBITDA, starting in 2026.
    • Starting construction on 2.9 FGW of capacity, which is expected to add approximately $487-495m in annualized revenues and income and approximately $428-436m in annualized EBITDA gradually through 2026-2027.

    Financial guidance

    • Total revenues and income6 for 2025 are expected to range between $490m and $510m. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
    • Adjusted EBITDA7 for 2025 is expected to range between $360m and $380m.
    • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

    ________________________
    6 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.
    7 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

    Financial Results Analysis

    Revenues & Income by Segment
    ($ millions) For the three months ended  
    Segment 31/03/2025 31/03/2024 % change
    MENA 42,867 28,474 51%
    Europe 51,384 59,160 (13%)
    U.S. 34,789 4,495 674%
    Other 829 1,532 (46%)
    Total Revenues & Income 129,869 93,661 39%


    Revenues & Income

    In the first quarter of 2025, the Company’s total revenues and income increased to $130m, up from $94m last year, a growth rate of 39% year over year. This was composed of revenues from the sale of electricity, which rose 21% to $110m compared to $90m in the same period of 2024, as well as recognition of $20m in income from tax benefits, up 516% compared to $3m in 1Q24.

    The Company benefited from the revenues and income contribution of newly operational projects. Since the first quarter of last year, 576 MW and 1,526 MWh of new projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at Atrisco, which added $13m, followed by the Israel Solar and Storage Cluster, with $11m, while Pupin contributed $6m. In total, new projects contributed $30m to revenues from the sale of electricity.

    Offsetting this growth, the amount of electricity generated at our wind projects operating in Europe was lower compared to the same period last year mainly due to weaker wind volumes. In addition, generation at project Bjornberget in Sweden this quarter fell compared to last year due to a blade malfunction experienced at one of the site’s turbines. This prompted a complete shutdown of the wind farm, which is now in the process of gradually resuming operations. The Company recognized compensation of $4m from Bjornberget’s operating contractor in lieu of the lost revenues, which is recorded in other income.

    Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 39% in Euros, and 27% denominated in US Dollars.

    Net Income

    In the first quarter of 2025, the Company’s net income amounted to $102m compared to $24m last year, an increase of 316% year over year. This increase stems from the $28m increase in revenues and income and $80m profit from the partial sale of the Sunlight cluster. This was offset by higher total operating expenses of $17m and net financial expenses of $10m (all after tax).

    Adjusted EBITDA8

    The Company’s Adjusted EBITDA grew by 84% to $132m in the first quarter of 2025, compared to $72m for the same period in 2024. Of this increase, $36m was driven by the factors described in the Revenues and Income section. The partial sale of the Sunlight cluster contributed $42m, representing the actual consideration received less the book value of the associated assets. Offsetting this growth was an increase of $11m in COGS linked to the addition of new projects, and an increase of $4m in operating expenses. Adjusting for the effects of this transaction, 1Q25 Adjusted EBITDA grew by 25% year-on-year to $90m.

    ________________________
    8 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

    Conference Call Information

    Enlight plans to hold its First Quarter 2025 Conference Call and Webcasts on Tuesday, May 6, 2025 to review its financial results and business outlook in both English and Hebrew. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

    Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

    The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

    Supplemental Financial and Other Information

    We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

    Non-IFRS Financial Measures

    This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

    We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

    Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

    Special Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

    These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    About Enlight

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

    Company Contacts

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Appendix 1 – Financial information

    Consolidated Statements of Income    
        For the three months ended at
    March 31
        2025   2024(*)
        USD in   USD in 
        Thousands   Thousands
             
    Revenues   109,758   90,397
    Tax benefits   20,111   3,264
    Total revenues and income   129,869   93,661
             
    Cost of sales (**)   (26,638)   (15,436)
    Depreciation and amortization   (33,789)   (25,604)
    General and administrative expenses   (11,846)   (8,859)
    Development expenses   (2,564)   (2,418)
    Total operating expenses   (74,837)   (52,317)
    Gains from projects disposals   97,262   27
    Other income (expenses), net   (1,105)   1,517
    Operating profit   151,189   42,888
             
    Finance income   6,695   8,065
    Finance expenses   (30,203)   (19,493)
    Total finance expenses, net   (23,508)   (11,428)
             
    Profit before tax and equity loss   127,681   31,460
    Share of losses of equity accounted investees   (1,227)   (144)
    Profit before income taxes   126,454   31,316
    Taxes on income   (24,651)   (6,831)
    Profit for the period   101,803   24,485
             
    Profit for the period attributed to:        
    Owners of the Company   94,458   16,763
    Non-controlling interests   7,345   7,722
        101,803   24,485
    Earnings per ordinary share (in USD) with a par value of        
    NIS 0.1, attributable to owners of the parent Company:        
    Basic earnings per share   0.80   0.14
    Diluted earnings per share   0.75   0.14
    Weighted average of share capital used in the        
    calculation of earnings:        
    Basic per share   118,783,541   117,963,310
    Diluted per share   125,316,177   122,889,909
             

    (*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous period. For additional details please see Appendix 8.
    (**) Excluding depreciation and amortization.

    Consolidated Statements of Financial Position as of        
             
        March 31   December 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
    Assets        
             
    Current assets        
    Cash and cash equivalents   449,530   387,427
    Restricted cash   82,692   87,539
    Trade receivables   73,125   50,692
    Other receivables   71,475   99,651
    Other financial assets   405   975
    Assets of disposal groups classified as held for sale   –   81,661
    Total current assets   677,227   707,945
             
    Non-current assets        
    Restricted cash   59,964   60,802
    Other long-term receivables   62,092   61,045
    Deferred costs in respect of projects   392,119   357,358
    Deferred borrowing costs   61   276
    Loans to investee entities   32,329   18,112
    Investments in equity accounted investees   49,303   –
    Fixed assets, net   3,961,021   3,699,192
    Intangible assets, net   293,035   291,442
    Deferred taxes assets   8,023   10,744
    Right-of-use asset, net   210,739   210,941
    Financial assets at fair value through profit or loss   74,555   69,216
    Other financial assets   63,903   59,812
    Total non-current assets   5,207,144   4,838,940
             
    Total assets   5,884,371   5,546,885
             
    Consolidated Statements of Financial Position as of (Cont.)        
             
        March 31   December 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
    Liabilities and equity        
             
    Current liabilities        
    Credit and current maturities of loans from banks and other financial institutions   207,662   212,246
    Trade payables   167,765   161,991
    Other payables   101,928   107,825
    Current maturities of debentures   23,049   44,962
    Current maturities of lease liability   10,192   10,240
    Other financial liabilities   5,777   8,141
    Liabilities of disposal groups classified as held for sale   –   46,635
    Total current liabilities   516,373   592,040
             
    Non-current liabilities        
    Debentures   549,517   433,994
    Other financial liabilities   118,891   107,865
    Convertible debentures   232,536   133,056
    Loans from banks and other financial institutions   2,024,315   1,996,137
    Loans from non-controlling interests   79,081   75,598
    Financial liabilities through profit or loss   25,985   25,844
    Deferred taxes liabilities   62,310   41,792
    Employee benefits   1,092   1,215
    Lease liability   209,958   211,941
    Deferred income related to tax equity   387,943   403,384
    Asset retirement obligation   85,141   83,085
    Total non-current liabilities   3,776,769   3,513,911
             
    Total liabilities   4,293,142   4,105,951
             
    Equity        
    Ordinary share capital   3,323   3,308
    Share premium   1,028,528   1,028,532
    Capital reserves   49,890   25,273
    Proceeds on account of convertible options   25,083   15,494
    Accumulated profit   202,377   107,919
    Equity attributable to shareholders of the Company   1,309,201   1,180,526
    Non-controlling interests   282,028   260,408
    Total equity   1,591,229   1,440,934
    Total liabilities and equity   5,884,371   5,546,885
             
    Consolidated Statements of Cash Flows        
             
        For the three months ended
    at March 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
             
    Cash flows for operating activities        
    Profit for the period   101,803   24,485
             
    Income and expenses not associated with cash flows:        
    Depreciation and amortization   33,789   25,604
    Finance expenses, net   22,388   11,486
    Share-based compensation   1,710   3,117
    Taxes on income   24,651   6,831
    Tax benefits   (20,111)   (3,264)
    Other income (expenses), net   1,105   (134)
    Company’s share in losses of investee partnerships   1,227   144
    Gains from projects disposals   (97,262)   (27)
        (32,503)   43,757
             
    Changes in assets and liabilities items:        
    Change in other receivables   (856)   (2,142)
    Change in trade receivables   (20,376)   (16,909)
    Change in other payables   8,604   (539)
    Change in trade payables   7,802   71
        (4,826)   (19,519)
             
    Interest receipts   2,512   2,928
    Interest paid   (22,298)   (15,624)
    Income Tax paid   (1,075)   (798)
             
    Net cash from operating activities   43,613   35,229
             
    Cash flows for investing activities        
    Sale (Acquisition) of consolidated entities, net   36,223   (1,388)
    Changes in restricted cash and bank deposits, net   8,176   (4,988)
    Purchase, development, and construction in respect of projects   (255,862)   (199,733)
    Loans provided and Investment in investees   (7,430)   (11,284)
    Repayments of loans from investees   30,815   –
    Payments on account of acquisition of consolidated entity   (7,447)   (10,851)
    Purchase of financial assets measured at fair value through profit or loss, net   (3,040)   (8,409)
    Net cash used in investing activities   (198,565)   (236,653)
             
    Consolidated Statements of Cash Flows (Cont.)      
        For the three months ended at March 31
        2025   2024
        USD in   USD in
        Thousands   Thousands
             
    Cash flows from financing activities        
    Receipt of loans from banks and other financial institutions   143,578   71,371
    Repayment of loans from banks and other financial institutions   (108,922)   (10,448)
    Issuance of debentures   125,838   –
    Issuance of convertible debentures   114,685   –
    Repayment of debentures   (21,994)   (1,284)
    Dividends and distributions by subsidiaries to non-controlling interests   –   (108)
    Deferred borrowing costs   (35,199)   (2,682)
    Repayment of loans from non-controlling interests   –   (955)
    Increase in holding rights of consolidated entity   (1,392)   –
    Exercise of share options   11   –
    Repayment of lease liability   (4,058)   (3,671)
    Proceeds from investment in entities by non-controlling interest   7,732   152
             
    Net cash from financing activities   220,279   52,375
             
    Increase (Decrease) in cash and cash equivalents   65,327   (149,049)
             
    Balance of cash and cash equivalents at beginning of period   387,427   403,805
             
    Effect of exchange rate fluctuations on cash and cash equivalents   (3,224)   (4,905)
             
    Cash and cash equivalents at end of period   449,530   249,851
             


    Information related to Segmental Reporting

      For the three months ended at March 31, 2025
      MENA(**)   Europe(**)  

    USA

      Total reportable segments   Others   Total
      USD in thousands
    Revenues 42,867   51,384   14,678   108,929   829   109,758
    Tax benefits –   –   20,111   20,111   –   20,111
    Total revenues and income 42,867   51,384   34,789   129,040   829   129,869
                           
    Segment adjusted EBITDA 68,017   44,663   30,549   143,229   81   143,310
         
    Reconciliations of unallocated amounts:    
    Headquarter costs (*)   (11,701)
    Intersegment profit   106
    Gains from projects disposals   54,973
    Depreciation and amortization and share-based compensation   (35,499)
    Operating profit   151,189
    Finance income   6,695
    Finance expenses   (30,203)
    Share in the losses of equity accounted investees   (1,227)
    Profit before income taxes   126,454
         

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    (**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into three business units: MENA (Middle East and North Africa), Europe, and the US. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, the Israel segment has been incorporated into the MENA segment, and the Management and Construction segment has been excluded. The comparative figures for the three months ended March 31, 2024, have been updated accordingly.

    Information related to Segmental Reporting

      For the three months ended at March 31, 2024
      MENA   Europe  

    USA

      Total reportable segments   Others   Total
      USD in thousands
    Revenues 28,474   59,160   1,231   88,865   1,532   90,397
    Tax benefits –   –   3,264   3,264   –   3,264
    Total revenues and income 28,474   59,160   4,495   92,129   1,532   93,661
                           
    Segment adjusted EBITDA 24,528   50,707   3,122   78,357   668   79,025
         
    Reconciliations of unallocated amounts:    
    Headquarter costs (*)   (7,606)
    Intersegment profit   190
    Depreciation and amortization and share-based compensation   (28,721)
    Operating profit   42,888
    Finance income   8,065
    Finance expenses   (19,493)
    Share in the losses of equity accounted investees   (144)
    Profit before income taxes   31,316
         

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

     
    ($ thousands)   For the three months ended at
        March 31, 2025   March 31, 2024
    Net Income   101,803   24,485
    Depreciation and amortization   33,789   25,604
    Share based compensation   1,710   3,117
    Finance income   (6,695)   (8,065)
    Finance expenses   30,203   19,493
    Gains from projects disposals (*)   (54,973)   –
    Share of losses of equity accounted investees   1,227   144
    Taxes on income   24,651   6,831
    Adjusted EBITDA   131,715   71,609
             
    * Profit from revaluation linked to partial sale of asset.
       

    Appendix 3 – Debentures Covenants

    Debentures Covenants

    As of March 31, 2025, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:

    Minimum equity

    The company’s equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G and H remain outstanding.

    As of March 31, 2025, the company’s equity amounted to NIS 5,916 million (USD 1,591 million).

    Net financial debt to net CAP

    The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding.

    As of March 31, 2025, the net financial debt to net CAP ratio, as defined above, stands at 36%.

    Net financial debt to EBITDA

    So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

    For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

    For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods.

    As of March 31, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 8.

    Equity to balance sheet

    The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding.

    As of March 31, 2025, the equity to balance sheet ratio, as defined above, stands at 55%.

    An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94346603-d361-4e84-aabc-62db3e22c10c

    The MIL Network –

    May 6, 2025
  • MIL-OSI Economics: Pula exchange rate depreciated by 0.3 percent against the South African rand

    Source: Bank of Botswana

    Over the twelve months period to April 2025, the nominal Pula exchange rate depreciated by 2.7 percent and 0.3 percent against the IMF Special Drawing Rights (SDR) against the South African rand, respectively. With respect to the SDR constituent currencies, the Pula depreciated by 8.7 percent against the Japanese yen, 6.1 percent against British pound and 5.7 percent against the euro, while it appreciated by 0.5 percent against the Chinese renminbi and 0.4 percent against the US dollar.

    The Pula appreciated by 1.7 percent against the South African rand, while it depreciated by 1.9 percent against the SDR over the one-month period to April 2025. It depreciated by 4.7 percent against the euro, 4 percent against the Japanese yen and 3.1 percent against the British pound, while it appreciated by 0.2 percent each against the Chinese renminbi and the US dollar.

    MIL OSI Economics –

    May 6, 2025
  • MIL-OSI United Kingdom: Brand Scotland backing for female entrepreneurs

    Source: United Kingdom – Executive Government & Departments

    News story

    Brand Scotland backing for female entrepreneurs

    Minister Kirsty McNeill champions all-women exporting power with female-led business roundtable hosted at Scotland Office Edinburgh HQ

    Scottish female entrepreneurs are getting direct access to the UK Government’s global trade expertise as Scotland Office Minister Kirsty McNeill urged women business leaders to join her on the first all-female Brand Scotland trade mission.

    The Scotland Office hosted a gathering of female business leaders from across Scotland on Thursday 1 May to identify and tackle any export challenges they face. Minister McNeill wanted to bring together business professionals to boost the success of women-led firms in the worldwide market.

    It’s part of the department’s Brand Scotland mission, to sell Scotland’s unique strengths around the world – promoting our goods and services to new markets, helping Scottish businesses export, and supporting trade missions to key global markets to unlock jobs and investment for the future.

    At the roundtable discussion event in Edinburgh Minister McNeill asked for the views of company leaders across the technology, sustainability, clean energy and beauty sectors, as well as from representatives of the Scottish Chambers of Commerce, the Confederation of British Industry and Women’s Enterprise Scotland.

    Minister McNeill said:

    From science and sustainability to culture and financial services, we’re amongst the best in the world – and by selling Scotland globally, we can unlock jobs and investment, an essential part of our Plan for Change.

    It’s crucial that I hear from Scottish businesswomen about the barriers they face, find out what we can do to help, and demonstrate how Scottish companies can really benefit from having direct informal access like this to the UK’s vast global network of trade expertise. By harnessing the combined resources of the Scotland Office, the Foreign Office and Department for Business and Trade, we can create significant opportunities for women entrepreneurs.

    We’re already seeing positive results from championing Brand Scotland internationally and I’m committed to unlocking more global opportunities for Scottish women in business.

    The roundtable discussion addressed three key challenges – how businesses can access finance and investment, overcoming export barriers, and tackling market access issues that disproportionately affect women-led businesses.

    Ideas and suggestions from the meeting will directly shape the Scotland Office’s all-women trade mission to Madrid in June where Minister McNeill will use diplomatic networks to expand markets for British exporters and meet with the Spanish business community to strengthen trade links. Representatives of Scottish female-led companies are being invited to join.

    Background

    • Brand Scotland is about selling Scotland’s unique strengths around the world – promoting our goods and services to new markets, helping Scottish businesses export, and funding and supporting trade missions to key global markets to unlock jobs and investment for the future. 

    • As part of this, the Scotland Office will lead trade missions to sell Scotland and its products to the world, encourage inward investment in Scotland and encourage Scottish firms to export to overseas markets – often for the first time. All this will drive growth and jobs here in Scotland. 

    • The Budget allocated an additional £750k for the Scottish Secretary and the Scotland Office to develop the Brand Scotland programme. 
    • The Scottish Secretary has already made trade trips to Norway, South East Asia and the US. Minister McNeill’s first trade trip will be to Madrid in June.

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    Updates to this page

    Published 6 May 2025

    MIL OSI United Kingdom –

    May 6, 2025
  • MIL-OSI: GSI Technology to Participate in the Sidoti May Micro-Cap Virtual Conference

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., May 06, 2025 (GLOBE NEWSWIRE) — GSI Technology, Inc. (Nasdaq: GSIT), the inventor of the Associative Processing Unit (APU), a paradigm shift in artificial intelligence (AI) and high-performance compute (HPC) processing providing true compute-in-memory technology, today announced that management is scheduled to virtually participate in the Sidoti May Micro-Cap Virtual Conference on May 21 – 22, 2025. On behalf of the company, Lee-Lean Shu, Chairman and Chief Executive Officer, and Didier Lasserre, Vice President of Sales and Investor Relations, will deliver a company presentation at 4:00 p.m. Eastern time on Wednesday, May 21 in Track 2 and host one-on-one virtual meetings on May 21st and 22nd.

    For more information about the conference or to schedule a virtual one-on-one meeting with GSI Technology, please visit: Sidoti May Virtual Conference. Note that the conference organizer reserves the right to adjust a company’s meeting schedule, including its presentation time. It is recommended that participants confirm all meeting times with the organizer.

    A webcast of GSI Technology’s presentation will be available on the company’s website under the Events and Presentations tab: https://ir.gsitechnology.com/events-and-presentations.

    ABOUT GSI TECHNOLOGY
    Founded in 1995, GSI Technology, Inc. is a leading provider of semiconductor memory solutions. GSI’s resources are focused on bringing new products to market that leverage existing core strengths, including radiation-hardened memory products for extreme environments and Gemini-I, the associative processing unit designed to deliver performance advantages for diverse artificial intelligence applications. GSI Technology is headquartered in Sunnyvale, California, and has sales offices in the Americas, Europe, and Asia. For more information, please visit www.gsitechnology.com.

    Contacts:
    Investor Relations
    Hayden IR
    Kim Rogers
    541-904-5075
    Kim@HaydenIR.com

    Media Relations
    Finn Partners for GSI Technology
    Ricca Silverio
    (415) 348-2724
    gsi@finnpartners.com

    Company
    GSI Technology, Inc.
    Douglas M. Schirle
    Chief Financial Officer
    408-331-9802

    The MIL Network –

    May 6, 2025
  • MIL-OSI: Marquette National Corporation Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 06, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today reported net loss of $2.9 million for the quarter ended March 31, 2025, compared to net income of $8.5 million for the first three months of 2024. The loss per share for the first three months of 2025 was $(0.67), as compared to income of $1.93 per share for the comparable period in 2024.

    At March 31, 2025, total assets were $2.217 billion, an increase of $9.6 million, compared to $2.208 billion at December 31, 2024. Total loans increased by $4.6 million, to $1.410 billion compared to $1.405 billion at the end of 2024. Total deposits increased by $10.3 million, or 1%, to $1.750 billion compared to $1.740 billion at the end of 2024.

    Paul M. McCarthy, Chairman & CEO, said, “the primary reason for the decrease in consolidated earnings was a lower level of unrealized gains on the Company’s equity portfolio in the first quarter of 2025. The decrease in unrealized gains on the Company’s equity portfolio was partially offset by an increase in net interest income. Other comprehensive income was positive for the first quarter and helped deliver an increase to tangible book value per share for the first quarter.”

    Marquette National Corporation is a diversified financial holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois.

    For further information on financial results, visit: https://www.otcmarkets.com/stock/MNAT/disclosure.

    Special Note Concerning Forward-Looking Statements. 
    This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    Marquette National Corporation and Subsidiaries
    Financial Highlights
    (Unaudited)
    (in thousands, except share and per share data)
                     
    Balance Sheet
      03/31/25   12/31/24   Percent
    Change
     
                     
    Total assets $2,217,293     $2,207,663     0 %
    Total loans, net 1,395,105     1,390,799     0 %
    Total deposits 1,750,071     1,739,799     1 %
    Total stockholders’ equity 174,216     173,579     0 %
                     
    Shares outstanding 4,367,449     4,367,477     0 %
    Book value per share $39.89     $39.74     0 %
    Tangible book value per share $31.80     $31.65     0 %
                     
    Operating Results
      Three Months Ended March 31,   Percent
    Change
     
      2025   2024      
    Net Interest income $12,098     $11,025     10 %
    Provision for credit losses 328     200     64 %
    Realized securities gains, net 6,316     215       *
    Unrealized holding gains (losses) on equity securities and exchange traded funds (11,963 )   9,860       *
    Other income 3,658     4,331     -16 %
    Other expense 14,086     13,835     2 %
    Income tax expense (benefit) (1,357 )   2,930       *
                     
    Net income (loss) (2,948 )   8,466       *
                     
    Basic and fully diluted earnings (loss) per share $(0.67 )   $1.93       *
    Weighted average shares outstanding 4,367,473     4,381,148     0 %
                     
    Cash dividends declared per share $0.31     $0.28     11 %
                     
    Comprehensive income $1,992     $7,404     -73 %
                     
    * Not meaningful
                     

    For more information:
    Patrick Hunt
    EVP & CFO
    708-364-9019
    phunt@emarquettebank.com

    The MIL Network –

    May 6, 2025
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